Category Archives: Cryptocurrency

Non-fungible tokens (NFTs) have crossed into that realm of popularity where various platforms are ranked, with industry observer Comparitech launching its Worldwide NFT Heists tracker.

NFTs have sold for as much as $92 million, but their financial value is still a point of great controversy in the traditional financial, financial technology (fintech), payments and cryptocurrency industries.

Researchers at Comparitech have been tracking NFT thefts for more than two years ever since the first NFT was stolen in early 2020. More than $86 million in NFT value has been pilfered since then, according to Comparitech research.

Much like financial threats and security in general, growing attacks on NFTs boil down to bad actors attempting to attack areas where they see the most money flowing. (Case in point: In December 2021, one NFT called "The Merge" sold for an eye-popping $92 million.)

Rebecca Moody, head of data research at Comparitech, pointed out that the companys research have been tracking NFT heists since they initially came to light more than two years ago. In the past two and a half years, $86 million has been stolen from these sites, with increasing attacks this year just like cryptocurrency in general. According to Comparitech, the 10 most significant NFT heists (based on the U.S. dollar amount stolen at the time of the attack) have been:

Originally posted here:
This tracker lists and ranks the biggest heists of NFT cryptocurrency - SC Media

The year is 2027. Its a time of great innovation and technological advancement, but also a time of chaos. What will the crypto market look like in 2027? (For those unfamiliar, that's alinefrom the 2011 video game,Deus Ex.)

Long-term predictions are notoriously difficult to make, but they are good thought experiments. One year is too short a period for fundamental changes, but five years is just enough for everything to change.

Here are the most unexpected and outrageous events that could happen over the next five years.

Themetaverse is a hot topic, but most people do not have even the slightest idea of what it actually comprises. The metaverse is a holistic virtual world that exists on an ongoing basis (without pauses or resets), works in real-time, accommodates any number of users, has its own economy, is created by the participants themselves, and is characterized by unprecedented interoperability. A variety of applications could (in theory) be integrated into the metaverse, including games, video-conferencing applications, services for issuing drivers licenses anything.

This definition makes it clear the metaverse is not such a novel phenomenon. Games and social networks that include most of the features stated above have been around for quite some time. Granted, interoperability is a problem that needs to be addressed seriously. It would have been a very useful feature to be able to easily transfer digital assets between games or a digital identity without being tethered to a specific platform.

But the metaverse will never be able to cater to every need. There is no reason to include some services in the metaverse at all. Some services will remain isolated due to the unwillingness of their operators to surrender control over them.

And there is also the technical aspect to take into account. The cyberpunk culture of the 1980s and 90s postulated that the metaverse meant total immersion. Such immersion is now conceived as possible only with the use of virtual reality glasses. VR hardware is getting better every year, but its not what we expected. VR remains a niche phenomenon even among hardcore gamers. The vast majority of ordinary people will never put on such glasses for the sake of calling their grandmother or selling some crypto on an exchange.

True immersion requires a technological breakthrough like smart contact lenses or Neuralink. It is highly unlikely those technologies will be widely used five years from now.

An active decentralized finance (DeFi) user is forced to deal with dozens of protocols these days. Wallets, interfaces, exchanges, bridges, loan protocols there are hundreds of them, and they are growing daily. Having to live with such an array of technologies is inconvenient even for advanced users. As for the prospects of mass adoption, such a state of affairs is all the more unacceptable.

For the ordinary user, it is ideal when a maximum number of services can be accessed through a limited number of universal applications. The optimal choice is when they are integrated right into their wallet. Storing, exchanging, transferring to other networks, staking why bother visiting dozens of different sites for accessing such services if all the necessary operations can be carried out using a single interface?

Users dont care which exchange or bridge they use. They are only concerned about security, speed and low fees. A significant number of DeFi protocols will eventually turn into back-ends that cater to popular wallets and interfaces.

Money has three main roles acting as a means of payment, as a store of value and as a unit of account. Many cryptocurrencies, primarily stablecoins, are used as a means of payment. Bitcoin (BTC) and to a much lesser extent Ether (ETH) are used as stores of value among cryptocurrencies. But the United States dollar remains the main unit of account in the world. Everything is valued in dollars, including Bitcoin.

The real victory for sound money will be heralded when cryptocurrencies take over the role of a unit of account. Bitcoin is currently the main candidate for this role. Such a victory will signify a major mental shift.

