Crypto Guides, Knowledge & Insights

11 years ago today, Bitcoin reached $1

On the 9th of February 2nd, 2011, eleven years ago today, the price of bitcoin (BTC) reached a market value of exactly $1, a little over two years after the first Bitcoin blockchain block was created in early 2009.　　In the very early years, there were only two ways to obtain bitcoin — by mining it yourself or arranging a peer-to-peer trade via a forum like Bitcointalk, which Bitcoin creator Satoshi Nakamoto founded to host Bitcoin-related discussions.　　Back in those days, peer-to-peer trades were risky given they required trust between the transacting parties, but the stakes were not as high as they are today because each bitcoin was worth virtually nothing. The first bitcoins were transacted for zero dollars and reached an early peak in 2010 at 39 cents.Five bitcoin for free　　By 2010, interest in Bitcoin had grown and new methods for obtaining it emerged. Bitcoin core developer Gavin Andresen created a bitcoin “faucet,” a website that would give anyone with a Bitcoin address five bitcoin for free. It was at this time that the first bitcoin exchanges emerged.　　Bitcoin price chart at $1.　　The first “real” bitcoin exchange, Bitcoin Market, was announced on the Bitcointalk forum in 2010 and it launched the same

2022-02-10Deep Dive

Global Crypto and Blockchain Investments Soared in 2021, Rising 5.5X to $30 Billion

‘Blockbuster Year for Crypto and Blockchain’　　KPMG published a report Monday on investments in the cryptocurrency, blockchain, and fintech space.　　Noting that global fintech reached $210 billion last year, the Big Four accounting firm wrote: “We saw growing deal sizes in a wide variety of fintech subsectors — from crypto and blockchain to wealthtech and cybersecurity.”　　Describing 2021 as a “Blockbuster year for crypto and blockchain,” KPMG detailed:　　Investment in the crypto and blockchain space soared in 2021, rising from $5.4 billion in 2020 to over $30 billion.　　“Globally, there was an incredible increase in the level of recognition for the potential role of crypto and its underlying technologies in modern financial systems,” KPMG noted.　　“Increasing activity in the space has also sparked further action from central banks, some of which are considering the development of digital currencies in the footsteps of the digital yuan in China,” the global professional services firm further stated.　　The KPMG report also highlights that global VC investment reached a record $115 billion in 2021, surpassing the previous high of $53.2 billion set in 2018.　　Meanwhile, KPMG is investing in cryptocurrency. On Monday, KPMG in Canada announced that it has invested in bitcoin and ether, putting the cryptocurrencies in its corporate Treasury. “This

2022-02-10Deep Dive

Russia to recognize Bitcoin as currency

According to a local news report, the controversy around the status of cryptocurrency in Russia is about to come to an end. 　　The Russian newspaper Kommersant reported that the Bank of Russia and the government have now reached an agreement on crypto regulations. Russia to recognize crypto as currency　　Following this agreement, authorities in Russia are drafting a law thatll define crypto as an “analogue of currencies” instead of digital financial assets.　　Going further, the report stated that with such classification, the use of crypto would be limited to the legal sector. This means that crypto would be integrated into the financial system, and users will only have access through the banking system and licensed intermediaries.　　Earlier this year, the Bank called for a blanket ban on Cryptocurrencies, citing several reasons why such is necessary. Reasons included its use for crime and its speculative nature.　　But many members within the government kicked against such a move, claiming itll set Russia back in the quest to stay conversant with the technology. 　　The Ministry of Finance even went as far as to submit a regulatory framework on cryptocurrency. Several other government stakeholders, including the parliament, also supported regulation instead of outright banning.Russia welcomes crypto regulatory clarity　　With

