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Whitepaper

MODERN FINANCE CHAIN

MFX TOKEN WHITEPAPER

Version 1.02

DISCLAIMER

Disclaimer: This white paper does not constitute an offer or solicitation to sell securities or shares and is for informational purposes only. The MFX token is considered a utility tool built within blockchain technology. The MF Chain token (MFX) offering does not represent a stock or sale of securities; the MF Chain token does not grant equity or voting rights; the MF Chain token does not grant ownership rights directly or indirectly to the MF Chain company, it’s physical, virtual or intellectual properties; the MF Chain token does not grant a debt security and is not an instrument of debt; the MF Chain token does not pay a distribution, disbursement or interest payment to token holders. If any future offers become available they will be made through confidential and appropriate channels and follow all necessary legal requirements. In compliance with recent SEC announcements, MF Chain will not market to or accept contributions from any US citizen or resident.

Notice to citizens and residents of the United States of America: This website and the offering memorandum has not been filed with the Securities and Exchange Commission (SEC) as part of a registration statement. Accordingly, this website and the offering memorandum and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the MFX tokens may not be circulated or distributed, nor may the MFX tokens be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in the United States of America (USA). The information contained in this website and the offering memorandum will not constitute an offer to sell or an invitation, advertisement or solicitation of an offer to buy any MFX tokens within the USA.

No Advice: No information in this Whitepaper should be considered to be business, legal, financial or tax advice regarding MF Chain, the MFX tokens and the MF Chain Initial Token Sale (each as referred to in the Whitepaper). You should consult your own legal, financial, tax or other professional adviser regarding MF Chain, the MFX tokens, and the MF Chain Initial Token Sale (each as referred to in the Whitepaper). You should be aware that you may be required to bear the financial risk of any purchase of MFX tokens for an indefinite period of time.

Risks and uncertainties: Prospective purchasers of MFX tokens (as referred to in this Whitepaper) should carefully consider and evaluate all risks and uncertainties associated with MF Chain, the MFX tokens and the MF Chain Initial Token Sale (each as referred to in the Whitepaper), all information set out in this Whitepaper and the T&Cs prior to any purchase of MFX tokens. If any of such risks and uncertainties develops into actual events, the business, financial condition, results of operations and prospects of MF Chain could be materially and adversely affected. In such cases, you may lose all or part of the value of the MFX tokens.

Additional Terms: Please read our token sale complete terms and conditions.

EXECUTIVE ABSTRACT

Modern Finance Chain (MF Chain) is building the future of cryptocurrency. By partnering with processors and merchants, MF Chain will build upon the value of zero merchant fees while offering innovative rewards for consumers and merchants. MF Chain is specifically designed to build value for all parties involved in merchant transactions. We are helping to build a digital economy where consumers will have the ability to buy products and services via any cryptocurrency. This is facilitated through the implementation of a collaborative platform that includes app developers who will find a supportive environment with multi-language compatibility and a library of smart contracts available for deployment. Our roadmap includes the development and deployment of MF Mainnet, our independent public blockchain that uses a BFT/POS consensus model and a unique masternode incentivization protocol. Furthermore, MF Mainnet will allow for the development of enterprise level private blockchains, atomic swap cross-chain transactions, multi-blockchain integration, and a verified digital identity system. We believe that the future of blockchain technology isn’t irrevocably tethered to a native token, and MF Mainnet is built as a currency agnostic system that functions either with or without a tokenized economy. However, MF Mainnet also offers the flexibility of transacting with a variety of cryptocurrencies, i.e., BTC, LTC, NEO, ETH, etc., thus freeing ICOs from the limitations they encounter throughout the process of their initial launch. MF Chain is building the future of blockchain which begins with our consumer-merchant payment solution and rewards program. Fundamentally, our goal is to expand cryptocurrency utility to the point of ubiquity. We are helping cryptocurrency reach beyond being merely an investment, trading or speculative tool. Consumers, merchants, and enterprises both large and small will now be able to capitalize on the convenience and security that cryptocurrency and blockchain provide.

CURRENT MERCHANT PAYMENT SYSTEMS MARKET

The global mobile payment market is projected to exceed $1 trillion by the year 2019. This projection is supported by a growing consumer preference for digital payment systems and the widespread increase of using mobile devices to pay for goods and services.1 There exist several key market drivers within the merchant and consumer payment systems market, each of which will be briefly discussed below.

