Early Crypto Pioneer Slams Elon Musk’s ‘hypocrisy’ On Bitcoin Payments

Rapper Soulja Boy Shows Further Interest in Cryptocurrencies

Chicago-born rapper, composer, record producer and actor on Twitter asked the crypto community the best way to buy digital assets in the United States. Being a prominent name, his question quickly came to the attention of the most famous people and companies in the industry with more than five million followers.

The rappers quickly got lure by promoting their ‘best class’ products, named after them such as Changpeng Zhao(Benance CEO) and Tyler Winklevoss (Gemini’s co-founder), together with the accounts of OKCoin, Blockchain.com, and eToro.

While the musician promised to explore every platform, he took another direction – What does it mean for me to create my own cryptography? There followed further recommendations including Jordan Spence, CEO of MyCrypto, who pointed out that Soulja Boy was to consider building its unique and fungible token (NFT). However, the rapper ultimately admitted that he might have “so many questions” from his comfort zone. One of these was, “can some bad come from creating crypto?

The Twitter dialogue with the representatives of the cryptography was not the first industrial initiative of the rapper. Maybe it’s best known in the community for its 2018 single called Bitcoin, the primary cryptocurrency.

Soulja Boy explained vividly how he had a computer that made him “so fresh” as he pulled “new strangers,” and how he had a BTC purchased it. He also advised a woman without a name to leave her boring boyfriend because she stacked up the bitcoins that I received money to shed.”

It should be pointed out that Soulja Boy was not a Bitcoiner. He claimed that by adding ‘Litecoins, Bitcoins, my favourite,’ he had diversified his portfolio. In addition, the rapper might have anticipated events in the future. He said users could send BTC via PayPal, which was not possible at that time. Bitcoin and other cryptocurrencies were supported by the giant payment processor in late 2020.

DeAndre Cortez Way, better known as the Soulja Boy Tell’ Em stage name (or only Soulja Boy), started a Twitter talk, suggesting that he could explore the development of his own Digital Asset. Fairly speaking, the rapper in 2018 created a song about “stacks” and “100 racks” at BTC. In fact, he was devoted to Bitcoin. If you are also a fan of the boy then this one is a must listen to for you. Now the future of bitcoin is bright but the speculations for the same are also endless.

Need A Holiday? Crypto Firm’s New Partnership Could Save You Money

When the Covid pandemic finishes and detachment limitations are lifted, that will be a need for a large number of us: occasion reservations.

Be that as it may, here’s the issue: Many lodgings charge mind-boggling rates, some movement destinations go about as agents and add enormous commissions.

Electroneum has now declared that its advanced resources can be utilized as a payment technique on LockTrip, a site that permits voyagers to find mystery travel arrangements and set aside 60% extended get-away expenses.

The cryptographic money payments organization says it is continually searching for new uses for ETN, the digital currency utilized by a large number of individuals around the globe. Electroneum is, as of now, permitting ETN holders to charge power meters in this computerized cash and charge their cell phones.

 Why digital money?

As indicated by Electroneum, utilizing cryptographic money to book excursions could open up advantages that a significant number of us probably won’t consider.

To start with, there are inquiries regarding expenses that credit and check card suppliers charge. The stage asserts that ETN exchanges are a lot less expensive than Visa and Mastercard, which implies travelers have a bigger financial plan for seashore mixed drinks. Cryptographic forms of money can likewise assist buyers with evading punishments on trade rates while paying for orders named in fiat monetary standards other than their own.

By and large, digital currency payments can be made by examining a QR code. This can be more secure than entering credit or charge card subtleties physically. Some LockTrip clients even asserted that they had the option to ensure lodgings that were sold somewhere else.

 More data from the electron

Electroneum aims to be the first crypto administrator to work straightforwardly with LockTrip. ETN will currently be offered as an installment strategy close to different cryptographic forms of money, including Bitcoin, Litecoin, and Ethereum.

To give a solid illustration of how LockTrip looks at paper marks, the Electroneum group has done some exploration. They found that utilizing digital money rather than a charge card to book 14 evenings in an air terminal lodging would spare about $ 15 – and even better, the publicized cost per remain from LockTrip was $ 52 lower than Hotels.com and Skyscanner at checkout. Digital money and $ 38 less on the off chance that you pay by charge or Visa.

 Unrealistic?

Some may consider how LockTrip has figured out how to bring to the table such serious limits, given the familiar aphorism that it’s anything but a free lunch. In any case, the motion stage is straightforward in its methodology – and says it works legitimately with significant providers to offer the best arrangements and is seeking after a natural development approach, instead of depending on costly showcasing financial plans.

The organization likewise permits customers and landowners to discuss legitimately with one another. Given how famous destinations like Airbnb and Booking.com can order up to 30% commission from convenience suppliers, this methodology can furnish explorers with reserve funds while giving solid business returns.

