Category: La Nueva Economía, ¿estas preparado?
Which sectors accept cryptocurrencies as a form of payment?

Which sectors accept cryptocurrencies as a form of payment?

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A new study by crypto-tax software CoinLedger revealed that the retail and e-commerce sector has the highest number of companies offering the option to buy via cryptocurrencies.

The study compiled a list of more than 300 large companies known to accept cryptocurrency methods and categorised them into industries, to discover which contains the most companies offering cryptocurrencies as a payment method.

Retail and e-commerce ranked first, with a total of 60 companies accepting cryptocurrency payments. The sector includes clothing and accessories retailers such as Adidas, Yankee Candle and H&M, as well as online shopping platforms such as Etsy.

Second on the list is the Food & Dining sector with 54 companies. Examples include Chipotle, Chuck E Cheese’s, Domino’s and Hard Rock Café, and delivery services such as DoorDash and Uber Eats. Gradually, different services are becoming available in different countries: Burger King Venezuela has been accepting Bitcoin payments since 2020.

Luxury retail comes in third place, with 35 companies offering the service, including high fashion brands Gucci and Ralph Lauren, luxury watch retailer Hublot, as well as jewellers such as Jewelry Affairs and CRM Jewelers.

Further down the list, Travel & Hospitality ranks fourth, with 31 companies accepting crypto payments. They range from commercial airlines, such as Norwegian Air and Vueling, to private jet charters, such as Fast Private Jet, LunaJets and PrivateFly.

Cruise lines Royal Caribbean and Princess Cruises are also on the list, as well as travel organisation help sites such as GetYourGuide.

The top five close with Internet and Online Services companies, as 28 accept cryptocurrency as a payment method. These companies offer a service available to use online on our phones and laptops, such as Google Play and Spotify, and various VPN services such as CyberGhostVPN, ExpressVPN and FrootVPN.

Top 10 industries offering cryptocurrencies as a payment method:

David Kemmerer, co-founder and CEO of CoinLedger, commented on the findings.

“The growing number of businesses accepting cryptocurrency payments reflects the growing acceptance and adoption of digital currencies in the mainstream economy. This trend not only aligns with the changing preferences of tech-savvy consumers, but also offers benefits such as reduced transaction fees and increased security. From large retailers to small businesses, the diversification of sectors adopting cryptocurrencies demonstrates the versatility and potential of blockchain technology. As this trend continues, it is likely to contribute to greater acceptance of cryptocurrencies as a legitimate form of payment, paving the way for a more decentralised and accessible financial landscape.”

At EurocoinPay we have always been committed to a better world and we have expressed our firm intention to contribute to a change in the economy, where the financial transactions we make in our daily lives are faster, safer and more transparent.

Our cryptocurrency payment gateway for Ecommerce provides the solution for all those businesses and companies that want to offer the option of paying their products or services to customers through cryptocurrencies quickly and easily.

It accepts payments with cryptocurrencies through EurocoinPay.

BECOME A CRYPTOCOMMERCE!!

Source: Cointelegraph

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
Technology: past, present and future

Technology: past, present and future

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Technology has come a long way in the last two decades. Some devices that were in use in the late 20th century and early 2000s are now outdated.

In general, the technological products of the past focused on a few functions that they did well, and today’s innovations focus on offering more possibilities.

For example, older mobiles or “dumb phones” were only good for making calls, sending SMS and, at most, playing fairly simple games. Today, smartphones can do everything.

Pagers, also known as pagers or ‘pagers‘, were telecommunications devices that received short messages and coexisted with analogue mobile phones. Today they have been replaced by apps on smartphones.

In entertainment, items such as VHS, vinyl, cassette tapes and video games have also been replaced by free and subscription-based entertainment apps for smartphones and other devices.

If we make a compilation of these developments, we can find technological products that did not exist two decades ago and that we can hardly live without right now:

Multimedia Content
Free or subscription-based entertainment platforms to watch, share and download music, podcasts, films, series, documentaries…

Social Networking
Platforms that serve to connect people from different parts of the world and is used to share information, news, multimedia content, 24-hour stories and reels.

Instant messaging
Instant messaging applications for smartphones that allow you to chat, send photos/videos and make video calls with friends or family.

High-definition televisionsSmart TVs have a place in our living rooms to enjoy series and films in high quality.

E-Commerce
Who would have thought that we would end up shopping online without leaving home?

Mobile phones
They have gradually taken up a space in our lives and have become an essential device in our daily lives.

Tablet
The perfect device to move from side to side thanks to its size.

