CoinLogiq is a two-way cryptocurrency-fiat ATM provider in Latin America with plans to aid the liquidity and remittance issues many individuals face in the region.

DFN caught up with Dwayne Golden, CEO of CoinLogiq, to learn more about the company and their future plans around the cryptocurrency industry. They currently have 5 ATMs in Colombia, as seen in the video above, and have 3 installs scheduled for November (2 in Colombia and 1 in Brazil). They are looking to expanding into Venezuela and other countries, but they want to make sure their “attention is to first to serve Latin America”.

“My vision is to partner in a way where we can supply merchants with our POS devices to accept DASH, BTC and a few other currencies.  Our Kiosk (ATM’s) we are finalizing our new model specifically for Venezuela that will include the ability to accept credit cards in lieu of the bolivar scarcity, utilize a document feeder for passport, and other government id’s to reduce/limit fraud by way of stolen creditcards, and also biometric capabilities.”

They also have plans to add a feature in January 2019 to their “machines that will allow for users anywhere in the world to utilize so they can transfer currency to any one of their machines from a mobile app, computer or a CoinLogiq ATM”.

Leveraging cryptocurrency ATM technology to help consumers

Cryptocurrency ATMs have come to be a very convent way to purchase cryptocurrency with fiat, but many have also wanted a way to exchange cryptocurrency for fiat to make purchases at locations that do not accept cryptocurrency. Two-way ATMs have been less numerous because of regulations and logistics surrounding them. Nevertheless, CoinLogiq is finding ways to expand their business. Vault Logic is another company offering two-way ATMs and is currently in their testing and early rollout phase. These ATMs stand to greatly increase the liquidity of the sector by removing barriers that are associated with buying and selling cryptocurrencies.

Dwayne and CoinLogiq “participated in the Bitcoin Summer Fest in Medellin where they met Dash representatives from Colombia and Brazil” and since then “have had several meetings with George Donnelly regarding their Vision for Venezuela and Latin America in general”. They further hashed out their vision and plan after attending the Dash Colombia conference this past weekend. They were drawn to Venezuela from personal stories and believe they have a “duty to include the Venezuela project as a part of their social responsibility” to help improve lives.

Cryptocurrencies can help Venezuelans escape the horrible hyperinflation that they are facing in their country. However, there still exists varying degrees of liquidity and capital controls that can be detrimental if a family needs to make a necessary purchase not in cryptocurrency. Two-way crypto ATMs can help provide a solution, but the cash for crypto exchange in Venezuela will depend heavily on regulations and the inflation rate of the bolivar (if the inflation rate does not stabilize, then CoinLogiq won’t be able to work directly with paper bolivars). However, their plans to integrate credit cards and allow easy remittance payments stands to greatly increase their appeal among consumers.

Dash and ATMs help bridge the adoption gap

Dash with its record low transaction fees, extremely fast confirmation times, and great security can help provide consumers the ability to live off Dash with its acceptance at over 2,200 merchants in Venezuela and 4,000 merchants worldwide. Dash is also becoming involved in remittance services around the world because of its speed and cost advantages. Additionally, Dash is constantly increasing its exchange integrations, which greatly improves liquidity. As more merchants begin to accept Dash and pay employees in Dash, the need for ATMs and exchange services becomes less prominent. However, during the transition period, ATMs help bridge the gap of switching between fiat and Dash to make it easier for consumers to enter and live within the Dash ecosystem.

*This post is credited to DashForceNews

Dash and CoinCola have signed a partnership to allow local clients to buy and sell Bitcoin using fiat currencies. CoinCola has decided to land in Venezuela working side by side with Dash. The popular cryptocurrency is widely used in the South American country in order to process payments.

CoinCola and Dash Sign Partnership to Operate in Venezuela

The crypto exchange CoinCola is based in Hong-Kong and offers peer-to-peer over-the-counter (OTC) trading. So as to increase the flow and accessibility of digital currencies in the country CoinCola partnered with Dash.

In this way, the company will be offering Dash in its trading OTC platform. Additionally, there will be a 0% trading fee for all Dash transactions performed until October 31st, 2018. Users that refer the platform will be able to earn 50% commission for all the trades completed.

CoinCola founder and CEO, Allan Zhang, commented that they perform over 100,000 transactions every month. At the same time, he informed that they are proud of offering Dash to Venezuelan users.

Allan Zhang commented about it:

CoinCola is averaging 100,000 transactions every month on our platform. We are the second largest public OTC platform in the world by transaction volume and this time 95% of total transactions are from Asia. With our partnership with Dash, we will be truly global. We decided to partners with Dash because it is the most efficient digital currency for payments, offers the lowest fees, and provides ‘InstantSend’ technology.”

