Category Archive : Latin America

Lightning Continues To Strike, Bitcoin Adoption Building Momentum

Bitcoin has seen a surge in its main use case via the second layer payment solution Lightning Network. On the rise since the start of 2021, this application could silence its detractors as it gains more adoption in the coming months.

Related Reading | 4 Reasons Why The Bitcoin Lightning Network Will Continue To Grow

A recent report by Arcane Research records a 3x increase in this Bitcoin-based payment solution. The research firm estimates that the Lightning Network has a capacity of around 3,000 BTC.

Over 700 BTC alone entered this solution upon El Salvador’s implementation of its Bitcoin Law, Arcane Research clarified. Other 340 BTC were added with Twitter’s deployment of its Tip service supported for Lightning Network.

Similarly, public Lightning nodes have increased by around 900 and payment channels by 2,300, the firm claimed. This increase took place since the first week of October.

As Bitcoinist reported 3 months ago, the Bitcoin Lightning Network has experienced an explosion that has only kept on running hot. At that time, the payment solution only had a 1,800 BTC capacity, much of which increased since it was launched in 2018.

Arcane Research reported that this network’s growth has been exponential with March 2021 seeing the beginning of the trend.

Pseudonym analyst Plebeian confirmed the growth in the Bitcoin Lightning Network. The analyst made a deep study of Lightning noting that 30.7% of the network use a 0 base fee approach, as part of a community campaign.

 

Additionally, there are around 53,000 channels with less than 1 million satoshis (sats), the smallest unit in which 1 Bitcoin can be divided. This represents 39.7 of all active channels in the past 2 weeks, as Plebeian claimed.

53.3% of all active channels have a 1 million to 10 million sats capacity. They stand at 71,824 in the past two weeks.

Related Reading | Twitter Tests Tips With Bitcoin…

Read more at bitcoinist.com

Celebrity investor Kevin O'Leary predicts that trillions of dollars are coming to the crypto market – Notebookcheck.net

Celebrity investor Kevin O’Leary predicts that trillions of dollars are coming to the crypto market  Notebookcheck.net

Read more at www.notebookcheck.net

India’s New Crypto ‘Unicorn’ CoinSwitch Kuber In Talks With Government On Regulation News

Prime Minister Justin Trudeau’s new government is set to impose higher taxes on Canadians, which will help fund some campaign promises but are not broad enough to also start paying down the country’s record levels of debt, leaving Canada vulnerable to the next economic crisis, analysts say. The high level of indebtedness could limit Canada’s ability to manage long-term challenges that require massive government funding, like transitioning from a fossil fuel-reliant economy to a green one. A far higher debt-to-GDP ratio post-pandemic means Canada has far less wiggle room to respond to the next crisis, be it economic, trade, climate or health-related, analysts say. Canada’s ‘tax the rich’ plan leaves big debt risk untouched

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Read more at www.bollyinside.com

MyBTC.ca Unveils New Black Prepaid Visa Card

Disclaimer: The following article is part of Cryptonews Deals Series and was written as a promotional article in collaboration with the sponsor of this offer. If your company has an exclusive promotion that you would like to share with our readers, we invite you to reach out to us. Let’s build together.

 

Canadian crypto exchange MyBTC.ca has announced a thrilling new payout method: the Prepaid Visa card, a completely free card which allows customers to lock-in their profit and actualize their gains into Canadian dollars. Aside from offering a new way to withdraw your fiat money, the card also offers perks that introduce quality of life improvements, like paying your bills or making purchases. 

Further simplifying the withdrawal methods already available on the exchange, MyBTC.ca now lets their customers use a card that has all the capabilities of any other prepaid card. It also comes with a mobile app that is available both for Android and iOS devices on Google Play and Apple App Store, respectively. The online wallet portal lets you use your card in any way you deem necessary: paying bills, transferring money using the Interac system, or transferring funds to other Visa cards. 

Additionally, the card works like others in the sense that it can be used to pay for goods and services at brick-and-mortar stores that accept card payments—which is virtually anywhere. You can also withdraw your funds on ATMs in local currency, even if you’re not in the country at the time. Finally, the card offers the best perk of them all: a cashback rewards program! Using the card for payments accumulates points which can then be converted to cash.  

