The number of Bitcoin addresses holding at least 1,000 Bitcoin (over $37 million, at today's price) is now 2,425, according to blockchain data provider Glassnode. 

It's another all-time high for the metric, which continues to set new records each day.

This means that there are more “whales” than ever surfacing from the briny depths. “Whales” are investors with a large amount of Bitcoin, so called for their power to influence the market; if whales dumped all of their Bitcoin at once, they could crash the market. 

But that big spenders are doubling down on their Bitcoin holdings suggests they think the price will increase. 

This is why the crypto community rallies around profligate institutional investors and influencers such as “Matey” Michael Saylor, who when on land moonlights as the CEO of US business intelligence firm MicroStrategy, “Salty” Anthony Scaramucci, co-founder of SkyBridge Capital, and MassMutual, a limpet that controls billions of dollars. 

Combined, these large institutions buy up so much Bitcoin that they increase demand for the coin.

Two roads diverged in a wood, and I— I took the one less traveled by, And that has made all the difference."#Bitcoin, not Gold.

— Michael Saylor (@michael_saylor) January 8, 2021

So strong is the mythos around whales that there are even Bitcoin sea shanties, cobbled together by the most seasoned sailors, lost souls so lured by sirens that they can no longer distinguish between sleep and waking life. 

— Neeraj K. Agrawal (@NeerajKA) January 15, 2021

And while whales proliferate, the price of Bitcoin remains somewhat rocky. The asset soared to over $41,000 earlier this month, before crashing against the shore, losing about 20% of its value overnight . 

According to Glassnode, some whales, at least, remained undeterred. While Bitcoin sank to the sea floor, few whales sold off their holdings. And as Bitcoin bounced back, the number of Bitcoin whales continued to rise, increasing from about 2,370 to its current ATH, 2,425. 

Previous ATH of 2,424 was observed earlier today

View metric:https://t.co/cjV0krRVgK pic.twitter.com/WBiQqXtcSH

— glassnode alerts (@glassnodealerts) January 16, 2021

Meanwhile, the number of addresses holding at least 1000 ETH (about $1.2 million) is steadily falling: it was 6,985 last night, down from 7,007 the day before.

This, too, appears uncorrelated to price—Ethereum sits at $1,224, up around 2% in the past 24 hours. Ethereum’s price has grown significantly since the start of the year and continues to approach its all-time high of $1,438.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

BGaming’s Book of Cats slot title awarded over $225,000 in Cryptocurrency in just three minutes.

On 10 March, one lucky high-roller hit a multiplier of x2,582. Playing big with 0,05 Ethereum (ETH) per spin, one fortunate mbit casino player decided to chance even more when buying a 4,70 ETH bonus and struck it lucky with a jaw-dropping ETH 129.095 or $227k in winnings. 

Book of Cats is said to rank high amongst crypto players due to the low min bets – for crypto – and extreme x10,000 max exposure. Inspired by Ancient Egypt, this Book-themed game has a special feature in-store, an expanding sixth reel that generously compliments your base game wins.

During the win, the player bought Free Spins which landed three Scatter symbols and awarded 10 Free Spins with the top-paying premium symbol chosen to be the special expanding symbol.

Coming up to the ninth Free Spin, the player landed three Scatters and the Book of Cats gifted 10 more Free Spins.

The first bunch of spins ended up with just an 18.5x win, but the next enhanced the player’s multiplier. Additionally, five Expanding symbols appeared on reels simultaneously and brought a 2,500x win.

Big Wins kept alternating with smaller payouts. Once the end of the bonus game was reached, a total win of ETH 129.095 was announced.

