Latest Posts by moneylinksme - Page 4
Bitcoin cash was a huge gainer on Monday, as the cryptocurrency rallied by as much as 14% in today’s session. The surge comes after Cointelegraph falsely suggested that Blackrock’s bitcoin ETF was approved by the SEC. An apology has since been issue
#Blockchain #Crypto
Crypto Wallet Market Segmented On The Basis Of Type, Operating System, Application, End-User, Region And Forecast To 2030: Grand View Research Inc.
San Francisco, 17 Oct 2023: The Report Crypto Wallet Market Size, Share & Trends Analysis Report By Wallet Type (Hot Wallets, Cold Wallets), By Operating System (Android, iOS), By Application, By End-user, By Region, And Segment Forecasts, 2023 – 2030 The global crypto wallet market size is expected to reach USD 48.27 billion by 2030, growing at a CAGR of 24.8% from 2023 to 2030, according to a…
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Philippines’ top crypto traders form association to advocate crypto investment literacy
IMPACT, the first crypto traders association in the Philippines, was founded by seasoned investors, daring “degen” traders, and staunch advocates of free crypto education. As crypto adoption continues to grow in the country, top cryptocurrency traders have formally announced the formation of the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT). The group aims to…
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What is BITCOIN CASH ??
What is BITCOIN CASH ?? Bitcoin Cash is the advanced version of Bitcoin, and it allows more than 1000 transactions per second and then gets a lower fee, which makes it more effective and processed within the single block of the blockchain itself.
Why Do We Need BITCOIN CASH ???Transaction : It has a lower transaction cost, and then it has the potential to process more than 100 transactions per second. Accessible : It can be purchased easily on the most fundamental exchanges.
Highly Scalable : the blockchain of the Bitcoin Cash (BCH), which increases its scalability and then increases transactions with a lower fee.
Decentralized Money : Bitcoin Cash (BCH) introduces a decentralized system in order to not be controlled by any one entity. How To Buy BITCOIN CASH ??? It is always available on global cryptocurrency exchange apps. Setup the account and buy bitcoin at the rates at which it will only allow access to the crypto currency wallet holder.
Once you purchase the bitcoin cash, the wallet of the bitcoin cash holds your investment, and then it gives access to the other coins for the exchange. When you buy bitcoin cash (BCH) from the website, we’ll need to decide where you need to receive it, and then you need to give the bitcoin cash address prompt.
It’s an open-source program that they all built on freely with the available services.
Cryptocurrency Exchange
Discover how to sell Bitcoin Cash (BCH) under the best conditions, all while ensuring a simple and secure process. Converting your Bitcoin Cash into dollars/euros has never been easier, with the added advantage of lightning-fast bank transfer. When it comes to buy Bitcoin Cash (BCH) to INR, having the right platform can make all the difference. A renowned cryptocurrency exchange can simplify the process for you, and as the saying goes, ‘This has inbuilt wallets and can support numerous tokens, but it has been differentiated by the unique address. If you buy Bitcoin Cash (BCH) to USD, you’re not just acquiring digital assets; you’re gaining the freedom to navigate the world of cryptocurrencies. If the bitcoin is bought for the exchange,it can be stored in the wallet, and then it will be transferred to the other wallet users.
PEER to PEER Connection P2P trading enables you to trade (BCH) with ease, connecting you with individuals who are willing to exchange their tokens for cash. It’s decentralized and flexible approach that empowers you to engage transactions, and most importantly, it can afford you the opportunity to buy or sell Bitcoin Cash on your own terms. When it comes to the trading Bitcoin Cash (BCH) , the process has evolved in ways that empowers users to take control of their cryptocurrency transactions. This highlights the growing trend of direct peer-to-peer trading, where users can transact BCH without intermediaries. If you are looking to buy and sell Bitcoin Cash (BCH), the emphasis on efficiency and affordability sets BCH apart in the world of digital currencies, making it a noteworthy choice for those seeking a swift and cost-effective means of trading.
Tips for downloading the Koinpark App : App Store :
1. Search "KoinPark" on the App Store.
2. Tap "Download" to install the app.
3. Create your account.
4. Start trading cryptocurrencies with ease.
Google Play Store :
1. Search "KoinPark" on Google Play.
2. Tap "Install" to get the app.
3. Sign up for your account.
4. Begin your hassle-free cryptocurrency trading journey.
There has been almost two years of silence on GTA: San Andreas for Meta Quest, and even at Meta Connect 2023 there was no update. The post There is still no trace of GTA San Andreas VR for Meta Quest appeared first on MIXED Reality News.
