Crypto Guides, Knowledge & Insights

Over 10% of Americans Will Own Crypto by Year-End: Research

According to a forecast on the crypto industry released on April 20 by research firm Insider Intelligence, nearly 34 million Americans will own cryptocurrency by the end of the year. That equates to around 10% of the population, though the company reported a higher figure of 12.8%, possibly taking the adult population figures into account rather than the total.　　The researchers predicted that the number of U.S. adults who own and use crypto for payments will double digits by 2023. It added that 3.6 million Americans would use digital assets as a payment method at some time this year.　　Crypto Adoption Surging　　Crypto payments will surpass $10 billion in total transaction value globally for the first time in 2022, the forecast informed. According to the figures, this is an increase of more than 70% from 2021.　　Insider Intelligence forecasting analyst Nazmul Islam commented on the meteoric rise of cryptocurrency adoption in America:　　“In 2021, cryptos became easier to purchase within apps consumers were already using, and while major financial institutions embraced crypto investments. Add hype surrounding meme stocks like Dogecoin to this easier accessibility, and you have a huge spike in ownership rates.”　　The report predicted that more than 37 million U.S. adults will own crypto

2022-04-24Deep Dive

Binance Denies Sharing User Data With Russian Agencies

Binance on Saturday vehemently denied media reports stating the exchange shared user data with Russian agencies.　　The worlds largest crypto exchange also refuted claims it shared data linked to Bitcoin donations to popular Kremlin critic Alexei Navalny with any Russian federal agencies.　　 Binance helped Russia in accessing user data？　　A report by Reuters, published on Friday, claimed that back in April 2021, the regional head of Binance had a meeting with Russias financial intelligence unit in Moscow. The agenda of the meeting was to secure user data with names and addresses from Binance. The Russian agency was seeking details in order to counter illegal activities.　　The report says that Russian agencies were trying to track millions of dollars in Bitcoin donations to jailed Russian opposition leader Alexei Navalny.　　In a blog post, Binance asserted that prior to the war, the exchange was working in Russia just like any other global firm. It also claimed that the Binance was even trying to push Russia to build potential crypto related regulations.　　The exchange also released emails between its employees and Reuters journalists.　　 Exchange took effective measures against Russia　　Over data sharing claim, Binance mentioned that any government in the world can ask for user data but with proper

2022-04-24Deep Dive

Microstrategy CEO Dispels Rumor of Company Quietly Selling Bitcoin

Microstrategys CEO Points Out Any Bitcoin Sales Must Be Publicly Disclosed to SEC and Shareholders　　This week, a rumor has been circulating on social media that the Nasdaq-listed pro-bitcoin software company Microstrategy has been quietly selling its BTC.　　Microstrategy CEO Michael Saylor tweeted Friday dispelling the rumor. He explained that as a regulated company under the U.S. Securities and Exchange Commission (SEC), Microstrategy is required to disclose any material changes in corporate strategy to shareholders via SEC filings.　　In addition, the executive emphasized that SEC filings are public records that are “available to all.” He further noted that material changes include acquiring and holding bitcoin as well as making changes to crypto holdings.　　Bitcoin.com News published an article this week explaining why the rumor is untrue and the BTC address in question is not owned by Microstrategy. The address is in fact likely owned by a crypto exchange platform.　　While some people appreciate Saylors clarification, some are still skeptical, choosing to believe that the rumor of Microstrategy selling bitcoin is true.　　Saylor has been an avid proponent of BTC. He has repeatedly said that he will not sell his coins anytime soon, noting that he will hold them for a hundred years.　　In February, the Microstrategy boss