The limitations of the card are also quite reasonable: you will need to withdraw a minimum of CAD 50 for it to go through, while you’re restricted to a maximum of CAD 2,500 on a daily basis. However, the other withdrawal methods offer a higher daily maximum, so if you need to withdraw more, you can use those—an Interac e-transfer is capped at CAD 10,000, while the bank transfer maximum is CAD 100,000. On the other hand, the bank transfer minimum withdrawal is CAD 20,000, so the prepaid card and Interac transfer are both great choices for lower amounts.

Fastest Way to Buy Bitcoin in Canada

Have you received your prepaid Visa card yet? If you haven’t, be sure to request it through your MyBTC.ca dashboard—for free, through the Fastest Way to Buy Bitcoin in…

Read more at cryptonews.com

Tetra Trust Partners with Global Leader Ledger Enterprise Solutions To Secure Digital Assets for Institutional Clients

Canada’s only qualified custodian for digital assets announces new partnership with global custody technology leader Ledger Enterprise Solutions

CALGARY, Alberta, Oct. 19, 2021 (GLOBE NEWSWIRE) — Tetra Trust Company, Canada’s only qualified custodian for digital assets, announced today that it has entered into an agreement with digital asset security firm, Ledger Enterprise Solutions, to secure digital assets for institutional clients.

Tetra will benefit from Ledger Vault’s end-to-end hardware, firmware and software security technology while being in complete control of its digital assets without ever compromising speed, flexibility, and governance. One of Ledger’s core advantages is the ability to combine instant access to digital assets stored in institutional-grade hardware storage with the most secure, multi-signature asset management technology.

Ledger’s commitment in providing the highest level of security and comfort for its enterprise clients can also be highlighted by insurance and certification efforts. Ledger Vault’s platform is a SOC 3 certified solution backed by leading insurance firms with a custom $150 million pooled crime insurance.

“The market for a trusted, secure custody provider for cryptocurrency is growing fast and Tetra is uniquely positioned as the first and only qualified Canadian custodian to leverage our experience in digital asset custody across various technology solutions. Partnering with Ledger Enterprise Solutions, the world leader in custody security technology, allows us to bring the most trusted name in custody to the Canadian market, while being operated by an experienced Canadian team” said Eric Richmond, CEO of Tetra Trust.

“By being the first licensed custodian in Canada, Tetra Trust is living proof that the third-party custody segment is growing fast. A growth that highlights the need for every professional custodian to offer their clients security and ease of use,” said Alexandre Lemarchand, Vice President of Global Sales & Partnerships at Ledger Enterprise Solutions. “We are proud to build trusting partnerships with leaders that are at the forefront of digital assets’ institutionalization.”

About Tetra Trust Company

Founded in 2019, Tetra Trust Company is Canada’s First Qualified Custodian for digital assets. Tetra received its Certificate of Registration from the Ministry of Alberta on July 5, 2021 and is qualified custodian to act as a custodian under National Instrument…

Read more at www.crypto-reporter.com

Basketball Giant LA Lakers Announced Partnership with Socios to Enhance Fan Engagement

One of the most successful teams in the history of the NBA – The Los Angeles Lakers – announced an official team sponsorship with Socios.com. Thus, the latter doubled down on its expansion strategy into the US market.

The Lakers Joining The Crypto Space

According to a recent announcement, the leading global blockchain provider for the sports and entertainment industry – Socios.com – will be the presenting sponsor of the Los Angeles Lakers Facebook Group from the beginning of the 2021-22 NBA season.

As part of the collaboration, the platform will launch virtual events for the fans. There, they will get the chance to communicate with each other and even vote on topics related to their favorite basketball team. Tim Harris – President of Business of Operations at the LA Lakers, commented:

“As an organization that places great importance on serving and…

Read more at cryptopotato.com

Renowned Professor and Author Ahmed Banafa on Recent Changes to the Bitcoin and Blockchain Landscape

El Salvador provides a legitimization road map for Blockchain and Bitcoin

Published: Oct. 19, 2021 at 12:01 PM EDT|Updated: 4 hours ago

FREMONT, Calif., Oct. 19, 2021 /PRNewswire/ — Northwestern Polytechnic University (NPU) professor Ahmed Banafa, author of Blockchain Technology and Applications, gave his thoughts recently on the Blockchain global landscape.