#AR #VR #Metaverse
Various industries have praised Quantum computing’s transformative potential, but the practicality of its applications for finite-sized problems remains a question. Google Quantum AI’s collaborative research aims to pinpoint problems where quantum c
#AI #ML #Automation
Australia’s Treasury unveiled draft legislation concerning licensing and custody guidelines for cryptocurrency asset providers. Once this legislation is ratified, exchanges will be provided a 12-month window to adjust to the new framework, Coindesk
#Blockchain #Crypto
NFT
The funny thing is, I actually created NFTs not only because I liked art and expression, but more because I was carried away by hope and carried away by the atmosphere (fear of missing out). Additionally, due to the global trend of blockchain sales systems and new cryptocurrencies, it is actually still confusing as of now about all the suitable NFT marketing concepts that follow. It's the same as most people who have been stuck for years, so when they want to upload their work again. The situation has changed. The free lazy printing platform has changed to pay-it-forward, so the job may still be stuck on the 20 items already uploaded.
Trust Wallet Token's Unexpected Rise
This week, Trust Wallet’s token (TWT), which is ranked 89th in the crypto world, shot up by 22%! That’s way more than most of the digital currency market. Just a week ago, it was trading at $0.773, but as of now, it’s at $0.946. And in the last 24 hours alone, it’s climbed by over 5%. Interestingly, while TWT saw this impressive rise, the entire crypto market’s value barely moved, increasing by less than 0.5%, based on what we saw on CoinGecko. The price jump seems to have been influenced by Trust Wallet’s latest update to their browser extension, which now allows for Ethereum Virtual Machine (EVM) swaps. Also, they’ve hinted at another surprise that they’ll be revealing soon, but they’ve kept us in the dark about what it is. A bit about Trust Wallet: It’s a wallet that supports multiple chains and lets users have full control
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A chilly pockets owned by collapsed crypto trade FTX moved nearly $10 million in altcoins from Solana to Ethereum since Aug. 31 for undisclosed causes, in keeping with on-chain information.The altcoins embody notable tokens like LINK, SUSHI, LUNA, and YFI. The transfers had been carried out by way of Wormhole Bridge.It’s unclear if the transfers are linked to the trade’s chapter proceedings or its current request to rent Galaxy Digital to promote its crypto holdings for fiat.FTX didn’t reply to a request for remark as of press time.FTX seeking to promote propertyFTX just lately filed a request with the chapter courtroom searching for permission to have interaction Galaxy Digital Capital Administration as its funding supervisor for sure digital property. The trade additionally requested permission to stake some idle crypto property to generate passive yield.Below the proposed settlement, Galaxy would handle, commerce, and convert FTX’s property into fiat forex or stablecoins, and hedge the collapsed trade’s publicity to unstable cryptocurrencies in return for a month-to-month fiduciary payment.FTX argued that Galaxy’s experience in promoting giant cryptocurrency positions with out affecting the market made it an appropriate alternative. The engagement aimed to assist FTX’s restructuring efforts by monetizing its cryptocurrency holdings.Moreover, the trade has filed a separate movement to ascertain tips for managing and promoting its digital property and to enter into hedging preparations on eligible cryptocurrencies — primarily Bitcoin and Ethereum.Collectors criticize tempoFTX is going through criticism from collectors over the sluggish tempo of its chapter plan negotiations.The trade’s legal professional, Brian Glueckstein, resisted requires expedited mediation on the newest chapter listening to on Aug. 23, saying the method is on observe for conclusion within the second quarter of 2024.A draft plan proposed by FTX on July 31 outlined the intent to repay clients by way of asset liquidation and litigation towards insiders. Nevertheless, tensions have risen over FTX’s efforts to discover a purchaser for its worldwide trade, FTX.com, and the lack of awareness shared about incoming bids.Collectors’ committee legal professional, Kris Hansen, additionally highlighted the $50 million month-to-month spent on attorneys’ charges and different prices because of FTX’s delay in resolving creditor considerations. FTX seeks to extend collectors’ restoration by way of lawsuits towards its founder, Sam Bankman-Fried, funding agency K5, and the founders of FTX acquisition targets.The chapter case was filed in November 2022 after allegations that FTX misused and misplaced billions of dollars of shoppers’ crypto deposits.Posted In: Chapter, ExchangesSupply: https://cryptoslate.com/ftx-cold-wallet-moved-almost-10m-in-altcoins-to-ethereum-since-aug-31/
