Crypto Guides, Knowledge & Insights

Blockchain technology can change the world, and not just via crypto

Over the last three or four years, blockchain adoption has expanded tremendously, and each industry is exploring different use cases for the technology. There are multiple aspects of blockchain — from business to technical and more — but with the way the industry is exploding, its really hard to get it right.　　Its best to divide the blockchain topic into two main buckets in order to understand the development of the ecosystem and the key benefits and innovations it provides. One is cryptocurrency, where we cover industries like financial services, insurance and capital markets, including deals via private equity and venture capital. Then we look into the enterprise world, which is about how we apply blockchain as a technology in different industries.Enterprise blockchain　　Last year, we published our “Time for Trust” report, which covers the top five use cases for blockchain technology: provenance, payments and financial instruments, identity, contracts and dispute resolution, and customer engagement. These use cases will have a significant impact on the GDP of a country and the global economy.　　The number-one use case is traceability, or provenance. In the future, with the decentralized technological revolution and evolution, you will need to understand and provide full transparency for your consumers.

2021-08-28Deep Dive

HOW A $1 MILLION BITCOIN PRICE WILL DRIVE THE BILLIONAIRE FLIPPENING

When technological change happens in society, it happens quickly and in a pronounced manner. Precisely one decade ago, Apple‘s market cap had just matched Exxon Mobile’s market cap of $310 billion. In the decade since, Apple‘s market cap has gone up to over $2.4 trillion, and Exxon’s has gone down by 100 billion dollars to $216 billion. This gap is likely to only increase as time goes on.　　Today, bring on bitcoin. Even though its volatility has been testing all of our patience, bitcoin is killing it. As of this article, bitcoin has once again crossed the $50,000 mark and its price is up over 280% from last year. Bitcoin, blockchain, and crypto is considered by technocrats to be one of the fastest growing sectors in technology, as evidenced by venture capital firm Andreeson Horowitzs creation of their new $2.2. billion “Crypto Fund.”　　One well-known Andreeson Horowitz partner, Balaji Srinivasan, who doubled as Coinbase‘s first CTO, wrote an article titled “The Billionaire Flippening” articulating what he believes will be the structural societal impact of bitcoin’s ever-increasing price. When cryptocurrency enthusiasts hear the term “flippening,” most think it to describe a time period in which Ethereum‘s market cap eclipses the market cap of

2021-08-28Deep Dive

Malware victim robbed of 16 Bitcoin to sue parents of young hackers

In 2018, a U.S man named Andrew Schober fell foul to a malware hack, resulting in the loss of 16.4 Bitcoin, around $800,000 at todays price.　　After spending $10,000 to hire forensic specialists, Schober thinks hes tracked down the culprits. But it turns out the alleged perpetrators are thousands of miles away, in England. The real kicker is that the suspected pair were minors at the time of the crime.　　Somewhat appropriately, both are currently studying computer science at different U.K universities.The defendants admit to the Bitcoin theft, but with a twist　　As some would do in this situation, Schober tried to reason with the parents. His initial course of action was to write to the parents and explain the situation in the hopes of coming to a resolution.　　Schober stated his case, giving details of his investigation that led him to the suspects in question. He also wrote about the financial and emotional toll the hack has had on his life.　　“Losing that money has been financially and emotionally devastating. He might have thought he was playing a harmless joke, but it has had serious consequences for my life.”　　Rather reasonably, Schober also said he would drop all action if they return the Bitcoin, plus

2021-08-28Deep Dive

BITCOIN Bitcoin ‘whales’ jump back into market during cryptocurrency’s rebound to $50,000

Bitcoins biggest investors appear to be upping their positions as the price recovers.　　Cryptocurrency accounts holding roughly $50 million or more worth of bitcoin have steadily increased their buying since the end of June, according to new data from blockchain firm Chainalysis. That bullishness continued into late August as prices rebounded above $50,000.　　“The bitcoin accumulated by recent large investors is related to the medium-term change in bitcoin price,” Philip Gradwell, chief economist at Chainalysis, told CNBC.　　Bitcoin “whale” activity has been linked to price action this year. Those larger investors were a “driving force” in the market until late February, Gradwell said. As big investors acquire more digital assets, prices typically rise over 28 days. When they sell, prices fall, Chainalysis found.　　Whale activity has fluctuated with the digital assets volatility. While they were strong buyers to start the year, whales began selling off as prices briefly dropped in March and sold at the peak around April, according to the data.　　From late June through Aug. 22, those large investors acquired the equivalent of nearly $10 billion at Tuesdays prices. Whale holdings are now back at February levels, according to the data firm.　　Those larger investors also tend to be long-term holders. Whales measured by

2021-08-27Deep Dive

Survey: Americans prefer investing in cryptocurrencies than ETFs

A new survey has shed light on the shifting investment product preference among United States citizens.　　The poll by media outlet CNBC revealed that 11% of Americans have invested in cryptocurrencies. The figure highlights the shift from traditional finance investment products like exchange-traded funds that recorded a share of 10%.　　The study was published on August 23 and indicates that stocks at 31% are the top investment product, followed by mutual funds at 25%, while 12% of Americans own bonds. The survey was conducted between Aug 04 to 11, 2021, sampling feedback from 5,530 adults.　　Notably, the investment in cryptocurrencies and ETFs come when the two products have grown in popularity. From the second half of last year, the cryptocurrency sector began recording a surge in value, with more institutional investors pumping capital into the industry.　　 Drivers for crypto investments　　Consequently, most cryptocurrencies led by Bitcoin surged in value to hit a record price of $64,500 in April this year, with the market capitalization surpassing $1 trillion at some point. CNBC notes that most people venture into the sector over the opportunity to make more money.　　According to the survey, crypto investors are motivated by factors like ease of trading, it‘s exciting to invest, and

