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Dogecoin and Cardano Added as Payment Methods on LocalBitcoins

One of the largest peer-to-peer cryptocurrency marketplaces, LocalBitcoins, has expanded its portfolio of available payment methods with the inclusion of Cardano (ADA), Dogecoin (ADA), Polkadot (DOT), Chainlink (LINK), and more.　　LocalBitcoins Adds More Crypto Payment Methods　　Founded in 2012, LocalBitcoins acts like a cryptocurrency peer-to-peer marketplace. The platform, based in Helsinki, Finland, facilitates over-the-counter trading of local currency for bitcoins and, from recently – other digital assets.　　The company announced the addition of several new virtual assets. Namely, those include the two most widely utilized stablecoins – Tether (USDT) and USD Coin (USDC) and some of the most popular tokens lately – Polkadot (DOT), Cardano (ADA), Bitcoin Cash (BCH), Chainlink (LINK), and Dogecoin (DOGE).　　The firms statement outlined the significant demand for these coins coming from users.　　“You asked, we delivered! Some highly anticipated altcoins have now been added as payment methods!”　　Additionally, LocalBitcoins has added new payment processors, including PaySera, PAYSEND, Vodafone Cash, Airtel Money, and more.　　$136K Stolen From a Scam on LocalBitcoins　　Being a P2P crypto marketplace, LocalBitcoins has become largely popular in countries with struggling economies that lack adequate payment methods. One of them is Venezuela, as the BTC trading volume on the platform has been among the highest for consecutive years.　　However, the growing

2021-06-02Deep Dive

Introduction of Block Chain Ecosystem: Standard Process of Digital Currency Transactions

The prices of bitcoins (BTC) have skyrocketed from USD 10,000 to more than USD 60,000 while those of Ethereum (ETH) have surged from around USD 1,000 to over USD 4,000 from late 2020. Owing to such rapid growth, cryptocurrencies have become a real hit when it comes to investment in recent years. At the same time, numerous frauds that take “digital currency transactions” as a disguise are springing up.　　WikiBit introduces to you the trading process of digital money, aiming to help you increase the ability to distinguish good from bad. Equipped with WikiBits introduction, you can make proper decisions based on your knowledge when facing a lot of hype around some projects or conducting money transfers.　　The process of transactions is presented as follows:　　Users with the requirement of trading should open their accounts at decentralized exchanges (DEXs) at first.　　Users can conduct money transfer of digital assets through the addresses of their online wallets or paper wallets in the wake of obtaining their trading accounts and completing some basic account-related settings.　　The whole process is not finished until transactions are recorded in a public distributed ledger that is dubbed as a blockchain.　　This transaction flow mentioned above is characterized by decentralization and transparency, leading

2021-06-02Deep Dive

Miners on the Move: China’s Crypto Mining Losses May Be Kazakhstan’s Gain

Crypto miners fleeing Chinas latest mining-focused crypto crackdown may turn to a nearby nation in a bid to continue doing business – with Kazakhstan increasingly looking set to provide a new home for those looking to set up shop outside Mainland China.　　Per Kaktus Media, the number of mining operations in the country is “increasing,” while mining “entrepreneurs are getting richer” – with the state happy to take a share of the profits.　　Last year, Kazakhstans Economy Ministry announced that the nation would begin taxing miners at a rate of 15% in a bid to help it mitigate the economic fallout of the COVID-19 pandemic.　　And the media outlet noted that according to Ministry of Digital Development figures, the crypto mining industry in Kazakhstan is now worth some USD 216m - USD 300m per year – although this only takes into account the revenues of large-scale industrial miners. With smaller-scale setups becoming more widespread, the real number could be higher – particularly if reports of Chinese mining operations relocation to the country are true.　　Quoting token data and rating agency TokenInsight data, the media outlet reported that Kazakhstan is one of the worlds top five mining countries, with only China, the USA, and Russia

