Learning the friendly way

It’s safe to say that most people using online payment methods are familiar with PayPal. Known for its swift and seamless transactions, the nature of PayPal is appreciated by millions. Taking things one step further, the payment platform has launched a Friends and Family function to make payments even more simple.

In this guide we’re divulging the details of the new function, exploring how it works and the fees they charge. We’ll also take a look at how Tap can help you take this one step further. After all, who doesn’t want to know a more convenient and secure way to send money to your loved ones?

How does the PayPal Friends and Family feature work?

The PayPal Friends and Family feature works by enabling users to send money to their friends and family without any fees. 

According to the website, users need to have a PayPal account and select the "Send Money" option when wanting to make use of the function. Then, choose the "Sending to a friend " option, entering the recipient's email or phone number, and the payment amount. 

Once confirmed, the funds are transferred securely, and the recipient can receive the money in their PayPal account. It's a straightforward and convenient way to share money with loved ones, making transactions fee-free (if conducted with GBP) and creating a closer connection within your inner circle.

Note that the transactions are only fee-free if they are done without a currency conversion and you use your bank account or PayPal balance. If you execute the transaction using a debit or credit card or to another currency, a fee will be applicable (see below). 

PayPal’s Friends and Family vs. Goods and Services

When using PayPal, it's important to know the differences between PayPal's Friends and Family feature and the Goods and Services feature.

Friends and Family is best for casual, non-commercial transactions, like sending money to family or splitting the bill with friends, as it's mostly fee-free. However, it lacks buyer and seller protections. 

Goods and Services, on the other hand, is for commercial transactions, offering added security, buyer protection, and seller protection. These payments are subject to a fee, incurred by the seller of the item you’re purchasing. 

The pros and cons of using PayPal Friends and Family

The advantages of using the feature

Firstly, fee-free transactions make it an economical choice for sending money to loved ones or splitting expenses with friends. The Friends and Family feature allows users to save on unnecessary fees, maximising the value of their transfers. 

Secondly, PayPal ensures enhanced security measures, safeguarding users' transactions through encryption and fraud prevention tools. This instils confidence in users, knowing their funds are protected from unauthorised access. 

Lastly, the convenience and speed of PayPal Friends and Family make it an attractive option for quick and seamless money transfers, ensuring that recipients receive the funds promptly. 

The limitations of the feature

While PayPal Friends and Family offers numerous benefits, it also has certain limitations and requires responsible use. 

Firstly, it's important to be aware of the restrictions on payment types allowed in Friends and Family transactions, as certain purchases, such as for goods or services, should be conducted through the Goods and Services option for added protection. Using PayPal Friends and Family for business-related transactions violates PayPal's terms of service, potentially leading to account limitations. 

Secondly, following best practices ensures secure transactions, such as only sending money to people you trust, verifying recipient information, and keeping communication open. 

As mentioned above, it’s important to note that when sending funds to friends and family in other currencies there are fees involved. This fee is 5% of the amount being sent (a minimum of £0.99 and a maximum of £2.99). Then, there’s an additional 3% charge on the currency exchange that senders are liable for. We explore these fees in a comparison table below, using a clear example. 

Tap’s money transfer solution

Tap is a fully regulated fintech platform, offering a similar money-sending service, streamlining the process of converting currency and sending funds abroad. From the app, these funds can be sent to any bank account, whether an individual, a municipality bill, or a business account. 

Whether you’re sending funds to a friend overseas for their birthday or paying an electricity bill from your holiday villa, Tap provides a secure and fool-proof transfer option. 

When your transaction involves a change in currency or external bank account, there will be a small charge determined by the account that the sender holds. Note that at Tap there are several tiered accounts, ranging from Essential to Prestige. You can learn more about the Tap accounts and how they work here. 

