Crypto Guides, Knowledge & Insights

Coinbase Transparency Report Shows U.s. Leads Way in Bitcoin User Data Monitoring

Major cryptocurrency exchange Coinbase has released its latest “transparency report,” providing data on customer information requests it received from government and law enforcement agencies between July 1, 2020 and December 31, 2020.　　Among the insights into who requested user information from Coinbase, its clear that the U.S. remains the most interested in tracking the activity of bitcoin traders. While Coinbase facilitates the trading of many cryptocurrencies, bitcoin makes up more than 12% and $1 billion of its volume.　　“There were a total of ~4,227 requests in 2020, 54% of those requests made during the time period covered by this report,” according to a Coinbase blog post sharing the insights. “The FBI (Federal Bureau of Investigation) and HSI (Homeland Security Investigations) comprise the majority of U.S. law enforcement information requests at ~50.9%. ~51% of total requests during this period came from U.S. agencies.”　　U.S. law enforcement agencies made some 1,197 requests for user information, while the U.K. made the next most law enforcement requests of any country at 597, according to the post. The U.S., U.K. and Germany made about 90% of all requests in this time period.　　In addition to the FBI and HSI, Coinbase received information requests from the IRS, U.S. Department of

2021-05-07Deep Dive

Cardano Sentiment: Post African Renaissance

Competition in cryptocurrencies and digital assets makes investors search for new markets.　　Africa becomes the next destination for blockchain technology investors.　　Cardano leads the renaissance with huge investments in Ethiopia.　　These investments will lead to an all-around increase in market capitalization.　　Decentralized finance (DeFi) is going global with more blockchains tech solutions expanding to reach new markets. The possibilities on the blockchain are endless and have the potential to solve problems that have been present in several regions of the world for a long time.　　Africa is set to benefit from these blockchain companies as they are now venturing into the continent to undertake some charitable projects. Cardano leads the pack as its developers IOHK have already laid a clear path and vision on the plans it has for the continent.　　Cardanos Push into Africa　　Many technology company giants like Microsoft and Twitter are pouring into Africa because of the gains of such investment. Africa is described as the next investment destination for several reasons.　　Cryptocurrency and blockchain technology isn‘t lagging as IOHK and other Blockchain giants have released their blueprints for African inclusive investment. Input Output, the company behind Cardano is working towards a decentralized Africa in what it tags as ’Ethiopia: The biggest blockchain deal.　　The company

2021-05-07Deep Dive

Survey: 1 in 4 Americans consider Dogecoin the ‘new Bitcoin’

A recent survey by gaming entertainment site Gamblers Pick found that 25% of American individuals consider meme cryptocurrency Dogecoin (DOGE) to be the ‘next Bitcoin.’　　You can probably blame the general lack of crypto education and the rise of TikTok as an investment tool for such judgment, but that hasnt stopped 1 in 4 people participating in the survey (a total of 1,000 individuals were surveyed) from saying that Dogecoin was their investment pick for this year.　　The study itself was deemed to have a 3% margin of error on a 95% confidence interval. 5.9% of respondents were Gen Zers, 60.8% millennials, 22.6% Gen Xers, and 10.7% baby boomers.　　Doge today, Doge tomorrow　　For the uninitiated, Dogecoin was created as a joke in 2013 by Jackson Palmer, who wanted to make a payment system that was instant, fun, and free from traditional banking fees.　　The network was a block time of 1 minute, meaning over 10,000 DOGE ($6,000 as of today) are produced and rewarded to miners each minute. Palmer himself stepped back from the project (and the crypto space) in 2015, and sporadic development continues to occur on the cryptocurrency.　　But the lack of development hasnt stopped people from piling in on the approachable crypto.

