Crypto Guides, Knowledge & Insights

Bitcoin Hashrate Hits New All-Time High Amid Bearish Macro Signals

Bitcoins (BTC) hashrate recorded its biggest increase of the year on Saturday, jumping from 188.40 exahashes per second (EH/s) to a new all-time high of 248.11 EH/s in just one day, according to data from Blockchain.com.　　Despite the value dropping to 209.63 EH/s on Sunday, the worlds leading blockchain network is now as secure as ever.　　In blockchains that use the proof-of-work (PoW) consensus algorithm, hashrate refers to the total combined computational power allocated by a network of computers, called “miners,” to process transactions and add blocks onto the blockchain.　　The higher the hashrate, the more secure the network is as more computing power is required to perform a successful attack, like process fraudulent transactions or report that the same Bitcoin has been used twice (called a “double-spend”).　　1 million TH/s is the equivalent of 1 EH/s. Source: Blockchain.com.　　Coupled with the record-high Bitcoin mining difficulty—the measure of how difficult it is to find new blocks—a rising hashrate is a rather bullish signal indicating that miners are increasingly willing to deploy long-term capital into Bitcoins infrastructure.　　As data from BTC.com shows, Bitcoin mining difficulty is expected to increase by a further 3.24% later this week, when the values next readjustment happens.Macro signals and Bitcoin　　Bitcoin‘s network has

2022-02-15Deep Dive

Pre-orders of Samsung’s New Galaxy S22 Smartphone to Come With NFTs

Heres one way to max leverage publicity around the launch of your keystone product: Throw in an NFT. 　　And thats just what Samsung has done, at least for consumers in South Korea. In partnership with crypto project Theta Labs, the electronics company will dole out commemorative non-fungible tokens (NFTs) to people who have pre-ordered either the Galaxy S22 smartphone or the new Tablet S8. 　　The NFTs reportedly come equipped with “ongoing membership benefits and privileges,” according to CEO and co-founder of Theta Labs, Mitch Liu. A Theta spokesperson could not share further details with Decrypt as to what these benefits would be, however.　　Theta Labs is the team behind the blockchain project Theta Network as well as a crypto-native video streaming service called THETA.tv. Theta Labs is pushing its network within the esports and video streaming niche and incentivizes activity on its platforms through the native THETA token. 　　The token is currently trading at $3.56, down more than 5% over the past 24 hours, according to CoinMarketCap. 　　The latest NFT drop with Samsung is also expected to attract users to Thetas NFT marketplace, ThetaDrop. 　　Thats because customers who have pre-ordered Samsungs Galaxy S22 or Tablet S8 can claim their NFTs by

2022-02-14Deep Dive

NFTs This CryptoPunks NFT was sold for 8,000 ETH ($23 million)

A CryptoPunks NFT has been sold at a world record value that supersedes the ETH or USD figures splashed on any other CryptoPunks before — $24 million in Ethereum.CryptoPunk #5822 sold for 8000ETH　　CryptoPunks is one of the oldest NFT collections in the space. The collection was developed in 2017 when there was little to no interest in the space, but today, they are considered to be one of the most expensive works in the non-fungible token area.　　They are a collection of 10,000 algorithmically generated tokenized and pixelated art images of humans, aliens, apes, zombies, etc.　　This latest CryptoPunks was purchased by the Chief Executive Officer of Chain, Deepak Thapliyal. The CEO announced the acquisition of the NFT on Twitter. Available information shows that he paid 8,000 ETH for the CryptoPunks.　　Providing further details regarding the transaction, the CEO revealed that he leveraged his Compound Finance account to purchase the digital art.　　It should be added that Thapliyals CryptoPunk #5822 is regarded as an “alien,” and there are only nine of such NFTs out of the 10,000 NFT pieces in the collection.　　Interestingly, this is not the first time that a CryptoPunks NFT will be attracting top dollar. Last year, DraftKings Shalom Meckenzie paid $11.8

