Cardano price risks 30% drop in Q2 despite a ‘major’ hard fork ahead

Cardano price risks 30% drop in Q2 despite a ‘major’ hard fork ahead
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Cardano (ADA) price risks undergoing a severe correction in the next few months despite touting its blockchain network’s bolstering growth and a “major” hard fork event in June.

Descending channel hints at ADA selloff ahead

ADA, which makes up about 1.75% of the total crypto market capitalization, has been trending lower since September 2021, inside a “descending channel” pattern that has successfully capped its multiple upside attempts, as illustrated in the chart below.

ADA/USD daily price chart featuring descending channel setup. Source: TradingView

The channel showed further strength as ADA broke above its upper trendline on March 27, only to reverse entirely in later sessions, showing a lack of conviction among the Cardano bulls.

ADA’s 200-day exponential moving average (200-day EMA; the blue wave), alongside the 0.236 Fib line (near $1.29) of the Fibonacci retracement graph, drawn from $2.96-swing high to $0.78-swing low, further aided the bearish bias.

As of April 15, ADA’s price consolidates inside the $0.97-$0.92 range, signaling intentions to continue its pullback from its fakeout top near $1.25.

If the descending channel setup continues panning out, ADA/USD could fall to its previous bottom range near $0.78 while eyeing the channel’s lower trendline around $0.65 as its primary downside target.

ADA/USD daily price chart. Source: TradingView

That amounts to an almost 30% drop from today’s price.

Cardano network growth fails to impress traders

Meanwhile, Input Output Hong Kong (IOHK), the research and development firm behind the Cardano project, has announced incredible network growth entering April 2022.

IOHK also appears to be readying the “Vasil” hard fork, a network upgrade to make Cardano’s blockchain more scalable, sometime in June.

Cardano founder Charles Hoskinson stressed the word “major” five times when describing the fork’s importance to the overall network growth in a video released April 12, a day after ADA crashed more than 10%.

Related: Mark Yusko explains the real problem with Fed policy — and why Bitcoin matters

Yes, ADA’s price recovered after Hoskinson’s address and IOHK’s tweets. But the rebound lost momentum and is trending sideways, remaining under the influence of macro factors.

The daily correlation coefficient between ADA/USD and NDX. Source: TradingView 

Notably, like Bitcoin, ADA’s correlation with the Nasdaq-100 (NDX) rose to a record level, hitting 0.97 on April 15 versus.0.79 at the beginning of the year.

In other words, ADA price is currently in lockstep with the tech-heavy index, which has erased more than $1 trillion from its market cap in April.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Sega Hints at the Inclusion of NFT and Metaverse Elements in Its ‘Super Game’ Proposal – Metaverse Bitcoin News

Sega Hints at the Inclusion of NFT and Metaverse Elements in Its ‘Super Game’ Proposal – Metaverse Bitcoin News
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Sega, the renowned game development company based in Japan, has hinted at the use of NFT (non-fungible token) and metaverse elements in its new game proposal. Dubbed “Super Game,” this new framework includes a series of AAA games that will use the new and existing IP (intellectual property) of the company to innovate using Sega’s technology. Masayoshi Kikuchi, a producer at the company, stated in an interview that this will serve to explore how different games can be connected together, hinting at a possible IP metaverse.

Sega Explains ‘Super Game’ Initiative

Sega, one of the most influential Japanese game development companies, has provided more details about its “Super Game” initiative and how new technologies like NFTs and the metaverse might be included in it. The company detailed that the “Super Game” framework includes a series of requirements that games under this new philosophy must meet.

According to an interview given by Sega’s executive VP Shuji Utsumi, the requirements these games must meet are to have a multi-platform release, a global multi-language development, a simultaneous worldwide release, and to be developed as AAA titles with big budgets associated. All of this points to these games being developed as “global blockbusters.”

Sega had previously announced it might consider investing 100 billion yen ($882 million) for this initiative to come to fruition.


NFT and Metaverse Vibes

Sega executives did not limit themselves to explaining only this new initiative for the near future. In the interview, they also referred to the future of the company and the future of gaming as a whole. Sega producer Masayoshi Kikuchi declared:

It is a natural extension for the future of gaming that it will expand to involve new areas such as cloud gaming and NFT. We are also developing SuperGame from the perspective of how far different games can be connected to each other.