Google Drive
Allows users to store files in the cloud, synchronise them between devices and share them.

Google Maps
It’s the perfect application for getting from one place to another thanks to its directions.

Wireless Headphones
The problem of tangled headphone wires is a thing of the past with wireless headphones nowadays.

An app forevery service in your life
There are apps for monitoring your health, exercising, buying clothes online, listening to music, meeting people, among online, listen to music, meet people, among others.

Smart watches
They provide health information, offer workouts, display the time and date, can be linked to a mobile phone and some are able to respond to calls or messages.

Internet
It is the mainstay of our lives when we are connected to the net.

In short, the great revolution we have seen in the last decade is that of mobile devices, in which we have gone from being able to do three things to having everything at our fingertips.

New technologies of the future

The new technologies of the future are living with us in our present. The technological changes that have taken place in recent years have revolutionised various sectors, from the productive to the domestic.

The future is not predicted, but created with today’s technologies. The technologies that are creating that future are Blockchain technology, smart contracts, cryptocurrencies, web 3, artificial intelligence (AI)…

A few years ago we imagined a future full of holograms, robots with their own identity, hyperconnectivity and houses controlled by voice commands… and so it has happened! And so it has happened! In fact, it has probably happened faster than we expected.

We are in a constant acceleration of innovation and technology where we must be prepared and walk in that direction. Are you ready?

The new technologies of the future are living with us in our present. The technological changes that have taken place in the last few years have revolutionised various sectors, from the productive to the domestic. The future starts NOW.

Sources: 20minutos.es, 20minutos.es, rtve.es, enzyme.biz

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
Barcelona to host Europe’s largest blockchain event from 24-26 October

Barcelona to host Europe’s largest blockchain event from 24-26 October

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Barcelona will host Europe’s leading blockchain conference from 24 October. Introduced in 2018, the European Blockchain Convention connects industry experts, technology leaders and startups. Discussions will explore the massive potential of cryptocurrencies and blockchain.

Meanwhile, the Catalan capital will host the largest blockchain event in Europe since the convention began, with approximately 5,000 delegates.

The buzz of cryptocurrencies in Barcelona

The blockchain event will see Barcelona dominate crypto events during the last weekend of October. In addition to industry professionals flocking to the EBC9 event, the gathering coincides with the much-watched El Clasico tournament between Real Madrid and Barcelona.

The European Blockchain Convention will include C-level executives from Anomoca Brands, Fabric Ventures, Fidelity and Nansen. Speakers from traditional firms such as Volkswagen and Banco will also attend. In addition, representatives from Galaxy Digital and Binance Labs will be in the house.

Organising the massive blockchain evento

Organisers have selected a larger venue, Fira Barcelona, following a substantial increase in participant interest after the previous edition. The new location offers enough space for exhibitors, more engagements and a wide variety of content, according to European Blockchain Convention co-founder Victoria Gago.

Co-founder Daniel Salmeron expressed his enthusiasm for connecting web3, digital assets and TradFi, stating that the participation of multiple financial institutions indicates their optimism and dedication to the future of finance.

Agendas in focus

The ninth edition of the ECB will address several agendas, including the institutionalisation of cryptocurrency, AI, tokenisation, DeFi, privacy, CBDC and sustainability.

In addition to workshop panels and discussions, the programme incorporates a 3,000 square metre area for exhibitors and sponsors. In addition, speakers will conduct AMA sessions. Other events include ECB start-up awards, art galleries and investor meetings.

In addition, the list of side events will feature more than 200 hackers, 20 teams and more than 30 mentors participating in a 2-day hackathon. More details, including ticketing, can be found on the official website: https://eblockchainconvention.com/

Source: invezz.com

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
Brazil and Spain are in the top 20 countries with the highest number of bitcoin users

Brazil and Spain are in the top 20 countries with the highest number of bitcoin users

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According to CoinMarketCap statistics, Brazilians are among the most interested in cryptocurrencies so far in 2023.

  • The United States continues to lead in the ranking of users accessing the CoinMarketCap.
  • Bitcoin is more popular in Europe than in South America.

Brazil is in the top 20 countries with the highest adoption of cryptocurrencies globally, according to the results of an analysis published by CoinMarketCap, one of the leading websites for accessing cryptocurrency market information.

The report presented by CoinMarketCap Research, places the South American giant in fifth place among the countries with the highest levels of cryptocurrency users who accessed the platform during the first half of 2023.

It is also worth noting that Brazil is the only country in Latin America to be ranked among the top 20 in the study. A position that highlights the high level of adoption present in the country and which has been ratified in similar research.

