See the original post here:
Ripple says U.S. banks will want to use XRP cryptocurrency after partial victory in SEC fight - CNBC
5 min read
Checkout Bitcoin Halving Countdown Here
In the fast-paced world of cryptocurrency, one event has consistently caught the attention of investors and enthusiasts alike: the Bitcoin halving. This momentous occurrence, which takes place approximately every four years, marks a critical turning point in the supply and demand dynamics of the worlds leading digital currency, Bitcoin. As the next halving approaches, the crypto community is buzzing with excitement and speculation. In this article, we delve into the concept of Bitcoin halving, its historical implications, and the potential outcomes we can anticipate in the cryptocurrency market.
To fully comprehend the significance of Bitcoin halving, we must first grasp the fundamentals of its operation. Essentially, Bitcoin halving is a pre-coded algorithmic process embedded in the cryptocurrencys protocol that automatically reduces the block reward given to miners by half. This results in a decreased rate of Bitcoin issuance, effectively limiting the new supply entering the market. By design, there will only ever be 21 million Bitcoins in existence, making it a deflationary asset and a stark contrast to fiat currencies.
To gain invaluable insights into the imminent Bitcoin halving, we must revisit its historical precedents, including the momentous event that took place in 2020. The 2012 and 2016 halvings stand as pivotal moments that ignited awe-inspiring price rallies and set the stage for Bitcoins meteoric rise. As the block rewards were halved during these events, the cryptocurrency market witnessed an unprecedented surge in demand, leading Bitcoin to soar to all-time highs. The 2012 halving triggered an astonishing surge, catapulting Bitcoin from a modest $12 to over $650 within a year, while the 2016 halving ushered in a period of spectacular growth, propelling Bitcoin from approximately $650 to its astonishing peak of nearly $20,000. The most recent halving in 2020 further solidified the halving phenomenons significance. While its immediate impact on Bitcoins price was less pronounced, the 2020 halving laid the groundwork for a transformative period in the crypto market. Several months later, Bitcoins price began a steady ascent, leading to a staggering bull run that saw it reaching a new all-time high of over $60,000. Nevertheless, the relationship between halvings and price surges is not without its complexities. Unraveling this enigma requires a keen understanding of various factors contributing to these market-shaping events, including heightened media attention, growing adoption, and the pivotal role played by speculators. As we approach the next halving, reflections on the historical context and market impact, including the paradigm shift of the 2020 halving, provide us with crucial insights, allowing us to navigate the ever-changing cryptocurrency landscape with a balanced perspective.
Bitcoin mining, a fundamental pillar of the cryptocurrency networks security and transaction validation, experiences a significant impact during halving events. As block rewards are halved, miners face a critical juncture that demands strategic decisions to maintain profitability and sustainability. With reduced rewards, mining operations must optimize their efficiency and operational costs to remain competitive. The halving-induced reduction in the rate of Bitcoin issuance also influences the overall supply and demand dynamics of the cryptocurrency, potentially leading to increased scarcity and long-term price appreciation. Consequently, mining becomes a delicate balance of securing the network, adjusting mining difficulty, and ensuring economic viability. As we approach the next halving, the mining community prepares to adapt to the evolving landscape, embracing technological advancements and innovative solutions to thrive amidst the shifting tides of the cryptocurrency market.
The Bitcoin halving not only impacts miners and the cryptocurrency market but also plays a crucial role in driving adoption and mainstream recognition. As the halvings reduce the rate of new Bitcoin supply, the digital asset becomes scarcer, making it an attractive store of value and hedge against inflation. This scarcity narrative, coupled with the growing understanding of blockchain technologys potential, has sparked the interest of institutional investors and traditional financial institutions. The influx of institutional capital, along with regulatory developments and macroeconomic factors, influences the trajectory of Bitcoins adoption. As more businesses, merchants, and individuals embrace Bitcoin as a viable payment method and investment vehicle, the cryptocurrency inches closer to mainstream recognition. The upcoming halving presents an opportunity for Bitcoin to solidify its position as a disruptive force in the financial industry, potentially opening doors to broader adoption and paving the way for a more inclusive and decentralized future of finance.