Bitcoin Spark has emerged as a pressure within the crypto area, skillfully mixing the distinctive options of Dogecoin, Ethereum, and Cardano.Unraveling the Significance of AltcoinsEarlier than going deep into what Bitcoin Spark has in retailer for the crypto area, let’s have a look at what altcoins are. Altcoin is the short-term time period for Various coin. Cryptocurrencies exist as the choice to the main cryptocurrency, Bitcoin. Whereas Bitcoin stands its floor, altcoins supply distinctive options and improvements catering to our digital financial system. Because the crypto area broadens, altcoins play a significant function in pushing the boundaries of technological improvements.The Emergence of Bitcoin Spark Amongst all altcoins, Bitcoin Spark stands out with its progressive strategy to blockchain know-how. It makes use of an all-new Blockchain know-how known as the Proof of Course of consensus mechanism for its exercise.Let’s get into the distinctive function from the triad that shapes Bitcoin Sparks’ identification.Drawing from Dogecoin’s Group SpiritDogecoin began as an Web meme, blossoming right into a cryptocurrency with an energetic neighborhood and widespread recognition. The welcoming values of the Dogecoin neighborhood, mixed with its pleasant branding, have left an imprint in folks’s hearts. By constructing a welcoming and interesting neighborhood, Bitcoin Spark desires to democratize entry to cryptocurrencies and promote broad adoption.Integrating Ethereum’s Good Contract FrameworkEthereum launched the idea of Good Contracts. These self-executing agreements created a safer path for decentralized purposes and automatic transactions—Bitcoin spark keys into this by implementing a layered Good Contract Execution system. With Bitcoin Sparks sensible contract execution system, builders can create sensible contracts utilizing totally different programming languages, making it a bit extra versatile, thereby rising the opportunity of creating dApps within the Bitcoin Spark community.Inheriting Cardano’s Scientific PrecisionCardano is thought for its scientific and research-driven strategy that has taken the blockchain area to better heights. Bitcoin Spark adheres to Cardano’s values by incorporating practices that enhance effectivity, scalability, and real-world practicality into its ecosystem.Amidst all these, crypto fanatics nonetheless ponder whether or not Altcoins have a future.Do Altcoins Have a Future?Throughout the cryptocurrency neighborhood, the long run course of altcoins causes arguments and controversies. Whereas Bitcoin stays the business’s pioneer, altcoins have proven sturdiness and adaptation by fixing particular use instances and technological challenges. Bitcoin Spark and different altcoins showcase the precise potential of the altcoin universe and will not be only a duplication of Bitcoin achievement; as an alternative, BTCS is a mix of various distinctive altcoins to create a brand new era of cryptocurrencies that caters to varied clients and multifaceted use instances.ConclusionThe formidable endeavor of Bitcoin Spark to merge the qualities of Dogecoin, Ethereum, and Cardano exemplifies the spirit of innovation that drives the cryptocurrency business.Whereas the long run course of altcoins is unknown, Bitcoin Spark is a beacon of potentialities, showcasing the extraordinary prospects within the ever-changing cryptocurrency ecosystem.To get aware of Bitcoin Spark:Web site: https://bitcoinspark.org/ Purchase BTCS: https://community.bitcoinspark.org/registerSupply: https://www.analyticsinsight.internet/bitcoin-spark-the-next-gen-crypto-combining-the-strengths-of-dogecoin-ethereum-and-cardano/
Decentralization Concerns and Market Dynamics: A Deep Dive into Ethereum's Ecosystem and Price Trends
Many individuals within the cryptocurrency community prefer liquid staking platforms like Lido over centralized ones. Lidos approach has been to involve a number of node operators to prevent any single group from having excessive control over staked ETH, which helps address concerns about centralization. However the risk of centralization still remains. If a dominant group of liquidity providers or node operators were to emerge it could create a vulnerability. Even establish a monopoly that goes against the broader interests of the Ethereum community. Following the Merge and Shanghai updates Ethereum, the worlds most prominent cryptocurrency has experienced an increase in centralization. JPMorgan has expressed concerns about declining staking returns. Another important aspect mentioned in their report is rehypothecation. This
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Big Bucks & Bitcoin: How an ETF Could Shift the Game
The landscape of Bitcoin may be, on the verge of a transformation. An individual who previously held a position at BlackRock representing the asset management company globally has indicated that there is a possibility of approving Bitcoin based Exchange Traded Funds (ETFs) in the United States. This development is not a victory for Bitcoin; it could signify a crucial turning point in how the market perceives this digital currency. The approval of ETFs would carry implications. It would provide investors, known for their substantial financial resources with a secure and familiar avenue to invest in Bitcoin. Many experts speculate that these prominent players could bring about a $17.7 trillion investment. Such a substantial influx of funds might further elevate the value and importance of Bitcoin within the realm of
