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Crypto Data

Phantom Wallet Preps Mobile Launch After Reaching 1.2 Million Users on Solana

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“The Phantom wallet is a popular way for Solana traders to navigate DeFi. It says a mobile version is coming soon.

Phantom, the popular cryptocurrency wallet and browser extension that allows Solana users to transact with DeFi protocols, says it is preparing to launch a mobile version of its wallet.

Chris Kalani, chief product officer and co-founder of Phantom, told Decrypt, the company is planning a “private beta around the holidays” with a full launch in January.

Phantom is Solana’s answer to MetaMask, the Ethereum wallet built to interact with decentralized finance (DeFi) and other applications on the network. Via DeFi protocols, crypto owners can take out loans, earn interest on their digital assets, and trade them with other users, all without relying on a financial intermediary. 

But to take advantage of the growing DeFi ecosystem on Solana, which now controls over $15 billion in assets, you need a crypto wallet that can integrate with the network’s nascent decentralized exchanges, lending protocols, and liquidity pools.  

hough there are other usable wallets, Phantom is perhaps the most popular. It allows traders to send, receive, or swap tokens within the Solana ecosystem. It also has options for buying, selling, and even creating NFTs, the digital deeds of ownership to digital and/or real collectibles.

The project recently touted reaching 1.2 million weekly active users. (Kalani assured Decrypt those were “not accounts or installs” but actual users.) Thus far, however, they’ve been confined to desktop, which is less than ideal for DeFi traders on the go. The mobile app, should it arrive on time, will give Solana DeFi traders a much needed resource in a market with limited options. Most other wallets, for instance, don’t support staking—dedicating SOL to the network so it can become more secure (and you can get rewarded in crypto).

“This means they can mint NFTs, stake tokens, and more while not being tied to their computers, which carries considerable weight considering how fast the Solana ecosystem currently moves,” said Phantom CEO and co-founder Brandon Millman in a press release.

Solana is indeed moving fast. The Solana coin recently overtook Tether to become the fourth-largest crypto asset by market capitalization. Phantom is growing along with it, according to the firm’s estimates. In July, it secured a $9 million Series A round led by Andreessen Horowitz. At the time, it claimed just 70,000 users.

In addition to Solana, Phantom is branching out to other blockchains, with a beta Ethereum wallet in the works. That’s all further down the road. Said Kalani, “Phantom is laser-focused on Solana.” Decrypt

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Ecosystem

Avalanche Ecosystem

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Interviews

The Best Business Show with Anthony Pompliano: EXCLUSIVE Michael Saylor Interview

The Best Business Show with Anthony Pompliano: EXCLUSIVE Michael Saylor Interview by Anthony Pompliano

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Crypto News

Reddit to reportedly tokenize karma points and onboard 500M new users

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“Reddit engineer, Rahul, highlights the social media platform’s efforts to improve user interaction through various cryptocurrency initiatives.

American social media giant Reddit may soon convert users’ karma points into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto users in the process, according to a newly hired Reddit engineer.

A series of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to improve user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own layer-two rollup using Arbitrum technology for its rewards points, named Community Points. According to the website:

“Your Community Points exist on the blockchain, independently of Reddit, where they can only be controlled by you (just like Bitcoin (BTC) !).”

How will we pull this off?

Reddit has partnered with @OffchainLabs(@arbitrum) and created our own separate instance. 

Community points for 2 subreddits (~80,000 users) are already on Rinkeby Testnet on our Arbitrum network (separate to Arbitrum One). — Rahul (@iamRahul20x) November 3, 2021

Reddit’s partnership with Offchain Labs’ Arbitrum network will allow for the creation of a separate blockchain instance, to be used for storing users’ tokenized community points. 

Currently, the community points of roughly 80,000 users from two subreddits — r/cryptocurrency and r/FortNiteBR — have been moved to the Rinkeby Testnet on the Arbitrum network, which, according to Rahul, will be scaled for gasless transactions:

Moreover, Reddit communities will also have the ability to fork blockchains through community-based decisions, in addition to allowing the scope to explore new monetization strategies with Web 3.0.

“When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again – 500 million new crypto users.” CoinTelegraph

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Crypto Data

Nike Filings Suggest It Is Ready to Explore NFTs

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“The sneaker giant is looking to trademark its brands for use in the Metaverse.

Nike has filed several requests with the U.S. Patent and Trademark Office for branded virtual goods, including shoes, clothing, and accessories. 

