Category Archives: Satoshi Nakamoto
A GLIMPSE INTO BITCOIN AND SYNTHETIX’S DEFI ECOSYSTEM – Island Echo
Decentralized Finance, often termed as DeFi, represents a paradigm shift in the traditional financial system. With the aim of establishing an open, permissionless, and inclusive financial infrastructure, DeFi leverages blockchain technology to eliminate intermediaries and offer financial services directly to users. It was Bitcoin, the original cryptocurrency, that sowed the seeds for this financial revolution. Youre not alone in this journey, as immediatepeak.org was designed to try and enhance your trading experience.
Bitcoin: The Original Cryptocurrency
In 2008, an individual or group under the pseudonym Satoshi Nakamoto introduced Bitcoin in a whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System. This was a proposition for a decentralized currency that could operate without a central authority. By 2009, Nakamoto released Bitcoins first software and mined the genesis block.
Synthetix is a DeFi protocol built on the Ethereum blockchain, designed to issue synthetic assets. These are on-chain representations of real-world assets, including fiat currencies, commodities, and stocks.
Synthetic assets, or Synths, are tokens that mirror the value of another asset. They are collateralized by the Synthetix Network Token (SNX), ensuring that their value remains stable relative to their real-world counterparts.
While most DeFi platforms focus on lending, borrowing, or exchanges, Synthetixs unique proposition lies in its ability to create and trade a wide range of synthetic assets on its platform.
In juxtaposing Bitcoin and Synthetix, we observe a multifaceted interplay of decentralized finance features. Bitcoin, established as a store of value and medium of exchange, runs on its distinct blockchain, fortified by a Proof-of-Work security mechanism, and steers its course through a largely decentralized governance model anchored in Bitcoin Improvement Proposals (BIPs). On the other side of the spectrum, Synthetix, rooted in the creation and trading of synthetic assets, is built atop the Ethereum blockchain. Borrowing its security while adding a layer through its staking mechanism, the governance in Synthetix is driven by its token-holders, allowing them to shape its trajectory. This contrast between Bitcoin and Synthetix not only highlights their unique offerings but also reflects the expansive and diverse innovations within the crypto realm.
The promise of DeFi is vast. By decentralizing financial operations, DeFi democratizes access to financial services, especially for the unbanked. However, with the nascent stage of the technology, risks abound:
Both Bitcoin and Synthetix, being leaders in their respective domains, invest heavily in ensuring security, but users should always exercise caution.
As Bitcoin continues to gain acceptance as a digital gold, its role in the DeFi space is also evolving. On the other hand, Synthetix, with its unique proposition, is poised to bring traditional financial markets onto the blockchain. Both ecosystems are likely to witness innovations, regulatory developments, and community-driven changes.
Bitcoin laid the foundation, demonstrating the worlds appetite for decentralized solutions. Synthetix, among other DeFi platforms, is building upon that foundation, aiming to reshape the financial landscape. The interplay between these giants will be pivotal in determining the future of finance.
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A GLIMPSE INTO BITCOIN AND SYNTHETIX'S DEFI ECOSYSTEM - Island Echo
SLictionary’s Jack Pitts talks COPA vs Wright on CoinGeek Weekly … – CoinGeek
On this episode of theCoinGeek Weekly Livestream, John Jack Pitts talks to Kurt Wuckert Jr. aboutCOPA v Wright and its implications. It was a high-level overview of the case and what it could mean for BSV blockchain and the industry as a whole.
Who is Jack Pitts?
Pitts is a familiar face to most in the BSV blockchain ecosystem. Hes the co-founder ofSLictionaryand has appeared on many podcasts to talk about his self-learning dictionary app as well as Bitcoin, the identity ofSatoshi Nakamoto, and more.
Pitts is also a veteran stock picker with a history going back to before the Dotcom era. As such, hes seen it all before and has previously expressed his belief that crypto is one of the biggest bubbles of all time but that real utility will emerge from it in the form of BSV blockchain and all it enables.
What is COPA vs. Wright? Whats it all about?
COPA is the Crypto Open Patent Alliance. TheCOPA v Wright court caseis all about one thing: Who is the issuer of Bitcoin?
Pitts says he has been following Jack Dorsey for a long time and admires the problems he solved with Square and then Cash App. He believes Dorsey wants to upend Visa (NASDAQ: V) and Mastercard (NASDAQ: MA), and he has a good strategy for doing so, but Bitcoin is a problem since it eliminates the need for trusted third parties altogether.
Pitts says theLightning Networkis a recreation of Visa/Mastercard on Bitcoin. Dorsey knows this, and if he can run the biggest Lightning Node, he can achieve his goal and become one of the richest men on earth. This is what COPA is all aboutattempting to take away Dr. Wrights rights as the issuer of Bitcoin by proving he either isnt Satoshi Nakamoto or was only one of a larger team.
To those who say Dr. Wright is vain or is seeking attention, Pitts says the opposite is true. Everything about him suggests hed prefer to be anonymous, and it wasnt until 2019 that he actually said it was him without reservation. Wuckert agrees, saying he has seen internal emails and other documents suggestingWired/Gizmodo doxxed Dr. Wright.
Why would Dr. Wright be so nonchalant about proving he is Satoshi until now? Pitts looks back to the Wright brothers. They knew anyone could copy their plane design, so they let the world think what it wanted until they had their patents in place. There are also all the legal reasons to consider; he could have faced trouble due to theWikiLeaksandSilk Road stuff. This is all part of why he handed over the project and slipped into the background.
Whats the entanglement between COPA players? Whats the motive?
Pitts bluntly answers this: If Dr. Wright and the original Bitcoin win, then everything else loses. There arent 75 metals used as money, and there will only be one global money that comes out of the digital currency industry.Bitcoin, which is backed by computation and data, will win, Pitts believes.
Why are Dorsey, Zuckerberg, and other big players from Web 2.0 involved? Theyre afraid to lose control. Coinbase (NASDAQ: COIN) is involved because it wont have anything to trade if Bitcoin swallows everything up. All of these players fear the issuer rights Dr. Wright has, such as control of the Bitcoin name and database. Issuers also have certain rights, like ensuring theres an alert key in the system and stolen coins can be recovered.
Youre either team Satoshi or team Zuckerberg, Wuckert says, summarizing the issue nicely.
Aside from all of this, theres also some political ideology involved. Anarchists think patents are BS and that the creators of intellectual property have no rights over it. However, thats not fair, and Pitts gives the example of someone working hard for a decade to create a cure for bone cancersurely they should benefit from it, such as by having the multi-year head-start that patents provide. Information is valuable, and we should have the right to protect it.
