Bitcoin News and Finance: What You Need to Know

While non-fungibe token (NFT) collectibles have been very popular, NFTs have brought a slew of unique debates to the table and one of them has been censorship. The artist behind Stonetoss Comics, a series of political cartoons, has been censored by two very prominent NFT marketplaces — Opensea and Rarible. Stonetoss has told the public on social media that the artist fears these NFT platforms are being used as a “tool for political censorship.” 2 Large NFT Marketplaces Are Accused of Political Censorship Censorship of any kind was loathed in the early days of crypto but these days, acts of censorship have been slipping through the cracks. The very nature of Bitcoin and blockchain technology is touted as “censorship-resistant” tools and non-fungible token (NFT) assets are meant to provide censorship-resistance to things like artwork, online creations, collectibles, virtual items, and more. However, while NFT marketplaces allow users to connect their wallets and buy and sell NFT asse...

About 8.3% of polled South African internet users own NFTs while a further 9.4% said they plan to acquire such tokens in the future, a study has found. Twelfth-Highest NFT Adoption Rate According to the findings of the latest Finder online survey, about 8.3% of the 1,205 South African internet users surveyed own a non-fungible token (NFT). These findings are enough to see South Africa ranked as the country with the 12th highest NFT adoption in the world. In terms of internet users that plan to acquire NFTs in the future, the survey found that 9.4% of polled South Africans are planning to do so. When this is combined with the number of internet users that already own NFTs, South Africa’s NFT adoption could soon rise to 17.8%. This figure is higher than that of Vietnam (17%) which is currently ranked fifth globally. According to the findings, The Philippines (32%) currently has the most NFT owners globally, followed by Thailand with 27%, Malaysia with 24%, and the United Arab Emira...

The governor of the Bank of England, the country’s central bank, has voiced concerns about El Salvador choosing bitcoin as a national currency. Citing a recent warning by the International Monetary Fund (IMF) against bitcoin’s use as legal tender, the governor said: “What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.” Bank of England’s Governor Is Concerned About Bitcoin Being Legal Tender in El Salvador Bank of England (BOE) Governor Andrew Bailey raised concerns about bitcoin being used as legal tender in El Salvador while speaking at the Cambridge University student union Thursday. Bailey explained: It concerns me that a country would choose it as its national currency … What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have. El Salvador passed a bitcoin law making the cryptocurrency legal tender alongside the U.S. dollar i...

The author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has revealed that he is buying more bitcoin and ether amid rising inflation concerns. “Inflation is a tax on the poor and middle class. Inflation makes the rich richer,” he stressed. Robert Kiyosaki Warns About Inflation, Reveals He’s Buying More Bitcoin and Ether Robert Kiyosaki, the author of Rich Dad Poor Dad, has revealed that he is buying more bitcoin and ether in response to the alarming rise he sees in inflation. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted last week: Dollar Tree becomes $1.25 Tree. Inflation is a tax on the poor and middle class. Inflation makes the rich richer. Get smart. Get richer. I am buying more gold, silver, bitcoin, ethereum, rental real estate, and oi...

Thailand is laying the groundwork to become a “crypto-positive society” with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown. Thailand Plans to Attract Crypto Holders The Tourism Authority of Thailand (TAT) is working with the country’s regulators to make it easier and more convenient for visitors to spend cryptocurrencies in the country, Bloomberg reported Saturday citing TAT Governor Yuthasak Supasorn. The governor detailed, “There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued,” elaborating: If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them. He explained that the Thai tourism authority is laying the groundwork for the wider acceptance of cryptocurrencies, which...

Boba Network, a recently released L2 layer for Ethereum, has quickly jumped to second place in TVL (total value locked) among all expansion layers. Boba, which is a fork of Optimism, another L2 layer based on rollups, reached more than $1 billion in TVL, surpassing Optimism. This is likely due to the profitable percentages offered by its first decentralized exchange, Oolongswap, which offers yields of over 1,000%. Boba Network L2 Gains Popularity The Boba Network, a recently released L2 layer for Ethereum, has reached second place regarding total value locked (TVL) among L2 solutions, gaining more than 50% in value during the last week. The platform, which is a fork of Optimism, another Optimistic rollup, surpassed its sibling to fall just behind Arbitrum , the leading L2 solution for Ethereum scaling currently. The problems Ethereum is facing regarding scaling have resulted in the rise of this kind of solution, which offers users the possibility of paying less in gas fees but enj...