Nike Prepares For the Metaverse

Nike could be the next company to enter the Metaverse. 

According to the USPTO website, the Oregon-based sportswear company filed several requests with the U.S. Patent and Trademark Office in late October. The filings look to protect Nike’s trademarks in the category of downloadable virtual goods, with the intention for use “online and in online virtual worlds.”

The seven filings list the Nike and Jordan trademarks with their respective logos and the “Just Do It” tagline. Each listing registers the trademarks for use on digital versions of footwear, clothing, headwear, eyewear, bags, backpacks, art, toys, and sports equipment.

The applications have been filed on an intent-to-use basis, indicating that Nike could be looking to branch out its offerings to NFTs soon. Additionally, Nike Direct’s Vice President Daniel Heaf is currently serving as an advisor to LUKSO, a blockchain network dedicated to digital lifestyle use cases. 

While no official statement has been made, Nike appears to be positioning itself for a venture into digital goods.  ” CryptoBriefing

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Crypto Data Ecosystem

Solana Ecosystem

Solana Ecosystem Coin99Insights

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Crypto News

Bitcoin soft fork days away as Taproot upgrade closes in

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“The Taproot upgrade was set for deployment after achieving a 90% consensus among the Bitcoin miners (mining nodes).

Real-world use cases are one of the main adoption drivers for every crypto ecosystem, which also holds true for the Bitcoin (BTC) network. In the next seven days, the Bitcoin protocol will undergo a soft fork in the name of the Taproot upgrade, which aims to improve the network’s privacy, efficiency and smart contracts capability. 

Taproot is Bitcoin’s first major upgrade since August 2017, which saw the introduction of Segregated Witness (SegWit) and resulted in the launch of Lightning Network. While the previous fork primarily sought to fix transaction malleability and improve Bitcoin’s network scalability, the Taproot upgrade aims to revamp transaction efficiency, privacy and support smart contracts initiatives.

The Taproot upgrade was set for deployment after achieving a 90% consensus among the Bitcoin miners (mining nodes). On the same day in June 2021, Bitcoin developer Hampus Sjöberg tweeted the announcement:” Cointelegraph

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto Data

@RealVision Exchange #crypto portfolio weights and my Bot portfolio

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Crypto News

Burger King and Robinhood Will Give Away 2 Million Dogecoin to Customers

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“Burger King has started taking advantage of Dogecoin again. It is now offering the cryptocurrency as a reward to American customers.

Fast-food giant Burger King has partnered with Robinhood to distribute cryptocurrencies to its customers. All buyers that make a $5 purchase will receive guaranteed Dogecoin, alongside a chance to win ether and bitcoin.

This time, program members that purchase over $5 of food through the Burger King app will receive a prize code via email. This code may be redeemed through the Robinhood Crypto trading app to receive cryptocurrency.

Every prize code includes a guaranteed sum of DOGE – though the exact amount included in each purchase is unspecified. However, there are a total of two million Dogecoin available, which amounts to over $500 million at its current price.

There is also a small chance for buyers to earn either ETH or BTC, alongside their Dogecoin. The odds of winning Ether are 1:10 001, with over 200 available ($800,000). Meanwhile, the odds of winning Bitcoin are ten times higher at 1:100 011, with just 20 available ($1.17 million).ADVERTISEMENT

Prizes are limited to one code per customer, per day, for a total of 21 days. The contest lasts from November 1st to 21st and is available only in the US.

Promoting With Dogecoin

This isn’t the first time either Burger King or Robinhood has leveraged Dogecoin for profit. In late July, Burger King announced that it would be accepting Dogecoin for dog treat purchases at its Brazilian stores. Furthermore, there are over 40 BK locations throughout Venezuela that accept multiple other cryptocurrencies for purchasing regular food.

As for Robinhood, more than 60% of the company’s revenues came from Dogecoin trading on their platform in Q2 of this year. However, this number has since dropped to 40%, causing an overall decline in the platform’s Q3 revenue.” Cryptopotato

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Interviews

Why Bitcoin: Michael Saylor Interview 

An interview with Michael Saylor where we dig deep into Why Bitcoin, Microstrategy and Bitcoin, The Lost Bitcoin and Max Supply, the geopolitical landscape, mining, the biggest risks for bitcoin, debasement, gold, education, legacy, giving back and so much more.  InvestAnswers

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Crypto Data

Market Cap BTC Dominance 01112021

Market Cap BTC Dominance 01112021 Tradingview

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Crypto Data

@RealVision Exchange Crypto and Bot porfolio October 2021

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Crypto News

Billionaire Paul Tudor Jones Now Prefers Bitcoin Over Gold

“Billionaire Hedge-fund Manager Paul Tudor Jones said Wednesday on CNBC’s Squawk Box that he now prefers Bitcoin over gold as a hedge against inflation.

