The Best Credit Cards for Germans in Thailand

Navigating the maze of credit card options is akin to finding your way through Bangkok’s bustling Chatuchak market: overwhelming yet essential for a rewarding experience.

As a German expatriate or traveller in Thailand, you’re faced with a myriad of choices, each promising unique benefits and potential pitfalls. You’ll want a reliable financial companion that not only keeps your transactions secure but also offers perks that align with your lifestyle abroad.

Whether you’re sipping a coconut on a sun-drenched Phuket beach or negotiating deals in the heart of Bangkok, the right card can offer more than just convenience—it can open doors to a world of travel benefits, reduced fees, and lucrative rewards.

To ensure your financial journey is as smooth as the silken fabrics in a Thai market, let’s explore the top credit cards that cater specifically to your needs, highlighting those with the most competitive advantages, all while keeping an eye on the ever-important aspect of security.

Understanding Credit Card Options

As a German resident in Thailand, it’s crucial to understand the range of credit card options available to you to manage your finances effectively. You’ve got international cards that work globally and local cards tailored to expats’ needs.

Most banks offer cards with reward programs, cashback deals, and travel benefits that could save you a lot in the long run.

You’ll also find that some cards are better for large purchases while others are great for everyday spending. It’s important to compare the fees, interest rates, and benefits. Look for a card with a low foreign transaction fee, especially if you’ll be using it to make purchases in other currencies.

Don’t forget to check the security features too, ensuring your money’s safe wherever you are.

Top Cards for Travel Benefits

Understanding your credit card options paves the way to discovering those that offer exceptional travel benefits, ideal for Germans residing in Thailand who frequently journey abroad.

You’ll want cards that give you the most bang for your baht, so look for ones with generous air mile rewards, complimentary lounge access, and no foreign transaction fees. Consider cards partnered with airlines for boosted mileage earnings when you book flights directly.

According to this publication, the best cards for germans living or travelling in Thailand are currently:

  • The Deutsche Bank credit card
  • Miles and More Card
  • DKB credit card

Your travel habits should guide your choice. If you’re a frequent flyer, opt for a card that offers travel insurance and lost luggage reimbursement. Those road-tripping around Southeast Asia might appreciate cards providing car rental insurance. Always compare the annual fees against the travel perks—you shouldn’t overpay for benefits you won’t use.

withdraw money at a thai atm

Cards With Low Foreign Transaction Fees

When you’re swiping your credit card in a foreign country, finding one with low transaction fees can save you a significant sum. Typically, banks charge around 1-3% for foreign transactions, which can add up fast. But don’t worry, there are cards designed for globe-trotters like you.

Look for cards that boast 0% foreign transaction fees. These gems mean you’re only paying for what you purchase, without the extra hit. They’re perfect for frequent travelers to Thailand or anywhere abroad. Some great options might include the likes of TransferWise’s debit card or certain offers from N26.

Always check the fine print, though. Some cards may waive these fees temporarily or require specific conditions. So, before you jet off, ensure you’ve got the right plastic in your pocket.

Maximizing Rewards and Cashback

While securing a card with low foreign transaction fees is crucial, don’t overlook the potential benefits of cards that offer generous rewards and cashback on purchases made in Thailand.

Picking the right card can mean racking up points for every baht you spend, which you can then redeem for flights, hotel stays, or even cashback.

Look for cards that offer bonus points for categories like dining and entertainment, which you’re likely to spend more on while exploring Thailand. You should also watch out for special promotions and spend thresholds that unlock extra perks.

Essential Tips for Card Security

As you enjoy the perks of your credit card in Thailand, it’s crucial to keep your financial information secure to prevent fraud and unauthorized transactions. Always shield your PIN when entering it at ATMs or point-of-sale terminals. Don’t let your card out of sight during transactions, as fraudsters can quickly skim your card details.

Regularly check your statements for any discrepancies. If you spot a charge you don’t recognize, report it immediately to your card issuer. Be wary of public Wi-Fi when accessing your bank accounts online; it’s best to use a secure connection.

Lastly, notify your bank before you travel to avoid any service interruptions, and keep their contact information handy for quick access in case your card is lost or stolen.

Frequently Asked Questions

How Do German Nationals Residing in Thailand Manage Credit Card Payments During Lengthy Bank Processing Times or Public Holidays in Either Country?

You might handle extended bank processing by using digital payment platforms. This can help streamline the payment process and avoid delays caused by traditional bank processing. Another strategy is to schedule payments ahead of time. By planning and initiating payments in advance, you can ensure that they are processed and settled before any potential delays occur. This can be particularly useful during public holidays in Germany or Thailand, when banks may have limited operating hours or be closed entirely. Taking these proactive measures can help you avoid any disruptions in your payment processing and ensure smooth financial transactions.

What Are the Implications of Thai Regulations on Credit Card Debt for Germans Who May Have to Leave Thailand Unexpectedly?

You’ll face legal issues if you don’t settle your credit card debt before leaving Thailand. Thai regulations can enforce penalties, affecting your ability to return or secure finances abroad.

Can Germans in Thailand Use Local Mobile Payment Apps With Their German-Issued Credit Cards, and What Are the Associated Challenges?

Yes, you can use your German-issued credit cards with local Thai mobile payment apps. However, there are a few challenges that you may face in doing so. One of these challenges is transaction fees. When using your German credit card with a Thai mobile payment app, there may be additional fees associated with each transaction. It’s important to be aware of these fees and take them into consideration when making payments. Another challenge you may encounter is potential currency exchange issues. Since your German credit card operates in Euros, there may be currency conversion issues when making payments through a Thai mobile payment app. It’s advisable to check with your credit card issuer to understand how these currency conversions will be handled and if any additional fees will be charged.

How Do Exchange Rate Fluctuations Between the Euro and Thai Baht Affect Credit Card Repayments for Germans Who Earn in a Different Currency?

Exchange rate fluctuations can increase your repayment costs if the euro weakens against the baht. This is especially true if you’re earning in a currency that’s not performing well compared to the Thai baht.

What Are the Specific Credit Card Options for German Expatriates Who Do Not Have a Permanent Residence Status or a Long-Term Visa in Thailand?

You’ll need to apply for international credit cards or those from Thai banks that accept temporary residents. Bangkok Bank and Kasikornbank are two examples of banks that offer options without permanent residency or long-term visas.


You’ve got your options laid out, from travel perks to minimal fees. Remember, the best credit card for your Thai adventures offers great rewards and keeps costs down.

Always prioritize security to protect your funds. With the right card in your wallet, you’ll save money and travel smarter.

So, pick the card that aligns with your needs and get ready to explore Thailand with peace of mind and some extra baht in your pocket.

Handling Money in Thailand: An Insider’s Guide

Thailand is home to gorgeous beaches, lively cities, incredible food, and welcoming people. However, managing your money here can be confusing and expensive if you don’t know the insider tips.

As avid travelers to Thailand, we want to share our hard-earned wisdom on the cheapest and easiest ways to access cash, pay for things, and avoid ridiculous fees. Follow our advice below to keep more baht in your pocket.