The second leading crypto asset ethereum has been dealing with high fees since the end of June and today the average ethereum transaction fee is between $5 and $34 per transfer. While there’s been a lot of complaints about ether gas costs this year, Ethereum founder Vitalik Buterin has recommended an Ethereum Improvement Proposal (EIP) that aims to decrease transaction costs by five times. Ethereum developer Tim Beiko discussed the idea as well, and talked about possible “challenges” both long and short term. Moving Ether, Transferring an ERC20, and Swapping Tokens on Ethereum Is Costly — Tim Beiko Shares EIP-4488 Insights Following the London upgrade during the first week of August, it was assumed that EIP-1559 would relieve at least some of the pressure. However, the average transaction network fee continued to rise after the London upgrade reaching, $62 per transfer on November 9. Today, ether gas cost is lower as bitinfocharts.com indicates the average ether fee is 0.0083 ETH ...

Cryptocompare, the firm that provides institutional and retail investors with real-time and historical cryptocurrency data, has published the firm’s November 2021 Digital Asset Management Review. The report covers crypto exchange-traded products (ETPs), and recent findings show alternative crypto asset investment products are outperforming Bitcoin ETPs. Ethereum-Based Investment Product Trade Volumes Increase Every month Cryptocompare publishes a research report that covers the cryptocurrency investment product landscape. The investment products are ETPs tethered to today’s top crypto assets globally such as Grayscale’s GBTC and ETHE funds. Cryptocompare’s Digital Asset Management Review November report explains that ETPs tied to ethereum ( ETH ), litecoin ( LTC ), and solana (SOL) saw better returns during a 30-day time frame ending on November 19. “The majority of AUM for trust products continues to reside in Grayscale’s Bitcoin (GBTC – $38.1bn – down 10.1% since October) and Et...

Unexpectedly high demand for Switzerland’s first crypto stamp has created headaches for the national postal service. Swiss Post announced it had to deal with technical issues when numerous orders hit its online shop all at once on the day the innovative offering was made available. Demand for First Crypto Stamp Overwhelms Swiss Post’s Online Store Swiss Post announced the “crypto stamp” initiative in September when it was presented as an attempt to “bridge the gap between the physical and digital worlds in philately.” The state-owned company joined forces with blockchain services provider Inacta to produce the stamp, a first of a kind for the Alpine nation. When the crypto stamp was launched on Thursday morning, Nov. 25, demand was so high that it “temporarily led to technical problems on postshop.ch,” the Swiss Post told the AWP news agency. That’s after the postal service had been contacted by many interested in acquiring the stamp in recent weeks, according to a spokesperson quo...

The Ghanaian government’s proposal to introduce a 1.75% levy on digital transactions was recently rejected by a minority of lawmakers who insist the new tax derails efforts to help increase the number of adults that are financially included. The Digital Transactions Tax A minority of lawmakers in the Ghana legislature recently rejected a government proposal to introduce a 1.75% levy on digital transactions including mobile-money payments. The lawmakers argued such a levy would slow down the country’s plan to increase the proportion of financially included adults from 58% to 75% by 2023. According to a report , the proposed levy, which was tabled in parliament by Finance Minister Ken Ofori-Atta, was (or is) expected to become effective from February 2022. The Ghanaian government argues that the proposed levy would help reduce the country’s deficit from an estimated 12.1% of gross domestic product this year to 7.4% in 2022. However, the minority lawmakers in Ghana’s hung parliament ...

Authorities need to expand the regulatory framework for cryptocurrency miners, a member of the parliament in Kazakhstan has suggested. The additional rules should streamline their activities and help correct the forming public opinion that they are responsible for the country’s electricity deficit. Crypto Mining in Kazakhstan Needs Additional Regulations, Lawmaker Says New regulatory requirements and criteria for the crypto mining industry must be adopted to streamline its operations while developing a comprehensive ecosystem for digital assets. That’s according to a recent statement by Dyusenbay Turganov, member of the Mazhilis, the lower house of Kazakhstan’s parliament. Quoted by the local business news portal Inbusiness.kz, the deputy noted that mining has been a legal industrial activity since the adoption of legislative amendments in 2020. He also reiterated that starting from January 2022, miners operating in accordance with the law will pay a new type of tax to the budget...