Can COPA drop the case if they realize they cant prove Dr. Wright isnt Satoshi?
They can, but if they lose, Dr. Wright will have the issuer rights they fear. Pitts reiterates his stance that this case isnt about changing public opinion, and it likely wont do so even if Dr. Wright wins.
However, if he does win, he can do many things, like telling Coinbase to stop using the name Bitcoin and/or charging a licensing fee for the database.
Due to this, theyre not likely to stop the case as its exactly these rights they seek to stop Dr. Wright from having. Painting him as a fraud will also make it harder to enforce hismany patents. If they can prove he either isnt Satoshi or is only part of the team, he wont have the issuer rights, and so theyre likely to push as hard for that as they can.
What if Dr. Wright loses? What does it mean for us?
Pitts is confident hes going to win. He points to new evidence that has come to light, including old hard drives with early copies of thewhite paperand Bitcoin code pre-dating its release. Theres probably other evidence on there, too, but well have to wait and see.
If the new disk hasnt been opened other than for forensics, then COPAs team is going to have a hard time. This, along with Dr. Wrights other evidence, makes it difficult for him to lose.
However, Pitts points out that anything can happen in court, and a loss for Dr. Wright would be a problem. Money for BSV blockchain projects, which is already tight, will dry up even more. We can only hope he wins.
Why is Big Tech so threatened by Bitcoin?
Pitts answers thatElon Musksaid it best: Why shouldnt you be able to post on social media and earn money instantly? As things stand, Zuckerberg and friends own the data and take the lions share of the revenue. Bitcoin flips the economics in favor of creators. For example, at SLictionary, the creators get 70%. This is an obvious threat to companies like Meta and their huge profits.
Is Gary Gensler stopping a Bitcoin ETF because of COPA v Wright?
Pitts doesnt think so. He puts it down to the rampant fraud and price manipulation in the industry. He doesnt think any SEC Chairperson would approve one until Binance, Bitfinex, Tether, and other rogue actors in the industry are gone. We need market-driven prices before theres any chance the SEC will approve a Bitcoin ETF.
To hear more about Dr. Wright stomping the hard drive with his Bitcoin keys, Satoshi Nakamotos return to X, establishing his identity the proper way, and more, tune in to the CoinGeek Weekly Livestream episodevia this link.
CoinGeek Conversations with Ian Grigg: How I learnt the full story of Satoshi Nakamoto
New to blockchain? Check out CoinGeeks Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
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SLictionary's Jack Pitts talks COPA vs Wright on CoinGeek Weekly ... - CoinGeek
Bitcoin: a backdoor discovered on Lightning Network, Ripple solves – The Cryptonomist
Over the past weekend, chaos broke out within the Bitcoin community after well-known developer Antoine Riard highlighted the presence of a backdoor in the code of the Lightning Network (LN) that could create serious damage to the security of the layer-2 network.
The vulnerability has reportedly been hidden from the public by the Lightning Network development team since December 2022, fueling speculation about the intentionality of this flaw in the code.
Meanwhile, advocate John Deaton, a supporter of the Ripple ecosystem, has suggested a viable alternative for spending Bitcoin in a P2P way without having to undergo the long wait times provided by the original network.
It is the Spend The Bits protocol, built on Ripples XRP Ledger, which allows for instant BTC payments between users who are part of the ecosystem.
Are we on the brink of the collapse of the Lightning Network? Will other infrastructures take its place? Is Bitcoin destined to travel at the speed of 5 TP/s?
All the answers in this article.
On Friday, 20 October, Bitcoin Core developer Antoine Riard alerted the entire crypto community by highlighting the presence of a backdoor within the Lightning Network code implemented perhaps intentionally.
Riard posted a lengthy thread about it on the Linux Foundations public mailing list, talking about the seriousness of the situation and announcing his abandonment in the infrastructure development of Bitcoins layer-2 protocol.
According to his words, the code vulnerability had already been identified by those in charge in December 2022, but it was preferred to leave the community in the dark to avoid FUD.
As of today, however, things could get ugly, and even a fix by developers would jeopardize the security of 5,355 BTC routed off-chain.
Initially, the Bitcoin Core developers report created uproar as the media labeled the bug in the software as the result of an intentional implementation, intended essentially to be able to create a critical point in the Lightning Network infrastructure.
The major owners of LN nodes blamed for the presence of the backdoor include the well-known companies Tether, Bitfinex, and Blockstream.
On Saturday, 21 October, a further post by Riard would, however, finally clarify that the vulnerability was not the result of a premeditated move even though it could nevertheless have been corrected months ago without additional complications.
We remain waiting now to see how the community dedicated to the technical development of the Lightning Network will move forward, and which path Bitcoin stakeholders will choose.
Following a report by developer Antoine Riard, chaos broke out among the Bitcoin community, creating heavy debates and leading users to discuss the possible replacement of the Lightning Network with another protocol capable of scaling cryptocurrency.
Among the various posts on Twitter about this, there would be those who proposed alternatives to exchange bitcoin quickly using Ripples XRP Ledger, more specifically the Spend The Bits app.
Other parties have pointed out that adoption of the Lightning Network is currently very low and it might make sense to abandon L2 given that it moves only $500,000 a day in volume, 1,000 times less than Ethereum, which handles volumes of $500 million every day.
In any case, the efforts made in recent years to support the P2P exchange protocol have been remarkable and in the coming years the expectations for growth are high given and considering the investments of private individuals in this niche market.
Will Clemente, founder of Reflexivity Research, recently reported on a study by the River company regarding the development of Bitcoins Lightning Network, highlighting that in 2022 companies working on top of this infrastructure received $428 million in funding about nine times the amount reached in 2021.
Despite the optimism for the future of the technology in Bitcoins home, there is still an admission to be made that 14,062 nodes and 62,653 channels are at risk of seeing more than 5,000 BTC evaporate, or over $160 million.
Many have argued that Riards decision to abandon the project is significant of the seriousness of the situation and that a possible fix of the code is not so simple since it requires the coordinated intervention of all full nodes.
This kind of intervention would cause a momentary halt to some of the security measures geared toward protecting the sats in the Lightning Network, causing the catastrophe that they would be working to avert.
It will not be easy to get out of this puzzle: we just have to wait for new twists in the case with insiders likely to propose their own solution in the coming days.
In the meantime, it remains extremely interesting to observe, as reported by user X mononaut and contributor to the Bitcoin ecosystem, how an attack on the Lightning Network could technically take place by exploiting the alleged backdoor.
Among those suggesting an alternative protocol for instant Bitcoin transactions is Ripple advocate John Deaton, who a few days ago explicitly stated that the Spend The Bits app built on the XRP Ledger is much better performing than the Lightning Network.