Based on the account options, the following fees will be incurred when sending money to an outside bank account (i.e. a non-Tap user) and completing the currency conversion:

Essential: €2.00 (+ exchange markup of 1.99%)

Plus: €1.50 (+ exchange markup of 1.49%)

Prime: €1.00 (+ exchange markup of 0.99%)

Premier: €0.75 (+ exchange markup of 0.75%)

Platinum: €0.50 (+ exchange markup of 0.5%)

Prestige: €0.25 (+ exchange markup of 0.25%)

Sending money abroad fee comparison: PayPal vs Tap 

Taking these fees into account, let’s compare expenses of sending funds from one platform to another friend’s bank account (note that all transactions between Tap users are free, so if your friend has a Tap account you can wave the initial row). 

*Please note that these prices are based on current exchange rates and may differ. The original fee structure is worked out in EUR, so to make this table easier to understand we have converted the fee to GBP for you. 

Tap2Tap payment solution

With the Tap2Tap feature, you can enjoy fee-free and limitless money transfers, offering instant and secure transactions without any restrictions. The real-time payment network supports both crypto and fiat currencies, that’s GBP, EUR, USD, and 40+ cryptocurrencies. All you need to do is have a positive balance and the recipient must simply have an account. 

For example:

Say you want to send ￡50 to your mom for Mother’s Day. If you both have Tap accounts, this transaction is free of charge. You simply need to have the available balance and execute the transaction using the Tap2Tap feature. 

If your mom lived outside the country and required a different currency, Euros for example, you can still send her the money incurring a small fee (mentioned above). This fee structure is determined by the Tap account that you have (outlined above). 

How to use the Tap2Tap feature

Making use of Tap’s free transactions is easy. All you need to do is create an account and load the currencies you wish to use. In order to send the instant payments, the recipient of the funds must also have a Tap account. 

In order to open a Tap account, you and your recipient will need to:

1. Download the Tap app
2. Create an account
3. Complete the KYC identity verification process

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You will then need to load your account with EUR or GBP, or one of the over 40 different cryptocurrencies. Then simply open the wallet you wish to transfer the funds of, select Send, and choose the relevant option. 

Final thoughts

In conclusion, PayPal Friends and Family provides a convenient way to send money to loved ones, but it's essential to be aware of the associated fees and limitations. While it offers fee-free transactions within the UK, international transfers and debit/credit card payments incur charges. Additionally, the lack of buyer and seller protections makes it best suited for casual, non-commercial transactions. 

To take money transfers to the next level, Tap offers fee-free and limitless transactions within the same currency to other Tap users. It also provides an efficient and cost-effective solution to sending money abroad. By making informed choices and utilising the Tap app, users can enjoy seamless and economical money transfers.

References:

1. PayPal: What's the difference between Friends and Family or Goods and Services
2. PayPal fees
3. Tap Connect Network, please read alongside the Terms and Conditions
4. Tap account options
5. All of the above is subject to customers’ passing an identity verification process.

Once viewed as little more than an internet joke, Dogecoin, the cryptocurrency featuring the iconic Shiba Inu dog as its mascot, has recently experienced impressive price gains and even more impressive trading volumes. Fueled by a dedicated community, celebrity endorsements, and growing recognition as a viable payment method, this playful digital asset has staged an incredible comeback. Below we explore the meme-fueled revival and what might lie ahead for this top 10 cryptocurrency.

Dogecoin's Recent Surge

In the cryptocurrency market’s most recent bull run, Bitcoin has gained almost 50% in value since the beginning of the year. Known to pull the greater market with it, a number of leading cryptocurrencies have followed suit, experiencing formidable price gains and sizable market caps. Dogecoin, with its 6.3 million DOGE holders, was no exception. 

Dogecoin doesn't just show strong investor interest, it's also proven remarkably resilient. In just a year, the meme token has increased 102%, gaining 87% in value in 2024 alone (at the time of writing). These impressive price gains have some crypto analysts believing that Dogecoin is following a past pattern, predicting that it could hit $1 this year.

Dogecoin’s all-time high is $0.73, achieved in May 2021. At the time of writing, Dogecoin’s market cap was around $24.49 billion, down from a high of $25.23 billion achieved almost two weeks prior, with an impressive 24h trading volume of $3.6 billion.

Factors behind Dogecoin's revival

In recent years, celebrities endorsing Dogecoin have stirred incredible influence over its price movements. With notable figures like Elon Musk, Snoop Dogg, and Gene Simmons having fueled significant rallies with their vocal support and social media mentions. 

