Sep 12, 2021 08:04

Staking: these are the 5 preferred cryptos for passive profits

Staking has been called in various ways, some accurate, others not so much.

This has also happened with PoS, the Proof of Stake protocol. Proof of stake, proof of stake, anyway. Stack, bet, there is everything, but the idea behind staking is very simple.

PoS is precisely the consensus system that allows you to stake (some say so) your cryptos. We will see it sometimes in its variants, such as dPoS, delegated proof of stake, nPoS, or nominated proof of stake and others.

Decentralized finance, or DeFi, seeks to emulate and enhance legacy financial systems.

Taking advantage of the advantages offered by blockchains, it was obvious that DeFi also offered some way to use cryptocurrencies to earn interest, as is done with savings accounts.

And staking is practically that, saving with crypto. The user leaves some amount of his coins without moving them for a stipulated time, and the network rewards him with interest paid in the same currency.

The addition of blockchain systems allows stakers to participate in things like network governance, for example.

Not all blockchains give the same staking benefits to their users. Even performance is often different in many cases.

The staking capacity is not something native to electronic wallets, nor to crypto exchange platforms. It is usually added depending on the volume of coins destined for savings in each network.

But the idea is that these benefits make it attractive for the owners of the coins to hold them captive for a time.

That is always the first requirement to earn interest when staking.

Next, we are going to review the 5 cryptos that staking enthusiasts prefer the most. They are those that appear as those that accumulate the most captive capital producing passive profits.

Cardano (ADA)

Founded in 2017, the Cardano network has brought some breakthroughs to the blockchain world. Among them, the ability to program smart contracts and decentralized applications in modules.

The Cardano blockchain is also often used to optimize supply chains, guarantee the origin of certain products and the tamper-proof storage of digital identities.

According to Staking Rewards data, Cardano, whose native token is ADA, is the network that presents the highest amount of money accumulated in staking. More than USD 39,800,000.

ADA is currently trading at $ 1.74, and the reward that returns to its staking users is 7.29%. As you can see, it is an accessible price token, and it could be a good option to start in passive earnings.

Polkadot (DOT)

The second blockchain with the most captive capital in staking is Polkadot.

In the Staking Rewards classification, the Polkadot network accumulates about USD 17,592,297 in staking.

Polkadot, whose native token is called DOT, is one of the most interesting and complex chain of blocks that can be found in the blockchain ecosystem.

It is also related to Acala Network, a network that provides the Acala Dollar stablecoin.

Among its outstanding figures are the parachains, or parallel chains. Parallel chains allow the execution of simultaneous transactions, which greatly improves the scalability of the network.

This blockchain was conceived to serve as a hub between different blockchains, and facilitate the exchange of data, tokens and other digital assets between them.

The yield per staking of DOT is 13.18%. The DOT token is currently trading at about $ 25.32.

Ethereum (ETH)

In the third place of the most relevant cryptocurrencies in staking we find the eternal shadow of Bitcoin, Ethereum.

As most of you already know, the paternity of Ethereum is attributed to the young Vitalik Buterin. But the reality is that the network has other co-founders.

Some of them, like Charles Hoskinson, or Gavin Wood, decided to carry out their own blockchain initiatives, founding networks where staking is allowed.

The cryptocurrency of Ethereum is ETH, or ether, although it is also called Ethereum interchangeably. Staking Rewards data indicates that the Buterin network accumulates some USD 13,319,377 that produce rewards for its savers.

ETH yield is 6.65%.

Solana (SOL)

Do you know the famous blockchain trilemma? Supposedly, no blockchain can satisfy at the same time the three most desirable requirements in them: security, scalability and decentralization.

When the network focuses on one of them, it is at the expense of the other two. But that was before Solana appeared, whose creators claim to have settled the matter.

The main attraction of the Solana network is its speed and its rates, which are estimated in fractions of a dollar. Solana blocks are created in just milliseconds.

Although it is a blockchain that allows staking, its main protocol is called PoH, or proof of history. Something that its creator, Anatoly Yakovenko, an individual who made a career at Qualcomm, invented.

Solana's currency is SOL, and it is currently trading at USD 30.21. The yield per staking of SOL is 10.37%. The capital that Solana has retained in staking is calculated at USD 12,650,936.