What needs to happen in the next five years to make this a possibility?

A sharp drop in the confidence vested in the U.S. dollar and euro is a prerequisite for cryptocurrencies to take on the role of a basic unit of account. Western authorities have already done a lot to undermine said confidence by printing trillions of dollars in fiat money, allowing abnormally high inflation to spiral, freezing hundreds of billions of a sovereign countrys reserves, and so on. This may be just the beginning.

What if actual inflation becomes much worse than projected? What if the economic crisis is protracted? What if a new epidemic breaks out? What if the conflict in Ukraine spills into neighboring countries? All of these are feasible scenarios. Some are extreme, of course but they are possible.

There is a high probability that the list of top cryptocurrencies will radically change. Outright zombies such as Ethereum Classic (ETC) will be ousted from the list, and projects that now seem to hold unshakable positions will not only be de-throned but may also vanish altogether.

RELATED: 6 Questions for Lisa Fridman of Quadrata

Some stablecoins will surely sink. New ones will take their place. Cardano (ADA) will slide down the list to officially become a living corpse. The project is moving agonizingly slowly. Developers not only fail to see this as problematic but even seem to view it as a benefit.

Cryptocurrencies are global by default, but they are not invulnerable to the influence of individual states. The state always has an edge and an extra trick up its sleeve. A number of territories (the U.S., the European Union, China, India, Russia, etc.) have already introduced or are threatening to introduce strict regulation of cryptocurrencies.

The factor of international competition is superimposed onto internal state motivations. When Russia was heavily sanctioned, some crypto projects started restricting Russian users from accessing their services or even blocking their funds. This scenario may play out again in the future with respect to China.

RELATED:Is there a way for the crypto sector to avoid Bitcoins halving-related bear markets?

It is not difficult to imagine a future in which parts of the crypto market will work in favor of some countries while closing to others. We are living in such a future already, at least to some degree.

The opinions expressed are the authors alone and do not necessarily reflect the views of Cointelegraph. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.

Go here to read the rest:
What will cryptocurrency market look like in 2027? Here are 5 predictions - Cointelegraph

WASHINGTON (AP) A bipartisan group of senators on Wednesday proposed a bill to regulate cryptocurrencies, the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked bycollapsing pricesandlenders halting operations.

The regulations offered by Senate Agriculture Committee chair Debbie Stabenow and top Republican member John Boozman would authorize the Commodities Futures Trading Commission to be the default regulator for cryptocurrencies. That would be in contrast with bills proposed by other members of Congress and consumer advocates, who have suggested giving the authority to the Securities and Exchange Commission.

This year, crypto investors have seenprices plunge and companies craterwith fortunes and jobs disappearing overnight, and some firms have been accused by federal regulators of running an illegal securities exchange.Bitcoin, the largest digital asset, trades at a fraction of its all-time high, down from more than $68,000 in November 2021 to about $23,000 on Wednesday. Industry leaders have referred to this period as a crypto winter, and lawmakers have been desperate to implement stringent oversight.

The bill by Stabenow, a Democrat from Michigan, and Boozman, of Arkansas, would require all cryptocurrency platforms including traders, dealers, brokers and sites that hold crypto for customers to register with the CFTC.

READ MORE: Cryptocurrency meltdown is wake-up call for many, including Congress

The CFTC is historically an underfunded and much smaller regulator than the SEC, which has armies of investigators to look at potential wrongdoing. The bill attempts to alleviate these issues by imposing on the crypto industry user fees, which in turn would fund more robust supervision of the industry by the CFTC.

Our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital commodities space, Boozman said in a statement.

Sens. Cory Booker, D-N.J., and John Thune, R-S.D., are co-sponsors of the bill.

Its critical that the (CFTC) has the proper tools to regulate this growing market, Thune said.

The legislation can be added to the list of proposals that have come out of Congress this year.

Sen. Pat Toomey, R-Pa., in April introduced legislation, called the Stablecoin TRUST Act, that would create a framework to regulate stablecoins, which have seen massive losses this year. Stablecoins are a type of cryptocurrency pegged to a specific value, usually the U.S. dollar, another currency or gold.

Additionally, in June, Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo.,proposed a wide-ranging bill, called the Responsible Financial Innovation Act. That bill proposed legal definitions of digital assets and virtual currencies; would require the IRS to adopt guidance on merchant acceptance of digital assets and charitable contributions; and would make a distinction between digital assets that are commodities and those that are securities, which has not been done.

