StartupTalky

Tag: bitcoin

  • Why does Coinbase Co-founder Fred Ehrsam believe that NFTs will be worthless in 3 to 5 years?

    Cryptocurrencies have been gaining popularity and with cryptocurrencies, in the recent times, a new crypto asset called the Non-Fungible Token (NFT) had amassed a huge amount of popularity. Many believe NFTs to be the future for art and other valuable items. But Fred Ehrsam has a difference in his opinion regarding to that and in an interview had conveyed about it. In this article let’s look at why Fred Ehrsam had conveyed that the 90 % of the NFT Collectibles would be worthless.

    Fred Ehrsam on NFT – Latest News
    Who is Fred Ehrsam?
    Fred Ehrsam take on NFT
    Fred Ehrsam on Cryptocurrency
    What Fred Ehrsam said about Bitcoin’s energy consumption?
    FAQ

    Fred Ehrsam on NFT – Latest News

    Fred Ehrsam who is the co-founder of Coinbase conveyed in an interview that he feels that the NFTs are going to lose their worth. On 16 June 2021, he had conveyed in an interview that 90% of the NFTs would eventually become worthless. He also added in his interview that he believes that people shouldn’t dismiss the doge coin.

    He also added that decentralized finance would be a riskier technology of the blockchain world and conveyed that the United States would get the regulations of bitcoin wrong and there could be a danger in that.

    Fred Ehrsam also added that criticism made on the bitcoin’s energy use must be reconsidered by Elon Musk and Bill Gates.

    What is Robert Kiyosaki’s take on Cryptocurrency?
    Robert T Kiyosaki is the author of the well-known personal finance book Rich Dad
    Poor Dad. The book was published in 1977 and has become the New York bestseller
    having a sale of around 40 million copies worldwide. He had previously praised
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    StartupTalkyAlan Joseph

    Who is Fred Ehrsam?

    Fred Ehrsam is an American based business man and an investor. He was the co-founder of one of the largest cryptocurrency exchange Coinbase. He had left Coinbase in the year 2017 and the company had gone public with a valuation of USD 100 billion.

    Fred Ehrsam is currently the co-founder and the managing partner of the cryptocurrency investment firm Paradigm. As of 2020, the company had made more than 25 investments in cryptocurrency related companies. He was born in the year 1988 in Boston.

    Fred Ehrsam’s take on NFT

    Fred Ehrsam conveyed in his interview that people are going to try all sorts of stuffs and added that in the coming future there would be millions and millions of cryptocurrencies and crypto assets. He compares cryptocurrencies and crypto assets to the millions and millions of websites that were developed during the boom of the .com phase in which the most of them wouldn’t work.

    He conveyed that around 90 % of the NFTs will have no value in the next 3 to 5 years just like the early internet companies in the late 90s. He added that the value of NFTs would probably be the same as those companies.

    Reasons Why Elon Musk has not launched his own Cryptocurrency?
    Elon Musk is an American entrepreneur and a Business Magnate. He is the founder,
    Chief Engineer and CEO of SpaceX, CEO, product architect and an early-stage
    investor of Tesla, founder of the Boring company and also the co-founder of
    Nueralink and OpenAI. He is one of the richest men in the world. E…
    StartupTalkyAlan Joseph

    Fred Ehrsam on Cryptocurrency

    Fred Ehrsam conveyed in the interview that if cryptocurrency has taught us something it is not to dismiss a good meme and adds that it could display much more progress. He refers to dogecoin and other crypto assets.

    Speaking about decentralized finance he added that one thing that totally changed in the year 2017 was that the doors suddenly opened to much broader applications. He added that Ethereum came out of nowhere and proved that various applications and projects could be build using the blockchain technology. He said that in the coming future we will be able to see a lot of mainstream consumer applications.

    Market Cap of NFT
    Market Cap of NFT

    What Fred Ehrsam said about Bitcoin’s energy consumption?

    Speaking about the criticism of the environmental impact of cryptocurrencies he conveyed that Elon Musk and Bill Gates will have to examine the issue much more closely and added his personal view which stated that it would be much more energy efficient in order to use these digital coins and transfers in the coming future. He added that it is totally understandable that there would be a lot of confusion in the beginning stage.

    He added that, the world doesn’t change overnight but he said that we will be able to see the seeds of exponential growth that is already occurring. He added that we would live in a future where we would not require central currencies or a central system in order to co-ordinate with each other.

    He added that it has already been proved by the financial services where we do not require a central system in order to hold our money or transfer our funds and we could be our own banking system.

    Conclusion

    Fred Ehrsam conveyed that history is yet to be written and added that in his view he is at a very strong place where the brand is trusted not only by the users but also the regulators. He added that being that bridge in the world of cryptocurrencies is a really great place to start.

    FAQ

    What is the net worth of Fred Ehrsam?

    The net worth of Fred Ehrsam is 290 crores USD.

    What does NFT mean?

    NFT is non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

    How does NFT prove ownership?

    Nonfungible tokens prove ownership of a digital item – image, sound file or text – in the same way that people own crypto coins. Unlike crypto coins, which are identical and worth the same, NFTs are unique.

  • Bitcoin vs Bitcoin cash: Everything you need to know

    Cryptocurrencies are on the rise and as normal individuals, it is high time we acknowledge their potential and worth. Bitcoin hit its highest so far in April 2021 hitting $63,729.5 for 1 BTC. Most people have heard of Bitcoin but are unaware of other types of bitcoin in the digital market. Bitcoin and Bitcoin cash are not the same. We’ll be looking at exactly how different they are, the pros and cons, and what you should invest in.

