Crypto Guides, Knowledge & Insights

JPMorgan Analyst Predicts Coinbase Will Be ‘Leading Beneficiary’ of Crypto Growth This Year: Report

An analyst from banking giant JPMorgan is reportedly optimistic that the crypto industry will continue to grow this year and that Coinbase will largely benefit from it.　　In a note to clients, equity research analyst Kenneth Worthington predicts that crypto will become increasingly relevant to financial services in 2022.　　The analyst tells investors that the applications from crypto have only started to emerge. He says that use cases will continue to grow and new projects with crypto applications will appear.　　“As financial analysts, we are most excited about the implications for financial services and see the tokenization and fractionalization as holding particularly large promise as transactions speeds in crypto become more competitive with trad-fi networks.”　　Worthington also gives the green light to Coinbases stock COIN. The stock of the US-based crypto exchange fell by 2% on Friday, but the analyst remains bullish and maintains a buy rating with a price target of $447.　　The recommendation stems from a forecast that the crypto exchange will be a leading player in the growing digital asset space.　　“With these projects attached to tokens and Coinbase a leading exchange to buy and sell tokens, we see Coinbase as a leading direct beneficiary of crypto market growth.”　　Last week, Bank of America

2022-01-11Deep Dive

Report: Kenya Set to Scale Up Adoption of Cryptocurrencies in 2022

In his Africa crypto market predictions for 2022, Marius Reitz, the general manager for Luno in Africa, has predicted that Kenya will scale up the adoption of cryptocurrencies. To support this assertion, Reitz points to Kenya‘s as position as the leader in the world’s peer-to-peer (P2P) traded volumes for the second year running.　　Kenyas Booming Crypto Market　　Kenya is set to lead the worlds peer to peer cryptocurrency market for the second consecutive year, Marius Reitz, the general manager (GM) for Luno cryptocurrency exchange in Africa, has reportedly predicted.　　In justifying his selection of Kenya ahead of the usual heavyweights, the GM is quoted in a report pointing to the East African country‘s booming crypto market as well as Kenyan people’s familiarity with digital payment solutions.　　“The country‘s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity and familiarity with digital payment solutions like mobile money, it’s firmly positioned to emerge as East Africas leading crypto hub in 2022,” Reitz is quoted in the report explaining.　　Bitcoin.com News has previously reported on the surge in Kenyas peer to peer cryptocurrency volumes which had seen topple South Africa to become the

2022-01-11Deep Dive

Binance CEO Changpeng Zhao Recognized as Richest Person in Crypto by Bloomberg

Bloomberg has estimated that the net worth of Binance CEO Changpeng Zhao currently stands at a staggering $96 billion, which officially makes him the richest known person in crypto.　　He is now worth more than Indian business mogul Mukesh Ambani, whose net worth stands at $92.9 billion, according to the Bloomberg Billionaire Index. CZ is also in close proximity of such juggernauts as Berkshire Hathway CEO Warren Buffett and Meta CEO Mark Zuckerberg.　　Zhaos fortune could be even bigger since little is known about his cryptocurrency holdings.　　The cryptocurrency tycoon, who used to work at McDonalds as a teenager, has so far shied away from commenting on the size of his fortune, but he plans to give away his entire wealth.　　The Wall Street Journal claimed that his cryptocurrency behemoth could be worth up to $300 billion if it were to go public.　　The exchanges revenue reportedly topped $20 billion in 2021, dwarfing the numbers that are expected to be posted by U.S-based rival Coinbase.　　Binance, however, questioned the accuracy of Bloombergs calculations, claiming that crypto is way too volatile to make any concrete estimates.　　Apart from being exposed to mercurial crypto prices, the exchange also faced an onslaught of regulatory scrutiny earlier this year.　　FTX CEO Sam

2022-01-11Deep Dive

Does Disney’s patent filing show there’s no stopping the Metaverse?

