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How to Use Ethereum and Stablecoins

BitPay now supports Ethereum and stablecoin payments so we wanted to provide our users a guide on how to get started with Ethereum, USDC, GUSD, and PAX.

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How to Use Ethereum and Stablecoins

BitPay now supports ether (the currency used by the Ethereum network) and stablecoin payments so we wanted to provide our users a guide on how to get started with Ethereum, USDC, GUSD, and PAX.

Getting Started

If you’re new to ETH and stablecoins here’s how to download and set up our BitPay app or the MetaMask Chrome extension.

The BitPay App

You can download the BitPay app for any of the following devices:

After downloading the app, you’ll want to create a wallet by doing the following:

How to Use Ethereum and Stablecoins

  1. Press Get Started
  2. Select the cryptocurrencies you want to hold and press Create.
  3. Choose whether to add a password to make your wallet more secure.
  4. Follow the instructions to back up your wallet.

WARNING: BitPay cannot recover your backup phrase or password. Please store them safely and securely.

Browser Alternative: MetaMask

If you would instead like to use the Chrome extension MetaMask to manage your ether and stablecoins, here is how to get started:

Want to use a different app to pay with BitPay? Here’s our list of compatible apps.

Fund Your Wallet

You can send ether, GUSD, USDC, or PAX to your wallet from an exchage. We have two popular exchanges in the US to serve as example of how the process usually works.

How to Use

Back it Up!

Why are back ups so important? Cryptocurrencies like Bitcoin, Ethereum, and Stablecoins all rely on encryption. Simply put, encryption creates a lock and your passphrase or password acts as a completely unique key. No one is able to guess it. BitPay and MetaMask and any other wallet apps won’t be able to recover it. So, as we have said in previous blog posts,
How to Use Ethereum and Stablecoins

Paying with BitPay

How to Use Ethereum and Stablecoins

To pay with BitPay, you’ll want to either press the Pay in Wallet or Pay in Browser and pay with your BitPay app, MetaMask Chrome extension, or other compatible app.

If you can’t pay that way, you can press the QR code to copy the payment URL. You can then paste this into your BitPay app or compatible cryptocurrency wallet.

What’s Gas?

When you send ETH or an ERC-20 token like a stablecoin, you’ll see a screen like this and likely notice a gas fee:
How to Use Ethereum and Stablecoins
Gas fees are similar to Bitcoin miner fees, but they also serve a unique purpose. Because Ethereum is a running programs on a Turing complete machine, those programs can fall into an infinite loop. When that happens with a normal computer, you turn it off and on again (yes, that is actually good advice when you are dealing with a technical issue).

But you cannot turn a decentralized blockchain that is running 24/7 off and on again. To prevent careless code and malicious actors from introducing endless loops that clog up the Ethereum network, Ethereum attached a price tag to any transaction or any smart contract running on the network. If you have .5 ETH and want to run an endless loop in your smart contract, you can…for .5 ETH worth of gas. Just like gas in the real world, gas on the Ethereum network fluctuates in price depending on demand.

Next Steps

After downloading the BitPay App, you can start spending your ETH or stablecoins, visit BitPay’s directory of top-tier merchants.

If you want to dive deeper into how Ethereum works, check out our crash course.

Source: https://bitpay.com/blog/how-to-use-ethereum-and-stablecoins/

Blockchain

Bitcoin Just Marked New 2020 High, But This Indicator Signals Correction Incoming (BTC Price Analysis)

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Starting by looking at the bigger picture, Bitcoin price had made a remarkable run since October began, gaining almost $3000 to its value.

Looking at the following long-term weekly chart, we can see this week’s greenish candle that will be closed later today. From a technical point of view, as long as the candle close price is above the $12,500 area (previous high) – we can safely say that BTC is on a healthy uptrend.

btc_oct25_w-min
BTC/USD weekly. Chart by TradingView

The Good and The Bad: New 2020 High but Bearish Divergence

Just a few hours ago, Bitcoin price recorded a new 2020 high close to $13,400 (on Binance Futures); however, the primary cryptocurrency could not hold there, and quickly slumped to $12,700 in a matter of one hour.

Looking at the shorter-term chart, the 4-hour, we can identify a bearish divergence on the RSI. This is a bearish pattern and might indicate that the buying power is fading away.

This happens when the price goes through a higher-high, but the RSI indicator is doing the opposite and going through a lower-high.

Another worrying sign is the trading volume. Since its peak volume on October 20-21, four days ago, the trading volume decreased even though the BTC price had actually gone up.