2021-06-02Deep Dive

Belt Finance Unveils DeFi Hack Compensation Plan

Following a $6.2 million dollar flash loan exploit over the weekend, decentralize finance (DeFi) protocol Belt Finance has unveiled a compensation plan for the victims.　　The latest Binance Smart Chain clone to get attacked was Belt Finance when it lost $6.2 million in a series of transactions that manipulated the system. The Rekt Blog, which released a post mortem on the exploit called it “another notch to the now infamous flash loan exploit season on the BSC.”　　Belt Finance has now released a compensation plan, primarily for users who have had their funds in the 4Belt pool or beltBUSD vault, which were the targets of the attack.　　The second group to be compensated is BELT token holders, it added since the price dumped 54% in the wake of the incursion.　　“The price of the BELT token is a direct reflection of the value of Belt Finance as a protocol, and while BELT may not be a part of our 4Belt pool, it is representative of the faith our users have vested in us.”　　Belt token airdrops 　　Belt Finance uses an optimal yield aggregator to offer passive yield generation to depositors via a number of strategies using other BSC protocols such as Elipsis, Venus, and Alpaca.　　The

2021-06-02Deep Dive

Turkey's Central Bank Weighs In on Bitcoin Energy Concerns as Regulation Looms

In brief　　Turkey awaits new regulations on crypto from its policy makers.　　A recent report by the countrys central bank outlined various concerns that regulators are considering.　　The bank highlighted the environmental impact of Bitcoin for the first time.　　The Central Bank of Turkey, which is currently working with the other government agencies on the countrys forthcoming crypto regulations, has submitted a report to the Turkish Parliament detailing its views on crypto.　　And, in a first for a Turkish government agency, the central bank is sounding the alarm regarding the environmental impact of Bitcoin, echoing many of the same concerns recently expressed by the government of China.　　The report, succinctly titled “May 2021,” isn‘t publicly available but was obtained by local media Bloomberg HT. It was addressed to the Parliamentary Commission on Online Environments, a parliamentary body that’s tasked with legislation around anything to do with the internet—including crypto. Turkey is currently in the process of establishing regulations on crypto assets. Crypto as a medium of payment is already banned, and the government has ruled out banning crypto assets entirely.　　The central banks report offers a deep dive into the history and nature of cryptocurrency and lists several risks commonly associated with Bitcoin and other cryptocurrencies.

2021-06-02Deep Dive

Argentinians turn to Bitcoin mining to support livelihood amidst failing economy

In the heart of an economic crisis, ultra-low utility costs are enabling Argentinians to bank on mining Bitcoin (BTC) as foreign miners head for their piece of the electricity cake, local reports said.　　Not only locals are taking advantage of the situation as Bitfarms, a Canadian Bitcoin mining company, announced it is opening a new mining facility in the country.　　Staple recipe　　Devaluations, defaults, hyperinflation, foreign-exchange controls, and a pinch of ultra-cheap electricity proved to be the basic ingredients for boosting local mining operations.　　Local miners are benefiting from Argentinas long-standing residential electricity subsidies, a policy intended to win political votes but causing tension within the ruling Peronist coalition.　　“Even after Bitcoins price correction, the cost of electricity for anyone mining from their house is still a fraction of the total revenue generated,” said Nicolas Bourbon, a miner from Buenos Aires, in a note to Bloomberg.　　As capital controls limit individuals to legally convert merely $200 per month, the inflation is racing at roughly 50% annually, fueling the demand for any store of value. Panic for hedging into non-peso assets keeps pushing the value of Bitcoin in unofficial markets, only adding to the plethora of reasons to mine crypto.　　Canadian miners seizing the opportunity　　Bitfarms secured a deal

2021-06-02Deep Dive

PlanB confirms Bitcoin ‘S2FX’ model still on track for $288,000

Anonymous yet wildly popular crypto trader “PlanB,”who created the Bitcoin stock-to-flow model (S2F), provided an update on how the leading cryptocurrency is performing following the recent crypto crash.　　Last month closed -35%, but PlanB sought to reassure his followers by saying the journey isnt going to be a straight line up. Nonetheless, despite the dip, the S2FX model remains intact.　　“New dot: May close $37,341.. -35% .. we knew #bitcoin would not go up in a straight line and several -35% drops are possible (and indeed likely) in a bull market. Starting to look like 2013. S2F(X) model intact,” they said in a tweet today.　　The S2FX model puts Bitcoin at $288k between 2021 and 2024. Even so, the model is not without criticisms that cite the problem of flawed assumptions.　　Bitcoin FUD takes its toll　　May was a particularly tough period for Bitcoin as FUD after FUD event conspired to tank its price. From its $65k peak in April to its recent bottom, Bitcoin lost 55% of its value.　　The past week or so has seen a narrow band of price consolidation, as BTC ranges from between $34.5k – $39k.　　Bitcoin remains below the 200-day moving average suggesting bears currently control the market.　　All the same, PlanB

