Crypto Guides, Knowledge & Insights

Bitcoin is going to ‘demonetize’ gold gradually, says MicroStrategy’s Saylor

In particular, in an interview with Stansberry Research on August 13, outgoing MicroStrategy (NASDAQ: MSTR) CEO Michael Saylor indicated that the rise of Bitcoin would certainly lead to the demonization of gold.　　However, Saylor admitted that Bitcoins journey to replacing gold would be marked by highs and lows. Interestingly, Saylor stated that, unlike gold, Bitcoin has a stronger probability of being adopted as a currency by more governments.　　“Conventional skeptics and mainstream experts dont grasp the crypto economy, Bitcoin, or volatility... ”Bitcoin will progressively demonetize gold over time; gold will return to its utilitarian value, but it will not be adopted as money in the twenty-first century, Saylor said.　　Managing Bitcoins volatility　　Concerning Bitcoins volatility, Saylor stated that long-term investors need not be concerned, noting that price swings are part of the assets maturation journey. He claimed that Bitcoin has faced criticism for its volatility as a result of investors looking to earn money in the short term.　　Saylor claimed in this sentence that MicroStrageys Bitcoin investing strategy was guided by a long-term strategy. Notably, since entering the Bitcoin market in August 2020, the company has amassed over 200 BTC.　　Saylor, who was central to the strategy, has come under fire after the company went bankrupt.

2022-08-15Deep Dive

What 2022 Has in it for Blockchain and Should Investors Be Enthralled?

When Satoshi Nakamoto released Bitcoins white paper, no one expected that the concept of paperless money would become a reality by 2021.　　Blockchain technology has sparked a new wave of growth and creativity. This concept was motivated by complete data security, decentralization, and online freedom.　　Were seeing NFTs achieve new heights, Metaverse and Web3 luring large corporations, Defi attaining market maturity, and top-tier cryptocurrencies reaching all-time highs — is it just us, or can you see the future？　　All of this soaring and maturing resulted from the extraordinarily active participation of investors globally. So, without further ado, lets look at what 2022 has in store for blockchain and whether investors should be excited.　　Top Blockchain Trends Pushing its Way into the System　　In 2009, experts considered cryptocurrency had a limited area of operation and hence faced some opposition. Nonetheless, as specialists began researching into the concept, they discovered that blockchain had an immensely terrifying potential — an unprecedented potential that is going to transform the entire ecosystem in which we live and work today!　　Lets cut the nonsense and go right to the top three blockchain trends for 2022:　　The Rise of Non-Fungible Tokens　　Non-Fungible Tokens, or NFTs, have unquestionably been the most significant investment trend of 2021

2022-08-14Deep Dive

Robinhood (HOOD) Adds New Cryptocurrencies to Platform

Why Robinhood Added These Cryptocurrencies　　　　　　Robinhood is a commission-free trading platform that provides investing and trading products in stocks, exchange-traded funds (ETFs), options, and cryptocurrency. Robinhood previously supported prominent cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin. With the addition of the four additional digital currencies, Robinhood now provides 11 distinct cryptocurrencies on its platform.　　According to a Robinhood blog post, cryptocurrency clients have repeatedly demanded a broader selection of coins and tokens, as well as the option to send and receive cryptocurrencies outside of Robinhood. The company announced the four additional currencies, as well as access to a new cryptocurrency wallet tool, to more than 2 million consumers on a queue.　　What Happened When Robinhood Added SHIB and Other Currencies　　Shiba Inu owners and aficionados celebrated the addition of Shiba Inu on Twitter and other social media sites. The statement by Robinhood also resulted in a steep initial price boost for the low-priced currency, which was up approximately 20% and trading at $0.00002646 at the time of writing. Shiba Inu is the 15th most valuable currency by market capitalization, with a total worth of around $15 billion. Compound, Polygon, and Solana all showed rises, but they were minor in comparison to Shiba Inus.　　Cryptocurrencies