Disney signals a potential stab at the Metaverse by filing a “virtual-world simulator” with the U.S Patent Office.　　The concept comprises a computing platform with memory storing a software code, a tracking system linked to the computing platform in conjunction with a projection device.　　Meaning, in the not too distant future, theme park visitors may soon be exploring the Metaverse via a headset-less augmented reality.　　Although the California-based media conglomerate is not known as a tech firm, recent events have shifted Disney in that direction. Most notably, as a streaming platform competing directly with Netflix.　　Metaverse development still has a long way to go　　Along with Web3.0, the metaverse is widely tipped as the next big thing in tech. This narrative is not lost on investors and users who see opportunities in this burgeoning space.　　Asia Business Editor at the FT, Leo Lewis, spoke of his excitement for that one “knockout brilliant product” that will revolutionize the space. Similar to what Apple did with smartphones all those years ago.　　“There‘s a lot of hope attached to the idea that Apple might come up with a pair of goggles that do for VR headsets or that kind of technology, what Apple did back in the mid 2000s for

2022-01-11Deep Dive

How Does the Metaverse Affect Mental Health? A Psychologist Explains

In the metaverse, a person can choose who they are, where they live, who they interact with, what they wear, what their hobbies are, and can even attend events, visit cultural objects, and, in short, do everything everyone is already doing in real life. In the metaverse, they can be the best version of themselves and live as they please – something that is perhaps unachievable in reality.　　Its no news that social media can be a threat to our psychological health. Yet what about the metaverse, the whole new digital life that one can build in a virtual world through a personalized avatar？　　DailyCoin conducted an exclusive interview with a psychology expert, cognitive behavioral psychotherapist Peter Klein about the impact of the metaverse on mental health.　　The Human Need to Connect with Others　　Modern society relies on various forms of communication, Klein said. Therefore the type of connection people experience can vary tremendously. Studies show that in-person relation with others is the healthiest form of communication and confers most benefits towards mental health.　　Due to the globalized and uniform nature of modern society, it is on the one hand harder to achieve face-to-face connection with someone on the other side of the world and

2022-01-10Deep Dive

ONE Sotheby’s Is Selling The First Real-World Home Through The Metaverse Using NFT Technology

Together, ONE Sotheby‘s International Realty and Voxel Architects, along with general contractor and NFT collector Gabe Sierra, are introducing the first ever ’MetaReal mansion that includes a real-world home and a virtual counterpart in the metaverse. The virtual home will live within The Sandbox metaverse, a community-driven platform where creators can monetize voxel assets on the blockchain.　　The buyer of the NFT asset will also acquire ownership rights of the physical home, set to be completed in Miami in Q4 of 2022. This is the first time something like this has been done.　　The home in Miami will be built on a one-acre lot in one of the city‘s most prestigious neighborhoods. It will span 11,000 square feet and include seven bedrooms and nine bathrooms. The virtual property will exactly mirror this, and Voxel Architects is helping to create it. The ’MetaReal‘ Mansion will be auctioned off in 2022 at a yet-to-be disclosed reserve price. The exclusive sales agent for the property is Michael Martinez of ONE Sotheby’s, who plans to execute the transaction on the Ethereum blockchain.　　“The metaverse counterpart of the home will serve as an extension of the real-world home, allowing the buyer to host in-home meetings, events and parties

2022-01-10Deep Dive

PayPal Working On Its Own Cryptocurrency, But Why?

American fintech company PayPal is reportedly planning to launch its own cryptocurrency in the future. Paypal originally opened crypto trading for its U.S. users back in 2020, enabling people to buy and sell Bitcoin, Litecoin, Ethereum, and Bitcoin Cash, before expanding its crypto operations last year. However, the companys latest plan is even more ambitious as it looks to debut its own digital token going forward.　　Cryptocurrencies have seen increasing acceptance in mainstream society over the past couple of years, both within and outside the U.S. Late last year, the first Bitcoin ETF began trading at the New York Stock Exchange (NYSE). A few weeks later, Americas largest movie theater chain, AMC Theaters, announced plans to accept Bitcoin and other cryptocurrencies for online payments. However, one of the most significant victories for cryptocurrencies came earlier in the year when El Salvador declared Bitcoin legal tender.　　In a statement to Bloomberg News this week, Paypals Senior Vice President of crypto and digital currencies, Jose Fernandez da Ponte confirmed that the company is “exploring a stablecoin.” He also promised that the company would work with the regulators to make its plans come to fruition. Stablecoins, for those unaware, are digital tokens whose values are

