Month: August 2020

Mike Novogratz, is a CEO at the galaxy digital besides that he is well-known as the bitcoin cash Proponent. He states that, according to him, financial problems will occur if the U.S. presidential bid in November is going to be taken by the democrats.

14 August 2020 Interview

In the interview that was held on 14 August, Novogratz said that it would be great for the country if Biden and Harris got elected, but it’s also confirmed that it won’t go to appear suitable for the market.

After listening to Novogratz’s statement, Kamala Harris claimed that he is going to deal fair to wall street in case he is going to win the election. At the same time, Novogratz has mentioned the sharp taxes from the democratic presidential race if he wins. On the wall street democrats going to be tougher for the tax plan, is claimed by the Novogratz that here nothing is going to increase the corporate, capital gains taxation, and the income as well.

In between answering the other questions, the market scenario describes the mainstream in the current time as highly comparable to the exuberant bitcoin’s in the year 2017; it all happens due to several measures, one of them is the amount used by the government. Besides that, he said everything becomes a trade like bitcoin in the year 2017.

He also claimed there that the bubbles would go to end when the policy responds. The [the system is that the action on a tax increase puts an end to the forth we are suffering from now.

Strong discussion on bitcoin

Novogratz has also stored the value of bitcoin as with a regular tag that the bitcoin is the only essential asset of the crypto market and its participants. Once again, the CEO is explaining that, according to him, the bitcoin has transitioned over the last year from the starting to an end, like from the point where people start seeing and to the end; that is a possible value of store to the cemented position of the bitcoin.

This is the race looking like downhill, but they are opposing it because now bitcoin has gained full acceptance except some the streams which are not accepting this but will go to join this late.

It’s because bitcoin has gained a limitless following as it’s the digital currency which has full acceptance in the financial sector.

Here’s a detailed study available over the well-committed security force the Ethereum Foundation is searching in order to cut up each and every feature of Ethereum 2.0. Let’s get into the news.

The reason the Ethereum Foundation is looking for a security group for Eth 2.0 is primarily for studying any possible crypto-economic issues along with any cybersecurity problem which might have the chances to take place in the upcoming period of the Eth network. An Ethereum 2.0 researcher who works at the foundation named Justin Drake made a proclamation regarding the commencing of the procedure of recruitment in a Twitter update.

Now, the Eth Foundation is in need of a number of auditing and security experts for both the general and the software model of the update coming soon. The major task that the protection team will be needed to do mainly includes bounty hunting, fuzzing, and pager tasks. It actually is linked straight with the software security managing department.

A Few Lines on Fuzzing

The Eth client developers have been busy with the fuzzing of Ethereum 2.0 upcoming clients. These tasks were looked after by Sigma Prime who are actually the Lighthouse client developers based on Rust.

You might wonder about the term fuzzing. Well, fuzzing can be described as a technique that looks for bugs and it also includes the feature of providing garbage data to the software just for triggering a non-typical response. There are various categories of bugs that are there on the Internet for incorrect sanitation of input. Any special kind of input might be taken as machine code or just make up an unnecessary action. So, here fuzzing becomes very useful as it looks for these errors and upgrades the code for getting rid of the plausible disastrous bugs.

There are More Stuff to be Done

It has also come to the knowledge that the team of security will also have to do more theoretical works on the official corroboration of algorithms of cryptography. This procedure will look for proving mathematically that a particular algorithm is protected. The foundation is also going for experts in economic modeling.

Strengthening the Protection

At present more stress is put on the security of the network with the last stages of developing the Eth 2.0 Phase 0 underway. Special attack networks to break bounty hunters and an attack net of multi-client has also been initiated by the foundation.

Ever since its launch in 2009, it seems that the business and finance world can’t stop talking about Bitcoins. It is one of the technologies changing how the world does business. If you run your own business, you must have heard of Bitcoin at some point and wondered if it was worthwhile to make the jump to working with it. 

