Bitcoin Daily: Overstock’s Bitcoin Snafu And Telegram’s ICO Details Revealed

Bitcoin Cash

It’s a mistake that no retailer wants to make when integrating cryptocurrency into an eCommerce platform: Last week, a security firm discovered that had erroneously accepted bitcoin cash instead of bitcoin as payment for a product, CoinDesk reported.

To confirm the issue, a journalist ordered a $78 motion sensor light on Overstock and opted to make payment by bitcoin. He logged into Coinbase and told it to send bitcoin cash instead of bitcoin, and the retailer accepted the transaction. Upon cancellation of the order, Overstock processed the refund in bitcoin – another costly mistake, as a single bitcoin was priced at around $14,000, while its offshoot bitcoin cash was trading at $2,400 at the time of CoinDesk’s report.

In more positive news, Vibe, well, is giving off good vibes – the live music-centric digital currency has seen its value skyrocket 400 percent to $2.34 as of mid-morning Wednesday, Fortune reported. Surprisingly, the jump puts Vibe’s price per coin above Ripple, despite Vibe’s markedly lower overall market cap.

Vibe tokens tie in with VibeHub, a platform that is like the IMDb for music. While Vibe tokens can currently be used to acquire merchandise or gain access to music industry contacts, they are eventually expected to be valid for ticket purchases.

In addition to Vibe, several cryptocurrencies made big moves in the markets on Wednesday. While bitcoin didn’t change too much, Ethereum increased to another record high, and bitcoin cash was up 12 percent on the day, The Motley Fool reported. Yet some of the alt-coins that saw the largest increases in 2017 and the first week of the new year are falling again.

In the mining industry abroad, Chinese giant Bitmain Technologies is reportedly expanding to Switzerland as the country’s government cracks down on the electricity-intense industry, Reuters reported. In addition to Beijing, the company currently has offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen.

And, in a move that probably doesn’t make company insiders all too happy, The Next Web published a leaked white paper detailing plans for Telegram to raise as much as $500 million in a pre-sale initial coin offering (ICO). Fundraising could possibly begin as early as March.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.