    Bitcoin vs Bitcoin Cash: What’s the difference?
    Bitcoin vs Bitcoin Cash: How do they perform?
    Bitcoin vs Bitcoin Cash: What should you invest in?
    Bitcoin vs Bitcoin Cash: Conclusion
    Bitcoin vs Bitcoin Cash: FAQs

    Bitcoin vs Bitcoin Cash: What’s the difference?

    Bitcoin was made in 2008 as a decentralized digital currency by an individual or group by the name Satoshi Nakamoto. Since the beginning of its use in 2009 when the project went open source, Bitcoin has been gaining popularity. As more people started using this new currency the amount of time needed for transactions to complete was increasing. It took from hours up to days for larger transactions to complete. This led to groups of developers finding their own solutions to this problem. One group went onto developing a new kind of Bitcoin that had up to 8MB of block size allowing more data to be processed which meant the transaction would be faster.

    This hard fork from the original bitcoin code was called Bitcoin cash, a new currency and was represented by BCH. Bitcoin cash had a much lower transaction fee, was faster, and still based on the original Bitcoin. In 2018, the maximum block size for BCH was increased to 32MB. Although it has its advantages BCH is less known and lacks the capitalization of BTC. Bitcoin still has a higher hash rate compared to Bitcoin cash.

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    Bitcoin vs Bitcoin Cash: How do they perform?

    When Bitcoin cash came into use it offered several advantages over Bitcoin. Although it had technical advantages the people who invest in cryptos mostly invested in what they knew best, what they had experience with. Few people were using Bitcoin cash for transactions and this made it less secure compared to Bitcoin. Looking at the statistics we can easily see the similarities but also the differences.

    Chart comparing BTC and BCH
    Chart comparing Bitcoin and Bitcoin Cash
    Chat comparing BTC and BCH hash rate
    Chat comparing Bitcoin and Bitcoin Cash hash rate

    From these charts it’s clear that BCH has never come close to the value of Bitcoin and transactions were always less. BCH had a rise in transactions during its initial days but it has been low since then. The more value a currency has affects its transactions. Currencies with more transactions are relatively more stable and hence reliable. This means that small changes in the market or event affect BTC way less than BCH.

    Blockonomics – Simplifying Bitcoin Transactions and Tracking
    The way people do transactions has evolved dramatically over centuries, from abarter system to a monetary system; from plastic money to now bitcoins. Sinceits creation in 2009 by Satoshi Nakamoto, an increasing number of people now seeBitcoins as a trusted way of transaction, as now major compani…
    StartupTalkyChayanika Goswami

    Bitcoin vs Bitcoin Cash: What should you invest in?

    The most important question any investor has is which crypto to invest in. This depends on the investor and how they wish to play the market. Statistically, Bitcoin has been doing a lot better than Bitcoin cash, but it has its own advantages. When it comes to day trading, most people prefer a currency with stability. Bitcoin has been mostly stable if we take a look at the trends and this is what most investors look for. The transaction fees for Bitcoin are still a lot higher compared to Bitcoin cash and it takes a while for transactions to complete. The prices of both are expected to go up in the future. So it is up to the investor to choose their currency taking in both the pros and cons.

    Bitcoin vs Bitcoin Cash: Conclusion

    Bitcoin has always been the currency that everyone knows and everyone talks about. It still maintains its high market capitalization and continues to dominate. Places that accept cryptocurrencies are more likely to accept BTC than BCH. Although Bitcoin cash offers a faster and even better blockchain solution, its value has a long way to go. Technology keeps getting better and new currencies arrive along with it. However, market price and hash rate are key when it comes to investing in cryptocurrencies. For meanwhile, it seems like Bitcoin is the choice to make.

    Coinbase – Company Profile | All You Need To Know
    Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has beenapproved by Coinbase. Individual coin ownership records are stored in a ledger in the form of acomputerized database that uses strong crypto…
    StartupTalkySarika Anand

    Bitcoin vs Bitcoin Cash: FAQs

    What is Bitcoin Cash?

    A new kind of Bitcoin that had up to 8MB of block size allowing more data to be processed which meant the transaction would be faster. This hard fork from the original bitcoin code is called Bitcoin cash, a new currency and is represented by BCH.

    What is the highest value that Bitcoin has ever reached?

    Bitcoin hit its highest so far in April 2021 hitting $63,729.5 for 1 BTC.

    What advantages does Bitcoin cash have over Bitcoin?

    Bitcoin cash has smaller transaction fees, faster speed and the Bitcoin Cash node is easier to setup.

    What indicators should one look for when investing in crypto currencies?

    Market price and hash rate are key indicators when it comes to investing in cryptocurrencies.

  • Why did Thailand ban Meme coin (Dogecoin), NFTs, and other exchange tokens?

    The cryptocurrencies have been receiving a lot of regulations. A lot of Government’s has been banning certain digital coins are a certain type of transaction with the latest news being from China. The most recent news is from Thailand where the government has banned a set of digital coins introducing a new regulation for the cryptocurrency market. Let’s look at the reason why Thailand banned meme coin and other NFT’s.

    Thailand Dogecoin Ban– Latest News
    What is the the Law laid by Thailand regarding crypto exchanges
    Reason Why Thailand banned Dogecoin and other Crypto exchange
    Other norms laid by Thailand
    FAQ

    Thailand Dogecoin Ban– Latest News

    Thailand had conveyed that they have introduced a selective ban on the cryptocurrency market which focuses on meme coins, Fan tokens and Non-Fungible Tokens. The Securities and Exchange Commission Board has set a prohibition for the exchanges dealing with the digital assets from providing the services related to these assets.