(PRNewsfoto/Northwestern Polytechnic University)

What do you view as the primary hurdles to more mainstream adoption of Bitcoin (or other cryptocurrencies) as a form of payment?

The top four challenges facing Blockchain Technology are:

  1. Regulations: There are currently no clear guidelines or laws that govern it – the main governmental concerns are anti-money laundering and consumer protection issues and solutions to prevent abuse of cryptocurrency by illegal organizations.
  2. Public Perception: The public can view cryptocurrency as a risky or shady way of investment or payment. There is also a negative stigma surrounding cryptocurrency because many cybersecurity experts believe it “gave the kiss of life to ransomware attacks.”
  3. Understanding: A barrier to using cryptocurrency is that much of the public does not understand “digital money” and there is a fear of using it. I offered multiple seminars and workshops at Northwestern Polytechnic University to educate the public about Blockchain applications including cryptocurrency, in addition to the classes of Blockchain we teach at NPU. It is one of the few universities in the nation that offers such classes in a new technology like Blockchain.
  4. Volatility: The wild swings of prices of cryptocurrency are too much for an average person to tolerate and incorporate into their daily life.

If someone were interested in learning about, starting to invest in, and/or utilizing cryptocurrency, is there any advice you have? Should people who would like to get started now feel intimidated by the current value of Bitcoin?
I am not in any position to recommend investments, but I want interested individuals to know that it’s very risky and can defy logic when it comes to the ups and downs of the value of Bitcoin. We only can create 21 million Bitcoin because of the way it was invented, and we already have around 18.8 million in the market so you can see why we have this wild swing of Bitcoin price. To me, Bitcoin is “Vegas Money” – don’t get mad if you lose it and if you are successful, it’s extra cash.

What are other applications of Blockchain that are being discussed?…

Read more at www.wcax.com

Bitcoin Mining Powered by Volcanoes

BERLIN, El Salvador (AP) — At a geothermal power plant near El Salvador’s Tecapa volcano, 300 computers whir inside a trailer as they make complex mathematical calculations day and night verifying transactions for the cryptocurrency bitcoin.

The pilot project has inspired a rash of volcano emojis from President Nayib Bukele, who made bitcoin legal tender in September, and promises of cheap, renewable energy for so-called bitcoin “mining.” Such operations, including ones industrial in scale, have been harshly criticized elsewhere in the world for the massive amounts of electricity they use and the resulting carbon footprint.

Bukele and others say El Salvador’s geothermal resources — generating electricity from high-pressure steam produced by the volcano’s subterranean heat — could be a solution. But the picture in the tiny Central American country is more complicated.

“We don’t spend resources that contaminate the environment, we don’t depend on oil, we don’t depend on natural gas, on any resource that isn’t renewable,” Daniel Álvarez, president of the Rio Lempa Hydroelectric Executive Commission, which oversees the plant, said during a tour Friday.

Cheap power and a supportive government are the two critical factors for attracting bitcoin mining operations, said Brandon Arvanaghi, a bitcoin mining consultant.

Two years ago, China provided about three-quarters of all the electricity used for crypto mining, with operations flocking to take advantage of its cheap hydroelectric power. But the government began restricting mining and in September declared all transactions involving bitcoin and other cryptocurrencies illegal.

That has led to a scramble to set up mining operations in other countries.

It would appear to be fortuitous for Bukele, who shocked the nation and many around the world with his announcement last summer that bitcoin would become legal tender beside the U.S. dollar in El Salvador. The president sold the plan in part as a way for Salvadorans living overseas — mostly in the U.S.— to send money home to their families more cheaply. It also made him a darling of the bitcoin world.

But the launch has been rocky. The digital wallet Salvadorans were expected to use to perform basic transactions had a glitchy rollout. Some users said they just wanted the $30 the government offered as an incentive. There continue to be concerns that the digital currency, which touts being controlled by no government, will invite criminal…

Read more at www.manufacturing.net

Bitcoin as Currency Triggers Our Fear of Missing Out. Can It Be Fixed?

Opinions expressed by Entrepreneur contributors are their own.