Sega already registered the “Sega NFT” trademark in Japan in December, although it has also said that they could drop NFT experiments within the company if gamers saw them as a money-making scheme.

The “connected” trait of different IPs might also mean that Sega could be planning to develop a metaverse for its IPs. However, this is not a new idea, as another Japanese developer is already going in this direction. Bandai Namco is currently developing a multi-IP metaverse, with Gundam being the first IP developed in this plan.

What do you think about Sega’s Super Game proposal and the possible inclusion of NFT and metaverse elements? Tell us in the comments section below.

sergio@bitcoin.com'
Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Prominent Investors Bankroll P2E Project Founded by Gaming Veterans

Prominent Investors Bankroll P2E Project Founded by Gaming Veterans
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The wave of recent cryptocurrency gaming projects has attracted significant investment, as both digital-facing and traditional venture capitalists have bet big on play-to-earn and NFTs. It’s not just financiers either: gaming studio Ubisoft, the company behind Assassin’s Creed and Far Cry, just led a $60 million investment in White Start Capital’s new Digital Asset Fund, much of which is certain to flow into the burgeoning gamefi space.

Blockchain games deployed on mobile and desktop are increasingly viewed as an accessible gateway to crypto, a means by which the industry can onboard mainstream users who’ve never owned a Web3 wallet. Titles such as Wonderman Nation, a forthcoming release from the experienced Alt Shift Games studio, promise to furnish players with a riveting experience that combines slick game mechanics and endless earning opportunities. Little wonder this particular project has already won interest from some of the industry’s best-known investors…

Tokens Galore

Ahead of its public token launch later this month, Wonderman Nation has received the backing of multiple high-profile VCs including Shima Capital, Jump Capital, Chainboost, Sky Vision Capital and ZBS Capital.

The likes of Maven Capital, Fomocraft Ventures, Formless Capital, Bitfrost Ventures and AU21 Capital have also thrown their support behind the venture, and in so doing have endorsed its Axie Infinity-esque P2E dual-token ecosystem. NFT game Axie generated a cool $1.3 billion in revenue last year, with players praising its addictive breed-and-battle gameplay.

Gamefi, like crypto, is a numbers game. But not all players necessarily expect a ‘return on investment’: those entering the space from the traditional gaming world ultimately want to be entertained. Nevertheless, blockchain-based gaming ventures like Wonderman Nation need to raise capital to build a passionate community and ensure a stable ecosystem. To date, the project has raised $1.6 million from the aforementioned VCs with a second private round for Key Opinion Leaders and other strategic partners to follow. Retail users, for their part, raised a healthy $308k during a short but impactful marketing campaign late last year.

The next important date in the calendar is April 21, when an allocation of WNDR governance tokens will be made available to investors via the ChainBoost incubator. In total, some $200,000 will be raised via the protocol’s so-called Boostpad. Then, a week later, another, larger sale ($800k) will commence on Polkastarter. The same day, April 28, a third sale will occur on Blockius, the IDO launchpad formally known as BlockPad. With this final public round, Wonderman Nation will raise $287k, for a total public round raise of $1.287m.

All of which is to say that Wonderman Nation is well placed to make a major impact when it launches later this year.

Why Wonderman?

So, what’s all the fuss about? In a nutshell, Wonderman Nation is a fun, cartoonised game powered by a player-owned economy. Said to combine elements of CryptoKitties, Final Fantasy and Axie Infinity, the project leverages the collective expertise of a developer team whose resumé includes works on popular releases like Zelda, Far Cry, Star Wars, LA Noire, Warhammer and Dungeons and Dragons.

Even a rockstar team needs a frontman, though, and Creative Director Garth Midgley is the man at the helm. Having worked with the world’s biggest publishers (Nintendo, Ubisoft, Atari), Midgley is quietly confident that the game will bring a freshness to the fast-growing gamefi industry.

Wonderman Nation gives players the opportunity to turn their skilful gameplay into rich rewards, whether they’re exploring, battling or breeding colourful creatures (Arcadians) that can be traded on the open market. Interestingly, Arcadians aren’t the only creatures that players can bring into the world: by venturing to new planets and moons, they can unearth mystical new species which can be cross-bred with Arcadians to create highly rare critter NFTs. Gamers can also discover, earn and trade commodities such as food items, which are required to feed hungry Arcadians.

