Crypto Guides, Knowledge & Insights

What Is SafeMoon? How to Buy the New Cryptocurrency

A new type of cryptocurrency called SafeMoon is gathering interest amongst enthusiasts, search trends show.　　Little is known about the cryptocurrency so far, though developers have held live Ask Me Anything (AMA) meetings to answer some questions.　　Launched this month, SafeMoon claims it will reward people who buy and hold on to the cryptocurrency and issue a penalty to those who sell it on.　　This article is not intended as financial advice and should not be taken as such.　　Its Facebook page states: “Remember, getting to the moon takes time and the longer you hold the more tokens you pick up.”　　Going “to the moon” is a phrase popularized in recent times by the WallStreetBets community on Reddit, who use it in reference to an asset price soaring.　　The mechanism by which SafeMoon rewards participants involves issuing a 10 percent penalty tax fee on sellers and redistributing five percent of this to people who already own the currency.　　One Reddit user claimed a whitepaper—a report that highlights the features of a product such as a cryptocurrency—is available on the website, but others said they had trouble accessing it.　　The SafeMoon website appeared to be down at the time Newsweek tried to load it. The organization said website issues

2021-03-23Deep Dive

Cardano Turning Down Dapps Due to Sheer Volume of Applications

Replying to remarks over the lack of dapps running on Cardano, IOHK CEO Charles Hoskinson responded by saying demand is so high his firm cannot handle the applications flooding in. In many cases, as a strategy to cope with the demand, applications are being rejected.　　Goguen is Coming to Cardano Very Soon　　Speaking on a live stream, Hoskinson said criticisms of Cardano having no dapps are entirely unreasonable. He drew attention to sneaker and cattle authentication apps already run on the chain using just metadata features.　　Although full programmability at the base layer is missing at present, he likened the fault-finding to criticizing attendance at a nightclub that hasnt yet opened.　　“Yet they say, what are the dapps running on Cardano？ That‘s like saying you’re opening a nightclub, you haven‘t opened it yet, and you say, ’how come no-one‘s in your nightclub？’ It‘s like, we’re still building it.”　　Hoskinson is more than confident that once Goguen is up and running, the ecosystem will fill out accordingly. However, right now, the firm cannot deal with the demand to build dapps on Cardano. He said the only thing to do under these circumstances is to turn down applications from developers.　　“As if, smart contracts come and there‘ll be

2021-03-23Deep Dive

Poker Privacy & The Role of Cryptocurrency

With everything now on the internet reachable through a few expert clicks and keyword searches, keeping your data private has never been more important. Simply by searching your name, prospective employers, friends, or even potential romantic partners can find out more or less everything — from your elementary school to your favorite color. And if everyone can find this information, then your online habits can come back to haunt you, even if theyre perfectly innocent.　　Admittedly, this is also the tame version of events. Poker is followed by a social stigma that sometimes extends into the government itself. This means that some authoritarian governments could have a problem with adults gambling, giving you all the more reasons to protect your privacy. Here, we go through a few basic ways in which you can still play without worrying about whether your private information will be compromised by anyone.　　Using cryptocurrency　　Bitcoin, the original cryptocurrency, was born out of the libertarian idea that governments (along with financial institutions) exert too much control over people‘s lives, especially the way people spend their money. This is why one of the cryptocurrency’s purposes has always been to add a previously unimaginable amount of privacy to every user (however,

