Mastercard Survey Shows High Consumer Interest In Bitcoin

A recent survey by the electronic payment giant Mastercard indicates that 4 in 10 people (40%) intend to utilize digital currencies such as Bitcoin as a payment method within the next year. The figures involved in this finding spanned all ages and included residents from four regions – North America, Asia Pacific, the Middle East, Africa, Latin America, and the Caribbean.  The survey, titled “Consumer Appetite for Digital Payments Takes Off”, was conducted through online interviews among more than 15,000 consumers from 18 different countries located in four regions worldwide.  Initially forced by the pandemic lockdown, consumers shifted their payment methods to embrace innovations that enable contactless, fast, and flexible payment. Now, more than a year later, a survey from Mastercard reveals that consumer interest in new payment technologies is soaring, with an insatiable appetite for the emerging digital and crypto environment.  According to the survey, 93% of people will try at least one of the emerging payment methods – cryptocurrency, QR code, biometrics – within the next year. Almost two-thirds of respondents (63%) admit they have used a new payment method they would not have utilized if not confronted by the pandemic.  “The pandemic made us think differently, partly out of necessity,” said

2021-05-07Deep Dive

Consensus 2021: Rebuilding the Internet With Blockchain Broadcasting

Blockchain technology is a powerful tool for broadcasting and recording information, Red Dates Yifan He says.  The names we have for blockchain and distributed ledger technologies (DLTs) are entirely inappropriate. They describe ways to store data, which does not capture its function as a new way to transmit it. What makes blockchain so transformative is its data transmission protocol. It distributes data in a manner of “broadcasting,” as opposed to linear transmissions the vast majority of IT processes use.  At this time, cryptocurrencies happen to be the simplest and by far the most common use case for blockchain tech, but I have my eyes set on a future where blockchain innovates the internet as we know it.  Yifan He is founder and CEO of Red Date Tech, the architect firm behind Chinas Blockchain Service Network (BSN). He will be speaking at CoinDesks virtual event Consensus 2021, May 24-27.  In the early days of the internet, transferring data between individual computers was a manual process, often involving tapes, floppy disks or CDs. The basic premise was to transfer data within seconds, and linking all computers, everywhere, is what makes the “World Wide Web.”  Weve all seen the changes this data transmission technology has brought to the

2021-05-07Deep Dive

Dogecoin Demand Crashes India’s Largest Crypto Exchange

Indias largest crypto exchange by trading volume, WazirX, has been struggling to meet the skyrocketing demand for Dogecoin.  Global DOGE trading volumes tripled between May 3 and 5 to over $42 billion. According to WazirX Founder and CEO Nischal Shetty, this caused the exchanges systems to crash because the surging volumes were wrongly perceived as a cyberattack;  “On May 4, one of our systems—on detecting high traffic—wrongly marked it as bad traffic and started blocking the requests,” he said. “It was good traffic, and this error caused our users to have intermittent access to the app.”  WazirXs issues  Shetty remarked that the Dogecoin surge even “caused an almost decade-old company like Robinhood to go down.” He added that his company is only three years old, but that no other crypto exchange in India has seen that amount of traffic.  Since January, the company has grown over 300%. “We‘re seeing a new all-time-high everyday in terms of trading volumes, active users, and traffic on WazirX,” Shetty exclaimed. However, as the company grows, WazirX has found it challenging to keep up with the growing demand. Dogecoin aside, this isn’t the first time the exchange has had issues.  Many complaints have surfaced on crypto user chat groups on Telegram

2021-05-07Deep Dive

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
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