2021-06-02Deep Dive

Crypto is Not a Substitute for Gold but Copper: Goldman Sachs Head of Commodity Research

Jeff Currie – the Global Head of Commodities Research at Goldman Sachs – shared his thoughts on Bitcoin being a gold replacement. According to him, digital assets are substitutes for copper.　　From Gold to Copper　　In a recent CNBC interview, Jeff Currie warned that cryptocurrencies are risky and people should not consider them as a gold substitute. He opined that copper is a much more similar asset to be compared to digital assets:　　“Digital currencies are not substitutes for gold. If anything they would be a substitute for copper. They are pro-risk, risk-on assets.”　　Currie explained that Bitcoin is very volatile and should not be called ‘digital gold’ as it is a very new asset. Having only around 11 years of trading history, the primary cryptocurrency could be a substitute for copper or oil as they are risk-on assets as he analyzed:　　“Bitcoin substitutes against risk-on inflation hedges, not risk-off inflation hedges. There‘s good inflation and bad inflation. Good inflation is when demand pulls it. And that’s what Bitcoin hedges, that‘s what copper hedges, that’s what oil hedges.”　　On the other hand, Currie described that the precious metal is a risk-off asset, which prevents inflation.　　What is Goldman Sachs Stance Towards Crypto？　　Goldman Sachs has demonstrated a very

2021-06-02Deep Dive

Euro investment bank predicts shortfall in blockchain and tech investment

The EU is billions of dollars behind China and the U.S. when it comes to investment in blockchain and artificial intelligence, said the EIB.　　The European Union is falling behind China and the United States when it comes to blockchain and artificial intelligence investments, according to the European Investment Bank.　　The EIB said on Tuesday that it anticipates an ongoing investment shortfall of around 10 billion euros ($12 billion) across both technologies. China and the U.S. currently account for 80% of the global $25 billion invested in blockchain and AI, with the EU making up just 7% of that figure, reported Reuters.　　The bank said the underinvestment in both sectors compared to other regions was a sign that the EU has failed to translate scientific knowledge into applicable business models.　　“Companies and governments in Europe are substantially underinvesting in AI and blockchain compared to other leading regions and it has become clear that the European Union struggles to translate its scientific excellence into business application and economic success,” the report stated.　　The EIB said it expected investments in both technologies to contribute to the global COVID-19 recovery across sectors ranging from healthcare to financial services. The bank said extra funding from private markets would be

2021-06-02Deep Dive

How Marsis Will Host NFTs’ Next Wave Of Adoption

Decentralized Finances (DeFi) set fire to a revolution in the heart of the financial system. After a boom in the summer of 2020, many have acknowledged its potential. The sectors $64 billion in total value locked (TVL) is compelling proof. The emergence of Non-Fungible Tokens (NFTs) sparked a second fire. Now, it seems imminent that a longer and universally adopted boom will take place in the medium and long term.　　The confluence of these technologies, protocols, and its native assets, DeFi and NFTs, has opened opportunities for countless people. From unbanked individuals, artists, merchants, DeFi, and NFTs are powerful tools poised to disrupt the way businesses and cultural activities are conducted.　　No longer bound to a central authority, a bank, or a museum, a set of rules or canon created from a centralized authority, users can choose the artwork, item, or product that resonates with them. Thus, a new system is in the making and will be spearheaded by the users on top of a new generation of decentralized protocols driven by the power of the blockchain.　　Marsis, a global scale decentralized and self-govern NFT asset valuation platform, seeks to be the hub for this next wave of users. The platform will allow

2021-06-02Deep Dive
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※ You are visiting the WikiBit website. WikiBit and its mobile app are a tool for users worldwide to check exchange compliance information. Users are advised to comply with the relevant laws and regulations of their country or region when using WikiBit products.