2022-04-24Deep Dive

Ukraine’s central bank bans purchasing cryptocurrency using local currency

Ukraine‘s central bank has banned the purchase of cryptocurrencies using the country’s local currency, invoking martial law, which has been in effect since the invasion by Russia.　　The National Union Bank of Ukraine (NBU) has introduced several measures to reduce capital outflows, including banning the purchase of cryptocurrency with local currency.　　Due to Russias invasion, the need for international transactions has increased significantly.　　In an official statement by the Ukrainian central bank on April 21, several cross-border operations are restricted. Moreover, individuals are prohibited from purchasing cryptocurrencies such as Bitcoin using the national fiat currency, Hryvnia.　　Ukrainians can only purchase cryptocurrencies with foreign currencies under the new rules up to a maximum limit of 100,000 hryvnias ($3,300). The limitation also applies to international peer-to-peer transactions.　　The National Bank of Ukraine said:　　“From now on, individuals will be able to use their own foreign currency to purchase a monthly equivalent of up to 100,000 hryvnias in assets that are directly converted into (exchanged for) cash through transactions classified as quasi cash. The respective limit also applies to cross-border P2P transfers.”　　The move is surprising considering the Ukrainian government recently officially legalized cryptocurrencies after President Zelenskyy signed a new bill on virtual assets into law on March 16.　　In recent

2022-04-23Deep Dive

Top NFT Games to Play and Earn 2022

If video gaming was a passive diversion in the past, blockchain technology has proven that it can be a viable source of income too. Gaming empowers people to attain financial freedom, thanks to the rapid growth of play-to-earn platforms.　　Play-to-earn games are video games that incentivize engagement through rewards. While they have been around for a long time, blockchain technology is a game-changer for the industry. Here, you are rewarded in crypto tokens and non-fungible tokens with real-world value in exchange for your time and gaming skills.　　In fact, P2E platforms like Axie Infinity and Decentraland have been major drivers of NFT growth. Their success has kindled a gaming revolution that is steadily picking up steam.Top NFT Games to Play and Earn 2022　　Emerging play-to-earn games put forth new themes, gaming mechanics, and incentivization schemes. We have compiled a list of the top NFT games to play this year based on their earning potential.　　Silks — Best Play to Earn Game of 2022　　Guild of Guardians — Gripping Role-playing P2E Game　　RaceFi — Car Racing Game with PvP and PvE Modes　　Phantom Galaxies — Sci-Fi Mecha Shared World　　Pirate X Pirate — Turn-based Dice Combat on the High Seas　　My Neighbor Alice — Feel-good Farm and Builder Game　　Alien Worlds

2022-04-22Deep Dive

Tesla Hodls Bitcoin: Balance Sheet Shows $1.26B in Digital Assets

Tesla Continues to Hodl Bitcoin　　Tesla released its earnings results for the first quarter of 2022 Wednesday. Elon Musks electric car company reported another record quarter of sales and profit exceeding Wall Street estimates despite inflation pressure.　　The company‘s revenue rose 81% to $18.76 billion from $10.39 billion a year ago. Its earnings jumped 658% from $438 million in the previous year to $3.32 billion in the first quarter of this year. “I’ve never been more optimistic and excited in terms of the future than I am right now,” Musk said during Wednesdays earnings call.　　Amid record profit, Teslas balance sheet shows net digital assets of $1.261 billion.　　Teslas Q1 2022 balance sheet. Source: Tesla　　Tesla‘s statement of cash flows still shows that the company’s only purchase of digital assets happened in the first quarter of last year when it bought $1.5 billion worth of BTC. The only sale of digital assets also happened in the same quarter.　　Teslas Q1 2022 statement of cash flows. Source: Tesla　　In January, Tesla began accepting the meme cryptocurrency dogecoin for some merchandise. However, the company has yet to bring back bitcoin as a payment option.　　Musk has said that he sees bitcoin as a store of value whereas dogecoin is better

2022-04-22Deep Dive

Columbia Uni professor heads up a16z's new crypto research unit

Following his appointment as head of research, Tim Roughgarden stated that a16zs funding into crypto research will grow by “many multiples of the next couple of years.”　　Theoretical computer scientist and Columbia University professor Tim Roughgarden has been appointed the head of Andreessen Horowitzs (a16z) new crypto research unit.　　Roughgardens resume includes more than three years as a professor of computer science at Columbia University in New York, along with a 14-year stint at Stanford. He has also served as a research partner at a16z since February last year.　　a16z is one of the most active venture capital firms in crypto, with its funds reportedly worth around $9 billion. Partly guided by the firms new unit which was announced earlier today, Roughgarden has stated that its funding into crypto research will grow by “many multiples of the next couple of years.”　　“Were currently in a particular moment in time, witnessing a new multidisciplinary field (spurred by web3) blossom before our eyes. There are enormous opportunities to shape this field through research and education.”　　8/ As a research lab within a VC firm, a16z crypto research represents a new funding model for basic research—one that seems obvious in hindsight (with the long-term focus necessary for fundamental

