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Coinbase allows remittance using cryptos such as XRP, Bitcoin [BTC] and USD Coin, says CEO Brian Armstrong

Priya

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Coinbase allows remittance using cryptos such as XRP, Bitcoin [BTC] and USD Coin, says CEO Brian Armstrong
Source: Unsplash

Brian Armstrong, CEO and Co-founder of Coinbase, spoke about the use of XRP and USDT for Coinbase international transfers, during an Ask-Me-Anything [AMA] session on YouTube.

Sweden Fork, a Twitter user, asked Armstrong the reason behind Coinbase choosing XRP and USD Coin [USDC] for Coinbase international transfers, over Bitcoin [BTC], the largest cryptocurrency by market cap. The Twitter user further stated that “the rationale of faster processing is BS given BTC has many more fiat off-ramps for those internationally.”

Earlier this week, news about Coinbase launching cross-border payments with XRP and USDC broke out, adding that they were “optimized for cross-border transmission.” Further, the exchange stated that apart from on-chain fees for sending coins outside Coinbase, there will be no fees charged for transfers between Coinbase users.

Source: Coinbase

Source: Coinbase

To this question, Coinbase’s CEO replied,

“[…] you can definitely send BTC off platform as well and use it for remittance. I think you’re referring to the lending page that we put out that was sort of emphasizing some of the use cases around it, don’t read too much into that. Like, you can do remittance with crypto on Coinbase in XRP, BTC and USD Coin, all of the above.”

This was followed by Armstrong agreeing with the Twitter user’s statement on Bitcoin having more fiat off-ramps.

Armstrong also spoke about the “most ambitious thing” Coinbase wanted to do in the next five years. He stated that “one of the ambitious things” was to have 100,000 people in Venezuela “look at crypto” in roughly 12 months with GiveCrypto, Coinbase’s crypto charity fund. He added,

“[…] I want to see if we can spark a bunch of uses there [Venezuela] and actually have a country in the world tip in. In other words, like 50% or more of all transactions in the economy are happening in crypto like that would be amazing, maybe you know, honestly like overthrow some corrupt dictators in the world that would be awesome […]”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s volatility – an indication of growth or regression?

Biraajmaan Tamuly

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Bitcoin's volatility indicated to be a key aspect of its current success
Source: Pixabay

Market volatility plays a huge role in the financial ecosystem of assets and cryptocurrencies are regularly linked to its predominant effect. Whenever Bitcoin exhibits a rapid price movement in the market, the majority of the critics tagged the digital currency with extreme volatility and state that it would eventually lead to its downfall, since crypto assets cannot be trusted on a long term basis.

This assumption was recently widely questioned as data showed that over the last few months, the volatility rate had actually decreased for Bitcoin but the community continued to talk against the coin’s development solely on the basis of the crash witnessed by BTC after the bull run of 2017.

Pierre Rochard, a bitcoin enthusiast, recently spoke about the situation and stated, that the volatility might actually be one of the reasons why Bitcoin was starting to find prominent success in the market.

It was suggested that Bitcoin had been accumulating value over the years through various implementations and at specific time frames, short-term traders were causing an effect on the price, which would cause the “incidental price surge”. The price surge would then undergo correction and witness a fall but the price would continue to grow at a progressive rate.

The aforementioned reason can be backed by the fact that Bitcoin had indeed outperformed the likes of commodities like gold in the recent market analysis, and it was released that Bitcoin attained more profit in the long-term returns and risks asset trade in comparison to the S&P 500.

A recent data also exhibited that since 2013, any investment that included 5 percent Bitcoin to 95 percent fiat currency gathered more returns and lesser risk than the S&P 500; which also witnessed losses in 2017.

Twitter user @1Mark Moss indicated that Bitcoin was growing at it’s natural growth rate and stated,

“The volatility is the difference between perception and reality. And the reality is BTC continues to progress, just not as fast as the perception makes it seem sometimes… just part of the natural evolution.”

However, another user @JordiMorris1 explained that the people had more to do with the volatility and anything else. He said,

“The relationship of people towards Bitcoin is volatile. Bitcoin is predictible by nature, its production is stable independently of how crazy people go about Bitcoin. No sense to blame on Bitcoin.”





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