Crypto Guides, Knowledge & Insights

This Former Banking Giant CEO Says Banks Will Start Crypto Trading in 3 Years

The former boss of Citigroup Inc., Vikram Pandit predicted that the majority of financial institutions will begin cryptocurrency assets trading in lieu of the decentralized industry‘s inevitable growth. Pandit spoke at the Singapore Fintech Festival event and told Bloomberg that the ’shift will be implemented sooner than later, within merely one to three years.　　In “one to three years, every large bank and, or securities firm is going to actively think about ‘shouldn’t I also be trading and selling cryptocurrency assets？”, Pandit told Bloomberg.　　Furthermore, Pandit who has invested in decentralized crypto businesses like, Coinbase Inc. and Alchemy Insights Inc. has also emphasized the importance of Central Bank Digital Currencies (CBDCs), calling them a “big hope”. He noted that Central Banks around the world need to accept and adopt CBDCs if not the decentralized crypto, as economies prepare to step into Web3.　　“My big hope is that central banks around the world understand the benefit of a central bank digital currency, and move on to accept, adopt them…a central bank digital currency, which is available to you and me, and every other retail participant around the world,”, Pandit told Bloomberg. He further added that cross-border transactions and the attempt to modernize a paper-based,

2021-11-09Deep Dive

This Ethereum project is bringing ‘virtual lifestyles’ to NFT metaverse Decentraland

Connecting the metaverse with the Universe Boson Protocol has a mammoth task ahead, but bringing the fashion creations of some of the best virtual designers offline seems inevitable as the followers grow for labels like DRESSX, MetaFactory, and others.　　Boson Protocol already uses smart contracts to power commerce. With their new portal, users can buy or earn products both in the metaverse as well as physically. Items tokenized as Boson commitment NFTs and allow these NFTs to be redeemed for physical goods or services. 　　Selling physical goods as NFTs seems like a likely progression in the world of NFTs. With wearables now cemented as the new toys for collectors and avatars wishing to show off their virtual personality, why not bring these items offline, allowing users to buy the physical products seamlessly in the metaverse.Inside the NFTverse on Decentraland　　Which industry will be the first to flourish in this newly bridged world？ Only time will tell but it seems like fashion will play a massive role. Earlier this year Boson Protocol acquired The Glass Suit, a range of digital and physical experiences by renowned fashion brand Dolce & Gabbana.　　This was a clear signal of where Boson was leaning towards in the area

2021-11-09Deep Dive

Ethereum › Adoption Reddit could onboard 500 million crypto users with new Ethereum tokens

In a bid to onboard its 500 million monthly active users into Web 3.0, the American social media platform Reddit is working on converting users karma points into Ethereum-based (ERC-20) tokens.　　The so-called Web 3.0 applications, also referred to as ‘dapps,’ typically run on blockchains, or decentralized networks, where participants get incentivized for their participation. Decentralizing social media 　　“Your Karma points will soon be tokens,” wrote Reddit engineer Rahul on Twitter, revealing the platforms plans to boost and improve user interaction through cryptocurrency incentives.　　Your Karma points will soon be tokens ♥https://t.co/FXdEbeynph　　Think　　– community-based decisions.　　– forking subreddits in disagreements.　　And all of this without even losing your community points？　　Its like moving from fb to Twitter without having to rebuild your followers.　　— Rahul ？ (@iamRahul20x) November 3, 2021　　Rahul, who recently joined Reddits crypto team, continued to explain some of the key technicalities behind their plan to decentralize the social media platform.　　“It‘s like moving from FB to Twitter without having to rebuild your followers,” he explained the planned-out transition while assuring users they won’t lose their community points in the process. 　　“Everything will be permissionless, open-source, and decentralized just like crypto,” he added, revealing that he himself is excited to see what DeFi and NFT applications

2021-11-09Deep Dive

Dogecoin (DOGE) community prepares for mainstream adoption, as devs taunt new version

