• Bitcoin

    UNICEF Crypto Fund to Invest $100K in Humanitarian Blockchain Projects

    UNICEF Crypto fund is looking forward to work with the blockchain and cryptocurrency companies that are in the nascent stage to leverage the blockchain technology and overcome the humanitarian challenges, especially in this pandemic. In the past few years, UNICEF is giving funds to many startups that have a great idea of using open source technology to develop innovative solutions. These solutions will make the world the best place for everyone to live in. UNICEF is trying to accelerate this process.

    Cecilia Chapiro, who is working as the investment advisor for UNICEF ventures, stated that the innovation fund was announced in 2016 to support the latest technologies that are being developed by the countries in the developing phase. UNICEF has invested in 50 startups in 35 countries. They only invest in the technologies that can serve billions of people, exclusively the children globally.

    According to this person, blockchain is found to be the most useful technology that would make a huge impact across the globe. They have invested around USD 1, 00,000 on this technology this year as a fund to six different startups, of which three are working on blockchain.

    The cryptocurrency fund launched by UNICEF would give ample support to the Ethereum Foundation that was started in 2019. This fund is similar to that of the innovation fund. The only difference between both is that the former fund would be used for investing only in cryptocurrency. The companies who want the fund must have a one-year experience to reap the non-financial benefits. They only shortlist the companies, which have ideas that can be turned into solutions and serve many people. The support would be given to get investors by talking to them as part of the one-year program.

    The most significant crypto investment that is made by UNICEF to date is 125 ETH, which would go up to USD 28,600. It invested this amount in eight different companies that focused on using open source technologies. There is another announcement made by UNICEF that it would release another USD 1, 00,000 in USD dollars for the blockchain startups to use the open-source technology optimally to fight the challenges faced by the world, especially the pandemic situation.

    The crypto venture launched by the investment advisor stated that the fund would be utilized rigorously for the startups working on blockchain. They invested in three companies a few years ago and a few more in the last few weeks. The crypto fund available with UNICEF could fund six to eight more companies working on the blockchain projects. UNICEF supports the startups that have the prototype for blockchain to transform the countries where there is a dire need for this technology. The startup company called StaTwig who is based out in India, made use of blockchain to track the supply chain of rice that is distributed by the government of India to the people belonging to the low-income areas. There is a public distribution system (PDS ) utilized to distribute rice to the people below the poverty line. There is a massive demand for the pubic distribution system in this pandemic. The PDS is found to be highly effective and is addressing many problems. There is transparency maintained to ensure enough rice bags in every warehouse to meet the demand.

    UNICEF invested in the startup company in Mexico to distribute the blockchain-based government assets and came up with 1000 blockchain IDs to allocate them to children. The blockchain-based citizen ID will make the government assets transparent, secure, and digital.

    Brain Behlendor, one of the Hyperledger Foundation directors, is essential to get the open-source license to convert a tool to the one that can benefit people. The blockchain startups that are funded by UNICEF are based out of Europe, the US, and Asia. The UNICEF wants to invest in minorities, and companies run by women. The pandemic has created no issue for UNICEF to invest in startups. There is a one week workshop conducted to companies that receive funds; however, due to pandemic these workshops were made virtual.

     

  • Bitcoin

    Stock in Crypto mining firms Riot and HIve massively outperforms Bitcoin

    With the development of technology, new avenues such as blockchain and cryptocurrencies are opened. Many companies have started their own blockchain and also mining of virtual currencies or cryptocurrencies, which has sought attention from not only experts in technology but also in finance. Experts watch the growth in both of these fields and compare them to have a better vision for the future about the usage and spread of both technologies. As per the latest update, the blockchain has left the virtual currency Bitcoin far behind. The share prices of Riot Blockchain and Hive Blockchain have performed far better than Bitcoin in recent times. However, not every mining firm is doing well in the market, and some of them have crashed in recent weeks due to the COVID 19 pandemic situation. One of the popular mining firms Canaan, has crashed nearly 70%, and investors are stuck badly in this situation. When it comes to YTD gains, Riot and Hive have clearly outperformed Bitcoin and surprised everyone.

    Amazing performance in 2020

    The new technological development has opened another option for the traders as they can trade in virtual currencies also. Even in these difficult times when the spread of coronavirus has taken a huge toll on the economy, many stocks are not able to sustain their previous levels, Riot and Hive have given excellent returns for investors. The price of Riot has nearly doubled in recent months, and this has come as a big surprise to everyone in the market. Even Bitcoin has not been able to deliver this performance during the COVID 19 situation. Similarly, the stock price of Hive has tripled, and this is the best performance by any major mining firm in the market this year.