In this regard, a Bitget survey recently revealed that 32% of Brazilians spend up to 15% of their income investing in cryptocurrencies. A higher investment figure than has been identified in countries such as Argentina and Mexico, explains the study.

Precisely because of the magnitude of this market, the Brazilian government passed a law to regulate the use of cryptocurrencies, as reported by CriptoNoticias.

Spain is also in the top 20 in terms of traffic on CoinMarketCap. The Iberian country is in 14th place in the ranking, with 2.92% of the platform’s users.

Within this group of countries, the United States dominates the distribution of cryptocurrency users worldwide, with 17% of traffic. Of the rest, the vast majority of users come from European countries.

Users in the United States are the most interested in bitcoin. Source: CoinMarketCap.

Interest in bitcoin surged in the second quarter of 2023

The report also reports on user preferences for different types of cryptocurrencies, with bitcoin (BTC) attracting the most attention.

The pioneering cryptocurrency “remains the most watched in all regions in the first half of 2023, a similar trend to Q4 2022, which is also reflected in BTC’s dominance over altcoins,” the study notes.

Thus, it reports a 25% increase in attention on bitcoin over the course of the last six months, rising from 40% at the beginning of the year to 50.3% at the end of June. An advance that is attributed to events such as BlackRock’s ETF filing and the upcoming bitcoin halving expected in March 2024.

And although in most regions of the world people prefer bitcoin over other cryptocurrencies, in terms of taste, Europe stands out, where interest is 52%. This percentage contrasts somewhat with what is happening in South America, the area with the lowest percentage of interest in BTC (39%) and the highest interest in Baby Doge Coin or BabyDoge (21.7%), an altcoin based on dog memes.

Regarding ether (Ethereum’s ETH) the study indicates that it “remains a popular currency of interest in most regions, except Asia and Africa”. It is also stated that Ethereum scaling solutions such as Polygon (MATIC) and Arbitrum (ARB) gained mainly attention in South America.

Source: criptonoticias

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
Is Bitcoin decoupling from the rest of the cryptomarket?

Is Bitcoin decoupling from the rest of the cryptomarket?

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  • Excluding the Ethereum merger, Bitcoin’s correlation with Ethereum is at its lowest point since 2021
  • Bitcoin’s dominance over the entire cryptomarket rose steadily in 2023, now at a 2-year high
  • Numbers say BTC could delink, regulatory crackdown changes crypto trading patterns

In recent years, it has been a fair statement to declare that most cryptocurrencies are traded as leveraged bets on Bitcoin. The world’s largest cryptocurrency goes up in value, altcoins go up some more. Bitcoin falls, altcoins fall some more. As generalisations go, it is reasonably fair.

However, within this general pattern, there have been periods when this relationship has deviated from the norm. One such moment is now, when some of the underlying numbers seem to imply that Bitcoin may be decoupling from the rest of the market.

First, the most obvious way to investigate this is to plot the correlation between Bitcoin and the second largest cryptocurrency, Ethereum. The chart below shows that the normally super-high correlation has fallen to its second weakest mark in the last eighteen months, behind only September 2022, when the Ethereum merger was executed.

Ether / Bitcoin Correlation

Pearson 60-Day Correlation Coefficient

Source:  @DanniiAshmore, Invezz

The Ethereum merger last September was not only an Ethereum-specific event, but the correlation almost immediately returned to normal levels. If we discount this event, you would have to go back to 2021 to see the correlation between Bitcoin and Ethereum as low as it is today. Of course, it is still not exactly “weak” at 0.7, quite the opposite, but it is remarkable in the context of the historical relationship, where the average has been a near-perfect 0.9 since early 2022.

The graph shows that the correlation starts to decline around April. The next chart shows this in a different way, depicting the performance since early 2022 of Bitcoin and Ethereum. The two assets move at roughly the same time, but you can see a slight divergence emerging around April this year.

Bitcoin & Ether, Returns Since 01-Jan-2022

Source: @DanniiAshmore, Invezz

By the way, the reason I am taking the sample space from the beginning of 2022 is not strictly for a nice round number. This was when the stock market peaked and represents a transition to a new paradigm for financial markets. While interest rates only started to rise in March 2022, inflation was rising, confidence was falling and concern was close at hand, exacerbated by Russia’s invasion of Ukraine in February and the unleashing of an energy crisis. In other words, the pandemic party, also known as zero interest season, was over. It represents a structural break in the macro climate and financial markets in general.