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Ethereum Foundation Sells 1,700 ETH for USDC
The Ethereum Foundation, a profit organization that supports Ethereum and its associated technology recently revealed that they sold 1,700 ETH in exchange for USD Coin (USDC). According to Scopescan a data provider the foundation converted approximately $2.76 million worth of ETH into USDC through an Uniswap transaction. This information has been confirmed by Arkham Intelligences data. CoinMarketCap shows a decrease in the value of Ethereum with a 0.56% decline in the last hour a 3.8% drop over the past day and a 6.66% decrease over the week. While it is not certain if this sale directly caused the price dip it is worth noting that Ethereums value continued to decline after the transaction took place. Many individuals on Twitter have expressed concerns about this move as it may be seen as a signal. Some question why the
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What are ERC-20 tokens on the Ethereum network?
Ethereum ERC-20 tokens are the key for anyone to create smart contract compatible cryptocurrencies that meet the guidelines set by Ethereum.
If you have investigated Ethereum, Ethereum block chain, or any other cryptocurrency that uses the ecosystem, you have probably seen or heard the term ERC20 development . This mysterious acronym plays a very important role in Ethereum and cryptocurrencies in general. This mysterious acronym plays a very important role in Ethereum and in cryptocurrencies in general.
From there, they can harness the power of the entire ecosystem and Ethereum block chain. But what are they really and why are they so important?
What is an ERC-20 token?
Ethereum Request for Comment number 20, better known as ERC-20 is the Ethereum standard for smart contract enabled tokens. Unique in Ethereum’s blockchain, these expendable tokens are interchangeable with other tokens.
IMPORTANT: Expendable tokens should not be confused with non-expendable tokens (NFT).
An ERC-20 token can refer to an asset, property, right, access, cryptocurrency or any other element that is not unique and can be exchanged for another. Basically, ERC-20 tokens allow digital assets to be easily interchanged with each other.
ERC-20 tokens explanation: why were they created?
When smart contracts started to stand out, there were many obstacles to overcome. Especially since anyone could create them. At the time, there was no generalized standard encoding, which meant there was no way to guarantee that different tokens could be used, exchanged, or created.
Before standardization, each application had to create its own token, and users working on different platforms had to face a difficult and long process to transfer them from one side to the other.
The introduction of ERC-20 allowed people and projects to be interconnected. With many well-established digital coins adopting the ERC-20 standard.
Advantages of Ethereum ERC-20 tokens
Developers, project creators, companies, communities and individuals see great benefits in the use of Ethereum ERC-20 tokens. We have selected some that highlight how each type of user can benefit.
Interconnected projects
A standardized approach to tokens makes it easy to transfer and exchange them. This allows different projects and communities to collaborate with each other, while offering users the possibility of easily changing their files for others.
Easy coin creation
Thanks to standardization, developing your own token couldn’t be faster. By following a few simple steps, a developer can have a new coin running smoothly and on short notice.
Name of your file
Decide your symbol
Specify the decimal
Confirm how it will divide
Security and protection
All ERC-20 tokens have a built-in digital purse function, which means that anyone with the token can protect it by storing it in their purse. This allows token holders to maintain full control over their digital assets, rather than leaving them in a bag.
Profitable development
Much time, effort, and money has been invested in developing the ERC20 token development standard — it would be incredibly expensive to try to replicate it. All the hard work has been done for you, which means your developers can easily create a token that offers a great user experience without all the associated costs.
How are ERC-20 tokens standardized?
There is a selection of functions and events that a token must complete to obtain the ERC-20 standardization. If you fulfill the minimum functions, it will guarantee the safety of your token, its holders and the Ethereum block chain. If you cannot provide what is listed below, you will not be able to create an ERC-20 compliant token.
Total offer: This is the total number of chips to be issued.
Balance: How much of the token is in an owner’s account.