Along with the Toomey legislation and the Lummis-Gillibrand legislation, a proposal is being worked out in the House Financial Services Committee, though those negotiations have stalled.

Committee chair Maxine Waters, D-Calif., said last month that while she, top Republican member Patrick McHenry of North Carolina and Treasury SecretaryJanet Yellenhad made considerable progress toward an agreement on the legislation, we are unfortunately not there yet, and will therefore continue our negotiations over the August recess.

President Joe Bidens working group on financial markets last November issued a report calling on Congress to pass legislation that wouldregulate stablecoins, and Biden earlier this year issuedan executive ordercalling on a variety of agencies to look at ways to regulate digital assets.

See the original post:
New cryptocurrency oversight legislation arrives as industry shakes - PBS NewsHour

Throughout the globe, the use of digital money has grown significantly in recent years. But as we all know, the cryptocurrency market is highly speculative, and its value is frequently changing every single time, and thats why some people are afraid to invest in cryptocurrencies. Cryptocurrencies like Bitcoin, Litecoin, Ethereum, Tether, Ripple, the Oil Profit platform, and Binance coin are the most common and popular cryptocurrencies in the world but investing in all these cryptocurrencies is not possible for small-scale investors. So, you need to choose the best one for your portfolio.

Here, you can find some cryptos that can help you get a good return. Make sure to keep your eyes on the recent news, and you must know the right trading strategy to achieve success in this digital world.

Bitcoin (BTC): Bitcoin is considered the worlds first decentralized virtual cryptocurrency. A mysterious group of people originally developed Bitcoin in 2009. When bitcoin was invented, nobody thought it would one day lead the Crypto market, but now it has become the worlds largest cryptocurrency. Bitcoin is considered the safest cryptocurrency for investment and is based on blockchain technology to facilitate digital transactions more conveniently and quickly.

Bitcoin offers a direct transaction facility to its users so that they can quickly and safely transfer their assets from one wallet to another. No custodian authority is available in this network, and you can transfer your coins without any bank or government approval. Even you can also make cross-border or international transactions with BTC at less transaction cost. Due to its vast popularity and success, many big investors believe that BTC can replace the fiat currency in the coming years.

Litecoin: Litecoin was developed by an ambiguous person known as Charlie Lee in 2011. One of the main objectives of Litecoin is to facilitate easy and faster transactions with low charges. The developer of Litecoin aims to make Litecoin a means of payment with the lowest transaction cost.

Experts believe Litecoin is the closest rival of bitcoin because Litecoin recently secured the fifth rank in the Crypto market.

As we all know, Litecoin is a decentralized virtual currency like bitcoin. It is open source and runs on a Scrypt Algorithm to facilitate P2P transactions more conveniently.Litecoin is the same as bitcoin, but one of the significant differences between them is that Litecoin offers faster transactions to users and takes a comparatively low transaction charge compared to bitcoin.

Ethereum: Ethereum is the worlds second-largest and most successful cryptocurrency after bitcoin. It was developed by an extraordinary man whose name is Vitalik Buterin. He is a legendary and well-known computer programmer.

Ethereum is also similar to bitcoin and uses blockchain technology to make P2P transactions. The native coin of Ethereum is known as Ether. It also offers an open-source network to users so that they can independently develop new applications on the Ethereum blockchain.

Tether (USDT): Tether is considered a stablecoin, but this currency is tied to a fiat currency, the US dollar. In simple terms, the price of Tether coins is directly tied up with the US dollar cost.

Tether, known as stablecoins, attempts to prevent price fluctuations to attract new users who are afraid to invest in cryptocurrencies.

The tether combines the profits of cryptocurrency, such as cutting the need of the middle man, with the stability of currency issued by the government.

Ripple: Ripple was invented by Chris Larsen and Jed McCaleb in 2012 as a solution for cross-border transactions for big financial institutions. Ripple also uses the same technology as bitcoin, and the primary purpose of Ripple is to facilitate transactions in big financial institutions and corporations. When Ripple was not invented, international transactions took some days to complete the whole payment process with high transaction rates. But Ripple was mainly developed to solve this issue via blockchain technology.

Ripple is second the third rank in the Crypto market and runs in Ripple Protocol Consensus Algorithm. However, the possible growth of Ripple is very limited because the primary function of Ripple is to facilitate cross-border transactions.