Your daily snapshot from the OnChainFX markets dashboard.THIS WEEK IS THE LAST WEEK you can subscribe to UO for just $1 / day.We’re ramping up subscriber perks in anticipation of our Q2 market intelligence beta. Starting 3/25, rates go up to $699 / year and $75 / month to access our:Daily email access to our team’s top insights from the crypto marketsWeekly subscriber-only analyst calls with our research team200+ community analyst Discord group where you can join the daily conversationEarly beta access! The professional charting / dashboarding tools you’ve neededThis week only, we’re sharing our subscribers-only briefs with you to try before you buy. Like what you see? Democratic Presidential candidate Andrew Yang recently got me thinking about what sectors of the economy would get a boost if his plan for a $1000/mo “Freedom Dividend” (i.e. Universal Basic Income) for every American over the age of 18 were to get implemented. I conducted a very scientific poll of the crypto-community on how much of that $3T/year might flow into crypto:My followers (almost all crypto folks) were unsurprisingly bullish on their assessments. Maybe the more interesting question is: “How much would UBI inflows move total crypto marketcap”?New entrants to the crypto-community (or finance in general) might think that if $10B were used to buy bitcoin, then bitcoin’s marketcap might also go up by $10B. Traders, though, will quickly tell you this is almost never the case, at all, in any market, ever. Here’s an example to illustrate…Say the current price of some asset, YangCoin (YGC), is $10.00, and there are 1 million YGC in existence. The marketcap, price times supply, is $10 million. Now someone places an order to sell 5 YGC for $10.10, and I decide to buy it. It costs me $10.10 * 5 = $50.50 to buy that order, and now the last price quote is $10.10.Marketcap now reads as $10.10 * 1,000,000 = $10,100,000. I just spent fifty bucks to increase marketcap by a hundred grand! (TBI Note: This is also why many crypto folks say “marketcap” is bullshit as currently defined, and that “liquidity” is what actually matters….keep your eyes on OnChainFX for new metrics dealing with this soon.)Trading prices and marketcaps are often calculated in ways that smooths these extreme effects, but you get the idea: every incremental dollar invested will usually have a much bigger effect on marketcap than $1. This has been an open question that analysts have tried to tackle at various times over the years. It’s impossible to tell exactly (as you’d have to have perfect knowledge of all exchange and mining activity ever), but there are reasonable ways to estimate it. For example, in late 2017, Placeholder General Partner Chris Burniske used some basic assumptions and polls to estimate the number of new exchange users over a certain period, as well as how much crypto they tended to buy. He showed that new money yielded an “inflow-multiplier” effect of anywhere between 2x and 25x. That is, every dollar used to buy a cryptoasset contributed between $2 and $25 to total marketcap over the period he reviewed.From a later post in 2018 that addressed this from the opposite perspective (net outflows due to tax payments), Chris and co-author Jonathan Cheesman wrote:Historically, the fiat amplifier has been stubbornly hard to pinpoint given the fragmentation of fiat onramps, and lack of standardization around exchange reporting. As shown above, however, this tax crisis gives us an opportunity to quantify a large, specific flow and examine the fiat amplifier effect. And in crypto we’ve learned to never let a good crisis go to waste[…]Turning to the current bear market, we can divide the loss in network value thus far in 2018 by the estimated tax liability outflow, to define a maximum fiat amplifier. Dividing the $590bn drop from early January highs to present, by our estimate of $14bn net outflows, yields a maximum fiat amplifier of 42x. If instead we use the more aggressive $29bn estimate of outflows, then the maximum fiat amplifier drops to 20x. It is important to recognize these amplifiers represent the maximum, as if net outflows have been greater due to FUD, then that would dampen this ratio by increasing the denominator.Again, we’re looking at potentially double-digit multipliers. Goes to show you how little it would take (in institutional investment terms) to spark a new bull run. How about a little more very-scientific twitter polling?The crowd pegs the range at 4x-20x, which dovetails nicely with the estimates above. This is a huge range by financial standards, but like many things in crypto, just getting to a somewhat justifiable ballpark range means you’re probably way ahead of the pack.Now, for fun, let’s go back to our original question: how would President Yang’s $1000/month “Freedom Dividend” - some $3 trillion per year - impact crypto markets?If we neutered crypto-twitter’s bullish assessment, and assumed just 1% of UBI went to crypto (I know many of us would be auto-exchanging 100% of this garbage fiat), and assumed the multiplier was 10x, we’d see $30 billion per year in net new inflows with a $300 billion increase in marketcap.That’s 3x today’s market size, and would get us back to levels not seen since Feb 2018.Maybe it’s not institutional money, ICO FOMO, or a global macro event that triggers the Next Crypto Bull Market™ after all. Maybe it’s “free” money that actually flows to people vs. banks.P.S. Spread the love. Tweet at Messari for requests, feedback, comments, or questions.Content and thoughts from around the web as summarized by the Messari team.Few things are more stressful than cryptocurrency tax filings, and the questions taxpayer have are nearly as numerous as the advice other professionals are willing to offer. But a lot of that advice needs to be taken with a proverbial grain of salt, explains Katya Fisher. As she addresses some specific advice she takes exception to published by a digital asset financial firm, she more broadly explains that not everything you read about taxes should be accepted as true. Ultimately, she advises to be sure to “talk to an experienced advisor” about crypto tax questions because bad advice can make something already complicated and frustrating into something exponentially more painful. (share or read more)Understanding the differences between protocols, applications, and the financial tools that can be leveraged to incentive participation and user growth is critical to comprehending why certain products create native tokens, make certain design decisions, and build atop a given platform. Will Warren explains and differentiates these building blocks to give observers and investors a better idea of how to categorize and value different projects building with "smart contracts", specifically on Ethereum, because current terminology can be confusing and ambiguous and needs improvement. Ultimately, Warren wants to communicate that "app coins" and "protocol tokens" are two completely separate classes of digital assets with different use cases and unique value propositions. (share or read more)📆 Coinbase has changed its exchange structure features to increase liquidity, price discovery, and price movement smoothness. Five total updates were made including changing the fee structure, updating order maximums, and turning off stop market orders. The new rules will go into effect March 22nd. (share or read more)👩‍⚖️ Law firm Stewart McKelvey has withdrawal from the QuadrigaCX case being heard by the Nova Scotia Supreme Court. Ernst & Young Inc., the court appointed monitor, had expressed concern over possible conflict of interest, although no information was disclosed. The firm will continue to represent the estate of deceased CEO Gerald Cotten and his wife, Jennifer Robertson. (share or read more)🚀 Donut, a startup addressing mass tokenization, has finished a $1.8 million seeding round supported by Redalpine and TinyVC. The project, which did not exist ten months ago, is building systems and applications for saving and investing in the new token economy. Donut is using the funds to expand its team and launch its 'Donut Test Kitchen' this summer. (share or read more)👩‍💻 Six banks have signed letters of intent to join IBM's World Wire, a stablecoin backed remittance and foreign exchange system run on the Stellar Lumens ($XLM) public blockchain. World Wire is still awaiting regulatory approval in many places, such as the U.S. in which IMB expects a late 2019 endpoint launch. IBM is also testing its 'pay-as-you-go' revenue model to increase profitability with the service. (share or read more)🇮🇱 An Israeli court has blocked Union Bank of Israel from closing an account linked to cryptocurrency mining firm Israminers Ltd. The judge ruled that the closure was unreasonable based on occupation of the depositor alone. Forced closure based on money laundering concerns was deemed permissible. (share or read more)💭 Over the last year, the number of blockchain-related lobbyists has tripled in Washington D.C. According to disclosures, only 12 blockchain-related firms were lobbying in Q4 2017 while Q4 2018 had 33. Those familiar with the scene believe the chief cause is lack of regulatory clarity regarding the SEC's securities laws. (share or read more)Send me the link, your twitter handle and your best imitation compression algorithm write up. If I like it, I’ll include your bit next issue (with attribution).Should your colleagues read daily? We now offer discounts for corporate access. Email us, and we’ll onboard your whole team.

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Ethereum Layer 2 scaling solution Hermez Network that uses ZK-Rollups technology for scalability has gone live.