Dash is one of the most used cryptocurrencies in Venezuela. As mentioned by Zhang, with its InstantSend feature, users can pay for goods and services in the country. Venezuela is experiencing an economic crisis that has totally destroyed the local fiat currency. The inflation is expected to reach 10,000,000 this year, and virtual currencies are helping the population.

The country has more than 1,450 merchants accepting Dash. Furthermore, the Dash Treasure DAO has already granted $33 million dollars of Dash since 2015 to the country. CoinCola and Dash want the country to continue its path towards virtual currency adoption.

ConCola OTC allows users to purchase Bitcoin (BTC), Ethereum (ETH), Dash, Litecoin (LTC), Ethereum (ETH), Tether (USDT) and Bitcoin Cash (BCH) in local currency.

*This post is credited to UseTheBitcoin

For those trying to spend Dash on a regular basis, gift card services are a must. Services like Bitrefill, the Bitcoin Superstore, Coincards.ca, and GiftOff give the option to purchase from thousands of major retailers around the world with Dash, without the necessary step of onboarding the retailer to accept Dash payments directly.

Why gift cards and cryptocurrency go together

Gift cards are featured more prominently in the cryptocurrency world than in regular commerce, and this is not a coincidence. A key challenge to reselling gift cards online is the limitation of the available payment systems. Credit cards, PayPal, and other methods used in online commerce have reversible transactions. Because of this, it’s inherently risky to sell a gift card that can be spent instantly while the payment used to purchase it can be reversed later. Most major cryptocurrencies have irreversible transactions once confirmed on the network, at which point nothing short of a major network attack can roll them back. This makes the online purchase of gift cards for cryptocurrency a much more secure trade.

The gift card for cryptocurrency economy works like this: Suppliers acquire gift cards at a discount from face value, through bulk orders (for companies this is effectively a guaranteed pre-sale of merchandise), sellers who received the cards and gifts and would rather have money to spend elsewhere instead, or through sellers willing to sell at a discount in order to acquire cryptocurrency privately. Suppliers then resell the cards to cryptocurrency users, making a profit by either selling at face value or a reduced discount. Buyers are able to use cryptocurrency where they otherwise would not have been able, or are able to transfer value out of cryptocurrency without dealing with expensive and time-consuming exchanges or revealing their financial identity.

Gift cards in Bitcoin’s last adoption push

During the Bitcoin adoption push from 2014 through later 2016, gift card services featured prominently in the Bitcoin user’s experience. Notably, Gyft and Purse became major fixtures of Bitcoin’s commercial landscape. Gyft allowed Bitcoin users to buy from thousands of retailers around the world, and for a long time this process was instant due to low perceived risk from double spends or other transaction failure, meaning that a user could by a gift card after entering a store and use it for a purchase moments later. Purse created a whole economy due to the significant liquidity and usefulness of Amazon gift codes, effectively creating a one-stop shopping experience for Bitcoin users.

The Bitcoin network’s long confirmation times and high fees, however, significantly cut into this business model’s profitability. Gift card services began requiring transactions to be confirmed before releasing the cards, while several-dollar fees reduced, or even eliminated, profit margins.

Dash InstantSend can blur the lines between direct purchase and gift cards

Offering the same basic functionality of irreversible transactions as many cryptocurrencies, Dash is also suited for the gift card industry, with one important advantage: InstantSend. Dash’s ability to lock in transactions in seconds means that instant and secure delivery of gift cards is always viable. This can create the experience similar to buying directly with Dash. For example, when using Bitrefill to purchase Amazon gift codes, using InstantSend processes the order instantly, allowing users to buy Amazon merchandise with Dash as quickly as typing in a credit card number.

*This post is credited to DashForceNews

During BLOCONOMIC 2018, Co-Founder of Dash Embassy DACH, Rafael Schultz participated the first ever Malaysia Blockchain Summit that was organised by Malaysia Blockchain Association and Alphacap Berhad. He was one of the speaker from the 2 days event. Therefore, He shares his journey from Dash to his new blockchain incubator called Blockchain Punk.

Throughout Bloconomic 2018, Rafael Schultz, Co-Founder of Dash Embassy DACH met up with other great blockchain enthusiast and most importantly Dash successfully partnered with some Blockchain companies like Trivechain Technology, Malaysia Blockchain Association and many more.

From his explanation above, He explained about Blockchain Punk.

What is Blockchain Punk?

Blockchain Punk is an accelerator from Berlin and started beginning of 2018. Blockchain Punk’s goal is to help bring Blockchain startups into massive blockchain. Blockchain Punk works very closely towards valuable technology projects that would like to be boost higher. One of their greatest case would be Dash.

Not only that, Coins300 did an exclusive interview with Rafael, Co-Founder of Dash Embassy DACH and Founder of Blockchain Punk about his point of view on Malaysia Blockchain Economy. You will be amazed with his positive answers.