Binance Coin (BNB): A utility cryptocurrency produced by the Binance exchange, Binance coin (BNB) trades mostly under the symbol BNB.The Binance coin runs on the Ethereum blockchain and helps boost the functions of the Binance exchange, and supports numerous utilities like trading and exchange fees and any other charges on the Binance exchange.

Conclusion:

Currently, many cryptocurrencies are available in the Crypto market, and a new one is entered every day. Everyone knows that every cryptocurrency is based on the same blockchain technology, and each is highly volatile. Due to this nature, the value of cryptocurrency frequently changes. Every cryptocurrency has its pros and cons. Profit Bitcoin is the most wonderful platform that offers users plenty of facilities so they can invest their money in cryptocurrency without any stress and hesitation.

Related

Category: Local News, NEWS

Here is the original post:
The 6 Most Common and Popular Types of Cryptocurrency - Eye On Annapolis - Eye On Annapolis

Billionaire Elon Musk has been Dogecoins biggest supporter, and he has not been shy to say it. It was indeed the SpaceX CEOs tweets that triggered the bull rally that saw the meme coin hit a high of $0.7 last year before starting its slow downtrend. However, even with the fact that Dogecoin has seemingly lost most of its gained value, Elon Musk has not relented on his support for Dogecoin and explained why he loves it in a recent podcast.

Elon Musk was a guest on the Full Send where he talked about cryptocurrencies and Dogecoin in particular. The billionaire revealed that he was still strongly in support of the meme coin and took it a step further to explain why he was such an avid supporter of it.

According to Musk, he mainly likes Dogecoin due to the theme behind it. It is no secret that the meme culture around the cryptocurrency had played an important role in its meteoric rise back in 2021. It also happens to be Musks favorite thing about the cryptocurrency, explaining that it has memes and dogs. The dog part of this is just as prominent, given that Elon Musk himself has a Shiba Inu pet, which is the famous dog associated with the coin.

The developers behind the cryptocurrency have also been doing their best to develop the meme coin, something that Musk has been in full support of. Dogecoin has made it onto the limelight by being accepted as a mode of payment, among other things.

One thing that has faded over time is the impact that Musks comments had on the price of Dogecoin. At the height of the bull run, every time the billionaire said or did something in relation to Dogecoin, the price soared tremendously.

This has now changed in the fact that Musks actions no longer hold much sway over the digital assets price. An example is when he announced that his Boring company would be accepting Dogecoin for underground rides in Vegas, the price responded in a disappointing way. Such as been the case at different times in the past.

Related Reading: Heres When A Finders Panel Of Experts Expect Dogecoin To Reach $0.6

Dogecoin has recently taken another hit. The digital asset had fallen to 10th place on the list of largest cryptocurrencies, which it had held for a while. However, it has now fallen to 11th place after Polkadot made a remarkable recovery and surpassed the market cap of DOGE.

Doges price continues to trend around $0.06, and while investors hold out hope that the meme coin will stage a recovery soon, a Finders panel has forecasted that Dogecoin may not be seeing its previous ATH for the next five years.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet

Read more here:
Dogecoin Is Elon Musks Favorite Cryptocurrency, Heres Why | Bitcoinist.com - Bitcoinist

Developing a cryptocurrency token has been a complex task, as it requires advanced blockchain programming skills. Until recently, only blockchain developers with strong coding skills could create a mechanism to mint digital coins. This scenario, however, led to the development of platforms where anyone, not knowing even an iota of programming, could launch their cryptocurrencies.

The flagbearer of this change has been TokenMint, a no-code tokenization platform. The platform has bridged the gap between token creation and the mainstream, using automation to allow anyone with no development knowledge to create and mint tokens.

This article dives into questions like what TokenMint is and how it works, how to create an ERC-20 token and launch the token using TokenMint. Users will also learn how to mint the tokens they want. But before that, it will help to understand what ERC-20 and ERC-223 tokens are.

Ethereum request for comments- (ERC)-20 is a standard for fungible tokens created on the Ethereum blockchain. These tokens can represent virtually anything on Ethereum, from lottery tickets to reputation points. How to develop an ERC-20 token is usually a question asked by anyone who wants to launch a cryptocurrency of their own.