Deaton for transparency reminded his audience that he is an angel investor in Ripples project, as well as its legal manager, and hence may be biased in this diatribe.
In any case, the lawyer points out that the protocol that relies on the XRP Ledger allows Bitcoin payments to scale by leveraging a hybrid architecture that relies on decentralized and centralized databases at the same time.
Spend The Bits, would in his view be a more secure method of using Bitcoin than the Lightning Network.
The app in question is trivially a digital payment platform that allows users to send, spend and receive Bitcoin using a unique identifier called PayString.
In a similar way to sending e-mail, Paystring acts as a universal identifier allowing the generic transfer of value among the community.
This approach uses a principal address to represent any number of subaddresses on any payment network, centralized or decentralized.
The Spend The Bits protocol enables Bitcoin payments at the various merchants and vendors that accept BTC as currency.
Since the app is built on Ripples XRP Ledger, it makes sense that these much-acclaimed bitcoin transfers do not occur natively within the Bitcon network, nor even using a layer-2 that leaves two reference transactions in the main network, as is the case with the Lightning Network.
In this instance, the use of bitcoin is tied to the bridging of the currency itself, which, being carried on the XRP Ledger, would no longer be part of its core infrastructure, with all the associated risks of consensus and decentralization.
Although, hence, Spend The Bits could be a viable alternative to LN for a niche market, it is unthinkable that this protocol could replace it permanently.
As attorney John Deaton mistakenly describes, the app is no more secure than the Lightning Network: bridging cross-chain assets, especially between blockchains that do not support smart contracts such as Bitcoins, is a complex and risky operation.
In addition, the presence of centralized components in the Ripple network consensus and data management of the app represent potential vehicles for attack, which Satoshi Nakamoto and early Bitcoin developers have always tried to stay away from.
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Bitcoin: a backdoor discovered on Lightning Network, Ripple solves - The Cryptonomist
The Best Crypto to Buy Now – Tekedia
Over the years, cryptocurrency has been a financial groundbreaker, providing numerous investment opportunities for those willing to take charge of the digital space. Since the initial launch of Bitcoin, the first cryptocurrency, in 2009, several smart contracts have been deployed, leading to the emergence of over 20,000 cryptocurrencies in todays market.
While some cryptocurrencies solve real-life problems, many are solely built on hype, exposing more investors to perplexing situations. So, its important to understand the fundamental principles of crypto investing to effortlessly navigate market risk. In this article, well explore the approach to evaluating cryptocurrencies and discovering the best cryptocurrency to invest in.
There are specific cryptocurrencies in the current market with huge potential. However, only a few investors who are grounded in market knowledge can discover these crypto hidden gems. To succeed in a volatile market like cryptocurrency, its crucial to build the right portfolio of low-risk assets. Here are the 5 top cryptocurrencies to invest in now:
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The digital form of money has evolved, adopting several innovations to scale its ecosystem. After its recent embrace of Non-Fungible Tokens (NFTs) through inscriptions, Bitcoin has displayed huge potential as digital gold.
The Ethereum blockchain went through several dynamics, and pivoted for growth following its support for Web3 scaling solutions like Non-Fungible Tokens (NFTs), Decentralised Autonomous Organisations (DAOs), the metaverse, and Decentralised Applications (Dapps).
The flexibility of Ethereum in emerging markets is why investors consider it the future of digital finance. With more innovations ahead, ETH may become one of the most lucrative investments in the realm of finance.
The previous Matic network, Polygon, is one of the most innovative blockchains at the moment. Polygon provides open-source opportunities for developers to build scalable decentralised solutions, and as a result, its native token, Matic, may become one of the most valuable cryptocurrencies in the future, making the top list of every crypto investor.
BNB, the native cryptocurrency of the leading exchange, Binance, is attracting the interest of many investors today due to its wide range of opportunities. From the scalability of the Binance Smart Chain to BNB historical data, the coin has a positive outlook for both short-term and long-term investments.
While cryptocurrency assets are volatile, stablecoins like USDT have allowed investors to maintain price stability in recent times. Its real-life use-case case as a store of value makes it a top-tier investment for investors looking to leverage less risky opportunities.
Every successful cryptocurrency project emerged due to several innovative factors, providing an avenue for top-tier investments. Now, lets analyse some of them.
The Bitcoin currency is the first cryptocurrency to ever exist on the blockchain. It was first invented in October, 2008 and later launched in January, 2009 by an anonymous, called Satoshi Nakamoto. Since then, it has continued to revolutionise the world of finance, fostering the innovation of other cryptocurrencies and altcoins.
When a user transfers BTC from their wallet address to another persons address, the transaction is stored on the Bitcoin network and later assembled into blocks, which will be included on the blockchain when every block is mined.
The Bitcoin network operates a proof-of-work (PoW) consensus mechanism. In such a mechanism, the network incentivises miners to contribute their computational power. The stronger a computer, the more likely that it will earn a block reward which is the incentive that the Bitcoin network pays to miners.
Bitcoin halving is when a block reward is a reduction in the Bitcoin block reward. The halving occurs every four years after 210,000 blocks are reached and reduces the block reward by half.
Bitcoin has a total supply of 21 million due to a long-term effect of the halving. Since Bitcoin can only be divided into 100 million units of Satoshi, someday, the block reward will be smaller than the unit of Bitcoin. During this time, there will no longer be new Bitcoin in circulation, and miners will solely earn from transaction fees.
According to Statista, Bitcoin skyrocketed to its All-Time-High of $65,000 in 2021 following the launch of a Bitcoin ETF, BITO, in the United States. Other factors include the IPO launch of Coinbase and Teslas announcement of purchasing $1.5 billion worth of BTC. However, the cryptocurrency plummeted after a crypto exchange and hedge fund, FTX, filed for bankruptcy on July, 2023.
Recently, BTC has continued to experience a price hike due to a combination of factors. On 5 April, 2023, Bitcoin grew by 25% due to the adoption of Ordinals and the US banking crisis. On May 1, 2023, Bitcoin price surged to 47% since June 2022, before the financial company Celsius went bankrupt. On June 1, 2023, Bitcoin volume increased after it declared network support for BRC20 tokens.
In 2013, a developer named Vitalik Buterin proposed the initial idea of Nick Szabo on smart contracts, which later led to the creation of the Ethereum network.How Does Ethereum Work?Ethereum records transactions on the Ethereum database network, which is distributed among several computers (nodes).
Unlike the Bitcoin network, the Ethereum network allows developers to deploy smart contracts and create decentralised applications through open source.
