Crypto Guides, Knowledge & Insights

El Salvador Government Discussing Paying Salaries in Bitcoin

El Salvadors Minister of Labor and Social Welfare Rolando Castro says that the government is currently discussing whether companies should pay salaries in Bitcoin, according to Telenoticias21.　　The details about the new initiative remain scant, and its unclear how employers will be able to mitigate the cryptocurrencys volatility.　　The Ministry of Economy and the Ministry of Finance are jointly working on the issue together with the Ministry of Labor and Social Welfare.　　El Salvadors 2001 Monetary Integration Law includes Article 7, which states that all salaries are payable in dollars. The country replaced the Salvadoran colón with the greenback during Francisco Floress presidency.　　Last week, Congress passed President Nayib Bukeles groundbreaking Bitcoin bill with a supermajority vote, making El Salvador the first country to adopt the cryptocurrency as legal tender.　　Merchants will be able to price goods and services in Bitcoin, but the U.S. dollar will still be used as the reference currency for accounting purposes.　　El Salvadorians will also have an option to pay tax contributions in the flagship crypto.　　On top of that, the tropical nation plans to utilize geothermal energy generated by its volcanoes for mining.

2021-06-16Deep Dive

Time to Buy Bitcoin?

Time to Buy Bitcoin？　　There is blood running on the street of crypto at the moment. Lots of crypto traders are in a panic mood as their portfolio is heavily affected. But there is always opportunity in a crashing market as most people are fearful. This could be the best time to buy.　　According to Warren Buffet, “be fearful when others are greedy and be greedy when others are fearful”. There is fear in the world of crypto at the moment, which is another wonderful opportunity for the smart money to get involved in cryptocurrencies.　　Fundamentally, Tesla CEO Elon Musk made the world realize that the Bitcoin mining process is unsustainable when he removed Bitcoin as a means of payment on the Tesla platform. The market didnt receive the news on a good note as the price of cryptos dipped.　　A lot of people criticized his decision but he made it clear that the Bitcoin mining process is against what he and his company stand for. Tesla is an electric vehicle company that uses renewable energy to power their vehicle while Bitcoin is mined through a non renewable energy. That sounds contradictory.　　To sustain the mining process of Bitcoin, something has to be done.

2021-06-15Deep Dive

Breaking News in Crypto World and Market Forecast.

Breaking News in Crypto World and Market Forecast.　　1.0 Bitcoin Officially becomes a Legal Tender: El- Salvador emerges the First Country to adopt Bitcoin as official currency.　　　　The Latin America country El-Salvador has gone down in history as the first country to officially adopt Bitcoin as an official currency backed up by law for legal transactions within the country. Recall that during the Bitcoin conference 2021 at Miami, Florida, the El-Salvadorean President had initially announced that his country will consider accepting Bitcoin as a legal tender. Following this presidential declaration, the bill was immediately passed in the Congress. A week after the bill was passed, the President-Nayib Bukele came out to announce on June 9, 2021, that the Bitcoin Law has been officially passed in the Salvadoran Congress with a strong majority of 62 votes. 　　This definitely has gone down in history with El Salvador being the first country to officially accept Bitcoin (BTC) as a legal tender alongside USD in the countrys financial system. The Bitcoin Law is expected to come into effect in the next 90 days. 　　As a further back up, the President has revealed that he we will be meeting with the IMF (International Monetary Fund) in

2021-06-15Deep Dive

Runaway Concierge Coin Exchanges (CCC): Stop Sitting on the Fence Any Longer!

Concierge Coin Exchanges (CCC) announced that a new digital currency exchange was scheduled with the cooperation of heavyweights in this industry, aiming to create a pioneering business pattern, in the Token Galaxy Blockchain Conference opened at the U.S. Silicon Valley. However, CCC, an exchange people have pinned great hopes on, is not effectively endorsed.　　According to WikiBit, the rating of this exchange is very low with the status shown as air coins and a problem detected through the risk evaluation. In fact, CCCs craving for running away has come to light as its withdrawals have been unsuccessful since last year and Clipper, its financial APP, was officially closed in April this year.　　Zhen Liu, founder and CEO of CCC, has always been using varying excuses for prevarication and didnt respond to contacts in private. He hyped up CCC via chat groups, frequently changing from one to another and kicking group members out. His misconduct has led to the dispersion of investors, constituting obstacles on the path of safeguarding their legitimate rights and interests in the future.　　Similar to Zhen Liu, many so-called moguls in the cryptocurrency industry are swindlers good at disguising themselves. Please be alert to their identities and well-designed talks! You

2021-06-15Deep Dive

GrowthDefi Offers The Best Yields On Wheat Token

GrowthDeFi is a decentralized ecosystem that focuses on capital efficiency and maximizing returns through a variety of products. The GrowthDefi ecosystem comprises efficient blockchain technologies to optimize token holder value and maintain the best yields and products in the market.　　One of the outstanding features is the deflationary mechanism, meaning the value of the token can increase over the long term regardless of macroeconomic conditions. All the tokens on the ecosystem are underpinned by this deflationary aspect. For clarity, tokens are a type of cryptocurrency that can be an asset or hold a specific value. They can be used for trade or investment purposes.　　GrowthDefi employs decentralized finance methods and blockchain technology to introduce a comprehensive yield farming offering.　　GRO, WHEAT, and gROOT are the three tokens available in the GrowthDefi ecosystem. The GRO token is the core as it has governance rights over everything and it gets a percentage from the revenue of anything that is built. GRO can be staked for more GRO (stkGRO) or for BNB (GRO Yield).　　The gROOT token is a diversified way to invest in more products such as strategy tokens, gROOT can be staked in gROOT harvest for BNB.　　 Deflationary mechanisms　　The WHEAT token incentivizes the products on

