Bitcoin mining is becoming more sophisticated over time, making it harder for people to participate.
According to a thread that he posted last week on Twitter, Dorsey wants to decentralize this process using a new customsilicon, open source model that individuals could use. (Dorsey also serves as the chief executive at Twitter Inc.
Jesse Dorogusker (hardware lead at Square), then announced that Afshin Rezayee will be leading the project. The project is heavily dependent on the creation of silicon chips to power the rigs.
Rezayee was a senior executive and researcher in a variety of technology companies before he joined Square in 2015. In 2015, Square acquired Kili Technology Corporation. Kili was a specialist in silicon, electronics, and software for payment processing.
Dorogusker’s technical team will conduct an investigation to determine the best course of action.
Dorogusker stated in a tweet that he would incubate the Bitcoin Mining System Project within Square’s hardware team. He said, “We will start with architecture, design and prototyping more efficient silicon hashing algorithms and power architectures.”
After China’s crackdown against cryptocurrencies in June, Canada and the U.S. are seeing a greater share of global Bitcoin mining operations. According to the Cambridge Center for Alternative Finance, the U.S. has become the biggest contributor to the global Bitcoin hash rate (the network’s overall processing power), while Canada is fourth.
Brazil is moving towards accepting Bitcoin as a legal payment method. Brazil’s Federal Depute Aureo Ribeiro stated that Brazilians might soon be able to pay for McDonald’s with Bitcoin. Brazil is currently preparing a cryptocurrency regulation bill that will be presented to the Plenary of The Chamber of Deputies in the coming days. The bill will allow bitcoin to be used in all transactions, big and small.
IMF warned earlier this week about the potential consequences of “cryptoization”, which is the complete transfer of the economy to digital assets and the end of the use of local currency. Brazilian authorities claim that residents face many problems when buying, selling and transferring money online, as everything is now being converted to bitcoin. This is to make transactions easier for citizens.
Recent regulatory amendments have increased the amount of fines by two-thirds the amount of laundered money. This is an increase of one-third. In addition to a fine, the bill proposes to increase minimum prison terms to three to four and to increase maximum prison terms to 16 years and 8 months.
These propositions are designed to improve and regulate cryptos in the face of fraud and online thefts. This will make it easier for consumers to use bitcoin for their everyday needs.
Ribeiro stated that he is optimistic about other aspects of the bill. This includes regulation of trading, custody and payments. Brazil has shown potential growth in cryptocurrency adoption and has done well in the crypto market through the restructuring of local regulations.
Brazil’s willingness to implement stricter regulations may prove more successful than those of other countries like El Salvador, Bahamas and Nigeria. Interests are high in other countries, and the United States is one.
PortAventura World, a Spanish leisure and amusement park, would be the first to offer bitcoin payments to its customers. The resort’s hotels will initially be able to accept crypto settlements.
Todos Medical, a medical diagnostics and solution company, also jumped on the cryptocurrency train by allowing its patients to buy wellness products in digital currencies.
A press release states that PortAventura World, a popular theme park and leisure park, is working on software to offer a new cryptocurrency option to its clients. The resort’s guests will be able to pay their accommodation in bitcoin starting at the beginning of 2022.
David Garcia Blancas, PortAventura World’s Managing Director, stated that the company strives to keep up with current trends and increase demand for cryptocurrency options. He expressed hope that the initiative would “satisfy guests’ needs.”
PortAventura, located in Spain’s Catalonia, is one of Europe’s largest entertainment destinations. It boasts attractions like an aqua park and Ferrari Land. There are six hotels totalling 2,300 rooms. The receptions will accept BTC payments.
PortAventura would be the first park to accept digital asset payments. However, it would not be the first hotel to do so. The CryptoPotato report in July showed that the Pavilions Hotels & Resorts offered this option to their clients.
The company has more than 40 different cryptocurrencies.
Todos Medical’s recent decision to accept cryptocurrency payments for its dietary supplements Tollovid (r) and Tollovid daily(tm) is another example of cryptocurrency adoption. The company included the following digital assets in the offering: Bitcoin (BTC), Ethereum(ETH), Litecoin [BCH], Bitcoin Cash (BCH), Bitcoin Cash (BCH), Dogecoin (“DOGE”) and Litecoin [LTC].
