Crypto Guides, Knowledge & Insights

Crypto Donations Pour in After Ukraine Government Asks for Bitcoin and Ether — $17 Million Raised so

Crypto Community Responds to Ukrainian Governments Plea for Cryptocurrency Donations　　The Ukrainian government began soliciting cryptocurrency donations Saturday morning. The official Twitter account for Ukraine tweeted: “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, ethereum, and USDT.” The tweet also includes a BTC address and an address for ETH and USDT donations. Mykhailo Fedorov, vice prime minister of Ukraine, also tweeted a similar message.　　Following the Ukrainian governments solicitation of crypto donations, blockchain data analytics firm Elliptic said Sunday:　　The Ukrainian government and NGOs providing support to the military have raised $17.2 million through thousands of cryptocurrency donations since the start of the invasion.　　“Twitter accounts belonging to the Ukrainian government have posted pleas for cryptocurrency donations. The addresses mentioned in the tweets have already received $10.6 million across 13,670 transactions,” Elliptic detailed. “This includes a single donation worth $1.86 million, which appears to have originated from the sale of NFTs [non-fungible tokens] originally intended to raise funds for Julian Assange.”　　The blockchain analytics firm continued:　　The majority of donations received to date have been in bitcoin and ether, although US dollar stablecoins contribute a significant proportion.　　A chart showing which cryptocurrencies have been donated to the Ukrainian government and nonprofit organizations supporting the

2022-02-28Deep Dive

EBay Might Take Crypto Payments, Already Accepts NFTs

Jamie Iannone says, in a phone interview, the e-commerce platform wants to be the marketplace for Gen-Z and millennials. The major e-commerce platforms have still not taken the leap of cryptocurrencies. Almost none accept digital currencies as a means of payment. But its safe to say the first to do so would become the topic of conversation in the crypto space.　　EBay (EBAY) - Get eBay Inc. Report which aims to be the marketplace for Gen-Z and millennials, is studying the possibility of adding cryptocurrencies as possible means of payment. The firm could make an announcement on March 10 during its day dedicated to investors, its CEO Jamie Iannone told TheStreet. “Were just completing our transition to manage payments where were now managing $85 billion of volume on our platform directly,” Iannone told TheStreet. “This gives us the ability to open up new forms of payment.”　　“We opened up Google Pay and Apple Pay. We have a partnership with Afterpay in Australia, which is a platform that appeals to Gen Z, and that is a buy now pay later platform on the marketplace,” Iannone continued. “And so we continue to evaluate other forms of payments that we should take on the platform.

2022-02-28Deep Dive

eBay to accept Crypto Payments, Already exploring NFTs

In a world where no major e-commerce platform has taken the step to accept cryptocurrencies, it would be the topic of interest among the crypto community if one does so.　　As per the report by Reuters, America-based e-commerce corporation eBay Inc., which aspires to be the global market for Gen-Z and millennials, is looking at the possibility of accepting crypto as a payment method.　　eBay might officially announce this March　　During an interview with CNBC, the companys CEO, Jamie Iannone, said that e-commerce giant eBay could make an official announcement on March 10 during its investor day.　　“We‘re just completing our transition to managing payments where we’re now managing $85 billion of volume on our platform directly. This gives us the ability to open up new forms of payment,” he added.　　eBay has already opened up major payment methods like Google Pay and Apple Pay. It has also partnered with the Australia-based payment service that appeals to Gen-Z and is a buy now pay later platform, Afterpay.　　As a result, the company is still considering what other types of payments it should accept on the platform. Notably, the country does not accept any cryptocurrency as of now on its platform.　　Iannone believes that Gen-Z is a top

