BitDigest June 24 · Issue #686
- Crypto prices inch downward but still range-bound
- Sweden and China both following path of public-private partnership with rollout of digital currencies
- Brazil’s central bank calls for competitive landscape and suspends support for WhatApp payments
Technical Roundup Analysis
Technical Roundup Is reiterating that “price will not remain rangebound forever” and is warning that bitcoin’s recent trading range could see downward pressures as the range low ($8590) is the only structural limit that has remained untested.
Trying to Buy Bitcoin Using LibertyX’s New App
Yesterday I reported that LibertyX had announced it a new feature allowing users to buy bitcoin for cash at 20,000 stores like 7 Eleven, CVS and Rite Aid. I decided to see how this works for myself.
I downloaded the app and was asked to enter my phone number and create a password. Surprisingly fast and simple. Unfortunately, I subsequently discovered that the feature to purchase bitcoin for cash was not yet available at local stores – or any store that I could find using the app’s search feature – the only option available was to acquire bitcoin using a debit card at one of LibertyX’s ATM machines. After investing this further, I learned that there is a waitlist you need to join before you can buy bitcoin for cash. I could not figure out how to join so I wrote to customer support and asked to be added. If I am approved, I will be able to purchase a minimum of $20 in bitcoin with a daily transaction limit of $500. There will be a $4.95 retailer fee plus a LibertyX’a fee which has been waived through the end of July.
Now for the real kicker. LibertyX’s app facilitates the purchase and transfer of bitcoin to a digital wallet (public address) but the app is neither a digital wallet nor does it provide you with an address. As the app states, “before buying your first bitcoin, you will need a digital wallet to store them! Fortunately, there are plenty of option available for you to choose from, and almost all of them are free of charge.” The app goes on to explain different types of wallets categorized as mobile, desktop, hardware and web / hosted wallets and suggests different options for each.
As far as I can tell, it also completely fails to address confirmations and bitcoin’s ten minute blocktime.
LibertyX new app sounds like a great idea that could drive crypto adoption and provide users with the opportunity to acquire bitcoin for cash at thousands of locations across the United States, but unless they integrate a digital wallet into the app and minimally provide access to an immediate bitcoin address, I do not see this new product succeeding. It’s much too complicated for someone looking to buy bitcoin, especially first time buyers. Best option, in my opinion, is for LibertyX to partner with Coinbase or Gemini on this rollout.
The Headlines
Sweden Supports Public-Private Partnership with e-Krona
Spain's Crypto Firms Need to Register with Central Bank
Brazil Suspends WhatsApp Payments
BSN to Use Chainlink Oracles
Vietnam Warns of General Crypto Schemes
ING Develops FATF Protocol for Crypto Transactions
Blockchain's Benefit to the Paris Agreement
KPMG Launches Crypto Analytics Suite
Frost & Sullivan's Names BitPay Alternative Payments Company of the Year
Market Data
Lack of Coinbase Effect
Exchange, Custody and Product News
Kraken Pro Updated
CoinList Adds MKR and DAI
Thoughts on the Ecosystem
Taxes Could Hinder Crypto Market Growth
Time to Reconsider Libra
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