The development means Hermez's mainnet has been launched, and users can now make transfers at lower gas costs.

"People should save around 90% of gas costs," Hermez's tech lead Jordi Baylina told The Block.

The current average gas fee is about $16 per transaction. With around 90% savings, the cost would come down to about $1.5 per transaction.

Besides lower fees, Hermez also has a higher throughput than Ethereum, i.e., it can process more transactions per second. Ethereum's current throughput is about 15 transactions per second. Baylina said Hermez can multiply the capacity of Ethereum by 100 times.

Hermez uses ZK-Rollups for scalability. They help bundle hundreds of transfers into a single transaction, thereby reducing data storage and gas fees for validating transactions.

Ethereum creator Vitalik Buterin recently said that ZK-Rollups "will win out in all use cases" in the medium to long term as ZK-SNARK technology improves.

As for Optimistic Rollups, Buterin said they are likely to win in the short term for general-purpose computation. At the same time, ZK-Rollups are likely to win out for simple payments and other application-specific use cases, he said.

One of the first projects to integrate with Hermez is Tether, as The Bock reported earlier this year. With Hermez's mainnet launch, Tether's USDT stablecoin is available on the network.

Besides USDT, Hermez is initially also supporting ether (ETH), wrapped bitcoin (WBTC), Dai (DAI), and Hermez token (HEZ). That means anyone using these tokens can now use the Hermez network to make transfers.

"We will add many other tokens very soon," Baylina told The Block. "Hermez is open to any ERC20 token."

Hermez also expects "many exchanges and wallets" to integrate with the network "very soon," he said.

While Hermez's mainnet has launched, there is still a lot of work to do, said Baylina. That includes making Hermez "fully decentralized."

Baylina said Hermez is now non-custodial but still has some centralization points. "During the upcoming weeks, we need to fine-tune some parameters, and we hope to have very soon a fully decentralized governance less system," he said.

© 2021 The Block Crypto, Inc. All Rights Reserved. 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.

Since its commencement, there have been questions encompassing bitcoin's capacity to scale successfully. Exchanges including the advanced money bitcoin are prepared, checked, and put away inside a computerized record known as a blockchain also bitcoin cash wallet has been introduced to store your digital money. Blockchain is a progressive record recording innovation. It makes records undeniably harder to control because the truth of what has unfolded is confirmed by lion's share rule, not by an individual entertainer. Also, this organization is decentralized; it exists on PCs everywhere in the world.

More About Bitcoin Cash Wallet

In July 2017, mining pools and organizations addressing around 80% to 90 percent of bitcoin figuring power cast a ballot to fuse an innovation known as an isolated observer or Segwit. This fix makes the measure of information that should be checked in each square more modest by eliminating mark information from the square of information that should be handled in every exchange and having it appended in an all-inclusive square. Mark information has been assessed to represent up to 65 percent of information prepared in each square, so this is not an immaterial innovative move.

Discuss multiplying the size of squares from 1 MB to 2 MB sloped up in 2017 and 2018, and, as of February 2019, the normal square size of bitcoin expanded to 1.305 MB, outperforming records. By January 2020, be that as it may, block size has declined back toward 1 MB on average. The bigger square size helps as far as improving bitcoin's versatility. In September 2017, research delivered by digital currency trade BitMex showed that SegWit execution had helped increment the square size, during a consistent selection rate for the technology. Proposals to both carry out Segwit and twofold the square size was known as Segwit2x. Bitcoin Cash Wallet is easy and convenient as like paper money we also need a safe wallet to keep our digital money as we need to store our cryptocurrency like bitcoin cash safely.

Blockchain Innovation in the Bitcoin Network

The issue with blockchain innovation in the Bitcoin network is that it's lethargic, particularly in contrast with banks that manage Visa exchanges. Mainstream Visa organization Visa, Inc., for example, measures near 150 million exchanges each day, averaging about 1,700 exchanges each second. The organization's ability in reality far outperforms that, at 65,000 exchange messages each second.

What number of exchanges can the bitcoin network measure each second? Seven. Transactions can require a few minutes or more to measure. As the organization of bitcoin clients has developed, holding up occasions have become longer because there are more exchanges to measure without an adjustment in the hidden innovation that measures them.

The rollercoaster of cryptocurrency prices started off on a wild ride in 2021, exceeding records previously set and abating the significant losses crypto investors had to endure ever since 2017. After its tumble at the end of 2017, Bitcoin broke records, reaching its greatest ever highs in March of 2021, topping the $62,000 mark.

And though the asset has retreated to $57,000, many analysts suggest Bitcoin can and will resume its rally with new targets set at $100,000, $150,000 and even $200,000 by year-end. Such predictions are positive signs for those seeking to invest in Bitcoin. But despite their growing pricing and limited emission, Bitcoin and other cryptocurrencies remain high-risk. Yet, investors still have a chance of multiplying their capital by relying on new solutions that can negate most of the risks involved and ensure the security of crypto investments.

Bitcoin has proven to be the most volatile of all instruments ever to grace the financial market and has outstripped the value-storing capacities of gold many times over based on statistical and monetary parameters. Though Bitcoin has eased its charge to new price milestones, the prospects of its growth are still there on the technical analysis charts.

As the market mulls Bitcoin’s next moves, those who have not yet bought the asset are pondering the risks involved in making market entry. The fears of stepping into a bubble or suffering losses like in 2017 are real and are making investors, both new and existing, uneasy about whether it is time to increase their shares of portfolios with new digital assets.

But while private investors are hesitating, large companies are already working with cryptocurrencies and investing in Bitcoin. PayPal launched its Bitcoin acceptance channel in mid-2020, Elon Musk’s Tesla invested $1.5 billion in Bitcoin in early February 2021, and  MasterCard has announced its decision to start accepting Bitcoin mere days later.