Todos Medical stated that customers could buy the products via the company’s website provided they select Coinbase Commerce for payment. Gerald E. Commissiong, President and CEO of the company, commented on the initiative.
“The ability to accept cryptocurrency widely used is an important step in our expansion of marketing efforts for our novel 3CL protease inhibitor wellness product.
Monneo, a UK-based provider for virtual IBAN accounts, also was on the most recent cryptocurrency adoption list. It partnered with Coinbase to allow its clients to pay invoices using a variety of digital assets.
Monneo had two partner banks that supported the service, as it was available for B2B invoice resolution. Lili Metodieva, the company’s Managing Director, admitted that she supports the crypto industry.
It doesn’t matter what your perspective is on cryptocurrency. Many people appreciate cryptocurrency and use it. Monneo believes that Coinbase is the best platform to offer its customers cryptocurrency.
She said that she would be closely monitoring the implementation of this new opportunity to ensure that it was secure and reliable for both payees and payers.
The U.K.-based financial superapp Revolut uses bitcoin to pay for its Dallas office with flexible office provider WeWork. According to a press release, Revolut’s largest U.S. location, at 6900 Dallas Parkway will be the hub of Revolut’s American expansion efforts.
As Revolut continues to strive for a flexible working environment, the space will house more than 300 employees. Revolut is WeWork’s first enterprise client to accept bitcoin or any other cryptocurrency for payment.
Rhebecka d’Silva is Revolut’s global head for real estate. This makes WeWork an excellent fit as Revolut expands in the U.S.A and around the globe.
D’Silva stated that WeWork offers Revolut the ‘flexibility of paying using cryptocurrency’ and is something ‘we strongly believe in.’
Revolut’s over 2,000 employees have the choice of splitting their work time between the office and home. Revolut’s RevLabs real-estate concept was created to encourage that idea. It aims to repurpose all of its offices and make them more collaborative. Revolut currently has WeWork spaces in Berlin, New York, Dublin, Melbourne and Moscow.
Ron Oliveira is Revolut’s U.S. Chief Executive Officer. He stated that Revolut is committed to expanding in the U.S., and is planning to make its Dallas office a hub for technology.
He said that Revolut has been “consistently refining its product to offer customers across America greater visibility and control over financial matters” since March’s launch of its super-app.
RevLabs devotes approximately 70% of its offices to collaboration. This includes “spaces for creative thought, brainstorming and training, as well as knowledge exchange.” You will also find quiet areas and meeting spaces. WeWork, at 222 Exhibition St. in Melbourne, Australia, was the first RevLabs space.
Nick Giraudeau is the global head of financial sales at WeWork. He said that Revolut is a’realty partner’ who is focused on supporting their new standard of work’ and believes strongly in its employee-directed approach.
He stated that flexibility is crucial for companies growing, and that cryptocurrency transactions would allow them to offer convenience and choice while also supporting Revolut’s innovative business.
India plans to regulate cryptocurrency as commodities on the basis of use cases. According to The Economic Times, the government plans to define cryptocurrency in the draft bill. The bill also proposes to separate virtual currencies based on their use cases. The publication details:
Cryptocurrencies are treated as an asset/commodity in all respects, including taxation, as well as for investment, payments and utility.
“Crypto assets” can either be classified based on the technology they use, or on their end-use. One person familiar with the subject said that before discussing how regulations should work, the government must define what cryptocurrencies mean. According to the person, the government is not seeking to allow virtual currency payments or settlements.
The government will also decide which cryptocurrencies are allowed to be traded in India.
Sources told the news outlet that this would be the first time that cryptocurrencies will be classified by the technology they use. This clarifies that the government will concentrate on the end-use and regulatory purposes of the asset.
Local crypto communities were pleased to hear that the Indian government may be considering regulating cryptocurrency as commodities based on their use.