Mandatory Kyc Verification May Contradict Privacy Laws In South Korea

South Korea falls among the most stringent law bearers of their citizens, globally. Hence, they’ve been trying out various ways to control and study their population, keep a track of the number of citizens doing certain kinds of work and there are hundreds of other reasons to implement KYC. KYC can be expanded as Know-Your-Customer. The South Korean Govt has been trying to implement this particular law for a prolonged time but due to certain obstacles, they couldn’t. They have also proposed to implement AML or anti-money laundering compliance processes along with KYC. The issues for implementing both come when experts figured out various applications in implementing both the laws together.

The existing Personal protection act will be contravened if the new laws are implied on the citizens. This stipulates that no local companies will be able to legally request a “social security number”. Here comes relief from the stress, according to digital today, the measures will cover the financial institutions, anyhow, one is capable of requesting for it under exceptional circumstances which include major monetary transactions. There are always some ways to make your way out if you follow the laws correctly.

When will the new system be enforced?

System enforcement is speculated to be done by the end of March 2021. The decree is known as the Special Payment Act. To enforce this certain law on citizens, the authorities will require “virtual asset services providers”. This is needed to filter the original identities of the customers who are enrolling their names. The verification of the originality of the data will be done using citizens social security numbers, maybe. There can be other identity proofs too that will do the work.

The law will not grant the virtual asset that operates the dignity and status of financial company operators, nor will they be integrated into institutional financial companies when the revised financial law enforcement bill will be implied. This statement was given by the financial information analysis institution who said that even if the particular AML-KYC is imposed, the virtual asset holders will not be considered a financial institution. Hence the crypto investors might not be quite benefitted by the amendments.

Many financial analysts think that even if the KYC-AML system is imposed, the crypto-industry has a long-lasting way to go even if they are included in the Virtual Asset Business Rights Act. The act is likely to be implemented in the 2021 march and hence, the government has issued various rules and regulations that need to be followed along with various papers that should be presented during the enrollment.

1. Real-name account
2. SMS authentication
3. Report their operations within six months after the law’s implementation

Experts believe that the new system, its merits, and demerits needs to be discussed to the common public who are the investors and are potential investors. The only way to implement a law that will run smoothly is by preparing government officials dealing with the KYC-AML process.

Top Indian Central Banker Says Cryptos Have a Future But Fears Monopoly

Raghuram Rajan, the former governor of the Reserve Bank of India believer neither private nor central digital currencies should come under monopoly. He believes the private digital currencies including Bitcoin and Facebook’s Libra have potential. He says that these digital currencies will remain popular even when central banks roll out their digital currencies.

However, the only concern of Rajan is the monopoly. Rajan, who was also working as a Chief Economist and Research Director at the International Monetary Fund during 2003-2006, said that the digital currencies may have a problem if they hold a monopoly. The platform of Bitcoin and other cryptocurrencies is entirely different from fiat currency.

The private digital currencies will give a tough competition to the digital currencies launched by the government. Although he believes Bitcoin is not just a mere medium of exchange instead, it is a valuable asset just like gold. Facebook’s digital currency Libra will be used as an everyday medium of transactions.

Rajan says if the central banks issue the digital currencies, each transaction may require many types of information. This information can be collected through CBDCs but Rajan has a concern about whether or not people will be willing to share so much information.

There are many sorts of personal payment information involved in banking too. The banks, however, may need to decide which information they want to collect and how they will use this information. Rajan added just the way private digital currencies cannot work efficiently under monopoly, the central bank digital currencies may have no safeguards.

Customer data can be used by central banks and their management without any privacy control. Both types of digital currencies will play a significant role in the market despite being issued by different mediums.

The thought of having digital currency is still an idea among the central banks of India. But it will soon be materialized and there will be a digital version of the fiat currency. While Bitcoin is a decentralized currency unlike the fiat currencies, the idea of having a centralized digital currency can bring many changes in the world of digital currencies.

Rajan concluded that to make the idea of centralized digital currency and still competing with the decentralized one, will be a challenge in itself. There should be some protocols to handle the data of every transaction, he added. To propel the global usage of digital currencies, proper implementation of the digital currency is what banks need to focus on.

Bitcoin Is Ahead Of Bank Of America And New Zealand Dollar At Present By Market Capitalization

The present market-capitalization of Bitcoin (BTC) is just a little higher than a billion USD, having raised 3.2% in the past 2 days. For the time being, the market-capitalization of the Bank of America has shown an unfortunate downfall, around more than 2% that reached down to 224.4 billion USD.

This optimistic behavior coming from BTC shows one thing and that is that the analytics website places Bitcoin in the 25th rank position of the most treasured asset by market cap, just after Paypal that holds the market-capitalization of 230 billion USD.

