Crypto Guides, Knowledge & Insights

KYC-FREE BITCOIN CIRCULAR ECONOMIES: FREE THE MARKETS, FREE THE WORLD

WHAT IS A CIRCULAR ECONOMY？　　A Bitcoin circular economy is a free market where you can trade any products or services for bitcoin, including daily needs like food, jobs and housing.　　The state censors fiat markets via regulations, permits and KYC. In comparison, a Bitcoin circular economy is peer-to-peer and meritocratic — no state permission or government ID is required to participate.　　Practical examples include local Bitcoin marketplace groups in Telegram, a farmers market that accepts bitcoin, KYC-free apartment rentals or a Bitcoin health insurance. More use cases are covered in this article.BITCOIN FIXES THIS — A LIBERATORY CURRENCY FOR LIBERATORY MARKETS　　Bitcoin doesnt only separate money and state, it also separates markets and states. A Bitcoin circular economy is based only on supply and demand — no state regulations, bans, KYC, permits, subsidies or quotas are necessary. This creates meritocratic free markets, where your skills, ideas, character and effort matter more than the states permission.　　Bitcoin is the perfect currency for a truly free market. Bitcoin provides a secure, globally accessible, permissionless, peer-to-peer network to send, receive, earn, spend and save money — without third parties, government ID, censorship, seizures, high fees or long wait times. You can send money to anyone worldwide, which

2022-01-03Deep Dive

Bitcoin hashrate recovers, reaches new ATH

At the peak of Chinas crackdown on Bitcoin miners and trading activities within its jurisdiction last year, the Bitcoin mining hashrate declined to an all-time low of 58.4 million terahashes per second as many miners were taken out of business due to the strict anti-crypto policy.Bitcoin hashrate reaches new ATH　　However, a new Glassnode data has now revealed that the Bitcoin hashrate has now fully recovered from the lows of last year and has also gone ahead to set a new all-time high just two days into the new year. According to the data, the Bitcoin hashrate now sits at an all-time high of 208 million terahashes per second.　　Bitcoin hashrate refers to the amount of computational power dedicated to the minting of new coins, security and, verification of transactions on the network of the flagship digital asset.　　A higher hashrate usually signifies that there are more miners in the space looking to help secure the network; hence, some analysts tend to consider this a bullish sign for the industry.Bitfury says miners relocation is not responsible for the growth　　Speaking on how the industry has been able to shed the negatives of the previous year, a leading crypto mining firm, Bitfury, in a statement

2022-01-03Deep Dive

Binance, FTX To Dominate Bitcoin Futures in 2022, But DEXes Also Gaining Ground – Report

The major cryptocurrency exchange Binance will continue to dominate the bitcoin (BTC) futures market in 2022, with competition from FTX heating up. At the same time, more stringent regulations mean all centralized exchanges will be challenged by decentralized alternatives in the new year, crypto researcher Arcane Research has predicted.　　Activity in the market for bitcoin futures trading has undoubtedly been dominated by Binance over the past year, Arcane Research wrote in a new report. The exchange, which originally started as a spot-only exchange, was the largest bitcoin futures exchange by open interest for 308 days out of the 360 days covered, the report said, while also showing that the trend in market share has been up for Binance throughout the year.　　But while the popular exchange is gaining market share from some competitors, others are putting up a fight. Most notable among these is FTX, which has seen its share of open interest in the bitcoin futures market grow throughout the past year.　　Looking into the crystal ball for the next year, Arcane said that, 　　“Binance will maintain its position as the biggest bitcoin futures exchange by open interest,” but it will also “face fierce competition” from FTX.　　After consistent growth in its market

2022-01-02Deep Dive

El Salvador Bitcoin App Should Have Been Audited Long Ago, Claims Ex-Central Bank Chief

