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The founder of the digital asset exchange FTX, Sam Bankman Fried believes that bitcoin does not have a future. As a payment network for daily use, its inefficiency and high energy usage make it useless. To become an effective means of payment for everyday use, bitcoin would need to perform millions of transactions. Bankman Fried believes that the proof of work system does not have the means to support the millions of transactions that[…]
El Salvador buys $15.5 million in bitcoin as the world’s most popular cryptocurrency continues to fall in value. The president of El Salvador tweeted on Monday that the country bought 500 bitcoin disregarding the price crash. They purchased bitcoin for a price of $30,744. This buy is the largest purchase the government has made since it officially made digital currency legal. The cost of bitcoin has dropped 8% in value over the last 24[…]
Bitcoin has continued its drop into Monday after experiencing a rough weekend. It now stands at $32,940 compared to its all-time high of $69,000 in November. It has dropped a 50% in five consecutive days of a downtrend. Not only has bitcoin been down 50%, but Ethereum, the second-largest crypto in market cap, has also fallen. Ethereum now stands at $2,440. Bitcoin has fallen out of the $35,000 to $46,000 zone it has fluctuated[…]
The well-known luxury brand Gucci will be accepting crypto payments in the coming month. They are taking a leap into the cryptocurrency world with this step. At the end of the month, some U.S stores will start to accept crypto payments. Over time this will also apply to all North American stores. Payments done with crypto that will be made in-store will be validated through a link the customer will receive by email. The[…]
The well-known cryptocurrency exchange Kraken is to launch its own NFT platform. The release will be in a few months but customers already have the option to sign up for the waitlist. The platform will offer lower Ethereum transaction costs along with gas fees, proof of stake blockchains, and so forth. David Ripley the chief operating officer mentioned the platform will also aim to hold customers’ assets in custody for them. Ripley shared a[…]
Beginning June 1, Crypto.com announced that it would phase out staking rewards and reduce cashback rates on its Visa cards. The community that has supported these Visa cards are questioning this move. They are not sure what this means in regards to the company itself. The announcement The announcement went live on Sunday via a blog post where the company announced that it would be cutting back on the cashback rewards on its visa[…]
One of Wikipedia’s organizations, the Wikimedia Foundation, has recently concluded that they will not be accepting bitcoin. this caused various members of the foundation to debate on this topic for three months, considering the pros and cons of crypto. Any donations of bitcoin, bitcoin cash, or Ethereum is no longer accepted by Wikimedia. These results came after a poll, with 70% voting to ban the acceptance of Bitcoin. The Wikimedia announcement against accepting bitcoin[…]
As popular as bitcoin is, many countries have put a ban on bitcoin. The rules and regulations of each country and their relation to bitcoin, of course, differ substantially. In the majority of countries, it is not regarded as illegal, but this is constantly changing. Algeria: Algeria passed a law in 2018 prohibiting the use of cryptocurrency. The law states that the possession of cryptocurrency is illegal and, even[…]
A new cryptocurrency exchange is to launch specifically for institutional investors. The former executives from Jefferies Financial Group are the founders of this exchange. The exchange will be named Crossover Markets Group Inc. The launch will take place in late summer to early fall. The exchange’s website describes itself as a “digital asset exchange designed to meet the liquidity needs of institutional clients.” Jefferies Financial Group has its headquarters in the U.S. and is[…]
Blockchain transaction fees are an essential feature of blockchain systems. If you have once sent deposited or withdrawn crypto, you are familiar with the idea. There are two main reasons blockchain transaction fees are used on most cryptocurrency networks. Firstly, they significantly reduce the amount of spam on the network and aid in verifying and validating transactions.Most blockchain transaction fees are a reasonable cost. The price can differ and go higher depending on network[…]