Smart contracts are self-executing contracts executed by computer programmes that remove the need for an intermediary during a transaction. These contracts store transactions on a public ledger, which makes them traceable and irreversible.
Ethereum operated a proof-of-work (PoW) consensus mechanism until September 2022, after the merger. Since then, it has continued to operate on proof-of-stake (PoS), a protocol that helps the network maintain higher security and lower transaction fees. In a PoW, node validators stake capital in the form of ETH into a smart contract.
According to Statista, Ethereums price surged in 2021 after an NFT sold for 38,000 ETH, which was equivalent to $69 million at the time. In 2022, the price declined along with BTC after the cryptocurrency exchange, FTX, collapsed.
2023 is an interesting year for Ethereum. On April, 2023, the successful launch of the Ethereum Shangai Upgrade increased the price of ETH to $2100 before later experiencing a price reduction due to market volatility.
Deciding which cryptocurrency to invest in can be challenging when there are many scam tokens in the market. Considering the potential damage of hype-built cryptocurrencies, you want to ensure that you get substantial value for your time and money. Here are 5 key ways to choose the right crypto:
A website is the research bedrock of every cryptocurrency. Apart from giving you a grasp of its future expectations, its your walkthrough to a sound investment judgement. While a website is mandatory for every crypto project, some criteria require your attention to invest in worthy assets.
Firstly, the language usage on a website can inform you about the end goal of your potential investment. So, you want to examine the spelling, punctuation, and other linguistic elements to prevent falling victim to fake innovators.
While navigating through the website, perform a quick test of the user experience. Even though crypto websites often vary due to their respective protocols, a reputable project must have both straightforward content and a standard interface. Also, ensure that its recently updated so you dont entrust your money to a team thats unwilling to put in the work.
More so, founders are the spearheads of every cryptocurrency project. Therefore, you want to ensure that their real identities are included rather than an anonymous profile. Aside from this, look out for the partners page so you can use their strategic partnerships to gain insights into their core values.
Additionally, thoroughly evaluate the whitepaper page for a comprehensive understanding of the project. A whitepaper is a document that outlines the plans of every cryptocurrency project. However, it should clearly spell out the token goals and objectives.
Community is a core part of every successful cryptocurrency project. As a result, founders employ certain marketing tactics to increase their products reach. Although projects leverage several social media platforms to improve their token awareness, most cryptocurrencies invest their marketing efforts in Twitter, Discord, Telegram, and Reddit.
On their Twitter Channel, scrutinise the accounts longevity, followers, content engagement, and influencer partnerships. If the page was recently created, you want to make sure it doesnt have outrageous numbers of followers within a short time. Otherwise, the project is likely to invest in bot followers, which in some way signals desperation. At the same time, low engagements on big accounts can showcase illegitimate promotion.
More so, join their Twitter spaces and be attentive to how they handle constructive criticism. If they avoid crucial questions or are unable to make necessary corrections, then theres an underlying problem.
Additionally, evaluate their influencer partnerships. The kind of influencers promoting the coin is a reflection of their values. So if their reputation is jeopardised, consider it a red flag. You can also scrutinise their content to discover whether or not they are value-driven. If they post mostly giveaway content to expand their reach, then you may want to take some steps backwards.
While Twitter is the centre of promotion, Discord and Telegram are the homes of every project. The social media channels provide an avenue for founders to build a community around their projects. Therefore, you want to verify that the community is organic and value-oriented. If a channel is flooded with bot followers or pump-and-dump members, then its a red flag. Also, pay attention to how the moderators respond to complaints and suggestions. If they are reluctant to help the members, such an investment is tricky.
The price movement of a coin can provide you with insights into whether or not it is a safe investment. Although cryptocurrencies are volatile assets, this metric can help you decide on what crypto to invest in.
Websites like Coingecko and Coinmarketcap are fundamental tools where you can track the price of your potential cryptocurrency. If the coin is launched, you can use these websites to check the historical data.
Look out for a gradual increase in the price, and if theres an outrageous movement, its a sign of a pump-and-dump project or a rug pull. Scammers pump and dump these cryptocurrencies to make profits off their followers and community. They create hype around such projects through promotions to bait their followers into investing in them for liquidity exit.
Track the price history across different spans, from yearly to hourly movement, and pay close attention to whether theres anything unusual. Also, check the All Time High and the All Time Low to gain insight into the coins future. Combining these metrics can give you insights into the highest and lowest price your potential investment can get, so you can evaluate whether its worth your money.
Every successful cryptocurrency should be a liquid asset. Liquidity determines how urgently you can exchange your coin in the market. When buying or selling a cryptocurrency, youre operating as a liquidity provider to drive the volume of the coin.
The trading volume is a technical indicator that informs you about the authenticity of your potential investment. Investors use this metric to determine a potential upward trend or a reversal. If the volume is high, that can signal that investors are constantly trading it, while a low volume indicates a coin that lacks the faith of other investors.
Moreso, a trading volume can help you validate the markets strength. The metric serves as a yardstick to discover the demand for a cryptocurrency. If theres a change in the asset price in relation to the trading volume, it can help you determine whether the current trend is strong or weak. The asset price and trading volume correlate to showcase investors interest and strike a balance between market demand and supply. As a result, cryptocurrencies experience a drop in value when liquidity reduces and an increase when there are more buyers in the market.
Finally, low liquidity in the market can influence the tokens authenticity. Oftentimes, when investors are unable to sell off their low-priced assets, it creates a pump-and-dump situation for liquidity exit.
Cryptocurrencies showcase their potential through their use cases. A promising cryptocurrency should serve a purpose and offer a solution to real-world problems. Although not all cryptocurrencies solve a practical problem, most valuable coins provide usefulness to the blockchain ecosystem. A prominent example is Bitcoin, which has become a digital gold today as a form of exchange and store of value. Bitcoin allows people to exchange products and services using a decentralised mode of payment. Other notable examples are Ethereum and Polygon, which help developers deploy smart contracts for innovative products within the Web2 and Web3 ecosystems.
However, some tokens are solely built on hype or exist as mere jokes. These types of tokens are regarded as meme coins, and instead of being value-focused, theyre heavily dependent on social media noise. Meme coins leverage community raiders and influencers to push the token and drive the price higher. Although you can make a profit from these kinds of tokens, they are high-risk investments with little or no potential in the future. So, its wise to only invest in such cryptocurrencies when you have extra money that youre willing to lose.
Finally, the utility of a coin can influence its potential price. Whether or not a token has utility can determine its market demand in the future. Since every successful cryptocurrency convinces investors to hold onto the asset, you want to ensure that you put your money in an asset with a potential demand.Frequently Asked Questions
Ive answered some of the most popular questions below.