Related: History of ETH: The rise of the Ethereum blockchain

ERC-223 token is meant to enable users to securely transfer tokens to a wallet. It was created as a solution to a major problem with ERC-20: the lack of an event handling mechanism. ERC-223 standard offers a way to prevent unintentionally losing tokens inside of contracts that arent made to handle transmitted tokens.

Developed by Horizen, TokenMint is a tokenization platform designed to help anyone with little or no coding skills to create and launch their unique cryptocurrency tokens with custom tokenomics. The easy-to-use platform has put in place an automated drag-and-drop function, streamlining the entire tokenization process and helping one to quickly transit from a crypto enthusiast to a currency owner.

TokenMint hassimplified tokenization for mainstream userswhile integrating custom tokenomics and enhancing the privacy element. The platform eliminates the barriers between tokenization and the average person with no programming knowledge.

Related: What is Tokenomics? A beginners guide on supply and demand of cryptocurrencies

The mainnet of TokenMint was launched in early July 2022. This comes after successfully running on testnet for months. Users successfully created hundreds of tokens on the TokenMint testnet, leading to the successful launch of the mainnet version.

There are four key components of the platform that have a role in creating a cryptocurrency token: TokenMint chain, Token generator, Cobalt wallet and Block explorer. Here is a brief explanation of these components:

TokenMint chain is a sidechain built on the Horizen network meant to power tokens anyone builds on the platform. Developers can build other components atop the TokenMint sidechain as well.

The crypto token generator is a web application and a token generation tool for creating and minting tokens. It involves a simple and streamlined process for creating fungible tokens.

A browser extension for managing and storing cryptocurrency tokens created using TokenMint, Cobalt wallet is used to manage and transact with tokens generated on the platform.

TokenMint block explorer enables anyone to see all transactions that took place on the chain. It allows users to access all details related to transactions.

Creating a token with TokenMint is a fast-forward process with a few easy drags and drops, as listed below:

The token has been created by the system now with ones preferred parameters. The platform is made to be easily accessible. And, even if the tokens creator doesnt have the predetermined coding skills, it simply does not come into question because its all a matter of a few drags, drops and clicks. The next step is to mint a token. Keep reading to find out more!

At the same screen space where Create Token appeared, once the token has been created, a new option, Mint Token, is then displayed and the user needs to click on it. When the next screen opens, the user has to populate the wallet address they want to mint to in the first box and in the second, the quantity of token they wish to mint.

The system now deducts the required number of ZEN from the Cobalt wallet and dispatches the number of tokens entered to the designated address. Anyone may use the TokenMint block explorer as well to find details.

TokenMint hopes to trigger the new wave of cryptocurrency platforms, particularly for people from non-programming backgrounds. As a robust platform built on Horizens highly secure blockchain infrastructure, TokenMint brings along trust that is so crucial for any project.

With the underlying Horizen blockchain having tens of thousands of active nodes one of the largest in the blockchain space TokenMint can support applications with large traffic on its platforms. On a zero code tokenization platform like TokenMint, a user without knowledge of software development can mint a token.

Dragging and dropping enable anyone to feel confident like a blockchain developer. This easy-to-use platform has a very simple and intuitive interface, giving users a seamless experience. As Horizen introduces more components, the functionality will receive further upgrades.

With security remaining essential for Horizen, they maintain a strict policy encompassing privacy, security and transparency. The TokenMint platform will harness the power of zero-knowledge cryptography in its future releases to keep a balance between privacy and security.

At a time when tokenization is expected to be the driving force for a new wave of innovations in blockchain, TokenMint offers a platform for non-programmers to create or mint crypto tokens. While TokenMinthas has already made tokenization accessible to the mainstream, it will become even more efficient as the technology develops and expands.

For anyone outside the tech domain looking to realize their business goals by creating a token, TokenMint has addressed the previous challenges and barriers. Moreover, users can continually customize their token design until it is in sync with TokenMints requirements.

Privacy has been a pivot point of Horizen and the element will be there in upcoming releases of TokenMint. One can expect key features like zk-SNARKs, nonfungible token (NFT) functionality and EVM capability to further enhance the performance of the platform.

Read more:
How to create and launch a cryptocurrency token with TokenMint? - Cointelegraph

The Archdiocese of Washington says it is happy to accept cryptocurrency donations, even if parishioners cant physically put Bitcoin into a collection plate. Its believed to be the first Catholic diocese in America to announce the capability.