2021-06-15Deep Dive

Solanax: Redefining the DeFi Sector

The DeFi sector has undergone somewhat of a boom over the last years. The advancement in blockchain technology and a global distrust of the traditional banking system, has meant that the Decentralized Finance sector, according to Statista, had more than 80 billion USD of crypto locked in during May 2021, a sizeable leap from the 15 billion USD locked in as of December 2020, just six months ago.　　It is no coincidence that as crypto boomed so has DeFi. More and more people, financial institutions and even Governments have joined the DeFi evolution, with El Salvador most recently becoming the first country to adopt Bitcoin as legal tender.　　The booming DeFi continues to see innovations and new projects which make transactions faster, cheaper and more accessible. One such project is Solanax.　　Solanax is an exciting new decentralized blockchain-based automated market maker (AMM) built upon the innovative Solana protocol. Its vision is to take DeFi to new levels by providing the fastest, cheapest decentralized exchange without the need for any third-party involvement, ensuring users in the Solanax ecosystem can trade without censorship or risk losing ownership of their assets.　　The Solana Effect　　Solanax manages to provide the solution to existing issues surrounding DeFi. Everybody knows that

2021-06-15Deep Dive

The Bitcoin Water Trust Announces New Charity Model ‘HODL MODL’

The charity will take donations in Bitcoin, hold them until 2025 and use the earnings to bring drinking water to those that do not have it.　　The Bitcoin Water Trust is a newly formed trust from Charity: Water and is aimed directly at bringing drinkable water to places that have no access to it currently. The trust was established last week by the charity at the Bitcoin 2021 Conference.　　Now, the trust is looking to add some trendy terms to their project in the hopes of gaining more interest. The new charity model, HODL MODL, uses the popular acronym HODL or “hold on for dear life,” which has been a popular mantra for many crypto investors.　　That pretty much sums up the charitys plan for their BTC donations, as they plan to leave it untouched until 2025. The idea is that giving today will yield a more significant impact in a few years if invested in bitcoin.　　Charity: water will utilize Geminis cryptocurrency wallet to accept donations of bitcoin along with holding said donations until the agreed-upon time. Additionally, co-founders Cameron and Tyler Winklevoss have pledged to match the first 50 BTC donated to The Bitcoin Water Trust.　　The pair, along with the project they

2021-06-15Deep Dive

MicroStrategy May Sell $1 Billion in Stock to Buy More Bitcoin

MicroStrategy may be gearing up to buy more Bitcoin—as much as $1 billion worth.　　The cloud software company today filed paperwork with the Securities and Exchange Commission (SEC) for a proposed public sale of class A common stock via an Open Market Sale Agreement. This type of open-ended agreement allows the firm to sell stock “from time to time” depending on its needs.　　“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin,” the firm wrote in the filing.　　Though MicroStrategy doesnt definitively say it will use the proceeds to purchase Bitcoin, thats been the firms modus operandi since CEO Michael Saylor caught the BTC bug last year. The firm owns 92,079 BTC ($3.7 billion), which accounts for the majority of its treasury. It sold $500 million in corporate debt last week so it could add to that total.　　The risky strategy has caught the firm some flak—and the “forward-looking statements” section of the SEC filing show its well aware of that.　　“The concentration of our bitcoin holdings enhances the risks inherent in our bitcoin acquisition strategy,” it writes, adding: “Servicing our debt will require a

2021-06-15Deep Dive

Hedge Funds Expect to Hold $312 Billion in Crypto by 2026

Hedge funds expect to hold 7 percent of their assets in cryptocurrencies by 2026, according to a Financial Times report that cites a recent survey of chief financial officers conducted by Intertrust. Based on the forecasts, this could translate into roughly $312 billion worth of crypto.　　North American CFOs have a stronger-than-average appetite for the novel asset class, expecting it to reach a 10.6 percent share of total holdings.　　Their European counterparts are more conservative, settling with an average exposure of 6.8 percent.　　As reported by U.Today, Paul Tudor Jones, one of the most successful hedge fund managers on Wall Street, said that he wanted a 5 percent Bitcoin allocation on June 14.　　Stanley Druckenmiller, another prominent investor, also touted Bitcoin in a recent interview while predicting that a new cryptocurrency could overtake Ethereum.

2021-06-15Deep Dive

“Bukele Effect”: Denmark To Revise Crypto Tax Law

Cryptocurrencies are costing governments a huge chunk of revenue as users capitalize on their decentralized nature to avoid taxation.　　 Denmarks Tax Ministry is looking to curb the situation by revamping its old tax laws to include cryptocurrencies.　　 Toothless legislation？ Users may attempt to dodge the legislation by using privacy coins like Monero and ZCash.　　 In other developments, the governor of Denmarks Central Bank has stated that cryptocurrencies are not a threat to the bank.　　The cryptic nature of cryptocurrencies has made it very possible for users to obscure their finances and falsify tax returns. The government has lost out on potential revenue streams due to the rise of crypto and its outdated tax laws that do not account for a technology such as cryptocurrencies to be covered by pre-existing tax brackets. Denmark has followed the lead of the United States and Australia by vowing to update its tax laws to include cryptocurrencies.　　The Australian Tax Office announced that it has the capacity to monitor crypto exchanges and calculate the correct amount of tax that a given user is required to remit, as it aims to catch its 600,000 active crypto traders in the tax net. The Danish tax body will revamp

2021-06-15Deep Dive

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