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BITCOIN AS DONATION TO CHURCH

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ICF Church, a zealous church in Zurich, Switzerland, is set to begin accepting Bitcoin donations from worshippers.

The common theory with most churches is that they’re traditional and are beholden to time-honored traditions. Whereas a number of churches are actually quite keen on adopting the latest inventions that technology has brought to bear. Example is a church in Switzerland that is set to begin accepting Bitcoin donations.

The digital currency-accepting church is ICF Church, located in Zurich, Switzerland. It’s an evangelical church and among the largest in the country. Its parishioners are actually pretty young, and the church itself is a big supporter of cutting-edge technologies.

That is why accepting Bitcoin donations makes perfect sense for the church. ICF Church spokesman Nicolas Legler said:

Crypto (digital) currencies and the blockchain technology will change our daily lives more and more in upcoming years.

Cryptocurrencies will be applied, whether it is Bitcoin or any other currency that is controlled by the state. We are convinced that this technology will soon belong to our daily lives.

Keeping Recent with New Tech

It makes perfect sense for the ICF Church in Zurich, Switzerland, to accept cryptographic currency. Many churches have long seized upon technological innovations to spread their ministry, from using radio to broadcast to rural audiences to having online sermons so that people can download and view at their ease.

The church in Zurich raises the majority of its income from its parishioners. Being youngsters, they are more tuned into the most recent technological patterns, for example, crypto, and it doesn’t hurt that Switzerland has been attempting to build up itself as a crypto center.

Bitmain Technologies, the substantial Chinese Bitcoin mining operation, is extending to Switzerland because of China doing everything conceivable to end crypto mining inside its country. It was likewise only a couple of years back that the Swiss city of Zug began a pilot venture where citizens could pay for government services by means of bitcoins. (One marvels if the city chose to hold any of those bitcoins or not. In the event that it did, at that point the city made an immense benefit.)

As cryptocurrency becomes more accepted, it’ll likely become a common sight to see a church passing around their wallet address instead of the collection plate.

As digital money turns out to be more accepted, it’ll likely turn into a typical sight to see a church going around their wallet address rather than the accumulation plate.

What are your thoughts about the ICF Church in Zurich beginning to accept Bitcoin donations? Will crypto-currency replace fiat donations down the road? Let us know what you think in the comments below.

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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