The archdiocese, which has 655,000 members in the District of Columbia and five counties in Maryland, said Tuesday that it will use a donation services company to process the gifts to various Catholic ministries, including the Parish Support Initiative, which helps fund food pantries and hot meal programs.

The archdiocese reported no cryptocurrency donations so far and noted that the option started on July 29. It said any donations will be converted into cash immediately and sent to the church.

Joseph Gillmer, the archdioceses executive director of development, said via email that while donations of cryptocurrency are in a category similar to gifts of stocks or bonds, the potential for high-dollar donations is greater.

The number of gifts received may be small relative to traditional ways of giving, but the average amount of each gift is likely to be many multiples higher, he said.

I see crypto giving as yet another way for donors to support charitable causes, Mr. Gillmer said. It is part of a philosophy of making it easier for donors to accomplish their philanthropic goals by being as flexible as possible.

Since reaching a peak of $3 trillion in market value in November, cryptocurrencies have plummeted, according to The Wall Street Journal and other outlets. The Journal noted that the total market value had fallen to about $890 billion by the second quarter of this year.

According to cryptocurrency exchange Gemini Trading Group, which tracks industrywide data, 20% of Americans last year said they held cryptocurrency, creating a large pool of potential donors.

Even though Bitcoin is down over 50% from its high, if you got people who invested in Bitcoin four years ago, theyre still up 10 times what they were when they bought it, said cryptocurrency expert David Sacco, a practitioner in residence at the University of New Havens Pompea College of Business.

A $2,200 investment in 2018 now stands at $22,000. Mr. Sacco said appreciation could result in a hefty capital gains bite if that Bitcoin is converted into cash. Donate it to a charity, Mr. Sacco said, and you get the $22,000 tax deduction even if you spent only a small fraction of that in cash to acquire the asset.

Still, he doesnt anticipate a rush of cryptocurrency donations to charities.

I think donating with cryptocurrency will be about as popular as people using cryptocurrency to buy things, Mr. Sacco said. Its out there, people use it to generate publicity, but I dont think theres a place whether its people buying textbooks with crypto or people who donate money, [except] to create some buzz.

Still, 18 months into what the Salvation Armys Western USA region calls its online CryptoKettle, the evangelical organization has notched $121,502 in cryptocurrency donations, an official said.

Its a new way of people being able to give, said Lt. Col. Kyle Smith, the Salvation Armys communication secretary in Rancho Palos Verdes, California.

He said such donations are occasional, similar to periodic gifts of gold coins in collection kettles at shopping centers during the winter holiday season.

Cryptocurrencies, such as Bitcoin and Ethereum, are encrypted data streams that are monitored by the members of a secure computer network called a blockchain, which acts as a ledger for transactions.

The Archdiocese of Washington and The Salvation Army selected Engiven, a San Diego cryptocurrency donation services company, to process gifts.

CEO and co-founder James Lawrence said the company has varying programs for organizations. Commission fees range from 3% to 4% per transaction and less for those with an annual subscription or a bespoke plan, he said.

Mr. Lawrence said those fees were analogous to the credit card processing fees that nonprofits pay when taking donations.

Service fees are just part of the kind of the nature of how money is moved, Mr. Lawrence said. If someone donates $1,000 to one of our clients, and Engiven gets 3% of that, or $30, we view that as a really good value. The level of complexity thats involved in exchanging it and staying compliant and secure, its a pretty fair deal for the service thats being offered.

Visit link:
Crypto Catholics? Archdiocese of Washington first to accept cryptocurrency donations - Washington Times

This week, the Chamber of Deputies in Brazil might approve a cryptocurrency bill introduced earlier this year. According to the leader of the Federal Government in the Chamber, Ricardo Barros, the bill is set to be discussed, but there are still no reports on a possible vote as the Chamber is set to also discuss other time-sensitive bills.

Brazil is getting closer to regulating cryptocurrency assets and virtual asset service providers (VASPs). The cryptocurrency bill, identified with the number 4.401/2021, is set to be addressed this week, alongside other time-sensitive bills. The report was made by the leader of the Federal Government in the Deputy Chamber of Congress, Ricardo Barros, who stated that the bill can be voted on this week.

However, Brazil is in pre-election mode, with the presidential ballot set to happen on October 2. As such, the congress might not discuss delicate matters to avoid swaying the electorate towards one side or another. However, if the cryptocurrency bill is finally voted and approved, it would have to be remitted to president Jair Bolsonaro for its final sanction. The Deputy Chamber is also set to discuss other significant laws this week, including a remote work bill.