Based on two different continent, Im coming from crypto town in Berlin where young people are coming up with great ideas and older generation peoples are the ones with great loads of wealth. And with these two important combination, Blockchain spaces will be efficiently grow faster. As for Malaysia, This is my first time coming in to Malaysia and it has a big infrastructure which is even bigger than Germany as i could say, Malaysia could be the top crypto townies leading Southeast Asia. Not only that, Malaysia has just started its beginning but it has already a complete setup like supportive innovation hub . One good advice i could give… is to take Europe as a learning experience and adapt to Southeast Asia and definitely make it better and richer in value.

*This post is credited to Coins300

A new survey by the cryptocurrency app, Gem, and the analytics firm, Harris Insights is gaining popular attention for showing that cryptocurrencies still have a difficult adoption path, but another survey by Sustany Capital claims the opposite.

The first poll asked 2,000 Americans if they “invest in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin” and only 8% agreed. This is a stark contrast to another recent poll that showed that 52% of Americans own stock. The survey continued to show that “41% of those same adults say that nothing could motivate them to invest in such digital assets”.

While the other survey claims a “total of 88% of the surveyed 1,000 American adults would say that they want to extend their investment options to include cryptocurrencies and a further 42% claimed that they would look to using cryptocurrency as some manner of savings”. However, “over 75% of those surveyed view cryptocurrencies as an investment option (rather than a means of tender)”.

The survey sources did not go further into their data collection or analysis techniques, which causes questions to be raised by the vastly conflicting results. The conflicting results between these surveys and the plethora of other cryptocurrency surveys that have recently emerged also creates a larger research question; why are there so many conflicting answers among consumers relating to cryptocurrencies?

Uncertainty remains, but no different from previous technological innovations

The conflicting data with little discussion on survey techniques warrants a discussion about the potential biases that could emerge during surveys. First, a survey may not have had evenly distributed their sample size to accurately reflect the wider American population causing different studies to poll different segments of the American populace. Second, simply polling Americans about cryptocurrencies creates an inherent bias of answers towards Americans likely to answer survey questions, whom may give different responses than those that would not answer survey questions. Third, the phrasing of questions can have significant impact on the way respondents answer. These potential biases factor into the data and could have caused the vastly different results.

Even after taking into account potential biases, the conflicting data should still raise questions about why consumers appear to be so heterogeneous about cryptocurrency adoption. A good hypothesis is that since cryptocurrencies are still very young and new, many consumers do not completely understand the topic, which leads to constant fluctuations in answers. Even after accounting for conflicting results, most surveys tend to display that a significant portion of consumers do not know much about cryptocurrencies. This does not elude well to the overall understanding, and thus, near-term adoption of cryptocurrencies.

Nevertheless, it is important to remember historical context since it was only 20-30 years ago that personal computers and the internet became a thing. Looking back at historical survey data, it is easy to see that computer and internet adoption was very low and stayed low until it quickly ballooned. In 1983, “[j]ust 10% of adults said they had a home computer and, of those, 14% said they used a modem to send and receive information”. Around the same time, 45% of early computer users said that the ability to “send and receive messages from other people…on your own home computer” would not be very useful. Still in 1995, approaching the height of the Dot-com bubble, “42% of U.S. adults had never heard of the internet and an additional 21% were vague on the concept”. This consumer ambivalence, which soon turned into an obsession with computers and cell phones, can best be described by the Steve Jobs quote that “people don’t know what they want until you show it to them”. Steve Jobs was communicating a marketing concept that consumers just need to be presented with a product/service that solves their problems and then they will adopt it in droves, but if consumers were directly asked what they wanted then they would have given an obscure or totally different answer.

Dash provides consumers with solutions

Dash is aiming to provide a revolutionary new payments system for consumers by making the decentralized, digital, peer-to-peer currency not only inexpensive, fast, and secure, but also very user friendly. Many in the first-world, which these surveys focus on, do not desperately need cryptocurrency since the current banking/financial system is pretty good for the average consumer when compared to third-world nations. However, there are still plenty of improvements that can also be made in the first-world that consumers just do not know of yet. Dash can reduce the transaction costs typically paid by merchants, which will lower costs for consumers. Dash allows individuals to have more control over their private information than banks, which will frequently get hacked and leak all kinds of personal information. Dash also allows transactions to be made independent of government fiscal and monetary policy, which further preserves consumers’ wealth and interests over the long-run.

These are the goals of all cryptocurrencies, but Dash wants to make it extremely easy to use and understand for the average consumer. Dash intends to radically lower the switching costs by focusing on better user interfaces and user experiences, as well as community outreach to make the transition from the old financial system as easy as possible. Dash strives to present a product and service to consumers that vastly improves their lives that they did not even know they needed, as these surveys suggests, but just like the computer and internet that came before, Dash will demonstrate its value by solving real life use cases.

*This post is credited to DashForceNews.