2022-08-13Deep Dive

Crypto Crash: What Investors Need to Know

Bitcoin May Not Be the Best Hedge Against Inflation　　For the past few months, the cryptocurrency market has been advancing in lockstep with the stock market. In March 2022, the correlation between Bitcoin and the S at least, that is what the market witnessed this week. High inflation and tighter monetary policy also impacted crypto investors, resulting in the markets collapse. These developments demonstrate that cryptocurrency has a larger market and is becoming more mainstream.　　Stablecoins Arent Always Stable　　Stablecoins are supposed to hold their value over time. They are backed by fiat currencies such as the United States dollar, gold, and even other cryptocurrencies. The demise of Bitcoin had a negative impact on Terra and TerraUSD. Terras operation is to blame for this.　　Terra (LUNA) and TerraUSD (UST) are the Terra networks native tokens. TerraUSD intends to use algorithms to keep its peg to the US dollar. To mint UST, one must first burn the dollar-equivalent number of LUNA. It also works the other way around. That is how the protocol keeps the UST price stable.　　According to TechCrunch.com, Terras inventor, the Luna Foundation Guard (LFG), plans to add Bitcoin to its reserve in March 2022 to offer extra cushion to its stablecoin. If

2022-08-13Deep Dive

How to Create an NFT

Non-fungible tokens (NFTs) have grown in popularity in recent years, with billions of dollars in trading volume and a slew of celebrity endorsements propelling the digital artwork to the forefront of mainstream media outlets.　　NFTs can be generated directly on NFT platforms, allowing you to mint (create or produce something) and upload your artwork to the blockchain. This guide will walk you through the exact steps required to create your first NFT, including how to upload your artwork, select the best blockchain, and list it for sale.　　What is an NFT And How do You Create One？　　Non-fungible tokens (NFTs) are blockchain-based cryptographic assets with unique identification codes and metadata that distinguish them from one another.　　NFTs, unlike cryptocurrencies, cannot be exchanged for one another because each one is unique. In contrast, cryptocurrency is fungible and can be traded with equivalency. It means that each Bitcoin has the same value and can be traded for one another.　　Digital artwork, such as pictures, animated videos, or music, is commonly used to represent NFTs. They can be bought and sold on NFT marketplaces, which usually accept cryptocurrency as payment.　　An NFT can be created using an NFT marketplace or a crypto exchange that supports NFT minting. To make

2022-08-12Deep Dive

How Does a Crypto Company Bankruptcy Affect Investors?

Bankruptcies Leave Crypto Investors Unable to Withdraw　　　　The failures of Voyager and Celsius (https://www.wikibit.com/en/dr/1234440617402.html) highlight the unique risks that cryptocurrency holders and investors face when entrusting their funds to crypto firms. These two incidents could result in well over a billion dollars in investor losses.　　On July 1, 2022, Voyager filed for Chapter 11 bankruptcy protection. Customers should have all US dollar deposits returned, according to the company, but it is unclear how much of their crypto holdings will be returned. It claimed that as of the bankruptcy filing, it had $1.3 billion in customer crypto assets on its platform.　　Celsius Network, a large cryptocurrency lending platform, declared bankruptcy on July 13, less than a month after suspending all withdrawals, swaps, and transfers between customer accounts. Celsius disclosed in a filing with the United States Bankruptcy Court in New York that it owes roughly $1.2 billion more than it has on hand.　　With customers of Voyager and Celsius unable to withdraw their cryptocurrency assets, its critical for cryptocurrency users worldwide to consider any risks associated with the exchange or lending platform theyre using, if applicable.　　Cryptocurrency is Not FDIC Insured　　Despite misleading marketing messages to the contrary, cryptocurrency holdings are never FDIC (Federal Deposit Insurance Corporation)

2022-08-11Deep Dive

Cashmere, developer of the Solana wallet, raises $3M.

The enterprise wallet company Cashmere, developed by Solana, announced on August 9 that it had raised $3 million in seed funding at a $30 million valuation.　　Cashmere claims that Y Combinator, Coinbase Venture, VoltCapital Project Serum, and Global Founders Capital all took part in the funding round.　　For web3 startups, Cashmere is the go-to provider of Crypto wallets on the Solana blockchain. Designed to aid businesses in safely storing their crypto assets, with the added benefit of preserving those assets even in the event of a breach affecting “hot” wallets such as Solana-based Phantom or Slope.　　A “hot wallet” is a digital currency wallet that can be accessed from any Internet-connected device, such as a computer, smartphone, or tablet.　　The money will be used to hasten the creation of the companys CashmereWallet. It will also be used to hire more highly skilled people in preparation for the release of a high-end product later this year.　　The wallet also appears to be built so that multiple signatories from different companies can manage the wallet together.　　Cashmere claims that its wallet can accommodate multiple signers. According to the company, this feature makes self-custody more secure by requiring transactions to be approved by more than one wallet. This, in

2022-08-10Deep Dive

What's the Role of Bots in Crypto Trading?

