Crypto Guides, Knowledge & Insights

Legislative Assembly of El Salvador approves $150M Bitcoin Trust

El Salvadors Legislative Assembly has passed legislation creating a $150 million dollar Bitcoin Trust and supporting the development of crypto infrastructure and services across the country.　　The bill passed on Aug. 31, with 64 officials voting in favor and 14 opposing the trusts creation. The Trust is designed to facilitate conversion of Bitcoin into U.S. Dollars, and support the roll out of vital technological infrastructure enabling widespread adoption of crypto assets.　　The news comes just one week before the countrys controversial Bitcoin Law is set to take effect. The impending legislation will recognize BTC as legal tender across El Salvador and is slated to take effect on September 7th. Currently, U.S. dollars are used as legal tender in the country.　　The Development Bank of El Salvador (Bandesal) has been appointed to oversee the trusts operation　　The $150 million will be redirected from the countrys $500 million loan with the Central American Bank for Economic Integration (CABEI). The CABEI loan was originally taken for the purpose of economic recovery for small and medium sized businesses.　　Of those funds, $23.3 million is earmarked to support the installation of government-backed crypto ATMs — allowing local citizens to exchange between Bitcoin and USD. $30 million has also been designated

2021-09-01Deep Dive

Japan’s largest social media app LINE launches NFT collection

Line Plus Tech, a subsidiary of Japans largest social network Line Corporation, has launched a non-fungible token (NFT) collection for Line Friends. Line is jointly owned by Softbank and Korean firm Naver.　　The initiative will be operated through Line Blockchain. The collection will feature three characters and be given to 600,000 users who successfully answer a quiz event. A fourth NFT will be awarded to users who collect all three digital characters.　　Line Friends is a group of characters created as stickers for the Line App. Now they are featured on physical toys, licensed to third parties, and there are 260 Line Friends retail stores worldwide.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　Lines entrance into the NFT space in Japan helps to bring the technology more mainstream. The company operates the largest social media application in the country, with about 86 million monthly active users in Japan alone. The messaging app is also popular in Thailand and Taiwan and has 200 million users globally.　　One of the initiatives Line has launched that helps to promote its NFTs is a beta version of an NFT market on Line‘s crypto wallet and exchange Line Bitmax. The exchange supports Bitcoin, Ethereum,

2021-09-01Deep Dive

Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project

The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch the central bank digital currency (CBDC).　　E-Naira Draft Guidelines　　The CBN‘s unveiling of the Barbados-based firm as its partner comes shortly after reports suggested that the central bank had released draft guidelines for the e-naira. In justifying the selection of Bitt, Osita Nwanisobi, the CBN’s director of communications, touted the fintechs “tested and proven digital currency experience.”　　These claims by Nwanisobi appear to be supported by a statement on Bitts website that suggests the fintech firm had signed a contract to conduct a CBDC pilot for the Eastern Caribbean Central Bank (ECCB). The contract was signed in 2019 and in April of 2021, ECCB finally launched its digital currency.　　E-Naira and the Financial Inclusion Cause　　As previously reported by Bitcoin.com News, the CBN has set October 1, 2021, as the launch date for its CBDC. The central bank insists this digital currency will deepen financial inclusion, and enable cheaper, faster remittance inflows. The apex bank says it expects the e-naira

2021-09-01Deep Dive

Ethereum Mining Revenue Tops Bitcoin’s for Fourth Month Running

Courtesy of the unparalleled hype around non-fungible tokens, Ethereums mining revenue has increased by more than 60% in the month of August. While the Ethereum mining revenue for the month of July was north of $1.08 billion, that figure has reached $1.65 billion in August.　　Likewise, Bitcoin mining revenue witnessed a boost as the prices climbed to newer heights. Bitcoin mining revenue was just over $971 million in the month of July, which has stretched to $1.23 billion in August, representing a growth of more than 25%.　　However, comparatively, Ethereum has outperformed Bitcoin in terms of mining revenue by a wide margin. To be precise, Ethereum mining revenue was up by around 35% compared to Bitcoins in August.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　Ethereum mining revenue first topped that of Bitcoins in May and has since managed to maintain the trend. August marks the fourth month that Ethereum miners saw higher revenues than Bitcoin miners in a row, the longest stretch in the history of crypto.　　EIP-1559 Impact on Ethereum Mining Revenue　　The highly-anticipated EIP-1559 proposal finally launched earlier this month on August 5. The upgrade, which was part of a much larger update dubbed London Hardfork, suggested

