Monthly Archives: May 2022

Report: Nigerian CBDC Wallet Update to Enable Utility Payments, USSD Functionality to Be Added

The Nigerian central bank digital currency (CBDC) wallet app is set for an update that will see users given the ability to pay for utilities like pay television and for topping up airtime. The addition of the unstructured supplementary service data (USSD) functionality to the wallet app means people without bank accounts will be able to make payments using the CBDC. The Update Process The wallet app for Nigeria’s central bank digital currency, the e-naira, is set to undergo an update that will see users being able […]

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The Sky Is Not Falling: Why The Bitcoin Price Doesn’t Matter

The recent bitcoin price action demonstrates that it’s time for a more grown-up culture of building, development and adoption around Bitcoin. “Bear markets are the best time to be alive and in the sector. It’s depressing for those that don’t know what they’re doing, it’s awesome for those that have a longer-term view.” – Simon Dixon The difference between Bitcoin and everything else is that the price of bitcoin doesn’t matter. Over the long term the price of bitcoin has gone up, yes, but the value proposition […]

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Environmental groups urge US government to take action on crypto miners

Among the proposals, the group of eight organizations requested the Environmental Protection Agency subject PoW mining firms to “stringent reviews” around operating permits. A group of eight organizations focused on the environment have called on different government agencies under the Biden administration to implement new approaches in response to Proof-of-Work and other crypto mining operations. In a letter to the United States Office of Science and Technology Policy on Monday, the Environmental Working Group, Earthjustice, Greenpeace, the League of Conservation Voters, the Sierra Club, Friends of the […]

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God Is Dead, Bitcoin Lives

A philosophical discussion based on ideas popularized by Friedrich Nietzsche with Bitcoin as a new-world mythology to replace current beliefs. God is dead, Bitcoin lives. This is to be the bedrock of a new mythology since that is exactly what Bitcoin is — myth. Friedrich Nietzsche is a German philosopher and is credited with the popularization of the statement “God is dead,” in his book titled “Thus Spoke Zarathustra.” The idea originated in his earlier work titled “The Gay Science.” Critics misunderstood Nietzsche’s meaning. He intended to […]

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Bitcoin Is Venice: Sustaining The Unsustainable

Bitcoin can repair the broken incentive systems created by finance and low interest rates that lead to unsustainable practices. Get the full book now in Bitcoin Magazine’s store. This article is part of a series of adapted excerpts from “Bitcoin Is Venice” by Allen Farrington and Sacha Meyers, which is available for purchase in Bitcoin Magazine’s store now. You can find the other articles in the series here. “The concentration of the farmland into larger and larger holdings and fewer and fewer hands — with the consequent […]

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Altcoins stage a relief rally while Bitcoin traders decide whether to buy the dip

Stocks and altcoin prices bounced as the sell-off in BTC took a pause, but analysts continue to warn that further downside could occur shortly. The similarity in price action between the crypto and traditional financial markets remains quite strong on May 10 as traders enjoyed a relief bounce across asset classes following the May 9 rout, which saw Bitcoin (BTC) briefly dip to $29,730. Market downturns typically translate to heavier losses in altcoins due to a variety of factors, including thinly traded assets and low liquidity, but […]

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Crypto Downturn Shakes Digital Collectible Markets as NFT Sales Slip 42% Lower Than Last Week

Non-fungible token (NFT) markets are starting to feel the pain from the crypto market carnage that’s taken place during the last week. Over the last seven days, NFT sales have dropped 42.85% lower than the previous week. NFT sales on Ethereum were hit the hardest as the blockchain saw a 44.83% loss in NFT sales volume this past week. Crypto Economy’s Downward Spiral Begins to Plague NFT Sales NFT sales are down this week as seven-day sales metrics show across 16 different blockchains, NFT sales slipped 42.85% […]

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Michael Saylor assuages investors after market slumps hurts MSTR, BTC

As MicroStrategy stock slumps, Michael Saylor remains confident Bitcoin holdings will cover a potential margin-call on BTC-backed loans. MicroStrategy’s CEO and Bitcoin proponent Michael Saylor is confident his firm’s BTC holdings will more than cover a potential margin call on Bitcoin-backed loans. The American business intelligence and software giant made headlines in 2021 with a number of major investments into Bitcoin. Saylor was a driving force behind MicroStrategy’s decision to convert its treasury reserve into BTC holdings. Global markets have suffered major losses in early May and […]

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The Fed cites worries about stablecoin in its latest Financial Stability Report

The report points out stablecoin’s possible low stress resistance and overuse in leveraged cyptocurrency trading, reiterates its position on CBDC. The United States Federal Reserve Board released its semiannual Financial Stability Report on Monday. The report points to volatility on commodities markets brought on by the Russian invasion of Ukraine, the spread of the Omicron variant of Covid and “higher and more persistent than expected” inflation as sources of instability. Stablecoins and some types of money market funds were singled out in the report and noted to […]

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Erratic Bond Yields, Lockdowns, and War — 3 Reasons Why Economic Recovery Won’t Happen Quickly

The global economy looks bleak as inflation continues to rise, and a wide array of financial investments continue to shudder in value. Since May 2, 2022, the crypto economy has dropped more than 15% from $1.83 trillion to today’s $1.54 trillion. The price of gold has lost 5% in 30 days, and major stock market indexes have seen record lows during the past two weeks. While many people hope the world’s financial markets will see a turnaround, there are three major obstacles impeding the path to recovery. […]

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