    Not so rosy picture across the market

    The performance of stocks like Riot and Hive has inspired many people to take up investments in cryptocurrency firms. However, the picture is not that rosy across the market as many mining firms have given average to below-average returns in the last one year. Some stocks like Canaan have given negative returns since the beginning of this year and crashed nearly 70% since January. Similarly, DMG blockchain and Hut 8 have given very little YTD gains during this year. However, most of them saw excellent volatility during this period.

    Performance of Bitcoin, Hive, and Riot in recent months

    The performance of bitcoin evolution is also decent when compared to many other investments in the market. It went up from $7200 to $9100 since January. However, the performance was overshadowed by other smaller firms like Hive and Riot that have given more than double returns this year.

    Hive had a phenomenal run since the beginning of this year and rallied from $0.066 to $0.345 during February. However, after the coronavirus pandemic hit the markets, the shares crashed back to $0.118 during the month of March. The overall returns are now close to double, and this is considered an incredible performance in this situation.

    Riot is yet another gem in this market that has given excellent returns in 2020. At the beginning of this year, it was around $1.22 and started rallying till $1.60 in February. However, the COVID pandemic took its toll, and it crashed to $0.65 in the month of March. However, the stock was quick to recover and went till $3.10 in June, thereby outperforming giants like Bitcoin.

    Canaan crashes badly in 2020

    Canaan started the year trading at $6.02 and also rallied till $8.04 during the month of February. However, after the COVID pandemic hit the market, it fell badly and crashed till $2.81 during March.

  • Bitcoin

    Why is it difficult to buy Bitcoin with Paypal?

    For decades, Paypal has been serving as a means of mobile payments businesses. If you have an account in it, with a secure internet connection, you can make the payments for the items you have purchased. Thus, Paypal offers a reliable online financial service. As long as there are no conversions involved, money can be transferred to family and friends free of other costs. However, the question here is whether it is as easy to buy bitcoins using Paypal.

    Indeed, it is not an easy task to purchase Bitcoins using Paypal. Why is it so? The answer to this question and the supporting arguments are detailed in this blog. If ever you intend to buy Bitcoins with Paypal, read on the following excerpts to get a hint on how difficult it is and what is the cause.

    Understanding Bitcoin and Paypal

    Before moving on to why it is challenging to purchase bitcoin with Paypal, it is necessary to understand what a bitcoin and Paypal is and the purposes served. One must carefully understand that Bitcoin is just like cash. Once you lose it, then it indeed is a loss.

    On the other hand, Paypal is similar to a credit card. It is compared similarly to a credit card in the sense that it deals with customer complaints and frauds.

     What poses the difficulty?

    The implications that follow on purchasing Bitcoins with Paypal can be illustrated with the instance mentioned below. Read on.

    Consider the instance when person A buys BTC from person B through their PayPal account. For this, both have to arrive at an amount that they agree(e.g., $2000). Imagine that person A pays the amount, and person B sells the BTC.

    After one day, if the person A contact PayPal and raised the complaint saying that he/she did not receive the BTC despite paying the full amount, there is where the problem lies. There is no provision available where the Paypal can check the same and settle the dispute.

    The reason is that there is no means to trace BTC, unlike cash, which can be located. In such critical circumstances, credit companies tend to support the complaining party. Hence, in the instance illustrated above, it is likely that person A gets both the BTC and the amount he /she paid for it.

    It indicates a win-win situation for the complaining party leaving the other party at a complete loss. This is why involvement in such transactions can prove risky at times.

    Accounting to such loopholes that persists these days not may exchange agree to buy BTC via Paypal.

     Other reasons

    Another reason why purchasing BTC via Paypal can prove risky at times is that the latter is an e-currency. Therefore, Paypal does not support buying other e-currencies. Many Paypal accounts have been closed due to several issues that came up with the transactions involving BTC selling and buying.

     Impacts on buyer and seller

    From the instance detailed above, it is evident that the big loss if any discrepancies exist will be for the seller. In most cases, the buyers are protected and are destined to get better profit. So, be cautious if you are selling the BTC. However, if you are buying them, you will not have big headaches later.

     How to tackle the issue?

    Indeed, high risk is accompanied by selling BTC via Paypal. So, before actually getting involved in the transaction, make sure that you take the necessary precautions. One way of tackling the issue is by purchasing the bitcoins from a person you trust over the counter (OTC) sites.

     Conclusion

    It is not an easy task to buy and sell BTC via Paypal. The associated risks and some means to tackle it are detailed in this article.

  • Bitcoin

    How Much One Needs To Get Started Trading Cryptocurrencies?

    Before we head into the main topic, let’s talk a bit about cryptocurrency. It is a virtual currency that is secured by cryptography, making it almost unfeasible to replicate. It is a fresh form of digital advantage built on a network that is spread across a large number of computers.

    Trading cryptocurrency is also a path people choose to make money. So, let’s have a look at how much it costs to get cryptocurrency.