2021-05-07Deep Dive

Square Reports Record-Breaking Revenue, Driven by Bitcoin Purchases

The electronic payments fintech Square Inc. proved with numbers that Bitcoin is good for business, and its financial results are the best evidence.　　Square Inc.s quarterly sales more than tripled, thanks mainly to the recent interest in cryptocurrencies by the general public.　　Bitcoin Means Business　　In a letter to its shareholders published this week, Square Inc. revealed that in the first quarter of 2021, it achieved a gross profit of $964 million, representing a 79% increase year over year. The company also reported that sales processing revenues totaled $468 million, up 32% year over year and that Cash App generated a gross profit of $495 million, which was 171% more year over year.　　Square Financial Results. Image: Square　　The company revealed that much of its revenue is due to the growing attractiveness – and price – of Bitcoin:　　In the first quarter of 2021, total net revenue was $5.06 billion, up 266% year over year, and, excluding bitcoin revenue, total net revenue was $1.55 billion, up 44% year over year.　　The financial results show that Squares bet was successful, and the risk taken was worth it, considering that it managed to generate in one year what would be expected for 3 continuous years of activity.　　Squares Bitcoin gross

2021-05-07Deep Dive

Thorchain: Recent Developments and Reasons to Be Bullish

Blockchain interoperability is the enigma preventing blockchain integration on a larger scale. Interoperability between ecosystems boosts business processes while seamlessly blending data into a cohesive network. Blockchain ecosystems are somewhat frictious, and connection within the network is critical to incentivizing enterprise adoption. In short, operations between distinct blockchains are hard to obtain. Oracles facilitate some connectivity with an off-chain network; however, this still doesnt solve the interoperability element.　　The development of blockchain ecosystems and ICO financing was a prevailing trend in 2017 as a sum of the network developed during the ICO gold rush. Ethereum, the leading blockchain by the number of dApps, and facilitator of the 2020 DeFi boom, broke the blockchain space while also reemphasizing the current network‘s limitations. Blockchain technologies’ reliance on individual networks restricts access to the full capacity of its technology. THORChain is a liquidity network protocol operating a Leader-less Threshold Signature Protocol to incentivize cross-network transfers.　　Cross Chain Interoperability　　Liquidity, yielding, or Uniswap is the 2020 equivalent of the ICO mania of 2017. In the current scenarios, emphasis is placed on further speculating in an experimental market. Experimentation is the requirement of change, and DeFi networks such as Uniswap or PanCakeswap facilitate this aspect.　　ThorChain is the annex

2021-05-07Deep Dive

UniSwap V3 Goes Live on Ethereum Mainnet: Is UNI Due for a Surge?

After months of waiting, decentralized finance protocol Uniswap announced that its V3 mainnet launch was live.　　Originally unveiled back in March, Uniswaps third iteration aims to provide a more capital-efficient on-chain exchange through its latest feature of concentrated liquidity.　　 Concentrated Liquidity　　In Uniswap V2, liquidity providers (LPs) were limited in that they had to adjust the price of their assets across a set price curve. The limited price range, coupled with high slippage fees, would disincentivize staking. But now, LPs can create their own customized price ranges, giving far more flexibility in setting a price curve.　　V3 also brings another important feature: multi-tiered fees. Previously, Uniswap gave LPs 0.3% per transaction — 0.25% when accounting for the fee protocol of 0.05%.　　Now, LPs are able to create pools at three fee levels of 0.05%, 0.30%, and 1%. The protocol stated that more fee levels may be added, subject to governance.　　 Multi-tier Fees　　Multi-tiered transaction fees will effectively reflect a trades perceived risk. What this accomplishes is that different types of assets will align themselves in specific fee tiers, based on the risk/reward for both swappers and liquidity providers.　　“We expect low volatility assets (stable coins) will likely create the most substantive network effect in the lowest

2021-05-07Deep Dive

Bitcoin Has No Existential Threats, Says Michael Saylor

The CEO of MicroStrategy – Michael Saylor – outlined that the leading digital asset Bitcoin has no existential threats. According to him, the cryptocurrency will dominate the 21st century as a store of value.　　The Future For BTC　　Michael Saylor expressed his opinion about the primary cryptocurrency Bitcoin on a YouTube interview for Kitco News today (May 6th). He gave a very optimistic forecast regarding the future of the digital asset, saying that it does not face any significant threats over its main use case even if authorities ban it in the future.　　According to Saylor, bitcoin will be the most influential cryptocurrency in the 21st century and will lead the crypto community for the time coming:　　“I think that Bitcoin is going to be the emerging strong money store of value asset in the 21st century. There are 8 billion people that need strong money or a monetary asset. If theyre going to live a decent life, that asset needs to be digital.”　　Additionally, MicroStrategys CEO specified that the competitors of the first-ever cryptocurrency are assets like gold and not the US dollar.　　Furthermore, Michael Sayler gave Turkey as an example where the country officials banned BTC but did not manage to disband it as