Bring Cash from Home for the Best Exchange Rates

The number one rule is do not exchange most of your money at the airport. Their rates are usually terrible. Instead, bring cash in your home currency to exchange once in Thailand. You will typically get a better rate than exchanging money beforehand in your home country.

Here are the best places to exchange money once in Thailand:

  • Currency exchange offices – These shops with big signs are on practically every street. Rates here are better than at airports, hotels, and sometimes even banks.
  • Banks – Major bank branches will exchange your money at a decent rate. But currency exchanges may still be slightly better.

💡 Pro tip: Avoid exchanging money at your hotel’s front desk as they normally have the worst rates.

To check the latest exchange rates, use sites like FCexchange.

Withdrawing Baht from ATMs: The Hidden Fees

We always cringe a little when we have to get baht out of an ATM. That’s because there’s often a 200 baht fee (~$6 USD) per transaction. On top of that, your home bank may charge an international withdrawal fee.

So every ATM trip can easily cost $10-15 once the dust settles. Do that a few times per week and it really adds up!

💸 The fees to withdraw cash in Thailand can waste half a day’s travel budget if you’re not careful.

Here are ways to avoid wasted money at ATMs:

  • Shop around – Some bank ATMs may charge slightly less than the usual 200 baht. But don’t expect miracles.
  • Withdraw larger amounts less often – Take out enough cash to last a week if possible, to minimize fees.
  • Pay with card when possible – Most hotels, tours, shopping malls and modern restaurants accept credit/debit cards. This is a great credit card for Thailand

However, there is one reliable way to get Thai baht without ATM fees…

atm in thailand

How to Withdraw Cash for Free

Walk into any major Thai bank, approach the counter, and ask for a “cash advance” on your credit card. You’ll need:

  • Passport
  • Credit card

⚠️ Note: Some banks may only accept cards with your full name printed on them.

The clerk will take your:

  • Passport details
  • Signatures
  • Photocopy of the card

Then take the paperwork to the cashier to collect your crisp baht notes!

We’ve used this cash advance technique successfully at dozens of banks across Thailand. There is no fee, unlike ATMs charging 200 baht. Your home bank may still levy a small, separate cash advance fee. But overall it saves a good chunk of change.

We keep praying they don’t wise up to this loophole!

More Clever Hacks for Saving Money

Beyond where to get baht, here are extra pro tips to keep Thailand from draining your wallet:

  • Avoid having too much cash – Only carry what you need for the day to avoid loss or theft. Split remaining cash between travel partners.
  • Lock in exchange rates on big purchases – When booking hotels, tours or transportation online, pay with your foreign credit card set to charge in Thai baht. You’ll usually get a better conversion rate than using cash later.
  • Use ride sharing apps – Grab and Bolt offer cashless transport across Thailand. Pay by card within the app.
  • Consider a fee-less travel card – Cards like Revolut allow a certain amount of international ATM withdrawals per month without fees.

And if eating street food in markets, taking tuk tuks or songtaews (shared taxis), having small bills for tips is smart.

We hope these insider tricks help you save precious baht during your Thai adventure! Please share any of your own tips in the comments. Safe travels!

Frequently Asked Questions

Can you book trains, buses and tours before arriving in Thailand?

Yes, you absolutely can. Sites like 12GoAsia allow you to reserve transportation online and pay by card ahead of time. This locks in seats and prices, avoiding potential disappointment or hassle once in Thailand.

You can also book tours in advance through major sites like GetYourGuide. Paying online ahead guarantees your spot and is safer than arranging activities locally.

Will my credit card work for payments in Thailand?

Your card will be accepted at most hotels, airports, high-end restaurants, modern cafes, convenience stores like 7-Eleven, and some shops. Anywhere touristy will normally take cards. But street stalls, markets, and small local shops often still require cash.

Is theft something I need to worry about in Thailand?

Thailand is generally very safe, including for solo female travelers. However it’s smart to take precautions, especially if partying in Bangkok or bar streets popular with tourists.

Subtle anti-theft bags with hidden compartments, wire straps and anchors to fixtures are smart. These anti-theft cross body bags offer an extra level of security. A slim hidden passport pouch under your clothes can also provide peace of mind.

Reimagining Your Next Vacation with Travel Rewards

Pack your bags for adventure using the right travel credit card. With so many options offering tempting bonuses and perks, how do you choose the one that best fits your wanderlusting soul? Let’s explore the main deciding factors to pinpoint your perfect plastic portal to paradise.

Tailoring Rewards to Your Spending Style

Do you maximize everyday expenses at home to stockpile points for future getaways? Or do you prefer racking up rewards as you book flights and hotels for your next expedition abroad?

Homebodies: If you spend more on groceries and dining out than globe-trotting, opt for a card with flexible redemptions like the Chase Sapphire Preferred® or Capital One Venture Rewards. Their flat-rate rewards on all purchases make it simple to save up for travel.

On-the-Go Explorers: For frequent travelers who want to earn rewards with every booking, cards like The Platinum Card® from American Express or Chase Sapphire Reserve® offer bonus points on flights, hotels, and other trip expenses.

Key Considerations
  • Match rewards categories to your spending habits
  • Compare redemption options — look for boosted travel value
  • Review annual fees and make sure perks offset the cost

Navigating Perks, Partners, and Fine Print

Skim through superficial perks like lounge access and statements credits to see what truly makes each card worthwhile. Study travel partners, redemption values, and account features that suit your priorities.

Lounge Lizard Luxuries

Indulge like a VIP with complimentary airport lounge access, hotel elite status and rental car perks offered by premium cards like:

  • The Platinum Card® from American Express
  • Chase Sapphire Reserve®
Redemption Revelations

Before applying, dig into redemption options to find the best value from your points and miles. Examples:

  • Chase Sapphire cards offer 25-50% more towards travel
  • Capital One Venture miles work for any travel purchase or transfer to partners
  • American Express points can transfer 1:1 or book directly through Amex Travel

Creative Ways to Maximize Rewards Value

Beyond basic bonuses and redemptions, explore unique perks to increase your earning potential.

Maximizing Year 1

  • Discover it® Miles doubles all miles earned in the first year
  • Meet spending minimums on sign-up bonuses within the designated timeline

Loyalty Programs

  • Status matches to expedite elite status with hotel chains or airlines
  • Retail and delivery partners (Uber, Shake Shack, Saks Fifth Ave)

Annual Credits

  • Offset annual fees through airline incidentals, travel, dining and other rolling annual credits
Key Takeaway

Read the fine print! Understand limitations and ensure you can use key card benefits before applying.


Should I focus on cards with an annual fee or no annual fee?

This depends on your budget and ability to maximize enough perks and rewards to offset the annual fee cost. Do the math to estimate your potential earnings against the fee.

When’s the best time to apply for a travel credit card?

Apply early in the year to allow time to earn the welcome bonus and start accruing rewards for an upcoming trip.

What are the risks with travel rewards cards?

Like any credit card, overspending or carrying a balance can lead to high interest charges which negate the value of rewards. Maintain good spending habits and pay your balance in full each month.

Final Boarding Call

Choosing the right travel credit card takes research to align rewards with your priorities. But the destination is worth the effort. Let these cards unlock adventures you might not have experienced otherwise. The journey begins with a single application. Bon voyage!