A former Governor of the central bank of El Salvador has claimed that the state-run Chivo bitcoin (BTC) app would have already been shut down by regulators if it were a private company.　　According to El Diario de Hoy, the ex-head of the Central Reserve Bank of El Salvador Carlos Acevedo has hit out at the state-run company that operates the wallet. Chivo, newspaper and social media reports claim, has been plagued with bugs that have affected functionality. Merchants have complained that payments using the app have failed, while claims of widespread identity theft have become commonplace.　　Many public figures who say they have never used or downloaded the app say their personal details have been used by online crooks intent on claiming the USD 30 worth of BTC to which all new Salvadoran users are entitled when they first use Chivo.　　Acevedo berated the fact that “no public institution has investigated” the alleged “problems” with the Chivo wallet – hinting that the app operator is enjoying protected status due to the fact that it is a state-owned company.　　He stated:　　“If that company were a [privately run] firm, at the very least the Superintendency of the Financial System and the Defensoría del Consumidor [the

2022-01-02Deep Dive

Crypto in 2022 Will Bring New and Older Emergent Trends to the Fore

Crypto is an emergent phenomenon. Put simply, this means it has properties that we cant extrapolate from the properties of its parts, or to put it even more simply, no one knows exactly what crypto will do in the future.　　Still, this doesnt stop analysts and other observers from hazarding predictions, given how much money could be at stake. And given that 2021 threw up so many new, emergent trends in crypto and related sectors, from non-fungible tokens (NFTs) to the metaverse and Web 3.0, so it stands to reason that 2022 will do something similar.　　But while industry players speaking with Cryptonews.com agree that the New Year will produce trends that have remained marginal up until now, they also expect many of last years emergent trends to mature and gain even more steam. And this will help attract new money and interest to the sector, a change which in turn will set off new emergent trends of its own.New emergent trends in crypto　　When it comes to newer emergent trends, opinion differs quite widely on what sub-sectors will become more prominent in 2022. This isn‘t perhaps surprising, seeing as how we’re dealing with the inherently unpredictable (and seeing as how different industry

2022-01-02Deep Dive

Which crypto and blockchain companies could IPO in 2022?

It seems 2022 could most definitely be another potent year for stock market debuts (IPOs) as many well-capitalised crypto-related and blockchain companies head for the exit.　　Next ‘Tesla’ or ‘Amazon’ IPO could possibly offer similar levels of stratospheric upside but also heaps of money lost.　　Reports show that in the period between 1975 and 2011, more than 60% of newly public companies saw negative returns after five years.　　Some of the top picks for who we think could go public next year are:Stripe　　With the valuation of $95 bn, Stripe could go public already in the first half of 2022.　　In November, the company commented it is open to accepting crypto for payments, three years after ending Bitcoin support.　　In its last funding round, Stripe managed to raise $600m with a $95bn of valuation, this could make this company one of the biggest IPOs in history thanks mainly to rocketing demand for e-commerce due to the pandemic.Databricks　　Valued at approximately $28bn, this data management blockchain company could go public in early 2022.　　The company claims to have more than 5,000 clients in 19 countries and says its on track to generate $1bn plus in 2022 revenue, up more than 75% year over year.Cybereason　　Boston-based cybersecurity company Cybereason has a

2022-01-02Deep Dive

Bank of Mexico planning to launch CBDC by 2024

The Bank of Mexico took to Twitter to announce their plans to launch a central bank digital currency (CBDC) by 2024.　　The announcement stated that the Banxico (Bank of Mexico) will have its own CBDC in circulation by 2024 as it considers “these technologies and state-of-art payments infrastructure as options of great value.”Bank of Mexico confirms plans to launch CBDC　　According to the tweet originally written in Spanish, Banxico is planning to launch the CBDC, which will be in circulation by 2024. The tweet also stated that the decision has been made after considering “these new technologies and next-generation payment infrastructure are extremely important as options of great value to advance financial inclusions in the country.”　　Earlier, Jonathan Heath, deputy governor of Banxico, while attending a video conference organized by S&P, had unveiled plans to introduce CBDCs by 2024, as reported by Mexican publication El CEO. 　　The CBDC that Banxico will launch will presumably be pegged to the price of the Mexican peso and will be managed and administered on a digital ledger. CBDC popularity surge 　　The term central bank digital currency refers to the virtual form of fiat currency. The concept has been gaining considerable momentum lately as it offers financial inclusion