2022-02-28Deep Dive

FTX CEO On What Russia-Ukraine Crisis Holds For Bitcoin’s Future

Key Takeaways　　Bankman-Fried says the Russia-Ukraine crisis has brought crypto into a new regime.　　How this regime will play out is up to two major factions of investors, he explained.　　Market participants have noted that his prediction may already be playing out.　　Russias military action against Ukraine has had unavoidable effects on the crypto market. While still not convinced of what the long-term fate of Bitcoin will be amidst the crisis, Sam Bankman-Fried has pointed out several scenarios that could play out in the market.　　Bitcoin is in a new regime, says FTX CEO　　In a long Twitter thread, SBF, as Bankman-Fried is popularly called, explained that market forces in a war situation were highly unpredictable. Regardless, the FTX CEO sees two possible directions that the Bitcoin market could take based on how different types of investors trade.　　For one, the leading cryptocurrency could be dominated by investors who focus on the fundamentals. These investors, by being focused on the advantages of Bitcoin, remain unmoved and even buy up the asset in the midst of panic.　　Conversely, algorithmic investors, as he calls them, are not so confident in Bitcoin. These investors consider the benchmark crypto to be a risk asset that is correlated with the stock market. Hence

2022-02-28Deep Dive

Ukraine Vice PM Asks Major Crypto Exchange to Stop Servicing Russian Customers

Mykhailo Fedorov – Vice Prime Minister of Ukraine – has called on crypto exchanges to freeze all Russian users‘ blockchain addresses to help Ukraine defend itself from Russia’s invasion.　　In a tweet on Sunday, Fedorov emphasized the importance of both cutting off crypto access to Russian and Belarusian politicians, as well as “sabotaging ordinary users”.　　The request follows a slew of sanctions against Russia from western allies, including freezing the assets of Russias four largest banks and reducing reliance on Russian oil exports.　　Crypto is going center stage in the conflict, providing a vehicle of financial support to Ukraine, and potentially Russia. In October, Putin discussed using crypto as a means of payment “to transfer funds from one place to another” in the context of international trade.　　Earlier this month, Bitcoin was used to bypass Canadas financial restrictions prohibiting donations to the freedom convoy protest. While self custodial Bitcoin transactions successfully made it to the truckers, any funds connected to exchanges were red-flagged and frozen by court order.　　Some view the Ukrainian Vice PM‘s request as antithetical to crypto’s promise of universal access and neutrality, while others back the move for the help it could provide Ukrainian citizens.　　Some in the crypto industry have explicitly picked

2022-02-28Deep Dive

BUYING AND SELLING REAL ESTATE WITH BITCOIN IN 2022

Bitcoin has created a new form of wealth, particularly for those who purchased bitcoin at its lowest value. Bitcoin is being used in over 270,000 transactions daily, and its usage is only increasing.　　So, why not use your Bitcoin to make your real estate transactions？ This guide will explain everything you need to know about property transactions involving bitcoin.　　How To Make Your Real Estate Transactions Using BitcoinFINDING REAL ESTATE AGENTS THAT USE BITCOIN　　When using bitcoin to make your real estate transactions, you must be aware of real estate agents and companies that have experience of using bitcoin in the sale or purchase of a home.　　Some real estate agents that have experience using bitcoin include:　　Magnum Real Estate Group - This is a New York-based real estate company adapted to the younger generations desire to make business transactions using bitcoin possible.　　Kuper Sothebys International Realty - This Texas-based real estate company was the first in Texas to make a real estate transaction using Bitcoin.　　Sand Key Realty - This real estate company is Florida-based and has a history of listing properties for sale, with the seller accepting bitcoin as the form of payment.　　Open Listings - sites like Open Listings are making it easier to purchase

2022-02-28Deep Dive

BitConnect Founder Charged with Defrauding Investors

Satish Kumbhani, the founder of the Ponzi scheme BitConnect, has been charged with orchestrating a $2.4 billion, according to a press release published by the U.S. Department of Justice.　　According to prosecutors, BitConnects lending program, which was supposed to use proprietary technologies for generating guaranteed returns, was shut down after operating for about one year.　　Kumbhani relied on a group of promoters in order to give the cryptocurrency a veneer of legitimacy and artificially prop up its value.　　After being charged on multiple counts of wire fraud, conspiracy to commit money laundering and conspiracy to manipulate commodity prices, Kumbhani is facing a maximum prison sentence of 70 years.　　The U.S. Securities and Exchange Commission filed a lawsuit against BitConnect as well as Kumbhani and the leading U.S. promoter of the high-profile fraud back in September 2021.　　BitConnect gained prominence in 2017, but the native BCC token suffered a massive crash in early 2018 after it transpired that the whole thing was a Ponzi scam.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2022-02-28Deep Dive

Cryptocurrency market: Which are the cheapest to buy?