According to local media, the cryptocurrency bill might be presented this weekend to be reviewed by the Deputy Chamber. This project has had a somewhat complicated history in Brazilian institutions. The current bill is the result of the combination of two different projects as part of the work of its proponents, who wanted to approve a crypto-centric law this year.

The project was approved by the Brazilian Senate in April and seeks to regulate cryptocurrency exchanges by creating a single regulator to deal with the issue. In the same way, the project legalizes cryptocurrency mining, and establishes tax exemption rules for mining institutions that present green projects using 100% renewable energy for the establishment of mining farms.

In earlier interviews, the deputies behind this cryptocurrency bill project have stated that one of the biggest motivations behind the law is to punish cryptocurrency scams in the country. For this purpose, the project also defines a new kind of crypto-related crime and establishes harsh penalties for individuals and companies involved in this kind of crime.

What do you think about the possible approval of a cryptocurrency-centric bill in Brazil? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Diego Grandi / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read the rest here:
Brazil Might Approve Its Cryptocurrency Law This Week Regulation Bitcoin News - Bitcoin News

The largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), were trading in the green on Thursday morning, while Solana emerged as the top searched coin.

The global crypto market capitalisation went up by 1.93 per cent to $1.08 trillion as of 8.50 am. However, the global crypto volume was down by 14.45 per cent to $66.18 billion, according to Coinmarketcap data.

The trading volume in the decentralised finance coins section is about $6.03 billion or 9.11 per cent of the total crypto market 24-hour volume. The volume of all stable coins is $60.62 billion or about 91.6 per cent of the total crypto market volume in the last 24 hours.

As of 8.50 am, Bitcoin was up by 1.43 per cent at $23,139.53 and currently commands a 41.04 per cent dominance in the crypto market.

The CEO of MicroStrategy, the worlds largest corporate Bitcoin holder, Michael Saylor, said that he will be stepping down from his position and serve as executive chairman to better focus on buying Bitcoin. "I believe that splitting the roles of Chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding Bitcoin and growing our enterprise analytics software business. Phong will be empowered as CEO to manage overall corporate operations, he was quoted as saying by Investing.com

It seems that Bitcoin holders have taken this news with mixed feelings as the price of Bitcoin rose from its low of $22,835 on August 3 to $23,560 and then started inching downwards and finally settled at around $23,100. Around 5.04 am, Bitcoin price hit an intraday low of $22,808 on August 4.

The price of Ethereum (ETH) this morning was $1,653.85 and it was up by 2.74 per cent.According to a recent report by Nansen, about $2.7 billion was spent by Ethereum holders on minting non-fungible tokens (NFT) on the Ethereum blockchain. The Nansen report also found out that 10,88,888 wallet addresses that minted NFT on Ethereum were unique.

Regarding price analysis, Ethereum made no significant moves. Ethereum was $1609 on August 3, 8.50AM and touched a high of $1677 on 5.54PM and then dropped to a low point of $1608 on August 4, 4.05AM. Its trading volume was down by 17.82 per cent at $16,515,110,881.

Solana (SOL) seems to be todays most searched coin on Coinmarketcap as of this morning. The price of Solana was up by 0.6 per cent at $39.31.

Just 4 hours ago it was reported that nearly 8000 Solana wallet addresses created on third party wallet app Slope were drained. Solana researchers clarified that although thousands of wallets were drained, the exploit was confined to one Solana wallet and they are actively investigating the matter, reported Cryptobriefing.

Cardano (ADA) rose by 1.27 per cent at $0.5069. The 24-hour trading volume for ADA was down by 24.36 per cent at $513,564,797.

Binance (BNB) was up by 6.84 per cent at $302.11. Its 24-hour trading volume gained 20.83 per cent at $2,177,333,667.

Dogecoin (DOGE) was up by 0.85 per cent at $0.06703. Its 24-hour trading volume was down by 19.82 per cent at $265,045,974.Shiba Inu (SHIB) recently launched its NFT gaming service, giving its holders one more use case for the token. Shiba Inu (SHIB) was up by 1.37 per cent at $0.00001193.

Yearn.Finance (YFI) was up by 2.08 per cent at $10,889.01. Its 24-hour trading volume was down by 34 per cent at $99,234,994.