2022-02-14Deep Dive

8 Benefits of Cryptocurrency

Cryptocurrency has become extremely popular over the past few years, but many consumers and investors may be wondering what all the commotion is about. Why would anyone choose cryptocurrency when their local currency works just fine for most things？ Why would someone invest in a cryptocurrency？　　In fact, there are a lot of advantages to using and investing in cryptocurrency. Here are the top eight benefits to consider.8 benefits of cryptocurrency　　Transaction speed　　Transaction costs　　Accessibility　　Security　　Privacy　　Transparency　　Diversification　　Inflation protection1. Transaction speed　　If you want to send someone money in the United States, there are few ways to move money or assets from one account to another faster than you can with cryptocurrency. Most transactions at U.S. financial institutions settle in three to five days. A wire transfer usually takes at least 24 hours. Stock trades settle in three days.　　But one of the advantages of cryptocurrency transactions is that they can be completed in a matter of minutes. Once the block with your transaction in it is confirmed by the network, its fully settled and the funds are available to use.2. Transaction costs　　The cost of transacting in cryptocurrency is relatively low compared to other financial services. For example, its not uncommon for a domestic wire transfer to cost

2022-02-14Deep Dive

Bahrain Central Bank Completes Cross-Border Transfer Test Using JPMorgan Blockchain

The Central Bank of Bahrain (CBB), working in partnership with Bank ABC, recently announced it had successfully tested the transfer of funds across borders using JPMorgan‘s JPM Coin. The test fulfills the central bank’s goal of creating safe and efficient settlement solutions for customers.　　 Eliminating Inefficiencies in the Cross-Border Payment Arena With CBDCs　　Bahrains central bank recently said it had piloted its first cross border funds transfer using the JPMorgan blockchain. The transfer, which was carried out in partnership with Bank ABC, is the latest step taken by the CBB as it prepares to launch its digital currency.　　In his comments following the latest test, CBB governor, Rasheed Mohammed Al Maraj, is quoted by Unlock Media lauding the central banks ongoing tests. He said:　　We at the Central Bank of Bahrain are extremely pleased to announce the success of this test which aligns with our vision and strategy to continually develop and enrich the capabilities extended to the stakeholders within our financial services sector in the Kingdom using advanced and leading emerging technologies.　　Al Maraj added that through the institutions partners, the CBB will attempt to “address and eliminate the inefficiencies and pain points which exist today in the traditional cross-border payments arena.”　　Just like

2022-02-14Deep Dive

Switzerland's Largest Bank UBS Expects US Crypto Legislation to Take Time

Switzerlands largest bank, UBS, expects the United States Congress to take a long time to pass cryptocurrency legislation despite mounting interest in crypto investments and regulators calling for Congress to weigh in on crypto legislation.　　Congress Could Take a Long Time on Crypto Legislation　　The largest bank in Switzerland, UBS, published its view on U.S. crypto legislation Friday after the House of Financial Services Committee held a lengthy hearing on the regulation of cryptocurrencies and stablecoins last week.　　The Swiss banks U.S. Office of Public Policy explained that at the hearing, a senior Treasury official discussed recommendations made in a stablecoin report issued by the Department of the Treasury and other regulators.　　“To fill in regulatory gaps and address financial stability concerns, the regulators would like Congress to develop legislation that regulates stablecoin issuers as banks,” the UBS team detailed, noting that this proposal has received pushback from some lawmakers.　　The Federal Reserve also made it clear in its recent central bank digital currency (CBDC) report that it would like direction from Congress before proceeding with a digital dollar.　　However, Switzerlands largest bank believes: It will take time for lawmakers to digest the complexities of these issues and reconcile potentially divergent approaches on how digital assets

2022-02-14Deep Dive

Hungary’s Central Bank Calls For Ban on Bitcoin Mining and Trading

As cryptocurrency becomes more and more acceptable, the calls to regulate the sector are growing. The latest in a growing number of central monetary entities which seek to ban cryptocurrencies is the Central Bank of Hungary.　　MNBs Governor, György Matolcsy, has urged the country and the EU to ban bitcoin mining and trading. The Governor contended that cryptocurrencies could serve as a conduit for illicit activities.　　Hungary Governor urges for a crypto ban　　The Governor was speaking at a press conference on February 11. The Governor of the Hungarian Central Bank urged a complete ban on all forms of trading in cryptocurrencies. The Governor repeated the oft-repeated argument that cryptocurrencies led to illegal activities and tended to build up financial pyramids.　　The Governor cited the example of China, which has put a complete ban on anything related to cryptocurrencies. He also mentioned a recent proposal by the central bank of Russia that also wanted to prohibit the usage of digital assets. However, he ignored or was not aware that the Russian authorities had decided to regulate cryptocurrencies rather than ban them.　　The statement by the Governor read, “The EU should act together to preempt the building up of new financial pyramids and financial bubbles. EU