2022-02-10Deep Dive

FarmVille developer Zynga set to release first NFT game this year

San Francisco-based game developer Zynga, best known for the FarmVille and CSR Racing series, has announced plans to release its first blockchain and NFT-based games this year.　　The billion-dollar game studio first made waves in the crypto world last year after appointing 30-year gaming industry veteran Matt Wolf as Vice President of Blockchain Gaming to lead the companys charge into the burgeoning industry.　　Zynga has also announced plans to increase the current blockchain gaming team from 15 employees to anywhere up to 100 by the end of this year. The company may also soon fall under the umbrella of video-game colossus Take-Two Interactive, publisher of Grand Theft Auto which publicly announced a $12.7 billion dollar acquisition move set to close in the first quarter of 2023.　　Speaking on the firm‘s NFT based gaming plans with Axios, Wolf said that forthcoming blockchain-based games will be brand new titles, as it “doesn’t make sense” to start adding NFTs into existing games such as FarmVille straight away.　　He said that players can expect the new games to look something like Mafia Wars, a now-discontinued social media game where players assumed the role of gangsters and worked to build up their crime family.　　Zynga has been taking more aggressive

2022-02-10Deep Dive

No one-size-fits-all model for central bank digital currencies, IMF head says

Evidence emerging from the first central bank digital currencies (CBDCs) around the world suggests there is no one-size-fits-all model as stability and privacy are designed into systems, the head of the International Monetary Fund has said.　　Roughly 100 countries are now looking at CBDCs, the IMF estimates, and it published a study on Wednesday looking at six nations including China, Sweden and the Bahamas where digital money is already up and running or at an advanced stage.　　In a speech on the report, IMF Managing Director Kristalina Georgieva said there were a number of key lessons from these early experiences.　　If CBDCs were designed “prudently” they could potentially offer more resilience, make it easier for people to have access to bank-type services and lower the cost of moving around money.　　And they should be safer too, compared to “unbacked cryptoassets that are inherently volatile”, Georgieva added, referring to the likes of bitcoin as well as more regulated “stablecoins”, which are generally linked to a mainstream currency or something such as gold.　　“First, no one size fits all,” Georgieva said.　　Financial stability and privacy considerations also are paramount to the design of CBDCs, while there needed to be balance between developments on the design front and on

2022-02-10Deep Dive

Blockchain in Manufacturing Global Market Report 2022

Reportlinker.com announces the release of the report “Blockchain in Manufacturing Global Market Report 2022”.　　The global blockchain in manufacturing market is expected to increase from $49.50 million in 2021 to $85.64 million in 2022 at a compound annual growth rate (CAGR) of 73%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $778.05 million in 2026 at a CAGR of 73.6%.　　The blockchain in the manufacturing market consists of sales of blockchain in the manufacturing services by entities (organizations, sole traders, and partnerships) that are engaged in providing digitally transformed processes of manufacturing with the help of numerous systems and applications. Blockchain technology helps the manufacturing industry by making the supply chain more secure and processes more transparent.　　The main application of blockchain in manufacturing market is logistics and supply chain management, counterfeit management, quality control, and compliance, and others.The logistics and supply chain management in the blockchain are used by different industry sectors to improve supply chain management.　　It allows supply chain partners to share trusted data through permissioned blockchain solutions. Blockchain is used in various sectors such

2022-02-10Deep Dive

IMF Chief Touts Advantages of CBDCs Over ‘Unbacked Crypto Assets’ and Stablecoins

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), said Wednesday that private cryptocurrencies and stablecoins may not be as practical as well-designed central bank digital currencies (CBDCs).　　In her speech delivered at an event hosted by the Atlantic Council, an American think tank, Georgieva argued that CBDCs could “potentially offer more resilience, more safety, greater availability and lower costs” than stablecoins and “unbacked crypto assets that are inherently volatile.”　　As Georgieva pointed out, there has been a global explosion of interest in CBDCs, with nearly 100 countries currently exploring CBDCs at either a research, testing or distribution phase. Georgieva said that the IMF has been “deeply involved” in CBDC research, and has provided “technical assistance” to many member countries as they pursue the development of their own CBDCs.　　Through the IMFs involvement in CBDC development around the world, Georgieva said the organization has learned three lessons.　　First, CBDCs arent a one-size-fits-all technology. Georgieva told attendees that because each economy is different, CBDCs will play a different role in every country. In nations that are less economically developed, Georgieva suggested that CBDCs could help with financial inclusion, and in others, they could act as a backup payment method.　　Second, Georgieva told attendees that the