Given the growing levels of adoption and interest towards Bitcoin, the opportunities and channels for purchasing them are open. But those who prefer guarantees and stability have several interesting new investment products based on Bitcoin and other cryptocurrencies that can be considered.

New solutions on the market allow investors to minimize risks and ensure the safety of their crypto investments. Among such instruments is Gekkoin, which hedges risks using advanced approaches, allowing new users to enter the cryptocurrency market.

Gekkoin is an investment platform consisting of a host of instruments, which include a multicurrency crypto wallet, an exchange, payment services, and investment options. All of the instruments operate based on the internal EURG token pegged to the Euro that allows users to manage cryptocurrency assets and earn profits on digital assets using financial structured products.

The integrated Gekkoin wallet gives users access to such coins as Bitcoin, Ethereum, Monero, and offers standard options like storage, exchange, and transfers. All of the ecosystem’s main functions are available through the EURG internal cryptocurrency at a fixed 1 to 1 ratio to the Euro.

The main instruments for investors offered on Gekkoin are its structured deposits that allow users to generate returns at higher rates than those offered on bank deposits. The product gives access to several strategies guaranteeing a yield of up to 4% annually. The deposit system is designed to suit any class of users with adjustable levels of risk.

The safe strategy provides guaranteed returns of 2% to 4% per annum even in terms of the falling cryptocurrency market, but users can also gain from 16% to 20% of value growth from a selected cryptocurrency.

The structured deposits maintain the original investments with loss protection, while users can adjust risk levels and receive from 20% to 25% of the increase in the value of the selected cryptocurrency in case of price changes.

Price fluctuation protection is also integrated into Gekkoin solutions and is applicable to the main strategies on offer. The balanced strategy allows users to negate any losses while retaining initial investments in case of negative price dynamics, or minimize loss to 3-5% of the portfolio, while positive price changes lead to 20-35% gains. The dynamic strategy is riskier with chances of losing 10-30% of initial investments during price drops, or grants 30-50% gains in case of price increases.

The cryptocurrency market is in perpetual motion and that makes it exciting and profitable. It is never too late to experience its potential, the only question is which solution to select to minimize risks. Gekkoin offers a comprehensive approach that combines the best of the traditional financial market with the innovation of DeFi.

Since its creation just over a decade ago, Bitcoin (BTC) has seen its price climb from practically nothing up to its current value of over $59,000.

In that time, Bitcoin's market capitalization—its circulation supply multiplied by the value of each unit—has skyrocketed to above $1 trillion, making Bitcoin not only the largest cryptocurrency , but also larger than most government fiat currencies.

Now Deutsche Bank crowns Bitcoin the No. 3 world currency and calls it "too important to ignore," in a new research note this week entitled, "The Future of Payments: Series 2: Part III: Bitcoins: Can The Tinkerbell Effect Become a Self-Fulfilling Prophecy?"

But the report has serious caveats and omissions.

Deutsche Bank writes, "In terms of total currency in circulation, Bitcoin is the third-largest in the world, after the US dollar and the euro. This is mainly due to the vast increase in Bitcoin’s value recently. In early 2019, Bitcoin represented 'only' 3% of the US dollars in circulation, but in February 2021 it surged beyond 40% of the US dollars in circulation."

Bitcoin and fiat currencies aren't an apples-to-apples comparison, for a number of reasons that DB acknowledges in its note, including that Bitcoin has a fixed supply (capped at 21 million coins), while government fiat currencies do not. Still, DB is roughly estimating where Bitcoin sits in the world currency rankings by comparing its coin market cap to the value of total banknotes in circulation for the fiat currencies.

DB warns in a footnote that these rankings "would change dramatically if we looked at monetary base, or M1 or M2, to define the universe of USD in existence. Just the amount of cash/coins printed appears small, as it does not include all the assets held in USD in deposits at banks."

And of course, Bitcoin's market cap is dependent on its current price, which fluctuates constantly. As DB declares, "Bitcoin is here to stay and its value will remain volatile."

But there's another big caveat with DB's chart above. Do you notice any major currency missing? The chart, and report, entirely omits the Chinese yuan (CNY).

That's likely because China maintains strict capital controls that make the yuan not freely convertible, and the spread between the onshore and offshore yuan has been widening, all of which makes it far from straightforward to arrive at circulation volume for the yuan in this context.

That said, based on publicly available estimates , there may be around 9.19 trillion CNY in circulation, with a circulation value of $1.41 trillion. This would place CNY third and Bitcoin fourth. (Decrypt reached out to Deutsche Bank analysts for an explanation of why the bank left the Chinese yuan out of this research report.)

The US dollar (USD) is still by far the largest fiat currency by circulating supply and market value. DB puts its total circulation value at $2 trillion.

According to the US Federal Reserve, there is $1.8 trillion worth of Federal Reserve notes and coins in circulation—more than three-quarters of which is made up of $100 and $20 bills.

Next up is the Euro (EUR)—a relatively new currency that first launched in 2002 and is now used throughout much of Europe and by most EU member states.

Like the US Federal Reserve, the European Central Bank maintains an up to date reference for the amount of EUR banknotes and coins it enters into circulation. According to the official statistics, there was just over 1.43 trillion euros in circulation as of the latest update (March 2021). This has ballooned more than threefold since the euro first launched, and the total value is mostly made up of €20 and €50 notes.

The Japanese yen (JPY) isn't far behind in fourth place (after Bitcoin) with at least 118.3 trillion circulating JPY notes and coins in circulation as of the last update by the Bank of Japan , or just shy of $1.09 trillion when measured against the dollar.

The Indian rupee (INR) currently has more than 34 trillion INR in notes in circulation, worth just north of $469 billion.

Bitcoin currently has 18.66 million units in circulation, each worth $59,000 at the time of writing. This places Bitcoin's M0 (money supply) cap at $1.1 trillion, just narrowly edging out the Japanese yen and sitting at just over half of the size of the US dollar. At its current market cap, Bitcoin has a money supply worth more than 170 different fiat currencies.