Global E-Commerce is Rising

Worldwide e-commerce sales are on a steady increase. In 2017, e-commerce sales surpassed $2.2 trillion, and that number is expected to double and reach $4.5 trillion by 2021.2 In terms of total market share, e-commerce comprised approximately 10% of the total global retails sales in 2017 and is expected to grow by another 5.4% over the next three years.3 Thus, e-commerce is on a steady uptick with respect to total global retail sales.

Global E-Commerce Sales ($B USD)

Source: Statista, 2018

Amazon and Alibaba are currently the world’s largest e-commerce retailers with Amazon’s direct traffic exceeding 2 billion per month versus Alibaba’s 216 million. Notably, Amazon is ranked 19th in global traffic while Alibaba continues to climb upwards from being ranked as the 253rd most popular site worldwide.5 According to a 2017 PwC report, 56% of 24,000 global shoppers surveyed chose Amazon.com as their e-commerce retailer.6 Additionally, though global e-commerce includes both desktop and mobile shoppers, mobile is quickly becoming the predominant method for online purchases.7, 8

Merchant Incentives for the Consumer

Despite the two e-commerce behemoths dominance in the e-commerce marketplace, most consumers still prefer in-store shopping.9 There are, however, caveats to the in-store shopping preference. When surveyed by American Express in 2017, 79% of consumers who indicated they were more likely to make an in-store purchase also stated they would consider “purchasing online if free delivery was offered.”10 Additionally, 73% of the same surveyed population had made an online purchase within the last 12 months, and 75% would shop online if discounts were made available to them.11 Exclusive rewards would galvanize 50% of the respondents to make an online rather than an in-store purchase. Summarily, there are incentives that are more likely to shift consumers from the traditional brick and mortar experience and prompt them to make online purchases instead. But, there is an additional influential factor for all retail sales (online and in-person). The availability and variety of fast and secure payment methods, including credit cards, debit cards, and digital payment methods such as PayPal and Apple Pay, are vital to ensuring a seamless consumer experience.

Credit Cards, Debit Cards, and Digital Payment Methods

As reported by Capgemini, the total global non-cash transactions were $522 billion in 2017, and this number is likely to reach $725 billion over the next two years.12 Emerging markets in Asia will drive most of the non-cash transaction growth; but other regions, i.e., Europe, North America, Latin America, and the CEMEA (Central and Eastern Europe, Middle East, Africa) will contribute between 4% and 10% of the expected compound annual growth rate (CAGR) through the year 2020.13 Mobile payments will continue to rise at a CAGR of approximately 22% as supported by the increased proliferation of mobile devices and mobile payment applications.14 As such, cash is swiftly being dethroned as the “king” of payment methods and a survey conducted by TSYS supports the consumer transition from cash to credit and debit cards: 40% of the survey respondents reported that credit card were their main payment method, with 35% stating that debit cards were their go-to source for making purchases.15 Cash usage came in at only 11% but is up slightly from the 2014 figure of 9%.16

Consumer Payment Method Preference from 2013 to 2016

Source: TSYS 2016 U.S. Consumer Payments Study

There is another important detail to consider: debit cards are primarily used for “everyday transactions” such as buying food and paying bills.17 Meanwhile, consumers tend to use credit cards for larger purchases that “typically represent more discretionary spending,” i.e., holiday travel, dining at restaurants, and online shopping.18 However, considering that other digital payment systems, including PayPal and Apple Pay, require that users have either a bank card or their bank account linked to their system, the usage of credit and debit cards for specific purchases becomes more opaque.

PayPal and Apple Pay

PayPal’s digital payment system is one of the most widely known and currently has 227 million active registered user accounts worldwide.19 As of December 2017, 37% of North American retailers accept PayPal as a viable payment method for goods and services, with another 34% planning on adopting PayPal’s system within the next one to three years.20 Apple Pay is quickly gaining traction on the merchant side of transactions as well, with 37% of retailers stating they allow Apple Pay for consumer purchases, and an additional 40% are also likely to incorporate it into their payment system over the next three years.21 But, in the race for consumer appeal, Apple Pay isn’t as popular with consumers. Indeed, in a 2017 report issued by Market Force, 67% of the 6,500 banking customers who were polled for the survey chose PayPal as their number one choice for making digital payments. Apple Pay was chosen by only 39% of the respondents, which was a 5% decrease from 2016.22

Consumer Digital Payment Preferences 2016-2017

Source: TSYS 2016 U.S. Consumer Payments Study

There is another important detail to consider: debit cards are primarily used for “everyday transactions” such as buying food and paying bills.17 Meanwhile, consumers tend to use credit cards for larger purchases that “typically represent more discretionary spending,” i.e., holiday travel, dining at restaurants, and online shopping.18 However, considering that other digital payment systems, including PayPal and Apple Pay, require that users have either a bank card or their bank account linked to their system, the usage of credit and debit cards for specific purchases becomes more opaque.