Transfer: Automatically executes transfers from a certain number of tabs to a preselected recipient address.
Transfer from: Same as the previous one but specifying the address from which the operation comes, not that of the recipient.
ETH AND ERC-20: What’s the difference?
ERC-20 is developed to be used in the Ethereum blockchain. However, this does not mean that it is the same as the Ethereum cryptocurrency. Eth or Ethereum is the native token used by Ethereum blockchain to process a transaction on the network.
ERC-20 is used as a standard to create fungible tokens enabled for smart contracts that can be used in the Ethereum ecosystem. Basically, ERC-20 is the foundation of most cryptocurrencies that use Ethereum as the host block chain.
Bottom line: What are ERC-20 tokens?
ERC-20 tokens are the standard for creating cryptocurrencies compatible with smart contracts hosted on Ethereum’s blockchain. Before its existence, anyone who created new tokens had to find creative ways to exchange them with each other. It was a long and complicated process. Now anyone can create an ERC20 token generator that is interchangeable with any other ERC-20 token.
Harnessing the power of Ethereum’s block chain and ERC-20 tokens, developers, projects, and cryptocurrency communities can create viable tokens cost-effectively and quickly.
These tokens allow for a more interconnected and viable Ethereum ecosystem, providing the platform for projects to start, prosper and expand.
BITCOIN KING OF CURRENCY
Bitcoin, the revolutionary digital currency, has been making waves in the financial world since its inception in 2009. With its decentralized nature and secure transactions, it has gained popularity among investors and tech enthusiasts alike. In this article, we will delve into the world of Bitcoin, exploring its features, benefits, and the future it holds.
What is Bitcoin?
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries such as banks. It was invented by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Operating on a technology called blockchain, Bitcoin ensures secure and transparent transactions through a network of computers known as nodes.
How Does Bitcoin Work?
Bitcoin works on the principle of blockchain technology, a distributed ledger that records all transactions made using the indo3388 cryptocurrency. When someone initiates a Bitcoin transaction, it is broadcasted to the network of nodes. These nodes validate the transaction by solving info slot complex mathematical problems. Once verified, the transaction is added as a block to the blockchain.
Benefits of Bitcoin
Decentralization: Bitcoin operates on a decentralized network, meaning that no central authority controls or governs it. This provides individuals with more control over their finances and reduces the risk of government interference or manipulation.
Security: Bitcoin transactions are highly secure due to the use of cryptographic algorithms. Each transaction is digitally signed to ensure authenticity and integrity, making it nearly impossible to counterfeit or manipulate.
Anonymity: While Bitcoin transactions are public, users have the option to remain anonymous. Instead of using personal information, Bitcoin addresses are used, providing a certain degree of privacy.
Low Transaction Fees: Traditional financial institutions often charge hefty fees for international or large-scale transactions. Bitcoin eliminates the need for intermediaries, resulting in lower transaction fees, especially for cross-border transfers.
Global Accessibility: Bitcoin can be accessed by anyone with an internet connection, regardless of their geographic location. This allows for seamless international transactions and financial inclusion for the unbanked population.
The Future of Bitcoin
The future of Bitcoin looks promising, with its growing acceptance and adoption in various industries. Here are some slot gacor key factors shaping its future:
Increased Institutional Adoption: With companies like Tesla and Square investing in Bitcoin, institutional adoption is on the rise. This not only adds credibility to the cryptocurrency but also paves the way for more mainstream acceptance.
Technological Advancements: As technology evolves, so does Bitcoin. Innovations such as the Lightning Network aim to improve scalability and transaction speeds, addressing some of the current limitations of the network.
Central Bank Digital Currencies (CBDCs): Governments around the world are exploring the concept of CBDCs, digital currencies issued and regulated by central banks. This could potentially lead to a greater acceptance and integration of Bitcoin into the traditional financial system.
Store of Value: Bitcoin is often referred to as "slot online" due to its limited supply and scarcity. As a store of value, Bitcoin can act as a hedge against inflation and economic uncertainty, making it an attractive asset for long-term investment. In conclusion, Bitcoin has emerged as a revolutionary form of digital currency, offering benefits such as decentralization, security, and low transaction fees. Its future looks promising, with increasing institutional adoption and technological advancements. Whether Bitcoin will become the currency of the future remains to be seen, but its impact on the indo3388 financial landscape is undeniable. So, are you ready to embrace the world of Bitcoin and explore the possibilities it holds?