With a preponderance of token utility use cases, a gifted developer team, and no shortage of experienced investors, Wonderman Nation is just one of several promising blockchain games hinting at a bright new future for crypto. Let the games begin.

 

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CoinJar Review [The Ultimate Guide 2022]

CoinJar Review [The Ultimate Guide 2022]
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CoinJar Pros
  • A valuable platform for beginner traders
  • Offers a crypto wallet, exchange, and swipe
  • Mobile App for trading on the go
  • Fully licensed crypto provider in Australia
  • Competitive fee structure
  • Reward points

CoinJar Cons
  • A limited range of cryptocurrencies
  • High trading fee for instant buy and sell orders
  • Customer service only works during working hours
  • Only Australian residents are allowed to withdraw and deposit fiat currencies

Cryptocurrencies have gained significant traction since entering the scene in 2009 with the launch of the Bitcoin network. The asset class is currently valued at a staggering $2 trillion thanks to the institutional and retail investors flooding into the space.

While there are several methods for crypto traders to get exposure to crypto assets with a wide range of custody options available, cryptocurrency exchanges are the most likely way to explore the nascent markets.

CoinJar is an Australian-based cryptocurrency exchange that was established in 2013. It’s one of the oldest crypto exchanges that lets trading in digital assets through a beginner-friendly platform. Although initially targeting novices in crypto, the exchange now offers advanced trading features, such as charting software and different order types, to expert cryptocurrency traders. The exchange can be used to buy and sell digital currency on both desktop and mobile devices, and CoinJar users can top up accounts using a credit or debit card or bank transfer. CoinJar’s simplicity, efficiency, competitive fees, military-grade security measures, etc., make it one of the best crypto exchanges for Aussie or UK beginners.

Read on to learn everything you need to know about the CoinJar exchange, deposit methods, fees, supported digital currencies, etc.

Let’s jump right in!

What Is CoinJar

CoinJar homepage

CoinJar is one of the known Australian exchanges owned and run by CoinJar Australia Pty Ltd that mainly focuses on the Australian local crypto market and investors. Launched in 2013 by Asher Tan and Ryan Zhou with backing from reputable VC firms, CoinJar is one of the oldest cryptocurrency exchanges in the world. The cryptocurrency exchange is backed by Blackbird Ventures, Digital Currency Group, and Blackbird Ventures.

Since its launch, CoinJar has garnered over 400,000 registered CoinJar users, with more than $1.5 billion traded in digital currencies.

The exchange offers an easy-to-use interface to buy, sell, store, and spend digital currency and innovative products like the crypto debit card, crypto EFTPOS card, CoinJar Bundles, a secure CoinJar wallet application, etc.

CoinJar Features

Now, let’s look into CoinJar’s core features to help you get started!

Signing Up

To get started with CoinJar, follow these easy steps: 

  • Go to the CoinJar website and click on the ‘Sign Up’ button.
  • Input your name, email address, etc., and select a strong password.
  • Read the terms and conditions, click on ‘Accept,’ then ‘Sign Up.’
  • Complete the sign-up process by clicking the verification link sent to your email.

After completing the seamless sign-up process, you’ll have to select a CoinJar username and a profile picture and insert your mobile number. However, to enjoy the full offering, users are expected to be ID-verified through an automated process that takes less than 10 minutes. Here’s how to get verified to access the wide range of features on the CoinJar platform:

  1. Log in to your digital currency account and click the ‘Get Verified Now’ button.
  2. Choose between an individual or corporate entity.
  3. Select ‘Verify With Digital ID’ and upload a state-issued ID document.
  4. Fill in the required details as contained in the ID, confirm the details, and hit the submit button.

Finally, CoinJar requires your selfie to complete your identity verification.

Congratulations! With your account verified, you can now deposit fiat currency, make Visa and Mastercard deposits, buy and sell cryptocurrencies, etc.

CoinJar products
CoinJar products

CoinJar Debit Card

The CoinJar card works just like other debit cards, with the only exception that it’s a crypto debit card. It’s powered by Mastercard, and card owners can pay for goods and services while earning rewards on every spend. For every AUD 1 spent via the CoinJar swipe card, users receive 100 CoinJar reward points that are instantly redeemable and can be used to pay for other expenses.