Market Analysis Summary

Suffice to say that digital payment acceptance is on the increase for both consumers and merchants. Yet, credit cards and debit cards continue to be the main methods for online and digital purchases. Certainly, as technology continues to evolve and wearables, contactless payment systems, blockchain-based payment systems and cryptocurrency begin to penetrate the market, disruptive transformations in merchant-consumer transactions protocols are imminent. There are, however, challenges with both current payment systems and the use of cryptocurrency as a method for peer-to-peer payments. The focal point of these concerns center on transaction cost and security.

TRADITIONAL PAYMENT SYSTEM CHALLENGES

High Transaction and Processing Fees

Rewards and discounts provide a powerful incentive for consumers. Indeed, as reported by TSYS, a majority of credit card users (59%) were more likely to select a credit card based on the type of rewards offered for using the card.28 Furthermore, cash back and discounts with specific merchants ranked the highest in terms of a credit card’s “usefulness.”29 There is a clear trend with consumers that primarily focuses on cost. However, merchants are also intermediary consumers within the payment processing chain. Credit card processing fees vary depending on each link in the transaction flow, i.e., payment gateway, credit card processor, credit card issuer, and the issuing bank; but the average range falls between 1.5% and 3.5% per transaction.30 This does not include any of the payment gateway or credit card processing fees, which can also vary and are determined by the contractual agreement between the merchant and the payment system vendor.31 As such, the merchant has two choices: pass this cost onto the consumer or absorb the loss. With the increasing demand for faster, more efficient, and highly secure payment methods, keeping pace with technological innovations and their requisite costs is placing a burden on small and medium sized businesses (SMB’s). This is further exacerbated by mitigating the risk of consumer chargebacks and the likelihood of fraud stemming from both consumers and would-be hackers.

Chargebacks and Fraud

Chargebacks occur when a consumer launches a transaction dispute through either their credit card issuer, bank, or digital payment provider. Each payment method provider has a specific set of rules for approving a chargeback. While this helps to reduce fraud on the merchant end of the transaction, chargebacks can also be used as a tool for making fraudulent purchases, and merchants are left to absorb the cost of the merchandise and/or service along with the transaction fees levied by payment processors, banks, and the card issuer. In 2016 the estimated chargeback revenue loss was $6.7 billion with 71% of that loss caused by “friendly/chargeback fraud.”32 Essentially, friendly fraud is a term used for consumers who purchase goods or services online and lobby their card issuer or bank to cancel the transaction, thus receiving a refund for their payment. E-commerce is particularly vulnerable to friendly fraud as transactions where the card is not present (CNP) are challenging to verify.33 If we include the continual rise in data breaches, which lead to identity theft and financial account takeovers, then it’s clear that the current payment transaction system has massive flaws that cost merchants and consumers a great deal of time and money to resolve. Consequently, banks, merchants, and consumers are eyeing cryptocurrency, and its highly secure underlying blockchain technology, as a potential solution.

THE CRYPTOCURRENCY MARKET

The cryptocurrency phenomenon has provided the world with a startling use case for blockchain technology. Indeed, the total market cap of all currently active cryptocurrencies exceeds the GDP of over 100 countries.34, 35 While governments grapple with the who, what, where, when, why, and how of regulating various aspects of the cryptocurrency market, i.e., exchanges and ICO’s, other industries such as banking and financial services are moving forward with a focus on streamlining the inter and intra bank transactions. However, despite cryptocurrency’s popularity with investors and speculators, there are challenges with gaining a wider realm of acceptance as a method of payment for goods and services. The main issue with incorporating cryptocurrency as a method for merchant-consumer payments is volatility. Though the arguments regarding fiat currency merely being a centralized form of digital currency which is only stable due to governmental intervention ring true, the fundamental factor in fiat’s continued dominance is the valuation stability. While, to some degree, volatility can be viewed as a positive for traders and speculators, steep increases or decreases in valuation create a deterrent for merchant and consumer transactions. To illustrate, Stripe recently announced that it was abandoning the acceptance of Bitcoin payments because, “by the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the ‘wrong’ amount.”36 Additional concerns are centered on cryptocurrency transactions fees and transaction processing time. Bitcoin transaction fees, specifically, have received the largest number of complaints as cryptocurrency enthusiasts witnessed both a drastic rise ($34 average in December 2017) and fall (to less than $1) within a two-month time frame.37 Transaction confirmation time is yet another unstable feature that Bitcoin,38 and other blockchain-based payment systems are still in the process of resolving. Returning to Stripe’s Bitcoin abandonment, “transaction confirmation times have risen substantially; this, in turn has led to an increase in the failure rate of transactions.” Consequently, for any cryptocurrency to be a viable payment method for goods and services, the system must have a stable valuation and be as quick, if not quicker than, the traditional centralized payment systems. As described in the previous sections, consumers have an increasing willingness to utilize alternative forms of payment if presented with a secure and reliable system with low transaction fees, reward incentives, and a consistent valuation of the currency being used. With this in mind, MF Chain has created a viable solution.