But transaction volume is a different thing entirely from market cap.

Deutsche Bank notes that Bitcoin transactions "are growing, but not as exponentially as its market cap. Currently, Bitcoin transactions average about 0.5 billion per day, which is minuscule. This is only 0.02% of the euro and 0.009% of transactions in dollars. The average daily traded value for USD is 5.8 trillion and for the euro is 2.1 trillion, according to the 2019 BIS triennial FX survey. Thus, Bitcoin is comparable to the smallest currencies. Bitcoin’s liquidity is much closer to the Thai baht."

At its current market cap of $1.1 trillion, Bitcoin would need a further 82% price growth to become the world’s largest currency (crypto or otherwise) when measured by circulation value.

Defi is arguably the hottest space in the entire cryptocurrency and blockchain ecosystem right now. It has earned quite a notable amount of traction in the last year, so much that an increasing number of institutional investors (already dabbling in crypto)  are looking to up their risk appetite  by entering the Defi market. 

However, this uptick in the adoption of  Defi platforms  has made it difficult to choose a wallet for interacting securely and intuitively with Web3 applications. 

Which one helps with efficient crypto asset management? Which wallet provides the most unfettered access to this swiftly growing space? We will take a look at that in a bit. 

But first things first. A Web3-facing wallet needs to uphold the ethos of financial inclusion and let users actually “be their bank”. Not sure what this means? Continue reading. 

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Defi wallets ideally have in-built Web3 compatibility for seamless connectivity with a variety of dApps, and exchanges.

At their very core, Defi crypto wallets are non-custodial. This means crypto-asset holders have complete control of their private keys and can store their holdings and transact in a genuinely peer-to-peer fashion without intermediary interference. 

There are absolutely no restrictions on depositing funds. Any amount of capital can be transacted through Defi wallets throughout the day. 

Also, investors can engage in yield farming, liquidity mining, staking, and other Defi activities while accessing primary tokens and assets such as USDC, DAI, and all ERC-20 tokens (for Ethereum-specific Defi wallets which constitute the majority). 

As it happens, there are a few Defi wallets that fit the description above and are worth looking into. So, let’s dive right in! 

MetaMask is essentially a browser extension that doubles up as a Defi wallet. It supports access to various Ethereum-based Defi applications, supports all native ERC-20 tokens, and can be configured to be used with Layer 2 solutions like Polygon (previously Matic) and EVM compatible blockchains like Binance Smart Chain (BSC). 

Ethereum and Defi developers can use  MetaMask  to test transactions with Rinkeby, Ropsten, Kovan, Goerli Ethereum Test networks. Different plugins can be made into MetaMask, allowing it to take on several roles across various applications.

The Ethereum ecosystem supporting wallet also allows users to choose their transactions’ speed while giving them options of fees to be paid for a particular transaction.

MetaMask is also available for use on smartphones in the form of a beta version. A full-fledged version is in the pipeline and will be released soon. 

If there is a multifunctional non-custodial cryptocurrency wallet that provides the perfect gateway to the world of numerous Defi Platforms, it’s  Eidoo . 

Apart from the ether, ERC-20, and ERC-721 tokens, Eidoo also lets users store Bitcoin and Litecoin. It is a multicurrency wallet that supports over 1000 tokens. 

Moreover, one of the ideal characteristics of a Defi crypto wallet is its ability to let users multiply their ROI by implementing yield farming and liquidity strategies. Eidoo lets crypto traders/investors do precisely that, and that’s not all. 

The cryptocurrency exchange Coinbase’s  native wallet  allows users to HODL or trade all popular ERC-20 tokens and interact with Defi applications seamlessly. 

Users can quickly transfer their crypto funds to and from their respective Coinbase accounts in just a few clicks. Also available is leveraging popular Defi lending protocols like Compound and Maker via an in-app dApp browser. 

Argent  reduces the Defi entry barrier by eliminating the need to store or remember private keys through a feature called “Guardians.” The wallet is designed for ordinary individuals who aren’t technically sound and intends to onboard literally everyone and help them access the decentralized web. 

Also, Argent doesn’t require users to pay hefty transaction fees for every transaction. This is possible due to something called “meta transactions.” Users don’t need to deposit ETH to use Argent. The wallet supports Compound and Maker and has plans to support several other Defi applications in the coming year.

MyCrypto  is an open-source Ethereum-based wallet that’s a fork of MyEtherWallet. It supports all primary ERC-20 tokens and enables users to swap them on ShapeShift. However, this particular feature has to be paid for. Otherwise, it is a free-to-use wallet.

MyCrypto requires users to pay gas fees (in ETH) to perform transactions successfully. The transaction fee varies and is a function of the number of crypto tokens involved in the transaction. 

Although the wallet had some upgrades from MEW, it is still easy to use. There is a desktop version as well. Beginners will find it user-friendly and secure. The MyCrypto team has designed the wallet to safeguard private keys, mnemonic phrases, and Keystore files.

These are the best Defi crypto wallets available in the market right now. Of course, there are more, but it isn’t easy to cover all of them in this article’s scope. Since Defi wallets’ primary objective is to ease access to the Defi ecosystem, these wallets pull that off pretty efficiently, which is why they have been showcased here. 

New details have emerged suggesting that the Indian government will go ahead with banning cryptocurrency, in contrast to what the crypto community believes. In her latest interview regarding cryptocurrency legislation, India’s finance minister said that there will be a window for experimentation for cryptocurrency, blockchain, and fintech.

The Indian crypto community is closely watching whether the government will ban cryptocurrencies, including bitcoin. A cabinet note regarding cryptocurrency legislation is being finalized and will soon be submitted to the cabinet.

The latest information regarding the Indian crypto ban comes from Reuters which reported Sunday night that “India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.” The publication cited an unnamed senior government official who claims to have direct knowledge of the plan. He said that bill “would criminalise possession, issuance, mining, trading and transferring crypto-assets.”