    On 9 June 2021, there was a meeting held by the Securities and Exchange Commission where the new resolution was passed. The new law that was passed was under the Rules, Conditions and Procedures for undertaking Digital Asset Business as per SEC Secretary General Ruenvadee Suwanmongkol.

    The new law had been come into effect from 11 June 2021 following the publication in the Government Gazette.

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    What is the the Law laid by Thailand regarding crypto exchanges

    The new law has laid down restrictions regarding the crypto exchanges in the country from listing the Utility Tokens and certain types of cryptocurrencies on the exchange. This will include the meme coins, Fan tokens, Non-Fungible tokens and Digital Tokens.

    The new law will be effective from 11 June 2021 and the Securities and Exchange Commission of Thailand directed the Digital Asset exchanges to remove the listing of such currencies within the time period of 30 days.

    Number of Dogecoin transactions
    Number of Dogecoin Transactions

    Reason Why Thailand banned Dogecoin and other Crypto exchange

    The new regulation is focused to protect the interest of the cryptocurrency or digital asset traders as stated by the Thailand Securities and Exchange Commission. The SEC of Thailand had conveyed that the Meme coin has no specific objective or an underlying principle and added that the price of the coin is entirely dependent on the hype created on the social media platforms.

    The price fluctuates according to the trend on the social media platforms. Some of the famous examples of meme coins include Dogecoin, Shiba Inu Coin and SafeMoon.

    The SEC of Thailand has also conveyed that Fan tokens are just based on the influence of certain influencers in the society and considered them to be unfit for the traders.

    The Thailand Securities and Exchange Commission had also mentioned that they have banned the Non-Fungible Tokens that are issued by the Cryptocurrency exchanges or Digital Asset exchanges and also from the related persons known to the traders as exchange tokens.

    Non-Fungible Tokens act as a certificate of ownership for the unique Digital art and exchange tokens are offered by the cryptocurrency exchanges to the traders or their users for further investments or transactions.

    How is Iran using Bitcoin in its Favour?
    Iran which is also widely known as Persia is a country in the Western Asia. Itis the second largest country in the Middle East. The country has updated itsrules on the officially mined cryptocurrencies in the country. Let’s look atwhat the country is planning to do with the mined cryptocurrencies…
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    Other norms laid by Thailand

    The Thai SEC had also defined another Norm where the there is a requirement that is imposed in the event that digital tokens that are issued by their own exchange or related persons are listed on the stock exchange.

    It was also mentioned that any issuer of the token who would fail to comply with the white paper and the relevant rules will have their tokens being removed from the listed token in the exchange.

    As mentioned earlier Thailand is one of the earliest countries to have been laid down regulation on the cryptocurrency market. Earlier China had laid down a set of regulations into the digital asset market which was specifically targeted on cryptocurrency mining which focused on bitcoin.

    Conclusion

    However, it is seen that the Government of different countries has taken their efforts to tackle down on the cryptocurrencies with a lot of cases coming up against the digital assets. The blockchain technology on the other hand has proved to be really effective and useful for the Governments’. We will have to look forward to knowing what the future holds for these digital assets.

    FAQ

    Why did Thailand ban Dogecoin and other NFT’s?

    Thailand Securities and Exchange Commission stated that they have imposed a ban to protect the interest of the cryptocurrency or Digital Asset exchanges.

    Who is the owner of Dogecoin?

    The popular meme coin dogecoin was created by Billy Markus, he claimed that he created the crypto in just two hours.

    Why is dogecoin called a meme coin?

    Dogecoin is often referred as meme coin because it was created as a meme on the popular meme dog Shiba Inu.

  • Elon Musk VS Anonymous – Full Case Study

    The Anonymous group which is a decentralized international activist has uploaded a video on their YouTube channel aiming at Elon Musk. The new video which was released on 6 June 2021, is considered to be a critical takedown on the billionaire entrepreneur.

    Who is Anonymous?
    Anonymous about Elon Musk
    Anonymous on Electric Vehicles and Space Explorations
    Anonymous on Twitter, Tesla and Bitcoin
    What is the Reason behind the video by Anonymous?
    FAQ

    Who is Anonymous?

    Anonymous is a decentralized international activist group and hacker group that is known for its cyber-attacks against governments and organizations have released a video on their YouTube channel which sent a mysterious message to the billionaire Elon Musk.

    The Anonymous group is known for its attack against the Church of Scientology. The group has conveyed that the CEO of Tesla, Elon Musk had enjoyed a reputation that was favorable because the world had a desire to live in a world of space exploration and Electric Vehicles.

    Anonymous about Elon Musk

    Anonymous group has conveyed through the video that the reputation enjoyed by Elon Musk is not deserved by him and added their viewpoints through the video. They have conveyed that the public image that he had been carefully creating has been removed and people have begun to see him as a narcissistic rich dude who is an attention seeker.

    They have added that the hunt for saving humanity which is proclaimed by Elon Musk is Naïve and not an actual concern he holds for the humanity. The group has shown the videos of his workers claiming that they have faced certain conditions under him for years which are intolerable and also added that he has children working on his lithium mines. They added that the lithium mines are also harmful to the environment and it damages the environment.

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    Anonymous on Electric Vehicles and Space Explorations

    The Anonymous have also conveyed that Elon Musk has been creating a play in order to gain the power from Governments and installing dictators in the countries where the mining of his products is conducted. They also spoke about a newspaper headline that mentioned crowning Elon Musk to be emperor of Mars.