Banking Options for Foreign-Owned US LLC Companies

Banking is an essential aspect of running a business, and when it comes to foreign-owned Limited Liability Companies (LLCs) operating in the United States, it’s crucial to understand the available banking options.

This article aims to provide an in-depth overview of the banking options specifically tailored for foreign-owned US LLC companies.

From establishing a business bank account to considerations for international transactions, we will cover everything you need to know to make informed decisions.

1. Overview of Foreign-Owned US LLC Companies

Foreign-owned US LLC companies refer to businesses that are registered as Limited Liability Companies in the United States but are owned by non-US residents.

These companies often engage in various business activities, including e-commerce, consulting, import-export, and more.

Understanding the specific banking requirements for these entities is essential to facilitate smooth financial operations.

2. Importance of Having a Business Bank Account

Having a dedicated business bank account offers numerous advantages for foreign-owned US LLC companies.

It helps separate personal and business finances, simplifies accounting processes, improves credibility with clients and suppliers, and ensures compliance with legal and financial regulations.

3. Choosing the Right Banking Partner

Selecting the right banking partner is crucial for the success of your foreign-owned US LLC company.

Look for banks that have experience working with international businesses and offer tailored services to meet your unique requirements.

Consider factors such as reputation, fees, services provided, and the bank’s knowledge of international banking regulations.

This article will greatly help you find the right bank for your foreign-owned LLC!

4. Documents Required for Opening a Business Bank Account

To open a business bank account for your foreign-owned US LLC company, you will typically need the following documents:

  • Articles of Organization or Certificate of Formation
  • Employer Identification Number (EIN) or Individual Taxpayer Identification Number (ITIN)
  • Operating Agreement or Bylaws
  • Business licenses and permits
  • Proof of address for the LLC
  • Identification documents for authorized signatories

5. Setting Up a Business Bank Account for Foreign-Owned US LLC Companies

To establish a business bank account, begin by researching and contacting banks that specialize in serving foreign-owned US LLC companies.

Schedule an appointment with the bank representative and gather all the required documents mentioned in the previous section.

During the appointment, present the documents, answer any additional questions, and fulfil any specific requirements requested by the bank.

6. Factors to Consider when Selecting a Bank

When selecting a bank for your foreign-owned US LLC company, consider the following factors:

  • Services provided, such as online banking, wire transfers, and merchant services
  • Fee structure, including monthly account maintenance fees, transaction fees, and international transfer charges
  • Accessibility and convenience of branch locations and ATMs
  • The bank’s understanding of international banking regulations and experience working with foreign-owned businesses
  • Online reviews and recommendations from other business owners

More tips from Investopedia here

7. International Transaction Considerations

Foreign-owned US LLC companies often engage in international transactions, requiring careful consideration to ensure efficient and cost-effective transfers.

Factors to consider include foreign exchange rates, transaction fees, transfer speed, and any restrictions or regulations imposed by the involved countries.

8. Managing Multiple Currencies

If your foreign-owned US LLC company deals with multiple currencies, it is advisable to choose a bank that offers multi-currency accounts.

These accounts allow you to hold and manage funds in different currencies, simplifying international transactions and reducing foreign exchange risks.

9. Mitigating Foreign Exchange Risks

Foreign exchange risks can impact the profitability of your foreign-owned US LLC company.

To mitigate these risks, consider working with a bank that provides hedging solutions, such as forward contracts or options, to protect against adverse currency fluctuations.

10. Tax Implications and Reporting Requirements

Foreign-owned US LLC companies have specific tax implications and reporting requirements.

Ensure that your chosen bank understands these requirements and can provide the necessary documentation and reporting tools to assist with tax compliance.

11. Online and Mobile Banking Solutions

In today’s digital age, having access to online and mobile banking solutions is essential. Look for banks that offer user-friendly platforms, secure authentication measures, and comprehensive features such as real-time balance updates, transaction history, and fund transfers.

12. Ensuring Security and Privacy

Data security and privacy are paramount when choosing a bank for your foreign-owned US LLC company.

Verify that the bank has robust security measures in place, such as encryption protocols, secure login procedures, and fraud detection systems, to protect your financial information.

13. Building a Strong Banking Relationship

Building a strong banking relationship can provide long-term benefits for your foreign-owned US LLC company.

Maintain regular communication with your bank representative, seek advice on financial matters, and explore additional services or discounts that may be available based on your relationship.

14. Customer Support and Accessibility

Prompt and reliable customer support is crucial when dealing with banking matters.

Consider the availability of customer service channels, such as phone support, email, or live chat, and evaluate the bank’s reputation for responsiveness and efficiency in resolving customer queries or concerns.


Banking options for foreign-owned US LLC companies play a vital role in establishing a solid financial foundation and facilitating efficient business operations.

By understanding the specific requirements, selecting the right banking partner, and considering factors such as international transactions, currency management, tax implications, and online banking solutions, foreign-owned US LLC companies can optimize their banking experience and ensure compliance with regulations.

FAQs (Frequently Asked Questions)

Q1: Can a foreign-owned US LLC company open a bank account in the United States?

Yes, foreign-owned US LLC companies can open bank accounts in the United States. However, specific documentation and requirements may vary between banks. You will only have access to online banks if you cannot fly to the US!

Q2: Are there any restrictions on international transactions for foreign-owned US LLC companies?

A: International transactions may be subject to certain restrictions and regulations imposed by the involved countries. It is important to understand and comply with these regulations to facilitate smooth international transactions.

Q3: What is an EIN, and why is it necessary for opening a business bank account?

A: An Employer Identification Number (EIN) is a unique identification number assigned by the Internal Revenue Service (IRS) to identify businesses for tax purposes. It is necessary for opening a business bank account in the United States.

Bitcoin Hashrate Wars – What You Need to Know!

Bitcoin hashrate is a metric measured in quadrillions, quintillions, and quintillions of hashes per second. It is an important metric for proof-of-work cryptocurrencies, such as Bitcoin. It can be affected by double-spending and 51% attacks.

Bitcoin hashrate is measured in trillions, quadrillions and quintillions of hashes per second

The amount of computing power needed to mine Bitcoin is measured in hashes per second. As the number of Bitcoin miners increases, the hash rate also increases. Today, Bitcoin miners are estimated to be performing over a hundred quintillion calculations per second.

Bitcoin hashrate has recently surpassed 209 quintillion calculations per second (exahash/s), which is mind-boggling in terms of computing power. For perspective, it would take 32 quintillion years to reach this level. The universe is believed to be 13.8 billion years old. This makes the Bitcoin network one of the world’s largest computing networks.

A high hashrate is important for blockchain networks. It makes a network more secure from a 51-percent attack, as it requires more miners to make the same transaction. In 2009, the computing power required to calculate the hashrate of Bitcoin was very low, making it easy for users to mine Bitcoin on their home computers. The hash rate was so high that users earned around fifty BTC for every block they found. As of 2020, however, the block reward will only be 6.25 BTC.