The top cryptocurrencies have attracted investors looking to diversify their portfolios. While many growing companies are accepting cryptocurrencies as legitimate means of payment, the timing seems optimal for investing in cryptocurrencies based on your budget.　　Financial networks like CNBC talk about Bitcoin daily and keep a ticker up on the screen showing the current price.　　However, many people are likely still unaware that Bitcoin is not the only cryptocurrency out there. If youre ready to invest in some crypto, check out the 6 cheap options that could generate nice returns in 2022.XRP (XRP)　　XRP, developed by Ripple - a blockchain company that facilitates global transactions - is an open source cryptocurrency that uses an open source distributed ledger called XRP Ledger. Ripple says XRP was built for payments and can settle transactions faster, more reliably and at a lower cost.VeChain　　VeChain, which is the currency for the impressively named VeChain Thor Blockchain, is used to transfer value across the network. The VeChain Thor Blockchain was designed specifically for supply chain management and business processes through the use of distributed ledger technology.Dogecoin (DOGE)　　The coin is certainly “cheap” at under $0.15 per coin as of Jan. 29, especially compared to its 52-week high of $0.73. The

2022-02-28Deep Dive

Finally, U.S. authorities indict founder of $2 billion BitConnect fraud

Three years after the official closure of BitConnect, an infamous crypto exchange platform, the United States authorities are still in the business of bringing the brains behind it to book for allegations leveled against them.DOJ indicts BitConnect founder　　According to available information, the companys founder, Satish Kumbhani, has now officially been charged to court following his indictment by the US Department of Justice (DOJ),　　The case against him bothers on multiple allegations that he misled investors and, in turn, siphoned over $2 billion.　　A statement released by the DOJ indicated that a San Diego-based federal grand jury said that Kumbhani used BitConnects “Lending Program” to carry out a Ponzi scheme. The statement explicitly stated that the infamous exchange paid “investors with money from later investors.”　　Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering.BitConnect operated like a Ponzi scheme　　But how did he commit these crimes？ A few years ago, Kumbhani created a scheme that offered a trading bot service and volatility software. As a return, he promised investors that those who used BitConnect would receive substantial profits in crypto.　　This move played a

2022-02-27Deep Dive

Cardano’s scaling solution based on ZK Rolloups unveiled

The official blog post by the team behind Cardano‘s first ZK Rollup dubbed ’Orbis‘ revealed how the solution will allow the network to tackle those scaling problems Hydra won’t be able to solve.　　ZK Rollups leverage computation and verification of transactions to be performed on a specialized off-chain network.　　The revealed Layer 2 solution is supposed to support greater throughput for DeFi applications, without putting Cardanos Layer 1 security guarantees at stake. Orbis design 　　“We propose Orbis as the best possible scaling solution as it maintains all the core design principles of the Cardano blockchain while having the ability to scale the network to where it can safely host RealFi and DeFi applications at mass scale,” explained the protocol in a blog. 　　As Cardano‘s dapp ecosystem and user base expands, the number of transactions that can be processed at any given moment is bound to scale–otherwise congestion issues will hinder the network’s growth.　　ZK Rollups are Layer 2 solutions for increased scalability that, in short, bundle, or “roll-up,” a batch of transactions into a single “zero knowledge” proof.　　With Orbis, like with other ZK Rollups out there, each batch generates a cryptographic proof, a so-called ZK-SNARK that is submitted on-chain to the Layer 1

2022-02-27Deep Dive

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