CRYPTO UPDATE: Feb. 19, 2018 Coinbase Issues | LitePay | ECF
Coinbase Double Charges Explained
Visa was quick to blame Coinbase for the issues that occurred this week for individuals who were making purchases on Coinbase and coming to the dreaded realization that their payments had doubled.
But it seems that the truth is Coinbase had made some changes to the code involving how the payments were processed.
This change had caused Visa to ultimately recharge the transactions.
Since then they are saying that most of the double charges have been credited back to the affected individuals.
If you’re still waiting to see these changes reflected in your account, you definitely should contact your bank that is associated with your card to receive your refund.
LitePay & LitePal
Now shifting over to Litecoin.
This week they launched their LitePay card which will allow Litecoin to be accepted anywhere Visa is accepted. The conversion will occur instantly at the time of sale and there will be a 1% settlement fee for the users.
LitePay is boasting this super low fee and fast transactions to differentiate itself from competitors like BitPay.
The team behind Litecoin is also developing what their calling LitePal, which will be a payment processor that users will be able to use in conjunction with PayPal, Western Union, Bitcoin and Litecoin. Again the fees with this service will be very low as well.
Since Bitcoin is nearly always the first to be recognized and accepted by merchants, it’s delayed transactions and higher fees might turn them off.
Now that Litecoin is addressing this issue hopefully this will help to open merchant’s eyes to the possibilities of accepting other alt coins as well.
Ethereum's New Fund: ECF
The Ethereum Community Fund, or ECF was developed to help deliver on the promises made by some of the ICOs and ultimately facilitate the progress of Ethereum’s ecosystem.
Vitalik Buterin hinted at this effort when he decided to allocate his shares from advising certain ICO projects and placing them into a private fund meant to help finance open-source projects on the Ethereum Network.
He did make the assertion that this private fund will only be available for entirely open-source projects that don’t have any kind of profit schemes, and he’ll be partial for those that are addressing scalability. We’re going to have to assume at this point that these same guidelines will apply for the ECF.
I do think it’s great that he’s staying true to his philosophy for how crypto projects should be.
But with this amount of money, I expect that the stakes are rising even higher for the development and success of the Ethereum Network.
The problem that I see is that any coin that becomes the main utility coin will soon suffer the same fate as BTC. Over used and under powered.
Excellent update Heidi! I’ve been saying for years that litecoin is the safest high upside play in crypto. There’s absolutely zero reason why it should only be worth 2% of bitcoin.
Another upvote for another great video! Keep up the great work!
Thanx for cleaning thing up!
Thank you, thank you. You are the best. Thanks for the updates. I love you lovely picture and outline of your post. It is right on. I wish I had something like yours. Do you know anyone that would make my post look better and maybe add my ugly mug. Haha. I would be interested in paying someone that you could recommend.
Thanks
dubloon135
Inb4 the litepay card quintuple charges you when you make a purchase a la coinbase, lol.
Money in the hand seems to be the death of innovation, imo. I've rarely seen teams become more hungry after getting their first large cash injections, if anything it seems to slow development to a crawl if the team knows they can get continuous payments from a trickle of github changes.
exhilarated & exceptional!
Thank you for the updates 👍🏻
Heidi, I have followed you since I joined ages ago. I have always been impressed with your breadth of knowledge and experience not just in crypto, but in life travels and ordinary stuff. You always add so much to this platform. Good on 'ya!
Thank you @littlescribe, that means a lot to me :) I hope you are doing well!
I am. I don't know where you get all your crypto knowledge. Did you start out already familiar with it, or did you gain it as you go?
Great & useful post. Thanks!