2021-05-07Deep Dive

Is KFC Canada Really Accepting Dogecoin Payments?

Key Takeaways　　Earlier today, KFC Canada claimed via its Twitter account that it is accepting Dogecoin as a means of payment.　　However, the companys website does not show any cryptocurrency payment options.　　It is possible that the statement was a tongue-in-cheek joke made in light of the recent Dogecoin craze.　　Rumors have emerged that KFC Canada is accepting Dogecoin, following a tweet from the company published earlier today.　　Cash, Card, and Dogecoin　　In April, KFC Canada announced free delivery on orders over $35. Today, one customer responded: “Can I buy with my DOGE please？”　　KFC Canada answered: “We accept cash, card, and dogecoin.”　　The tweet received approximately 2500 retweets, 500 retweets with comments, and 5800 likes. Soon, the news was picked up by various sites including Coin.fyi and U.Today.　　However, it is not clear whether the fast food chain is truly accepting Dogecoin or any other cryptocurrency. Currently, the KFC website does not show any option to pay with Dogecoin. Rather, it only shows options to pay by credit card and Google Pay.　　Is It Just a Joke？　　It is possible that the announcement is a tongue-in-cheek joke. Recently, brands such as Snickers and Slim Jim have alluded to the Dogecoin craze by alluding to the coin without actually using it.　　In

2021-05-06Deep Dive

The Ethereum Economy is a House of Cards

In terms of the growth of various adoption metrics, such as active addresses and daily value transferred, the Ethereum (ETH) network has been killing it over the past year or so. Various applications in the area of decentralized finance (DeFi) have been the main drivers behind this growth, as those new to the crypto asset space have been mystified by the yields that are possible with the emergence of these new platforms.　　But a lingering criticism around all of Ethereums recent success is that all of this could be nothing more than a house of cards. First of all, there are a myriad of concerns around Ethereum at the base layer in terms of issues around centralization. Examples of this specific critique include: much of the activity on Ethereum is actually routed through a centralized entity known as Infura, it is becoming increasingly difficult to run an Ethereum full node as activity increases on the network, and there is an upcoming move to a completely different consensus mechanism in the form of proof-of-stake (PoS).　　On top of that, there are also risks at the application layer in terms of the reliance on centralized stablecoins, the use of developer backdoors in projects that

2021-05-06Deep Dive

DOGE is Young People’s Middle Finger to the System Says Mike Novogratz

Mike Novogratz, in a research report, stated that Dogecoin is “the most honest shitcoin”, calling it a “store of value” for young people wishing to express a “little bit of a middle finger to the system”.　　Dogecoins Recent Price Action　　DOGE has entered a steep and stunning climb during the past few months, going from mere pennies to over $0.65. Young people betting on the speculative and volatile crypto asset have made staggering amounts of money thanks to the recent insane rate of return.　　Many theorize that this rise has been fueled by Tesla founder and business mogul Elon Musk, who often refers to Dogecoin on his infamous Twitter profile, tweeting in a (usually) positive manner. Oftentimes when an “Elon tweet” comes out regarding Dogecoin, it gives a nice little boost to the price.　　Most recently, Elon Musk revealed that he would be hosting SNL, dropping a single hint: Dogefather. This enigmatic message has spurred thousands of young people worldwide to invest in DOGE, which, although extremely risky, has been facing undeniably bullish price action as of late. Will Elon Musk‘s SNL special provide the fuel needed for DOGE to power through to over a dollar, or will it be a ’sell the news

2021-05-06Deep Dive

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