Avalanche (AVAX) rose 3.47 per cent at $23.69 and its 24-hour trading volume fell 4.7 per cent at $574,540,355.

Aave (AAVE) was trading with a gain of 3.74 per cent at $97.27 and its 24-hour trading volume was down by 4.2 per cent at $213,889,120.

Go here to read the rest:
Cryptocurrency Prices And Updates: Bitcoin, Ethereum Up, Solana Most Searched Crypto Today - Outlook India

This summer, Ethereum (ETH -2.45%) is arguably the most exciting cryptocurrency in the world. And for good reason -- its upcoming Merge has enormous implications, not just for the future price of Ethereum but also for the future direction of the broader crypto market. The only problem is that, unless you already have an Ethereum position in your portfolio, you've missed out on this crypto's stratospheric price appreciation. Over its lifetime, Ethereum is up an astounding 155,584.06%.

The good news is that there is another crypto -- Solana (SOL -1.38%) -- that could be just as attractive, if not more so, than Ethereum. And much of the easy money in Solana has not yet been made, with this crypto still trading around $40 right now. While Ethereum has a total market capitalization of almost $200 billion, Solana has a market capitalization of just $14 billion.

Just like Ethereum, Solana is a Layer 1 blockchain, meaning it is a cornerstone of everything being created in the blockchain world right now. In nontechnical terms, it means you can build on top of Solana, just like you can with Ethereum. Ethereum has NFTs (nonfungible tokens) and NFT marketplaces, and so does Solana. Ethereum has smart contracts, and so does Solana. Ethereum has decentralized finance (DeFi)apps and exchanges, and so does Solana. You get the idea: Anything that Ethereum can do, Solana can do also.

Image source: Getty Images.

The only difference, of course, is that Solana is faster, cheaper, and more efficient than Ethereum.You see, while Ethereum is converting from a proof-of-work blockchain into a proof-of-stake blockchain, Solana already has a proof-of-stake blockchain.

The difference between "proof-of-work" and "proof-of-stake" might sound like a minor technical distinction, but it has very important consequences for transaction speeds and transaction fees. It's the reason why Ethereum has gone "all-in" on the Merge. Proof-of-work requires mining, is very energy-intensive, and simply is not scalable for the future. On the other hand, proof-of-stake uses a consensus mechanism for verifying transactions called "staking" and is not energy-intensive at all. There is no need for mining.For now, Solana is superior to Ethereum in just about every regard.For that reason, mainstream media publications routinely refer to Solana as an "Ethereum-killer."

Quite simply, developers and users would rather use a cheaper, faster, and more efficient blockchain. If you've ever used Ethereum, for example, you've probably heard about the onerous "gas fees" associated with just about any transaction. If you're buying an NFT you might pay more in gas fees than for the digital asset. Solana doesn't have those same high crypto gas fees, and that is why Solana is gaining so many new adherents in the world of NFTs.

However, since Ethereum is so entrenched as a dominant market player, many people may not have heard of Solana. That's the perfect situation to be in if you've missed out on Ethereum and are now considering Solana. It means you can gain access to a blockchain upstart with arguably the same prospects as the market leader, all at a discounted price. The time to get in is now, before everyone else figures out why Solana is superior to Ethereum in many ways.

Right now, the Internet is still in its Web 2.0 phase. You can think of this as the era of the big Silicon Valley social media giants. But we are about to enter into a brave new phase of development known as Web3.This is the era of completely decentralized apps running on top of the blockchain. It will likely lead to new social experiences, new gaming and entertainment experiences, and new ways of transferring value across the world.

Obviously, the blockchain that becomes the go-to platform for Web3 is going to get a tremendous boost in the crypto market. Right now, Solana is showing that it can lead and spearhead this new buildout of Web3. Most notably, Solana is going to deliver the first-ever crypto phone soon. This is going to be a mobile device that is completely optimized for the world of crypto and blockchain. And Solana has completely revolutionized the world of blockchain gaming with the move-to-earn game STEPN, which rewards users in crypto for physical exercise.

If you missed out on Ethereum, no worries. Solana could eventually provide the same kind of upside when it comes to price appreciation. If Solana ever becomes the Ethereum-killer that everyone thinks it will be, then you'll be glad you waited for this opportunity to get in.

Here is the original post:
Missed Out On Ethereum? Buy This Cryptocurrency Now - The Motley Fool