2022-02-10Deep Dive

Saudi Arabia Medical Institution Implements Blockchain-Based 'Digital Credentialing Solution'

Saudi Arabia‘s King Faisal Specialist Hospital and Research Centre recently became one of the country’s early adopters of blockchain technology after it implemented a “digital credentialing solution.”　　Saudi Arabias Blockchain Goal　　The Saudi Arabian medical institution, King Faisal Specialist Hospital and Research Centre, (KFSHRC) recently completed a deployment of blockchain tech when it implemented “a digital credentialing solution” for all residents that use its facilities. The implementation was carried out via the recently launched Blockchain Lab which has already identified several viable use cases for the technology.　　As a result of the deployment of this solution, the hospital can now publish digital certificates directly on the blockchain where they can be verified by residents. The deployment of this solution, according to a statement released by the hospital, aligns with Saudi Arabias goal of building blockchain know-how as well as the adoption of this technology in healthcare.　　Hospital an Early Adopter of Blockchain　　Using the blockchain is also said to enable the medical institution to quickly verify and manage the credentials of residents. The statement explained:　　“KFSHRC is now able to securely issue, manage, track and verify hospital credentials in a much faster, efficient and convenient manner. Residents receive a secure email that allows them the ability

2022-02-10Deep Dive

Cryptocurrency Trading: A beginner’s guide for Africans

By: Damian Okonkwo　　What is Cryptocurrency　　Cryptocurrency is a form of currency that exists digitally or virtually on the blockchain technology and uses cryptography such as wallets to conduct transactions. Crypto currency is a decentralized form of money that lacks government control and regulation. It is often seen as a revolt to the centralized and regulated form of money. Thus the underlying idea behind the founding of cryptocurrency was to fix the problems of traditional currencies by putting the power and responsibility solely in the hands of its holders. All cryptocurrencies usually adhere to the known properties and functions of money.　　What is blockchain　　A blockchain is an open ledger that records transactions in code form using a mixture of alphabets, numbers and symbols. It is a system of recording information in a way that makes it difficult to encrypt, manipulate, hack, or alter the system. Each block in the chain contains a number of transactions, and once a new transaction occurs on the blockchain, a record of the transaction is added to every participants ledge.　　In order to prevent fraud, each transaction on the blockchain technology is always checked using one of the two main validation techniques known as: proof of work or proof

2022-02-10Deep Dive

Russia Prepares To Regulate (Legalize) Bitcoin As Currency On February 18

HODLers in Russia have a reason to smile as holding cryptocurrencies in the country could soon be legalized. According to a Feb. 8 announcement, the Russian government and central bank are jointly preparing draft legislation that will define crypto as currency.　　Russia Drafts Law To Regulate Cryptocurrency Markets　　After previously proposing to ban cryptocurrencies, the Bank of Russia has now reached a consensus with the countrys government on how to regulate cryptocurrencies. The two institutions are planning to legalize crypto and adopt clear industry rules that will encourage growth and protect investors via a draft law that will be finalized by February 18.　　Under the proposed guidelines, cryptocurrency transactions will be allowed only through banking systems or licensed companies. In other words, banks will be allowed to act as intermediaries between users and crypto exchanges. Such banks will use the Transparent Blockchain transaction tool created by Rosfinmonitoring to check transactions for signs of illicit activities.　　Specifically, users will be required to report crypto transactions of over 600,000 rubles (approximately $8,000) to the Federal Taxation Service or risk being criminally prosecuted. Additionally, there will be hefty fines for illegally accepting cryptocurrencies as a payment method.　　The announcement notes that the Russian government has intentions of protecting

2022-02-10Deep Dive

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