BTC Support and Resistance Levels To Watch

As mentioned above, if BTC were to correct, then the first major level of support lies at the current levels around $12.9 – $13K. If Bitcoin breaks here, then the first significant level lies at $12,700, followed by the previous 2020 high from August at $12,400 – $12,500.

From the bullish side, if Bitcoin holds the $13,000 – then the first levels of resistance lie at $13,200, followed by today’s high around $13,400. Bitcoin will be looking to break the 2019 high from June – at around $13,880.

Total Market Cap: $400 billion

Bitcoin Market Cap: $240 billion

BTC Dominance Index: 60%

*Data by CoinGecko

BTC/USD BitStamp 4-Hour Chart

btc_oct25_4h-min

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-just-marked-new-2020-high-but-this-indicator-signals-correction-incoming-btc-price-analysis/

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Bitcoin Breaks New 2020 High As Total Market Cap Topped $400 Billion (Market Watch)

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Bitcoin continues with the 2020 records and just a few hours ago marked a fresh high of above $13,350. Most alternative coins followed suit with impressive increases, but the market has calmed since then. The entire cryptocurrency market clocked at above $400 billion.

Bitcoin To Yet Another 2020 High

CryptoPotato reported a few days ago that the primary cryptocurrency exceeded the August 2020 high of about $12,500 and reached $13,200. What followed was a slight retracement to about $13,000 and stagnation yesterday.

Nevertheless, the volatility returned in the past 24 hours, and BTC headed towards new highs. This time, Bitcoin broke above $13,350. In fact, according to data from Bitstamp, BTC’s new 2020 high is at $13,362.

Another sharp rejection followed, and the asset tanked briefly below $13,000. Nevertheless, the bulls have since driven it above the coveted mark, and BTC trades at about $12,940.

A compelling chart recently revealed that Bitcoin is forming an inverse head and shoulders pattern. If it’s to play out, the cryptocurrency could soon skyrocket even further and top its all-time high of $20,000.

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If this scenario is indeed to materialize, Bitcoin would have to break above the resistance lines at $13,420, $13,500, $13,815, and $14,000 before reaching new records.

btcusd_chart
BTC/USD. Source: TradingView

Altcoins Follow Up And Calm Down

Most alternative coins experienced similarly increased volatility as Bitcoin. Ethereum surged to a new 7-week high of nearly $420. However, ETH quickly retraced and is now hovering around $409 again.

Ripple’s highest level came at about $0,26, but XRP has since decreased to below $0.253.

Thus, on a 24-hour scale, most larger-cap altcoins have remained essentially at the same positions as yesterday, despite the brief price jumps. Chainlink and Litecoin have registered the most gains of about 3.6%. LINK trades close to $12.35, and LTC is positioned at $56.3.

heatmap
Cryptocurrency Market Heatmap. Source: Quantify Crypto

The most impressive gainer since yesterday is Filecoin. After the recent controversy and continuous price slump, FIL has surged by 45% in the past 24 hours.

Ocean Protocol (18%), Quant (17.5%), THETA (10.2%), Reserve Rights (10.2%), and Ampleforth (10%) have also increased by double-digit percentages.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-breaks-new-2020-high-as-total-market-cap-tops-400-billion-market-watch/

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Ripple Board Member Arrested on Cyberstalking Charges

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  • Ripple board member and a close family friend of US President Donald Trump, Ken Kurson, has been arrested following allegations of cyberstalking.
  • According to the New York Times, Kurson has stalked and harassed a total of five victims, including his ex-wife.
  • He was reportedly most vicious against a friend of his ex-wife, whom he blamed for his divorce. He used pseudonyms to contact the hospital she worked and sent fraudulent emails claiming that she had an affair with her boss. Kurson also initiated a flood of negative Yelp reviews, threatening emails, and anonymous calls and messages to other hospital employees. 
  • The woman claimed that Kurson had used the same tactics against another female victim, who was fired from her job. The criminal complaint also asserted that the second victim is Kurson’s ex-wife.
  • The public corruption unit of the United States attorney’s office in Brooklyn is handling the case. A judge released Kurson from custody pending trial. 
  • Kurson is a close friend of Donald Trump’s son-in-law Jared Kushner. Kushner had previously appointed Kurson as the editor in chief when he owned The New York Observer in 2013. 
  • In 2018, the Trump administration offered Kurson a seat on the board of the National Endowment for the Humanities. After a routine background check from the Federal Bureau of Investigation, Kurson withdrew from consideration.
  • Kurson joined the board of directors at Ripple in early 2017. The announcement highlighted that Kurson was one of the first investors in the company. 

Featured Image Courtesy of CNBC

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Source: https://cryptopotato.com/ripple-board-member-arrested-on-cyberstalking-charges/

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