Bitcoin is Running Ahead

There is a site called FiatMarketCap and it operates to track the rise of Bitcoin against some leading fiat currencies. It has made the statement that the market-capitalization of Bitcoin now has put it ahead of the same as the NZ Dollar. To be exact, at present BTC is ahead of the estimate of the site for the complete count of NZ Dollar in motion at 346.4 billion, which is approximately equal to 227 billion USD. As a consequence, this has made Bitcoin the 34th most precious among all the fiat currencies in the world.

In 2020, the value of BTC has shown a steep rise. The raise was for the Federal Reserve pushing away numerous controversial approaches. It happened for the reduction of the economic effect of the Covid-19 pandemic, giving rise to highlighting figures in finance to take crypto under consideration for the first time.

Popular Billionaires on Crypto

There are famous billionaires who expressed their views on cryptocurrencies. For instance, Warren Buffett has made a statement that cryptocurrencies do not hold any significance basically.

On the other hand, billionaires like Jason Williams made a prediction that Warren Buffett’s company called Berkshire Hathaway has the chance of making a huge investment in cryptocurrencies, BTC to be specific. The “hedge fund Tudor” Investment Corporation’s founder Paul Tudor is also pretty optimistic about BTC as in May, uncovering that the crypto-asset was a part of his portfolio.

There is another probable face in the crypto realm and he is none other than Dave Portnoy, founder, “Barstool Sports”. He recently got connected with the Gemini exchange’s founders, Cameron and Tyler Winklevoss. He took the help of the twin-brothers buying 200000 USD in BTC and 50000 USD in LINK (Chainlink). These are some of his very first cryptocurrency purchases.

Attorney Ordered to Pay $5.2M for Releasing Bitcoin Funds From Escrow

Another major news is coming from the Cryptocurrency world. As per a new news story, a federal judge from New York has ruled that a New York-based attorney was responsible for paying a crypto investment firm. As per the claims made and the ruling given by the judge, the attorney released escrow account funds and set aside $5 million for investing in bitcoins. 

As per the judge, an Attorney named Aaron Etra was on the hook of paying $4.6 Million to the San Francisco-based firm called Master Fund. As per the judgment, the attorney has to pay $5.255 Million (including interest).

The ruling came after the attorney failed to show for an April court date. His absence was one of the main reasons the judge ruled in the crypto firm’s favor. As per Judge Nathan, who ruled the judgment, the attorney has only himself to blame. As per the judgment, the respondent failed to appear on the present evidence despite having the notice of proof.

What is the case?

This bitcoin case started when Benthos reached out to attorney Etra and asked him to be an escrow agent for the firm’s bitcoin purchase. Both of them signed an agreement, which was a complete bitcoin agreement. The agreement they signed was with the Valkyrie group, which had the task of finding out third parties interested in selling the crypto holdings.

Initially, Benthos wanted to invest $5 million in purchasing Bitcoins. The amount was more than enough to buy 10,000 bitcoin tokens at once. And then, the amount was to be deposited in the escrow account.

But, Attorney Etra without getting the approval of Benthos transferred $4.6 billion of the total bitcoin fund out of the escrow fund over two transactions. Thus, in this transaction, not a single bitcoin was sent to the firm.

The Judgement:

After the court proceedings started, the court ordered attorney Etra to produce complete information and documentation about the missing fund. Attorney produced documents and returned $400,000, and he has also shown his communication with the firm, and the contempt of court charges were denied in the judgment. 

The judgment has asked the attorney to pay a total amount of $5.2 million, including interests. This can be seen as a hidden blessing to Etra as he was liable to pay more than $108 million as per the current value of bitcoin in fiat money.

The Govt Of Russia Puts A Strict Ban On 10 Million Online Wallet Deposits

Recently the Govt of Russia has put a prohibition on several anonymous wallets and that has made millions to talk about. Let’s get into the juicy details.

The Russian Federation has put a strict prohibition on each and every anonymous deposit made to the online wallets in one go. This is something to put a great deal of trouble on above 10 million users who are living in the country. On the basis of the lawmakers, this specific step would be able to put a stop to various unlawful activities, for instance, paying for terrorism and illicit drug dealing.

10 Million Anonymous Online Wallets are Struck

There are various online services such as WebMoney, Yandex, Kiwi, and PayPal through which online wallets operate in Russia. These aforementioned services take control of a minimum of 10 million users who make the usage of the accounts in an anonymous manner by capping them up with money (cash).

There are various users who utilize these anonymous accounts or wallets in order to purchase cryptocurrencies. The accurate count of the crypto buyers is not properly known.

Experts Say the Impact Might be Less

As per the statement made by RBK, an economist named Antonina Levashenko believes that this particular step taken by the Russian Federation will have literally zero effect at first on the field of Blockchain. Nonetheless, as Russia makes strict the procedures of anti-money removal, the ban put at present would become applicable for virtual currencies too in due course.