There are no transaction fees, monthly fees, or activation charges with the CoinJar card. Also, there are no loading fees charged for AUD transactions, EFTPOS purchases, or withdrawals with the CoinJar debit card. The loading fee for crypto coins is levied like regular CoinJar exchange fees.

The CoinJar card can be controlled digitally from your device or operated physically by using it at any outlets where Mastercard is accepted. In-store, online purchases and ATM withdrawals attract a fee of 1%.

OTC Trades

CoinJar allows individuals and business entities to make over-the-counter, off-exchange trades for transactions that exceed AUD 50,000.

CoinJar says its services offer “ultra-competitive rates and liquidity” across cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Litecoin.

Concerned about privacy? CoinJar’s OTC offering allows users to fill transactions via private communication channels without compromising security discreetly.

CoinJar Bundles 

CoinJar Bundles is a feature that includes a collection of popular digital currencies that you may purchase as a whole in one transaction. It’s a unique feature beneficial to crypto traders interested in passive portfolio diversification.

CoinJar offers a collection of bundles, including the largest cryptocurrencies by market cap, stablecoins, ERC-20 tokens, etc. As part of the CoinJar Bundle offering, users have the option to choose between a proportional or a cap-adjusted allocation.

Bundles can be emptied at zero cost at any time, with funds moving back to CoinJar. The Bundles feature allows you to set up a direct debit to automatically send money from your linked bank account at regular intervals into any CoinJar Bundles using the Dollar Cost Averaging method.

CoinJar Exchange

CoinJar offers an advanced cryptocurrency trading platform that provides “high-frequency, low-latency execution for experienced traders.” It provides a high degree of control for trading assets, letting users set order prices and take advantage of lower trading fees. A trading API is also provided to allow for accounts management as part of the offering.

Security

CoinJar is one of the most secure cryptocurrency exchanges and implements a range of security measures to keep user funds and personal information safe. Some of the many strategies employed include high-level data encryption, Transport Layer Security, periodic security audits, and best practice organization security. It also uses various advanced machine learning techniques (MLTs) to recognize suspicious logins, financial fraud, and account takeovers. At least 90% of customers’ digital currencies are stored offline in geographically-redundant, secure locations.

CoinJar leverages Amazon Web Services as its infrastructure base and uses firewalls to protect internal networks. It’s also registered with AUSTRAC (Australian Transaction Reports and Analysis Centre) to combat money laundering and financing of terrorism.

Two-factor authentication works by receiving SMS on your mobile app when CoinJar requires authentication.

Taking this up a notch, all potential staff are scrutinized for any links to criminal activity. All CoinJar employees are required to use cryptographically-secure Multi-Factor Authentication such as hardware U2F keys to access internal services.

CoinJar hasn’t suffered any major exploits since its launch in 2013.

Customer Support 

CoinJar provides 24/7 customer support to users to resolve issues or any queries they might have in using the platform. The support takes the form of LiveChat, email, and even phone calls. A drawback to the phone call feature is that it’s only available to registered users in Australia from Mondays through Fridays between the hours of 9:am till 5:00 pm (Melbourne time).

You can also browse CoinJar’s FAQ information covering the basics of using the platform. Additionally, you can search for a keyword on CoinJar‘s Knowledge Base or submit a Support request.

Deposits

Registered users can use the following payment methods to deposit Australian dollars to their CoinJar wallet:

  • PayId/NPP: This instant payment method allows users to send funds for free using the PayID payment system from any supported Australian bank account. PayID systems are supported by NPP and Osko® 24/7.
  • Blueshyft: This is another free payment gateway that allows registered users to buy crypto on the CoinJar platform with cash deposits.
  • BPAY: Similar to regular bank transfers, BPAY allows you to send funds to your CoinJar from your online banking. It usually takes between 1-3 business days.

Before making deposits, it’s essential to ensure that your identity verification has been completed and that the bank account with the funds is in your legal name.  The absence of these prerequisites might lead to the return of deposits.

Users can also fund their accounts using cryptocurrencies at zero cost or credit/debit cards. This deposit process time will depend on the crypto coin you are sending but should appear in your account after approximately 15-20 minutes.

Supported Cryptocurrencies

CoinJar supports up to 40 cryptocurrencies, including the top assets by market capitalization, i.e., BTC, ETH, LTC, XRP, XLM, ALGO, and EOS, and a range of ERC-20 tokens. 