Chief executive officer of Wazirx crypto exchange, Nischal Shetty said that this step was very positive for the industry. He also expressed his gratitude that the government has taken steps towards regulation. This will provide more clarity to the industry and encourage more entrepreneurs to enter this sector. This will lessen the anxiety of VC investors looking to invest in India’s crypto industry. This will boost confidence and provide stability for traders and retail investors.
Vikram Subburaj (CEO of crypto exchange Giottus) stated that cryptocurrencies can be used in a variety of ways and that a balanced approach is better than a one-size fits all policy. There is wide variation in investor appeal and objective among top 20 cryptocurrency.
Edul Patel, CEO of Mudrex, commented that the idea of separating cryptos according to their use cases was thoughtful and would provide a significant boost for this newly recognized asset class if implemented effectively. This also shows that the government recognizes that cryptocurrency are more than just speculative instruments. They have real use cases.
After accumulating bitcoin through illegal online sales, the Swedish government is now being ordered to pay more than PS1m for a drug dealer in jail.
Tove Kullberg, the prosecutor, successfully argued that the man should be stripped off his illegally acquired bitcoin. In court, the court valued his crypto stash at 1.3m Swedish Kronor (PS100,000.
She said that she found it unfortunate in many ways. It has had consequences that I didn’t anticipate at the time.
The 36 bitcoin had risen in value tenfold by the time that the Swedish Enforcement Authority started auctioning them off. Only three of them could be sold to get the required amount.
Now, the authority must return 33 bitcoin to Kullberg, which is approximately PS1.1m. Kullberg detailed only two years ago how he earned the money by selling drugs.
Kullberg stated that the lesson from this incident is to keep bitcoin’s value, and that the crime profit should be 36 bitcoin regardless of the bitcoin’s value at the time.
She noted that this was the first time in Swedish legal history that cryptocurrency was seized. There was also no precedent for how to deal with bitcoin profits in court.
“I believe we should probably invest into an internal education in [the] prosecution authority, since cryptocurrency will be something we’ll have to deal with in a greater capacity than we are currently. We will make fewer mistakes if we improve our knowledge in the organization.
Just days after reports from Sweden claimed that a man had kidnapped and then repeatedly raped a woman in torture-like conditions, the bitcoin case was brought to light. He was awarded PS70,000 in damages.
He was under 18 years old at the time of the crime. Therefore, he should have received a shorter sentence.
What did Indians do 100 years ago? Or 50 years ago? Aswath Damodaran is Professor of Finance at the Stern School of Business at New York University.
He said that real estate was not an asset that could be traded. It behaves now like stocks. I believe the main reason why you’ve seen the rise in cryptocurrencies and non-fungible tokens (NFTs), is because ‘you are looking for a place to put your money. Damodaran said that Bitcoin is millennial gold.
Damodaran is the person to call when you have questions about valuation. He has been called “Wall Street’s dean for valuation” on numerous occasions. He has often described Bitcoin as a millennial’s gold, and he has done so on numerous occasions.
“If you’re 35 years old and have lost your faith, you can no longer buy gold. This was for your grandparents and parents. He said in an interview that he was going to purchase bitcoin.
Damodaran is a long-time anti-cryptocurrencies sceptic. He stated that Bitcoin had become a safe haven for people who don’t trust central banks, governments and fiat currencies in 2017. He explained that Bitcoin plays the same role as gold in the past for those who fear centralised authority.
He wrote that ‘It’s interesting that the language for Bitcoin is filled with mining terminology since that suggests that either intentionally or not, the creators Bitcoin shared this vision’ in his blog in 2017.
He gave three possible outcomes for Bitcoin. He had compared Bitcoin’s ‘catastrophe’ to Tulip Bulbs (a speculative asset that saw its prices soar in the 1600s in Holland before collapsing). He said that Bitcoin is like a shooting stars, drawing in money from those who view it as a source for profit. Then it explodes like a shooting star, and traders move on to “something new and better”.
“There are many possible outcomes right from disaster. Despite its bullishness, this market is still a market where 10-15% of people believe that catastrophe is imminent. No financial asset class will meet your criteria if you believe that catastrophe is imminent. He said that they all would look overvalued.