2021-09-01Deep Dive

Crypto Exchange FTX Buys LedgerX, How They Will Move Into The Derivatives Sector

Crypto exchange FTX and its U.S.-based affiliate FTX.US continue to expand in and beyond the space. CEO of FTX International Sam Bankman Fried confirmed that the platform acquired Bitcoin and Ethereum derivatives exchange LedgerX.　　This platform has been licensed by the Commodity and Futures Trading Commission (CFTC) and will allow FTX.US to offer crypto-based derivates to U.S. citizens. Their products are comprised of futures contracts, options, and swaps on BTC and ETH. The purchase was made for an undisclosed amount.　　The deal is set to close as early as October 2021. Thus, FTX will be able to compete with U.S.-based crypto exchanges Coinbase, the Chicago Mercantile Exchange (CME), and Gemini. The CEO of FTX.US Brett Harrison said:　　“We want to plant our flag in something that is uniquely ours. Going into the derivatives market is such a natural extension…FTX International has two years of running an exchange with $500 billion monthly volume in derivatives without seeing serious liquidations or having nearly any downtime. It feels like this is clearly within our wheelhouse.”　　On the other hand, Bankman Friend called this acquisition one of the companys must “exciting” announcements since its inception. In addition, he expressed his excitement to work with the CFTC on “innovation

2021-09-01Deep Dive

Retirees in El Salvador protest against Bitcoin adoption

Amid El Salvador preparing to officially enforce the countrys Bitcoin Law in early September, Salvadorans took to the streets to protest over the adoption of Bitcoin (BTC) as an official currency.　　El Salvador‘s anti-Bitcoiners have expressed discontent regarding the government’s plans to adopt Bitcoin as legal tender, with hundreds of protesters marching through the capital, San Salvador, last Friday, Euronews TV network reported.　　The demonstrators — including retirees, veterans, disability pensioners and workers — voiced their concerns over Bitcoins unstable price. The crowd was worried that the government would start paying their pensions in Bitcoin instead of the United States dollar.　　“We know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it,” Stanley Quinteros, a member of the Supreme Court of Justice‘s workers’ union, reportedly said. Salvadorans also expressed concerns over the lack of knowledge and understanding of the technology needed to use cryptocurrencies like Bitcoin. Protesters held up signs saying, “We dont want Bitcoin” and “No to corrupt money laundering.”　　According to local reports, El Salvadors latest anti-Bitcoin protests were apparently a part of a wider opposition campaign by local veterans protesting over low pensions on Friday. As such, some protesters reportedly

2021-09-01Deep Dive

Former US President Donald Trump: Cryptocurrencies Are 'a Disaster Waiting to Happen'

Former U.S. President Donald Trump says cryptocurrencies are “potentially a disaster waiting to happen.” In addition, he said that they “may be fake.” His comments followed another when he said bitcoin “seemed like a scam.”　　Trump Is Still No Fan of Bitcoin or Crypto　　Donald Trump talked about cryptocurrency in an interview with Fox Business Tuesday. Responding to a question about whether he has dabbled in bitcoin or cryptos, Trump promptly said: “I dont. I like the currency of the United States.” He elaborated: I think the others are potentially a disaster waiting to happen.　　“I feel that it [cryptocurrency] hurts the United States currency,” he continued. “I think we should strengthen, we should be invested in our currency, not in [cryptocurrencies].” He further exclaimed, “They [cryptocurrencies] may be fake, who knows what they are.”　　Referring to crypto, the former president admitted, “They are certainly something that people dont know much about.” He reiterated: No. I have not been a big fan.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　Trump has always been a critic of bitcoin and crypto. In June, he said bitcoin “seemed like a scam.” He added, “I don‘t like it because it’s another currency competing against

2021-09-01Deep Dive

SafeMoon Wallet ‘Tumbang’