    The Anonymous had also claimed that Elon Musk was not the only person on earth who is working behind space explorations or Electric Vehicles and the competition in the industry has been growing as days pass.

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    Anonymous on Twitter, Tesla and Bitcoin

    The group had also spoken about the Twitter messages of Elon Musk and conveyed that he was able to grow a fan follower and created a craze by trolling others on social media. They added that all his messages on his Twitter account were nothing other than trolls.

    The group had even added that Tesla was not founded by Elon Musk and it was created by people who were much more intelligent than him. They added that Elon Musk had purchased or acquired the company from them and claimed them to be more intelligent than Musk. They mentioned the names of the founders of Tesla which were Martin Eberhard and Marc Tarpenning.

    The group added that tesla’s earnings don’t come from selling cars but through the subsidies provided by the government. They also added that the company had earned money by holding bitcoins and criticized Elon Musk for playing games with the cryptocurrency which destroyed the lives of people.

    They added that one of the reasons for the growth in the earnings of Tesla was due to the hype created by Elon Musk over the bitcoins.

    What is the Reason behind the video by Anonymous?

    One of the major reasons for the video is estimated to be the Tweets shared by Elon Musk over the bitcoins. It is considered that Elon Musk had hyped the price of bitcoins by making a lot of his followers believe that the cryptocurrency is valuable and investing in it.

    Later the CEO of Tesla had announced that the company would start accepting bitcoins as a payment method for purchasing their cars and after a few weeks, the company and Musk took to Twitter tweeting that the company is no longer going to accept bitcoins as a payment method.

    The reason given by Elon Musk for this move was that the mining of bitcoins consumes a lot of energy and it is harmful to the environment. Another point to be noted was that before the announcement Tesla had sold a part of their bitcoins. However, they still hold bitcoins and Elon Musk had conveyed that the company will accept bitcoins as a payment when the mining is done through a sustainable source of energy.

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    StartupTalkyMichelle D’souza

    Conclusion

    However, Anonymous has claimed against this in the video saying that Musk was already aware of the environmental damage caused by bitcoins and he took this move when he realized that the subsidy that was provided by the government was held as Tesla was harming the environment.

    FAQ

    Did Elon Musk manipulate Cryptocurrency?

    It has always seen that Elon Musk’s tweets has affected bitcoin also bitcoin had a massive crash when he tweeted that Tesla will not accept Bitcoin as a payment.

    Who is Anonymous?

    Anonymous is a decentralized international activist group and hacker group that is known for its cyber-attacks against governments and organizations

    What did Anonymous said about Elon Musk?

    Anonymous in a video criticized Elon Musk for manipulating cryptocurrencies and also conveyed that Tesla was not founded by Elon Musk and it was created by people who were much more intelligent than him.

  • Ethereum 2.0 : Launch, Price Predictions, Working, Comparison with Ethereum

    Global Market has been revolutionized through the Blockchain technology. The technology has disrupted the major sectors which include finance, agriculture, banking and health care. Ethereum is one of the largest cryptocurrencies in the market and a lot of decentralized apps and smart contracts have been build using the Ethereum network. Let’s look at what exactly is Ethereum 2.0 and Will it replace Ethereum?.

    What is Ethereum 2.0?
    What is Sharding?
    Proof of Stake
    Working of the Ethereum 2.0
    Difference between Ethereum and Ethereum 2.0
    Price Predictions of Ethereum 2.0
    When will Ethereum 2.0 launch?
    FAQ

    What is Ethereum 2.0?

    Ethereum 2.0 is the modified or an upgraded version of the already existing Ethereum blockchain. The main aim of Eth 2.0 is to increase the number of transactions by increasing the scalability and the speed of the previous Ethereum network. Ethereum is known as Eth2 or Serenity and it is the pseudo name for the new version.

    As compared to the previous version of Ethereum network, the Ethereum 2.0 has some fundamental changes in its design and structure. The two major changes that were done in the Ethereum 2.0 are sharding and proof of stake.

    What is Sharding?

    Sharding is a process through which there is a multiple blockchain split through a single blockchain. The multiple blockchains will be known as shards and it would make the entire network of the Ethereum blockchain more efficient.

    There will be an increase in the efficiency as the multiple blockchains will be handled by multiple validators which will reduce the workload. The information related to a particular shard will be maintained by a particular validator and there would be regular shuffling between the shards in order to avoid any kind of manipulation between the validators.

    The communication and the coordination of shards are conducted and maintained through the beacon chain.

    Proof of Stake

    In the mechanism of proof of stake, the miners would be replaced with the validators. Their major role would be to validate the transactions by providing storage, computer power, maintaining the bandwidth and proposing new blocks.

    The validators will be paid using ETH periodically and in order to reduce the malpractices the validators will have to provide a deposit of 32 ETH which should be locked in and the deposit will be forfeited fully or partially if the validators involve in a malpractice.

    Working of the Ethereum 2.0

    The most important aspect of the Ethereum 2.0 blockchain is the validators. They are the ones responsible for the maintenance and the infrastructure of the cryptocurrency. Every validator will have two keys with them which are the signing key and the withdrawal key.

    Signing Key

    In order to perform the work for the blockchain, a signing key is used. The sign in key must be active 24/7 as the validators have 3 main functions which include adding blocks and proposing the blocks to the beacon chain or the shard chain, to report if there are any malicious behaviors from the validators and to attest the validity of the shard chain or beacon chain.