Bitcoin went down, along with other risky assets, as rates continued to rise. But, now we ask: are we at another inflection point for Bitcoin? Why is Bitcoin’s relationship with Ethereum weakening?

Is Bitcoin carving out its own niche?

This weakening relationship has more to do with Bitcoin than Ethereum. In the chart below, we see the oft-referenced Bitcoin dominance chart, which plots the market capitalisation of Bitcoin against the market capitalisation of the entire cryptocurrency sector.

The chart shows that it has increased considerably since the beginning of 2023, jumping from 41% to 51%. That means that 51% of the total crypto market capitalisation is made up of Bitcoin, the highest mark in two years.

What is interesting is that, traditionally (if we can use that phrase in an industry that is barely a decade old), Bitcoin’s dominance falls in times of rising cryptocurrency prices. In general, Bitcoin jumps higher, before money flows into altcoins with the falling dominance ratio. This time, that is not happening.

Again, why? The answer may lie in regulation and the fact that the market increasingly sees Bitcoin as an asset that is carving out its own niche. For many cryptoheads (myself included), this has long been a point of contention. In terms of fundamentals, Bitcoin and Ethereum don’t really have much in common, except for the fact that they both run on something called the blockchain (and those two blockchains, as of the merger in September 2022, are completely different beasts).

But my point is redundant. However, the letter of the law is not; more importantly, it seems that US regulators are beginning to take the same view. As Coinbase CEO Brian Armstrong lamented after his exchange was slapped with a lawsuit last month:

We got this information from the SEC that, well, actually anything that’s not Bitcoin is a security. And we said to ourselves, well, that’s not our understanding of the law.

Brian Armstrong, CEO of Coinbase

Coinbase can complain all it wants (and it will have its day in court), but the reality for the market is that this is happening, whether it is fair or not, and it may affect the way price action in crypto moves from now on. The SEC even formally described several cryptocurrencies that it formally considered securities, including Solana, BNB and the native tokens for Cardano and Polygon. Tracing the correlation between Bitcoin and a pair of these assets as an example, the breakout is clear in June, as the market sells off in response to the confirmation of securities.

Bitcoin Correlations

Rolling 60-Day Pearson vs ADA & SOL
ADA & SOL named as securities by SEC on June 5th

Source: @DanniiAshmore, Invezz

Of course, this is a stronger sell-off and a bigger drop in correlation than what we saw previously with Ether. The world’s second largest cryptocurrency seems to be operating in a grey area, which perhaps explains why the sell-off has not been as large as, for example, ADA and SOL, but also why it is not on par with Bitcoin.

Spot ETF applications paint a brighter picture for Bitcoin

Then there is the case of spot ETF applications, coming from a handful of the world’s largest asset managers. These are Bitcoin ETFs, not Ethereum or crypto ETFs. While approval would be a boon for the cryptocurrency sector in general, as it could open the door to similar vehicles for other assets in the future, the many hurdles Bitcoin has had to evade to remain in the ETF discussion are numerous. There is still no guarantee that these ETFs will be approved; certainly, other assets seem a long way off. Therefore, the simultaneous SEC security-driven crackdown and the plethora of Bitcoin ETF applications is driving a wedge between Bitcoin and other cryptocurrencies.

The million-dollar question is whether this all goes back to normal once the furore subsides. There is no doubt that the relationship remains strong here and Bitcoin continues to lead the market. But there may also be reason to believe that there has been a structural break and that the previous hand-holding relationship will not be so close in the future.

Crypto has had a rough patch recently. The 2022 scandals were plentiful (Terra, Celsius, FTX, to name a few) and capital flight has been staggering, as (for whatever reason) investors have chosen that Treasury bills paying 5% are preferable to centralised cryptocurrencies paying -100% (hopefully -90% after many years of bankruptcy court proceedings).

While Bitcoin has also been immensely affected by the pain of 2022, its first mover advantage and lack of counterparty risk could help it avoid being tainted by the same tainted brush in the eyes of e-commerce investors. Altcoins are definitely not fashionable at the moment, and the reputation of the non-Bitcoin crypto sector has been greatly tarnished in the eyes of institutional capital.

The great Bitcoin decoupling, which would be Bitcoin cutting its correlation with risky assets and instead claiming the status of an uncorrelated store of value, seems a long way off yet. But a lesser type of decoupling, where it separates itself from other cryptocurrencies, may not be as far away as previously thought.

Once again, the numbers could immediately return to normal. Perhaps it is just a hint of what may come at some point down the road. But either way, it is one of the most crucial and intriguing trends to keep an eye on in the crypto space, even if this episode turns out to be all smoke and mirrors.