According to the official:

The bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied.

Moreover, officials are confident that the bill will be enacted into law as Prime Minister Narendra Modi’s government holds a comfortable majority in parliament, the publication added.

Many people on social media do not believe that India will go through with banning cryptocurrency, however, suggesting that the information provided by Reuters is outdated. They believe that the finance minister, Nirmala Sitharaman, has indicated in her recent interviews that cryptocurrency will not be banned.

Over the weekend, the finance minister talked about bitcoin and cryptocurrency legislation in an interview on India Today. She was asked if India was heading into the zone where it is inevitable that the government will have to come around to the realization that cryptocurrencies are here to stay.

The minister of finance reiterated that a “cabinet note” on cryptocurrency is “getting prepared” and is “nearing completion.” She confirmed that it will soon be taken to the cabinet.

Noting that the supreme court has commented on cryptocurrency and the Reserve Bank of India (RBI) will make a call on the official digital rupee, the finance minister affirmed:

From our side, we are very clear that we are not shutting all options off. We will allow a certain amount of window for people to use so that experiments in blockchain, bitcoin, or whatever you may want to call it, the cryptocurrency experiments, and fintech which depends on such experiment will have that window available for them.

However, she emphasized that specific rules about cryptocurrencies will be in the cabinet note, which will be “ready soon.”

Earlier this month, Bitcoin.com News reported that the finance minister said: “There will be a very calibrated position taken … We are not closing our minds. We are certainly looking at the ways in which experimentations can happen in the digital world and cryptocurrency and so on.”

Her statements have given the Indian crypto community hope that India will regulate cryptocurrencies instead of imposing an outright ban.

However, according to Reuters’ most recent report, the senior official said that the plan is to ban private crypto assets while promoting blockchain technology and fintech. He was quoted as saying:

We don’t have a problem with technology. There’s no harm in harnessing the technology.

He clarified that the government’s moves would be “calibrated” in the extent of the penalties on those who did not liquidate crypto assets within the law’s grace period.

In the cryptocurrency bill published in 2019, the interministerial committee in charge of drafting the bill recommended “jail of up to 10 years on people who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies,” the publication conveyed, adding that the official declined to discuss specifics in this area.

Meanwhile, Indian crypto traders are enjoying the crypto boom as the price of bitcoin hit all-time highs several times over recent months. Leading cryptocurrency exchanges in the country have reported record-high trading volumes and numbers of new users. “The money is multiplying rapidly every month and you don’t want to be sitting on the sidelines, a crypto trader named Sumnesh Salodkar was quoted by Reuters as saying. “Even though people are panicking due to the potential ban, greed is driving these choices.”

Do you think India will still ban bitcoin? Let us know in the comments section below.

New details have emerged suggesting that the Indian government will go ahead with banning cryptocurrency, in contrast to what the crypto community believes. In her latest interview regarding cryptocurrency legislation, India’s finance minister said that there will be a window for experimentation for cryptocurrency, blockchain, and fintech.

The Indian crypto community is closely watching whether the government will ban cryptocurrencies, including bitcoin. A cabinet note regarding cryptocurrency legislation is being finalized and will soon be submitted to the cabinet.

The latest information regarding the Indian crypto ban comes from Reuters which reported Sunday night that “India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.” The publication cited an unnamed senior government official who claims to have direct knowledge of the plan. He said that bill “would criminalise possession, issuance, mining, trading and transferring crypto-assets.”

According to the official:

The bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied.

Moreover, officials are confident that the bill will be enacted into law as Prime Minister Narendra Modi’s government holds a comfortable majority in parliament, the publication added.

Many people on social media do not believe that India will go through with banning cryptocurrency, however, suggesting that the information provided by Reuters is outdated. They believe that the finance minister, Nirmala Sitharaman, has indicated in her recent interviews that cryptocurrency will not be banned.

Over the weekend, the finance minister talked about bitcoin and cryptocurrency legislation in an interview on India Today. She was asked if India was heading into the zone where it is inevitable that the government will have to come around to the realization that cryptocurrencies are here to stay.

The minister of finance reiterated that a “cabinet note” on cryptocurrency is “getting prepared” and is “nearing completion.” She confirmed that it will soon be taken to the cabinet.

Noting that the supreme court has commented on cryptocurrency and the Reserve Bank of India (RBI) will make a call on the official digital rupee, the finance minister affirmed:

From our side, we are very clear that we are not shutting all options off. We will allow a certain amount of window for people to use so that experiments in blockchain, bitcoin, or whatever you may want to call it, the cryptocurrency experiments, and fintech which depends on such experiment will have that window available for them.

However, she emphasized that specific rules about cryptocurrencies will be in the cabinet note, which will be “ready soon.”

Earlier this month, Bitcoin.com News reported that the finance minister said: “There will be a very calibrated position taken … We are not closing our minds. We are certainly looking at the ways in which experimentations can happen in the digital world and cryptocurrency and so on.”

Her statements have given the Indian crypto community hope that India will regulate cryptocurrencies instead of imposing an outright ban.

However, according to Reuters’ most recent report, the senior official said that the plan is to ban private crypto assets while promoting blockchain technology and fintech. He was quoted as saying:

We don’t have a problem with technology. There’s no harm in harnessing the technology.

He clarified that the government’s moves would be “calibrated” in the extent of the penalties on those who did not liquidate crypto assets within the law’s grace period.

In the cryptocurrency bill published in 2019, the interministerial committee in charge of drafting the bill recommended “jail of up to 10 years on people who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies,” the publication conveyed, adding that the official declined to discuss specifics in this area.

Meanwhile, Indian crypto traders are enjoying the crypto boom as the price of bitcoin hit all-time highs several times over recent months. Leading cryptocurrency exchanges in the country have reported record-high trading volumes and numbers of new users. “The money is multiplying rapidly every month and you don’t want to be sitting on the sidelines, a crypto trader named Sumnesh Salodkar was quoted by Reuters as saying. “Even though people are panicking due to the potential ban, greed is driving these choices.”