2022-01-10Deep Dive

HOW TO USE A BITCOIN HARDWARE WALLET

This is not a guide on the most advanced security for your bitcoin holdings. It is an easy way to improve on what most people do. It is not about any one type of hardware wallet, but hardware wallets in general.　　Aiming for extreme security right from the beginning is an unreasonable expectation; it must be done in stages, otherwise, you will have gaps in understanding, and such gaps are a security risk. It‘s also a security risk to blindly follow advice if you are going to self custody; you need to understand some of what you are doing, too. This series is about what I call “Level Three” of my ZeroTrust System — getting coins off of the exchange and into your own custody with a hardware wallet. This is something Bitcoiners regularly advise newcomers to do, and it’s excellent advice. (For those interested, here is a detailed explanation of why keeping bitcoin on an exchange is a bad idea.)　　As you can see from the ZeroTrust system, there are lots of things you can do, but getting all of your bitcoin off of the exchange is an important early step. Dont forget to go back to level two as well

2022-01-10Deep Dive

50% of global financial transactions might involve Ethereum in 10 years

Joey Krug, co-chief investment officer of cryptocurrency-centered hedge fund Pantera Capital has said Ethereum has prospects of becoming an integral player in the global financial system.　　In an interview with Bloomberg, Krug projected that over 50% of all financial sector transactions might involve Ethereum citing the assets underlying technology.　　He stated that despite Ethereum facing competition, the platforms position might go unchallenged, citing aspects like minimal trade-offs.　　“There‘s too many trade-offs other chains are making that Ethereum is not making on the decentralization side that are pretty important. … If you roll the clock forward 10 to 20 years, a very sizable percent, maybe even north of 50%, of the world’s financial transactions in some way, shape or form will touch Ethereum,” Krug said.　　According to Krug, before Ethereum achieves the milestone and shakes off competition, the ongoing network development will play a key role.　　He believes that once Ethereum migrates to the proof-of-stake protocol, the platform might act as a base for competitors to set up their projects.　　Pain point in transaction fees　　In general, Ethereum has been among the stand-out platforms registering significant use cases in the decentralized finance and non-fungible tokens (NFTs) sector.　　Consequently, Ethereums value surged significantly. However, the network still faces a significant

2022-01-10Deep Dive

President Bukele Insists “Inactive” Conchagua Volcano Is Perfect To Power El Salvador’s Bitcoin City

Steve Hanke‘s outburst against President Bukele’s Bitcoin policy this week has escalated to a whole new level, prompting Bukele to zero in on the economists remarks in a not-so-presidential manner.　　It all started on Thursday after Steve likened El Salvadors anticipation for the proposed Bitcoin City to Florida preparing for snow, insinuating that it was just a fad. Rubbishing the Conchaguo volcano as an inactive volcano unfit to produce energy, the economist went on to call out Bukele for what he termed as “attention-grabbing antics from a narcissistic president who is full of hot air.” Bukele who did not take the statement lying down retorted by calling Steve an “ID-10t”.　　Bukeles Defends His Volcano Energy Plan　　But the saga did not end there. “How much energy can you extract from the inactive Conchagua volcano？ Wheres the feasibility study？” Steve asked yesterday after a ton of insults from Bukeles supporters, “El Salvador already has an enormous energy deficit ve got a 90% chance of finding at least a +42 MW well. Enough to power all of Bitcoin City.” He says before adding “And if the city grows far more than expected (good problem), then we can still use the 95 MW plant we are

2022-01-10Deep Dive

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