Crypto Guides, Knowledge & Insights

Twitter Supposedly Looking to Adopt Bitcoin Lightning Network for Tipping Service

The social media giant is reportedly working on making Bitcoin another payment method for rewarding content creators on the platform.　　Code within a recent Twitter beta suggests that the company is integrating a Bitcoin payment option for its new “Tip Jar” feature with the help of the lightning network.　　Tipping With Bitcoin　　Though Bitcoin tips are not yet available to beta users, code reveals that it could soon be implemented as a payment option alongside Cash App, Bandcamp, Patreon, Venmo, and PayPal.　　For the unfamiliar, users of the network will be guided through a Bitcoin tutorial, including details about custodial wallets, non-custodial wallets, and the Bitcoin Lightning Network. Given examples of custodial wallets include Zap, Breez, and Phoenix, while examples of non-custodial wallets include Strike, Blue Wallet, and Wallet of Satoshi.　　In particular, use of the new Twitter function would require a Strike account, according to the text:　　“We use Strike to generate Bitcoin Lightning invoices so youll need to connect your account to accept Bitcoin tips”　　The arrival of Bitcoin tips was not unforeseen: Jack Dorsey told investors that Bitcoin would be “a big part of Twitters future” in July. At the time, he specifically mentioned the tip jar as one product that could benefit from

2021-09-02Deep Dive

China mining shock may not be over yet, experts suggest

Earlier this year, the Chinese government took the momentous step to ban any crypto mining operations based within its borders, causing a massive exodus of hashing power — 168 exa hashes per second (EH/s) to nearly 86 EH/s as of June 23, representing a drop of nearly 40% — from China to surrounding countries. 　　As a quick refresher, the hash rate refers to the total computational power needed to acquire a single Bitcoin (BTC). In other words, one can say that while central banks issue fiat currencies, miners are provided with new Bitcoin for solving pieces of complex mathematical code referred to as blocks.　　Prior to the ban, China laid claim to 65% of the worlds total Bitcoin hashing power. Since the aforementioned move, however, a massive number of mining pool operators have packed up their suitcases and left for greener pastures. In one example, Canadian mining firm Bitfarms noted that its revenue had increased by nearly 30% quarter-over-quarter in Q2 2021, with the company mining 26% more BTC than it had done so in comparison to the previous quarter.What‘s happening exactly？　　After a couple of months of turmoil, BTC’s hash rate levels now seem to have stabilized once again, with numbers

2021-09-01Deep Dive

TWITTER BETA TESTING BITCOIN LIGHTNING TIPPING SERVICE

Twitter is now testing the ability to tip users in Bitcoin through Jack Mallers lightning network app Strike, according to The Block and a post on MacRumors.　　Code within Twitter beta suggests that the Bitcoin tipping service is currently being tested. Mobile developer Alessandro Paluzzi tweeted an image of what the feature looks like so far.　　According to The Block, the new lightning service will be Strike enabled and also support Squares forthcoming hardware wallet. The company also lists Blue Wallet and Wallet of Satoshi as examples of custodial wallets and Breez, Muun, Phoenix and Zap as examples of non-custodial wallets. Twitter will also use Strike to produce Bitcoin invoices. For now, Twitter users will need a Strike account to receive tips in Bitcoin.　　“We use Strike to generate Bitcoin Lightning invoices so youll need to connect your account to accept Bitcoin tips,” the instructions read.　　The Bitcoin developments at Twitter follow through with promises by CEO Jack Dorsey made in July. It was implied then that Bitcoin would be enabled in the Tip Jar service. He suggested also that Bitcoin could be used for Super Follows, Commerce and Subscriptions.　　Jack Dorsey has doubled down on his interest in all things Bitcoin lately, including increasing

2021-09-01Deep Dive

MetaMask surpasses 10 million MAUs, is now the world’s leading non-custodial crypto wallet

ConsenSys, the market-leading blockchain technology company founded by Ethereum co-creator Joseph Lubin, announced today that MetaMask now has more than 10 million monthly active users, as per a release shared with CryptoSlate.　　This represents a 19x growth compared to July 2020 and positions MetaMask as the leading non-custodial wallet by users globally. MetaMask is both a mobile app and browser extension that functions as a cryptocurrency wallet for interacting with the Ethereum blockchain and any Ethereum-compatible network like Polygon, Arbitrum, and Optimism.The Drivers Behind MetaMask‘s Growth　　MetaMask’s exponential growth has tracked closely with that of the Ethereum ecosystem. In 2019, $2 billion in crypto assets was committed to Decentralized Finance (DeFi). Today, Ethereum supports a flourishing Decentralized Finance (DeFi) ecosystem with over $80 billion in assets under management.　　MetaMask is the primary way a global user base interacts with DeFi applications, along with the vast universe of approximately 17,000 unique Web3 domains, which include rare digital goods marketplace OpenSea and NFT-based online games.　　MetaMask was first created in September 2016 and has been a central catalyst in the adoption of decentralized applications on Ethereum. The launch of the mobile version in September 2020 has played a crucial role in rapidly bringing new users from

2021-09-01Deep Dive

Dogecoin ‘Pump And Dump’ Cycle Could Send The Memecoin Soaring By The End Of 2021

Dogecoin, the tongue-in-cheek, meme-based cryptocurrency that exploded into the crypto top ten this year, has added 25% to its price this week (subscribe now to Forbes CryptoAsset s latest surge higher, a panel of cryptocurrency experts predicted the memecoin could be worth 42 cents by the end of 2021—an increase of 60% from its current level—thanks to the “pump and dump” cycle.　　Sign up now for the free CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday

