Crypto Guides, Knowledge & Insights

Ebay CEO Talks NFTs and Crypto, Exec Says Company Continues to 'Evaluate Other Forms of Payments'

Ebay CEO Jamie Iannone: ‘Without Any Official Announcement, People Started Trading NFTs on the Platform’　　There are a few online business giants such as Amazon and Ebay, that crypto supporters hope someday may support cryptocurrency payments in the future. Ebay has been the topic of conversation for years as crypto advocates believe digital assets and the online auction platform would benefit each other a great deal. On May 11, 2021, Bitcoin.com News reported on Ebay allowing NFT sales on the auction site. During his interview with The Street, Ebay CEO Jamie Iannone explained that the NFT sales simply materialized without much thought.　　“We did change our policies last year so that you could trade NFT on the platform and essentially, you know, Ebay is a place where people have something to sell and people have something by show up,” Iannone said. “Even without announcing anything or doing anything, people started trading NFTs on the platform. It reminded me of many years ago when people just started selling cars when we didn‘t even have a vehicle business at that point. So we’re seeing the same type of thing,” the Ebay executive said.Ebay to Look ‘Deeper’ Into Alternative Payments in March　　The Ebay CEOs interview

2022-03-01Deep Dive

U.K. Reportedly Accelerating Proposal to Curb Crypto Laundering

Through the Economic Crime Bill, the U.K. government is hoping to have greater power to regulate crypto assets under newly proposed rules to fight money laundering.　　Economic Crime Bill Aims to Regulate Crypto　　The U.K. government is reportedly accelerating its plans to introduce the Economic Crime Bill.　　Per a Financial Times report, the government is taking action to restrict the flow of illicit funds after economic sanctions were imposed on Russia following its invasion of Ukraine. The Economic Crime Bill aims to tackle crime in various sectors, including cryptocurrency.　　A February report from the Treasury Committee of The House of Commons listed various reforms to address regulatory failings regarding economic crime. Therein, the Treasury Committee stressed on expediting the process of crypto firms to register with the U.K.s Financial Conduct Authority by the end of March 2022. The report expressed concerns that “registration of crypto-asset firms for money laundering has been slow.” Last month, the FCA estimated that 218 companies were offering crypto trading services while still unregistered. The report noted:　　“While we acknowledge the need to ensure that the gateway for registration of crypto-asset firms for anti-money laundering should be a rigorous process, registration has been too slow. It needs to be speeded up,

2022-03-01Deep Dive

PI Mining in Nigeria any hope for the Future?

By: Damian Okonkwo　　Pi Mining - an inchoate blockchain technology launched on 14th March 2019; which requires all active subscribers to register and download the app through a referral link and then to login after every 24hrs to activate a new mining session, has today become a thing of great concern, about its future rewards for all miners, especially the jobless youths in Nigeria and other parts of the world who embraced this project from its launch, in the hope that it will become a meaningful one tomorrow and make many millionaires when launched in the Crypto market. This new month of March has just marked the 3rd year in which the mining task that consumes the miners data, energy and time was launched; yet no reward nor market value have been given to the coin. Instead the pioneers have been consistently assuring miners that the future will be great and that Pi will become the next Crypto currency to beat Bitcoin in market price - a thing that other Crypto Currencies founded along side Bitcoin some decades back could not achieve a dime. Not even Bitcoins greatest rivalry Ethereum.　　Foundation of the Pi coin　　Pi coin was founded by three Standford students

2022-03-01Deep Dive

Say it again: NFTs are more than digital art

NFTs (or Non Fungible Tokens) have been on the tips of everyones tongues for the last few months. Brands from Givenchy to the NBA are getting in on the game. Their adoption by the mainstream has been so quick and so profound that last year Collins Dictionary even made the term their word of the year for 2021.　　However, just because we‘ve been talking about NFTs does not mean that everyone is a convert to the cause. The fact that in the last 30 days (at the time of writing), 9 of the top 10 NFT sales were Bored Apes or Cryptopunks — the two kings of NFTs — is proof that the wider NFT market has yet to capture the public’s imagination. If you‘ve heard about NFTs in the press, chances are that article was illustrated with a Bored Ape or a Cryptopunk. Last year, a bundle of 101 Bored Ape NFTs went for $24 million, and a Cryptopunk resold for nearly $12 million at Sotheby’s. Despite the myriad of new NFT projects launching every day, legacy tokens with established resale value are still king.　　The way much of the press has written up NFTs as speculative assets for the rich,

2022-03-01Deep Dive

Ukraine Asks Crypto Exchanges to Freeze Accounts of All Russian Users — Major Exchanges Deny Request

Ukraine Wants Accounts of All Russian Crypto Users Frozen　　Mykhailo Fedorov, vice prime minister of Ukraine, tweeted Sunday asking all major cryptocurrency exchanges to block addresses of Russian users. “Its crucial to freeze not only addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users,” he tweeted.　　His tweet has been widely criticized in the crypto community. One person said the request “Totally violates the foundations and very basis of cryptocurrency.”　　Another pointed out: “A lot of people in Russia donate money to Ukraine, condemn the war, and crypto is one of few safe spaces for them to operate and not get jailed by own government.” Many advised, “Get your money out of exchanges,” emphasizing, “not your keys, not your coins.”Crypto Exchanges Respond to Request to Freeze Russian Users‘ Accounts　　Two major cryptocurrency exchange platforms have responded to the Ukrainian vice prime minister’s request to freeze accounts of all Russian users at press time.　　Binance told CNBC Monday, “We are not going to unilaterally freeze millions of innocent users accounts,” adding:　　Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban peoples access to their crypto would fly in the face of the reason why