The new Dogecoin Core version, which will ensure that all network participants pay lower transaction fees, is close to being released, according to the developers.　　While the minor version release will enable third-party wallets to support cheaper transaction fees, Dogecoin (DOGE) enthusiasts anticipate the upgrade to spur the token’s mainstream adoption.Finalizing fee reductions　　“It’s not done until we verify the build is good, but sooooon,” taunted Dogecoin developers’ on Twitter, as they announced that the new 1.14.5 version release is almost finished.　　The release will finalize a new minimum fee recommendation for all participants on the Dogecoin network, following the reduction of relay and mining defaults in the previous, 1.14.4 version.　　With the new release, low fees, which were already supported in the current version, will become default.　　The recommended minimum transaction fee for network participants will be 0.01 DOGE per kilobyte.　　With transaction sizes no longer being rounded up to the nearest kilobyte before calculating fees, the developers anticipate simplified fee calculation by third party wallets.　　Besides finalizing Dogecoin’s fee reductions, the upgrade also contains fixes for the two high severity vulnerabilities that affect most Dogecoin Core users.Scalability needed for mainstream adoption　　According to some Dogecoin investors, this upgrade is set to provide the scalability needed for

2021-11-09Deep Dive

Robinhood Security Breach Affected 7 Million Users

Trading app Robinhood reported today that a security breach resulted in attackers gaining access to user information.　　Millions of Users Affected　　According to Robinhood, attackers obtained the email addresses of 5 million users and the full names of another 2 million people.　　Furthermore, 310 people had additional information stolen, including their name, date of birth, and zip code. 10 of those customers had “more extensive account details revealed.” The company says that no financial information—such as SSNs, bank account numbers, or debit card numbers—was stolen. Furthermore, no customers experienced financial loss.　　Robinhood added that the attacker responsible demanded an extortion payment to prevent the information from leaking, but did not say whether it complied with those demands. The company says that it informed legal authorities of the incident and that security firm Mandiant is carrying out an investigation. Robinhood reports that the incident happened late during the evening of Wednesday, Nov. 3 but did not give an exact time.　　Other Companies Have Been Targeted　　Various other crypto companies have seen less severe data leaks following the same pattern. In late October, CoinMarketCap leaked the email addresses of approximately 3 million users.　　Other companies that have suffered similar attacks include Celsius, Ledger, and BitMEX. Though those companies did

2021-11-09Deep Dive

New Fed Report Ranks Cryptos/Stablecoins in Top 5 List of Risks to U.S. Financial Stability

In its latest Financial Stability Report published Monday, the U.S. Federal Reserve ranked cryptocurrencies and stablecoins among its top risks to U.S. financial stability over the next 12-to-18 months.　　Fed risk matrix ranks cryptos and stablecoins just behind U.S.-China tensions　　The Fed report is printed twice a year, once in the spring and again in the fall, and its current edition includes this chart below from Page 67, that rates crypto/stablecoins as the fifth most serious risk to financial stability - tucked between U.S.-China tensions and climate issues.　　 Why are stablecoins such a threat？　　The report section regarding stablecoins described them as digital assets that are issued and traded on blockchains, which are “purported” to be pegged to a stable off-chain asset such as gold, fiat currencies, or government bonds. The report also noted that the value of stablecoins has exponentially grown fivefold during the past 12 months to $130 billion as of October 2021.　　Here are the main reasons for concern cited in the Feds publication:　　The largest stablecoins by market cap promise to be redeemable at any time at a stable value in U.S. dollars, but each token is not necessarily backed 1:1 with a fiat equivalent. Instead, some stablecoins are backed by

2021-11-09Deep Dive

This Country could be Next to implement Crypto Legal Tender

The latest update from Zimbabwe authorities has confirmed that the government is in consultation with the private market to legally adopt crypto payment services. According to local news, the exclusive Computer Society of Zimbabwe information communication technologies Summit saw the Permanent Secretary and Head of e-government Technology Unit in the Office of the President, Charles Wekwete ascertain that the authorities are undergoing talks with the private sector on how to implement crypto payments in routine use.　　However, he also noted the drawbacks of the decentralized sphere including, unregistered cross-border movement, externalization of funds, money laundering, and illicit flow of funds to further finance illegal or criminal activities. Wekwete stated that the authorities are working towards carving out policies to protect the consumers as well as facilitate a better future of finance for the nation. Henceforth, the government has approached several sectors to acquire perspectives from different walks of life before making any radical policy changes.　　“Governments are still trying to understand and properly trying to create policies on how to deal with it. In our case, initially, we were trying to understand their implication because they are a fundamental departure from previously known financial instruments and there are a lot of fears