2021-08-27Deep Dive

Cuba’s Government Looking to Recognize Bitcoin and Crypto for Payments: Report

After El Salvador made history earlier this year by accepting bitcoin as a legal tender, the number of countries planning to mimic the move continues to grow. A recent report showed that Cubas Central Bank wants to implement rules enabling the nation to utilize digital assets legally.　　CryptoPotato reported in May this year when Cubas President – Miguel Díaz Canel – working with other authorities in the country reviewed possible ways how to adopt cryptocurrencies to overcome the financial turbulence, which intensified after the COVID-19.　　Earlier on August 27th, Bloomberg cited the local Official Gazette informing that the nation is indeed planning to step into the digital asset space.　　The report indicated that Cubas government, together with the Central Bank, wants to recognize and regulate cryptocurrencies for payments.　　The central banking authority will implement the rules and determine how to license providers of such services that can operate within the island.　　Cuba‘s economy has suffered for years, but it took another hit when the former US President Trump’s administration implemented new sanctions and crippled the usage of the dollar. A recent estimation by a senior Cuban ministry official, Johana Tabalada, noted that these measures had cost the country around $20 billion.　　“The damage to the bilateral

2021-08-27Deep Dive

Stablecoins Reserve Hits A New ATH, What Does It Mean For Bitcoin’s Price?

On-chain data shows stablecoins reserve has hit a new all-time-high (ATH), here‘s what it could mean for Bitcoin’s price based on past patterns.　　Stablecoins All Exchanges Reserve Achieves New ATH　　As pointed out by a CryptoQuant post, the all exchanges stablecoins reserve has spiked up and reached a new ATH. Past pattern of the indicator might help predict how Bitcoins price will move next.　　The all exchanges stablecoins reserve is a metric that measures the amount of stablecoins present on all centralized exchanges.　　When the value of this indicator goes up, it means more stablecoins are being sent to exchanges for buying other coins like Bitcoin, or investors are withdrawing from volatile markets into fiat.　　A downtrend in the stablecoins reserve would imply these coins are being transferred to personal wallets or being converted to other crypto like BTC.　　Now, here is a chart that will reveal how the all exchanges stablecoins reserve lines up against the BTC price:　　The all exchanges stablecoins reserve shoots up | Source: CryptoQuant　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　On examining the above graph, two interesting features become apparent. The first one is that the stablecoins supply seems to shoot up when Bitcoins price hits a

2021-08-27Deep Dive

Peter Schiff wins debate over whether gold is a better store of value than BTC

During the debate, Schiff said that “in reality, Bitcoin and gold have absolutely nothing in common” as gold has value due to its metallic properties while Bitcoin is just a “giant pump and dump. ”　　Gold proponent and crypto skeptic Peter Schiff has been crowned the winner of a debate on whether gold is a superior store of value to Bitcoin.　　Schiff was facing off against Skybridge founder and former politician Anthony Scaramucci in a debate hosted by Intelligence Squared on Aug 25.　　Before the gold vs Bitcoin debate began, a poll scored 38% of the online audience in favor of the precious metal, 26% for BTC and 35% as undecided. Schiff was able to swing a significant number to the precious metal by the end, with final results tallying in at 51% for gold, 32% for BTC and 17% undecided.　　Scaramucci kicked things off by asserting that BTCs value is derived from its network which enables peer-to-peer transactions without a third party. He also suggested that BTC has an edge over gold because of its scarcity and digital properties:　　“I think this cryptocurrency revolution and Bitcoin specifically, because of its scarcity, is going to transcend gold. It‘s more portable, it’s impregnable in terms of

2021-08-27Deep Dive

Cardano price eyes $3, but ADA chart fractal hints at a potential 40% correction

The ADA/USD exchange rate has moved further into its “overbought” area, suggesting that a trend correction might follow suit.　　Cardano blockchain‘s native asset, ADA, reached a new record high on Monday as investors pinned hopes on an upcoming smart contracts feature that expects to boost the cryptocurrency’s adoption.　　The ADA/USD exchange rate topped out at $2.899 around 9:00 am UTC, raising anticipations that it would easily close above $3 in the coming sessions.　　Many analysts, including pseudonymous chartist PostyXBT, noted that the Cardano token had entered a “price discovery mode.” Meanwhile, David Gokhshtein hinted that ADA/USD might continue its bull run until Sep. 12, the day Cardano is going to integrate a smart contracts feature to its blockchain via the “Alonzo” upgrade.　　In detail, the Alonzo upgrade introduces a native smart contracts development language called Plutus to the Cardano ecosystem. Plutus is already available for testing and brings functional programming to smart contract creation to everyday users.　　As a result, ADA bulls anticipate the tokens adoption to boom in the sessions ahead as Cardano attracts decentralized application developers — operating in the emerging decentralized finance and nonfungible token sectors — to its smart contracts ecosystem.　　Overbought risks　　But Cardanos technical indicators predict a short-term shock, something that

2021-08-27Deep Dive

Remittance costs key to take-up of Salvadoran Bitcoin plan: Development bank

SAN SALVADOR: Central American countries are eagerly waiting to see if El Salvadors adoption of bitcoin as parallel legal tender cuts the cost of remittances, an important source of income for millions of people, the regions development bank said.　　President Nayib Bukeles congressional allies have already approved legislation giving the cryptocurrency official currency status alongside the U.S. 　　dollar　　NSE -0.34 %, a first in the word a first in the world. The move takes effect in September.　　Bukele has touted bitcoin adoption as a way to facilitate remittance payments from Salvadorans living abroad.

2021-08-27Deep Dive

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