Despite the existence of thousands of scam coins in the current market, a few of them are hidden gems. To discover these tokens, you can pay attention to their market capitalisation. A market capitalisation is the multiplication of the current price and the circulating supply. The higher the market cap ranking, the lower the risk of your potential investment.
Additionally, use cryptocurrency tools like DefiLiama to conduct in-depth research on the price movement while considering important factors like the whitepaper, utility, and other evaluation methods shared in this article.
There are some promising tokens out there below $1. However, such tokens require in-depth cryptocurrency research. Therefore, you may have to combine both fundamental and technical analysis to draw your conclusion.
Knowing the best crypto to buy may seem challenging, but its not. Youre most likely experiencing difficulties due to several available cryptocurrencies and market speculation. While there are many tokens with no real-life value, assets like Bitcoin, Ethereum, Matic, Binance Coin, and USDT provide usefulness in the cryptocurrency ecosystem. However, its crucial to conduct due diligence before buying any coin and invest only what youre willing to lose.
If you learned something from this post, you may as well check out some of our other interesting articles.
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Bitcoin ETF Anticipation Fuels BSV and BTC Surge By Investing.com – Investing.com
Investing.com|EditorVenkatesh Jartarkar
Published Oct 18, 2023 11:24AM ET
In a week marked by significant crypto market activity, Bitcoin (BTC) and Bitcoin SV (BSV) have seen substantial price increases. On Wednesday, BSV experienced a 20% surge, trading at $39.85, outperforming both BTC and Ethereum (ETH). This performance was largely driven by the anticipation of Bitcoin ETF approval and the recent decision regarding the SEC's Grayscale lawsuit.
The price of Bitcoin rose to a two-month high of $28,817 on the same day due to amendments made by Fidelity to its spot Bitcoin ETF filing, the Wise Origin Bitcoin Trust. The changes focused on safeguarding customers' Bitcoin in custody accounts and outlining risks associated with the regulatory environment around cryptocurrencies. This led to a 2.8% increase within 24 hours and extended the weekly rally close to 7%.
Both Bloomberg Intelligence analyst James Seyffart and FxPro senior market analyst Alex Kuptsikevich noted these developments as positive signs for the cryptocurrency market. Seyffart pointed out ongoing dialogues between potential spot Bitcoin ETF issuers like Ark Invest and Invesco and the SEC, who have also recently updated their filings. Kuptsikevich anticipates Bitcoin reaching the $29,400 level soon due to elevated trading volumes, suggesting fresh buyer interest around the $28,500 level.
Despite false rumors of spot bitcoin ETF approval circulating briefly and causing a temporary spike in BTC and BSV prices, BlackRock (NYSE:BLK) CEO Larry Fink observed that the continued rise in bitcoin prices reflects pent-up investor interest. Some firms predict that upon approval, the ETF could contribute a $1 trillion addition to the market capitalization, currently standing at $1.1 trillion.
BSV's price increase was also influenced by support from Craig Wright, who claims to be Satoshi Nakamoto, and a tweet from @satoshi on October 2, which led to a 20% daily increase in BSV's price. Bitcoin SV was created from a BCH/USD blockchain hard fork and developed by nChain.
These developments and their potential implications for the future of digital assets will be discussed at Benzinga's Future of Digital Assets event.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Bitcoin ETF Anticipation Fuels BSV and BTC Surge By Investing.com - Investing.com
The Scalability And Performance Efficiency Of Bitcoin Blockchain – Dataconomy
The peer-to-peer payment is possible through decentralized and electronic cash systems through any intermediate body and the urinal owner of the bitcoins was Satoshi Nakamoto. Bitcoin is a decentralized cash system economically workable and able to execute end-to-end payments.
Originally Bitcoin was initiated by Satoshi Nakamoto under the MIT license in 2009. Delve into the scalability and performance efficiency of the Bitcoin Blockchain in our latest piece. Plus, explore how platforms like Immediate Momentum are driving these advancements.
In Bitcoin, transactions include all inputs and outputs transferring the ownership of Bitcoins between the payers and payee. These inputs give instructions to the network for those coins or coins for which the payment will be drawn.
Whereas output instructs the person to which amount should be spent that payee decides to reimburse the payees. Once the transaction is brought in, the outcomes become the unspent amounts to the payee; they stay unspent until the recent payee spends someone else with the coin.
Once the transaction is distributed to the Bitcoin network, the bookkeeper will automatically verify the transactions using the P2P network that received the transactions. In case the transaction is valid, that will be added to the pool and further relay the transactions to the peers in the network. In the Bitcoin network, all the valid transactions were collected from the transaction pool to create the candidate blocks, and further, after every 10 to 11 minutes a subset of network nodes was created which are called mining nodes or miners. These transaction pools get rewarded by themselves and gather transaction charges, after winning the mining race and further add a block to the chain. Further, all nodes will cross-check and verify the new blocks and add them to their copy of the blockchain.
One specific concern is the bit on the network or in actuality for such oW-based blockchain scalability. Due to its design, all the transactions must verify all the nodes. Although the whole process will take 10 to 12 minutes to create a new block which is limited to 1 MB. The Bitcoin network is throughput by the block size and frequency limitations to further constrain the network throughput.
This is how the Bitcoin blocks can accommodate around 3000 transactions on an average basis. As per a recent scenario, the current payment system includes VISA which handles on average just around 1500-2500 transactions per second. During 2014, PayPal was able to peak at around 4000 tps PayPal to handle approximately 118 tps around 11 million transactions per day.
The market is full of Bitcoin scalability solutions. This can be divided into two parts named on-chain and off-chain scaling systems.
On-chain solutions are usually known to address scalability and performance issues at the base layer of the Bitcoin blockchain network. On-chain scaling further refers to the latency of the network. It provides an easy solution to handle more transactions in the blockchain, you can take the example of Segwit which is used to process the transaction using 1.5 MB in a block. You also have an option to raise the blockchain as the same has been done in Bitcoin Cash.
Segwit is a Bitcoin Modification Proposals number BIP14, it is short for segregated observer, which means to separate the digital autograph for the transaction. The initiative was taken by the famous developer Pieter Wiulle at its scaling Bitcoin conference in November 2015. The core perspective of SegWit was to avoid unintentional Bitcoin transactions and take care of certain protocol restrictions.
We can bifurcate the Bitcoin transaction into three specialties
However, the transactions identifier automatically changes with the change in the digital signature. Due to this, the digital signatures turn out bitcoin code to permit digital signatures to be modified when the transactions are still unconfirmed. Further, once the transactions are added to the network, the transactions will be immutable. Moreover, the signatures also turn out in such a way that if you run a program to check it, it will still be valid on the network. However, when you execute a hashing program on it, it will give alternate results.