It is an essential metric for proof-of-work-based cryptocurrencies

The hashrate of a particular cryptocurrency is an important metric to keep track of. The higher the hashrate, the more secure the network is. This metric can also help you identify which cryptocurrencies are in danger of being hacked. The more miners a cryptocurrency has, the higher its hashrate. However, a higher hashrate means more miners are required, which will increase the cost of energy and time.

In addition to the economics of this metric, hashrate also has significant environmental implications. Miners are responsible for the creation and maintenance of the blockchain, which requires a lot of energy. The more miners are involved, the greater the global energy consumption. The amount of electricity required for managing Bitcoin alone is equivalent to that of some small countries. This has prompted some critics to criticize bitcoin for its impact on the environment.

It is affected by 51% attack

A 51% attack is a method in which a single miner gains control over the majority of a network’s hashrate. This attacks the integrity of a blockchain, slowing down the confirmation of transactions and corrupting it. This can lead to double spending of coins and other problems. A 51% attack is one of the major concerns for cryptocurrency users and is a serious threat to the integrity of the blockchain.

Although a 51 percent attack has never been attempted against bitcoin, it is a possibility for some altcoins with low hashrates. The reason is that it would be too expensive for any one group to acquire the hashing power of every other miner. Moreover, since the majority of coins have a small hashing power, such an attack is unlikely to be effective.

It is affected by double-spend attacks

A double-spend attack is an attempt to spend more Bitcoin than is actually in your account. This type of attack requires massive computing power and targets cryptocurrency exchanges. A single attack can cause millions of dollars in losses. However, the good news is that a majority of this money is moving to other addresses. This attack is not completely impossible, however, as the Bitcoin protocol is designed to prevent such attacks.

Another type of double-spend attack is a race attack. In this type of attack, two transactions are sent in a short time frame, and only one of them is confirmed on the blockchain. The malicious actor then uses the unconfirmed transaction to purchase something. Unfortunately, the merchants aren’t always aware that the second transaction is invalid, so the second attack can be successful.

It is estimated based on public data

Population estimates are produced on a county level based on administrative records, such as births, deaths, and migration. Several data sources, such as Medicare enrollment and IRS data, are also used. These estimates are then used to calculate population changes at township and sub-county levels.

Bitcoin ban in Russia – Central bank disavowed by Ministry of Finance

Forbidden to ban – So Russia will probably not follow in the footsteps of China, which had decided to ban Bitcoin and cryptocurrencies from its territory. The country’s institutions do not speak with one voice, good news for bitcoin (BTC), a defeat for the Russian central bank.
Ban on bitcoin and cryptocurrencies: no way, on pain of technological backwardness!

Ivan Chebeskov, director of financial policy in the Ministry of Finance in Russia, decided to put out the fire lit by the Bank of Russia, which advocated a total ban on mining and trading of cryptocurrencies.

At the January 25, 2022 crypto conference of the Russian central bank, Ivan Chebeskov actually indicated that he was more in favor of regulating cryptocurrencies rather than banning them.

“We must give these technologies the opportunity to develop. In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulation of this market.”

In particular, he mentioned the disadvantages caused by an outright ban on trading and mining cryptocurrencies. Such restrictions would, according to him, put Russia behind the technology industry globally.

Ivan Chebeskov is known for his stance in favor of crypto-currencies, which he has defended in the past. His background actually includes a stint in Texas, a pro-bitcoin state where he studied.

Ivan Chebeskov is thus taking the pressure off the central bank on the private sector. Telegram CEO Pavel Durov had expressed his opposition to a strict outright restriction on cryptocurrencies. He believed that the ban brandished by the Russian central bank would “destroy a number of sectors of the high-tech economy.”

Ivan Chebeskov is not the only politician in the country to have called the central bank to reason. Vladimir Gutenev, chairman of the State Duma’s Committee on Industry and Trade, had also defended cryptocurrency mining and stablecoins backed by physical gold for obviously economic interests.

Russia continues to have a complicated relationship with crypto-currencies. The central bank seems to be well insulated for the moment in its desire to chase crypto-currencies out of the country.

While big crypto maneuvers are being executed across the globe, get your own investment strategy in place! To help you do so, an exceptional offer is waiting for you: up to 100€ in cryptocurrencies offered when you register on the Swissborg platform (affiliate link, for a minimum deposit of 50€)

CBD and cryptocurrencies – Two growing markets with common challenges

Carrying markets are not necessarily the most popular or best understood by their contemporaries. A commonality that only lengthens the list of reasons to be interested in cryptocurrencies and CBD or cannabidiol (a form of medical cannabis). Because the world of tomorrow is built on the bridges that are being built between today’s forward-thinking players.

The list of similarities between the cannabidiol (CBD) and cryptocurrency markets could be the subject of an entire article. Perhaps simply because they are currently at the same stage of their respective developments. Between the massive adoption they deserve and the restraint that unfamiliarity with their offerings brings. All this against the backdrop of a regulation that does not seem to grasp their true potential.

It seems important to remember that the US or European Union authorizes the use of hemp flower when the THC concentration is less than 0.2%. This in fact authorizes the marketing of products based on or containing CBD.

The reality and similarities of these two markets could be summarized in three main points:

  • Very high development potential
  • Innovative market with proven usefulness
  • Victim of unfounded prejudices

Already in 2018, an article from the news website Bloomberg highlighted the effective relationship between these two areas. This by calling them perfect bubbles in the face of the crisis.

CBD facing the banking challenge

The therapeutic cannabis (CBD) market suffers from a lack of recognition and misunderstanding of its products. Yet it is a non-psychoactive form of cannabis recognized as such and quite legal in many countries. A formula that retains its soothing and pain-relieving properties, but has nothing to do with its THC version. This makes it an advanced tool to fight against chronic diseases or anxiety, without any form of addiction.

Quite a few countries have made the substance legal and classified it as a non narcotic in the past months. Some like France, have authorised the sale of all types of CBD products aside from CBD flowers (Source).

But prejudices have a hard life. This is despite the many commitments of the players in this market to ensure perfect traceability, with the help of blockchain technology. It is enough to note the difficulties and pitfalls encountered by companies in the field. Especially at the banking level.

A reality that David Miguerès, founder of the company Chilled, relates in an article on the subject published in the French newspaper Les Echos last July. His company distributes CBD-based sparkling drinks.

“Our funds have been blocked several times on PayPal because they feel we are selling drugs. We had to go through an online service in the U.S.” – David Miguerès, Chilled

One of the reasons why some companies in the sector are wondering about the implementation of payments in the form of cryptocurrencies. A system that is independent of banks and impossible to censor.

Bitcoin Law – World Finance intends to make El Salvador pay dearly for its provocation

A State turned upside down because of Bitcoin – Thanks to the unwavering support of its President Nayib Bukele, El Salvador made history this September 7, 2021, by becoming the first country to recognize Bitcoin as a legal tender.

Predictably, traditional finance and supranational bodies are not at all on board with this choice that is too cheeky for their liking, and this is reflected in El Salvador’s government bonds.

El Salvador’s short-term economy riskier?

So for a week now, the Ley Bitcoin (Bitcoin Law) has been in effect in El Salvador, making the king of cryptos the country’s second legal currency, on par with the US dollar.