Algorand (ALGO)

Algorand is the product of the mind of a genius, one of those who work at the Massachusetts Institute of Technology. His name is Silvio Micali, and he has made important contributions in the research of communication between computers.

Micali has also participated in developments related to blockchain projects, and the improvement of existing electronic money systems.

Like many other blockchains, Algorand's main idea was to offer a highly efficient network whose transactions far exceed the speed of Bitcoin.

The network also stands out for its super cheap rates.

It is clear that today, almost all cryptocurrency networks are considerably faster than Bitcoin, which, despite its limitations, no other crypto has been able to take away its number one place.

On their website, Algorand promotes itself as a platform focused on the Finance of the Future, something they call “FutureFi”.

They themselves count by the hundreds the financial organizations, blockchain initiatives and investment companies, and others, that rely on the technology offered by the Algorand network.

Among the best known are Circle, Tether, Cudo (popular with blockchain developers), Chainalysis, and Ledger.

Algorand's native currency is ALGO, which is currently trading for $ 1.01, according to data from CoinMarketCap. It is the cheapest cryptocurrency of those listed in this ranking.

The Staking Rewards board indicates that, by “stake” with ALGO, its users receive a yield of 5.56%. The value of the tokens on deposit slightly exceeds $ 5,700,000.

Staking for everyone

In the world of staking there is a variety of currencies with which to access passive profits.

Each blockchain network has its particular conditions to be able to practice staking with its tokens. Some are more demanding, others provide more flexibility.

Sometimes it is necessary to have a large initial amount of money to run a node and to be able to hold the coins. On some networks, a few accumulated coins will already earn you rewards.

The minimum retention time is a condition to consider, at least for those who wish to have mobility. It can be as long as a year at times.

If you are interested in passive income, you can surely find a crypto to start with. But you have to do your homework, so start your research.

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Sep 12, 2021 08:04

United Kingdom forces to block cryptocurrency advertising

The advertisements of the company Luno will be withdrawn from the United Kingdom after the resolution that obliges them to do so for misleading advertising.

Lido is a company based in Singapore but with a presence in much of the world. Its main activity is cryptocurrency exchange together with a wallet service.

In one of their advertising campaigns through advertisements on the British subway, they ran into the association in charge of ensuring responsibility for advertising. The UK’s Advertising Standards Authority (ASA) considers its latest campaign “truly irresponsible”.

In it, you can see the poster of "If you're seeing bitcoin on the Underground, it's time to buy" or what is the same, if you're seeing Bitcoin underground, it's time to buy. Performing a pun with the ad being in the underground and bitcoin in a strong correction.

The association explains that with this poster people are encouraged to think that investing in cryptocurrencies is simple and easy. Without warning of the high risks that market volatility entails and taking advantage of their probable lack of experience in the cryptocurrency market.

It seems that there were several alerts that this British association received. Many people consider cryptocurrencies a kind of casino similar to sports betting, which has also been very controversial in recent times.

While it is true that there are thousands of cryptocurrencies and that there are times of wild speculation. Investment in the main crypto assets does not seem in the long term to bear similarities to a Russian roulette.

The exchange has communicated that it will withdraw the ads without major problem and that in its next campaign they will take more into account the obligation to warn of the possible risks involved in investing in digital assets.

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Sep 12, 2021 08:04

Cryptocurrencies find some relief after their crash

Cryptocurrencies find some support for a bounce after one of the toughest weeks for investors.

Although last Thursday we told you how Bitcoin had recovered the level of 41,000 dollars. The joy for investors was short-lived, as not long after, the asset returned to visit lows. Marking what at the moment appears to be a double bottom.

Following the confirmation of the Wyckoff distribution pattern, Bitcoin plunged to $ 30,000 in one of the worst weeks on record in the world of cryptocurrencies. The speed with which the falls occurred did not leave anyone indifferent.

To this, a multitude of very negative news for the sector have been added in recent days. The prohibitions of Chinese institutions towards cryptocurrencies and their mining, as well as the closure of some activities in the country, have been the perfect excuse to lead the majority of assets to suffer devastating falls.

As we can see, many projects have lost more than 80% of their value in less than a month or even less than a week. And as usually happens after an event of this magnitude, the rebound, although it has been expected, has come with strong rises for some assets.