Just last week, Elon Musk's comments at an event in Germany hinting at Tesla potentially accepting Dogecoin payments sparked a short-lived 15% surge in the cryptocurrency's price, underscoring his ongoing influence on its market value.

This phenomenon highlights the power of celebrity endorsements in the cryptocurrency space, where a single tweet can catalyse massive price swings. While some argue this volatility underscores Dogecoin's speculative nature, others believe celebrity backing legitimises its potential as a viable digital asset, attracting more mainstream adoption. 

Either way, the impact of celebrity endorsements on Dogecoin's price trajectory is indisputable.

Other impacting factors contributing to its revival include increased mainstream acceptance and community-driven initiatives. Major companies like AMC Theatres and the Dallas Mavericks now accept Dogecoin payments, while the Dogecoin community has funded projects like sponsoring a NASCAR driver and more recently sending a rocket to the Moon, boosting its visibility and credibility.

It remains undeniable that social media and online communities have played a pivotal role in fueling Dogecoin's momentum. Over the years, platforms like Reddit and Twitter have served as hubs for Dogecoin enthusiasts to rally support, share memes, and coordinate buying efforts. The collective power of these online movements has propelled Dogecoin into the mainstream.

Potential scenarios for the future

In the short term, X (formerly known as Twitter) is prepping for crypto payments, getting licences across the US. If X adds Dogecoin, its price could explode. For now, analysts see Dogecoin possibly hitting $0.2 in weeks and $0.3 by summer.

Dogecoin's long-term future could likely be influenced by technology upgrades, regulations, and market trends. While blockchain improvements could boost transaction speeds and the usefulness of the network, changing crypto regulations may have an impact on its legal status and adoption. 

More institutional investment, community-led rallies or merchant acceptance could also drive growth while shifting public opinion could slow momentum. Navigating these factors will determine Dogecoin's long-term success in the dynamic crypto world.

Challenges and opportunities‍

Dogecoin faces significant challenges moving forward, including scalability issues as adoption increases and competition from other payment-focused cryptocurrencies and meme tokens prevail. 

Emerging rivals like Shiba Inu and more recently, Dogecoin20, also threaten to capture market share. Its underlying technology may also struggle to handle high transaction volumes efficiently. 

However, Dogecoin has opportunities to solidify its position through technological upgrades enhancing scalability and security while expanding real-world use cases and merchant acceptance could drive utility. 

Cultivating a dedicated community while attracting institutional investors could further cement Dogecoin's sustainability. Overcoming these challenges while capitalising on opportunities will be crucial for Dogecoin's long-term viability.

Closing thoughts

Time will tell if Dogecoin can overcome its challenges, capitalize on opportunities, and solidify its position as a viable cryptocurrency for the long haul. In the meantime, we can only witness what this bull run might bring for the DOGE community.

Navigating the world of cryptocurrency can be both exciting and incredibly overwhelming, especially when it comes to understanding the regulatory landscape in the United States. As the adoption of digital assets continues to grow, it's important to grasp the crypto regulation framework that governs it. 

In this article, we'll break down the key players and government agencies responsible for overseeing crypto markets in the US. Whether you're a beginner or someone looking to expand your knowledge, we aim to provide you with a clear understanding of how cryptocurrency, and crypto exchanges, are regulated in the United States.

The 4 main government agencies

These government agencies collectively contribute to establishing regulatory frameworks, protecting investors, preventing financial crimes, and ensuring tax compliance within the crypto exchanges and greater cryptocurrency landscape. Understanding their roles is vital for individuals and businesses engaging in cryptocurrency activities to navigate the regulatory landscape effectively.

Let's dive into the responsibilities and functions of some key agencies:

The Securities and Exchange Commission (SEC)

You’ve likely heard of the SEC, the Securities and Exchange Commission is one of the primary regulatory bodies when it comes to cryptocurrency. The SEC's main objective is to protect investors and maintain fair and orderly markets. 