    Withdrawal Key

    The actions on the funds are controlled by the withdrawal key. There is no necessity that the withdrawal key should be available 24/7 like the signing key. However, the validator needs to ensure that the withdrawal key is secure as it has control over all the funds and that is one of the major reasons why the validator has to lock up 32 ETH in the beacon chain.

    However, the validators do not work alone, they work in a group of around 128 validators as a committee.

    Price of Ethereum 2.0
    Price of Ethereum 2.0

    Difference between Ethereum and Ethereum 2.0

    The Ethereum and Ethereum 2.0 have a major difference in the mechanism they work on. Ethereum works on the mechanism of miners, where they have to solve a puzzle to record a transaction and whoever solves the math puzzle first will record the transaction, it is called proof of work. Whereas Ethereum 2.0 works on the basis of proof of stake where the validators record the transaction.

    Ethereum consumes a lot of energy as it requires a high amount of computer power but Ethereum 2.0 uses a comparatively lesser amount of energy.

    Price Predictions of Ethereum 2.0

    There are a lot of price predictions related to Ethereum 2.0 PrevisioniBitcoin has predicted the price to be around USD 4740 for the year 2022. Coinpedia, Longforecast and Coinpriceforecast have predicted the price to be around USD 8000.

    However the highest prediction is that of Brian Shuster who is the CEO, president and chairman of several companies. He predicts the price of an average single coin of Ethereum 2.0 to be around USD 100,000 and expects a market cap of 10 trillion which is that of gold.

    When will Ethereum 2.0 launch?

    The Ethereum network is already the second largest in the cryptocurrency market with around more than 1,400 Ethereum projects being built. The launch of Ethereum 2.0 will be in stages and is expected to be in the market by the year 2022.

    The Eth 2.0 however has a lot of advantages and a higher scalability option compared to the Ethereum network and it is expected to increase the interest of the investors in the coming years.

    Conclusion

    Ethereum 2.0 is considered to be much more secure than the Ethereum network and will be faster as it is expected to have a transaction of around 10,000 per second. The Ethereum 2.0 will concentrate on building more projects.

    FAQ

    When will Ethereum 2.0 launch?

    A full scale launch of Ethereum 2.0 is expected till 2022.

    Will Ethereum 2.0 replace Ethereum?

    No, Ethereum 2.0 will not replace Ethereum but It is an upgraded version of Ethereum.

    Will Ethereum 2.0 affect Ethereum price?

    The value of ETH goes up and down every day so its unclear to say Ethereum will affect the price or not.

  • Wrapped Bitcoins (WBTC) and Its Benefits as an Investment

    There was a time when Bitcoin was the hot news in all forms of media. There were confusions regarding its credibility and liquidity. Now, flouting all of that in air, comes the wrapped Bitcoins amidst all the discussions about wrapped tokens. What is Wrapped Bitcoin or WBTC? Is Wrapped Bitcoin a good investment? – Get all your questions answered in this post!

    What is WBTC or Wrapped Bitcoin?
    Types of WBTC models
    6 Reasons why WBTC is a Good Investment
    WBTC (Wrapped Bitcoins) – FAQs

    What is WBTC or Wrapped Bitcoin?

    WBTC (Wrapped Bitcoin) is nothing but an ER- 20 token which bridges the differences between Bitcoins and Ethereum Blockchain. WBTC integrates itself to the domain of Ethereum wallets, dapps and smart contracts while retaining a connection with the world of Bitcoins. This initiative helps the owners of Bitcoins to bring in the value of it to the programmability of Ethereum through a combination. 1 Bitcoin can be converted into 1 WBTC through a WBTC partner.

    This conversion can be done through numerous platforms that are available online today. The reversibility of this process makes it easier and convenient for the users to juggle between BTC and WBTC. The 1:1 ratio of Bitcoin supported WBTC is transparently verified through a “proof of reserve” system. It allows the users to participate in Decentralized Finance which is also known as DeFi.

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    Types of WBTC models

    Although they differ in the terms of procedures, they unite when it comes to the end result. They are all BTCs in the Ethereum platform at the end of the day. The following are a few important and popular WBTC models –

    Centralized BTC wrapping model

    Here the owner gives the BTCs to a centralized intermediary where they crypto up your Bitcoins and issue a Ethereum- 20 token which corresponds with the value of Bitcoin. Here you are completely dependent on the intermediary for your wrapping. BitGo is an example.

    Trustless BTC wrapping model

    Unlike the one mentioned earlier, here the wrapping is more decentralized. The responsibilities of the intermediary are transferred to the smart contract. Since the BTC is locked in a network contract, the platform cannot update or adjust it without your approval. Hence it becomes a trust-less system.

    Synthetic Assets

    In this case, a synthetic asset of the same value is issued after the Bitcoin is wrapped into a smart contract. The asset is not backed by the BTC but the native tokens and liquidity pools.

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    6 Reasons why WBTC is a Good Investment

    The advantage of wrapped Bitcoins over Bitcoins and any other cryptocurrencies are many. The overarching support of the Ethereum blockchain is what gives WBTC an upper hand over the others. There are however some disadvantages like delay in blockchain and cryptocurrencies coming to the mainstream. However, there is no doubt that the benefits outweigh the risks. Here are a few reasons why WBTCs are a good investment.

    1. Alliance with Ethereum Blockchain

    Ethereum is the largest ecosystem as far as any cryptocurrency is concerned. The very integration of Bitcoin with Ethereum is beneficial for the user due to its large reachability and exclusive facilities like dapps, DEXs, games etc. Through this integration, Bitcoin users can gain access to Decentralized Finance without having to lose any Bitcoins.