He said that Bitcoin will eventually have the same power as gold if it does. It will rise during crises and fall in more optimistic times.
“So, in a strange manner, everything is connected with everything else. Markets cannot be understood in isolation. He explained that this is a market where we need to show how everything connects, to CNBC-TV18.
Finder, a major product comparison website, published the result of its July 2021 survey on the price prediction of dogecoin last week. The company provided details of the 42-member panel’s predictions on the future price of the meme cryptocurrency to determine whether it is going to rise in value or if this joke has reached its end.
Experts were asked to provide their forecasts on the price of dogecoin in 2025 and 2030. According to the panel,:
According to the panel average, Doge’s value should reach an average of US$1.21 in 2025 and US$3.60 in 2030.
Finder said that the high value of the property was due to a single outlier driving the average price up. The December 2030 predictions range from $0 up to $50 with an average of $3.60.
The December 2025 predictions ranged from $0 to $10, with the average at $1.21. Paul Levy (a senior lecturer at Brighton Business School), valued DOGE at $10. This was the highest prediction. The company stated that the median prediction for Doge by 2025 is US$0.15. It also noted that 30% of the panel believes Doge will be worth US$1 or more by 2025.
Some experts are pessimistic regarding the future price for dogecoin. Joseph Raczynski (technologist, futurist at Thomson Reuters) said that dogecoin will eventually reach $0. Joseph Raczynski, a futurist and technologist at Thomson Reuters, stated that DOGECOIN will eventually reach $0. He said, “It’s incredible to see what [one] celebrity can accomplish.”
Dogecoin gained much popularity in the last months largely because of celebrity endorsements like Elon Musk, Tesla CEO, and the ‘Dogefather’. Musk recently revealed that he personally owns dogecoin. Dogecoin’s price soared over 10x between April and May, from $0.06 to $0.72. At the time of writing, it is close to $0.20.
As for dogecoin’s 2021 price prediction, Finder described:
The once-hot coin may have reached some new highs in 2021 but the future is not looking so bright. Doge’s expected value to end the year at US$0.42 will be almost half of its ATH.
Dogecoin prices predictions for the end-of-the year range from $0.0 to $1 with an average of $0.42.
Finder discovered that approximately 15% of its experts, or 3 of 20 panelists who made price predictions for Dogecoin, ‘expect it to crest at US$1’.
Ajay Shrestha (University of Saskatchewan) is a panel member. He believes that the price of the meme currency could reach $1, but only if the Elon Musk continues to support dogecoin. It wouldn’t be as popular otherwise. Julian Hosp, Cake Defi CEO, believes that dogecoin is worth $1. He said, however:
It will serve as a pump-and-dump.
Others on the panel weren’t as optimistic. John Hawkins, a senior lecturer at the University of Canberra, predicted that dogecoin’s price would be $0.15 by 2021. He explained:
Dogecoin appears to be heavily dependent on Elon Musk’s unpredictable tweets. It’s not used much as a payment instrument, and it has been a poor store of value.
The panel also stated: “It’s safe for us to say that the panel has decided against Doge.” The panel identifies dogecoin as a bubble for 80%, 10% of which calls Dogecoin a bubble and 10% disagree.
Representatives from Galia Digital and Wave Financial are part of the panel.
Mint spoke with him about what motivated him to get into crypto and launch one of India’s first crypto exchanges. He also discussed the company’s future plans. Extracts edited:
Q.Please tell us about your past.
Hapur (Delhi/NCR) was where I was born. My family is full of engineers, which motivated me to study engineering. In 2014, I studied chemical engineering at Harcourt Butler Technical University Kanpur. During college, I worked as a web developer for clients. This helped me to sharpen my coding skills. I was able to create many digital properties thanks to my programming skills. This also allowed me to see beyond what is already available in the world.
Q.How did you become interested in cryptography?
My summer internship was during college break. I received a stipend of Bitcoin in 2016. The payment was instantly credited to my account via a local exchange using Bitcoin. It used to take around 5-7 days for the same payment to be credited to my bank account. I became interested in crypto ecosystems after receiving a Bitcoin payment instantly.