2022-03-01Deep Dive

How NFTs and the Metaverse Can Help Save the Planet

The Crypto Mining Required for Minting Supports the Development of Green Energy　　South Korea is not only among the leaders of the global cryptocurrency and blockchain race — the fans of South Korea‘s most successful, world-famous K-pop band BTS are also very educated on the subject. When Hybe, the entertainment company that manages BTS, announced that they would issue BTS-themed NFTs that will play music, the reaction of the fans was not “what is an NFT,” but rather “NFTs are not eco-friendly.” Sirgoo Lee, CEO of Upbit’s operator Dunamu which is in a joint venture with Hybe, had to promise in response that Hybe would use “low carbon, eco-friendly” technology to mint the NFTs.　　The controversy surrounding the environmental impact of crypto mining and minting NFTs is mainly centered on energy consumption. But in fact, many crypto mining farms tend to be located in low-temperature, high-latitude countries where electricity is much cheaper and is generated from renewable sources such as geothermal or hydroelectric power. Even energy from volcanoes is being developed for crypto mining. The recently formed Bitcoin Mining Council calculated 56% of the industry uses sustainable energy resources.　　Although some industry experts do argue about the calculation, its undeniable that seeing cryptocurrency

2022-03-01Deep Dive

South Korea Plans a $187 Million National Metaverse Effort

The metaverse trend appears to be showing no signs of slowing down as South Korea becomes the first country to express desires to build its own project in the field.　　According to a recent report, the country plans to invest a whopping $187 million in a national metaverse project.　　The pledge of roughly $187 million comes from South Korea‘s Ministry of ICT, Science, and Future Planning, and it’s in a bid to create a Metaverse ecosystem thats intended to support the expansion of digital content and corporate growth.　　Per the official statement, the funds are to be spent on completing various objectives with aims of creating a large digital ecosystem carrying the name Expanded Virtual World.　　The government agency also intends to use its metaverse as a platform to expand industrial virtual growth of education, media, and cities altogether.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2022-03-01Deep Dive

Why Russia Is Unlikely to Turn to Crypto Following International Banking Blockade

IN BRIEF　　Ruble collapses 30% after banking blockade.　　Not enough liquidity in crypto for Russia to use.　　The U.S. may be forced to crush the industry if this happens.　　There has been a lot of recent narratives on the possibility of Russia switching to utilizing crypto if its ostracized by the international banking system. However, this may not be the case and it may not be a good thing anyway.　　Over the weekend, the United States and European nations decided to block certain Russian banks from the SWIFT payments system. Consequently, long queues have been seen at ATMs in Russia and the ruble has plunged 30% against the dollar today.　　Crypto industry analysts and experts opined that the country could switch to digital assets to avoid the banking blockade if this was the case. However, not all are in agreement and some industry experts think that Russia will not be adopting cryptocurrencies any time soon.　　Russia unlikely to adopt crypto　　On Feb. 28, RippleNet general manager Asheesh Birla debunked this theory in a tweet on why he thinks that Russia will not evade sanctions using crypto.　　Firstly, crypto is becoming more easily tracked so it would not be difficult to block Russian affiliated addresses and wallets. On Feb. 27,

2022-03-01Deep Dive

Bitcoin Could Stifle Incidents Of Cyber Attacks, Says MicroStrategy CEO With Compelling Reasons

Michael Saylor claims Bitcoin can stifle incidents of cyber attacks.　　He claims that this will be possible because of Bitcoins nature as it revolves around energy.　　Bitcoin trades at under $40,000 amid the tensions in Eastern Europe.　　Bitcoin bull, Michael Saylor thinks that Bitcoin might be the answer against DDoS and other cyber attacks. He goes on to claim that the asset “will never be a currency.”　　Bitcoin Will Rein Cyber Attacks　　Michael Saylor stated that Bitcoin is the answer to the hordes of rampaging attacks in cyberspace. The MicroStrategy CEO stated this in an interview with CNBC over the weekend, citing Bitcoins energy usage as an integral part of the solution.　　He claimed that this could be the most important use case scenario for Bitcoin beyond usage in fundraising or a speculative tool for companies to put on their balance sheets. He said that as “digital energy”, Bitcoin is the best tool against scammers and hackers because there is currently “conservation of energy in the cyberspace.”　　He uses the analogy of physically going to a hotel to break items and getting charged for the repairs as compared to using a python script to gain access to any hotel on earth and not get charged any money.

2022-03-01Deep Dive

Israeli Authorities Seize 30 Crypto Wallets Linked to Financing Terrorism

Israel continues its fight against financing terrorism through cryptocurrencies. Israeli Defense Minister Benny Gantz ordered the seizure of 30 crypto wallets and 12 accounts, all linked to financing terrorism.　　The crypto wallets were linked to Al Mutahadun exchange company that is owned by the Shamlach family of Gaza. Al Mutahadun crypto exchange was labeled as a terrorist organization in 2021 for its active role in financing Hamas.　　source: NBCRF　　Israels National Bureau for Counter Terror Financing (NBCTF) recommended listing Al Mutahadun as a terrorist organization. Shamlach familys companies were used to transfer millions of dollars from Iran to Hamas.　　The operation was conducted by the NBCTF and Lehav 433.　　This is not the first time the Shamlach family has been making headlines. In 2021, Israel confiscated 23 tons of chocolate imported by Al Mutahadun for Exchange and the Arab Training Company China. Both companies were owned by Zahir Younes Shamlach.　　The investigation concluded that Hamas planned to sell the imported chocolate bars to the people while using the funds to finance terrorism. The capital was intended to be used mostly by Hamas armed military wing.　　Todays seizure marks the third time Israeli authorities have seized cryptocurrencies that were linked to terrorism.　　July 2021 Seizure Blockchain Analysis　　In July 2021

2022-03-01Deep Dive

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