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The Scalability And Performance Efficiency Of Bitcoin Blockchain - Dataconomy
The Digital Gold Rush for cryptocurrency and the Environmental … – Lexology
This blog explores the challenges and risks that the crypto mining industry continues to pose to the environment and surrounding local communities after the EU Markets in Crypto-Assets (MiCA) regulation came into force in June 2023.
The Digital Gold Rush is a phrase that refers to the rapid development of digital currencies, (cryptocurrencies) in recent years.
In 1982 American cryptographer David Chaum published pioneering essays and founded the International Association for Cryptologic Research, an institute that researches into the development of digital cryptography.
However, it was only until after the financial crash of 2008 that cryptocurrency started to attract public attention, when the huge decline in value of traditional, paper money resulted in a call for a decentralised form of currency. In 2008, the pseudonymous Satoshi Nakamoto published the whitepaper: Bitcoin: A Peer-to-Peer Electronic Cash System. In 2009, Bitcoin was launched.
What is Crypto Mining?
Cryptocurrency is a decentralised, peer-to-peer version of electronic cash that allows payments to be made directly from one party to another without any mediators. It is not regulated by any central government authorities. Crypto mining is the process by which transactions are verified and added to the public ledger (or blockchain). Miners who verify the individual transactions first are issued new coins (electronic cash).
Crypto mining has been mired in controversy as the process is hugely energy intensive. According to Schmidt and Curry (2022), Bitcoin the best-known cryptocurrency is estimated to consume 127 TWh of electricity per year, which is more than many countries.
Some cryptocurrencies are more carbon intensive than others. It is the proof-of-work (PoW) blockchains, such as Bitcoin, that are hugely carbon intensive. PoW is the method miners use to verify transactions and get rewarded with crypto coins. Crypto miners of PoW blockchains must solve complex mathematical problems to verify transactions. As the mathematical problems to verify transactions become increasingly more difficult over time, more computer power is required and energy consumption increases.
In 2009, a person could mine Bitcoin with a home computer in just a few seconds. Now, mining a single Bitcoin could take anywhere from 10 minutes to 30 days depending on the capacity of the hardware being used. The abundance and quality of the computer hardware determines the time it takes to mine a single coin. The more energy used, the quicker the process is and the more profitable crypto mining becomes.
In 2021 Greenpeace halted their acceptance of cryptocurrency donations due to these environmental concerns and Greenpeace USA is now a partner of the Change the code, not the climate campaign.
Thinking Global: Decarbonising Crypto
Cryptocurrencies boldly promise a future free from centrally controlled fiat currencies that derive their value through trust in the governments that issued them and are encumbered by the borders and regulations of the physical world. However, all digital infrastructure is dependent on tangible infrastructure, which demands energy and impacts typically negatively natural environments and citizens.
Crypto miners anchor to places where there is relaxed regulation and cheaper electricity. In 2021 China banned crypto mining due to a desire to cut down carbon emissions. The ban resulted in miners relocating their activities elsewhere - notably to Kazakhstan and the United States. At the time, this resulted in the Bitcoin networks use of renewable energy dropping from 42% in 2020 to 25% in August 2021. According to the Bitcoin Mining Council, as of January 2023, Bitcoins use of renewable energy is at an estimated 58.9%. However, analysis of events in 2021 highlight the fragility of the industry and the difficulties that arise when there is not a comprehensive international approach to regulating the industrys carbon footprint.
Proponents of crypto mining continue to stress that energy consumption is not equivalent to carbon emissions. The Crypto Climate Accord (CCA) is a non-profit, private-sector led initiative for the entire crypto community focused on eliminating carbon emissions within the industry by 2030. More than 250 companies and individuals have joined the CCA as Supporters. Inspired by the Paris Climate Agreement 2015 the initiative is a start. However, regardless of these attempts, there is already a global deficit of clean energy to power our homes, cities, and businesses. If not properly regulated, it is probable that some industries and cities may become more dependent on fossil fuels if crypto mining plants monopolise the renewable energy sources available.
In June 2023, the Markets in Crypto-Assets (MiCA) regulation came into force and was published in the Official Journal of the European Union after the European Council unanimously voted in favour of the regulation. This makes the EU the first major bloc jurisdiction with a comprehensive set of cryptocurrency regulations. The regulations include supervisory provisions for digital assets, consumer protection and environmental safeguarding. Recognition of the environmental impact of crypto assets is significant. It will be interesting to see what the future holds for crypto mining activities in Europe.
Thinking Local: Threats to Local Communities and Environments
Numerous threats to the surrounding local communities and environments of crypto mining plants have been recognised in North America.The Chelan County Columbia basin in the U.S. state of Washington has been an attractive place for miners since around 2014 due to the subsidised electricity generated by the hydroelectric dams in the area.
The rise of crypto mining plants in the Chelan County led to a reduction in funding available for public services. Less power was available at the premium prices and so the electricity price for consumers increased. Further, the electrical infrastructure could not cope with the increased power loads the crypto mining plants created. This caused numerous blackouts and raised safety concerns regarding the inadvertent ignition of grass fires. The strain on the electrical infrastructure was exacerbated by the rise of illegal crypto mining operations which began in peoples homes. These illegal operations are incredibly difficult to detect and contributed to the safety threats to the community.
In March 2018, the Chelan County Public Utility District placed a moratorium on new applications for crypto mining operations. Still tackling the issue, in June 2022 the Chelan County PUD Commissioners approved a 29% increase in electricity cost required for cryptocurrency miners.
The threat to consumers access to electricity has not only been felt in Chelan County, Washington. Tehran has frequently faced power outages and Kazakhstan, once the worlds second largest miner of Bitcoin, faced the same problem. Ultimately, the country had to turn to Russia for electricity supplies.
On the other side of the U.S., private equity firm Atlas Holdings bought the once abandoned Greenidge coal-fired plant and re-opened it as a natural gas plant in 2017. Instead of providing electricity to the nearby homes and businesses, a significant portion of Greenidges electricity is now used to mine bitcoin. In 2020, running at 13% capacity, Atlass bitcoin operations produced 243,103 tons of Carbon Dioxide (CO2), and Nitrogen Oxide (NOx) pollution rose tenfold. NOx is a poisonous gas which, at high levels, can lead to numerous respiratory diseases including emphysema and asthma. This pollutant is at the centre of the diesel emissions cases brought by Leigh Day.