2022-01-02Deep Dive

Nike makes crucial Metaverse move following acquisition of NFT collectibles firm

Mid-December saw Nike announce the acquisition of RTFKT Studios, which they describe as “a leading brand that leverages cutting edge innovation to deliver next-generation collectibles that merge culture and gaming.”　　The sporting goods giant did not disclose the terms of the deal. But given RTFKT‘s track record in the NFT space, almost everyone agrees this buyout reflects part of Nike’s strategic push towards the Metaverse.　　Commenting on the acquisition, RTFKT co-founder, Benoit Pagotto, said both firms share commonalities in innovation, creativity, and community. Pagotto added that the move would see RTFKT expand its Metaverse operations.　　“Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity and community, and were excited to grow our brand which was fully formed in the metaverse.”Nike is no stranger to NFTs　　RTKFT was founded in January 2020 by friends Benoit Pagotto, Chris Le, and Steven Vasilev. Their collective vision was to create next-generation Metaverse designs.　　“RTFKT uses the latest in game engines, NFT , blockchain authentication and augmented reality, combined with manufacturing expertise to create one of a kind sneakers and digital artifacts.”　　The firm also bridges the physical world in what they call “forging.” This involves certain NFTs being created into

2022-01-01Deep Dive

The number of installed Bitcoin ATMs more than doubled in 2021

More than 20,000 new Bitcoin ATMs were installed around the world since the beginning of 2021, according to Coin ATM Radar that keeps tabs on all the locations where crypto can be bought and/or sold for cash.　　2020 ended with 12,869 Bitcoin ATMs installed around the globe, and during the past year, that number climbed to 34,013 operational machines.Geographical distributions　　Coin ATM Radars chart showing the number of machines installed over time reveals an exponential growth.　　Although they can be found in almost all corners of the world, their distribution remains concentrated–with roughly 95% of the running machines being located in North America.　　The US accounts for roughly 88% of the total number with 29.990 machines, followed by neighboring Canada–with a little over 2,229 machines.　　El Salvador takes third place with 205 ATMs, followed by Spain and Austria, with 197 and 142 machines respectively.　　ATM-supported cryptocurrencies vary–with most devices allowing access to Bitcoin, Ethereum, and Litecoin.Cash to crypto　　With over 14,000 devices installed, Genesis Coin is by far the biggest player in the market–as far as manufacturers go.　　The US company based in San Diego, CA, manufactured over 40% of the ATMs out there.　　Czech company General Bytes follows with 7,561 (22.2%) installed machines, while Canadian manufacturer BitAccess takes

2022-01-01Deep Dive

OpenSea freezes $2.2M of stolen Bored Apes

Art gallery owner Todd Kramer had his valuable NFT collection stolen from his hot wallet yesterday, so OpenSea froze the stolen assets worth about $2.2 million.　　NFT marketplace OpenSea has frozen 16 Bored Ape and Mutant Ape nonfungible tokens (NFT) after they were reportedly stolen yesterday from a New York art gallery operator.　　In total, one Clonex, seven Mutant Ape Yacht Club, and eight Bored Ape Yacht Club NFTs currently valued at about 615 ETH ($2.28 million) were stolen and are now not able to be traded on OpenSea.　　The toddkramer.eth account, which links to the Ross+Kramer Art Gallery in New York, fired off a series of tweets detailing the 16 NFTs that were stolen from his hot wallet and pleading with OpenSea and the NFT community for help. While the NFT community was often unsympathetic to the traders plight, OpenSea froze trading on the stolen items.　　@gidwellsoon @Tob_Opensea @j1mmy I have been hacked. Please Help　　Ape 2771　　Ape 6416　　Ape 1623　　Ape 1708　　Ape 8214　　Ape 7528　　Ape 9988　　Ape 9410　　Mutants 25057　　Mutant 11177　　Mutant 28752　　Mutant 24718　　Mutant 2436　　Mutant 9278　　Mutant 2434　　Clonex 6801　　— toddkramer.eth (@toddkramer1) December 30, 2021　　The freeze on buying and selling the NFTs have some traders decrying a lack of decentralization, one of the cherished aspects of the crypto industry. One Twitter commenter

2021-12-31Deep Dive

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