NetworkNewsWire
Editorial Coverage: The growing popularity of cryptocurrencies
has led to a surge in payment systems built on the blockchain
technological revolution.
- Blockchain-based payments, which can be transacted directly
between parties without bank involvement, allow those underserved
by banks to access electronic payment.
- These blockchain-based payment systems are growing in
popularity and prestige, with celebrity endorsements and
appearances on the high street.
- They allow consumers to make fast payments and businesses to
reduce payment processing fees.
The growing mainstream popularity of blockchain-based payments
is reflected in a recent TV advertisement by SinglePoint,
Inc. (OTCQB: SING) (SING
Profile) for its cryptocurrency wallet. Online
retailer Overstock.com, Inc. (NASDAQ: OSTK) is
also launching a digital wallet service that supports
cryptocurrencies, following the path of Square Inc. (NYSE:
SQ), which is integrating bitcoin into its mobile payment
systems. Electronic payment giant PayPal Holdings, Inc.
(NASDAQ: PYPL) has taken out a patent for a faster
cryptocurrency payment system, reflecting the company’s interest in
this sector. Meanwhile, the growth of blockchain is driving growth
for NVIDIA Corporation (NASDAQ: NVDA), which
produces graphic processing units used in cryptocurrency
mining.
To view an infographic of this editorial, click here.
Serving Underserved Markets
The personal finance industry has undergone enormous change
during the past generation. Electronic payment, once a rarity, has
become the norm. Whether paying online, through chip and pin, or
with contactless card services, people use cash less and less. Not
being able to pay electronically becomes an unexpected
inconvenience.
This has created challenges for some businesses and customers.
Those who aren’t well served by banks and traditional payment
systems struggle to access electronic payment. This makes it harder
to make payments, sometimes forcing them to work with cash. This,
in turn, creates inefficiencies and increases the risk of
accounting mistakes for the businesses involved, as they don’t
benefit from having their money and payment records connected in an
electronic format.
Fortunately, a new technology has arrived to serve these
underserved markets — blockchain.
Blockchain Hits the Big Time
Those who have watched the financial news at all over the past
few years have seen the impact of blockchain, even if they didn’t
recognize it. Blockchain is the technology underlying
cryptocurrencies such as bitcoin, which hit the news last year
thanks to a huge surge in market value.
Cryptocurrencies are becoming so popular that they now feature
in advertisements on national television. SinglePoint,
Inc. (OTCQB: SING) recently released the first TV
promotion for its bitcoin wallet application, SingleCoin.
SingleCoin can be used to store cryptocurrency and make payments
with that currency, giving consumers an easy way to use this new
form of electronic money. It’s a straightforward, simple-to-use
digital platform that allows everyone to benefit from blockchain
payments. SingleCoin is available on both iOS and Android devices
and is accompanied by a detailed cryptocurrency guide on the
company’s website, making cryptocurrency more accessible for
ordinary consumers.
The advertisement, which features Shark Tank
veteran Kevin Harrington, first aired on Fox Business. It focuses
on how easily people can access cryptocurrency using the free
SingleCoin app, allowing them to join the millions around the world
already using cryptocurrency.
This move by SinglePoint is part of a wider shift in the way
cryptocurrencies are used. Initially, these digital funds could not
be used for ordinary commercial purposes; rather, they were a
novelty for tech geeks and speculators. The first time someone paid
for a pizza with bitcoin, it made the news. Over time, their use
increased, as did speculation by investors. Cryptocurrencies soared
in value but were still limited to payments within the
internet.
Now, cryptocurrency is hitting the high streets. Companies from
Japan to America and the Middle East are creating cryptocurrency
ATMs and payment systems that allow cryptocurrency to be used in
shops. These currencies have more practical value than before,
increasing demand for applications such as SingleCoin, which let
people buy, store and spend cryptocurrency using their phones.
The Benefits of Cryptocurrency
To anyone looking at this from the outside, it might seem a
little pointless. Why would anyone use cryptocurrency when other
currencies are already available and widely used? What’s the point
of having an app such as SingleCoin?
Cryptocurrencies have several advantages over ordinary
currencies, most of them stemming from the direct nature of
cryptocurrency payments.
Conventional electronic payment takes place through banks, with
payment processing companies as intermediaries. People can’t
directly send money to each other. These electronic payments are
actually requests to the bank to send money elsewhere. This creates
delays in transferring the money, as the message filters through
the system of separate banks and other companies. It also means
incurring transaction fees, as set by banks and payment
processors.
Cryptocurrencies get away from this. Consumers with
cryptocurrency hold a special electronic key that allows them — and
no one else — to access and transfer their funds. When they make a
payment, the money is sent directly to the recipient. This cuts out
the middleman and is often faster than a conventional payment.
This method can actually lead to lower payment processing costs.
Instead of several banks and middlemen looking to make a profit on
each transaction, there’s just the single company through whose
exchange the payment is made. This means that companies such as
SinglePoint can often afford to charge lower fees than their
traditional competitors.
Cryptocurrencies can even be used to provide a blockchain
backbone to other electronic payment systems. In these, consumers
pay in traditional currency and merchants receive that traditional
currency at the other end, but the transfers in between are made in
cryptocurrency.
Dedicated cryptocurrency enthusiasts, with the technical skills
to manage electronic finance directly, can use their computing
skills to manage their cryptocurrency directly. But for the vast
majority of consumers, systems such as SingleCoin may make a new
and powerful form of payment accessible.
The Growing Credibility of Cryptocurrency
Until recently, cryptocurrency hasn’t been widely seen as a
credible alternative to conventional payment, but that’s changing.