With the growing capitalization of the crypto economy, Russians have been making crypto transactions worth billions of dollars a year, data gathered by the Central Bank of Russia shows. Russian residents are some of the most active participants in the crypto market, the regulator has acknowledged. Russians Among Most Active Crypto Users, Central Bank Admits True to its hardline stance on decentralized digital money, the Central Bank of Russia (CBR) has recently stated that cryptocurrency operations “carry significant risks for financial stability and investors as well as climatic risks.” The warning has been issued with its Financial Stability Overview for the second and third quarter of 2021. The monetary authority has recognized the rapid growth in the capitalization of the digital currency market this year. According to its analysis , quoted by Forklog, increased investor interest in technologies such as blockchain, smart contracts, decentralized finance, and stablecoins has pl...

Florens Luoga, the governor of the Bank of Tanzania, said the apex bank has kickstarted preparations for a central bank digital currency. He said the bank was doing this to ensure Tanzania is not left behind as other countries adopt digital currencies. Keeping Abreast With Developments on the Continent The Bank of Tanzania (BOT) has started preparations for its digital currency to ensure the country is not left behind others in adopting central bank digital currencies (CBDC), a Bloomberg report has said. The announcement follows reports that Zanzibar — an autonomous Tanzanian region off the coast of East Africa — is also keen on adopting digital currencies. The move by the BOT, which was confirmed by governor Florens Luoga, also comes almost a month after the Central Bank of Nigeria (CBN) became the first central bank on the continent to launch a CBDC. Explaining why the BOT is now eager to launch its CBDC, Luoga is quoted highlighting the importance of not being left behind, sa...

The German multinational shoe and sportswear corporation Adidas recently announced the company has partnered with the cryptocurrency exchange Coinbase. Two days prior, The Sandbox tweeted about the popular shoe company and showed a video clip of Adidas real estate in the Sandbox metaverse. Metaverse Is an ‘Interesting Platform for Adidas’ According to a recent statement from an Adidas spokesperson speaking with City A.M.’s Lily Russell-Jones, the company is very focused on the metaverse. “The Metaverse is currently one of the most exciting developments in digital, making it an interesting platform for Adidas,” the company spokesperson explained to Russell-Jones on Thursday. It all started on Monday, November 22, when The Sandbox tweeted about the multinational shoe and sportswear firm. “Hey @adidasoriginals, impossible is nothing in the Metaverse. What if we invite all of the original thinkers and do-ers to design our future together?” The Sandbox tweeted . The Sandbox is a blo...

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has zero interest in investing in anything with litigation from the U.S. Securities and Exchange Commission (SEC). “That is a very bad idea,” he said. Discussing the SEC lawsuit against Ripple over XRP , he emphasized: “I have no interest in being a crypto cowboy … I have to be compliant.” Kevin O’Leary Says He Must Not Upset Regulators Shark Tank star Kevin O’Leary, the chairman of O’shares ETF, talked about cryptocurrency, bitcoin, XRP , Ripple’s lawsuit, and crypto regulation in an interview with CNBC published Friday. He explained that he prefers to consult with regulators regarding cryptocurrency in order to find out “what’s possible and what isn’t.” Commenting on the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against Ripple over the sale of XRP , O’Leary stressed: I have zero interest in investing in litigation against the SEC. That is a very bad idea. The SEC sued Ripple, its CEO Brad Ga...

A major tech-focused e-commerce platform, Newegg, has announced that SHIB is coming soon to its platform. Newegg currently accepts cryptocurrencies via Bitpay. The crypto payment service provider is expected to add SHIB support soon, according to AMC Theatres CEO Adam Aron who said his company will start accepting SHIB for payments in the first quarter. SHIB Is Coming Soon to Newegg, the Company Says E-commerce platform Newegg announced on Twitter Friday that SHIB is coming soon to Newegg. Newegg Inc. is one of the leading tech-focused online retailers in North America, with a global reach in Europe, Asia Pacific, Latin America, and the Middle East. Its platform focuses on computer parts, PC components, laptops, gaming systems, automotive parts, and office supplies. Newegg did not elaborate further on its SHIB announcement. However, the platform currently accepts a number of cryptocurrencies via Bitpay. The crypto payment service provider is expected to add shiba inu to its list ...