There are many reasons to start working with Bitcoins – they are faster and easier to use, cost much less than credit cards, and come with a wide-range of options to tailor them to your scale and type of business. There is also the novelty of being a Bitcoin business – just the announcement will get you the attention of steady Bitcoin users!

While the Bitcoin market is still quite volatile, it has proven to be one of the most successful cryptocurrencies ever – safe, anonymous, and impossible to hack. It is therefore no surprise that entrepreneurs and small business owners are jumping on the bandwagon. If you are one of these people, read on for a step-by-step guide on how to work with Bitcoins. 

Do Legal Research 

While Bitcoins don’t face as much scrutiny as some other business, they still run into some legal trouble. If you are planning on using them for your business, you will need to look into the various regulations and restrictions surrounding them, especially in your country. The best way to do it is to sit with a trusted lawyer and work out the legal aspects of accepting Bitcoins as currency for your business. 

Set Up A Bitcoin Wallet

You can simply start by making Bitcoin wallet one of the accepted payment methods for your business. A Bitcoin wallet is the address where your customers send money. The process is quite simple, much like using any other digital wallet – people put in your address or scan your QR code, enter the amount, and press ‘Send’. 

Tutorials on how to set up a Bitcoin wallet for your business can be easily found on the internet, along with the best practices to secure the wallet. Treat your Bitcoin wallet just like a cash register and regularly take out the money to store in a safer environment than your computer or mobile. Keep only small amounts of Bitcoins on your gadgets. 

Look For A Payment Processor

If your business is on the bigger side, or if you accept payments beyond the scope of a simple Bitcoin wallet, you might want to consider working with a payment processor. Your search for a suitable Bitcoin processor will depend on the type of business you are running, the amount of scale of payments you handle on a daily basis, and options for protecting yourself against the volatile Bitcoin market. 

Be aware that external payment processors charge a service fee, but they are still a much cheaper option than Paypal or credit cards. Popular payment processors like BitPay also offer a host of exciting add-ons like the email invoice feature or adding a shopping cart option to your online business. 

Advertise Your Use Of Bitcoins

Whatever you do, do not forget to be loud about the fact that your business accepts Bitcoins. If you run a physical store, make sure you have lots of displays and pop-ups indicating Bitcoin acceptance at your store. A flashy banner on the site would do the job for online business owners, right beside your other payment options. 

Advertising that your business works with Bitcoins has two major benefits – first because Bitcoins are a shiny, new thing in the business world, you will get press, even if you are a small business. Secondly, you will grab the attention of the small but sizable group of Bitcoin users, who are always enthusiastic about supporting Bitcoin using businesses. This also opens up your business to an entirely new target audience. 

Use Blockchain Network To Your Advantage

Bitcoins are based on the Blockchain network, which offers a lot of exciting features for business owners. You can safely store your business inventory within the network and keep track of all transactions. The network doesn’t allow for any changes or deletions and is one of the most secure ways to keep your records transparent. You have the option to track every single transaction, including shipping fees. 

Another feature integrated with Bitcoin usage is smart contracts that can be signed digitally and stored on a single, safe platform. Once again, complete transparency is the function of this feature as it ensures that the terms and conditions included in your contract remain unchangeable and secure. 

Keep Records Of Bitcoin

Once you have decided to work with Bitcoins and worked out the above-mentioned steps, the final step is to get in touch with a bookkeeper to figure out how to keep records of your Bitcoin payments. These days, plenty of tax firms specialize in Bitcoins. Narrow down one of them and make sure you have a trusted bookkeeper in place before you launch Bitcoin payments for your business. 

Craig Russo, director of Polyient Games has seen a huge opportunity in Non-Fungible Tokens (NFTs). Since the launch of the first NFT in 2017, it has become a trend in the gaming industry. The first NFT came into the market through Cryptokittie, a game that allows the users to collect ETH coins.

Apart from the gaming, NFTs are now also being used in the ticketing in the sports industry, other financial services, and in selling and buying property. Russo believes that NFT is one of the most attractive opportunities in the crypto industry.