    Things to Keep in Mind Before Trading Cryptocurrency

    • Cryptocurrency exchanges are disorderly in most authorities. A major number of regulators around the world have taken lenient methods to regulate cryptocurrency in some of its biggest trading markets.
    • Payments often reduce with the upliftment of the amount and frequency of trades. For instance, some exchanges charge zero fees for trades costing $10,000,000 and more.
    • Cryptocurrency exchange inspires trading with coins. Decree currencies usually sustain deposit and withdrawal payments at exchanges based on the mode of payment. But, buying cryptos with other coins is mostly free. Although there are a few cases where a small amount is taken to set a wallet for the needed cryptocurrency.
    • Exchanging most of the popular cryptocurrencies don’t offer an allowance to all coins. However, sellers can transfer funds from one wallet to another and sponsor their trading accounts using either decree or cryptocurrencies.

    Investment Required to Start Trading

    Investing in cryptocurrency can make you own a million dollars within no time, but also it can be highly insecure. This signifies that trading cryptocurrency is a thrilling job.

    Cryptocurrency Price of One unit
    Bitcoin 9140.40 USD
    Ethereum 228.73 USD
    Litecoin 42.56 USD
    Tether 1 USD

    Bitcoin

    One bitcoin costs $9140.40, which is quite costly. So, you can buy a part of it and not one unit to begin investing with. The smallest unit of a bitcoin is 1 Satoshi, which is 0.00000001 of a bitcoin.

    There is not any minimum amount for investing in bitcoin. The minimum amount is the one set by the platform on which you will be purchasing your first bit of bitcoin.

    Ethereum

    Are you investing in Ethereum? Well, then, one whole unit of Ethereum costs $228.73. The smallest unit of 1 ethereum you can buy is 1 Wei. It is equal to 0.000000000000000001 Ethereum.

    The cost of 100 million Wei is 0.00000002 USD. You can invest as much as you want to get your desired unit of Ethereum.

    Litecoin

    The minimum amount you can invest in purchasing Litecoin is $50. However, the smallest subunit of a litecoin is Litoshi, which equals 0.00000001 Litecoin.

    Purchase Litecoin in a non-custodial Atomic Wallet with a built-in “Buy crypto” service. It’s a legal and quick approach.

    Tether

    You might be surprised to know that the smallest unit of Tether is Cent. Why? There is no specific subunit for Tether.

    As 1 tether costs a dollar, its subunits are counted as cents. Investing for the long term is not a good idea, as the value is quite unstable.

    Short Term Trading is Preferable

    Short term trading for the cryptocurrency is recommended as it can help a person make a high percentage of profits. Cryptocurrency prices can even double overnight, unlike injunction currency markets, where prices usually don’t shift by over 1% per day.

    Wind-up

    So, that was all about trading Cryptocurrencies. In short, it is entirely evident that states that business with cryptocurrency exchange is a smart move if you are investing for the short term.

    Investing might be risky, but after all, it is a business. You can reach people to make them educated about cryptocurrency, and that benefits to spread your business.

     

     

  • Bitcoin

    Bitcoin Whales Keep Splashing Despite Price Drop

    Bitcoin has seen ups and downs in the recent past. The halving event of cryptocurrency took place for the third time on May 11. There is a sea of changes that may happen in the bitcoin and crypto industry. With the rewards declined from 12.5 bitcoins to 6.25 bitcoins, few miners left the bitcoin world as the coin takes some time to increase to a high value. The reports revealed that many bitcoin whales are still gathering the bitcoin as they see a future and whopping value for it.

    Whales gather many bitcoins. The acquisition of the bitcoin in recent times is worth USD 108 million based on the market price that is currently available. There is a drop in bitcoin to USD 9,500. Many bitcoins are added to the bags whose cost would be around USD 108,000,000.

    There is a rise in the bitcoin market in March, and many people started to invest in bitcoin. Many traders are buying bitcoins as they are available at a cost-effective price, which can surge rapidly after the halving event.

    Market trend

    It is difficult to predict the market movements, but bitcoin whales have changed the prices earlier. The manipulation of the price would be based on the market price. The whales are responsible for not letting the bitcoin value to surge.

    What are cryptocurrency whales?

    The cryptocurrency whales are powerful investors who hold a lot of cryptocurrencies. There are a lot of speculations about the whales that these people would go into oblivion over time. However, in recent times, it is clear that there is an increase in the number of cryptocurrency whales who hold the wallet of more than 1 BTC. Due to the corona outbreak, there is a crash in the price. There is a steep drop in the price from March 12 to March 14. Many people took advantage of this situation and try to acquire more bitcoins at a low price.

    The value of the cryptocurrency is based on the amount of US assets that an investor holds. Also, it is the percentage of cryptocurrency that is circulating. Many transactions are reported to be transacting hundreds of bitcoins whose worth is huge in US dollars. There is no point in tracking the transactions that are too low of its worth.