The founder and chief investment officer of Tudor Investment Corporation, boasting nearly $40 billion in assets under management, Jones expanded on his thoughts about Bitcoin: “Listen, I said then, I said now, I’ve got crypto in single digits in my portfolio. I have a small trading position at our fund. I do think we’re moving into an increasingly digitized world.”

He stated, “Bitcoin will be a great hedge.” As a long-term store of wealth tool, Jones compared Bitcoin to a traditional but lagging hedge against inflation, gold.

Making it perhaps the most appreciating asset in human history in US dollar terms.

“Clearly it’s winning the race against gold at the moment, right?” Jones continued. “So yes, I would think that would also be a very good inflation hedge. 

Screen Shot 2021-10-20 at 09.34.47

Bitcoin is not only winning the race against gold, it is winning the race against every asset for a decentralized, uncensorable, terminally scarce, peer-to-peer currency. Jones concluded by saying that Bitcoin is his preferred inflation hedge over gold at the moment, but it is not just this moment. Bitcoin will outperform everything.

The comments came as Bitcoin hovered within $500 from a new all-time high, and 99% of holders were in the green. ” Bitcoin Magazine

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Crypto Data

Top 6 Altcoin Set to Explode in 2022

Top 6 Altcoin Set to Explode in 2022 Altcoin Daily

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Blockchain Gaming

Esports Organization TSM FTX Partners With Solana and Serum-Powered NFT Game Aurory

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October 1, the global esports firm TSM FTX announced the launch of the organization’s first-ever non-fungible token (NFT) collection in partnership with the Solana blockchain-based NFT game Aurory.

TSM FTX Collaborates With Solana and Serum-Powered Blockchain Game Aurory

During the first week of June, FTX Trading Limited, revealed the crypto company inked a naming rights deal with the U.S. professional esports organization TSM for $210 million. The announcement said that the crypto firm would rename the esports organization “TSM FTX,” and the two companies would collaborate in a multi-year partnership arrangement.

On Friday, TSM FTX explained the company is launching the organization’s first-ever NFT collection. The NFTs were crafted by aurory.io. The Aurory game is similar to the blockchain-powered game Axie Infinity but leverages the Solana blockchain and Serum, a decentralized exchange (dex) built on Solana.

“Aurory is a JRPG computer game where people will evolve in a rich and diverse universe,” the game’s website details. “In this world, you will discover Antik and Cryptos, two different areas and biomes. You will meet several NPCs and the mystical creatures that are living in this world, called Nefties. Throughout your journey, you will own Nefties and use them to fight in awesome battles.”

TSM FTX Drops 4 NFT ‘Aurorians’

TSM FTX dropped four individual NFTs dubbed “Aurorians” and each one is wearing TSM merchandise like the 2017 LCS-winning jersey. There’s also a new 2021 version that features the TSM FTX logo, the announcement details.

“These exclusive avatars have multiple functions both in and out of the game,” TSM FTX explains. “Including acting as a player’s visual identity, allowing owners early access to play future game modes before they are made public, exclusive access to special modes and rewards, and much more.”

TSM FTX fans can also enter to win one of the exclusive NFT avatars and the firm says the remainder of the tokens will be auctioned at a later date. Concluding, TSM FTX says that the blockchain game Aurory aligns with TSM FTX’s “vision for the future.” Bitcoin.com

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto News

Bank of America: Bitcoin is Important, The Crypto Industry is Too Large To Ignore

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“Bank of America released a report analyzing the current state and perspectives of the cryptocurrency industry, which is now “too large to ignore”.

Bank of America has published its report “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy, providing an in-depth analysis of the current state of the blockchain industry from cryptocurrencies to DeFi and NFTs.

The report says that the industries of cryptocurrencies and decentralized finance services have grown to the point of being “too large to ignore.”

BofA’s researchers note that nearly 221 million users have exchanged cryptocurrencies or used a DeFi service, with steady growth. Similarly, the increased participation of institutional investors is a clear indication that cryptocurrencies are much more than a passing phenomenon driven by retailers.

