Home Blog Page 2552

Bitcoin Is Now Official Currency Of El Salvador

Mark Brennan
-
0
Bitcoin Is Now Official Currency Of El Salvador

El Salvador becomes the first country to accept Bitcoin as legal currency. BTC is now official currency of El Salvador.

 


Late Monday night, President Nayib Bukele announced that the country bought their first 200 bitcoins ahead of El Salvador adopting the BTC as legal tender.

After some hours President Nayib Bukele again shared that El Salvador bought additional 200 BTC, making a total of 400 Bitcoins.

Now El Salvador holds 400 BTC worth nearly $21,000,000.

 

Today along with the US dollar, El Salvador accepted bitcoin as legal tender.  According to the law that defines bitcoin as legal tender, all economic entities must accept Bitcoin as a mean of payment. It also stipulates that bitcoins can be used to pay taxes.

Javier Argueta (legal advisor to President El Salvador Nayib Bukele) stated Monday that any business that refuses to accept Bitcoin as payment or refuse to use national Chivo wallet will be subject to sanctions under the country consumer protection law.





On this historic Day President Nayib Bukele said:

“Like all innovation, the Bitcoin process in El Salvador has a learning curve. Every road to the future is difficult and success cannot be achieved in a day, or in a month.

But we must break the paradigms of the past. El Salvador has every right to advance towards the first world.”

Recently President Nayib Bukele tweeted that 200 ATMs will be installed by the government accompanied by a government official digital wallet, Chivo. He said that transactions will be commission free and that there will be 50 financial branches in the country for deposit and withdrawal of money.

All transactions will be processed via the government owned Chivo app, and there will be no transaction charges.

To help convert BTC to USD, the government has also set up a fund of $150 million. El Salvador’s Bitcoin law goes into effect on September 7th. All citizens of El Salvador can now download the Chivo Digital wallet. Users will be able to receive $30 worth of free BTC when they sign up.

Bukele stated that the introduction of Bitcoin will save $400 million annually in fees for receiving remittances from abroad.

 

Solana Coin (SOL) Surpasses Dogecoin And Climbs To 7th Position In Crypto Top 10

Jakkk
-
0
Solana Coin (SOL) Surpasses Dogecoin And Climbs To 7th Position In Crypto Top 10

SOL joins elite club due to boom of NFT and DeFi industries.


The Solana network cryptocurrency, SOL has moved up to seventh place among the top 10 virtual currencies in the world, due to a optimism that SOL blockchain will be a long-term competitor of Ethereum.

According to Coinmarketcap, Solana SOL token tripled in three weeks and now has an estimated market value of more than $41 billion. Solana market cap is close to Ripple which has a market capitalization $62 Billion. SOL overcame Dogecoin market cap by almost $ 1.5 billion. This achievement was also covered by Bloomberg.

 

The Solana network has one of the most prominent advantages that is low transaction costs. SOL competitor Ethereum network can sometimes require its users to pay as much as $200 for a single transaction, where as Solana fees are usually around $0.00025.

Vast Becomes First Federally Chartered US Bank To Offer Buying, Selling, And Custody Services For Bitcoin, Ethereum, Cardano, Litecoin, Bitcoin Cash, Filecoin, Orchid And Algorand

Albert Brown
-
0
Vast Becomes First Federally Chartered US Bank To Offer Buying, Selling, And Custody Services For Bitcoin, Ethereum, Cardano, Litecoin, Bitcoin Cash, Filecoin, Orchid And Algorand

A traditional bank is offering crypto services in the USA With state approval.


Forbes Report that Vast Bank customers can purchase Bitcoin, Ethereum, Bitcoin Cash, Cardano, Filecoin, Litecoin, Orchid and Algorand directly from a FDIC-insured checking account.

Forbes Writes:

“Vast Bank, N.A. is now the first federally chartered bank in the U.S. to offer the ability to buy, sell, and custody cryptocurrencies – directly from a checking account – all under one roof.”

Vast unique ability to buy, hold, and sell crypto within the bank was approved by the Office of the Comptroller of the Currency (OCC) and discussed with the Federal Reserve. The development comes in part after Vast partnered with Coinbase, who refer their customers to Vast about custodial solutions.