THE MODERN FINANCE CHAIN

Modern Finance Chain allows consumers to purchase goods and services from merchants creating a cost-effective cryptocurrency payment ecosystem that rewards the consumer as well as the merchant. We are creating a sustainable cryptocurrency payment system that consistently adds value for merchants and consumers, thus counteracting the payment system problems associated with traditional merchant-consumer payment transaction protocols.

Consumer Reward System

The MF Chain reward pool consists of 75M MFX Tokens and the rebate programs will continue for an additional 5 or more years. Additional reward pools will be added to the program as partnerships with other projects develop. For example, a promising blockchain project can request to add a token allocation to the rewards pool, thereby instantly injecting their token into real commerce transactions. This will allow merchants and consumers to receive multiple reward tokens for a single transaction. Partnerships will likely extend the program in perpetuity. With the launch of MF Mainnet, the MFF token will take the place of the MFX token within the rewards programs, allowing merchants and consumers to receive transaction fuel for MFM.

MERCHANT REWARD SYSTEM

Merchants are rewarded a 1% rebate of their total cryptocurrency volume in the form of MFX Tokens. MFX Tokens are valued based on $1 per token or their current exchange rate, whichever is greater, at the time of settlement. Each month merchant statements are evaluated from the previous month’s processing. Statement evaluation closes on the last day of each month. Rewards payments are settled on the 7th day of each month. To illustrate, a retail merchant conducts $1M worth of cryptocurrency payments through MF Chain payment solutions from Jan 1 to Jan 31. On Feb 7 the merchant is rewarded 5,000 MFX Tokens directly to the merchant’s digital wallet. These tokens can be collected as a corporate asset or exchanged for USD on the open market. Merchant controlled settings allow for either keeping the cryptocurrency they’ve received as payment or immediately exchange it for fiat currency settlement which is delivered to their bank account the next day. Merchants have complete control over their funds without the risk of chargebacks or reserves MFX Reward Pool The MF Chain reward pool consists of 75M MFX Tokens and the rebate programs will continue for an additional 5 or more years. Additional reward pools will be added to the program as partnerships with other projects develop. For example, a promising blockchain project can request to add a token allocation to the rewards pool, thereby instantly injecting their token into real commerce transactions. This will allow merchants and consumers to receive multiple reward tokens for a single transaction. Partnerships will likely extend the program in perpetuity. With the launch of MF Mainnet, the MFF token will take the place of the MFX token within the rewards programs, allowing merchants and consumers to receive transaction fuel for MFM.

  • No Chargebacks
  • No Interchange Fees
  • No Assessment Fees
  • No Payment Gateway Fees
  • Near Instant Liquidity
  • Rewards Program Pays the Merchant
  • Easy Cross-Border Transactions
  • New Opportunities – high-risk merchants can now accept digital payments without high fees or reserves

Consumer Use

  • Consumer requests to remit payment using cryptocurrency.
  • Cashier enters the purchase total into MF Chain mobile device and shows the consumer an onscreen QR code.
  • Consumer scans the code with any readily available cryptocurrency wallet app on their phone/mobile device.
  • The transaction is confirmed in seconds.

