The latest addition to the program is Coinbase’s initiative to bring in direct cryptocurrency conversions on the platform. The company’s official blog had stated:
“As a crypto-first company, it’s important that we build features that let people take advantage of the unique attributes of cryptocurrency. That’s why we’re beginning to roll out a new feature called Convert, which customers can use to convert one cryptocurrency into another.”
The Brian Armstrong-led company has said that in the beginning, customers will only convert between Bitcoin [BTC], Ethereum [ETH], Ethereum Classic [ETC], Litecoin [LTC], 0x and Bitcoin Cash [BCH]. Users of the feature will be able to conduct conversions on the company’s website as well as the official applications provided on Android and iOS.
The feature is provided so that conversions can be done in just one transaction rather than two. Coinbase said:
“For example, you could directly convert Bitcoin to Ethereum (a Digital Currency Conversion), or you could sell Bitcoin and then purchase Ethereum (a Digital Currency Sale followed by a Digital Currency Purchase).”
Coinbase has revealed that they will charge one percent of the total transaction amount, which can differ depending on the market fluctuations in the price of the cryptocurrencies. The organization has gone ahead and stated that the new conversion feature will be launched in 34 countries soon. The blog also said:
“By focusing on ease of use, and designing for simplicity, we’ve tried to make crypto more accessible to everyone. This latest feature that allows customers to convert from one crypto directly into another is a natural progression of this journey.”
The other major feature launched by Coinbase that caused a lot of furor is the free PayPal withdrawals. The news had split the community as a lot of the users’ PayPal accounts were frozen without any notice or warning, with some accounts even being blocked for a massive 180 days. Irish Girl Cryptocurrency, a Twitter user had said:
“Paypal was linked with you before I was click baited into making account after reading you could use paypal! It was only for withdraws This is the reason I tried selling crypto on #Paypal which they banned me for life before Chrismas last year! No warning, no appeal, Frozen $$$”
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Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
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