Bank of America is Bullish About The Crypto Space Beyond Bitcoin

Bank of America highlights that during the first half of 2021, the DeFi ecosystem received close to $17 billion in funding from institutional investors; this contrasts with the $5.5 recorded during 2020. Similarly, mergers and acquisitions in the crypto space rose from $940 million in 2020 to $4.2 billion in 2021.”

“In an official PR, Alkesh Shah maintained an agnostic stance, asserting that there is more to cryptocurrencies than Bitcoin.

“Bitcoin is important, but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”

“The team also asserts that the way we interact with the world could change radically with the advent of blockchain technologies:

“In the near future, you may use blockchain technology to unlock your phone; buy a stock, house or fraction of a Ferrari; receive a dividend; borrow, loan or save money; or even pay for gas or pizza,”

Bank of America also highlighted that the growth of NFTs was a surprise for everyone. Researchers emphasized their fear that the large valuations of some NFT pieces, such as fractionalized artworks or the NFTs from the crypto game Loot, could be a bubble that affects many investors who do not know the risks they are exposed to.” Cryptopotato

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto Data

Bitcoin Rainbow Chart 05102021

Source : Blockchaincenter

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Crypto News

Snoop Dogg is rebuilding his real-life mansion in The Sandbox NFT metaverse

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“The rapper will also launch a 3D avatar collection and players will be able to create games using virtual “Doggfather” items such as Snoop Dogg’s personal car collection, dogs, statues, memorabilia, and more.

The Sandbox, a leading decentralized gaming virtual world and a subsidiary of Animoca Brands, announced today that it has partnered with Snoop Dogg to bring the rapper, actor, songwriter, entrepreneur, and entertainer to The Sandbox gaming metaverse.

Snoop Dogg will enter the metaverse by owning his own virtual land in The Sandbox, where he will set up his mansion. Snoop Dogg will also launch his NFT collection including player avatars and a limited ‘Snoop Dogg Private Party Pass’ that gives users VIP access to concerts, events, Q&As, and dedicated NFT drops. 

Snoop Dogg will also launch a 3D avatar collection inside The Sandbox and players will be able to create games using virtual “Doggfather” items such as Snoop Dogg’s personal car collection, dogs, statues, memorabilia, and more.” Cryptoslate

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Documentary Interviews

Michael Saylor and Bill Barhydt. The Ultimate Crypto Interview on Money Talks!

Michael Saylor and Bill Barhydt. The Ultimate Crypto Interview on Money Talks! Abra

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MiamiCoin Going Mainstream

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“MiamiCoin (MIA), the cryptocurrency created by private actors to benefit the 44th-largest U.S. city, may have a better shot at everyday use than bitcoin, Mayor Francis Suarez said Thursday.

In an appearance on CoinDesk TV’s “First Mover,” Suarez, who is working to attract crypto businesses to Miami, claimed MIA has “been mainstreaming significantly faster than bitcoin,” even though you can’t yet buy anything with the token.

He noted that the coin is trading for pennies, which Suarez suggested may make holders more willing to spend it than bitcoin, which changed hands Thursday afternoon at $44,639.18.

“What’s interesting about bitcoin is that its use case has essentially been a store of value, and the question is, does MiamiCoin remain a store of value … or does it have a different use case?” Suarez said. “We feel that if MiamiCoin metamorphoses into a currency … there exists a possibility that it could have wide use and applicability.”

MIA runs on the Stacks protocol, which in turn runs on top of the Bitcoin network. People can “mine” MIA by sending STX, the native token of Stacks, to a smart contract, which forwards 30% of those contributions to a wallet reserved for the city. Last month, the city voted to accept those funds, now worth $7 million. Suarez said Thursday the project is generating over $2,000 every 10 minutes for the municipality.

MIA has jumped more than 10 times in value since its August debut, to around 4 cents, which Suarez said shows how “exciting Miami is in the crypto world.” Regarding concerns of a potential crash of the token, the mayor reiterated that the city “bears no liability whatsoever for people’s investment decisions.”

“There’s absolutely no reason to believe that it wouldn’t be volatile based on the way bitcoin has performed,” he cautioned.” Coin Desk

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto Data

RealVision Bot and Exchange Portfolio weight Sept 2021

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Crypto News

El Salvador ranks third in global Bitcoin ATM installations, data finds

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“El Salvador now hosts the third-largest network of crypto ATMs after the United States and Canada, amounting to 70% of all crypto ATMs in South America.

According to data from Coin ATM Radar, El Salvador has exceeded United Kingdom’s crypto ATM count after deploying 205 crypto ATMs to date to facilitate local Bitcoin transactions and BTC to U.S. dollar conversions. 