Payment Processor Benefits

  • Increased margin: collect 100+ basis points.
  • Increase Customer Base: offer the unique value proposition of accepting cryptocurrency for their business
  • New Verticals: high-risk merchants or merchants that cannot accept credit cards can now accept digital payments
  • Increased volume per merchant
  • Processing partners receive a generous MFX Token allocation

MF CHAIN ICO INFORMATION

General Info

Modern Finance Chain (MF Chain) plans to raise between 2,500 and 33,000 ETH Tokens during the Pre-ICO and ICO. All ICO transactions are completed via smart contract transfer. Only whitelisted participants will have the ability to contribute during the ICO. Any contributions sent from addresses not on the whitelist will be rejected by the ICO smart contract. MF Chain will only have access to 50% of the funds collected during the first half of 2018. These funds will be used for development, operations and marketing. Unspent funds will be unlocked in two stages. The first stage will unlock after the full release of the merchant processing platform. The second stage will unlock after the full release of MF Mainnet.

Whitelist and KYC

To participate in the MF Chain ICO, prospective platform users will need to be approved and added to the whitelist. MF Chain plans to run two separate whitelist campaigns allowing users late to learning about MF Chain to participate. All prospective participants can apply during any whitelist stage (example: participant wanting to contribute during ICO stage can apply during the first whitelist stage; this example is encouraged). Depending on level of interest, the second whitelist stage may end early. All members will be processed through MF Chain’s KYC requirements. MF Chain has partnered with Identity Mind and will be reviewing all submitted information on OFAC, PEP, PSFI, EU and Freeze Lists. Depending on level of contribution, government-issued ID submission may be required. MF Chain complies with all local restrictions and limitations; therefore, residents of certain countries will not be able to participate.

ICO and Whitelist Dates

Pre-Sale: May 6th – June 15th Public Sale: June 25th – July 25th

ICO Caps

  • Soft Cap: 2,500 ETH (with built in smart contract refund feature if not obtained)
  • Hard Cap: 33,000 ETH (or $17M, whichever hits first based on current ETH value)

ICO Cap Table

The total number of MFX tokens is capped at 521,000,000. 1 Ether = 8,500 MFX tokens.

  • ICO Token Price: 1 Ether = 8,500 MFX Tokens
    • 33,000 Ether or $17M USD Total ICO Hard Cap
    • Minimum Contribution – 0.1 Ether
    • Maximum Contribution – 200 Ether
  • Presale Token Price: 1 Ether = 10,150 MFX Tokens
    • 5000 ETH Cap
    • Minimum Contribution – 5.0 Ether
    • Maximum Contribution – 200 Ether

Bonus Schedule

10 ETH: 10% Bonus 25 ETH: 15% Bonus 100 ETH: 20% Bonus

Unsold Tokens

All tokens not sold during the ICO will be burned. If soft cap is not achieved, ETH sent to the ICO smart contract will remain locked until users request a refund transaction.

CORE TEAM

MF Chain’s international team is comprised of PhD’s, Mathematicians and Expert Level Blockchain Developers, harnessing a wealth of brilliant minds dedicated to the common vision of MF Chain and its goal of mass market cryptocurrency adoption. With a shared passion for the future of blockchain, these experts have partnered together to build a complete and robust digital economy. Combined with an Expert Advisory board, MF Chain will apply the core teams experience and technical capabilities to make MF Chain the leading Payment Processing Solution and become the utility token of choice for consumers and merchants. New underfunded and resource limited aspiring projects will benefit directly by partnering with MF Chain. From a complete pre-built smart contract library, multi-currency ICO Platform to access to tens of thousands or merchants for instant integration in commerce; the future of MF Chain and upstarts results in growth and adoption of cryptocurrency. MF Chain will update and release the MF Mainnet White Paper to carry out its purpose. While these updates are expected to make continued improvements to MF Chain’s ecosystem and technology stack, the founding intent and coin issuance policy shall be maintained.