It should be noted the case of MATIC, which has almost doubled in value since it found minimums around 75 cents on the dollar.

While many are “buying the dip” by raising the price of assets, many other investors are still very cautious and prefer to wait to see how the market behaves in the coming weeks to make a decision. The fear of the beginning of a new bear market is very present and the fear indices in the markets are at their highest.

Time will tell if we are facing a new market trap or if we will have a recovery over the next few months.

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Sep 12, 2021 08:04

Tesla turns its back on Bitcoin, which collapses by $ 10,000 in minutes

What is Tesla playing?

During the night, a press release relayed by the CEO and living embodiment of the most valued electric car brand of the moment Elon Musk, informed the world of a turnaround worthy of a bad technological thriller.

After having made the buzz barely a few weeks ago by announcing to sell its cars in bitcoins, the firm is now announcing to backtrack. Abruptly deemed “too polluting”, Bitcoin is today shouted at by those who praised it yesterday. A sad rebound with multiple collateral victims, the crypto market having reacted particularly negatively to the news, Bitcoin losing up to $ 10,000 overnight.

If after having positively surprised the whole industry by announcing last May to integrate Bitcoin as a means of payment to acquire its vehicles, the automobile brand Tesla had recently been caught discreetly disposing of a fraction of its war chest (valued 1.5 billion dollars at the time of the sale), no one had really found fault, so much the love affair between Elon Musk and the creation of Satoshi Nakamoto seemed to want to register in the long term.

Of course, there were many who began to worry about seeing the whimsical boss continue in parallel to ensure the hyper-promotion of Dogecoin, a cryptocurrency however “useless” (and precisely designed to be) passing the A sympathetic joke crypto-canid from the bottom of the marketcap, the 4th power of the latter, with a capitalization of 80 billion dollars at the highest.

And after all, the operation having made several hundred neo-millionaires, and even allowed some Goldman Sachs bankers to resign loudly, everything seemed to be fine.

And then to send Dogecoin - literally - to the moon, even the minds most stressed by the obvious irrationality surrounding ended up seeing it as a form of ethereal poetry …

Except that this night, the cold and relentless business suddenly resumed its rights, running the risk of bringing everyone back to the bottom of the cows, leaving Thomas Pesquet helpless to witness the very human drama being written in letters of blood on the land markets.

Tesla, environmentalist lesson giver, a modern fable?

We will not dwell here on the fact that the myth of a “maxi-polluter” Bitcoin is now largely undermined and that it is now considered that approximately 75% of its electricity consumption necessary for mining comes from so-called clean and renewable energies.

In addition, it should be noted that even if the time is fond of headlines a little scary or meaningless comparisons, it does not matter that Bitcoin consumes “as much as Sweden”, or soon “more than the whole of the United Arab Emirates. ”.

Indeed, apart from the fact that comparing incomparable metrics is an insult to the intelligence of readers and citizens, we will agree above all that only the ratio of expenditure / utilities really matters. And in this matter, Bitcoin is doing more than its share and probably deserves infinitely better than just cutting back on electricity, as if its value proposition were like that of a toaster or a television.

Did you know in this regard that in 2010, according to figures from the International Energy Agency, the simple “standby” mode of 160 million American television decoders wasted 18 TWh, or the equivalent of consumption from Iceland? Which sacrifice on the altar of ecology seems to you the most relevant? A questioning of our behaviors and global over-consumption patterns, or the removal of the new tools of freedom and inclusion that Bitcoin embodies?

Everything that Elon Musk is absolutely aware of, of course. He agreed, moreover, there are still a handful of days:

Finally, to see Tesla set up as a paragon of virtue on the ecological front is an almost artistic irony. From the pollution induced by the monstrous quantities of rare earths necessary for the manufacture of its millions of “clean” vehicles, to the environmental damage induced by the other projects of the richest man in the world (hyperloop, Space X…), Bitcoin is just a drop of oil lost in a puddle of cobalt and lithium.

Bitcoin flash crash that loses $ 10,000 in minutes

Beyond these few considerations, Bitcoin and crypto had a rough night, with BTC losing as much as $ 10,000 within an hour of Tesla's announcement. The first value of the crypto marketcap is trading at the time of writing around $ 50,000.