    2. Liquidity

    The liquidity offered by WBTC is diverse and spread out because of Ethereum. This is especially when various instances have shown us how various functionaries like Decentralized Exchanges lack the required liquidity to function to their maximum potential. In the case of WBTC, this lack does not come up at all and rules out chances for functioning in a way less than the best.

    3. Scalability

    Flexibility or Scalability of the wrapped Bitcoin is another important reason why this investment is really good. After wrapping, WBTC exists in the Ethereum blockchain rather than Bitcoin itself. This makes transactions easier and cheaper.

    4. Decentralized Finance

    The advent of DeFi has in fact paved the way for WBTC. It has transformed centralized finances to a decentralized one.  Today users have been allowed to replace banks and have been facilitated with the option for providing liquidity in return for rewards as far as popular apps like Compound is concerned.

    5. Better Functionality

    As mentioned earlier, the integration with Ethereum has opened a wide expanse of opportunities for Bitcoin users. They can make use of the facilities like smart contracts to leverage WBTC. BTC lacks this facility. Smart contracts being self-executing pre-programmed protocols give tremendous impetus to the blockchain sector.

    6. Yield Farming

    This is another DeFi protocol that allows users to lend out their crypto currencies for interest. It is a passive income for many which is not granted by any other blockchain sectors. The popular app, Compound allows this to be done among many others.

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    WBTC (Wrapped Bitcoins) – FAQs

    What is WBTC or Wrapped Bitcoin?

    WBTC (Wrapped Bitcoin) is an ER- 20 token which bridges the differences between Bitcoins and Ethereum blockchain. WBTC integrates itself to the domain of Ethereum wallets, dapps and smart contracts while retaining a connection with the world of Bitcoins.

    Is WBTC the same as BTC?

    WBTC stands for Wrapped Bitcoin and is simply an ERC20 token that represents Bitcoin. One WBTC equals one BTC. BTC can be converted into WBTC and vice-versa.

    Is WBTC backed by BTC (Bitcoin)?

    WBTC is an Ethereum token that’s backed one-to-one by bitcoin (BTC), which means that one WBTC is always equal to one bitcoin.

    Is Wrapped Bitcoin a Good Investment?

    The advantage of wrapped Bitcoins over Bitcoins and any other cryptocurrencies are many. The overarching support of the Ethereum blockchain is what gives WBTC an upper hand over the others. Better functionality, scalability, liquidity, decentralized finance are some the advantages of WBTC.

    Conclusion

    While WBTCs are safe and a good investment, one must watch out for any kind of frauds or theft that can likely happen in this situation. It must also be noted that WBTC is just a Bitcoin in the Ethereum platform and there is absolutely no difference in values. Blockchains are the pioneers of a new tech revolution. Embrace it first before everybody follows your suit.

  • Is DubaiCoin worth Investing in? What are experts saying about it?

    A new cryptocurrency named DubaiCoin had been in the market limelight after Dogecoin and Shiba Inu Coins. The digital coin saw a surge of more than 1,000 % in the time span of 24 hours. Let’s look at the further information about this new digital coin.

    DubaiCoin – Latest News
    Dubai Government’s response to DubaiCoin
    Arabianchain Technology
    How to Invest in Dubai Coin from India
    FAQ

    DubaiCoin – Latest News

    The new digital coin named DubaiCoin had seen a surge of over 1,000 % in a time span of 24 hours. This was because numerous media had reported the digital coin to be the official digital coin of Dubai. The value had shot up after a press release claiming it to be the official cryptocurrency of the country.

    The digital coin was made by the cryptocurrency startup Arabianchain technology and had claimed that it was the official cryptocurrency of the West Asian city. This led to the major rally in the increase of the price of the coin.

    Dubai Government’s response to DubaiCoin

    The Dubai Government had responded conveying that it was not an official digital coin or cryptocurrency of the country and warned the investors claiming it to be a phishing scam. The government had denied it to be the official cryptocurrency and also added that the cryptocurrency was not approved by any official authority.

    The government also warned that the website that was promoting the campaign was a phishing site which is designed to steal the information of the users accessing the website. The surge of the coin had brought it to the notice of the Dubai Electronic Security Centre after which it issued the statement.

    The cryptocurrency which was trading at USD 0.17 had seen a surge to USD 1.13 as of 27 May 2021.

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    How Common is Crypto around the Globe
    How Common is Crypto around the Globe

    Arabianchain Technology

    The Arabianchain Technology that founded the DubaiCoin claims that it provides the first public, decentralized and blockchain driven on an agreement in the MENA region. The company has denied making any claims such as the digital coin being the official cryptocurrency of Dubai and also added that the website was fake.

    The company has conveyed that they haven’t made any claims and mentioned the website URL and said that it was fake and a scam. They also added that the press release was published on the Dub-pay site.

    How to Invest in DubaiCoin from India

    Since there was a surge of 1000 % in the value of DubaiCoin it is obvious that everyone would want to invest into it. However it should be noted that the cryptocurrency hasn’t officially been made the digital coin of Dubai and the Dubai government has also rejected the claim.

    However, the digital coin is not available on any cryptocurrency exchange platforms but DubaiCoin is available for exchange at HitBTC and Cryptopia. If you are interested in the digital coin then you will be able to get it by exchanging your Bitcoin or Binance coin at exchanges where there is availability of DubaiCoin.

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    Conclusion

    The press release mentioned that DubaiCoin will soon be used for the purchase of goods and services both online and offline and the cryptocurrency is expected to replace the traditional fiat currency of the country.

