The cryptocurrency landscape is slowly but steadily changing the way that we do business around the world. The notion of having a currency that’s free of governmental influence and the prospect of leveraging payments across borders without the process being impacted by the meddling of banks and bureaucracy is certainly an appealing one, but with the help of <a href="https://www.entrepreneur.com/topic/blockchain" target="_self">blockchain frameworks</a>, we may be heading toward a brave new world of limitless possibilities. It was only a matter of a few years ago that the term blockchain was only known to a handful of people outside the fledgling world of cryptocurrencies. Today, the technology has become much more widely known, largely owing to the growth of Bitcoin. Although cryptocurrencies are the best-known application of blockchain today, there’s limitless potential for the technology. As a secure and fully decentralised ledger, blockchain can bring positive change to many industries. One sector that’s ripe for innovation can be found in the <a href="https://www.eureporter.co/economy/2020/12/16/the-blockchain-will-transform-cross-border-business/">cross-border money movement</a> in multi-commodity trading business. These companies can involve countless stakeholders, intermediaries and banks all having to push and pull in the same direction to make deals happen. As the <a href="https://www.gminsights.com/industry-analysis/blockchain-technology-market">data shows</a>, the European blockchain market is set to experience sustained growth over the course of the decade, opening the door to more comprehensive use cases across the continent. We can already see emerging evidence of blockchain-based borderless solutions arriving across Europe and beyond, many of which offer a glimpse into the vast potential of digital finance. <h2>Bridging borders throughout Europe.</h2>Blockchain-based cryptocurrency transactions are already becoming available across Europe, and companies like Bottlepay have opened the door to a cross-border payment infrastructure across the continent that’s free of silos and middlemen. The UK-based app facilitates real-time, cross border transfers of both cryptocurrencies and fiat money and the company has recently expanded its range of services across Europe — paving the way for international payments in both Euros and <a href="https://www.entrepreneur.com/article/368694" target="_self">Bitcoin</a>.Both UK and European versions of the app are set to support BTC payments internationally, including the withdrawal of Bitcoin from Crypto ATMs and online merchants. Bottlepay is also highly in tune with social networks, and is leveraging payments via Twitter with plans to expand its services to Reddit, Telegram, Discord and Twitch over the coming weeks and months. “Bottlepay is attempting to rewrite the rules when it comes to cross-border transactions. Half a billion people across the UK and Europe can now make cost-effective, instant payments to each other with a payments app that’s built on top of the Bitcoin Network,” explained Bottlepay founder, <a href="https://www.electronicpaymentsinternational.com/news/bottlepay-cross-border-transactions-europe/">Pete Cheyne</a>. “By launching in Europe, we are demonstrating the power of Bitcoin as an open-source monetary system.”“We have created a payment rail that can process cross border payments immediately, at a low cost. It’s a much-needed update on the clunky, outdated payment systems available up until now, and a leap towards better financial inclusion for everyone.”<h2>Championing security across the continent.</h2>Blockchain technology can not only make payments across Europe more efficient, but it can also contribute to a much more secure financial ecosystem. Records on cross-border blockchains would be secured via cryptography. Network participants have their own private keys assigned to their transactions, which operate in a similar way to digital signatures. If these records are edited in any way, the signature will instantly become invalidated - immediately alerting the peer network to the changes occurring. Because blockchains are decentralised and distributed across peer-to-peer networks, the chain is synchronised through many different locations. This means that a blockchain can’t be changed from <a href="https://www.paymenteye.com/2019/05/22/5-ways-blockchain-can-change-the-cross-border-payments-landscape/">any central location</a>, and if a hacker or external party wanted to change the data, they would need to access 51 percent of the participants and alter their information simultaneously — an act that would require immense computing power. It’s this attention to privacy that can be invaluable for large-scale cross-border transactions on the continent. The <a href="https://www.entrepreneur.com/article/365984" target="_self">blockchain technology</a> to support such privacy is constantly evolving, too. We can see evidence of the future of blockchain in the recent development of Avalanche, the revolutionary consensus algorithm that powers eCash — the new cryptocurrency devised by industry stalwart and innovator, Amaury Sechet. Sechet was a central part of Bitcoin ABC movement and is now turning his attention to redefining wealth by creating a pragmatic cryptocurrency that will enable instant, borderless transactions that prioritise security against central influence and fork-free upgrades. <h2>Driving emerging technology adoption.</h2>Blockchain-powered payments are also helping emerging industries to accelerate their growth across Europe. European electric vehicle drivers, for instance, will now be able to recharge their cars through the use of cryptocurrencies after a collaboration between two fintech platforms paved the way for a more universal payment option for 50,000 charging points across the continent. Driving this change is Vourity, a Swedish payments firm, and Hips Payment Group in a partnership to empower EV users in Europe. Hips’ network has its own cryptocurrency, MTO, and its blockchain-based payments process intends to match consumer protections offered by credit card providers albeit with more flexibility. "We want to make it easy for drivers to charge their car, and offering an open platform that allows for crypto payments is the most logical choice for our next-generation world," said Hans Nottehed, <a href="https://markets.businessinsider.com/currencies/news/europe-electric-vehicle-drivers-pay-recharge-cryptocurrency-crypto-fintech-2021-6">Vourity CEO</a>.This development has enabled users around Europe to use cryptocurrency payments as easily as they can use Apple Pay, Google Pay, Swish and Bluecode to charge their cars.Although the move is very niche in its application at this stage, it provides valuable options to electric vehicle owners and offers them a consistent choice for payment no matter where they go in Europe — making it the perfect example of the freedom that <a href="https://www.entrepreneur.com/article/374076" target="_self">blockchain-driven cryptocurrencies</a> are capable of providing both businesses and consumers around the continent.‍‍