Source: invezz.com

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
Mastercard identified nine trends that they believe define the future of payments

Mastercard identified nine trends that they believe define the future of payments

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The Future of Payments study identified three specific areas that they believe will define the way we buy, sell and interact between now and the end of this decade and beyond.

Mastercard last month presented its study called The Future of Payments, which explores nine trends that they believe will shape “The Next Economy“.

Within the report they focused on three specific areas that they believe will define the way we buy, sell and interact between now and the end of this decade and beyond. These three areas are: reimagining money, or how the use of money is being redefined by the emergence of non-traditional assets; smart experiences, which addresses the intersection of the physical and virtual worlds; and sustainable futures, which shows how purposeful consumption impacts product design and the value of a company.

That said, the nine trends within each area are as follows.

Reimagining money

Tokenisation: According to the published study, the notion of money continues to evolve to encompass more tokenisable assets, including points, loyalty, data, rights and new currencies. Therefore, extending this technology to real assets will, over the next five years, transform the idea of value and what we use to pay.

Programmable payments: Artificial Intelligence, smart contracts, APIs and other solutions will come together to simplify commercial payments. New ways of programming payment flows will inject efficiency into the economy, they explained, and this will result in reduced operational costs.

Ubiquitous wallets: For Mastercard, the next generation of digital wallets should make it possible to manage our identity and finances, including tokenised securities. They say the “super wallet” of the future will become the command centre of our daily lives, allowing us to access services and payments in any channel.

Smart experiences

Connected finance: Within this point, the study highlighted that just as omni-channel retailing transformed the way we shop, new technologies are expanding the ways we pay in shops, stadiums, stations, metaverse, etc. Thus, the instantaneous ability to access financial services at scale will allow consumers to bank and pay from anywhere and through any channel.

Borderless payments: Payment networks are expected to eventually break down the physical and digital barriers that prevent the exchange of goods, services and data across markets. In this regard, by the end of this decade, Mastercard said that cross-border payment interoperability will be a fact of life.

Acceptance unleashed: POS check-out is undergoing a transformation thanks to new technologies that are multiplying payment options. From Mastercard’s perspective, acceptance options are expected to increase further over the next two years, benefiting merchants and customers in terms of speed and convenience, but also impacting financial inclusion, allowing more people to solve practical issues such as public transport or access to shows and stadiums.

Sustainable futures

Inclusive credit: In the near term, we will see an acceleration of access to credit for the unbanked through banks, fintechs and other digital players, which will drive global economic growth.

Conscious consumption: Consumers will favour companies that are aligned with their ethical, social and environmental principles. They will prefer local companies that meet ESG or Zero Emissions criteria.

Built-in trust: On this last point, due to the rise of fraud and identity theft, the Mastercard study revealed that trust will become the key differentiating factor between companies, with those that earn consumer trust retaining the lion’s share of payment flows.

Source: Cointelegraph

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
Millennials and Generation Z tend to build a more cryptocurrency-friendly society

Millennials and Generation Z tend to build a more cryptocurrency-friendly society

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If you are Spanish, this is the classification of generations according to your year of birth:

Baby boom (1949-1968)

Unlike the post-war children, the baby boomers are the largest generation. There are currently more than 12 million baby boomers in Spain. They were the first to live in peace and prosperity after the post-war period.

Generation X (1969-1980)

These are the children of the baby boomers, those born in the 1970s. In Spain they also lagged behind the rest of the Western world due to Franco’s regime and began with the progressive political opening up of the country. They lived through the splendour of consumerism and the obsession for success at all costs. Also known as the EGB generation, they were the first to become familiar with computers as a work tool.

Millennials (1981-1993)

Probably the best known and most criticised generation. Millennials are those born between 1981 and 1993 (or 1996, depending on the organisation consulted). In Spain they represent a population of just over 7 million men and women.

Generation Z (1994-2010)

This is the generation that has taken over from the millennials. They are at most 23 years old and outnumber their predecessors. In Spain there are 7,800,000 boys and girls who belong to this post-millennial generation.

Do you know which generation you belong to?

A study reveals that Millennials and Generation Z tend to build a more cryptocurrency-friendly society.

Bitget published an extensive study on the relationship between demographic changes and cryptocurrency adoption rates across generations. The brokerage examined more than 255,000 questionnaires, with participants from 26 countries and divided into four age groups.

The analysis found that the Millennial generation represents the largest group of cryptocurrency enthusiasts, accounting for 46% of respondents, and concluded that the representation of different groups by public regulatory bodies may define the possibility of social changes favourable to cryptocurrencies.