Cryptocurrency: A Beginner's Guide to Bitcoin
Cryptocurrency has become a buzzword in recent years, and one name that often comes up in conversations is Bitcoin. But what exactly is Bitcoin, and how does it work? In this article, we will delve into the world of cryptocurrency and explore the basics of Bitcoin, providing you with a beginner's guide to understanding this revolutionary digital currency.
What is Bitcoin?
Bitcoin is a decentralized digital currency that was invented in 2008 by an anonymous person or group of people using the name Satoshi Nakamoto. Unlike traditional currencies such as the US dollar or the Euro, Bitcoin is not controlled by any central bank or government. Instead, it operates on a peer-to-peer network and utilizes blockchain technology to ensure security and transparency.
How Does Bitcoin Work?
Bitcoin operates on a technology known as blockchain, which is a public ledger that records all transactions made using the currency. When someone makes a Bitcoin transaction, it is verified by a network of computers known as miners. These miners compete to solve complex mathematical problems, and once a problem is solved, the transaction is added to a block in the blockchain. This decentralized nature of Bitcoin means info slot that no single entity has control over the currency. Transactions are transparent and cannot be altered, making Bitcoin a secure and reliable form of digital currency.
Benefits of Bitcoin
Bitcoin offers several benefits that have contributed to its popularity among users worldwide. Some of the key advantages of Bitcoin include:
Decentralization: Bitcoin operates without the need for intermediaries such as banks or governments, giving users full control over their funds.
Security: The use of blockchain technology ensures that Bitcoin transactions are secure and cannot be tampered with. The transparent nature of the blockchain also allows for easy tracking of transactions.
Anonymity: While Bitcoin transactions are recorded on the blockchain, the identities of the users involved are not disclosed, providing a certain level of privacy.
Lower Transaction Fees: Compared to traditional banking systems, Bitcoin transactions generally have lower fees. This makes it an attractive option, especially for cross-border payments.
Global Accessibility: Bitcoin can be accessed and used by anyone with an internet connection, regardless of geographical location. This makes it an inclusive and borderless form of currency.
Is Bitcoin Legal?
The legal status of Bitcoin varies from country to country. While some countries have embraced the use of slot online cryptocurrency and have established regulations to govern its use, others have banned or restricted it. It is important to research the legal status of Bitcoin in your jurisdiction before engaging in any transactions.
Is Bitcoin a Good Investment?
Bitcoin has experienced significant price fluctuations since its inception, leading some to view it as a speculative investment. While Bitcoin has the potential for high returns, it is also subject to volatility and market risks. It is essential to slot gacor carefully consider your risk tolerance and conduct thorough research before investing in Bitcoin or any other cryptocurrency.
Conclusion
Bitcoin has revolutionized the world of finance, offering a decentralized and secure form of digital currency. With its global accessibility and potential benefits, Bitcoin has garnered widespread attention and adoption. Whether you are a indo3388 curious beginner or an experienced investor, understanding the basics of Bitcoin is essential in navigating the world of cryptocurrency. So, grab your digital wallet, and embrace the future of finance with Bitcoin!
Article Meta-Description
Learn the basics of Bitcoin, a decentralized digital currency, in this beginner's guide to cryptocurrency. Explore its benefits, workings, and legal status.
Research develops a model of trust in Ethereum token ‘Ether’ payments (TRUSTEP)
My new research developed a model of trust in making payments with the Ethereum (Zarifis, 2023). I published the first peer reviewed research on trust in payments with Bitcoin in 2014 (Zarifis et al. 2014), and I wanted to apply my experience from that to understanding the consumer’s perspective to making Ethereum payments.
Ethereum is being utilised in various ways, including smart contracts and payments. Despite some similarities with Bitcoin, Ethereum is a different technology, with different governance and support.
Ethereum payments require digital wallets and the process is different to paying in traditional fiat currencies like the Euro. When a person wants to take an action without controlling all the parameters, and some risk is unavoidable, trust is necessary.
Figure 1. Model of trust in making Ethereum payments, TRUSTEP
The model demystifies how trust is built in consumer payments with Ethereum. The model starts with the individual’s predisposition and then covers the factors from the specific context of Ethereum payments. From the person’s individual characteristics, their willingness to innovate in finance and technology have a role. There are then five variables from the contexts: Adoption and reputation, stable value and low transaction fees, effective regulation, payment intermediaries and trust in the seller. The personal and contextual factors together influence trust in the Ethereum payment process and making a payment with Ether.