2021-11-08Deep Dive

Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowing Theory

Bitcoin entrepreneur John Carvalho might be on to something. In a recent episode of the Tales from the Crypt podcast, he posed his theory on why did China shot itself in the foot by banning Bitcoin mining early in the year. We at NewsBTC have been racking our brains trying to come up with possible reasons for the bizarre decision.　　Are they making way for their CBDC？ Is the CPC cutting the wings of Chinese Billionaires in all areas？ Were they already losing the hashpower battle？ Is China having energy problems？ Is this an ESG issue？ Were they closing the exit ramps before the Evergrande collapse？ Is Bitcoin just too dangerous？ Why would they retire from a billion Dollar business that they controlled？ Why？ WHY？　　The interviewee summarizes our position with one phrase, “I refuse to believe that China is stupid.” According to Carvalho, they‘ve made too much money in the mining business alone, and they also control the ASICs manufacturers. Not only that, mining machines inflate the value of chips. And they control that business too, alongside Taiwan and South Korea. Why would they shoot the goose that laid the golden eggs？ It just doesn’t make sense… unless…Carvalho‘s Mind Blowin Theory　　Warning:

2021-11-08Deep Dive

Fintech startup Revolut amps up crypto hiring amid renewed interest in the sector

A job description posted on Revoluts LinkedIn page indicates that the London-based fintech startup is looking forward to recruiting a tech team that will assist the firm in building its crypto exchange.　　According to the official job posting, digital bank Revolut is looking to hire a tech team that will lead the company towards establishing its autonomous crypto exchange.　　The bank is looking for candidates experienced in the crypto/tech industry with credible experience in order matching engines, the kind that is used in crypto exchanges.Revolut‘s new plan　　Financial service providers and institutions have shown great interest in the developing cryptocurrency space. Revolut’s recent inclination towards launching its cryptocurrency exchange can help the digital bank solidify its position as a leading service provider in the cryptocurrency sector. Currently, the bank hosts 16 million customers worldwide and offers access to 50 cryptocurrencies.　　Revoluts plan to build a crypto exchange will also assist the bank in diversifying its service portfolio. Establishing a crypto exchange could further help the bank acquire additional cash flow in the future, which in turn can assist the bank in creating a steady channel of revenue in the long run.　　It was previously reported that the bank has been looking forward to launching an

2021-11-08Deep Dive

Ethereum (ETH) will soon be available on crypto exchange Bakkt

Bakkt Holdings, Inc. announced last week that it is soon offering users and partners the ability to buy, sell, and hold Ethereum (ETH), the worlds second-largest cryptocurrency by market cap.　　Users can also send Ethereum to family and friends directly through the Bakkt App. With the addition of Ethereum to its existing capabilities with Bitcoin, Bakkt will offer users the ability to access two cryptocurrencies representing more than half of the total market value of all cryptocurrencies.　　“Bakkt users have already enjoyed the apps capabilities to leverage bitcoin and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets,” the exchange said in a statement.Why add Ethereum？　　Bakkts addition to Ethereum comes at a time of growing interest and adoption of cryptocurrencies. 　　In its “U.S. Consumer Crypto Survey,” Bakkt found nearly half of respondents had bought some form of cryptocurrency within the last year, underscoring the growing popularity of cryptocurrency. Many non-adopters also expressed interest in adopting the asset class before 2021 ends.　　Now, in addition to bitcoin, partners can integrate with the Bakkt platform to enable their users to buy, sell and send Ethereum. Institutional clients can also choose the Bakkt Warehouse for

2021-11-08Deep Dive

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