In the context of cryptocurrencies, the SEC focuses on determining whether a particular digital asset qualifies as a security. This determination is vital, as securities fall under the agency's jurisdiction, subjecting them to stringent regulations. The SEC also takes action against fraudulent initial coin offerings (ICOs) and ensures compliance with securities laws.

The Commodity Futures Trading Commission (CFTC)

The Commodity Futures Trading Commission (CFTC) is responsible for overseeing the derivatives and futures markets, including those involving cryptocurrencies. The CFTC considers virtual currencies as commodities, thus granting the agency regulatory authority over cryptocurrency derivatives and trading platforms. By monitoring these markets, the CFTC aims to prevent manipulation, fraud, and other illicit activities.

The Financial Crimes Enforcement Network (FinCEN)

The Financial Crimes Enforcement Network (FinCEN) focuses on combating money laundering, terrorist financing, and other financial crimes. In the context of cryptocurrencies, FinCEN requires certain cryptocurrency businesses to register as Money Services Businesses (MSBs) and comply with anti-money laundering (AML) regulations. This helps ensure that illicit activities, such as money laundering through cryptocurrencies, are detected and prevented.

The Internal Revenue Service (IRS)

And lastly, the Internal Revenue Service (IRS) comes into play regarding the taxation of cryptocurrencies. The IRS treats virtual currencies as property, subjecting them to taxation. Cryptocurrency holders and traders are required to report their transactions and pay taxes accordingly.

The IRS has provided guidance on how to report cryptocurrency-related activities and is actively pursuing tax compliance in the crypto space. Remember, the onus lies on you to honestly and properly report any gains or losses made from the trading of cryptocurrencies. 

How does the SEC determine whether crypto is a security?

When determining whether a cryptocurrency qualifies as a security, the Securities and Exchange Commission examines factors such as whether the investment of money in a common enterprise holds the expectation of profits primarily from the efforts of others. If a cryptocurrency meets this definition, it falls under the SEC's jurisdiction and is subject to securities regulations. 

The SEC also plays a role in regulating initial coin offerings (ICOs) and has taken legal action against fraudulent ICOs that violated securities laws, aiming to protect investors from deceptive practices.

Additionally, the SEC has issued guidelines to provide clarity on compliance obligations, registration requirements, and disclosure standards for ICOs, emphasizing the importance of transparency and investor protection in the digital assets space. 

Understanding the SEC's role and its criteria for determining securities status is crucial for individuals and businesses operating in the cryptocurrency industry to ensure compliance and mitigate legal risks.

How individual states govern digital assets

While these four main federal agencies are responsible for building legal frameworks around these digital currencies, individual states in the US have started implementing their own rules and guidelines when it comes to cryptocurrencies. 

These regulations are designed to address specific concerns and tailor requirements to the unique needs of their jurisdictions. Noteworthy state-level initiatives include the introduction of licensing frameworks for cryptocurrency businesses, the establishment of regulatory sandboxes to promote innovation and the development of consumer protection measures. 

For example, states like New York have implemented the BitLicense, a regulatory framework for virtual currency businesses. Other states, such as Wyoming, have enacted laws to provide legal clarity and attract cryptocurrency companies. 

These state-level regulations add an additional layer to the overall regulatory landscape, highlighting the importance of understanding the specific requirements and compliance obligations within each state where cryptocurrency activities are conducted.

While some argue whether the federal government should regulate crypto assets, many in the industry are for the implementation of a regulatory framework as this will provide greater adoption and a broader understanding of digital assets.

Who regulates central bank digital currency?

In the United States, the Federal Reserve is currently looking into how a central bank digital currency (CBDC) could impact and fit into its domestic payments system. A central bank digital currency is a digital currency pegged to the local currency utilizing blockchain technology or digital ledger technology and operated by the country's central bank.

These digital assets are subject to different cryptocurrency regulations as the "companies" operating them are within the government's organization.

In conclusion

In summary, dealing with the multifaceted regulatory environment surrounding cryptocurrencies in the United States requires keen attention and ongoing awareness, given the involvement of major governmental agencies like the SEC, CFTC, FinCEN, and IRS. Whether operating within specific states or broader financial arenas, it's crucial for players in the crypto industry to stay up-to-date with these regulations and compliance demands.