    FAQ

    Can you invest in DubaiCoin in India?

    As of now DubaiCoin is unavailable on any major exchange but traders can exchange bitcoin or Binance coin with DubaiCoin at exchanges where DubaiCoin is available.

    Is Bitcoin allowed in Dubai?

    Yes trading in bitcoin is allowed in Dubai.

    Is Dubai coin fake?

    According to Dubai Media Office, DubaiCoin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.

  • What Iran is doing with the bitcoin?

    Iran which is also widely known as Persia is a country in the Western Asia. It is the second largest country in the Middle East. The country has updated its rules on the officially mined cryptocurrencies in the country. Let’s look at what the country is planning to do with the mined cryptocurrencies in the country.

    Iran new Bitcoin policy – Latest News
    Central Bank of Iran
    Iran legalizing cryptocurrency
    Bitcoin Miners in Iran
    FAQ

    Iran new Bitcoin policy – Latest News

    The Iran authorities have announced a new policy where they officially mined cryptocurrencies of the country for the payment of imports. They had updated its rules on the officially mined cryptocurrencies of the country in order to widely use it for the payments of imports.

    According to a report from Financial Tribune, the Central Bank of Iran has announced that the licensed banks and the financial payment companies can use the cryptocurrencies that are mined by the licensed miners to use it for the payment of imports.

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    Central Bank of Iran

    Iran had been hit hard by the sanctions internationally to see the use of cryptocurrency to operate outside the financial controls that follow a traditional way. In the year 2020, the Central Bank of Iran had amended its regulations on the cryptocurrencies so that the miners could mine bitcoins and other digital coins under the control of the government officially.

    The miners who could mine under the government will get access to subsidized energy and they will have to provide their mined cryptocurrency to the government for the import payments. Now, the government has taken the further step to extend the legal use of cryptocurrency to the additional groups within the country.

    The Central Bank of Iran has not given any further details about the new framework that was announced, they have conveyed that lenders and moneychangers have been notified about it regarding the crypto payment.

    Iran's Share of Bitcoin Mining
    Iran’s Share of Bitcoin Mining

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    Iran legalizing cryptocurrency

    In the year 2019, Iran had legalized cryptocurrency in the country by implementing a lot of strict rules and regulations in order to control it. Accepting the cryptocurrency mining in a way to sanction the resistant fund, some thought that Iran was moving towards becoming a bitcoin nation.

    The miners in the country were doubtful about the idea that Iran would directly deal or create a large group to deal with bitcoins, But the latest update indicated that it would like individual businesses to leverage the digital coins within the country.

    Bitcoin Miners in Iran

    A bitcoin miner who is based in Tehran has conveyed that she doesn’t believe that the Central Bank of Iran would touch bitcoin in any way and added that the system would provide just rates and the other details and the digital coin will have to transfer the coins from the sender to receiver directly.

    They also noted that the regulations the central bank has laid on cryptocurrencies on how to use them will only motivate or promote the miners to conduct the cryptocurrency mining illegally.

    FAQ

    Is Iran using Bitcoin?

    Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies

    Is there a Bitcoin ATM in Iran?

    No, there is no Bitcoin ATM in Iran.

    In 2018, Iran legalized cryptocurrency mining in order to monitor and regulate the mining farms.

    Conclusion

    It is considered that no miner in the country is interested to provide their bitcoins to the government as there is a really high charge for the use of electricity and gas in the country and the law would just result in reducing the cryptocurrency mining in Iran.

  • What is Robert Kiyosaki’s take on Cryptocurrency?

    Robert T Kiyosaki is the author of the well-known personal finance book Rich Dad Poor Dad. The book was published in 1977 and has become the New York bestseller having a sale of around 40 million copies worldwide. He had previously praised the properties of bitcoin. Let’s look at what Robert T Kiyosaki has to say about cryptocurrency.

    Estimation of Robert Kiyosaki about Cryptocurrency
    Viewpoint of Robert Kiyosaki on Cryptocurrency
    What Robert Kiyosaki said about Bitcoin?
    Future of Bitcoin According to Robert Kiyosaki
    FAQ

    Estimation of Robert Kiyosaki about Cryptocurrency

    Robert Kiyosaki has estimated that the cryptocurrency would climb to over USD 1 million in the period of next 5 years. He conveyed that he had bought bitcoin when it was USD 9,000 and thought that he had been cheated but he said that the reason he had bought crypto at such a price was due to the shut down of the economy because of Covid.

    He added that now he looks like a genius as the digital coin had even crossed the mark of USD 50,000 and he estimates it to cross a million mark. He conveyed that bitcoin is still untested and even if the value crashes he said that he has other sources which would allow him to sustain and hence he could bear the risk.

    Viewpoint of Robert Kiyosaki on Cryptocurrency

    Kiyosaki has conveyed that he feels that for the older generation it is very important to understand the cryptocurrency market as the real estate and the gold guys are being phased out and the world is moving towards crypto.

    Robert T Kiyosaki pointing towards Warren Buffet said that there is this battle against the old guys and the younger generation against the cryptocurrency where people like Warren Buffet are Anti-Crypto. He added that the cryptocurrencies are now challenging the dominancy of the US Dollar and other fiat currencies.

    Price of Bitcoin
    Price of Bitcoin

    What Robert Kiyosaki said about Bitcoin?

    When Robert T Kiyosaki was asked in an interview if it is too late to buy a bitcoin, he answered that there is always an entry point and that he had bought the coins when it was at USD 9000. He said that he thought that he had been cheated in the beginning but later the coin has increased to around USD 50,000.