The survey was conducted between July 2022 and January 2023, involving more than 459,000 respondents, with more than 255,000 contributing responses. As part of the study, information on the fertility and adoption rate of cryptocurrencies in selected countries was correlated with other factors, such as the propensity of residents of selected countries to use blockchain technology and data on the demographics of people who own cryptocurrencies.

Respondents were categorised into generational and age groups: Baby Boomers, Generation X, Millennials, and Generation Z. Among them, Baby Boomers accounted for 19% of respondents, with 8% owning cryptocurrencies.

Generation X made up 23% of respondents, with 25% of them owning cryptocurrencies. Generation Y made up 31% of respondents and 46% of them owned a cryptocurrency, and Generation Z made up 17% of respondents and 21% of them owned a cryptocurrency. The statistics point to an uneven use of digital assets across different age groups, especially in countries with a long-life expectancy and a highly educated population, such as Japan.

The data collected also indicates that Millennials are more loyal to cryptocurrencies, as they are more familiar with the internet and digital technologies, compared to previous generations.

This age group is also starting to build their investment portfolios and sees cryptocurrencies as a good opportunity due to their high return potential, as shown from 2017. It was also observed that Generation Z respondents are fans of modern technologies, being inclined to use digital assets and DLTs, as they do not have any negative experience with financial crises, as they were born after 2008.

Other data collected on behaviour regarding the regulation of digital assets indicates that each passing generation is more interested in their rulers having an equal interest in the regulation of blockchain assets, with a considerable increase in the percentage from 6% to 27% between Generation X and Generation Y, respectively.

This jump can be attributed to the change in value mapping observed in these two generations, especially in relation to changes in technologies, work-life balance issues, diversity and inclusion factors, and a decrease in trust in institutions.

The influence of Baby Boomers and Generation X is likely to diminish, as by 2030 all members of Generation Z will be adults, and the diffusion of blockchain technology in this period could lead to an increase in the percentage of people using cryptocurrencies across all generations.

“The popularity and acceptance of cryptocurrencies varies across different age groups. Through this research, we can better understand the needs and preferences of cryptocurrency users,” he said Gracy Chen, CEO of Bitget.

Analysis of the overall data obtained during the research allows the Bitget team to conclude that population growth in the countries studied is, in general, slowing down.

Combined with increasing life expectancy, there could be a situation of total rejection of cryptocurrencies, blocking innovation and modern technology. However, the declining share of Baby Boomers and Generation X in the total population may be accompanied by processes of unlocking and rehabilitating solutions that benefit society and replacing conservatism with progressivism.

The research findings also suggest that, early in the next decade, demographic processes could lead to a dramatic shift towards greater acceptance of cryptocurrencies, despite the slowdown in population growth.

Source: Periodistadigital / Dailymotion / Cointelegraph

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
BRC-20: the new tokens that can be issued in Bitcoin

BRC-20: the new tokens that can be issued in Bitcoin

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  • BRC-20 tokens do not interact with smart contracts like Ethereum ERC-20s.Wallets como UniSat ya permiten emitir y administrar tokens BRC-20.
  • Wallets such as UniSat already allow BRC-20 tokens to be issued and managed.

BRC-20 tokens are the Bitcoin version of Ethereum’s ERC-20 and are related to the NFT Ordinals technology.

BRC-20 is an experimental mode standard for issuing and transferring fungible tokens on the Bitcoin network. The deployment, issuance and transfer of these tokens is done by means of a JSON data entry. Hence its relation to Bitcoin’s NFT Ordinals.

The creation of this standard is credited to a developer known as Domo on Twitter. On 8 March, the computer scientist announced his progress in this area and acknowledged that it would be difficult for him to take this test any further. For this reason, he preferred to share the project for others to experiment with.

One of the easiest ways to issue and manage these tokens is offered by the UniSat wallet, which CryptoNews reviewed in its most recent update. The wallet allows you to create an entry with the token’s details, such as the name, the acronym that will identify the token, the total amount and the owner.  

The registration is stored on the Bitcoin blockchain as part of the transaction that sends the satoshi associated with the owner’s token. Once the registration is created, the token can be verified in any browser with support for NFT Ordinals.

Bitcoin’s BRC-20s vs Ethereum’s ERC-20s

The name BRC-20 is a reference to Ethereum’s ERC-20 standard. However, the two standards differ in several features, especially because of the differences between the networks they run on, Bitcoin and Ethereum.