 

Vast Bank CEO Brad Scrivner said:

“We’re familiar with regulation, we’re going to do the right things, we’re going to do things to make sure the financial system is kept safe and sound,” 





Judith Rinearson, a legal expert who helps navigate many crypto clients says:

“This is great news for the cryptocurrency community. It has historically been difficult for digital asset companies to even get banking services, much less to have a bank that provides digital asset services. I view this as a step in the right direction, and I suspect that we will see more banking/digital asset ventures in the future,” 

 

Reddit Users Are Invited To Buy $30 Worth Of Bitcoin On September 7th To Show Support For El Salvador Decision Of Making BTC A Legal Tender

Mark Brennan
-
0

Reddit user thadiusb invited members of the r/Bitcoin community and all other Reddit communities to purchase bitcoin for $30 on September 7th, when BTC will be recognized as an official means of payment in El Salvador.


He calculated that if only all 3.3 million members r/Bitcoin support the initiative, they will be able to inject $99.5 million into the Bitcoin.

Thadiusb stressed that in this way the crypto community will support the decision of El Salvador and does not aim to pump the price of bitcoin.

thadiusb writes:

“3,316,862 Community Members X $30/each = $99,505,860 (give or take based on currencies used)

El Salvador will have the crypto launch @ 3PM. I say we coordinate for this time, which is 2PM Pacific Standard time. Thoughts?

i have meant this as more of a support gesture, rather than a pump. Its a first that a nation has adopted Bitcoin. This is an important time in Bitcoin. Lets show El Salvador, for those who are on the fence about it still, that Bitcoin has value for them. And for every one. Bitcoin is meaningful.”

At the time of this writing, the post has already received more than 2000 comments, and 8500 upvotes showing that the majority supports the idea.

 

Recall that in early June El Salvador adopted a bill recognizing bitcoin as a legal means of payment. The initiative was supported by the Central American Bank for Economic Integration (CABEI). The bill will become a law on September 7.

The American operator of cryptocurrency ATMs “Athena Bitcoin” announced plans to deploy 1,500 devices in El Salvador. Their installation began in August.





Recently President Nayib Bukele tweeted that 200 ATMs will be installed by the government accompanied by a government official digital wallet, Chivo. He said that transactions will be commission free and that there will be 50 financial branches in the country for deposit and withdrawal of money.

All transactions will be processed via the government owned Chivo app, and there will be no transaction charges.

To help convert BTC to USD, the government has also set up a fund of $150 million. El Salvador’s Bitcoin law goes into effect on September 7th. All citizens of El Salvador can now download the Chivo Digital wallet. Users will be able to receive $30 worth of free BTC when they sign up.

Bukele stated that the introduction of Bitcoin will save $400 million annually in fees for receiving remittances from abroad.

Grupo Elektra, A Mexican Banking And Retail Corporation Will Enable Support For Bitcoin Lightning Network

Albert Brown
-
0
Grupo Elektra, A Mexican Banking And Retail Corporation Will Enable Support For Bitcoin Lightning Network

Grupo Elektra will soon make Bitcoin more widely available in Mexico.


Grupo Elektra, a Mexican banking and retail corporation will support the Bitcoin Lightning network according to billionaire Ricardo Salinas Pliego.

The billionaire claims that the new payment feature will soon be available in his Elektra stores.

 

Salinas Pliego is the third-richest man in Mexico, with a net worth $15.5 billion has been a longtime supporter of Bitcoin.

Ricardo Salinas Pliego, also recently announced that his bank Banco Azteca aims to become the first Mexican bank with support for BTC.

 

In November 2020, the third-richest Mexican announced that he had converted 10% of his investment portfolio to Bitcoin.

Bitcoin lightening network has gained popularity over the last year. Twitter, a social media giant, is said to be testing a tip feature that will allow users to pay tips in Bitcoin.

ETH Recently Had Its First Deflationary Day Where More Ethereum Were Burned Than Minted

Mark Brennan
-
0
ETH Recently Had Its First Deflationary Day Where More Ethereum Were Burned Than Minted

EIP-1559 was a major change in ETH code that allowed burning of transaction fees.


EIP-1559, which was introduced to Ethereum last month and it was meant to slow down the rate of growth of ETH supply. However, the supply of ETH did not grow on September 3rd rather it shrank.

There were more Ethereum burned than minted on September 3. In simple words more ETH were burned than produced by miners. This is a significant milestone for ETH.

ETH Supply growth turned negative on September 3. Over 13,200 Ethereum were burned, Where as 12,500-13,000 ETH were produced.