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We've already seen emerging evidence of blockchain-based borderless solutions arriving across Europe, many of which offer a glimpse into ...

The Future is Borderless: How Digital Finance Can Change Payments Across Europe

The vast majority of crypto assets have no default privacy features, raising questions about how viable this approach is. Everyone in the financial industry can benefit from privacy-oriented solutions, and cryptocurrencies should not be an exception. Why Privacy Is Needed In FinanceThere has been a notably higher demand for financial privacy over the past few years. Initiatives such as PrivacyRightsNow illustrate that point perfectly. The goal is to have consumers achieve a higher degree of privacy rather than keep empowering financial institutions and governments. There are many good reasons why financial privacy is a must and should, in theory, be a fundamental right for all humans. The first significant issue in the current system comes through telemarketers. As if unwanted emails about loans, savings, and other financial services weren't enough, telemarketer calls make things even more problematic. Whether banks and their affiliates sell this information to telemarketing companies will always remain a guessing game. However, there have been incidents of financial institutions and their affiliates sharing customers' financial data with telemarketers for a fee.&nbsp; A second issue is the growing threat of identity theft and stalking. As consumers' financial details are exposed online, criminals can leverage these details to perform identity theft. As the sharing of social security numbers is not entirely uncommon, a very serious problem is created. In the United States, it is no longer allowed to share SSNs with other companies, even though there are still over 400,000 identity theft cases every year.&nbsp; Additionally, there is the threat of stalking, as criminals may keep snooping on one's financials without the victim ever being the wiser.&nbsp; Unfortunately, it is complicated to achieve financial privacy through normal means. Banks and governments will not necessarily adjust their operations because a few million people are unhappy. As such, more and more people explore cryptocurrencies, an industry with perceived privacy. Nothing could be further from the truth, though.&nbsp; The Current State of Privacy CoinsMany people think that Bitcoin, Ethereum, and other public blockchains all offer privacy by default. Unfortunately, that is not the case, although users can be pseudonymous when using wallet addresses. However, thanks to the growing popularity of blockchain analysis firms, linking a pseudonymous wallet address to a real-world identity is a lot more straightforward. As a result, there is no absolute privacy to speak of in most coins, although there are exceptions. Some currencies provide privacy, either at the protocol level or by having users opt-in. Monero leads the privacy and anonymity race, as it has undergone multiple evolutions to provide financial privacy efficiently. Dash, a currency formerly focused on privacy, is now tackling the payments channel. ZCash, PIVX, and others all have some degree of privacy, with varying success. However, all of these currencies suffer from exchanges delisting them for the sole purpose of being privacy-oriented in some shape or form. Despite this uphill battle, one should never give up on financial privacy. If the eCash project is an example, there is a future ahead for privacy coins. However, that will only be possible through scaling, censorship resistance, and protection from inflation. Privacy alone may no longer be sufficient in this ever-changing financial paradigm. Building sound money first is essential, and eCash opts for that route while introducing optional privacy for those who want it. To expand the ecosystem, the team also intends to support the Ethereum Virtual Machine, allowing for the development of financial applications, products, and services. Its proof-of-stake consensus layer removes the need for miners, making it different from Bitcoin and Ethereum. The biggest change is how it will only have two decimal places instead of eight. Lead developer Amaury Sechet feels that a lower unit price can lead to higher bull market appreciation. Personally, I think eight decimals works fine, even if it is a bit confusing to newcomers at first. Opting for two decimals can make more people acquainted with the concept of digital currency.