While this is a historic moment in the cryptosphere, marking a milestone in the global adoption of Bitcoin and cryptocurrencies, bankers and some international bodies are not looking favorably on the matter, as we’ve already seen with threats from the International Monetary Fund (IMF).

As Bloomberg reports, all these enemies of Bitcoin seem to have gone on the offensive, to put their weight behind the country’s bonds. Indeed, El Salvador’s bond yield curve has inverted, meaning that short-term bonds are yielding more than longer-term debt:

“This is generally considered a bad sign, as it means that investors view short-term debt as riskier, while most [bond] yield curves are trending upward [with the number of years to maturity], given the inherent uncertainty in valuing long-term things.”

An attack that occurred as soon as the Ley Bitcoin was passed

This reversal in the Central American country’s bond yields seems to have started as early as June, when the Bitcoin Law had been passed by the Salvadoran Parliament.

Bond investors seem to be betting against this law and the adoption of Bitcoin in the country’s economy, although other factors may be at play.

The IMF has indeed made good on its threat to withhold a long-awaited loan to the small Central American nation, presumably “to make an example” and to discourage bond investors as well as nations from following El Salvador’s lead.

In any case, neither the drop in BTC prices nor the hostility of the bond market seems to have scratched the enthusiasm of the bold Salvadoran president. Indeed, Nayib Bukele proudly announced that his nation’s treasury had already acquired 550 bitcoins by the evening of September 7 and the establishment of Bitcoin as the country’s legal tender.

How to use your Bitcoins?

Launched in 2008 by the famous Satoshi Nakamoto, Bitcoin is a form of digital currency. It is the best known and most widely used form of cryptography today. Even though it is a digital currency, it allows you to carry out various transactions. Here are some ideas on how to use your Bitcoin portfolio safely.

Paying for various purchases of products and services daily

Contrary to popular belief, Bitcoin is not only usable online. You can pay physical merchants for your everyday purchases. Not all merchants accept it yet, but the number is growing every day. There are even bars, restaurants, and department stores that allow this alternative means of payment.

Nevertheless, Bitcoin will be more useful to you at the moment for paying for services on the Internet. Do you want to create your website? Optimize its referencing? Use a VPN? Buy digital products, such as software and video games? You can do it without any problem. More and more sites offer you the possibility to pay for your purchases in Bitcoins.

Entertain and have fun online

The gaming industry is one of the few sectors that never experience the crisis. With the advent of the digital age and the democratization of the Internet, you can play a large number of games online while staying at home. Online casinos can accept Bitcoin and other crypto money and are becoming more and more numerous. For a good reason, digital currencies are ideal for making dematerialized payments on the web.

Exchanging them in traditional currency

You have earned Bitcoins in your virtual wallet and would like to exchange them into fiat currencies? It is entirely possible. Some cryptocurrency platforms offer you this type of service. Some even offer you a prepaid debit card that allows you to convert your Bitcoins into dollars or euros automatically. If you want, you can also use your card directly to pay for your online purchases, for example, on Amazon.

Investing in real estate and building assets

A few years ago, Bitcoin was still a vague computer concept. Today, it is now accepted as a simple, fast, and secure means of payment. By fulfilling all the basic functions of conventional currency, this cryptocurrency can be used for investments. Do you intend to invest in real estate? You can finance your project with Bitcoins, whether it is a building construction to make it your residence or acquisition to be an owner-lessor. In the first case, you build up your real estate assets. In the second case, you enjoy the benefits of the rental income.

Facts You Need To Know About Blockchain Technology

Blockchain is the basis of all cryptocurrency, and there is a lot of information about how this works. If you are new to cryptocurrency, there are certain facts that you should know about the blockchain and how it works. This will provide you with a better understanding of cryptocurrency and how they are created and managed.

Blockchain Is A Distributed Ledger

When you look at how blockchain works in simple terms, it is a distributed ledger. It means that it is a real-time ledger of all the financial transactions which have been completed with a cryptocurrency. There is no one person in charge of maintaining or changing the ledger as this is done as and when the transactions occur.

The blockchain of a currency will work on a peer to peer network of computers which are called nodes. Each node will be in charge of checking parts of the ledger, but the entire ledger is entirely decentralized.

Blockchain Records Cannot Be Altered.

When a transaction is recorded in the distributed ledger, it cannot be altered. This is due to the fact that when the ledger is updated, all accounts will be updated and there is no way to update all copies of the ledger on all the nodes. When a transaction is completed on the blockchain, it will be grouped in a block. Each of these blocks will be attached to the blocks that came before, so changing an older block will need newer blocks to be changed as well. Read this interesting analysis from France Initiative about Bitcoin!

This method of work will result in a ledger record that is chronological and cannot be tampered with. Each new block added to the chain will receive a reference to the hash of the previous block which secures the data further.

There Are Many Uses For Blockchain Technology

When people think about blockchain, they will think about cryptocurrency. However, there are many other ways that this technology can be used and there are a lot of companies that are looking into this. These companies have seen the potential of blockchain for other uses such as secure company data and the verification of information.

There are also many people who are under the impression that there is only one blockchain which is used for everything. It is incorrect as blockchain is a form of technology can be created and used by anyone who would like to. If you look only at the cryptocurrency, there are several different coins that you can purchase, and each of them will have their blockchain. The blockchain which is used for Bitcoin will be different from the one that is used for Ethereum because they are different coins and need different ledgers.

There are a lot of facts that you need to know about blockchain technology. It is essential to understand how the blockchain works and the fact that anyone will be able to use it. The security of the transaction records is one of the reasons why more and more people are looking to use blockchain for new purposes.

Visa and Coinbase launch a card backed by crypto currency

The convergence between cash and digital money in the financial services sector continues this past weekend. Visa unveiled a debit card that allows users to make purchases with cash converted from cryptocurrency stored in online portfolios.

The Coinbase Card is directly linked to the balance of the holder’s digital crypto money account managed by the eponymous exchange system. Coinbase allows you to exchange Bitcoin, Ethereum, Ripple XRP currencies, and Litecoin. And all these currencies can be used with the debit card.

Back to the roots

Successful or not, the Coinbase Card embodies what the Bitcoin was initially intended for. Satoshi Nakamoto, the pseudonym of the person or group who created the Bitcoin, had conceived crypto money as an electronic payment method and not as a currency to be exchanged on the stock exchange for its value.

Earlier this year, J.P. Morgan Chase announced his intention to launch his digital token backed by a currency. Tests of the new cryptocurrency should start in the coming months. In the Cryptomoney industry, an instrument such as the JPM Corner is referred to as “stable coin” because its value is intrinsic, unlike Bitcoin or Ethereum’s ETH currencies, whose value is based on the supply and demand for virtual money. However, when this currency is linked to a fiduciary currency, intrinsic value is created.

Stimulate the adoption of virtual currencies

Facebook would also consider developing its crypto money, an initiative that could bring billions of dollars to the social network and also help eliminate false news and robots. Facebook has already had contacts with crypto money exchange platforms to discuss the possibility of selling its crypto money to consumers. But some believe that the social network will not link payments to a strict cryptocurrency and that it will prefer to use a stable currency backed by the US dollar and other foreign currencies.