First of all, Bitcoin’s BRC-20 tokens do not have the ability to interact with smart contracts, while ERC-20 tokens do. Other limitations of BRC-20 tokens versus Ethereum tokens are that they cannot have decimals, cannot be burned or frozen, and cannot have additional functions such as approval or delegation.

Domo has repeatedly emphasised that his idea of BRC-20 tokens should not, under any circumstances, be considered the quintessential Bitcoin fungibility standard.

“This is an extremely dynamic experiment and I am keen to discourage any financial decisions that might be made based on its design. However, what I do want to do is encourage the Bitcoin community to play with the designs and optimisations of the standard, until a consensus on best practices is reached (or we all decide together that this is a bad idea)”.

Domo, developer and creator of the experimental BRC-20 standard

Domo advises people not to spend a lot of money issuing these tokens, which, to him, are worthless. In fact, the developer recommends other tools and protocols for issuing Bitcoin assets, such as Taro, which he says is “unequivocally” a more optimal option for this. Although, as CryptoNews reported earlier this month, a judge in California, US, ordered Lightning Labs to suspend the development of Taro.

Source: CriptoNoticias

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
The US banking collapse calls into question the discourse against bitcoin and cryptocurrencies

The US banking collapse calls into question the discourse against bitcoin and cryptocurrencies

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Since Silicon Valley Bank became insolvent and Signature Bank was shut down, bitcoin has been on the rise.

  • Bitcoin has risen from USD 19,900 to USD 26,000 in just a few days
  • Bitcoin glitters in the face of the prospect of systemic risk in the banking system.

Just a few days ago, the commercial institution Silicon Valley  Bank filed for bankruptcy. The bank had approximately USD 209 billion in financial assets (mortgage and treasury bonds) and only about USD 175.4 billion in liquid deposits, rendering it insolvent in meeting the withdrawal demands of its users as a result of the banking panic.

Silicon Valley Bank was preceded by Silvergate Bank and followed by Signature Bank. Today, many US citizens and businesses are afraid of not getting the cake that they thought belonged to them, but was only theirs for the taking. A sense of systemic risk pervades the American banking climate.

What you didn’t know about the banking system

Remember the last time you opened a bank account? The aseptic and impeccable atmosphere, the columns and the wood of the gleaming desks, the human decency dressed in suit and tie, and the feeling of being in a cold and comfortable aeroplane cabin.

You felt grown up, grown up, important: it’s your first account or one more of your various bank accounts. It doesn’t matter: that’s why you were there that day, solemn. The business advisor hands you a set of papers, which you sign without paying much attention, savouring in advance the facilities of your new account. And that’s it. You’ve enjoyed its benefits for years.

One day, unexpectedly, your ‘trusted’ bank goes bust, and the bank contact assures you that you will be reimbursed. Months go by, but nothing happens. What happened to your money, to your money, where is your hard-earned money?

Maybe you forgot to read the fine print of the contract you signed. Let me explain: once you deposited your money in that account, it was no longer exclusively yours. It would be technically correct to say that, since then, your money is owned by two people at the same time. You and the bank, or you and an unknown borrower.

Of course, when you check your account, the amount of your savings remains the same. You don’t have a dollar more, but you don’t have a dollar less in your balance either. “What do you mean it’s not mine, when I can see it in my account and withdraw it whenever I want,” you say. Well, that numerical amount you see in your account is a nominal amount; in other words, it’s a figure that represents how much you’ll get when the pie is shared out, not how many pieces you actually have.

In reality, the bank may be shopping with your money. It is likely that, unbeknownst to you, you are financing their business ventures with the money you deposited with them ‘for safekeeping’. That makes you not a customer, not a saver. Put bluntly, that makes you a lender. It turns out that the bank is not doing you a favour; you are doing the bank a favour by lending it money.

That the bank uses your money to buy things is possible because the current financial system allows the application of the so-called  «fractional reserve». Through this method of using deposits, banks are not obliged to keep 100% of their customers’ funds in reserves.

This means that if the amount of money that a certain number of customers wish to withdraw is greater than the bank’s current reserves, the bank will not be able to give out everyone’s share of the pie. Someone will be left without theirs: it could be you, someone else, or the bank itself if it decides to liquidate its assets, go bankrupt and pray for a central bank bailout, which inevitably ends up causing currency inflation. Someone always loses.

In your case, you could withdraw your share, as long as the crowd does not think of withdrawing the money at the same time as you. You will be able to take back your share as long as there is no banking panic event.