Traditionally, altcoins have followed suit, often posting losses that are even greater than those suffered by Bitcoin. This is how the entire crypto market is in turmoil this morning, losing $ 250 billion overnight, falling from $ 2,600 billion to $ 2,350 billion.

There is no doubt that a strong rebound is to be expected in the next 24 hours, this type of epidermal variation being driven by FUD (Fear, uncertainty, doubt,) mechanics with essentially psychological springs. Be careful, however, this is not a good time to make unreasonable investment decisions. On the other hand, the day is probably very timely to cancel your order for the last CyberTruck Tesla.

In conclusion, let's admit one thing to Elon Musk and Tesla: you don't become the richest man in the world and the most powerful car brand on the market without the ability to build a solid plan, and the ability to build it. 'perform perfectly. Let’s therefore bet that beyond the apparent irrationality of events, ambitions exist and follow a precise strategy. The press release mentions Tesla's research “for more energy efficient cryptocurrencies”. There is no doubt that this mention is not innocent and could suggest future twists.

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Sep 12, 2021 08:04

China Strikes Cryptocurrencies Again, Bitcoin Slumps Again

The highest level of government in China has proposed new measures to regulate mining in the country. The proposal has been received as a further blow to the digital asset market causing BTC to plummet close to 10%.

https://twitter.com/WuBlockchain/status/1395744914000863233?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1395744914000863233%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fbitcoin.es%2Factualidad%2Fchina-vuelve-a-atacar-a-las-criptomonedas-bitcoin-se-desploma-de-nuevo%2F

The Finance Committee of China held a meeting to take action "to study and deploy key tasks in the financial sector." This meeting was chaired by Liu He, Deputy Prime Minister of the State Council and Director of the Finance Committee.

During the meeting, new solutions were sought to increase support for the country's "real economy". To this end, it was proposed to use, in a comprehensive manner, a variety of monetary policy tools, with the aim of maintaining reasonable liquidity, effectively preventing and defusing financial risks, and promoting a virtuous economic and financial cycle.

Among the proposed tools, the “prevention and resolute control of financial risks” stands out. Within this section, the Chinese government has included taking energy measures against Bitcoin mining as commercial behavior. This is the first time that the highest layer of the Chinese government has proposed measures against digital asset mining. The government's objective is to prevent individual risks derived from individual activity and that these are not transmitted to the social field.

Earlier in the week, the Chinese government dealt a severe blow to the crypto ecosystem by prohibiting financial institutions from providing cryptocurrency services. The new news has once again shocked a market that seemed to have stabilized. Bitcoin (BTC) plunged about 10% in the hour after the news broke, altcoin such as Polkadot (DOT) and Ethereum (ETH) have followed the asset in its decline.

The Chinese government is expected to also take energetic measures against Bitcoin's own transactions, this does not currently seem one of its priorities. The government is focusing on "preventing the transfer of personal risks to society", which means that they are paying greater attention to social stability.

China's decisions have hit the crypto ecosystem a lot recently. It is expected that with the new energy decisions related to mining, many groups of miners will decide to leave the country.

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Sep 12, 2021 08:04

Bitcoin down 26% in one week

Did Tesla sell his bitcoins despite his boss's promises? The evolution of the exchange rate might give us hope (it would be one less threat), but if Decrypt envisages such a scenario, it still remains only a simple assumption based on rather light indices.

Either way, bitcoin lost 10% of its value in 24 hours, 26% in a week, and over 30% in a month.

It is currently trading around € 35,400 ($ 43,200) on major exchanges.

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Sep 12, 2021 08:04

Bitcoin on the Playstation? Sony’s patent finally accepted

On May 17, 2021, the publication of a patent by Sony Interactive Entertainment mentioning Bitcoin was greeted with great fanfare by the cryptosphere. This had in fact already been refused twice by the US Patent Office, because the Japanese trademark project was not clear enough.

Online betting, video games and digital assets

According to information from PatentScope, the patent was originally filed in 2019, but the application for registration was refused twice by the United States Patent and Trademark Office (USPTO). Indeed, under US law, the laws of nature, natural phenomena and abstract ideas cannot be the subject of patents.