2022-04-22Deep Dive

Russian Tax Body Suggests Allowing Crypto Pay in Trade Deals, Digital Ruble May Be Ready by 2023

The Russian tax agency reportedly wants to allow companies involved in cross-border trade to accept crypto as a form of payment – and pay foreign exporters in cryptoassets. And the Central Bank has claimed that its digital ruble could be ready as soon as next year.　　Izvestia claimed it had seen written comments submitted by the Federal Tax Service (FNS) in response to the Ministry of Finance‘s draft crypto law – which suggests regulating the industry, placing caps on retail investors’ annual spending on crypto, and policing (as well as taxing) miners.　　Per the report, the FNS suggested that a legal exception be made to a key provision in the draft law, which would outlaw the use of crypto to pay for goods and services. But the FNS suggested that businesses be exempted from the law and added the following draft clause:　　“Legal entities will be allowed to pay for goods, work, services under foreign trade contracts and receive proceeds from foreign entities in digital currencies.”　　“Digital currencies” is just one of the many umbrella terms used by Russian ministries and lawmakers to refer to cryptoassets.　　The report claimed that the Ministry of Finance “partially supports” the proposal, and has indicated that it would require

2022-04-22Deep Dive

EU officials considered Bitcoin trading ban to enforce proposed mining ban

Previously unseen documents detailing the EUs conversations around banning Bitcoin have come to light following a freedom of information request.　　European Union (EU) officials discussed banning Bitcoin trading during a debate on a proposal to ban Proof of Work mining according to documents obtained through a freedom of information request.　　According to a report, published by German digital culture organization Netzpolitik, officials from the EU went as far as suggesting that an all out ban on trading Bitcoin (BTC) should be enforced in order to curb its overall energy consumption.　　The most worrying comments from the crypto community‘s perspective came from a document that detailed the minutes from an EU meeting with Sweden’s financial supervisor and an environmental protection agency in which officials suggested that regulators pressure the Bitcoin community to switch to a Proof of Stake (PoS) mechanism, instead of its current energy-intensive Proof of Work (PoW) mechanism. A unidentified official in the discussion said:　　“Ethereum started moving [to PoS] because of its community…if Ethereum is able to shift, we could legitimately request the same from BTC. We need to ‘protect’ other crypto coins that are sustainable. We don‘t see [the] need to ’protect the Bitcoin community.”　　Another unnamed speaker suggested that the EU

2022-04-22Deep Dive

5 emerging Metaverse, NFT trends to watch out for in 2022

The metaverse and NFTs have influenced the digital world as well as industries spanning from art to gaming to even investing. However, these industries have yet to attain their full potential.　　Twitter, Meta, and Reddit are all working on NFT or Metaverse projects, investors are betting big on NFTs, and new companies are cropping up.　　So, how do the metaverse and NFTs‘ future look？ What industry will they disrupt next？ And what developments will define the next few years？ Let’s look at five emerging trends within the metaverse and NFT spaces.1. Augmented Reality　　Augmented Reality (AR) will reduce entry barriers into the metaverse because AR-compatible devices are cheaper to acquire and use. Anyone can use their smartphone to access AR features. One example is Pokemon GO which had over 1.1 million cumulative app downloads in 2020.　　Augmented reality is currently in its early stages, but it will mature in the future years. It is a novel method that will bring value to daily life. The worldwide augmented reality industry is estimated to expand in the following years, with a market valuation of up to $300 billion by 2024.　　Several businesses are developing augmented reality (AR) solutions for their clients. Apple, for example, is working on

2022-04-22Deep Dive

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