Understanding the crypto regulation landscape not only safeguards investors but also helps with protection, preventing financial crimes, ensuring tax compliance, and promote transparency within this ever-evolving sector.

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In an era of rapid digitization, we at Tap prioritize the security of our users above all else. Our continuous aim is to improve our security measures, addressing new threats as they emerge. Today, we are delighted to unveil our latest effort in this ongoing commitment: the Anti-Scam Protection Feature.

The internet has revolutionized many aspects of our lives, not least banking. But with this convenience come certain risks. We've noticed a rise in scams involving remote access tools like Teamviewer or Anydesk. While these apps have legitimate uses, they are being increasingly exploited by scammers to gain unauthorized access to users' mobile devices and their financial accounts.

Seeing the need for an additional line of defense, we've developed the Anti-Scam Protection Feature. This tool proactively scans all the installed applications on a user's device during startup. If it detects potentially harmful apps like Teamviewer or Anydesk, it immediately triggers an unskippable alert. This alert informs users about the potential security risk and instructs them to remove these apps.

Furthermore, we urge users to reach out to our dedicated support team for further guidance. Our team is always ready to assist our users at every step, ensuring they can navigate the online financial landscape safely and confidently.

This feature is not just another update to our app - it is a testament to our unwavering commitment to user safety. By proactively identifying potential threats, our Anti-Scam Protection Feature helps us enhance account security and promote safe digital practices.

The digital landscape is constantly evolving, and so are the threats that lurk within. But with innovative features like our Anti-Scam Protection Feature, we aim to stay a step ahead, ensuring that Tap continues to be a secure platform for all your financial needs.

We highly encourage you to ensure that your Tap app is always updated to the latest version, allowing you to fully leverage our newly introduced security features as we continue to release them. Together, let's continue to create a safer financial environment.

Father's Day is a special occasion to celebrate and appreciate the fathers and father figures in our lives. Whether you're looking to surprise your dad with a token of gratitude or spend some memorable moments with him, you don't need to break the bank or travel far. Here are some cost-friendly and heartwarming ideas for managing celebrating Father's Day.

Host a games night

Set up the mother of all games night with classic board games, video games, or outdoor yard games. If your family gets wildly competitive, consider games that won’t ruin people’s lives (Uno we’re looking at you). Keep it light and make it a fun, interactive way to bond and create memories, you can even include the kids. You could also take it up a notch with some games-themed snacks and drinks.

Organise a DIY car wash and detailing session

If your dad takes pride in his ride, gather the family and take the time to wash and detail his car together. It's a great way to show appreciation and leaves him with a spotless ride ready to hit the streets. You can even consider upgrading his car gadgets, like a new air freshener or car mats, as an added gift. This activity can turn into a riot of fun whether you're in the bustling city or out in the serene country. And, if you're feeling adventurous, arranging transport to a ridiculously scenic spot can turn the car wash into a full-blown family adventure. 

Plan a sports day with his favourite activities

Get everyone together for a day of sports, featuring your dad's favourite activities. It could include a friendly game of basketball, soccer, or even a round of golf. Spending quality time outdoors while engaging in friendly competition can make for an unforgettable Father's Day. This activity could also include some natural attractions like a scenic hike or a nearby lake.

Plan a DIY workshop or project day

If your dad enjoys DIY projects, photography or woodworking, plan a day where you can work on a project together. From fixing up an old piece of furniture to creating something new for the home, collaborating on a hands-on venture will not only strengthen your bond but also result in a memorable keepsake. Take a look around his house for inspiration and bear in mind the money your looking to spend (or save) and the stores that are worth frequenting.

Organise a barbeque-off

Think you can out-barbeque your dad? Pick a theme and get every person to make some food dish in line with it. Ready for the ultimate rib challenge? Or how about an Argentinian asado? Or, more simply, an English breakfast. Once everyone’s done cooking, you can all sit together and enjoy the feast you’ve prepared, with some Come Dine With Me-inspired ratings, of course. 