A development manager at an EXMO crypto exchange company named Maria Stankevich keeps her beliefs in the fact that the ban on the anonymous wallet by the Russian Federation can only have an impact on the exchanges of cryptocurrency that do not carry out conformance in a strict approach. As a result of this, she also has to believe in the matter that any demand for similar facilities might face a fall.

In recent times, a bill on cryptocurrency was passed by the Russian Parliament that states the typical guidelines that should be followed word by word by the industry. The sanctioned form of the bill was a little harsh or a bit oppressive in comparison to the version that was there before.

So, That was All

Hopefully, this elucidation covered up each and every point you needed to know regarding this sudden bad on more than  million online anonymous wallets by the Government of Russia.

How Can You Mine Bitcoin?

Bitcoin is the oldest cryptocurrency. In other words, it is the currency of the Internet by the Internet. This digital money can’t be printed like regular money as it is actually a peer-to-peer network that’s controlled by no single entity. It can also never be created. Only 21 million Bitcoins can ever be created, and this cryptocurrency has to be mined.

What does Mining Mean?

Each Bitcoin transaction is stored in a public ledger called the Blockchain. This is publicly distributed, and thus, all transactions are completely transparent.

Mining is just the process of adding Bitcoin transaction records to this public ledger of Blockchain, which is literally a chain of blocks.

Not getting too technical here, let’s just say that mining is also the process of introducing a new Bitcoin into the network. It basically makes new Bitcoins available to anybody who wishes to be a part of the Bitcoin community.

What the miners are essentially doing is that they confirm every Bitcoin transaction and ensure that every single one of them is above-board. And the miner gets a reward once every block in the Blockchain is ‘sealed off’.

If you want to mine Bitcoin, here are a few things you’ll need to keep in mind:

Hash rate of the hardware

You need to consider something called the hash rate. It is the number of calculations that the hardware can do in a second. A higher hash rate will give your system the ability to mine Bitcoin faster by solving mathematical problems and ‘sealing off’ the block. The hash rate that you should look for is in the range of 336 MH/s to 14,000,000 MH/s.

How much energy will the hardware consume?

Your powerful hardware will require more electricity. So before buying it, calculate how many hashes you will be getting for every watt of electricity used by the proposed hardware.

High-end graphics cards

These can boost your hardware’s Bitcoin mining power. They also consume less power per unit of work.

These graphics cards lead to the development of dedicated mining devices, which increased mining capabilities almost five times and commercialized Bitcoin mining.

The Graphical Processing Unit or GPU is a feature of high-end graphics cards. These can help you hashing mathematics for Bitcoin mining and earning profits. Look for a GPU like ATI 5970, which is one of the most popular graphics cards for mining.

Or better still go for the Field Programmable Gate Array mining or FPGA. These are specially customized for Bitcoin mining.

Do keep in mind though that the graphics cards, GPU and even the ASIC are largely obsolete these days. The next in line for the job is Application-Specific Integrated Circuit (ASIC). This is a microchip designed for the purpose of mining Bitcoins at really fast speeds. It reduces electricity consumption too. And this is what you should focus on if you want to mine Bitcoin today.

Mining software

After choosing the hardware, you come to the stage where you need the right software to mine Bitcoin. You also need the Bitcoin client. This is necessary to take the information between your miner software and the larger Bitcoin network.

The Bitcoin mining software instructs the hardware to do the actual mining work, solving savage mathematical problems, in short.

If you are ordering in ASIC miners, you may get everything pre-configured. This will save you the time. We suggest you go for this option.

A few important mining software are-

• Bitcoin miner
• CG Miner
• BFG Miner
• Easy Miner
• RPC Miner

All of them are compatible with windows(except for the last two) and have several features that will make Bitcoin mining easy and profitable.

Deciding on which Mining pool to join

You can go solo or join a Bitcoin mining pool to compete with large corporations mining Bitcoin.

Pooled mining helps you work with multiple users who contribute their computing power to the generation of the block in a blockchain.

This is why a mining pool has a bigger chance of ‘solving’ a block and getting a reward. The flipside is that the reward will get split between all the members.

Go for this option if you want to create a steady stream of income.

How do you join a mining pool?

Joining a mining pool is really easy. It’s like signing up for a web service. Just create an account on the pool’s website. Once you do this, you’ll need to create a single or multiple ‘worker(s)’.

You can create multiple workers and assign them to a specific piece of hardware.

But, be aware of how much the pool will deduct from your mining payments. This normally ranges in value between 1 % and 10 %. A few pools charge nothing at all, too.

Mining for Bitcoins is possible, but it may not really be profitable. We suggest that you also check out crowd mining, which doesn’t require you to buy hardware and software, and you can share processing power from remote data centers. All the best.