The Bitcoin community had its Big Moment recently, worthy of the two capital letters: For the first time in history, El Salvador granted Bitcon legal tender, effectively recognizing it as a currency. For all the hiccups in the launch of this grandiose experiment, not excluding the mass protests, isn’t there something truly historical about being able to pay your taxes in Bitcoin? I mean, even coffee must taste different if you bought it with crypto. The question, however, is why would you ever do that?

Let’s take a step back and consider a major criticism crypto enthusiasts often lob at fiat currencies, including the greenback, until recently the lifeblood of El Salvador’s dollarized economy. Fiat is inflationary. The government’s ability to just go ahead and print more money, like the U.S. did during the pandemic, slashes the purchasing power of fiat currencies over time by reducing their scarcity. 

Bitcoin is scarce, and that’s one of its biggest selling points. Bitcoins get progressively harder to mine as the coin’s supply goes up, and, by design, its maximum supply is hard-capped at 21 million. As long as a nation exists, it can keep printing more cash, but once Bitcoin hits the 21 million mark, it’s no longer an option for the network. Assuming the demand for Bitcoin picks up on the back of growing crypto enthusiasm, its scarcity will work to drive up its value over time, making it deflationary.

Now, back to El Salvador, where we are about to get our Starbucks. Imagine we have both Bitcoin and dollars to pay with. If we pay with Bitcoin — a coin largely seen as deflationary, with its value expected to go up in the long run — we reduce our future gains by swapping the appreciating asset for a cup of Joe. If we pay with USD — a currency expected to lose value over time — we reduce our future losses to get our coffee. Which are you choosing?

Related: Regulation Is Coming to the Crypto Business 

What’s happening under the hood

In a way, this problem comes down to the way our brain works. We humans really hate the feeling that we are missing out on something, so much so that FOMO — an abbreviation for “fear of missing out”— is now included in the Oxford Dictionary. FOMO has also made its way into investors’ minds (or maybe it was always there, we just lacked the right word), prompting them to make decisions that would have otherwise been…

Read more at www.entrepreneur.com

As Bitcoin goes mainstream, Wall Street looks to cash in

It’s all part of a movement across big businesses that see a chance to profit on the fervor around the world of crypto, as a new ecosystem further builds up around it, whether they believe in it or not.

“The one thing you can say for certain is that the advent of the era of the Bitcoin ETF opens up the opportunity for Wall Street to make money on Bitcoin in a way that it hadn’t been able to previously,” said Ben Johnson, director of global ETF research at Morningstar. “The winners in all of this are the exchanges and the asset managers and the custodians. Whether investors win or not is a big, bold question mark.”

Bitcoin has come a long way since someone or a group of someones under the name Satoshi Nakamoto wrote a paper in 2008 about how to harness computing power around the world to create a digital currency that can’t be double-spent. The price has more than doubled this year alone to roughly $62,000. It was at only $635 five years ago.

Supporters of cryptocurrencies say they offer an ultra-important benefit for any investor: something whose price moves independently of the economy, rather than tracking it like so many other investments do. More high-minded fans say digital assets are simply the future of finance, allowing transactions to sidestep middlemen and fees with a currency that’s not beholden to any government.

Critics, meanwhile, question whether crypto is just a fad, say it uses too much energy and point to all the stiff regulatory scrutiny shining on it. China last month declared Bitcoin transactions illegal, for example. The chair of the U.S. Securities and Exchange Commission, Gary Gensler, said in August that the world of crypto doesn’t have enough investor protection and “it’s more like the Wild West.”

That hasn’t been enough to halt the immense momentum for crypto, as it’s gone from an online curiosity to a bigger part of the cultural and corporate landscape.

U.S. Bank earlier this month said it has begun offering a cryptocurrency custody service for big investment managers. That means it essentially holds their Bitcoin in safekeeping for them, and it expects to offer support for other coins soon.

Other name-brand banks have also announced intentions to offer custodial services for crypto.

“It’s not just in the fringes and dark corners of the Web that it’s happening,” said Kashif Ahmed, president of American Private Wealth in Bedford, Massachusetts.

Ahmed doesn’t recommend his clients invest in crypto….

Read more at www.whec.com

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