REFERENCES

1 Marous, J. (2017). Top 10 Trends Impacting the Future of Payments. The Financial Brand. Available at: https://thefinancialbrand.com/68528/top-payment-trends-banking-p2p-digital/ Statista. (2018). Retail e-commerce sales worldwide from 2014 to 2021 (in billion U.S. dollars). Available at: https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/ Statista. (2018). E-commerce share of total global retail sales from 2015 to 2021. Available at: https://www.statista.com/statistics/534123/e-commerce-share-of-retail-sales-worldwide/ Similarweb.com. (2018)/ Amazon.com vs. Alibaba.com. Available at: https://www.similarweb.com/website/amazon.com?competitors=alibaba.com Ibid. PwC. (2017). Around the world with Total Retail 2017. Available at: https://www.pwc.com/gx/en/industries/retail-consumer/total-retail.html Molla, R. (2017). For the first time, more people will do their holiday shopping on mobile than on desktop. Recode. Available at: https://www.recode.net/2017/11/2/16582034/holiday-shopping-mobile-desktop-online-revenue-retail Statista. (2018). Distribution of retail website visits and orders worldwide as of 3rd quarter 2017, by device. Available at: https://www.statista.com/statistics/568684/e-commerce-website-visit-and-orders-by-device/ PwC. (2017). Total Retail 2017: 10 retailer investments for an uncertain future. Available at: https://www.pwc.com/gx/en/industries/assets/total-retail-2017.pdf 10 American Express. (2017). 2017 Digital Payments Survey. Available at: https://network.americanexpress.com/globalnetwork/dam/jcr:18e7d093-2ec6-47f5-baf4-17dcd4fafaba/MobileHCE_2017_DigitalPaymentsSurvey_Infographic.pdf 11 Ibid. 12 Capgemini. (2017). World Payments Report 2017. Available at: https://www.worldpaymentsreport.com/reports/noncash 13 Capgemini. (2017). World Payments Report 2017. Available at: https://www.worldpaymentsreport.com/download 14 Ibid. 15 TSYS. (2016). 2016 U.S. Consumer Payments Study. Available at: https://www.tsys.com/Assets/TSYS/downloads/rs_2016-us-consumer-payment-study.pdf 16 Ibid. 17 Ibid. 18 Ibid. 19 Statista. (2018). Digital payment methods that North American retailers accept or plan to accept as of December 2017. Available at: https://www.statista.com/statistics/384921/digital-payment-methods-retail-america/ 20 Statista. (2018). Digital payment methods that North American retailers accept or plan to accept as of December 2017. Available at: https://www.statista.com/statistics/384921/digital-payment-methods-retail-america/ 21 Ibid. 22  Cision PRWeb. (2017). New Market Force Banking Study: Capital One Is Consumers’ Favorite, But Satisfaction and Loyalty Is Down Industry-Wide. Available at: http://www.prweb.com/releases/2017/10/prweb14843318.htm 23  Janssen, M., Mäntymäki, M., Hidders, J., Klievink, B., Lamersdorf, W., van Loenen, B., Zuiderwijk, A. (Eds.). (2015). Open and Big Data Management and Innovation. 14th IFIP WG 6.11 Conference on e-Business, e-Services, and e-Society, I3E 2015, Delft, The Netherlands, October 13-15, 2015, Proceedings. 24 Ibid. 25 Ibid. 26 Ibid. 27 Ibid. 28 TSYS. (2016). 2016 U.S. Consumer Payments Study. Available at: https://www.tsys.com/Assets/TSYS/downloads/rs_2016-us-consumer-payment-study.pdf 29 Ibid. 30 Value Penguin. (2017). Credit Card Processing Fees and Costs. Available at: https://www.valuepenguin.com/what-credit-card-processing-fees-costs 31 Ebrahimi, A. (2017). The Complete Guide to Credit Card Processing Rates & Fees. Available at: https://www.merchantmaverick.com/the-complete-guide-to-credit-card-processing-rates-and-fees/ 32 Shukairy, A. (2017). E-commerce Fraud and Chargebacks – Statistics and Trends. Available at: https://www.invespcro.com/blog/e-commerce-fraud-and-chargebacks-infographic/ 33 Juniper Research. (2016). Online Payment White Paper: 2016-2020. Available at: http://www.experian.com/assets/decision-analytics/white-papers/juniper-research-online-payment-fraud-wp-2016.pdf 34 Coin Market Cap. (2018). Cryptocurrency Market Capitalizations. Available at: https://coinmarketcap.com/coins/ 35 Statistics Times. (2017). List of Countries by Projected GDP: 2017. Available at: http://statisticstimes.com/economy/countries-by-projected-gdp.php 36 Schleifer, T. (2018). Stripe is giving up on Bitcoin as a payment method. Recode. Available at: https://www.recode.net/2018/1/23/16924518/stripe-bitcoin-payments-reversal 37 Lee, T.B. (2018). Bitcoin’s transaction fee crisis is over – for now. Ars Technica. Available at:https://arstechnica.com/tech-policy/2018/02/bitcoins-transaction-fee-crisis-is-over-for-now/ 38 Blockchain.info. (2018). Average Confirmation Time. Available at: https://blockchain.info/charts/avg-confirmation-time?daysAverageString=7&timespan=2years 39 Karlo, T. (2008). Ending Bitcoin Support. Stripe Blog. Available at: https://stripe.com/blog/ending-bitcoin-support