Comparing this to Statista data from August 16, it becomes evident that El Salvador has successfully installed 201 ATMs in just one month. Beforehand, the country ranked 43rd on the list with just four functional crypto ATMs.

President Nayib Bukele had previously stated that Bitcoin’s adoption would be initially supported by  a network of 200 ATMs and 50 branches. The Salvadorean government has partnered with an in-house cryptocurrency wallet provider named Chivo to power the BTC wallets and ATM usage in the country.

Crypto ATM installations are at an all-time high around the world with 27,664 active machines, and 2,790 new machines being added in September. The increase in El Salvador’s ATM installation drive aligns with the recent presidential order that requires all businesses to accept payment in Bitcoin. However, the merchants retain the option to convert Bitcoin payments to USD before withdrawing their earnings.

While other jurisdictions are yet to decide on Bitcoin’s use case as a mainstream asset, an average of 63.7 ATMs continue to get installed globally every day. Genesis coin remains a leading crypto ATM manufacturer with a market share of 40.7%, while General Bytes and BitAccess represent 22.7% and 12.7% of the market, respectively.” Cointelegraph

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto News

More countries to follow El Salvador’s Bitcoin move, Cardano creator says

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“El Salvador’s Bitcoin acceptance is a major win for the cryptocurrency industry, Cardano founder Charles Hoskinson believes.

Following El Salvador’s historic adoption of Bitcoin (BTC) as legal tender on Tuesday, Cardano founder Charles Hoskinson predicted that a lot more countries will eventually follow in the Latin American country’s footsteps.

El Salvador’s Bitcoin acceptance further legitimizes the belief that people should be in control of their money, Hoskinson said in his “Congratulations Bitcoin” YouTube video on Sept. 7.

The Cardano founder expressed confidence that cryptocurrencies like Bitcoin are the future of money as the younger generation will inevitably trigger mass adoption of crypto. “The majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money” he said.

Hoskinson further predicted that more countries all over the world will move into the cryptocurrency industry by accepting crypto as part of diverse government structures, stating:”

“In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.” Cointelegraph

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Documentary

WiM044 – The Saylor Series | Episode 10 | The Death of Gold

WiM044 – The Saylor Series | Episode 10 | The Death of Gold Robert Breedlove

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Crypto Data Ecosystem

Top NFT Ecosystems

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Crypto Data

Next week’s allocation for the @RealVisionExchange #crypto portfolio and my allocation.

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Crypto News

Twitter Looking to Adopt Bitcoin Lightning Network for Tipping Service

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The social media giant is reportedly working on making Bitcoin another payment method for rewarding content creators on the platform.

Code within a recent Twitter beta suggests that the company is integrating a Bitcoin payment option for its new “Tip Jar” feature with the help of the lightning network.

hough Bitcoin tips are not yet available to beta users, code reveals that it could soon be implemented as a payment option alongside Cash App, Bandcamp, Patreon, Venmo, and PayPal.

For the unfamiliar, users of the network will be guided through a Bitcoin tutorial, including details about custodial wallets, non-custodial wallets, and the Bitcoin Lightning Network. Given examples of custodial wallets include Zap, Breez, and Phoenix, while examples of non-custodial wallets include Strike, Blue Wallet, and Wallet of Satoshi.

In particular, use of the new Twitter function would require a Strike account, according to the text:

“We use Strike to generate Bitcoin Lightning invoices so you’ll need to connect your account to accept Bitcoin tips”

The arrival of Bitcoin tips was not unforeseen: Jack Dorsey told investors that Bitcoin would be “a big part of Twitter’s future” in July. At the time, he specifically mentioned the tip jar as one product that could benefit from the network, alongside a handful of others, including subscription and commerce.

The launch date of the company’s new Bitcoin feature remains unknown.

Utilizing Strike and the Lightning Network

Strike is a payment app developed by Zap solutions for facilitating the instant purchase and transfer of Bitcoin between parties – with no added fees. The app accomplishes this by utilizing the lightning network, a layer two solution that solves Bitcoin’s problem of scalability due to low transaction speeds.

