Crypto Guides, Knowledge & Insights

Zimbabwe Government Denies Reports of Adopting Bitcoin as Legal Tender

Zimbabwes ministry of Information, Publicity and Broadcasting Services has confirmed that the country has no plans to adopt Bitcoin as an alternative cryptocurrency despite multiple media reports.　　The Zimbabwe dollar will remain the only currency in the hyperinflation-stricken country.　　On Nov. 7, local news portal Bulawayo24 reported that the Zimbabwean government had had discussions with private sector players about making crypto legal tender.　　RelatedApple CEO Says He Owns Crypto In Response to Question About Bitcoin and EtherThe report was then picked up by some cryptocurrency news outlets and was shared by major crypto influencers.　　El Salvador, a small tropical country in Central America, made history earlier this year by adopting Bitcoin as its official currency.　　Other countries, however, are yet to follow suit. Last month, Mexican President Andres Manuel Lopez Obrador definitely ruled out adopting the flagship coin as an official currency.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-11-10Deep Dive

What is Fantom? Cryptocurrency price prediction and value explained

Fantom has performed strongly and its value has gone up in recent weeks.　　The price of the coin reached a new high last month of $3.47 - thats up from just $0.016 at the start of the year.　　The price has since eased off slightly to $3.07 but some experts are predicting it has further to run.　　According to CoinMarketCap, the coin is up 6.35% in the past 24 hours and has a market cap of $7.82 billion.　　The furore around Fantom comes from the fact that some experts think it could go on to become a bigger, better version of Ethereum.　　Ethereum is the second-largest cryptocurrency behind Bitcoin, so this would be no mean feat.What is Fantom？　　Fantom was founded by a South Korean computer scientist in 2018.　　It is a blockchain platform and can run what are known as smart contracts.　　These are programs that allow blockchains to run more advanced transactions than just sending cryptocurrency from one person to another.　　According to the Motley Fool, smart contracts are used in establishing ownership of non-fungible tokens (NFTs) and decentralised finance (DeFi).　　Ethereum was the first cryptocurrency to offer smart contracts, but Fantom is not the only rival out there and others are now promising to do the same

2021-11-09Deep Dive

Solana-based AMM Saber turns to Chainlink for price feeds

Saber, the leading Automated Market Maker for trading stable pairs on Solana, is excited to announce its support for the deployment of a wide range of Chainlink Price Feeds on Solana。　　Chainlink Price Feeds are the industry standard for secure and reliable price oracles, already helping secure tens of billions of dollars across top DeFi projects.Chainlink feeds for supporting Solana dApps　　To start, the following Chainlink Price Feeds will be deployed on Solana: USDC/USDT, mSOL/SOL, UST/USDC, stSOL/SOL, wFTT/FTT, wSRM/SRM, and SBR/USD. Saber recommends that any project integrating support for Saber LP tokens or SBR uses Chainlink Price Feeds as their oracle solution for the most up-to-date price data for these pools.　　These Chainlink-powered decentralized price oracles will enable developers to accurately and securely generate valuations on Saber LP tokens and the Saber native token (SBR) when performing key on-chain functions such as issuing loans based on Saber LP token collateral.　　Ultimately, this will accelerate the adoption of Saber LP tokens throughout the many new and existing DeFi protocols being built on Solana. Chainlink Price Feeds will be key in increasing the utility of Saber because it enables liquidity providers to earn yield while still having active liquidity for their staked assets.　　Saber is one of

2021-11-09Deep Dive

Ethereum Surges past $4,800 To New ATH, Crypto Analyst Says Brace For Further Upside

Ethereum has once again broken another all-time high. The digital asset set the new record following along with bitcoins run that saw the latter set a record of its own above $68,000. Ethereum has been on a bullish roll lately and has not slowed down as momentum continues to stay up. This time, ETH had pushed past $4,800 to peak at $4,842.　　As with any rally to a record high, the question now is where the asset ends up from here. The market is particularly bullish on Ethereum given its history of outperformance and various use cases that make it one of the most valuable blockchains in the space. Crypto analyst Benjamin Cowen has proven to share this bullish sentiment as he maps out what lies ahead for ETH in the coming months.Ethereum Trending Higher　　Analyst Benjamin Cowen is one of the better-known names on YouTube when it comes to crypto market analysis. The analyst had correctly predicted the summer lull for Ethereum after the digital asset had had a monstrous bull run, preparing investors for what would be a brutal month. Now, again, Cowen has come out with further analysis for the altcoin, but this time, with better optics.　　The analyst starts

2021-11-09Deep Dive

Benefits of CBN Newly launched e-Naira, first Nigeria’s Digital Currency

Central banks play an essential role in the economy by providing a robust, safe, efficient,　　and inclusive payment system. They provide monetary and financial stability as well as　　the safest form of money to the populace - Central Bank Money. As technology evolves　　and advances, it is critical that Central Banks also evolve to continue to play their role　　and Central Bank Money adapts to take advantage of these opportunities provided by　　new technologies. Today is one of those moments where new technology offers the　　central bank an enormous opportunity to play its role even better, thereby improving the　　society and economy of their nation.　　The Central Bank of Nigeria (CBN) began its CBDC journey in 2017, with extensive study,　　consultations, identification of use cases and the testing of the CBDC concept in a　　Sandbox environment.　　Based on this preliminary work, the CBN is now ready to launch Nigerias CBDC – the　　eNaira. The eNaira is the digital equivalent of the cash Naira. Put simply, same Naira,　　more possibilities. The eNaira – like the physical Naira – is the official tender of Nigeria　　and is a liability of the CBN. The eNaira and Naira will always be exchanged 1:1.　　The CBN believes the eNaira will make a significant positive difference to Nigeria and　　Nigerians, including:　　• Improving