A surge in the market value of cryptocurrencies last year drew
widespread attention from investors. In the aftermath of the hype,
prices fell, but these currencies were still left more valuable
than they had been before. Serious investment sites now cover
cryptocurrencies, and investors include them in their
portfolios.
Celebrity endorsements have added to the credibility of crypto.
When Harrington shows faith in blockchain by acting as a spokesman
for SinglePoint, people pay attention. With his high public profile
and reputation for savvy business dealings, he’s showing that
business insiders believe in blockchain.
Even banks are paying attention. Though they are still wary of
cryptocurrencies themselves, banks and other financial institutions
have started researching how they can use blockchain in their own
processes.
As cryptocurrency ATMs appear on the streets of Japan and
SingleCoin wallets appear on ordinary consumers’ phones, it’s clear
that blockchain is about to hit the mainstream. What was once a
specialist payment tool for computer programmers, then a novel form
of asset for investors, is now a widespread way of paying for goods
and services.
A Different Approach to Finance
The increasing use of cryptocurrency is having secondary effects
across the finance and tech sectors. The systems behind
cryptocurrency are often data hungry, needing a great deal of
processing power to run. This has driven increased growth for
NVIDIA Corporation (NASDAQ: NVDA), a technology
company primarily known for its computer hardware. Sales of graphic
processing units have risen to meet the demands of cryptocurrency
miners, leading to growth in
NVIDIA’s stock prices.
Online retailer Overstock.com, Inc. (NASDAQ:
OSTK) has also become involved in payment systems. It
recently announced the beta launch of a
digital wallet service that will make it easier for consumers
to bridge the gap between cryptocurrency and conventional payments.
By connecting cryptocurrency wallets to their stores, retailers can
make themselves the only intermediaries their customers need,
increasing efficiency and gaining more control over their
markets.
The biggest name in electronic payments, PayPal
Holdings, Inc. (NASDAQ: PYPL) has taken an interest in
blockchain. It was one of the first companies to help merchants on
popular websites take payments using cryptocurrency and has been
keeping an eye
on the progress of this technology. The company is looking at
ways to speed up payments using blockchain, as shown in a
patent filing from earlier this year.
Mobile payment company Square Inc. (NYSE: SQ),
whose technology can turn computers and phones into point-of-sale
systems, has been working on integrating
bitcoin into its systems. Its Square Cash app, which can be
used to trade in cryptocurrency, saw growth in
its user base even at a time when investor interest in
cryptocurrencies was falling. Like SinglePoint, it’s building up a
user base of cryptocurrency customers, getting ahead of competitors
as cryptocurrency becomes more widespread.
Blockchain lets consumers and retailers regain control of their
money from the banks. As cryptocurrencies grow in popularity, it
could transform payments from Wall Street to the high street
For more information on SinglePoint, Inc., visit SinglePoint,
Inc. (OTCQB: SING)
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content
distribution company that provides (1) access to a network of wire
services via NetworkWire to
reach all target markets, industries and demographics in the most
effective manner possible, (2) article and editorial syndication to
5,000+ news outlets (3), enhanced press release services to ensure
maximum impact, (4) social media distribution via the Investor
Brand Network (IBN) to nearly 2 million followers, (5) a full array
of corporate communications solutions, and (6) a total news
coverage solution with NNW Prime. As a
multifaceted organization with an extensive team of contributing
journalists and writers, NNW is uniquely positioned to best serve
private and public companies that desire to reach a wide audience
of investors, consumers, journalists and the general public. By
cutting through the overload of information in today’s market, NNW
brings its clients unparalleled visibility, recognition and brand
awareness. NNW is where news, content and information converge.
For more information, please visit https://www.NetworkNewsWire.com
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
Please see full terms of use and disclaimers on the
NetworkNewsWire website applicable to all content provided by NNW,
wherever published or re-published: http://NNW.fm/Disclaimer
DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article
and content set forth above. References to any issuer other than
the profiled issuer are intended solely to identify industry
participants and do not constitute an endorsement of any issuer and
do not constitute a comparison to the profiled issuer. The
commentary, views and opinions expressed in this release by NNW are
solely those of NNW. Readers of this Article and content agree that
they cannot and will not seek to hold liable NNW for any investment
decisions by their readers or subscribers. NNW is a news
dissemination and financial marketing solutions provider and are
NOT registered broker-dealers/analysts/investment advisers, hold no
investment licenses and may NOT sell, offer to sell or offer to buy
any security.
The Article and content related to the profiled company
represent the personal and subjective views of the Author, and are
subject to change at any time without notice. The information
provided in the Article and the content has been obtained from
sources which the Author believes to be reliable. However, the
Author has not independently verified or otherwise investigated all
such information. None of the Author, NNW, or any of their
respective affiliates, guarantee the accuracy or completeness of
any such information. This Article and content are not, and should
not be regarded as investment advice or as a recommendation
regarding any particular security or course of action; readers are
strongly urged to speak with their own investment advisor and
review all of the profiled issuer’s filings made with the
Securities and Exchange Commission before making any investment
decisions and should understand the risks associated with an
investment in the profiled issuer’s securities, including, but not
limited to, the complete loss of your investment.
NNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. “Forward-looking statements” describe future expectations,
plans, results, or strategies and are generally preceded by words
such as “may”, “future”, “plan” or “planned”, “will” or “should”,
“expected,” “anticipates”, “draft”, “eventually” or “projected”.
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company’s annual report on Form 10-K or 10-KSB and
other filings made by such company with the Securities and Exchange
Commission. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue
reliance on such statements. The forward-looking statements in this
release are made as of the date hereof and NNW undertakes no
obligation to update such statements.
Source:
NetworkNewsWire
Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
Block (NYSE:SQ)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Block (NYSE:SQ)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024