Reassure cryptocurrency holders

Visa provides not only a large merchant base but also high-level security, including two-step authentication and the instant freezing of their card if it is lost or stolen. Two characteristics of crypto money make it more expensive and slower to use than cash or traditional credit cards: the mining fees paid to Coinbase to encourage bitcoin and other crypto money miners to confirm transactions and the confirmation time required to authorize a purchase.

The blockchain technology of the distributed general ledger on which the crypto money is based requires that each transaction be verified by a consensus established between users before it is finalized. Currently, Bitcoin transaction costs are approximately $2.06. To artificially speed up the operation, the payment processor (Visa) will probably give instant approval and assume responsibility if something does not ordinarily happen with the transaction.

While Gartner’s Vice President of Research does not believe that there is a real market in the United States for retail purchases by bitcoin and other cryptocurrencies, she does believe that the Coinbase Card could be adopted in “other types of economies.” For example, in some African countries, China, Russia or Venezuela, in states where inflation is extremely high, where consumers do not have a bank account or try to hide their income from the tax authorities.

What to expect from Bitcoin and Cryptocurrencies in 2019?

In a problematic forecasting exercise, we have set out solid prospects for the “crypto” sector in 2019.

Here are four perspectives that we felt were solid for the future of the sector.

1. Implementation of regulation

The G20 has decided not to hinder the development of the sector, and several strongholds are emerging. International specialists welcomed the possibility for a start-up wishing to raise funds via cryptocurrencies to apply for a visa from the Financial Market Authority to reassure its investors.

2. Institutional investors now have the right tools

Until now, traditional funds have been reluctant to invest in crypto-assets, for obvious security reasons. In 2018 alone, the equivalent of at least $870 million disappeared from trading platforms. This observation has prompted several specialized companies to develop secure custody solutions, such as Coinbase since July.

Fidelity Investments, one of the world’s largest asset managers (27 million clients and $7,200 billion under management), will launch its solution in 2019, as will the New York Stock Exchange via the future Bakkt platform on January 24. Of note is the presence in Bakkt’s capital of Microsoft Ventures, Naspers Capital (which owns 31% of Tencent) and a partnership with Starbucks. One of the keys to democratization lies in the presence of trusted actors.

3. Multinational companies are working on crypto solutions

Bitcoin and other cryptocurrencies continue to be considered criminal activities. These exaggerated allegations are exaggerated in view of the many official reports published on this subject (3 to 6% of all transactions according to Europol). But it will still take time to twist this preconceived idea.

The salvation may come from the initiatives of large companies that are currently developing cryptomarket-based solutions. Bloomberg reported in mid-December that Facebook was working on a homemade cryptocurrency that would be used to send money to each other via WhatsApp.

4. Bitcoin, a haven for the next financial crisis?

How will Bitcoin behave in the event of a major financial crisis? This question is on everyone’s lips, while many economists are talking about the imminent turbulence (US student loan bubble, rising interest rates, sovereign debt crisis, etc.). Bitcoin appeared in the wake of the market collapse in 2008, surfing in particular on the idea that banks would not be responsible enough to handle their customers’ savings properly.

In 2018, that Bitcoin became an attractive reserve of value in Venezuela, according to statistics from LocalBitcoins, a site that measures Bitcoin use. Local currency inflation is expected to exceed 1,000,000% according to the IMF. Mining initiatives have also taken place in Iran, which is now deprived of access to the international financial system with the restoration of US sanctions. In the event of a new global crisis, the decentralized nature of the Bitcoin protocol could appeal to some actors.

What do you know about cryptocurrencies?

The explosion of Bitcoin in 2017 revealed to the general public a virtual world that was rather discreet since 2010. With over 1800 new currencies of the genre, boasted by the now famous blockchain technology, the complexity of this industry greatly increased over the past 5 years in an industry that is now trying to set the tone for future financial freedom.

This is the story of cryptocurrency.

It all started in 1998, Wei Dai released a “b-money” device, an anonymous electronic treasury system, but it was the Bitcoin, created in 2009 by a developer whose pseudonym is Satoshi Nakamoto, that launched the cryptomarket as we now know it. Later, other major cryptocurrencies appeared, like Litecoin, Peercoin and Namecoin, all with different properties.

Many others have been developed but have not been very successful, mainly because of their lack of innovation.

During the first years of its existence, cryptocurrencies attracted the general public little by little, especially through the interest of the media, and since 2011 we have been able to notice an increasing success of the subject, notably during the sudden rise of the Bitcoin price in April 2013 (it is at this time that consumers really knew this currency and its strong potential).

From 2014, a second generation of digital currencies has made its entry on the market, with Monero, Ethereum (derived from Bitcoin and referent of this second generation) and Nxt for example, and their new features such as stealth addresses, intelligent contracts, or lateral blockchain chains, among others.

Robocoin’s founder launched the first Bitcoin vending machine in the United States in early 2014.

The kiosk is located in Austin, Texas and is similar to bank machines, but is equipped with scanners to read ID cards to confirm the identity of users. Finally, the market capitalization of cryptomonnaie should reach 1 000 billion dollars in 2018.

Major challenge for institutional money

Today, the cryptocurrency market represents a major challenge for central banks and the global economy because the rules of the game in this environment are quite different from those of traditional currencies, and the growing popularity of cryptomonets could cause consumers to lose confidence in fiduciary currencies, which is essential: a currency is valid when consumers believe in it, otherwise it can collapse.

That’s why several countries have studied the question to create state cryptocurrencies. In January 2018, the Bank of England announced its intention to create a cryptocurrency indexed to the British currency. In Canada and Singapore, institutions are also considering developing cryptocurrency payment systems. This year, the Marshall Islands became the first country in the world to launch a legal cryptocurrency, and the Venezuelan president created a cryptocurrency, petro, anchored on the price of a barrel of oil, in order to circumvent the American sanctions that affect the country.

In any case, the cryptocurrencies and his blockchain account book seem to have a bright future, and since everyone can try their luck, why shouldn’t the next person to consult the blockchain be you?

Bitcoin: the cryptocurrency that shakes the traditional financial markets

In less than a year, the Bitcoin soared to over $19,000 before undergoing a severe correction. An almost unprecedented performance in the history of the markets. Financial revolution or a simple bubble? Our analysis.

It’s the star of the moment. On the markets, one speaks “almost” only of Bitcoin, so much the cryptocurrency shows stratospheric performances.

Despite these fluctuations, the number of investors has increased considerably, to over 50 million users, while investment banks and funds have positioned themselves in the niche. Even economists have taken up the subject. But where does this cryptocurrency that unleashes passions come from, how does it work, is it secure, how far will it climb?

Bitcoin, what is it?

Bitcoin is not a stumbling block of change. It is a cryptocurrency, i.e., a “currency” that takes the form of an encrypted computer program.

This currency was launched in 2009 by a group of unknown hackers, hidden behind the pseudo “Satoshi Nakamoto.” The computer program is equivalent to the DNA of Bitcoin, which defines its technical characteristics and operating mode.