2021-03-23Deep Dive

Concerns on Crypto and Energy Consumptions Amid Rallies

The recent surge to new crypto-highs has undoubtedly stimulated the debate on crypto-currency energy consumption. Critics call it an energy hog, while advocates hail it as less intense than the global economy.　　One of these critics, Alex de Vries, editor of the DigiEconomist, said he‘s never seen anything as inefficient as bitcoin. On the other hand, ARK Investment Management’s investigation found that the Bitcoin ecosystem consumes less than 10% of the energy needed for traditional banking services.　　While people use the banking system, cryptocurrency is still maturing, and the early infrastructure phase is intensive like any industry.　　Cryptocurrency Mining Debate　　Of course, the bitcoin energy debate has some political aspects. There are reasons why some would like to stress or exaggerate the power consumption of Bitcoin, just as ideological arguments exist for defending it robustly.　　The cryptocurrency mining industry, which in February 2021 alone raised nearly $1.4 billion, also has no exceptional environmental impact on other contemporary aspects in an industrialized society. Even de Vries said that if ecological regulators take every possible action with Bitcoin, its unlikely that all governments would support that mining regulation. Adding, ideally, change comes from within.　　He hopes Bitcoin Core developers will alter the software to require less computational energy.

2021-03-23Deep Dive

The ‘Inevitable’ Institutionalization of the Cryptocurrency Space

Just after adding the Bitcoin symbol to his Twitter profile page, Elon Musk wrote a tweet that will eventually go down in the history books – “In retrospect, it was inevitable.” We may not be able to state with 100% certainty that he was referring to his change of stance on cryptocurrency, but it seems overwhelmingly likely that he was.　　The next day, the news that Tesla had purchased $1.5 billion of BTC and planned to accept BTC as payment for its cars came out. Tesla may not have been the first publicly-listed entity to buy BTC as a balance sheet asset. But it was the most significant, as the most highly valued car company in the world – owned by the richest person on the planet.　　The Tesla news moved the market, and BTC quickly saw itself propelled to a new all-time high above $58K. Other major announcements from global players, from Mastercard to BNY Mellon, quickly followed, and a trend that had been fueled by MicroStrategys Michael Saylor was ignited in earnest.　　The “inevitable” institutionalization of the cryptocurrency space is upon us and participants in the ecosystem must respond to their needs – or watch themselves being left in the dust.　　

2021-03-23Deep Dive

Turks Look for Bitcoin (BTC) As Lira Collapses, BTC Is Now The World’s Third-Largest Currency

Bitcoin (BTC) has time-and-again proved that it is the ultimate saviour of the world against the inefficient fiat systems and government agencies. Over the last week, the Turkish Lira plunged another 14% against the U.S. Dollar which resulted in Turks searching for Bitcoin (BTC) in order to protect their wealth.　　Over the last weekend, Google searches for Bitcoin (BTC) in Turkey shot up to the roof almost doubling as we can see a sharp spike in the chart below.　　With the way that Bitcoin (BTC) has performed over the last few months, the trust in the world‘s largest cryptocurrency is also building up strongly. At press time, Bitcoin is trading at a price of $57,783 with a market cap of $1.078 trillion. With this, Bitcoin (BTC) has cemented its position strongly thereby being the world’s third-largest currency in terms of the total value in circulation, notes Deutsche Bank in its latest published report.　　Courtesy: Bloomberg　　Deutsche Bank: Bitcoin (BTC) Too Important to Ignore　　Deutsche Bank acknowledged that even government institutions and central bank institutions have started acknowledging the role of cryptocurrencies and accepted the fact that they are here to stay. In the report, Deutsche Bank research analyst Marion Laboure, Ph.D. writes:　　“Bitcoins market cap of

2021-03-22Deep Dive

Bitcoin mining stocks have outperformed BTC by 455% over the past 12 months

Despite the top publicly-listed Bitcoin mining firms operating at losses, their share prices have dramatically outperformed BTC over the past 12 months.　　Appearing on CNBC, Fundstrats vice president of digital asset strategy, Leeor Shimron, shared his analysis into the market performance of the four-largest publicly-traded mining firms — Marathon Digital Holdings, Riot Blockchain, Hive Blockchain, and Hut 8, each of which represent a market cap of more than $1 billion.　　Over the past 12 months, Shimron found the average return for shares in the mining firms to have been 5,000%, while BTC has gained 900% over the same period. Unsurprisingly, the stocks were found to have a “high positive correlation” with BTC.　　The researcher concluded that for every 1% price move in BTC, Bitcoin mining shares move by 2.5% on average. However, the observation applies to both upward and downward price moves, meaning mining stocks are likely to plummet with more than twice the aggression of BTC during bearish market conditions.　　“Theyll probably be hit hard as Bitcoin draws down,” he said.　　Shimron attributed the wild volatility in miner stocks to the lack of regulated crypto investment products in the United States, speculating that “until a Bitcoin ETF is approved, investors may view public mining