Semalam, pihak mereka ada menjelaskan akan melancarkan semula produk tersebut secara berperingkat bermula dengan fungsi pembelian dan penukaran di laman web pada hari yang sama.　　Mujurlah pada hari ini ada beberapa perkembangan baik berkaitan projek tersebut.　　Dalam twit terbaru COO Safemoon, Jack Haines memberitahu bahawa fungsi penukaran di laman web kembali bersiaran bagi dua pasangan aset: BNB/Safemoon dan ETH/Safemoon, diikuti kripto yang lain akan ditambah beberapa hari lagi.　　Begitu juga serangan DDOS atau DDOS attack berjaya ditangani, termasuk pemindahan laman web, pengemasan pelancaran Android, ketersediaan beberapa matawang dan kripto ERC, dan sambungan wallet seperti MetaMask, Trust Wallet, dan Wallet Connect.　　SafeMoon merupakan antara projek kripto yang berjaya mencetuskan keterujaan peminatnya melalui jaminan ‘keselamatan, berkualiti, dan ketersediaan’. Malah, hashtag #SAFEMOONWALLET menjadi trending, diikuti penampilan billboard SafeMoon di Londons Piccadilly Circus.　　Bagaimanapun, gara-gara isu teknikal ini menyebabkan SafeMoon menerima kritikan hebat dan fear, uncertainty and doubt (FUD). Ada juga segelintir pengguna Twitter menuduh SafeMoon telah menipu penggunanya.　　SAFEMOON mencatatkan penurunan setelah meningkat daripada $0.00000184 kepada $0.00000365 pada 28 Ogos.

2021-09-01Deep Dive

‘EIP-1559’ Ethereum 34x Ganda Lagi Power Berbanding ‘SegWit’ Bitcoin!

Menurutnya, pertumbuhan EIP-1599 melalui hard fork London yang bersiaran sejak 3 minggu lalu merekodkan penerapan 34x lebih pantas berbanding SegWit yang dilancarkan pada empat tahun lalu, 25 Ogos 2017.　　Jika EIP-1599 menyaksikan 55% penerapan dalam masa sesingkat itu, SegWit pula mengambil tempoh yang lama untuk mencapai 80% penerapan dalam transaksi BTC.　　Ini bermakna, untuk mencapai paras yang sama seperti EIP-1599, SegWit memerlukan sekurang-kurangnya dua tahun!　　Sebagai rekod, SegWit memainkan peranan dalam integrasi penyelesaian berskala second-layer, Lightning Network. Ia meningkatkan saiz blok, sekaligus menggalakkan lebih banyak transaksi berlaku di blockchain tersebut.　　Manakala EIP-1559 pula lebih menfokuskan kepada kestabilan dan jangkaan harga gas, berbanding mengurangkan kos gas semata-mata dalam jumlah yang besar.　　Sejak pelancarannya, dilaporkan sebanyak 106,000 ETH (sekitar $330 juta) telah dibakar, berdasarkan harga semasa Ether, $3,120.

2021-09-01Deep Dive

Pedagang NFT Kian Bertambah

Peningkatan jumlah transaksi ini bukan sahaja berlaku dalam kiraan bulan namun jumlah transaksi harian juga meningkat dengan catat jumlah nilai harian lebih dari $320 juta. Berdasarkan data, Dune Analystics, OpenSea turut mengalami kenaikan yuran bulanan hingga lebih dari $215 juta, bersama dengan penjualan NFT yang luar biasa sehingga lebih dari 1 juta dalam sebulan.　　Selain itu pada akhir bulan Ogos, jumlah pedagang aktif di platform perdagangan dan pertukaran NFT telah meningkat kepada 205,745. Jumlah dagangan harian OpenSea melepasi $ 200 Juta pada 24 Ogos, berdasarkan laporan Dune Analytics. Jumlah dagangan satu hari yang memecahkan rekod OpenSea dengan kenaikan berturut-turut bermula pada 21 Ogos dengan $ 125 Juta.　　“Sejak 21 Ogos, jumlah dagangan satu hari telah melebihi 100 juta US dolar selama empat hari berturut-turut. Di samping itu, jumlah pengguna berdaftar yang telah berdagang sekurang-kurangnya sekali di OpenSea melebihi 278,000. ”,kata wartawan China, Colin Wu.　　OpenSea telah menikmati kenaikan jumlah bulanan sejak April 2021. Pada bulan Julai, OpenSea menyaksikan nilai dagang luar biasa pada $ 325.9 juta. Tambahan pula, pada bulan Julai OpenSea menyaksikan nilai pasaran lebih 90%, secara tidak langsung menjadikannya carta pertama dalam pasaran NFT.　　Peningkatan ini didorong oleh perhatian besar komuniti kripto dan industri terhadap bidang NFT. Kebanyakkan industri mula mengambil bahagian

2021-09-01Deep Dive

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