While the focus of halving events primarily centers around Bitcoin, their effects reverberate throughout the broader cryptocurrency market, particularly impacting altcoins. Historically, the halving-induced surges in Bitcoins price have often triggered a domino effect, leading to increased enthusiasm and investments in alternative cryptocurrencies. As investors seek opportunities beyond Bitcoin, altcoins experience heightened market volatility and, in some cases, impressive price rallies. However, its important to note that not all altcoins respond uniformly to Bitcoin halvings, and their individual performance depends on various factors, including utility, technology, and community support. As we anticipate the next halving, the altcoin market remains a captivating space to watch, as it navigates the dynamic forces set in motion by Bitcoins momentous event. Investors and enthusiasts alike brace themselves for potential opportunities and challenges, all while keeping a close eye on the evolving landscape of alternative cryptocurrencies.
The approaching Bitcoin halving carries the potential to reshape the cryptocurrency landscape. Examining its historical context and market impact, including the 2020 halving, provides valuable insights. While correlations with price surges exist, complexities demand a balanced perspective. Mining, adoption, and mainstream recognition play significant roles, setting the stage for a more inclusive financial future. As we approach the halving, uncertainty reminds us that the cryptocurrency space is ever-evolving. Embracing this unpredictability, we can seize opportunities and steer towards a decentralized and innovative path forward. Let us remain vigilant, adaptive, and receptive as the halving event unfolds, charting historys course with each milestone it brings.
My personal Bitcoin all time high prediction for next cycle is 130,000
Disclaimer
The information provided in this article about Bitcoin halving and its potential impacts on the cryptocurrency market is intended for informational purposes only. It should not be construed as financial or investment advice. The content does not constitute a recommendation to buy, sell, or hold any cryptocurrency, including Bitcoin, or make any financial decisions.
Read the original:
Anticipating the Bitcoin Halving: Unveiling the Potential Impacts on ... - Medium
In March 2020, Simon Harman and the team at Oxen (formerly known as LOKI) found themselves in a tight spot. It was the start of the global pandemic, and they were running out of funding, having worked to build products for three years during a bear market. To top it all off, Bitcoins value had just dropped to a historic low of $3,000. We were staring down the barrel of death, basically, Harman recalls. It was clear that to survive the team needed to develop new productsideally, ones that operated in a different market than the privacy space. Oxens encrypted messaging app, Session, had just been released; that platform would ultimately gain a great deal of popularity, boasting some 700,000 monthly users. However, in early 2020, Session had not yet become profitable, and Oxen was finding the privacy space particularly difficult to operate in. They needed something new, and fast.
There was one idea that particularly interested Harman and his team. They found themselves inspired by the thought of a decentralized and chain-agnostic system that would enable native cross-chain swaps of cryptocurrencyoptimally, without having to resort to wrapped tokens or specialized wallets or complex smart contracts, and with low slippage. Some products were coming to market that accomplished some of these goals, but Harman and his team envisioned a way for all these capabilities to work in one seamless package. As a result, Chainflip was established, and the development of the protocol began later that year.
The necessity for a decentralized, chain-agnostic solution is fairly obvious, Harman says. Say I want to buy Bitcoin with $100,000. I can go and take that huge amount of money on Binance or any other centralized exchange and effectively just be able to get it at market price. However, what if I dont want to do it on a centralized exchange? If I want to do that on-chain, currently, I cant do that natively. I cant just get actual Bitcoin in a Bitcoin wallet. I can maybe get some wrapped thing somewhere, but that carries a whole bunch of security risks that defeat the purpose. If I want native Bitcoin, there is currently no facility in the world to do that on-chain for anywhere less than 3% slippagewhich means Im paying 3,000 U.S. dollars to buy Bitcoin that I could buy on a centralized exchange basically at cost. So there is a huge problem there.
Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish.Apply today
Harman explains that theres also a lack of efficient market structure to facilitate these currency swaps at any sort of scale. Sure, you can maybe do a few 100 bucks, but if were really going to compete with centralized exchanges, and make the Web3 industry a legitimate industryrather than some blockchains, facilitated by a bunch of companies that are currently under the pump by regulators for a variety of reasons (many of which are totally justified)something that has to happen.
Harman acknowledges that Chainflip is not the only cross-chain DEX on the market. What is interesting about Chainflip, he says, is that it uses threshold signature schemes to create wallets on all these different blockchains. Binance, for instance, has a lot of wallets on a lot of different blockchainswhen users want to do cross-chain swaps using Binance, they use the money sitting on those different chains to withdraw and deposit from them at will, and then do the actual trading off-chain. Harman says this is a very efficient method: They dont care about the underlying blockchain structure, and you dont have to write all these crazy smart contracts. Its all just abstracted away, which lets you do a lot of really nice things for users. Chainflip, Harman says, builds on the same concept of having a chain-agnostic back end, but instead does the trading itself on-chain in a specialized app chainand uses the threshold signature schemes to achieve all of this in a completely decentralized network.
