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Bitcoin [BTC] influencers discuss an apt payment method for the cryptocurrency

Priyamvada Singh



Bitcoin [BTC] influencers discuss an apt payment method for the cryptocurrency
Source: Pixabay

A group of popular Bitcoin influencers, namely Jimmy Song and Tone Vays took to Twitter to share their opinions on using Bitcoin as a method of payment. Earlier this week, Song, a BTC Core developer tweeted strategies on using BTC as a payment method. According to him, one can spend via credit card without creating debts and sell Bitcoin to pay the bill when it arrives. The tweet read:

“If you want to use Bitcoin as a method of payment, this strategy is more rational and convenient than doing lots of on-chain tx’s:
1. Spend with your credit card with no debt on it.
2. When your credit card bill comes, sell just enough bitcoin to pay the bill.”

The post received a fair amount of attention wherein the Founder of Dogecoin, Jackson Palmer also commented on the thread. He added a third step to the already established two steps by Song. He said that one may calculate the capital gain/loss tax on the sale of Bitcoin to USD to pay off the credit card. Palmer also expressed that this system is efficient enough to make the traditional banks think.

The post by Jimmy Song stirred up a buzz on social media where many members from the cryptocurrency space began to oppose the strategy put forth by the developer.

A cryptocurrency enthusiast, Elliot, an apparent Bitcoin Cash follower also commented on Song’s tweet, stating:

“Thats right folks. BTC supporters tell you to sell your Bitcoin back to fiat. BCH supporters say you must use bitcoin as CASH. It is peer to peer electronic cash. 1 bit @tipprbot”

Jan Klosowski, another Twitter user, and a blockchain space enthusiast took to the thread to reply to Elliot. The user wrote:

“People will use Bitcoin because it’s profitable. Not for ideological reasons.”

Tone Vays, the Bitcoin maximalist, and a former Wallstreet worker also spared his opinion on the issue. According to him, the strategy discussed in Jimmy Song’s Twitter post makes sense as a consumer. He also revealed that he took a similar stand in 2014 where he spoke about why spending Bitcoin the wrong way can hurt the entire ecosystem.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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