2021-11-09Deep Dive

Cryptocurrency Market Value Blows Past $3 Trillion

The cryptocurrency market is now worth more than $3 trillion.　　The little more than a decade old market for digital assets has already roughly quadrupled from its 2020 year-end value, as investors have gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functionality. Excitement about the possibilities of decentralized finance and non-fungible tokens is growing, and memecoins like Dogecoin and Shiba Inu continue to attract attention.　　“Bitcoin appears to be pushing out of a bullish flag pattern, and Ether is likely to confirm a long-term breakout on a close above resistance this Friday,” said Katie Stockton, founder and managing partner of Fairlead Strategies, in a note.　　As of 9:54 a.m. in New York, the overall market cap of cryptocurrencies hit $3.3 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week.　　Bitcoin rose as much as 5.6% on Monday to $66,414, nearing its previous record of about $67,000. Ether advanced as much as 3% to a new high of $4,768.　　Crypto companies such as miners Marathon Digital

2021-11-09Deep Dive

Bitcoin Blasts Past $68,500, Hitting New Record High

Bitcoin, the oldest and biggest cryptocurrency, hit a new record high of $68,564 on the Bitstamp exchange at 3:58 a.m. UTC.　　It is up 11.73% since the start of November after logging a 42.26% price increase in October.　　The flagship coin is now worth $1.289 trillion, and its on the verge of surpassing the market cap of silver.　　Bitcoins market dominance has spiked to 43.8% because of the price increase.　　The crypto king touched $67,000 for the first time on Oct. 20, the day after ProSharess “BITO” exchange-traded fund launched in the U.S.　　After enduring a 15% correction, Bitcoin swiftly recovered from the drop.　　The most recent surge comes after Digital Currency Group CEO Barry Silbert teased “a big week” for the cryptocurrency market.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-11-09Deep Dive

MicroStrategy’s Saylor Reveals Final Catalyst For ‘Trillions Of Dollars’ To Flow Into Bitcoin

Key takeaways　　Bitcoin futures ETFs have been described as inferior to Bitcoin spot ETFs.　　This was a major theme during Bloombergs Financial Innovation Summit where industry heavyweights weighed in.　　According to Michael Saylor, Bitcoin spot ETFs would bring trillions of dollars into the Bitcoin market.　　The cryptocurrency market has welcomed the approval of Bitcoin futures exchange-traded funds (ETFs). The launch of the first two last month was greeted with accolades to the U.S. Securities and Exchange Commission (SEC). But calls have also increased for the regulator to allow Bitcoin spot ETFs.　　During Bloombergs Financial Innovation Summit, the spot ETF debacle kept coming up in conversations. Several crypto-industry heavyweights expressed their thoughts on the matter.　　Basically, the two kinds of ETFs are beneficial for institutional investors as they offer regulated exposure to Bitcoin. But they differ in the way they go about it. Futures ETFs offer indirect exposure by allowing investors to pitch their tent with funds that hold Bitcoin futures contracts. A Bitcoin spot ETF will in contrast hold Bitcoin on its balance sheet, which means direct exposure for investors.　　While ProShares‘ and Valkyrie’s Bitcoin futures ETF offerings have been impressive, key crypto market figures think that a spot settled Bitcoin ETF would be more effective and

2021-11-09Deep Dive

Solana’s native wallet Phantom just hit over 1 million active users

With Solana becoming increasingly popular amongst crypto enthusiasts, available information has shown that Phantom, Solana’s native crypto wallet, just crossed one million active users leveraging on NFTs popularity and the bull run that saw the asset become one of the top 5 crypto assets by market cap.Solana price rise　　The “Ethereum killer” is now among the top 5 crypto assets after its market cap rose to over $74 billion during the weekend. During this meteoric rise, the asset was able to flip Cardano and Tether to now sit fourth on the list.　　Per data from CoinMarketCap, Solana has seen its value rise by 18% within the last seven days. Though, some of the gains have been lost within the last 24 hours as its value dropped by almost 4%; however, it is still trading for $245 as of press time.　　Interestingly, we reported that analysts in a recent survey have predicted that the asset could rise to $250 before the end of the year.Phantoms NFT link　　There is no denying the fact that NFTs have become more mainstream than they used to be in previous times. While Ethereum-based tokens still dominate the space, those built on the Solana blockchain have begun a rise of

2021-11-09Deep Dive

How this Bitcoin privacy wallet inspired a community “torch passing” of BTC private keys

An often-quoted Bitcoin criticism is the lack of privacy due to the BTC blockchain being an open ledger visible to all. But Mercury Wallet looks set to change that with its layer-2 privacy solution.　　Last month, Mercury Wallet announced the beta release of its privacy-enabled wallet. The technology theyve developed allows users to securely send private keys while incorporating an integrated link to the CoinSwap dex to facilitate the swapping of keys.　　The development team behind MercuryWallet built engineered a clever way of sending private keys across the other users and also built the first bitcoin CoinSwap implementation on MercuryWallet, essentially allowing users to swap keys.　　Not only does this pave the way for greater privacy on the Bitcoin network, but it also significantly enhances BTC scalability as well.　　The team thinks the Mercury Wallet will be the most significant leap forward for Bitcoin since the Lightning Network rolled out in January 2017.How does Bitcoin privacy work on Mercury Wallet？　　Mercury is a Bitcoin layer-2 scaling technology that runs on a newly developed concept called statechains. It enables private keys for BTC deposits (UTXOs) to be transferred securely between parties without an on-chain transaction at the base layer.　　Through this function, users can transfer full Bitcoin

2021-11-09Deep Dive

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