As reports of a new Covid-19 strain spread, tanking the price of many cryptocurrencies, El Salvador bought the dip. The country has added 100 more bitcoins to its treasury despite a recent warning by the International Monetary Fund (IMF), bringing the total number of bitcoins purchased to 1,220. El Salvador Buys the Dip: 1,220 Bitcoins Purchased to Date El Salvador has taken advantage of the Friday sell-off and purchased 100 more bitcoins as reports of a new coronavirus variant spread. The Salvadoran president, Nayib Bukele, tweeted on Black Friday that his country has bought the dip. “100 extra coins acquired with a discount,” he wrote. An advisory panel of the World Health Organization (WHO) on Friday classified the new Covid-19 variant, first detected in South Africa, as a highly transmissible virus, naming it “Omicron.” The crypto market shed billions of dollars on Friday amid reports of the new coronavirus strain. The price of bitcoin fell from $59,165 Thursday afternoon ...

South Park’s recent episode called the “Post COVID” special mocks a future where the only currency accepted is bitcoin and other cryptocurrencies. The hour-long animated sitcom picks up years into the future where the main characters are now all grown up, except Kenny McCormick who is dead. Stan Pays for a 1 Night Stay at the ‘Super 12 Motel Plus’ in the Future Using Bitcoin The popular television sitcom South Park featured on Comedy Central is extremely well known in today’s pop culture ever since Trey Parker and Matt Stone created the show in 1997. Over the last 24 years, the animated sitcom has aired more than 300 episodes and in more recent times, Stan Marsh, Kyle Broflovski, Eric Cartman, and Kenny McCormick have been dealing with an interesting world. In the latest episode called “Post COVID,” Stan, who is now an online whiskey consultant, is told by Kyle that Kenny had passed away. When Stan decides to go to Kenny’s funeral services, he spends his stay at the Super 12 Motel ...

30 days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum was around $22.48 billion and in the face of the recent market dump, the TVL still increased by 9.56%. At the time of writing, there are 135,148 unique depositors and Axie Infinity’s Ronin Bridge holds the largest TVL. Cross-Chain Bridge TVL Continues to Climb While the total value locked in decentralized finance (defi) is $258 billion , the TVL is split among a myriad of blockchains. This includes blockchain networks such as Ethereum ( ETH ), Binance Smart Chain (BSC), Solana (SOL), Avalanche (AVAX), terra (LUNA), tron (TRON), Fantom (FTM), and Polygon (MATIC). Today, Ethereum commands $170.48 billion of the $258 TVL in defi or 65.89% of the aggregate. Binance Smart Chain captures $19.11 billion on Saturday, which is only 7.40% of the TVL. Solana commands a $13.86 billion TVL this weekend or 5.37% of all the value locked in defi. Many of these defi networks leverage a connection to the Et...

As the end of the year approaches, digital currency values have risen a great deal in 2021 and crypto asset miners have been profiting as a result. According to statistics, the most profitable coin to mine at the end of November is kadena, as an 18 terahash (TH/s) machine can get up to $326 per day. Scrypt coins are the second most profitable these days with up to $110 per day and Ethash miners can make up to $105 per day. Kadena, Scrypt, Ethash, and Eaglesong Mining Far More Profitable Than SHA256 Mining Close to 13 years ago when Bitcoin first launched, the cryptocurrency could be mined with a central processing unit (CPU). This means that anyone with a decent computer at the time could mine and find bitcoin ( BTC ) block rewards. After that phase, people started to leverage devices with specialized electronic circuits called graphics processing units (GPUs). Today, bitcoin miners utilize application-specific integrated circuit (ASIC) devices to mine BTC . Bitcoin mining rigs ded...