During the 2 releases dating from 2019 and February 2021, the USPTO considered that Sony did not provide enough detail on the technical aspects of its platform for it to be considered a service rather than an abstract idea. The patent was finally accepted and by the USPTO on May 17th. It therefore seems that Sony has passed the proof of concept stage and has a beta version or, at least, a prototype of its betting platform.

Basically, the patent presents a system where spectators of esports events could bet on the outcome of matches. The system would operate through an overlay user interface that will appear during the broadcast so that the user can place their bets.

Bets placed could take many forms and the patent states that:

“Bets can be pecuniary, as with money or bitcoins, or also non-pecuniary, as with gaming assets, digital rights and virtual currency […] The assets used for betting can be linked to the electronic wallet of a spectator. "

A patent with multiple possibilities

From this paragraph it is possible to draw several conclusions.

First of all, the range of assets accepted for betting is particularly wide. It would include all digital assets, even non-crypto ones. Indeed, the mention of Bitcoin implies that cryptocurrencies will be accepted, and the notion of digital rights seems to cover the concept of NFT.

Then there are many things that gaming assets can represent. These are, for example, graphic elements of certain titles, such as Counter-Strike, which sell for several hundred dollars and which could be used in betting.

The odds for these bets would be determined by machine learning, based on the playing history of the competing players or their performance in the current match. The patent is not limited to Sony's PlayStation and mentions other home consoles as well as virtual reality systems. Therefore, we can assume that the Japanese company intends to create a betting ecosystem that is agnostic to the game medium and adaptable to all categories of e-sport.

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Sep 12, 2021 08:04

Bitcoin on the road to $100,000? The analyst with stainless optimism

Investor Lyn Alden shared her certainties about the bullrun pursuit in an interview with Coin Telegraph. The analyst is convinced that Bitcoin still has the potential to hit $ 100,000 in the current bull cycle, despite increasing uncertainty and heightened volatility.

Mixed signals for Bitcoin

Overall, Alden is showing a bullish bias on Bitcoin, due to his confidence in the fundamentals of the network. As early as fall 2020, Alden had already claimed that Bitcoin would reach $ 1,000 billion in capitalization, given the network effect and the arrival of institutions in the crypto-game. However, the analyst also cautions on current market conditions:

For people who would have difficulty coping with dips or periods of volatility, it may be a good idea to rebalance [positions].

The warning signs of top

Despite the strength of her beliefs, the investor points to the presence of warning signs that could signal a medium-term high for Bitcoin.

First, we have the Pi Cycle indicator, which reported a top around $ 63,000. This indicator designed on the basis of previous cycles would make it possible to detect the peak of a bull run. When the 111-day moving average crosses upwards 350-day moving average, then bitcoin would have reached a higher sustainable high.

As you can see from the chart above, this indicator accurately predicted the 2017 cycle top in mid-December.

Another sign of bullish exuberance put forward by Alden is the mad rush of dog tokens. Elon Musk's whimsical statements about DOGE, the meteoric rise of SHIB and his peers, are generally viewed as signs of the end of the cycle.

The supercycle theory: "this time it will be different"

With the massive arrival of institutional players in the digital asset market, some observers are suggesting that this cycle will not be marked by a major retracement, as the previous ones have been. This thesis would like institutions exposed to Bitcoin to defend their positions, by buying during corrections or, at the very least, that they will not sell during periods of volatility.

In our opinion, if a major institution has the opportunity to crash the price of bitcoin, while making a profit, it will. On the one hand, these players don't care about the price of BTC, the only thing that matters is their annual performance which determines their bonuses. On the other hand, institutions have every interest in forcing a bear market which will slow down the growth of the ecosystem.

However, some indicators, such as the stock-to-flow model, support the thesis of the continuation of the bull run with bitcoin reaching $ 100,000 in 2021, as Alden implies. Indeed, the latter declared to maintain a "large position" Bitcoin, because of these strong convictions in the fundamentals of the network.

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Sep 12, 2021 08:04

China bans financial institutions from providing cryptocurrency services

China attacks cryptocurrencies again with a ban that affects entities such as banks and electronic payment managers.

It looks like the "China FUD" of this bull season is here. China would have once again prohibited the free use and business development of cryptocurrencies.