Its uses can be seen in the collectibles, art, and other gaming platforms. But why NFTs are so much popular in the gaming space? Russo has explained that in detail by highlighting its point of view from the gamer’s perspective.

Gamers are constantly getting attracted towards blockchain because they can have the ownership to the items they win through gaming. Unlike traditional gaming, blockchain gaming gives them a chance to earn while they are playing.

In this case, NFTs and other digital collectibles have given them an entirely new experience. What is the result of this new sort of gaming? The collectibles market has grown and tremendously reached $370 billion.

Will NFTs Emerge As A Standalone Asset?

Russo has also pointed out that NFTs may soon become a standalone asset in decentralized finance (DeFi). Companies like Polyient Games strongly believe that NFTs will soon be a part of the decentralized finance along with lending, and fractional trading.

However, emerging as a standalone asset is not easy for NFT. There are many hurdles in the path, for example, the public’s perspective and media. But these hurdles are not that difficult to beat, said Russo. Since the mainstream media is drawn towards NFTs lately, it will become a crypto asset soon.

Has COVID-19 Contributed To The Popularity Of NFTs?

The pandemic has affected everything from the way people interact, travel, communicate, and conduct business. But Russo says it has also affected the gaming space. According to research, $10.5 billion were spent on gaming in the U.S. alone.

The data was based on in-home gaming users. Shockingly this report was only based in April 2020. People spent more time playing games than ever before. The pandemic has put people in a situation where the social distance is mandatory which may lead to increase the gaming consumption.

The concept of digital collectibles and NFTs is entirely new for some users but as it gives rewards to the gamers, the passion will tend to increase in the future as well. Thus, a greater number of gamers will embrace the blockchain games.

Binance is finally rolling out its long-awaited debit card, Binance Card, across countries within the European Economic Area (EEA). Binance communicated this news on July 14, 2020, stating that people who live in these countries can apply for the card come August, while those living in the United Kingdom will have it available a little after that.

Other regions can register their interest in the company’s website as the company plans how to roll out in these areas.

Swipe has rolled out its services across 31 countries in the EEA, including France, Spain, Germany, and others. The firm is said to be in the final phases of rolling out the Swipe service in the United States as it has met licensing and regulatory requirements.

The press release stated that the Binance debit card would carry four cryptocurrencies upon its launch. These currencies include the gold standard, Bitcoin, stablecoin, Binance USD, Binance’s native Token, and Swipe’s native Token.

The Binance card has come to allow its users to automatically convert their crypto into fiat that they can spend across 60 million-plus merchants in 200 different locations.

The struggle that has always been there being where a crypto owner has to manually convert their digital currency before spending. This struggle gets eliminated using the Binance card. This advantage will make this card just like your regular debit card.

Binance says that the card will work by recharging their Binance card wallet using the integrated spot wallet that houses their different digital assets on Binance. They will then get to choose the order of preference they want their crypto debited. The four supported cryptocurrencies will then get converted into the debit card based on the user’s order of preference.

For example, if the user has two cryptocurrencies, each worth 50 Euros, they can determine how these currencies get converted into fiat. A user may want to spend 75 Euros and chooses for their Bitcoin to get converted first, followed by stablecoin, The 50 Euros of Bitcoin will all get converted first. The system will then convert 25 Euros of the stablecoin to make a total of the 75 Euros needed.

The Swipe feature allows cryptocurrency to be stored in the Binance card and only prompts it to convert to fiat when required in that form. The Binance card works to help the world adopt digital currency by having crypto readily available for use in the working world. This practicality is according to Binance CEO Changpeng Zhao.

Zhao demonstrated the first Binance card transactions in the first week of July 2020. He confirmed that Binance had acquired Swipe in the first week of July 2020, marking this as the second major acquisition Binance has made this year.

Binance undertook nine significant acquisitions in 2019 to help it achieve its goals. Some of these acquisitions were like Dappreview, a blockchain data startup, and JEX, a derivative platform based in Seychelles. The CEO believes that by 2030 cryptocurrency will be a regular currency used in every part of the world.