&nbsp; Protecting Against Inflation And CensorshipIn the current financial industry, everyone who owns money is subject to inflation. Whether one wants to admit it or not is irrelevant. Governments and banks continue to print and spend money like there is no tomorrow. Although that approach can give a short-term boost to domestic economies, it will always lead to inflation. For consumers, that means losing purchasing power, requiring them to earn more money to pay for the same goods and services. Sound money, on the other hand, will protect users from inflation. Precious metals are often considered a store of value as their prices do not diminish. Cryptocurrencies would be a worthwhile addition to this list were they not so volatile. For me, Bitcoin and other public crypto assets can never be considered a store of value until they achieve the status of "sound money".&nbsp; Unfortunately, these assets will always be liable to a sudden appreciation of depreciation in value. Changing that narrative will usher in the next generation of crypto assets. While some may see stablecoins as sound money, they often are not. Most stablecoins are backed by fiat currency reserves, the same currency that is subject to inflation. As such, one's stablecoin holdings are equally subject to inflation. It baffles me how few people seem to grasp that concept today. Rather than non-privacy coins and stablecoins, building sound money will serve a second purpose. It is crucial to protect consumers from censorship. Giving them a say about how they manage and spend their wealth is very different from today's financial system. banks can prevent customers and corporations from completing purchases for arbitrary reasons. &nbsp;Moreover, if one tries to express an opinion online and accepts payments through traditional means, payment processors will stop working with you. WikiLeaks witnessed that first hand, yet Bitcoin offered a viable solution. Imagine if a solution offers optional privacy, sound money, and censorship-resistance all rolled into one? I cannot wait to see what the future holds in this regard. Closing Thoughts The future of cryptocurrency will require some degree of privacy to protect consumers from prying eyes and censorship. At the same time, the focus needs to shift to provide sound money capable of avoiding inflation. Creating a new currency that will not act as volatile as Bitcoin or Ethereum - even on a good day - will not be easy, but it is possible with the right fundamentals.&nbsp; I expect great things in the field as new infrastructure is already under development. However, although I remain a big fan of Bitcoin, no one can look past its shortcomings and inefficiencies. Better ideas and concepts will emerge, providing consumers with the solutions they require in this digital age. That doesn't mean Bitcoin will go away, as some of these under-development features may be integrated in that protocol over time.‍

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The vast majority of crypto assets have no default privacy features, raising questions about how viable this approach is. Everyone in the...

Is There a Future for Cryptocurrencies Without Privacy Features?

Crypto products that offer “investments” without having a product are usually scams On Aug 4, a press release announced an unaffiliated project called “Weownomy” will use eCash. The eCash team has never been in communication with this project. Crypto products that offer “investments” without having a product are usually scams. Be careful out there.

Weownomy Warning
Weownomy Warning
Weownomy Warning

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The Future is Borderless: How Digital Finance Can Change Payments Across Europe

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Is There a Future for Cryptocurrencies Without Privacy Features?

Weownomy Warning
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Weownomy Warning

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