The Greenidge Generation power plant is also allowed to draw in 139 million gallons of water and discharge 135 million gallons daily from Seneca Lake to cool servers. Opponents of Greenidge claim that water is returned to the lake at a much warmer temperature than usual which increases the development of harmful toxin-producing algae. Considering that several residents draw their drinking water from the lake, it is unsurprising that opponents of the plant have filed numerous lawsuits to prevent the expansion and operation of the mining facility.
In August 2023, a lawsuit brought by Earthjustice on behalf of Seneca Lake Guardian, Committee to Preserve the Finger Lakes and Sierra Club regarding the plants water discharge permit was dismissed. Judge Elizabeth A. Wolford of US District Court, Western District of New York, dismissed the lawsuit for failure to state a claim. This case is the fourth time that opponents have sued Greenidge in a state or federal court since 2016. Each time they have lost.
This story reflects the local environmental and social issues that crypto mining may raise as well as the potential legal barriers there are to effectively regulating the industry.
Anything new?
Without the necessary legal and regulatory tools, plus rigorous scrutiny to ensure corporations behave responsibly, extraction whether historic, modern, of raw minerals or of crypto is likely to lead to significant negative externalities.
However, hope can be found when reflecting on Leigh Days experience of holding traditional physical mining operations to account. In 2020 Leigh Day represented Zambian farmers in claims against Vedanta Resources Ltd for alleged damage to their land and waterways from copper mining effluent and emissions. In October 2020 Leigh Day filed a class action lawsuit against Anglo American South Africa Ltd on behalf of thousands of children and women who allege that they have suffered lead poisoning. It is argued that Anglo American did not take reasonable steps to prevent the poisoning of the local communities.
Final thoughts
The Organisation for Economic Co-operation and Development (OECD), supporting the United Nations in its 2030 Agenda for Sustainable Development, released a report in 2022 titled: Environmental impact of digital assets: Crypto-asset mining and DLT consensus mechanisms. The report highlights that renewable energy use within the industry will not be sufficient due to the opportunity cost to the use of renewables elsewhere in society. It emphasises the counterintuitive results of China banning crypto mining entirely and suggests that there needs to be international co-ordination to limit the environmental impacts of mining operations. Shifting operations from one geography to another does not solve the problem.
Domestic approaches to regulating crypto mining vary and no comprehensive global regulation currently exists. As domestic approaches continue to evolve, there is a risk that it will become increasingly more difficult to have cross-border coordination of regulations to protect the environment and local communities. Global cooperation is crucial to ensure that individual states and companies are held to account for harmful crypto policies and behaviours.
It is promising that the MiCA bill is now in force. Hopefully, this landmark piece of regulation will pav[e] the way for an innovation-friendly crypto-regulation that can set standards worldwide (MEP Stefan Berger).
The reality that mining causes environmental impacts and threats to local communities is not unprecedented. Though the process does not physically scar the Earth, crypto mining is still an extractive, resource-intensive process and legal structures are required to mitigate the risks.
We need to recognise that crypto mining can have similar environmental and social impacts to physical mines and apply similar regulatory tools as, though crypto mining is relatively new, the fight to regulate extractive industries is not. Lets be prepared.
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The Digital Gold Rush for cryptocurrency and the Environmental ... - Lexology
The Importance of the Golden Cross and Death Cross in Bitcoin … – TechiExpert.com
In the dynamic landscape of the digital age, few innovations have made as profound an impact as Bitcoin. This decentralized cryptocurrency, often hailed as the digital gold, has not only reshaped our understanding of money but has also ushered in a new era of trading. With its inception in 2009 by the enigmatic Satoshi Nakamoto, Bitcoin has witnessed dramatic rises, sharp declines, and periods of stabilization. Traders, both seasoned and novice, have been drawn to its allure, especially with tools like Chain Wizard Ai aiding their journey, seeking opportunities to capitalize on its volatility. To navigate this complex and often unpredictable market, traders employ a myriad of strategies and tools. Among these, technical indicators stand out for their ability to distill vast amounts of data into discernible patterns and trends. Two such pivotal indicators, the Golden Cross and the Death Cross, have become essential in the toolkit of many Bitcoin traders. Their historical significance in traditional markets coupled with their relevance in the crypto realm makes them indispensable. This article aims to delve deep into the nuances of these indicators, exploring their importance, their mechanics, and their application in the bustling world of Bitcoin trading.
Technical analysis involves deciphering market behaviors using historical price and volume data. This method believes that past trading activity and price changes can be valuable indicators of whats to come. While its origins trace back to rice trading in ancient Japan and later in the stock markets, its application in the cryptocurrency domain, especially Bitcoin, is drawing considerable attention.
At the heart of technical analysis lies the concept of moving averages, which help distill vast amounts of data into digestible trends.
Simple Moving Average (SMA): By taking an average of closing prices over a set period, the SMA provides a smoothed line representing the markets general direction. Its essentially the average price over a given interval, recalculated as new data becomes available.
Exponential Moving Average (EMA): Unlike the SMA, the EMA gives more weight to recent prices, making it more responsive to new information. This characteristic can be especially valuable in the fast-paced world of Bitcoin trading.
The juxtaposition of short-term and long-term moving averages becomes the foundation for the Golden Cross and Death Cross indicators.
Historically, the Golden Cross emerges when a short-term moving average (commonly the 50-day SMA) surpasses a long-term one (like the 200-day SMA). This crossover has often preceded notable bullish runs in Bitcoins history. However, while its a promising sign, its vital to understand that no indicator is foolproof. There have been instances where a Golden Cross was followed by only a short-lived uptrend or even a continued downtrend. This underscores the importance of utilizing multiple tools for analysis.
The Death Cross stands as the antithesis to the Golden Cross. It forms when a short-term moving average slips below its long-term counterpart. Historically linked to potential bearish downturns in Bitcoin, its equally crucial to approach this signal with a holistic mindset. Relying solely on the Death Cross without accounting for other market factors can lead to misjudgments.
Experienced traders rarely rely on a single indicator. Volume, for instance, is a vital supplementary tool. A Golden Cross underpinned by a surge in trading volume can solidify a traders bullish outlook. Conversely, a Death Cross in a volume-deficient environment might be seen as a less potent bearish sign.
Furthermore, broader market sentiments, geopolitical events, regulatory changes, and technological breakthroughs in blockchain can profoundly influence Bitcoins price, rendering the need to blend technical with fundamental analysis.
The crypto world, with Bitcoin at its forefront, diverges significantly from traditional financial markets. For instance, Bitcoins 24/7 trading window accelerates its market dynamics. This means technical indicators can manifest differently. In traditional settings, external factors like company performance, industry trends, and global events predominantly influence prices. In contrast, Bitcoins price can swing dramatically based on factors unique to cryptocurrencies, such as security breaches, mining dynamics, and regulatory news.