 

Scott Lewis, co-founder of DeFi Pulse, believe that this is the first time Ethereum has been deflationary.

 

Evan Van Ness founder of Week in Ethereum News writes:

On September 4, however, Ether supply increased again. This resulted in ETH becoming inflationary.

At the time of writing, 203,266 Ethereum (approximately $794 million) had been permanently removed from circulation due to EIP-1559.

Twitter May Soon Introduce Bitcoin Tips

Mark Brennan
-
0
Twitter May Soon Introduce Bitcoin Tips

Twitter launched the “Tip Jar,” feature earlier this year. This feature allows users to send money directly to other users in order to support content creators. Twitter currently accepts regular money but is looking to add bitcoin to its tip jar.


Alessandro Paluzzi (an app developer and researcher) first revealed the feature. Paluzzi is well-known for leaking details about what social networks are up to. Paluzzi shared a screenshot on his Twitter account showing how users will be notified about the possibility to receive Bitcoin tips via Twitter.

 

Macrumors also shared that Twitter is looking to add Bitcoin to their Tip Jar.

Macrumors reports:

“Twitter’s latest beta update introduces support for providing content creators with Bitcoin tips using the “Tip Jar” feature that Twitter introduced earlier this year. Bitcoin isn’t yet available to select as a tip option for beta users, but code in the beta suggests that Twitter is in the process of rolling it out.”

Initially, users could use the Bandcamp, Venom, CashApp, Patreon and Paypal extensions for tipping content creators by using Twitter tip jar. Bitcoin tip is a possibility in the near future as Jack Dorsey (CEO of Twitter) is a big believer and long term supporter of BTC.

Bitcoin Reached $50,000 Again

Albert Brown
-
0
Bitcoin Reached $50,000 Again

After a week-long hiatus, Bitcoin reached $50,000.

After losing $50k on August 23, BTC is back above $50,000 after hitting lows between $46,000 and $47,000 multiple times.

BTC is trading at $50,101 on Bitfinex exchange.

Bitcoin fell almost 22% since its April 14th all-time-high of $64,861.

Bitcoin has gained 5% and went from $47,650 to $50,000 since start of September.

Monetary Authority Of Singapore (MAS) Puts Binance On Investor Alert List

Albert Brown
-
0
Monetary Authority Of Singapore (MAS) Puts Binance On Investor Alert List

Today, Binance legal problems took a new twist. Binance.com has been placed on the Investor Warnings List by the Monetary Authority of Singapore (MAS), Central Bank of Singapore and the Chief Financial Regulators of Singapore.


This list includes the names of organizations and companies that have not been regulated by MAS.

Binance.com appears on the Investor Warnings list on the Monetary Authority of Singapore site on Sep 02. The Investor Warnings List includes unregulated entities and individuals that might have been misunderstood to be licensed or regulated.

See Monetary Authority of Singapore (MAS): https://www.mas.gov.sg/investor-alert-list

Official MAS website writes:

“The Investor Alert List provides a list of unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS. This list is not exhaustive and is based on what was known to MAS at the time of publication.”

Australia, Malaysia, Singapore, And South Africa To Test Cross Border Central Bank Digital Currencies (CBDs)

Mark Brennan
-
0
Australia, Malaysia, Singapore, And South Africa To Test Cross Border Central Bank Digital Currencies (CBDs)

Central banks of Australia, Singapore, South Africa and Malaysia will attempt to make cross-border payments with different central bank digital currencies (CBDC) in an effort to determine if international transactions can be made cheaper.


Bank for International Settlements (BIS) announced:

“The Bank for International Settlements Innovation Hub, the Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore, and South African Reserve Bank will join forces to test the use of central bank digital currencies (CBDCs) for international settlements.

Project Dunbar aims to develop prototype shared platforms for cross-border transactions using multiple CBDCs. These multi-CBDC platforms will allow financial institutions to transact directly with each other in the digital currencies issued by participating central banks, eliminating the need for intermediaries and cutting the time and cost of transactions.”




CBDC are digital currencies that are being explored by central banks and governments around the globe. China is one of the countries that has begun to test its Digital Yaun with a focus to replace cash in circulation.

As most projects are still in their early stages, they are domestically focused. It is also technically and politically difficult to develop global rules and frameworks that will allow CBDCs to be used internationally.

1...2,5512,5522,553...2,626Page 2,552 of 2,626