On this occasion, the main objective of the blockade would be banks and electronic payment management companies. To which the possibility of offering any service related to the registration, trade and withdrawal of cryptocurrencies is denied.

The Chinese government had previously focused on currency exchange platforms. Which had to change location in order to continue operating.

Initial coin offerings (ICOs) and the participation of their citizens in them were also prohibited.

On the other hand, the three institutional pillars of the Chinese economy, the national internet finance association, the banking association and the payments association of China, have wanted to alert all investors about the risks of cryptocurrencies.

According to this set of institutions, there are various problems related to investing in cryptocurrencies.

First they want to warn the population that these currencies are not "real" since they are not backed by any central bank, so they should not be used as a means of exchange for goods or services.

They also claim to be highly volatile assets and subject to being easily manipulated, so their danger is very high and they reiterate their opposition to the risk involved in investing in them.

Thus with these statements we find something that seems to be already a classic in the bull markets of Bitcoin.

Statements of this type always appear that seem to take the price of Bitcoin well down.

The “china fud” has represented a great buying opportunity in other years and if history repeats itself, it could be again.

Although it seems that this year Elon Musk's Tweets have garnered more attention than movements from large countries.

From what we know, the fundamentals of Bitcoin and other cryptocurrencies do not appear to have changed for the worse. In fact, they are stronger every day by having a more solid network with more nodes registering the blockchain.

We will see the consequences of these new measures taken by the Chinese government. And if the impact on the price of cryptocurrencies has just put an end to the bull market.

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Sep 12, 2021 08:04

Dogecoin set to become the new Bitcoin? The wacky idea of one in four Americans

A slightly bullish pro-Dogecoin quarter - While Bitcoin seems quite timid lately, its price still remains above $ 50,000, which allows it to keep its throne calmly. However, a study has just put forward a serious competitor to the star of digital assets: Dogecoin (DOGE). Does the friendly crypto-doggie really have shoulders broad enough to dethrone the king?

Buy DOGE to enrich yourself

According to a recent survey by entertainment site Gamblers Pick of a sample of 1,000 individuals, 25% of Americans consider Dogecoin to be the successor to the king of cryptocurrencies.

The figures are to be interpreted with a margin of error of 3% and a confidence interval of 95%. 5.9% of respondents are Generation Z, 60.8% are Millennials, 22.6% are Generation X, and 10.7% are Baby Boomers.

54% of those polled consider that investing in DOGE is an opportunity to get rich. They invest small amounts, with an average investment of $ 227. 46% invest in Dogecoin "just for fun".

In 5 years, Dogecoin has recorded an increase of 700,000%, making it the fourth cryptocurrency in terms of market capitalization today and with a number of DOGE millionaires that has even doubled recently. Data from BitInfoCharts as of May 4, 2021 also indicates that approximately 2,866 DOGE portfolios are valued at $ 1 million or more each - up from 1,321 as of April 23, 2021 - representing a growth of 116% in that interval.

However, DOGE is not unanimous. 40% of those polled said they “regretted investing” in the shiba token - a normal reaction for investors who bought DOGEs during recent spikes.

A real fake Bitcoin twin?

Much like Bitcoin, Dogecoin has seen significant growth, ridiculing the gains of traditional assets. Moreover, the old crypto-joke is backed by stars, like Elon Musk, Gene Simmons or Mia Khalifa. And as one would expect the detractors of the 2 assets can criticize the fact that they are not backed by anything concrete. For very different reasons, the original creators of DOGE and BTC withdrew from the project and may not have anticipated the curve of their work.

These commonalities are superficial, however, as Bitcoin was created as a deflationary currency - limited supply, periodic halving. Its rarity increases over time, with many HODLers in no rush to part with their BTCs. The star digital currency has thus acquired the status of a hedging asset against inflation of fiat currencies among retail investors and institutional investors, quite the opposite of a DOGE whose production is virtually unlimited and of which millions of new units are created every day.

So yes, Dogecoin is a cryptocurrency with high potential for obvious reasons. But the fact that Bitcoin was the first to enter the market is a game-changer. Indeed, a BTC is currently worth more than $ 50,000, while the DOGE struggles to row far below the $ 1 mark. If the shiba token were to really succeed the number 1 in cryptoassets, it would still be in the distant future.

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