Opinion

Facebook announced its Libra project in June 2019 with the plan to release it this year. Nevertheless, the stablecoin project was heavily criticized. As the criticisms continue, Facebook has been unable to provide any updates for months. Yesterday, it announced remarkable changes to scale back its global payment system. The most remarkable of the changes is a shift from the creation of an open international financial network to instead offer both single-currency and multi-currency coins to be tied to local currencies. Part of the…

Every new technological advance has two sides to its success story. One tells the tale of economic and social benefits that derive from it. The other one bears the ugly face of scamming, theft, and hoaxing. One clear example of this unofficial axiom is the surge in cryptocurrency scams that occurred throughout 2019. According to a CypherTrace report, hackers managed to steal more than $4.4 billion from cryptocurrency owners and entities last year. It is a staggering increase from the…

Reports have it that Bitcoin holdings on one of the renowned cryptocurrency exchange Bitfinex have reduced by 66k over the previous four weeks. As of Mar. 17 this year, the number of Bitcoins held in the exchange was 200,140. However, the number declined by 33 percent to only 134,091 Bitcoin by Apr. 13. This huge decline is similar to the experience with another exchange BitMEX, which recorded a 38 percent reduction in its number of Bitcoin holdings following the massive flash crash that…

CrypoKitties also known as Dapper Labs have collaborated with Libra towards the development of an enhanced blockchain which developers will find friendly. CrypoKitties released a platform towards easing developers’ building and testing of programs. The all-new platform is known as “Flow Playground.” This platform ensures that testers and developers are able to run their programs without issues. The collaborative efforts of Libra and Dapper Labs will involve the incorporation of a programming language known as Cadence into their own style known as…

The promotion of the cryptocurrency to be utilized as a payment means for Japan’s huge public transportation system in being championed by the exchange DeCurret. However, the exchange has just restructured its capital. On Apr. 10, the exchange released a press release announcing the issuing of new shares valued at 2.75 billion yen (about $25 million) in a third-party shares allocation. The firm is planning to utilize the capital towards the enhancement of transaction services for existing virtual currencies and expanding digital…

Many cryptocurrency market participants and Bitcoin enthusiasts are looking forward to wide usage of Bitcoin as currency. However, scalability is among the greatest challenges hindering the achievement. Bitcoin’s proof of work consensus algorithm is exceedingly essential based on immutability viewpoint; however, it has not been able to do as expected regarding transaction speeds when in competition with other forms of payments. People argue that Bitcoin is suitable as a store of value asset and not as a medium of exchange.…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $196 billion. Bitcoin ends the week where it started it at around $6,800 after surging mid-week to $7,400 Ethereum value surged by a total of 23% in the past seven days. XRP rises to $0.19 and bravely battles to overcome the $0.20 barrier COVID-19 has now spread to 210 countries worldwide and killed over…

Scammers have been trying to leverage the fears over the current pandemic to dupe people. They are trying to lure people to download malicious applications, donate to fake charities, or purport to sell coronavirus fears. However, the pandemic seems to have led to a steep fall in the revenues of cryptocurrency scammers. On April 10, Chainalysis released data showing that the average value of transactions received by the wallets of known scams reduced by 30 percent last month. Besides, the…

The United States Federal Reserve plans to buy unlimited bond and also print dollar but do not appear to be going well. The country continues to experience a rising unemployment rate. Nonetheless, it appears that the cryptocurrency space has a solution to this challenge. Mark Yusko of Morgan Creek Capital spoke on a recent podcast, suggesting that a central bank digital currency (CBDC) may help with the plan of printing dollar bills. Yusko said CBDCs may help with faster distribution in…