Moreover, while other products may have architectural similarities, Harman explains that Chainflips markets are structured completely differently. Were much less restrictive on liquidity and pricing. We introduced limit orders and things like this to take advantage of liquidity on centralized exchanges and other markets as well. The way the threshold signatures work and the chains we are supporting are different than anything else available.
Harman realizes that ultimately the clients will determine the relevance of Chainflip. I think at the end of the day, its going to come down to a few things: speed, gas and pricing, all of which we expect to be able to improve on in the markets. I think Chainflip will have a very compelling positioning.
A crypto devotee since his high school years, Harman is cognizant of the fact that products like Chainflip could not have existed at any other point in time. There were a lot of new ideas floating around in the space that no one had really put all together yet before 2020, he says. For example, the FROST signing algorithm that we use is way more efficient than anything else that has come before. We knew that Bitcoin was going to make it possible to use that signing algorithm. So there were a few different developments, all arising at oncenew technologies that would enable the creation of a solution like Chainflip that, until 2020, was literally impossible.
In Harmans view, this type of innovation is only possible by standing on the shoulders of giants. Chainflip really is a cutting-edge technology thats been built off the back of a lot of research and experimentation that has occurred over the past 10 years in the crypto space, he says. So this really is an evolution on top of other great ideas that came before.
Simon Harman is CEO and founder atChainflip Labs.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
Learn more about Cointelegraph Innovation Circle and see if you qualify to join
See the original post here:
How Chainflip is shaking up native cryptocurrency cross-chain swaps - Cointelegraph
A recent research study reveals a significant 65% decrease in cryptocurrency crimes in 2023
Cryptocurrency has gained popularity and legitimacy as digital money in recent years. Still, it also faces challenges from cybercriminals who seek to exploit its vulnerabilities and anonymity. However, according to a new report from Chainalysis, a blockchain data platform, cryptocurrency crime decreased significantly in the first half of 2023 compared to last year.
The report, titled Crypto Crime Midyear Update, shows that cryptocurrency inflows to known illicit entities have declined by a staggering US$5.2 billion (a 65% decrease) compared to the same time last year, while inflows to risky entities such as high-risk exchanges and crypto mixers are down 42%. The report covers various categories of crypto crime, such as hacks, malware, fraud, darknet markets, ransomware, and sanctions evasion.
The most notable decline was observed in scam revenues, which dropped by 77% from US$3.3 billion to US$1.0 billion in the first half of 2023. This is especially impressive given that scam revenues had already fallen 46% in 2022. The report attributes this decline to the collapse of FTX. This major Ponzi scheme defrauded investors of over US$2 billion in 2022, as well as the increased awareness and vigilance of crypto users and regulators.
However, not all types of scams have decreased. The report warns that impersonation scams, in which fraudsters pretend to be law enforcement officers or other authority figures to extort money from victims, have only seen a 23% decline in inflows in 2023. Moreover, the number of individual transfers to impersonation scam addresses has increased by 49% year-over-year, suggesting that more people have fallen victim to this type of scam in 2023.
The report also highlights ransomware as the only form of crypto crime growing in 2023. Ransomware is a type of malware that encrypts the data or systems of victims and demands a ransom in cryptocurrency for their release. According to the report, ransomware attackers have extorted at least US$449.1 million from victims in the first half of 2023, which is on pace to surpass the US$939.9 million set in 2021.
The report explains that ransomware has become more sophisticated and lucrative as attackers target larger organizations and demand higher ransoms. The report also notes that ransomware groups often use crypto mixers or high-risk exchanges to launder their proceeds and evade detection. The report urges businesses and governments to take preventive measures and cooperate with law enforcement agencies to combat ransomware.
The report concludes that the overall decline in crypto crime is a positive sign for the crypto industry and its users, as it reflects the increased security and regulation of the crypto ecosystem. The report states that crypto crime is becoming less profitable and more difficult for criminals to carry out and that the vast majority of cryptocurrency activity is legitimate.
The report also acknowledges that crypto crime is still a serious threat that requires constant monitoring and innovation from both the public and private sectors. The report recommends that crypto businesses adopt best practices such as implementing compliance programs, conducting due diligence on customers and partners, and reporting suspicious activity to authorities. The report also encourages crypto users to be cautious and informed when engaging with crypto platforms and services.
The report analyzes blockchain data from over 100 cryptocurrencies and tokens and other sources such as public reports, court documents, media articles, and expert interviews. The report is part of Chainalysiss ongoing research on crypto crime and its impact on the crypto industry and society.