2021-03-22Deep Dive

Charles Hoskinson Says Cardano Will Facilitate One of the Greatest Wealth Transfers in History

Cardano founder Charles Hoskinson says the fifth-largest crypto asset is poised to be at the center of one of the greatest wealth transfers in history.　　In a new video, Hoskinson tells his 119,000 subscribers that he‘s looking at Kiva, a platform that allows borrowers across 77 countries to secure microloans, as an inspiration for Cardano’s future.　　“And I think to myself for me the moment I know that Cardano has truly made a difference and changed the world is if I can open up an application just like I do Kiva at the moment and I can have a direct relationship with someone somewhere in the world who is not doing so well and I can actually give them not as a gift, not as charity, but a loan to them and they pay me back and I can do that again and again and again and I win more than I lose. That to me would mean success for Cardano.”　　The IOHK CEO explains that a number of factors must come together before Cardano can facilitate microloans to people all over the world in need of capital.　　So much has to happen for us to get to that moment. You have to build

2021-03-22Deep Dive

ETH Supply on Exchanges Hits 28-Month Low

The order book supply of Ethereum on cryptocurrency exchanges has hit a 28-month low as demand for the markets second-in-line soars.　　Supply Shrinks, Demand Soars　　According to data from cryptocurrency analyst Santiment, the ratio of Ethereum (ETH) supply on exchanges to the cryptocurrencys total supply is at a 28-month low.　　Specifically, the percentage of ETH on exchanges dipped below 20%. This is the lowest it has been since the analyst began recording the data.　　Just over a year ago, the percentage hit a record high of 27%. However, supply saw a steady decline as the wider cryptocurrency market began growing in value, prompting a surge in demand for ETH.　　At the time of the record high ETH supply, the price of ETH was just over $110. At press time, ETH is trading at $1,788.56. Moreover, it broke the key $2,000 level to reach an all-time high of $2,042.93 just weeks ago.　　Institutional Hoarding　　The trend regarding the availability of Ethereum on cryptocurrency exchanges may be the result of the increased institutional interest the space is presently seeing.　　For example, Grayscale Investments operates an Ethereum investment vehicle called the Grayscale Ethereum Trust (GETH). This is attracting investment from larger institutions.　　The Trust has just under $5.7 billion worth of ETH

2021-03-22Deep Dive

Deutsche Bank: Bitcoin Now 3rd Largest Currency, Too Important to Ignore

Deutsche Bank has published a report stating that bitcoin is too important to ignore, noting that it is now the third-largest currency in terms of the total value in circulation. In addition, the bank says that governments and central banks know that cryptocurrencies are here to stay and are expected to start regulating the industry this year.　　Bitcoin Is Too Important to Ignore　　Deutsche Bank Research published a report last week entitled: “Bitcoins: Can the Tinkerbell Effect Become a Self-Fulfilling Prophecy？” It is part three of “The Future of Payments: Series 2.” The report author, research analyst Marion Laboure, Ph.D., wrote:　　Bitcoins market cap of $1 trillion makes it too important to ignore. As long as asset managers and companies continue to enter the market, bitcoin prices could continue to rise.　　At the time of writing, the price of bitcoin stands at $57,455 and the cryptocurrencys market cap is approximately $1.07 trillion based on data from markets.Bitcoin.com.　　The report also discusses bitcoin as a commodity, currency, and equity. While noting that “bitcoin transactions and tradability are still limited,” the report states that the cryptocurrencys “market cap is among the top ten, both as a currency and as a stock.” Comparing bitcoin to fiat currencies, the

2021-03-22Deep Dive

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