Bitcoin’s hashrate has been volatile in recent times following the same patterns as the crypto asset’s price. Three days ago, Bitcoin’s hashrate neared the 180 exahash (EH/s) zone only to plummet to 128 EH/s two days later. The recent shifts have taken place before the upcoming network difficulty adjustment, which is due to change on Sunday. After nine increases in a row and for the first time since mid-July, the difficulty will drop lower instead of increasing. Bitcoin Hashrate Slides Following Price Drop — Mining Difficulty Decrease Expected The fiat value of bitcoin ( BTC ) has caused the network’s processing power to slow down toward the end of November. Seven days ago, Bitcoin.com News reported on how Bitcoin’s hashrate was steadily climbing higher during the last three months. Today, BTC ’s hashrate is coasting along at 168 EH/s after reaching a high of 178 EH/s on November 24. After reaching that high on Wednesday, on Friday the hashrate dropped to a low of 128 EH/s, losing 2...

Nigerian artist Davido has launched a fan token, the Echoke Social Token, that he says gives “power” to his millions of fans. Eliminating the Middlemen A Nigerian pop artist and celebrity, Davido, recently announced the launch of his fan token, the Echoke Social Token, via his Instagram account. According to Davido’s Instagram post , this token not only eliminates unnecessary third parties, but also allows him to directly connect with fans. Davido explained: Happy to finally announce this thing we’ve been working on for a while. It’s the ‘Echoke Social Token’. Everyday, millions of fans create value that is captured by a few execs in a boardroom. Not any more. We’re giving the power back to the fans. He added that holders of the token will get free access to giveaways, NFTs, backstage passes, jobs, festivals, exclusive merchandise, media, and hospitality benefits. Partnership With Crypto Company For the launch of this token, Davido — who previously expressed a desire to star...

The concept of the metaverse is starting to blow up, and many of the early companies that are invested in it are already reaping some of the benefits from this new trend in the market. Digital land plots in virtual worlds are now selling for millions of dollars on different platforms, including Decentraland and Axie Infinity. Some prices are higher than many physical properties, even in expensive cities. Digital Land Picking Up Value in Metaverse Projects The rise of the metaverse concept and all the companies that are taking it seriously is starting to affect the sales and prices of metaverse-related key elements, like tokens and digital land. This week there have been sales of digital land plots for millions of dollars in key metaverse inspired projects. The first sale of this kind was reported in February by Axie Infinity, a virtual world game, where 8 plots of land were sold for 888 ETH , or $1.5 million dollars. At the time of the sale, Axie Infinity’s team reported this to ...

Grayscale, a leading cryptocurrency asset manager, seems to have set its gaze on the metaverse as a business opportunity. Yesterday the company released a report where it examined the feasibility of this interconnected virtual world and how these economies can provide a profitable entry for investors, considering this area could grow to be a $1 trillion business in the near future. Grayscale Metaverse Report Paints a Bullish Picture Grayscale, one of the leading crypto asset managers, stated that the metaverse, a concept of an interconnected alternate virtual world, could be a $1 trillion business opportunity for the future. This conclusion is derived from a report titled “The Metaverse. Web 3.0 Virtual Cloud Economies,” issued by the company yesterday, where it analyzes the potential that this initiative could have for early investors. In this report, Grayscale profiles the metaverse as the start of a new paradigm, that will kickstart much innovation in Web 3.0. About the possibi...

The World Economic Forum (WEF) has released its latest report on “digital currency governance” this month, addressing stablecoins, cryptocurrencies, and “barriers to financial inclusion.” Like most central banks, regulators, think tanks, and politicians, the WEF publication gives lip service to the power of crypto, but never addresses the elephant in the room: instead of actual access to the utility cryptocurrencies already freely provide, the “unbanked” and impoverished individuals of the world are forced to use a co-opted, fiat 2.0. ‘Financial Inclusion’ and ‘Sensible Regulation’: Freedom for Me, Compliance for Thee According to the World Economic Forum’s November 2021 White Paper Series Report “What is the Value Proposition of Stablecoins for Financial Inclusion”: Financial inclusion is a complex global problem that existing systems and offerings have so far failed to solve. Financial inclusion is not really that complex, but existing systems most definitely are failu...