See the original post:
Cryptocurrency Crime Plummets by 65% in 2023, Research Shows - Analytics Insight
CryptocurrencyCybersecurityPartner content
The enormous expansion of cryptocurrencies in recent years has generated a tonne of potential for fraud. Scammers are constantly seeking new methods to take your money. While cryptocurrency may be accessed at any moment from your digital wallet, unlike physical cash, it gets not safeguarded by banks or another central body. Without these extra safeguards, con artists have learned how to enter and go without being seen, leaving you with nothing.
With general information and protection services, you can better safeguard your Bitcoin. Here, we explore some of the most exciting ways to prevent cryptocurrency fraud using cutting-edge cybersecurity technologies and practices.
Cryptocurrency transactions may be rather safe coming to buying, selling, and investing. Crypto criminals find it demanding to exploit the blockchain technology that protects data during these transactions.
However, you must avoid getting duped into feeling insecure. Hackers have been putting a lot of effort into creating cryptocurrency schemes to deceive users into divulging their wallet key phrases or other information that might give them access to their private accounts.
Implementing multi-factor authentication (MFA) is a crucial stage in preventing unauthorized access to cryptocurrency wallets and exchanges. MFA requires users to provide multiple verification forms, such as a password, a fingerprint scan, or a unique one-time code generated by a mobile app.
This additional layer of security significantly reduces the risk of fraudulent activities, as even if a hacker manages to obtain one authentication factor, they would still need access to the others to gain control over the account.
Cold storage refers to keeping cryptocurrency assets offline, away from internet connectivity. By utilizing hardware wallets, such as USB devices specifically designed for storing digital currencies, users can safeguard their funds against cyber threats. Hardware wallets offer secure key storage and transaction signing capabilities, ensuring sensitive data remains isolated from potential online attacks. This offline approach provides an extra layer of protection, making it significantly harder for hackers to compromise funds. Not only do cryptocurrencies need to be saved, but so does Moissanite jewelry another precious thing to be safeguarded.
Biometric authentication methods, such as fingerprint or facial recognition, offer an exciting and highly secure way to protect cryptocurrency assets. These unique physiological characteristics are difficult to replicate, providing a brittle layer of security against fraudulent attempts. Integrating biometric authentication into cryptocurrency wallets and exchanges enhances user protection and minimizes the risk of unauthorized access, as biometric data is nearly impossible to counterfeit.
Blockchain analysis and monitoring tools are crucial for detecting and preventing cryptocurrency fraud. These tools analyze transactions and wallet addresses, identifying suspicious activities and patterns. By leveraging machine learning algorithms and data analytics, these tools can provide real-time alerts and insights to users, exchanges, and regulatory bodies. This proactive approach allows for the early detection of fraudulent transactions, improving overall security in the cryptocurrency ecosystem.
Smart contracts, powered by blockchain technology, enable automated and trustless transactions. They are susceptible to vulnerabilities that can be exploited by malicious actors. Conducting thorough audits of smart contracts before deployment helps identify and address potential security flaws. Exciting developments in the field of cybersecurity include advanced static and dynamic analysis tools, formal verification techniques, and bug bounty programs. Thus, they encourage community participation in identifying and fixing vulnerabilities in smart contracts.
Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations play a crucial role in preventing fraud and illegal activities in the cryptocurrency space. By implementing robust KYC and AML procedures, cryptocurrency exchanges and service providers can ensure that users identities are verified, reducing the risk of fraudulent transactions and enabling law enforcement agencies to trace suspicious activities. Advances in identity verification technologies, such as biometrics and blockchain-based identity solutions, are making the KYC and AML processes more efficient and secure.
Security Token Offerings (STOs) represent a regulated approach to fundraising in the cryptocurrency realm. Unlike Initial Coin Offerings (ICOs), STOs comply with securities laws, providing investors with legal protections and greater transparency. By conducting due diligence on STOs and investing in regulated projects, users can minimize the risk of falling victim to fraudulent schemes and scams that plague the crypto industry.
Numerous cryptocurrency scams are complex and persuasive. You can decide to take the following actions to safeguard yourself from cryptocurrency scams:
Keep your wallets keys to yourself.
Watch your wallet app.
Invest only in the items you are familiar with.
Observe patience.
Ads on social media should be avoided.
Pass up cold calls.
Use only official platforms to download apps.
Perform research.
Read more here:
Most exciting ways to prevent cryptocurrency fraud with cyber security - BusinessCloud