The Golden Cross and Death Cross stand as testamentary relics from traditional trading, providing traders with critical insights in the unpredictable world of Bitcoin. However, these signals, as powerful as they might be, should not overshadow the broader trading landscape. As the crypto market continues its evolutionary journey, the onus remains on traders to remain informed, flexible, and ever-vigilant, ensuring they harness the full breadth of tools at their disposal.
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The Importance of the Golden Cross and Death Cross in Bitcoin ... - TechiExpert.com
There is No Mention of Crypto in Marc Andreessen’s Techno … – The Defiant – DeFi News
It's a glaring omission given a16z is the largest investor in the blockchain space.
Marc Andreessen's "The Techno-Optimist Manifesto" doesn't mention crypto or any directly-related term. Not even once.
Andreessen Horowitz's co-founder published "The Techno-Optimist Manifesto" on Monday, where he laid out his world view: Technology is the glory of human ambition and achievement, there is no material problem that cannot be solved with tech, and free markets are the most effective way to organize the economy.
Given that a16z has poured billions into the industry, it was puzzling to try to find some hint of how crypto fits into the manifesto and come out empty handed.
Still, we assume crypto must play a role in Andreessen's vision of the future. After all, his fund's investments in crypto represent about 22% of a16z's $35B in committed capital, Peter Cafiero, a spokesman for the fund wrote in a response for request for comment.
The omission was not intentional and doesn't reflect reduced interest in crypto from a16z, Cafiero wrote.
The essay describes Andreessen's vision at a high level and doesn't detail how many specific technologies and innovations are involved (although artificial intelligence does get a shoutout).
Maybe crypto is indirectly included in the technologies and themes mentioned, but - if I may be so brazen as to suggest edits to Andreessen's essay -- there were many opportunities to highlight it more directly.
Andreessen talks about the evils of centralized economic planning, but doesn't explicitly talk about decentralized networks. He talks about the "techno-capital market," an ecosystem of competing ideas that benefits the end consumer, without mentioning open source software and composability in the blockchain space as a way to accelerate this machine.
The essay starts with sections on "Lies" and "Truth" which would have been an ideal place to mention the transparent, censorship-resistant ledger of Bitcoin.
He mentions some of the founding pieces of modern tech: "The microchip, the neural network, the rocket, the split atom." And the blockchain?
Andreessen ends his essay, a rally for builders to go forth and conquer new frontiers of tech, with a list of "Patron Saints of Techno-Optimism." He recommends reading the work of those listed, "and you too will become a Techno-Optimist."
I scrolled through the alphabetical list down to the S. Satoshi Nakamoto was not there either.
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There is No Mention of Crypto in Marc Andreessen's Techno ... - The Defiant - DeFi News
Trek Through the Titans BNB and Ethereum with Bitcoin Spark’s … – CryptoPotato
With leading cryptocurrencies like BNB and Ethereum currently facing challenges, market watchers suggest investors can trek through the titans with Bitcoin Sparks brilliant blueprint.
The Binance Coin (BNB) price has struggled to move away from its support just above $200. Additionally, both volume and momentum indicators display weakness and bearish tendencies in the daily timeframe.
The daily Moving Average Convergence Divergence (MACD) has also displayed a bearish cross, solidifying the prevailing sentiment that sellers hold sway in the current BNB market. Analysts foresee the possibility of another test of the key support at $206. They suggest if this support breaks, BNBs price might plummet further towards the $180 level.
The Ethereum (ETH) price failed to stay above the $1,665 level and has moved into a bearish zone, trading below the 100-hourly Simple Moving Average.
Analysts suggest if the Ethereum price fails to clear the $1,665 resistance, it could continue to move down, with the initial support near the $1,620 level and the next at $1,600. Theres also a palpable concern that a breach below the $1,600 support may unleash a strong bearish wave, potentially driving Ethers price below the $1,585 threshold.
Bitcoin Spark is a groundbreaking blockchain on a mission to surmount the limitations of its predecessors and inaugurate a new era of cryptocurrency transactions. Its rooted in the vision of Satoshi Nakamoto and thus shares a notable similarity with Bitcoin (BTC), having a maximum supply of 21 million BTCS coins. However, Bitcoin Spark has a more impressive technical architecture. It has a short block time, high transactional capacity per block, and a massive number of nodes, delivering faster and more cost-effective transactions.
Moreover, Bitcoin Spark features multiple layers, with a dedicated smart contract layer that includes separate execution systems, all of which reach finality on the primary network. This layered approach fosters a highly scalable ecosystem, which enables developers to leverage an array of high-level and low-level programming languages. Bitcoin Spark thus primes itself as a robust platform for diverse smart contracts and decentralized applications (Dapps).
Perhaps the most revolutionary feature of Bitcoin Spark is its Proof-of-Process (PoP) consensus mechanism. Departing from conventional crypto mining practices, the PoP non-linearly rewards miners for confirming blocks and contributing their processing power to the network. The nonlinear approach, coupled with the vast nodes, makes BTCS mining accessible and profitable even for individuals with low-powered devices. The Bitcoin Spark team is set to introduce a user-friendly mining application compatible with popular operating systems, including iOS, Android, and Windows, further democratizing the mining process.
Bitcoin Sparks innovative vision extends beyond mining; it plans to lease the contributed power to individuals and organizations in need of remote computing resources, who will be required to pay for the service in BTCS. Moreover, the network will incorporate unobtrusive advertising slots on its application and website, subject to community oversight to ensure compliance with terms and conditions. Advertisers will remit payments in BTCS, with network participants poised to receive 50% of the generated revenue, along with additional incentives for overseeing the advertisements.
Notably, the BTCS mining rewards will run on an elastic system that factors the revenue generated within the Bitcoin Spark network. If more revenue is generated, the minting is reduced proportionally, moving the endpoint further. Thus, the ability for unlimited processing power provision, coupled with the booming marketing industry, suggests the networks participants will remain consistently profitable despite market fluctuations.
Bitcoin Spark (BTCS) is currently selling at $3.00 with a 7% bonus in Phase 7 of its Initial Coin Offering (ICO) but will launch on November 30th at $10. Analysts suggest the combination of favorable market conditions upon launch, technological innovation, and token scarcity positions Bitcoin Spark as a promising candidate for significant price growth.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
Buy BTCS: https://network.bitcoinspark.org/register
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Trek Through the Titans BNB and Ethereum with Bitcoin Spark's ... - CryptoPotato