While the model has similarities to previous models of trust, such as the role of each individual’s psychological predisposition and the role of reputation, the role of institutions such as regulators and the importance of trust in the retailer, the distinct characteristics of Ethereum also play a role. In fact, the factors related to the distinct characteristics of Ethereum have the strongest support based on the average of the responses. This research can be added to a growing body of research in trust that illustrates how users’ beliefs in each cryptocurrency need to be explored separately.
Furthermore, the role of the organizations involved in the payment process are shown. While trust in the retailer is usually a factor in retail payments, the regulators and payment intermediaries are not always a significant factor, so it is a useful contribution to show that this is the case here.
That is what I want to share with you here. If you have experiences related to what I am talking about, please let me know, I would love to hear from you.
Reference
Zarifis A. (2023) ‘A Model of Trust in Ethereum Token ‘Ether’ Payments, TRUSTEP’ Businesses, vol.3, no. 4: pp.534-547. Available from (open access): https://doi.org/10.3390/businesses3040033
Zarifis A., Efthymiou L., Cheng X. & Demetriou S. (2014) ‘Consumer trust in digital currency enabled transactions’, Lecture Notes in Business Information Processing-Springer, vol.183, pp.241-254. Available from: http://link.springer.com/chapter/10.1007/978-3-319-11460-6_21#
Report on the cryptoasset ecosystem in Latin America and the Caribbean, by the University of Cambridge
This report offers a balanced analysis of the opportunities, and challenges, caused by the many moving parts of the cryptoasset ecosystem in Latin America and the Caribbean. I am happy to have contributed to this as one of the co-authors. I found it particularly interesting how some countries want to lead in the adoption of cryptoassets while others want to be more cautious. The countries that lead believe in their ability to regulate cryptoassets and manage any risks that emerge. They want to have first mover advantage. Other countries do not believe being an early, enthusiastic, adopter is worth the risks, and prefer to wait until the industry and the regulation mature. Both approaches are valid, but in both strategies it is important to follow developments closely. This is where this report can be helpful in gaining insights into this sector’s development, market trends, challenges and opportunities, as well as regulation.
The cryptoasset sector has grown across Latin America and the Caribbean in recent years and this expansion has led to increased employment opportunities. Some cryptoasset firms are now full-service fintech providers. The regulatory views on digital assets have shifted, with around a third of public sector respondents being more positive towards cryptoassets. The private sector participants are also more positive now, and they collaborate more with regulators through innovation hubs and sandboxes. The private sector respondents also see growth opportunities in DeFi services and onboarding corporate clients.
However, there are also challenges to address with the most important one being the lack of regulatory clarity. Public sector respondents believe they need more expertise in cryptoassets.
Reference
Proskalovich R., Jack C., Zarifis A., Serralde D.M., Vershinina P., Naidoo S., Njoki D., Pernice I., Herrera D. & Sarmiento J. (2023) ‘Cryptoasset ecosystem in Latin America and the Caribbean’, University of Cambridge – Cambridge Center for Alternative Finance (CCAF). Available from: https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/crypotasset-ecosystem-in-latin-america-and-the-caribbean/
Ethereum inflation highlights the necessary definition of this blockchain
Currently, one of the big debates in the Ethereum ecosystem is related to the unstoppable inflation of this cryptocurrency.
An issue that has attracted the attention of both specialists in the Ethereum ecosystem and outside of it. Let us remember that since its creation, the Ethereum network has had no limit on its issuance. This means that as many ETH ( ERC20 development ) can be created as the computers in charge of running its nodes can write.
Considering the 64-bit computing world we live in, it means that the theoretical issuance limit would be 10^(38), a number so large that you could easily describe with it all the money issuance of the crypto and traditional financial system and still have room for more. The fact that Ethereum’s inflation is in practice “almost infinite” has led to the search for solutions to avoid the undesirable effects of this situation: the continuous devaluation of Ether, the platform’s native token.
It should be remembered that the supply of Ethereum currently exceeds 120 million ETH. The future perspective, after the elimination of EIP-1559 and other measures for the evolution and development of Ethereum 2.0, could trigger the issuance of Ethereum in the long term.