What about Bitcoin?  It has risen more than 20% since the news of the bank run spread, from USD 19,900 to USD 26,000, rejuvenating itself, vampire-like, with the blood of traditional banking. Other cryptocurrencies are also accompanying the bullish rally, being possible to observe, temporarily, a de-correlation of these with banking stocks and indices. This is a very different story to that of banking shares, with losses of up to 60% in a matter of hours.

Origin of the fractional reserve

The origin of the fractional reserve can be traced back to the birth of the first banks to issue paper money. These banks, which were founded in 1609, issued their own coins to be used as currency.

Thus, in the mid-19th century, the printing of currency by banks led thousands of institutions to start issuing banknotes, giving rise to the existence of more than 8,000 different types of banknotes issued by private banks and companies. A practice which, when the bank failed, took its depositors with it. Thus, losing everything. This situation later led to a crisis that lasted from 1837 to 1843.

This crisis forced the rulers to adopt a new system that would guarantee a backing for the banknote, as well as stability and reliability so that the banknote could be used. This led to the creation of central banks. These banks were created with the intention of backing the currency they issue, and they are therefore the only ones that can issue it. Thus, they were the ones who had to respond to the value of the banknote.

In this way, they also introduced the fractional reserve system which, in the final analysis, made the central bank responsible for answering to the depositor.

How can the bank make the fractional reserve?

The bank has a number of products that, depending on the customer, serve to store, accumulate and make a customer’s savings profitable.

Among these products, the bank has, for example, products that, like the fixed deposit, keep the saver’s capital in the bank in exchange for a return on the capital, which we call profitability.

In this way, the bank pays this return to the saver, in exchange for a commitment in which the saver lends his or her capital to the bank, which must give a return for ceding it to third parties. All this, guaranteeing the reserve that, by law, they must have in their coffers.

Furthermore, the bank is only obliged to keep part of its current accounts in cash. That is why, if we go to the bank and claim a large sum of money, they tell us that we will have that money available in a few days. In other words, they don’t have it in physical form.

Source: CriptoNoticias

Disclaimer: The views and opinions expressed in this article are those of the autor Paulo Márquez and do not necessarily reflect those of CriptoNoticias or EurocoinPay

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
Exchange platforms and bitcoin cashiers: who’s who in the Spanish cryptocurrency universe

Exchange platforms and bitcoin cashiers: who’s who in the Spanish cryptocurrency universe

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Some eight million people invest in digital currencies and enjoy the services offered by more than 120 companies linked to this sector in Spain.

Little by little, cryptocurrencies have made their way into the finances of Spaniards. According to a report by the Bank of Spain, these digital currencies moved a transaction volume of 60,000 million euros in 2021 in Spain alone. That is, around 1,275 euros per inhabitant. With these figures, Spain is the fourth country with the highest amount of exchanges with digital currencies, only behind Germany, France and the Netherlands.

The ‘activos’ has selected 33 companies, some of which are registered in the Bank of Spain’s register of crypto service providers and others that are just as well known, but do not appear in the document. Among them are exchange platforms, bitcoin ATM providers and companies that allow you to receive your salary in cryptocurrencies. It should be noted that the registration of a company on this platform only demonstrates that it has an adequate structure to comply with the law on the prevention of money laundering, but in no case does it imply supervision by the agency. This register, which has been in force for a year, has 43 companies and has not added new names since November 2022, when the FTX scandal broke after its bankruptcy

A SECTOR ON THE RISE

The use of cryptocurrencies has been on the rise since 2018. In the last four years, according to BBVA, their use has soared 900%. The market capitalisation of digital currencies exceeds 2.5 trillion dollars, according to the International Monetary Fund (IMF), and it is estimated that there are more than 350 million users worldwide. There are more than 10,000 virtual currencies worldwide, a number that is growing all the time. The most important are: bitcoin, ethereum, cardano and solana.

In Spain, it is estimated that there are more than 120 companies linked to the world of cryptocurrencies, some of which were born in the country and others are subsidiaries of foreign companies. In total they employ around 1,100 people, according to the latest Guide to crypto companies prepared by the CryptoPlaza community.

If we look at the investment sphere, there are eight million people in Spain who prefer cryptocurrencies to other types of assets, many of them young people.

The new digital reality means that the financial sector must continue to address medium-term challenges, such as “the popularisation of cryptoassets”, as recently stated by the governor of the Bank of Spain, Pablo de Cos, “to promote their sustainability in the medium and long term”.

The regulation of cryptocurrencies in the European Union (EU), the Market in Cryptoassets Regulation (MiCA), could come into force as early as 2023.

Source: el Periódico de España

Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.