Cryptocurrencies are notorious for being extremely volatile, with prices shifting substantially even within minutes. Investors can also participate in bitcoin trading from anywhere in the world and at any time of day. These characteristics, when combined, limit the effectiveness of human cryptocurrency trading in various ways.　　First, many investors are unable to react rapidly enough to market fluctuations in order to execute the best transactions that are theoretically accessible to them. Slowdowns in exchanges and transaction times aggravate the situation. Second, investors just do not have the time to devote to the cryptocurrency markets in order to constantly make the greatest trades. This would necessitate 24-hour supervision of bitcoin exchanges around the world.　　Fortunately, there are answers to these problems for many investors. Bots, or automated systems that conduct trades and execute transactions on behalf of human investors, are one of the key solutions. Bots are undoubtedly a contentious market component, and there are justifications for adopting them as well as reasons to avoid them totally.　　Types of Bots　　There are many varieties of cryptocurrency bots. One of the most popular types is the arbitrage bot. Arbitrage bots are tools that examine prices across exchanges and make trades in order to take advantage of

2022-08-10Deep Dive

PlayStation to survey EVO 2022 NFT players

The gaming giant PlayStation has been surveying its players about their interest in digital collectibles, suggesting that the company is considering a move into the world of non-fungible tokens (NFT).　　As Snorlax Ownz revealed on Twitter, the gaming giant included a question about the digital collectibles that might be of interest to EVO 2022 participants.　　PS4 reportedly polled EVO attendees about their favorite digital collectibles, as seen in the screenshot below. Choices like “Favorite Esports Players/Teams,” “Favorite Music Artists,” “Favorite PlayStation Items,” and “Favorite Game Characters” are all on the menu.　　Incorporating non-fungible tokens into the design of playable characters and downloadable content is becoming standard practice for game studios and Guilds. Play-2-Earn (P2E) games such as Axie Infinity, The Sandbox, and others are growing in popularity as a result of a new movement to incorporate blockchain dynamics into decentralized finance.　　In most households, a PlayStation console is the main entry point to some of the most exciting games available. If the rumors about the company are true and they decide to adopt NFTs, it will be a major step forward that could potentially propel the new innovation to an entirely new level.　　Even though the future of PlayStation has not been decided, other gaming

2022-08-10Deep Dive

Greg Dwyer of BitMEX pleads guilty to money laundering

First employee of BitMEX cryptocurrency derivatives exchange pleads guilty to violating U.S. anti-money laundering law. The news was released on Monday by the US Attorney for the Southern District of New York.　　Gregory Dwyer, who previously served as the head of Business Development at BitMEX, pleaded guilty to violating the Bank Secrecy Act for failing to establish, implement, and maintain an anti-money laundering program at BitMEX.　　Dwyer, a 39-year-old citizen of Australia and Bermuda, entered his plea before U.S. District Judge John Koeltl in Manhattan.　　Dwyer entered into a plea bargain with the government that calls for him to spend five years in prison and pay a $150,000 fine.　　“Todays plea reflects that employees with management authority at cryptocurrency exchanges, no less than the founders of such exchanges, cannot willfully disregard their obligations under the Bank Secrecy Act,” said U.S. Attorney Damian Williams.　　Following the guilty pleas of the cryptocurrency exchanges three co-founders, Dwyer has admitted to committing the same crimes (Benjamin Delo, Arthur Hayes and Samuel Reed).　　Prosecutors stated that from 2015 to 2020, Dwyer and BitMEX co-founders intentionally violated the federal Bank Secrecy Act by failing to adopt “know your customer” and anti-money laundering programs, thus turning the exchange into a money laundering platform.　　Earlier

2022-08-10Deep Dive

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