I spent the next fifteen days researching crypto online, gathering vital information about the operation of the cryptocurrency economy around the globe.
Q.Why did you decide to create BuyUcoin?
Bitcoin was more fascinating to me than any other thing, so I decided to purchase the cryptocurrency asset online using my savings. I looked online, but could not find any platform that allowed me to purchase such crypto assets in India. So I set out to create a cryptocurrency exchange in India so that Indians could also enjoy the benefits of crypto.
Atulya Bhat (co-founders), and Devesh Aggarwal (cofounders) liked my idea. It was a great feeling to meet like-minded people so early in my career. In just nine days, I created the BuyUcoin platform. On the 10th day, we executed the first trade. This was done by a friend who had used the platform to test it in July 2016.
We were the first to learn blockchain technology in India.
Q.How was it to set up a cryptocurrency exchange in 2016?
BuyUcoin began with an initial investment in Rs40,000. Our personal savings and freelancing income provided the initial funds. We spent the majority of this money on travel and company registration. All the setup including email, server and SMS was arranged by free trial of service providers. Our cash flow began to grow as the platform gained more traction.
While most exchanges followed a standard pattern set by foreign exchanges, we created our platform with Indian investors in mind. By allowing purchase in INR, you can buy cryptocurrencies. We also made it possible to buy bitcoin using debit and credit cards. This generated lots of interest on BuyUcoin.
Q.Let us know about BuyUcoin’s first days
In just six months, BuyUcoin had 0 to 1 lakh users. This was a huge inspiration to us to keep working hard. We felt validated by the support we received from users and knew we were on the right track. Since the launch of BuyUcoin, there has not been a dull moment.
We worked hard to simplify the process of buying and selling cryptocurrency. We have removed the order book from our interface. This would cause confusion for many new investors. Investors still love the multiple payment options, simplified interface, and easy payout option via wallet.
Q.What are your expansion plans?
In the current financial year, we plan to expand our reach to Southeast Asian countries like the Philippines, Vietnam, Indonesia, and Vietnam. We believe South Asia has many opportunities for crypto industry growth and can be a major driver for global crypto economic growth.
We are currently a bootstrapped startup that is profitable. We will continue to grow. We plan to use both organic and inorganic growth, and will seek out funding for global expansion.
Q.Why is India so desperate for crypto?
The global trading of crypto assets is possible 24x7x365. Stocks as an asset class are only now available. This was due to evolution in the financial industry. Similar crypto assets exist. They represent the greatest disruption in the financial industry and have tremendous potential to create wealth.
Blockchain and crypto are inseparable. Crypto assets will be part of any deal if the world is prepared to embrace blockchain tech. India must join other major economies around the globe in accepting blockchain technology to be part of the largest financial revolution in history.
Popular cryptocurrency analyst ‘Kaleo” has shared his belief that bitcoin’s price will rise after it stops fluctuating between $35,000 to $30,000 based on its price performance over the past year.
The anonymous analyst said that the Nasdaq index had influenced the bitcoin price last year. It rose sharply after tech grew rapidly. After surpassing its previous record high, bitcoin began to’significantly exceed tech’.
Kaleo observed that bitcoin’s chart appears bearish now, but he believes history will ‘rhyme.’ He predicts a sharp recovery in bitcoin prices, just as the July 2017 chart looked bearish but the price of the most popular cryptocurrency shot up shortly after.
Kaleo encouraged his followers to “keep stacking” and not to “waste this chance,” implying that now is the right time to buy BTC before its recovery.
The pseudo-anonymous crypto analyst explained last month why he believes Bitcoin will outperform tech stocks, and that the Bitcoin value will surpass $100,000 over the long term. CryptoGlobe reported that Troy Gayeski (co-chief investment officer, senior portfolio manager at SkyBridge Capital) believes a Bitcoin supply crisis is possible.
Gayeski stated that on-chain signals indicated that’strong holders’ have been accumulating bitcoin again and plan to keep it for longer periods. These holders are buying coins from speculators who bought bitcoins when it was at its highest price.