If not controlled and guaranteed by a central bank, Bitcoin is protected by blockchain technology. The “blockchain” is a kind of giant numerical account book that acts as a ledger. It lists and secures all operations performed with bitcoins.

Who uses Bitcoin?

There are mainly two types of investors. Individuals and institutions. The number of private users is estimated at 30 million, almost half of them in the United States. For most of them, it is primarily a speculative investment, to try to take advantage of the bullish wave.

On the other side, there are institutional investors, investment funds in particular, who are more discreet but are very present. These players want to position themselves on a new financial asset. On December 10, the Chicago Stock Exchange launched a futures contract on Bitcoin, while the French fund Tobam decided to offer its clients to invest in cryptocurrency.

Is it secure?

Investors and… hackers are coveting the explosion in the value of Bitcoin. For several months, attacks have multiplied, causing the closure of dozens of cryptomarket “exchanges,” platforms on which investors buy and sell Bitcoin.

A few days ago, the Youbit platform, the fourth largest operator in South Korea, closed its doors after being the victim of a new computer attack, attributed to North Korean hackers. Nor is the sector more exposed than others, such as industry or finance, which are also under attack from IT, even if there are calls for the crypto exchanges to be grouped in order to pool their costs and strengthen their protection system.

How high can it go?

That is the question that is agitating the markets. In December, Bitcoin had sessions with increases of over 30%. Since the beginning of the year, the Bitcoin price has increased more than 15-fold, from $900 to over $17,000, with a peak of $18,000.

Few financial assets have experienced such growth. Only a few stock market values and “penny stocks,” these values whose share is only worth a few cents, posted comparable increases.

Potentially, Bitcoin has no limits as long as demand increases. It could continue to climb in the coming weeks, especially if the futures contracts launched by the Chicago Stock Exchange give credibility to its financial normalization.

Brexit: European finance moving into a new era

Banks are anticipating the decline of the City and the rise of other financial centers.

Without really believing it, the primary European banks had been preparing for more than a year for the exit from the European Union voted by the British. But the Brexit victory took the City and the major international financial centers by surprise. The financial sector is one of the industries that will be most affected. Overview of the major upheavals to be expected in European finance.

What will happen to La City?

english banksLondon is widely expected to remain an important financial center, but its star is likely to fade. The United Kingdom is now the largest financial center in the European Union, accounting for almost 25% of its financial services and employing 2.2 million people in the financial industry. However, London’s disaffection will depend on the United Kingdom’s exit negotiations with the European Union.

The main risks for La City is to lose its European “passport” and its euro “clearing” activity – and therefore investors. London is indeed an important clearing center in euros, a system that provides financial security for transaction processing. The European Central Bank does not like this situation since it cannot exercise control over these activities, which potentially pose a systemic risk to monetary union. In 2011, the Frankfurt institution had tried to repatriate these clearing houses. But the City had won its case before the European courts. By leaving the European Union, London will no longer be able to invoke the benefit of belonging to the common market to counter a future takeover of the ECB. For the boss of a French CIB “, repatriation of the euro clearing could greatly weaken the City.”

Which financial centers to take over?

For financial analysts, “no financial center is likely to replace London.” For Société Générale boss Frédéric Oudéa, European finance will become more “multipolar.” Who, from Paris, Frankfurt, Luxembourg or Dublin will benefit most from the expected downgrading of London? Everything will depend on the decisions of investors and financial groups to relocate certain activities to the EU. Dublin and Luxembourg are more attractive from a tax point of view than Paris, which can, however, count on several assets: the presence of large groups active on the markets or a leading asset management center, and real estate or transport capacities. While taking note, with regret, of the decision of the British, the Place de Paris is swamping its weapons.

Are French banks ready?

“We are ready to manage the emergence of the coming days and also to adapt to this new institutional framework,” assured Frédéric Oudéa on Friday morning. After having suffered a violent stock market shock, French banks still have to build their post-Brexit future. Across the Channel, they have just under 3% of their total workforce, concentrated in corporate and investment banking (CIB) activities. Will they be partly transferred to the mainland? For the moment, no French bank has revealed its game.” This will depend on the negotiation of Brexit and the behavior of our customers,” explains one banker.

In the shorter term, the consequences of Brexit on the markets could also plummet the results of the French groups’ financing and investment banks in the second quarter. Volatility on the markets could continue, says Romain Burnand, manager at Moneta, everything will depend on political responses, the impact of Brexit on the economy…”.

What are the consequences for banks operating from London?

It is quite possible that, following its negotiations with Brussels, the United Kingdom will lose its European passport, which allows a credit or payment institution authorized in an EU country to operate in the various single market countries. From then on, the major American or Swiss banks, or even fintech, which used London as a bridgehead to radiate in Europe, will have to obtain approval in an EU country.

What you should learn from the Tether Hack!

tether markets


Tether, owner of the USDT token, announced today that its system had been hacked into. An individual would have managed to divert the equivalent of $30,950,010 to an unauthorized address.

Initially launched as’ Realcoin,’ Tether makes it easy to convert encryption currency into dollars or USDT tokens, this is done via trading platforms such as Bitfinex, Poloniex…

usdtAfter the announcement of the attack, and for security reasons Tether temporarily suspended its wallet service (Theter. to). A thorough examination of the cause of the attack is under way to prevent similar actions from being repeated in the future.

An update of the Omni Core software has been deployed to prevent stolen funds from entering the ecosystem. The latter are marked as pirated and will not be exchangeable. It is indeed a temporary hard-force, creating a divergence of consensus.

Tether and the Omni Foundation (responsible for the development of the Omni Core software) are studying ways in which Tether can retrieve the tokens in question and rectify the hard fork created by the update. Once this protocol upgrade is complete, Omni Foundation will provide updated binary files that all integrators can install. Once the update in place Tether will reclaim the stolen tokens.

What is the best Bitcoin wallet?

This guide will help you find the right Bitcoin wallet in 2017!

There is no universal Bitcoin wallet. These wallets come in all kinds of forms and functions.

Keep reading if you’re looking for the meilleur portefeuille bitcoin.

What is a Bitcoin wallet?

A Bitcoin wallet is the first thing you need to be able to use bitcoins.


Without a wallet, you cannot receive, keep and spend your bitcoins.

Try to imagine such a wallet as your interface with the Bitcoin network – a bit like your online bank account is an interface to the conventional monetary system.

Bitcoin wallets contain private keys, some secret codes that allow you to spend your bitcoins.

These are not the bitcoins that need to be stored and secured, but rather the private keys that give access to them.

In brief:

A Bitcoin wallet is an app, website or device that manages your private keys.

Types of Bitcoin wallets

Hardware Wallets

A hardware wallet is a physical, electronic device designed for the sole purpose of securing bitcoins.

The big difference with solutions is that the hardware devices must be connected to your computer, smartphone or tablet before you can spend bitcoins.

fafjqbfgsb gkbwwkjbwkjwkThe three most popular hardware wallets are:

  • Ledger Nano S
  • KeepKey
  • Trezor

Hardware wallets are one of the best choices when you take security seriously, but still, want a convenient and reliable bitcoin storage solution.