Solving inflation in Ethereum
Although Vitalik Buterin and his team have tried to find solutions to this problem, the reality is that the measures taken have proven insufficient. For example, on August 5, 2021, when Ethereum was still working under the Proof of Work scheme, a controversial improvement was activated: EIP -1559 . This improvement sought to solve some of the serious tokenomics problems that Ethereum was facing then:
First, stabilize transaction fees. Episodes of high volatility made it too expensive to use this network. At that time, many Ethereum DeFi users were forced to pay fees of up to $500 to make a trade. Most of the time they were basic token withdrawal operations from DeFi pools.
On the other hand, EIP-1559 sought to solve the problem of transaction delays, which caused price fluctuations. This was reflected in operations that took hours to be confirmed or that failed outright.
Finally, resolve the inefficiencies of price auctions by confirming operations within the chain. This last situation also impacts security, since Ethereum has a block confirmation model that allows so-called “Uncle Blocks.” Uncle Blocks are sister blocks of those blocks that are part of the main chain. Basically, they are valid blocks that are issued at the time of confirmation of a block, but since they do not meet all the consensus criteria, they are set aside and are part of an alternate history of Ethereum.
Visit : ERC20 token development service
Insufficient reach and negative effects
EIP-1559 sought to solve the issuance problem with two important adjustments: changing the measurement formula in the Ethereum gas price and adding a burning factor in each new block. Thus, the aim was to subsidize (yes, it is a subsidy, even if Ethereum devs don’t like the word) the cost of Ethereum operations and at the same time burn ETH to reduce inflation.
A study carried out in 2022 indicates that although the measure had a strong impact on fees and the issuance of Ethereum, it was insufficient to correct the problem. For example, the gas expense for each ETH block after the hard fork that activated EIP-1559 (London) varied between 0 and 30 million Gas, when before the hard fork it was 15 million. Although this may seem like progress, the reality is that the real impact on the price of Gas is minimal, as seen in the following graph. Please note from 2021 onwards that it already shows the corresponding subsidy.
In addition to this, the measures taken by EIP-1559 encouraged the arrival of MEVs and their manipulation of operations, making this practice more profitable and exposing operations to censorship practices, as has actually happened. In any case, the issuance of ETH has been unstoppable and, although growth has flattened in the last year, the supply continues to increase.
The arrival of Merge and Ethereum 2.0
Issues regarding Ethereum issuance remained throughout the development of Ethereum 2.0. They even continue with this update already deployed. In fact, EIP-1559 is still active, which, together with a mathematically regulated percentage issuance, has helped the issuance of ETH to flatten out in the last year. However, Ethereum’s plans include the demise of EIP-1559. The elimination of this subsidy will once again make Ethereum an inflationary network, with a rate of 6.5% per year, necessary to maintain the tokenomics of this network.
Please note that the Ethereum network depends on there being a flow of ETH to perform operations on it. Said ETH has many uses. Such as network staking for validators (where the ETH is frozen) or stakes and pools, which allow the operation and security of the cross-chain bridges of this chain. Maintaining an adequate flow of new tokens is vital for validators to earn their rewards and for the rest of the ecosystem to sustain itself. In that sense, continuing to burn ETH with EIP-1559 is counterproductive in the long term. Hence, the need to eliminate this system.
Changes that do not know when they will arrive
When will the changes happen? Not even Vitalik Buterin himself can offer a clear answer. The last thing known about this measure was provided by Buterin with the second roadmap of Ethereum 2.0, whose fifth phase, called Splurge, would eliminate EIP-1559 and make a Fix-ALL in Ethereum. However, after that, Buterin has already presented two new roadmaps for Ethereum 2.0 that have changed the priorities of the project, so there is no date. Not even the project creator knows what exactly to do about the problem.
What is known is the main effect of the problem: inflation, which can erode the value of ETH. If the supply of ETH increases too quickly it could cause the price of the coin to decrease. Which could make it difficult to create erc20 token . Ethereum to be used as a reserve currency or means of payment. Although the latter may not be what they are looking for from Ethereum. It seems increasingly clear that Ethereum is becoming a hub for financial applications. If they take a tokenomic perspective more like that of fiat currencies, which is what they basically have now, they could maintain the system and grow little by little.
What seems clear is that the decision must be addressed. Above all, to offer clarity to the community that is building on Ethereum. Still, it’s important to be aware of the risks that Ethereum inflation could pose to the network. Ethereum investors and users should stay tuned for updates on the migration to PoS and other measures being taken to address inflation.
Ethereum Blockchain Developer Bootcamp With Solidity (2023)
Ethereum Blockchain Developer Bootcamp With Solidity
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