Volunteer together

Bond with your dad while contributing to your community by volunteering together. Find a cause that resonates with him, like serving meals at a local soup kitchen, helping out at an animal shelter, or participating in a neighbourhood clean-up initiative. Today's the day to let him school you in anything he desires while you spend quality time together helping others out.

Plan a movie marathon 

If the weather is cosy, why not get everyone together for a movie marathon celebrating none other than your father figure? We’re thinking Die Hard marathons, or Lord of the Rings, just make sure it’s something that Dad enjoys! Popcorn, cinema-themed snacks and large sodas are strongly recommended. 

Help out with something he’s been meaning to do (but just hasn’t got around to yet)

It might sound cheesy but there’s nothing quite like ticking off an item on your to-do list with the help (and big nudge) from a loved one. Offer to help with chores or tasks he's been meaning to get done, like a big DIY project, florals or yard work, or home organisation. This practical gift of time and assistance can be truly meaningful, and bonus he gets to spend it with you. 

Final thoughts

Celebrating Father's Day doesn't have to be an expensive affair. The important thing is to show your dad genuine appreciation and create memorable moments together. By choosing budget-friendly yet thoughtful and authentic ways to commemorate the day, it becomes a beautiful reminder that the true value of fatherhood lies in the love, connection, and life experiences shared with those who mean the most (if only some birthday or wedding planners could take this approach). And with these options above, you're spoiled with choice as to how to create the perfect celebration.

So let this Father's Day be a heartfelt and unforgettable tribute to your dad, whose presence and guidance make all the difference in your world.

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Welcome to this week's Crypto Update, your go-to destination for the latest news in the exciting world of cryptocurrencies. Let's dive right into the highlights of the past week in the dynamic crypto market.

Etherscan's AI Tool for Smart Contracts: 

Etherscan has launched Code Reader, an advanced tool that utilizes AI to retrieve and interpret source code from specific Ethereum contract addresses. Code Reader leverages OpenAI's powerful language model to generate comprehensive insights into contract source code files. The tool allows users to gain a deeper understanding of contract code, access comprehensive lists of smart contract functions, and explore contract interactions with decentralized applications. To access and utilize Code Reader, users need a valid OpenAI API Key and sufficient OpenAI usage limits. However, researchers caution about the challenges posed by current AI models, including computing power limitations, data synchronization, network optimization, and privacy concerns.

SEC's increased scrutiny on cryptocurrencies sparks debate: 

The U.S. Securities and Exchange Commission's (SEC) increased scrutiny has led to a prominent debate concerning the future of XRP and Ethereum. Max Keiser, a well-known Bitcoin advocate, predicts the downfall of XRP and Ethereum due to regulatory overreach. In contrast, John Deaton, representing XRP holders, opposes this view, arguing for a more balanced regulatory approach. The cryptocurrency community is now anxiously awaiting regulatory clarity, as the SEC's actions remain unpredictable​.

​​It's important to note that the regulatory environment is constantly evolving and can have significant impacts on the cryptocurrency market, including Ethereum. Therefore, it is advisable to stay informed about the latest developments.

A Call for Clarity: Federal reserve governor advocates for clearer crypto regulations:

Michelle Bowman, a Federal Reserve Governor, has urged global regulators to establish clearer regulations for emerging banking activities, particularly banking as a service and digital assets. She emphasized the need for a well-defined regulatory framework to address the supervisory void and uncertainties that financial institutions currently face. Bowman's call aligns with the growing demand for enhanced regulation of digital assets. A robust and comprehensive regulatory framework is crucial for ensuring the stability and integrity of the banking sector, mitigating risks, protecting consumers, and fostering innovation​. 

Turkish lira hit a record low against the US dollar

The Turkish lira hit a historic low, trading at 25.74 per US dollar, following Turkey's central bank decision to raise interest rates by 650 basis points to 15%. While the hike was expected, it fell short of the anticipated 21%, and analysts believe a larger increase was needed to show the government's resolve to fight inflation. The lira's devaluation has been part of a larger trend, prompting citizens to invest in alternative assets like digital currencies and gold. The central bank, now under new leadership, has adopted a more gradual approach to rate adjustments, seeking to stabilize the economy. However, the uncertainty surrounding Turkey's economic future persists​.

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