2022-02-14Deep Dive

South Korea Jails Seven Masterminds of Country's 'Largest Crypto Fraud Scheme'

Seven executives of the collapsed South Korean scam cryptocurrency exchange, V Global, were recently handed lengthy jail sentences as punishment for their role in running one of the countrys biggest crypto frauds.　　 Verdict Sets New Benchmark　　Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion in investors funds. Lee Byung-gul, who was the CEO of the entity when the funds went missing, was handed a 22-year jail term while his accomplices were given jail sentences that range between four and 14 years.　　According to a report by Forkast, the jailing of Lee Byung-gul and his fellow executives comes a month after prosecutors asked for life sentences. At the time, the prosecutors argued that handing the offenders life sentences would reflect the severity of the offenses.　　However, the report reveals that the jail sentences given to the CEO and his co-conspirators are in fact closer to the most severe punishment that is usually meted out to property crimes offenders. The verdict on one of South Koreas biggest crypto scams potentially sets a benchmark for the legal punishment that is handed to persons that commit crypto related-crimes.　　 Majority of Investors

2022-02-14Deep Dive

FTC Warns of Romance Scams Luring People Into Bogus Cryptocurrency Investments

The U.S. Federal Trade Commission (FTC) has warned about romance scams using cryptocurrency. Scammers use romance as a hook to lure people into bogus investments, especially crypto, the federal agency explained. “2021 numbers are nearly five times those reported in 2020, and more than 25 times those reported in 2019,” said the FTC.　　FTC Warns About Crypto Romance Scams　　The U.S. Federal Trade Commission (FTC) issued a warning Thursday about crypto-related romance scams. The FTC is an independent agency of the U.S. government whose principal mission is the enforcement of civil U.S. antitrust law and the promotion of consumer protection.　　“New data from the Federal Trade Commission show that more consumers than ever report falling prey to romance scammers. Consumers reported losing $547 million in 2021 alone,” the FTC wrote, adding:　　“A growing trend in 2021 was scammers using romance as a hook to lure people into bogus investments, especially cryptocurrency.”　　“Consumers who paid romance scammers with cryptocurrency reported losing $139 million in total in 2021, more than any other payment amount,” the federal agency detailed. “2021 numbers are nearly five times those reported in 2020, and more than 25 times those reported in 2019.”　　In addition, the FTC noted that the median loss for consumers

2022-02-14Deep Dive

Content Subscription Service Onlyfans Adds Ethereum-Based NFT Profile Feature

Onlyfans Steps Into the Realm of NFTs　　The London-based content subscription service Onlyfans is well known for its direct funding for content creators, its one-time tips, the firms pay-per-view (PPV) features, and of course, NSFW content.　　This week, Onlyfans has revealed it is experimenting with blockchain technology as the firm is allowing users to show off their NFTs. According to a report from Reuters, Onlyfans CEO Ami Gan explained that the move is meant to empower the platforms userbase.　　“Our mission is to empower creators to own their full potential,” Gan explained to the Reuters author Elizabeth Culliford. “This feature is the first step in exploring the role that NFTs can play on our platform.”　　Onlyfans is behind the eight ball when it comes to joining the NFT industry, as a large swathe of well-known businesses and popular brands have already jumped in. Moreover, Twitters verified NFT profile feature is similar to the Onlyfans NFT profile concept. Twitter launched the feature last month.　　On Febraury 6, Bitcoin.com News reported on Alphabet‘s (Google) plans to explore blockchain and Web3 technology. Furthermore, Alphabet’s subsidiary Youtube published a blog post explaining that it has plans to leverage non-fungible tokens (NFTs). The CEO of Instagram, Adam Mosseri, said Instagram

2022-02-13Deep Dive

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