    The cryptocurrencies would have a fixed supply, and the founders of the organizations would keep some cut in the bitcoins. Though the crypto is moved in huge amounts between the wallets, they would not be tracked in the APIs, since the value of the coins as per USD value would be very small.

    However, the whale designation would be based on the actual value of BTC over its USD value. The bitcoin whale is known to be the one that holds more than 1000 BTC. The whales are also the individuals or companies that hold higher or smaller amounts of bitcoins.

    The worst thing is that this whale can change the value of the coin to a whopping amount. When there is a steep rise in the bitcoin value, it would be for sure some influencers of bitcoin who increased its value.

    Who is the biggest cryptocurrency whale in the crypto market?

    The biggest cryptocurrency whale is known to be Satoshi Nakamoto. He is the one who has come up with the bitcoin in 2008 and holds 1 million BTC with him, which is referred to as Tulip trust. It is based out in the Netherlands and was started in the 17th century. The price of the tulips was whopping, and in no time, it declined in 1637. It is the first-ever speculative bubble. When you use the cryptocurrency such as Ethereum, it helps you to create decentralized programs. It is unbelievable that the Tulip trust would be a whopping of USD 7 billion, which is more than 10% of the bitcoin market cap.

    Why are cryptocurrency whales important?

    There are many reasons for giving importance to cryptocurrency whales. They would make a critical impact on the cryptocurrency in a short period. The whales are the ones who hold huge USD assets or the ones that are supplying a huge amount of cryptocurrencies. The cryptocurrencies like bitcoin and Ethereum would be securely distributed through the wallets. The market for these currencies is also great. These are liquid and not volatile compared to the other cryptos in the market.

    The value of the bitcoin to rise or fall depends on whales. There are high chances of the bitcoin whales to come together and make a decision to sell the coins at the same moment. It would drop the value of the bitcoins. After selling, they would buy the coins at a low rate. With the amount that they got after selling the bitcoins, they purchase the coins at a low price again. It keeps on increasing their wealth.

    Conclusion

    Cryptocurrency whales are powerful investors in the trading world. They control the pricing of the bitcoins.

  • Bitcoin

    Reddit partners with Ethereum Foundation to scale token usage to 430M

    Social news aggregation website, Reddit, has recently partnered with The Ethereum Foundation to call for projects and developers Ethereum scaling solutions.

    Excerpts from Reddit:

    “In conjunction with the Ethereum Foundation, Reddit is inviting Ethereum scaling projects to show the community how your scaling solution can be used to bring Community Points to mainnet. Our goal is to find a solution that will support hundreds of thousands of Community Points users on mainnet today and can eventually scale to all of Reddit (430 million monthly users).”

    What is Reddit?

    Reddit is a social news aggregation website headquartered in California, United States. According to Alexa, it is the 18th most popular website in the world. It is a huge collection of forums consisting of news, posts, and content.

    What is Ethereum?

    Ethereum is a cryptocurrency platform, second-largest by market capitalization in the world. It is an open-source, decentralized, blockchain-based software platform. It is used for its cryptocurrency- ether.

    Who is partnering with who?

    Reddit has a “Community Points” reward system, which is powered by Ethereum. The website needs Ethereum developers to scale up its Community Points system, which can be used by all its users. It has 430 million users on its website, all of whom should be able to use the reward system.

    As explained by Reddit, the goal of this partnership is to find an answer to support within the platform, the thousand of community points it has on its website. It is accepting applications from developers until the 31st of July, 2020.

    The website stated that it had evaluated some scaling solutions. However, it was unclear about determining the right solution. Reddit has also invited scaling experts from the Ethereum community to review demos submitted to the website and to understand trade-offs and “compromises between different solutions”.

    The website will share the update by September 2020, hopefully with help to scale Community Points.

    Excerpts from Reddit:

    As written on the website, the demos should include:

    1. A live proof of concept showing hundreds of thousands of transactions
    2. Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point
    3. Documentation
    • How it works & scales
    • Cost estimates (on-chain and off-chain)
    • How to run it
    • Architecture
    • APIs (on-chain & off)
    • Known issues or trade-offs
    1. Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, note any mainnet caveats (such as congestion issues).

    Guidelines for Submission

    • The website also mentioned a few requirements and guidelines on submission. They included:
    • Scaling
    • Decentralization
    • Usability
    • Interoperability
    • Security
    • Other Considerations

    Community Overview

    Reddit has also posted an overview of how the Community Points works, currently. Some of the topics included in the overview were usage stats, contracts, deployed contracts and source code, point distribution and claims, and memberships.

    The website is open to changing most implementation details on the condition that the basic requirements, as stated, are met.

    In case you have a demo that meets the criteria, you can share a demo in the comments section of the post by the 31st of July, 2020.