Hardware wallets keep private keys away from devices connected to the Internet (and therefore vulnerable).

Your private keys are stored in the wallet hardware, i. e. in a secure offline environment offering complete protection, even when the computer to which it connects is infected.

Since bitcoins are a digital currency, cybercriminals could theoretically attack your computer’s “software wallets” and steal them by gaining access to your private key.

Which wallet suits you best?

To invest? To save money? In this case, a hardware wallet will allow you to keep your bitcoins safe.

If not, a software wallet can also send and receive bitcoins.

Each wallet has its advantages and disadvantages, and each wallet exists to solve different problems.

Some wallets focus on security, while others focus on confidentiality.

Your needs will determine the type of wallet you use because there is no such thing as the “best Bitcoin wallet.”

Mastercard unveils its blockchain for banks and businesses

Mastercard offers for the first time the possibility to send money via a blockchain instead of using a credit card.

After developing its version of blockchain technology over the past two years, Mastercard announced on Friday that it is now opening up blockchain technology to individual banks and merchants as a potentially more efficient alternative to paying for goods and services.

A sign that the widespread adoption of crypto technology is on the rise, Mastercard is the second Fortune 500 company this week to start making payments easier with it. On Monday, IBM revealed that it had also begun making payments on its proprietary blockchain between banks in the South Pacific.

Like IBM, Mastercard also targets business-to-business payments as the primary objective of its blockchain, which can only be used by invitation. Mastercard, however, differs from the technology giant importantly: while IBM’s blockchain transmits only money in the form of Lumens, a virtual currency created by the non-profit company Stellar, the blockchain Mastercard operates independently of a cryptographic currency and instead accepts payments in traditional local currency.

Not a real currency?

On the other hand, according to Pinkham, Mastercard has an advantage that the Bitcoin does not have: a settlement network that includes 22,000 banks and financial institutions around the world.

After all, Pinkham adds, companies still rely primarily on government-issued money for business, which makes it impractical to convert cash into cryptographic money, or vice versa, for every payment on a blockchain. Even in the bitcoin system, there needs to be a trading platform that allows Bitcoin to be exchanged for the euro, which creates complications,” Pinkham explains.

Mastercard hopes to offer the benefits of this technology, including a safer and more transparent way to make and track payments within the existing financial system, without the drawbacks of digital money. What Mastercard brings to the table here is a unique combination of this blockchain capability and Mastercard’s settlement network,” Pinkham explains. (The competitor credit card provider Visa, for its part, has partnered with startup Chain to develop its own similar business-to-business payment system.

Some companies have already signed up to use Mastercard’s blockchain, Pinkham said, although he refused to name them. In addition to payments, Mastercard envisages that businesses could use this blockchain to track the movement of pharmaceuticals and luxury goods such as handbags and diamonds, thereby reducing fraud by providing “proofs of origin.”

Potential Challenges of Financial Technology and How to Solve Them

Financial technology or Fintech and cryptocurrency are taking over the world. Everyone is trying to improve their financial systems and get them digital. Almost everything else in the world is digital, so why not financial systems as well? There are a few kinks that need to be sorted out and improved and we’re sure that they will be addressed in no time. If you are interested in taking on Fintech for your business, take note of the challenges and how you can solve them.

Security Concerns

The first challenge is security. Even though cryptocurrency platforms are secure and decentralized, hacking remains a problem. Digital financial systems will always carry the potential risk of hacking. This is obviously a problem as any business that holds financial information of clients, want to keep that information secure and private. Fintech companies, like Next Bank Asia, are putting systems and precautions in place to ensure the security of these types of information.

Liability Concerns

If any private information of any kind comes to light, Fintech companies can be held liable. This will poorly influence the company’s reputation and trustworthiness. This is also a concern for the companies making use of the technology. Most Fintech companies, like Next Bank Asia, take this concern very seriously and take extra safety precautions to ensure that there is no breach of confidentiality.

Denial of Service Attacks

This is a concern for most digital financial services and companies. People are taking chances and claiming that transactions never happened. This is becoming a huge problem across the world. Fintech companies can implement measures and protocols to address these potential issues and track the transactions to check whether such claims are true or not.

Any form of digital information runs the risk of becoming public or hacked. Every company and individual who use these systems must take their own precautions to ensure the safety of their information and their money.

4 Types of Cryptocurrencies in Use in 2017

Cryptocurrencies have become quite a big thing all across the world. A cryptocurrency is basically a digital form of money or unit of exchange. You can use these currencies to do online transactions without real money ever changing hands. It is fast, secure, and very convenient. Many businesses have also gotten on board and accept or trade in cryptocurrency. The four best-known cryptocurrencies are:

1. Bitcoin

Bitcoin is by far the most well-known type of cryptocurrency in the world. It has become a household name and people all over the world make use of this system. This was also the first cryptocurrency that came on the scene in 2009. It was developed by an anonymous individual or group only known as Satoshi Nakamoto.

2. Ripple

Ripple is a distributed ledger system that keeps track of transactions. It can successfully track different kinds of transactions and is very helpful to banks and other financial institutions. It can be used to track more than just the cryptocurrencies.

3. Litecoin

Litecoin is the smallest of the four cryptocurrencies on this list. It is the newest and also the fastest in terms of development and improvement. It moves quickly when it comes to improving speed and new features.

4. Ethereum

Ethereum is second to Bitcoin as the most used cryptocurrency. It was developed in 2015 and has a large market capitalization in the billions. It has had some issues with hacking and such things, but regardless of that, the currency is still popular among users.

Cryptocurrencies are being used for various transactions. People are using them to invest, play the markets, make an online purchase, etc. It is a fast and convenient way of exchanging money without a centralized system.

Benefits of Financial Technology and Cryptocurrency Transactions

There are many things being said about financial technology and cryptocurrencies – both good and bad. Many people have embraced it and others are still skeptical. People like to play it safe when it comes to their hard-earned money. So, if you are wondering whether these systems are for you, we have some benefits to share. It also helps to realize that banks have been making use of financial technology for years. Many of us use online and cell phone banking. These systems work on the same principle, just without a single entity running it.

Better financial situations in businesses – Fintech companies and the technology that they offer can revolutionize the way businesses run their finances. These Fintech companies come up with innovative solutions to help businesses have better cash flow and stabilize their funding systems. It can even help them manage their working capital better.

Better payment systems – Financial technology can improve a business’ payment systems as well as the efficiency and accuracy of invoicing and collections. It can help improve customer relations in all aspects. When the customer has a good experience with fast payments and quick resolution of problems, they tend to return.

Mobile devices increase convenience – Financial technology allows transactions to take place through mobile devices like tablets and smartphones. This increases the convenience and efficiency of transactions for the customer. With mobile connectivity, a business can streamline all its systems, integrate different accounts, and improve the overall customer experience.

Cheaper advice – These new financial technology systems enable robot-advice. This means that people can easily get advice and information on finances and investments without having to pay expensive fees to the highest qualified consultant.

It seems that Fintech is here to stay and will surely keep improving and bringing us new and improved systems to work with. Fintech could be the answer to your business’ cash flow or efficiency problems. So, approach your local Fintech company and see how they can help you move up in the world.