    He added that he wished that he had bought the coins at 10 cents like most of the people. He pointed out that cryptocurrencies and Gold stand out due to the devaluation of the US Dollars, money printing by the government and the external stimulus.

    Future of Bitcoin According to Robert Kiyosaki

    Robert Kiyosaki was further asked about whether would interfere in one form or the other or if they would lay in some restrictions on the digital coin such as even making it illegal which is believed by some of the well-known investors and hedge fund managers.

    He replied saying that he feels that the government would try but he feels that the problem is too big and said that the pension amounts have been depleted and the baby boomers have no money in hand.

    He added that they had shut the economy and are planning to print another USD 19 trillion and added that it has never worked and said that bad money would drive out the good money. He said that so people like him would never spend the bitcoin and would never keep his hand on it.

    Robert T Kiyosaki said that he would buy bitcoin again today or the day after as he is bullish on it. He added that he is not bullish over bitcoin but he is bearish about the Biden government and has claimed that they are a group of communist people. He added that they would just print money and that they are Central Bankers.

    FAQ

    What is the Net worth of Robert Kiyosaki?

    As of 2021, Robert Kiyosaki’s net worth is roughly $100 million.

    Who is Robert Kiyosaki?

    Who is Robert Kiyosaki is a Writer, Author, Businessperson, Investor, Entrepreneur, Motivational speaker.

    What does Kiyosaki say about Bitcoin?

    Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted that the price of bitcoin will increase to $1.2 million within five years.

    Conclusion

    However, Kiyosaki has mentioned that he still prefers Gold and Silver. He added that he favors gold and silver as it is considered to be God’s money and added that God put it there.

  • How does Bitcoin consumes more electricity than a whole country like Argentina?

    Bitcoins are considered to be one of the best cryptocurrencies available in the market and has the largest market capitalization among cryptocurrencies. But other than the volatility recently a new controversy has raised against the digital coin. In this article let’s look at how this cryptocurrency consumes a lot of energy which is more than the consumption of certain countries.

    Bitcoin Mining – Latest News
    How Bitcoin consumes so much energy?
    How does miners mine Bitcoin?
    Environmental Damage due to Bitcoin Mining
    Solution for Bitcoin mining
    FAQ

    Bitcoin Mining – Latest News

    Tesla had recently announced that it would not accept the payment through bitcoins for the purchase of their electric cars citing the reason that mining of bitcoins consumes a lot of energy and it is harmful to the environment. In this article let’s look at how this cryptocurrency consumes a lot of energy which is more than the consumption of certain countries.

    How Bitcoin consumes so much energy?

    The mining of bitcoins is where the major energy is consumed. It is considered to be power hungry where the top end computers are used to verify transactions that use heavy software which consumes a lot of energy.

    It is estimated that bitcoin mining consumes around 121.36-terawatt hours of energy on an annual basis which is not expected to reduce until the price or value of the cryptocurrency falls. The rising of price and demand for bitcoins will let the miners to run more and more machines which will increase the power consumption.

    It is considered that if bitcoin was country, then it would be part of the top 30 energy users around the world. It was found that bitcoin consumed more energy can certain countries like Argentina, Netherlands and United Arab Emirates.

    The energy consumed by bitcoin is expected to power up all the kettles used in the United Kingdom for the next 27 years.

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    How does miners mine Bitcoin?

    If the bitcoin miners have to mine the bitcoins, they will have to connect to the cryptocurrency network using the specialized computer systems. The miners will have to verify the transactions and record them on the blockchain network and they would get a bitcoin in return as a payment.

    The miners to increase their profits they would often connect a large network of miners into the network, at times even a full warehouse of miners. This would lead to an increased usage of electricity as the computers or the systems would be working constantly to record the transactions on the blockchain network.

    In the beginning, when bitcoin was introduced, mining of the cryptocurrency was much more easier and didn’t required the high-end systems but as the demand increased the bitcoin miners are forced to use a specialized system that are fast enough to withstand the competition.

    Bitcoin Energy usage compared with other countries
    Bitcoin Energy usage compared with other countries

    Environmental Damage due to Bitcoin Mining

    David Gerard who is the author of the 50-foot blockchain had explained that bitcoin is actually anti-efficient. He conveyed that even if someone finds a hardware or a system which is efficient it would just compete with the similar hardware and make it inefficient. This means that the energy usage of bitcoin and the emission of carbon di-oxide will just increase as the demand for the cryptocurrency keeps increasing.

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    Solution for Bitcoin mining

    The only solution as of now is to move to a sustainable source of energy. As the Tesla CEO, Elon Musk had announced that they would start accepting the bitcoins when the cryptocurrency starts using a renewable source of energy, in the same way using a renewable source of energy that is not harmful to the environment should be used.

    As electricity is generated mainly through the burning of coal, it releases a huge amount of CO2 into the atmosphere so it is suggested that bitcoin miners should resort to another sustainable source of energy.

    FAQ

    How much electricity does a Bitcoin transaction use?

    Bitcoin currently consumes around 110 Terawatt Hours per year

    Why does Bitcoin use so much energy?

    As Bitcoin gained popularity more miners started mining in it, which increased the computing power required to crack bitcoin.

    How much does it cost to mine 1 Bitcoin?

    The cost to mine one BTC is 8206.64$.

    Conclusion

    However, another important fact to be noted is that the energy consumed by the unused home appliances in the United States would be enough to power the bitcoin mining for a year. The major energy consumption in most of the countries is due to the unused home appliances.