Do you think India will still ban bitcoin? Let us know in the comments section below.

The post New Details About India Banning Cryptocurrency Emerge — Crypto Community Sees Mixed Messages appeared first on Crypto Scoop News.

The Article New Details About India Banning Cryptocurrency Emerge — Crypto Community Sees Mixed Messages First Appeared ON : https://gqcentral.co.uk

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Two of the largest decentralized networks we’re seeing value being locked onto in the previous few months are Ethereum, and a rising competitor in the Binance Smart Chain. Although Binance has been dealing with a hack on their flagship Pancakeswap, a recent Bybit blog post notes how Vitalik Buterin and his team of developers are speeding up the process to improve network efficiency amid fears of the competition potentially taking over their lion’s share of market dominance.

Although, there are many uses of DeFi protocols, namely, lending, Decentralized exchanges (DEXes), DeFi derivatives, Defi payments, and assets that combine yield farming protocols and DeFi mining projects even including the use of Non-Fungible Tokens (NFT’s) at times. Luis Aureliano, a financial crypto analyst, says that “The tremendous growth we’ve seen over the last couple of months is correlating almost perfectly with the recent wave of interest from institutional money; the money is flowing into NFTs and DeFi. After an amazing Q1 for the crypto market I believe we’re going to have a smooth 2021 for DeFi.”

Here, we identify a few unique DeFi projects that provide investors and users immense value propositions as investments and for their use cases:

Pylon Finance is a Graphic Processing Unit (GPU) mining project which provides the kit to mine the second most prominent cryptocurrency, Ethereum, whose network is arguably the most engaged and decentralized blockchain in the world. Pylon’s token, PYLON, is the world’s first and largest cryptocurrency which is backed by real world income generating assets such as GPU’s in addition to the land and facilities which house the machines.

While most DeFi tokens have little or zero tangible value, PYLON’s price is supported by

the largest Ethereum GPU mining operation in the United States. Being semi correlated entails that the value of the token is not just decided by the supply demand factors in the DeFi market, it is dependent on the value of the underlying mining operation. PYLON is a 100% community-mined coin with no presale or pre-mine, and fixed supply of approximately 7,700 tokens. In 2020 alone, the value of the PYLON token has gone from trading below the $100 mark to nearly reaching $500.

The Orion Protocol is an all-in-one cryptocurrency trading platform that combines every centralized exchange (CEX), every decentralized exchange (DEX) and a swap pool into one decentralized trading and liquidity aggregator. It aims to be a one-stop shop for all investors or stakers crypto transactory needs. It aggregates liquidity from all the major exchanges and provides trading tools to investors on the platform. It allows investors to do so without ever giving up any private keys, users can connect their wallets to the platform and execute orders over any exchange, even those where they have no accounts setup in. Instead of taking the approach of competing with other exchanges, Orion acts as an aggregator for investors to have a one-stop shop for all their crypto investing needs.

They claim to have solved the liquidity, custody, accessibility, and scalability problems all in one go. The Orion Protocol token, ticker “ORN”, is the native utility token of the protocol and is based on the ERC-20 standard. After it’s launch in July 2020, the token has gone from trading at $0.8 to trading currently at $18.6, signifying twenty-three-fold growth rate. In the measure of the success of the platform and it’s token, in 2021, the token’s value has multiplied more than eight times showing from the price point of $2.1 on Jan. 1.

Such interesting and innovative DeFi projects come as a breath of fresh air for crypto investors who are often spoilt for choice with regard to exchanges and investing opportunities that are only speculative in nature with no real value attached to them. Projects such as the ones mentioned are here to break that monotony.

HXRO is a decentralized cryptocurrency trading platform that sets itself apart from all the competitors as it gives traders an alternative way to express a view on price, hedge risk, and trade digital assets. HXRO was created in 2018 by Dan Gunsberg, CEO and Co-founder of The HRXO. It was created based on the thesis that trading is the ultimate massively multiplayer online role-playing game (MMORPG). Thus, spawned the idea of putting an aspect of gamification into the cryptocurrency and DeFi trading markets. The platform is inspired by legacy systems in the traditional financial markets and combines that with a social gamification concept to provide an unique experience to their users.

HXRO is the network token that powers the HXRO network. It is an ERC-20 standard token on the Ethereum blockchain. The platform also offers special platform benefits based on these tokens. Holders earn exchange fee discounts through a rebate system, higher the holding, higher the rebates given to the holders. The users could even earn more HXRO as a reward by contributing to the token network. In September 2020, HXRO partnered with Nervos, China’s leading blockchain project to launch DeFi projects in the Asian markets. These developments have led to fruitful results from HXRO, the native token has grown more than twofold year to date in 2021, from $0.17 on Jan.1 to $0.35 on March 12th at the time of publication.