2021-09-01Deep Dive

Use blockchain to monitor security creation: Sebi to depositories

New Delhi: Markets regulator Sebi on Wednesday asked depositories to use distributed ledger or blockchain technology to record and monitor security creation as well as covenants of non-convertible securities. The distributed ledger technology has the potential to provide a more resilient system than traditional centralised databases. It offers better protection against different types of cyber-attacks because of its distributed nature, which removes the single point of attack, Sebi said in a statement.　　The regulator said that a platform for security and covenant monitoring system hosted by depositories is being developed.　　The move is aimed at strengthening the process of security creation and monitoring of security created, asset cover and covenants of the non-convertible securities.　　The system using distributed ledger technology (DLT) will be used for recording of the process of creation and monitoring of security (due diligence, charge creation etc), continuous monitoring of covenants by debenture trustees and credit rating of the non-convertible securities by the credit rating agencies (CRAs).　　“A system using block chain technology for non-convertible securities along with the underlying assets would be created and all charges and asset valuation transactions shall be recorded by the respective entities including Issuers, debenture trustees, Credit Rating Agencies, etc,” Sebi said.　　The system will give

2021-09-01Deep Dive

Why Bitcoin futures ETFs may not be the ‘best proxy’ for spot market movements

Bitcoin futures instruments are not always the best proxy for what is happening on the spot market given the unique idiosyncrasies in the futures market prices can be much more volatile.　　The crypto community has long awaited an ETF backed by Bitcoin or other cryptocurrencies. Even as countries like Brazil, Canada, and Dubai have approved ETFs for not only Bitcoin but even Ethereum, the American SEC has long opposed the same.　　Some respite was expected when the crypto-educated Gary Gensler was appointed as the new chief of the commission, but he too has echoed the sentiments of past leadership. However, speaking at a summit last month, the commissioner had hinted at the possible approval of a Bitcoin ETF in the near future, albeit one backed by BTC futures contracts.　　This was immediately followed by several firms like Invesco filing fresh applications for BTC Futures backed ETFs. Although none have received authorization as yet, Bloombergs senior ETF strategist Eric Balchunas recently suggested that VanEck and ProShares withdrawing their Ether ETF applications may have paved a path for a BTC ETF approval by the end of October this year.　　Not everyone has been in support of the SEC embracing the futures ETF instead. In a recent

2021-09-01Deep Dive

The U.S. Treasury Encourages Global Crypto Data-Sharing Regulations

U.S. officials seek the inclusion of global data-sharing regulations for the crypto space in the new budget bill.　　In the upcoming $3.5 trillion budget reconciliation package, the Biden administration pushes for more tax compliance from the crypto industry. This comes despite the major lobbying efforts from crypto activists in response to the bipartisan Senate bill.　　The new proposal entails crypto exchanges to report foreign owners of U.S. accounts. This allows the U.S. the ability to share information with global trading associates, according to an administration official. In return the U.S. government can exchange for information on U.S. taxpayers trading crypto in other countries. All in an effort for further tax compliance.　　Already the Senate bills language, if unchanged, highly impacts operations in the crypto industry. The new Treasury proposal expands information reporting even further to, “beneficial owners” in charge of legal business accounts run by foreign account holders for the purpose of buying and selling crypto.　　According to U.S. officials there are often instances of shell companies set up overseas to avoid paying taxes in the U.S. – which includes crypto gains.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　From the Treasurys “Greenbook,”: “The global nature of the crypto market

2021-09-01Deep Dive

Should you invest in cryptocurrency?

Priya, a young engineering graduate, has been watching the craze for cryptocurrency investing boom in India. The popularity and growth of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Tether, Dogecoin have compelled investors and sceptics to take a second look. Around 15 million Indians are said to have invested in private crypto assets. Young investors like Priya are excited about the prospects of strong returns. She is planning to open a crypto trading account. However, she would like to understand each and every aspect of the crypto market before she starts investing in earnest.　　A cryptocurrency (or crypto) is a non-physical, digital and decentralized currency that is issued by private systems and remains out of the purview of the government. It is a peer-to-peer system that can enable anyone anywhere to send and receive payments. Priya will need to store her cryptocurrency in a digital wallet. There were over 4,000 different cryptocurrencies in circulation worldwide, including the market giants Bitcoin, Ethereum, Litecoin, and Dogecoin. Much of the interest in these unregulated currencies is to trade for profit, with investors/speculators at times driving prices skyward.　　Cryptocurrencies work using blockchain technology, a decentralized technology spread across many computers that manages and records transactions. Part of

2021-09-01Deep Dive

Hoskinson: These are the circumstances in which Cardano (ADA) and Solana (SOL) will collaborate

Big moves from Solana have thrust it into the crypto limelight. Year-to-date gains come in at a whopping +6,100%, with a significant proportion of that coming over the last two weeks.　　SOURCE: SOLUSDT ON TRADINGVIEW.COM　　The Solana team states the technology employed in PoH enables the network, of 200 nodes, to sustain a throughput of 50,000 transactions a second with GPUs. They also claim the high scalability and quick transaction times have attracted a lot of institutional interest.　　“With Proof of History, you can create a historical record that proves that an event has occurred at a specific moment in time.”　　With a promising outlook, attention turns to whats next for Solana. Input Output Global (IOG) CEO Charles Hoskinson has voiced an openness to working together, but that depends on finding common ground.　　Hoskinson wants to learn more about Solana　　Speaking in his latest AMA, Hoskinson broached the question of collaboration by saying “it‘s not my call.” Implying it’s the communitys decision to make that happen if they so choose.　　Going further, he spoke about the attention Solana has been getting of late and admitted he knows little about the project. However, hes “genuinely curious” to find out more.　　“I notice Solana‘s been getting a lot of adoption

2021-09-01Deep Dive

...

470472

...

737