Seeing Twitter utilize Strike is an interesting and exciting development, signaling the partnership of two major players within the Bitcoin space. Both Jack Dorsey and Jack Mallers (Founder of Zap) were stars of the show at the 12 000 people Bitcoin conference in June, where Dorsey stated that he would leave Square and Twitter if Bitcoin needed him more, and Mallers revealed that El Salvador would be instituting Bitcoin as legal tender. Cryptopotato

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto News

Decentralized search engine becomes default option on European Android devices

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“Presearch is backed by a community of node operators who process user search requests and earn rewards through the Ethereum-based PRE token. 

Beginning Sept. 1, decentralized search engine Presearch will be listed as a default option on all new and factory-reset devices sold in the United Kingdom and Europe, a move that could erode Google’s dominance in the search engine market. 

The decision by Google to list Presearch as a default browser option follows a protracted legal battle with the European Commission over accusations that the technology company used Android to solidify its search engine dominance. In 2018, the European Commission’s antitrust regulator fined Google a record 4.24 billion euros for unfairly limiting competition on smartphone operating systems. In 2019, Google said it will allow search engine rivals to compete for free on Android devices.

Presearch’s private, decentralized search engine option will now be listed on Android devices alongside several other eligible search engines across Europe. Although the search engines will be listed randomly, Presearch may appear differently depending on the user’s location. Regardless of location or device, Presearch can be accessed on desktop or smartphone by downloading the app via Google Play or the App Store. 

Presearch processes more than 1 million searches per day across more than 2.3 million registered users. The company said daily searches have increased more than 300% since January 2021. All search engine requests are processed by Presearch node operators, who earn rewards through Ethereum-based PRE tokens. 

PRE tokens are listed on CoinMarketCap and currently trade for less than 5 cents. The project has a total market capitalization of nearly $17 million. ” Cointelegraph

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto News

El Salvador climbs the Bitcoin ATM rankings: 200 machines on the way

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El Salvador is on its way to becoming a true Bitcoin hub with the installation of 200 ATMs where it will be possible to deposit and withdraw for free without commission. 

The announcement came directly from President Nayib Bukele via Twitter.

Bitcoin in El Salvador: expectation for September 7

The date circled in red on the calendar is September 7. On that day, Bitcoin will become, for all intents and purposes, a legal currency. In the meantime, however, not everyone in the country agrees with this turning point strongly desired by the president to revive the local economy.

That’s why Nayib Bukele released a tweetstorm in which he defended himself against the accusations of the opposition but also explained how El Salvador is preparing for September 7.

Remittances

From September 7 (and from now), it will be possible to send remittances from abroad to El Salvador in Bitcoin and dollars. With two differences:

  • remittances in Bitcoin are instantaneous (or almost);
  • remittances in Bitcoin are commission-free. 

That is where the strength of Bitcoin Ley lies, according to the country’s president: the population of El Salvador spends as much as $400 million a year in commissions on remittances. With Bitcoin, there will be savings for the population and a benefit for the economy. 

Los puntos Chivo: 200 Bitcoin ATMs in El Salvador

Another novelty is the introduction of Chivo points. Chivo is the name of El Salvador’s official wallet app, which entitles you to $30 in Bitcoin. Under the same brand, as many as 200 Bitcoin ATMs are being built where you can convert BTC to USD to withdraw it and deposit USD and convert it to BTC. 

In addition, these will also be information points where there will be staff to explain the operation of ATMs and give all the info you need to disentangle with Bitcoin. 

All this without commissions. The ATMs will be operational 24 hours a day. 

All this concerns those who will “convert” to Bitcoin. And who will not want to do it? The president explains that absolutely nothing will happen. No one is forced to use Bitcoin.

All that remains is to wait for how many residents of El Salvador will start using BTC as of September 7. 

The number of Bitcoin ATMs in the world

According to Coinatmradarthere are currently only 4 Bitcoin ATMs in El Salvador. So the president aims to deploy 200 machines for a population of “only” 6.5 million. That projects El Salvador among the three countries with the absolute highest number of ATMs, and certainly also at the top of the charts for the ratio of number of ATMs to population. 

Suffice it to say that at the top of the Coin ATM Radar ranking are the United States with more than 22 thousand branches, Canada with almost 1,800 branches, and, at a distance, the United Kingdom with 164 branches. El Salvador, with 204 ATMs, would be third. 

In El Salvador, there will basically be one Bitcoin ATM for every 32,500 people or so. It currently remains “below” the United States, which boasts one Bitcoin ATM for every 16,500 people, and also below Canada, which instead has one Bitcoin ATM for every 20,500 inhabitants.

But given El Salvador’s small size, you can bet that its Bitcoin ATMs will excel in density. Cryptonomist.ch

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.