It may sound like a 2014-era shitcoin, but Globalcoin is this years most anticipated new digital asset. It doesnt matter that its not decentralized, not permissionless, and not even crypto. The only question that really matters is what does Facebooks currency spell for bitcoin? Will it steal its thunder or accelerate adoption?Also read: Traders Are Now Banned From Using Localbitcoins Exchange in IranGlobalcoin: Coming Soon to a World Near YouIf Mark Zuckerberg had hoped to convince the world that hes a normal guy, and not a shape-shifting Illuminati reptilian, Globalcoin has scuppered that. Its the name that satirists would have dubbed Facebooks forthcoming currency, had Zuck not gone and claimed it for himself. Like Facebook itself, Globalcoin (GC) is easy to mock and easier to meme, but away from the easy one-liners, whats known about the coin and what effect if any will it have on cryptocurrency?GC is scheduled to launch in Q1 2020. Lest confirmation were needed as to how entrenched in the legacy financial system Zuck bucks will be, Facebooks CEO has reportedly met with Bank of England governor Mark Carney as well as seeking advice from the U.S. Treasury. Project Libra, as the program is known, has been one of the worlds worst kept secrets since 2018, when it emerged that Facebook was seeking to hire blockchain developers for a covert monetary project.Mining GlobalCoin pic.twitter.com/G4fuSq956f cryptograffiti (@cryptograffiti) May 24, 2019GC will be nothing more than another fiat-pegged stablecoin, which is unremarkable. The coins real power comes in the network effects that can be leveraged to get the currency into the hands of billions, including Facebook users who dont have bank accounts. The benefits this could bring to Facebook-loyal consumers, who can seamlessly use the coin in-app (be it FB, Insta, or Whatsapp) to pay friends and purchase goods, are substantial. But the benefits this powerful new trove of data will bring Facebook are bigger still.A Cash Grab From the Worlds Data DespotsFacebooks extremely shitty attitude towards protecting user privacy does not need reiterating. Indeed, it is hard to think of a worse qualified custodian of a global digital currency. For all its crimes though deplatforming, unauthorized data sharing, censorship and flagrant privacy violations Facebook remains the worlds dominant social network. People are inherently complacent and, save for a handful of privacy purists, there has been no mass exodus of users in the wake of the Cambridge Analytica scandal and similar abuses. It doesnt matter how much data Globalcoin harvests or who its shared with: if the coin works seamlessly, people will use it.As for quite how crypto Facebooks crypto is, the answer is not very. As a permissioned currency, just like the permissioned social network it lives inside, its irrelevant whether GC runs on a blockchain or an SQL database. No amount of nodes or validators will change the fact that your globalcoins are only yours provided you use them for the purpose that Zuckerberg intended. Play by the rules, and youll be just fine. Step out of line, however, and expect to see your account balance emptied and wallet frozen. As Bloomberg put it, More than 2 billion users spending one currency, controlled by one billionaire. Whats to worry about?, noting that Dr Evil would love Globalcoin.Wow bold move from Facebook on the Globalcoin logo pic.twitter.com/YAMFRoxUYt Josh Cincinnati (@acityinohio) May 24, 2019What Globalcoin Means for CryptocurrenciesAs for what GC means for crypto, there are essentially two schools of thought. One holds that GC holds a genuine threat in giving the masses the benefits of crypto fast settlement, low fees, wrapped in a package that even grandma can understand with none of the downsides, such as volatility, complexity, or the irreversible loss of funds. In this paradigm, GC will replace BTC as a medium of exchange (MoE), leaving bitcoin to serve as a store of value (SoV) and for payments that fall outside of Facebooks purview like buying drugs. If this comes to pass, then GC could also threaten other cryptos such as BCH, , and DASH.The other school of thought holds that Globalcoin will serve as a Trojan horse, or gateway drug, to real cryptocurrencies. Through normalizing the use of digital currency, it will make the transition to permissionless crypto seem less scary, ensuring that bitcoin is primely placed to onboard the masses when they tire of GCs limitations: the privacy concerns, the data abuses, and the limited means of spending. In this context, Zuckerbergs vanilla crypto will get bested by bitcoin, which can outmuscle it on all fronts, save for network effects. With an estimated 30 million cryptocurrency users versus 2.4 billion Facebook users, Globalcoin will launch with a massive advantage.Didnt think Id ever say this, but:I dont want to live in a world where mark zuckerberg beats the winklevii. Ryan Selkis (@twobitidiot) May 24, 2019Love, hate, or fear it, Globalcoin merely represents the inevitable evolution of money. The majority of our spending has already gravitated to the digital realm, be it Paypal, Apple Pay, Visa, Venmo or bitcoin. With the underlying payment network being abstracted away while cash dies a slow death, Globalcoin will take a seat at the table of digital payment solutions, despite offering nothing new. As has been reiterated many times over, bitcoin doesnt need to take over the world to succeed: it simply needs to survive, in one form or another. It is highly probable that Globalcoin will gain more users in its first month than bitcoin ever has or ever will. That metric, however, is meaningless.What are your thoughts on Globalcoin? Let us know in the comments section below.Images courtesy of Shutterstock.Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see whats happening in the industry.The post Facebook Globalcoin: Killer or Multiplier? appeared first on Bitcoin News.Bitcoin News

BitMEX, a leading crypto futures exchange, announced its new ETH/USD futures contracts which will be up for trading from May 5. Though the new derivatives contract will allow traders to bet on ETH prices against USD, the settlement will be done in Bitcoin. “ETHUSD quanto futures have a fixed Bitcoin multiplier regardless of the USD Ethereum price,” the official announcement stated. This allows traders to long or short the ETH/USD exchange rate without ever touching either ETH or USD! Traders post margin in XBT, and earn or lose Bitcoin as the ETH/USD rate changes.” The contracts will have a Bitcoin multiplier of 0.000001 XBT, meaning for every $1 move in the ETH prices, the trader will receive 0.000001 bitcoin regardless of the USD price of ETH. The new futures contract will offer leverage up to 50x to the traders and will expire quarterly. The first ETHUSD contract (ETHUSD20) will expire in June.ATFX Launches WebTV Streaming ServiceGo to article >> “This contract combines the quanto feature of our ETHUSD perpetual swap with the expiry and settlement found in traditional futures. As with every BitMEX altcoin future, it expires quarterly,” the exchange noted. Earlier this year, BitMEX also expanded its offering by introducing XRP perpetual contracts. BitMEX is one of the biggest derivatives exchanges, handling billions in trades every day. However, it recently lost its apex market position to Binance’s months-old futures platform. Notably, the Seychelles-registered exchange saw a record liquidation since the recent crypto market dip which echoed the Coronavirus plunge of the stock market. Meanwhile, BitMEX is one of the few major exchanges which is recently named in 11 class action lawsuits filed at a New York court.