It also supports stablecoins such as USD Coin, Dai, Tether USD, and TerraUSD. Other supported tokens include Aave, GraphToken, Polygon, Basic Attention Token, and Axie Infinity, amongst others.

Despite the expansive offering, Wrapped BTC is unavailable in CoinJar Bundles, and the platform warns that sending unsupported cryptocurrency to CoinJar risks being permanently lost.

All supported cryptocurrencies can be traded against Bitcoin (BTC), Australian dollars, and British pounds.  

CoinJar Fees

CoinJar doesn’t charge deposit fees for BPAY, NPP, direct debit deposits, or cryptocurrency deposits. However, deposits made through Instant Buy (Visa and Mastercard) and Blueshyft cash deposits attract deposit fees of 2% and 1.5%, respectively.

In terms of CoinJar withdrawal fees, a digital currency account to BPAY Biller has a 0.5% fee. CoinJar charges zero fees to withdraw AUD from your account to your Australian bank account. There is a dynamic fee structure for sending Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies. The dynamic fee is automatically calculated when the transaction is initiated and takes into account the blockchain congestion level.

There is a 1% conversion fee between digital currency accounts or between digital currency accounts and cash accounts. Cryptocurrencies like LTC, XRP, XLM, ALGO, and EOS don’t incur any transaction fees.

Sending cryptocurrencies between CoinJar accounts doesn’t require any fees if sent using CoinJar usernames. It’s important to note that if you have accumulated CoinJar Points, you can use them to pay the associated fees.

Linking CoinJar Account to CoinStats

Here’s how to link your CoinJar account to CoinStats to manage all your cryptocurrency and DeFi portfolios from one place:

  1. Log into your CoinJar account.
  2. Select the API keys from the dropdown menu at the top right.
  3. Click ‘Create New Key’ and select Read-only as permission.
  4. After creating the key, copy and paste it into the token section to complete the process.

Now you can track all your assets in one dashboard. CoinStats is a well-rounded crypto portfolio tracker platform with military-grade encryption that allows you to manage your digital assets in one place easily. You only need to enable an API to show all the coins and exchanges on the app’s interface. 

Currently, you can access CoinStats through desktop, tablets, mobile – android, and iOS, and there is also a version for the Apple watch. 

Closing Thoughts

The Coinjar wallet, with all the offered features, seems to be well suited to Australian beginner traders. The fees for crypto-to-crypto trading are below the global industry average and provide Coinjar with a significant competitive edge. Fiat-crypto trading is allowed on the platform, making CoinJar an entry-level exchange.

Another advantage is that you can be rewarded with CoinJar Reward Points, which can be redeemed for exclusive discounts, gift cards, a fee-free currency exchange, etc., in the CoinJar Rewards Store.

Nevertheless, for a trader outside Australia, some features are still missing. According to the information on the exchange, CoinJar has traded over $1.5 billion in volume, but this figure pales in comparison to the metrics of other cryptocurrency exchanges. The figure suggests that the exchange’s liquidity is not as robust as its rivals’, with billions of dollars in daily trading volumes. The absence of liquidity might result from the exchange’s regional outlook, being heavily focused on the Australian markets.

Also, with only a limited number of supported cryptocurrencies on the platform, users don’t have access to popular cryptocurrencies like Dogecoin and Shiba Inu.

If you are researching other crypto exchanges and looking for CoinJar alternatives, you should consider several Australian exchanges with similar features.

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NumisMe: Crypto’s First Cash Protocol

NumisMe: Crypto’s First Cash Protocol
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PRESS RELEASE. Eugene, Oregon April 15th, 2022: If there was ever a universal truth to which we could all agree, it would be change. An unequivocal reality of the cosmos, change is constant. Despite emotions, thoughts, or actions, change is an unstoppable force for which there is no immovable object. As creatures of comfort and habit, we often go out of our way to avoid or ignore changes, negative and beneficial.

The world’s financial systems are no exception to this universal law. Technological improvements have progressed the digitization of currency, moving us closer to cashless societies and away from physically held currency. Many people fear this technological shift with our monetary system will be government controlled, leading to the loss of financial freedom. Therefore private and/or decentralized organizations are essential moving forward. These improvements in technology also make innovative tools possible, which can provide people more control and power over their finances than ever before. NumisMe is one of those innovations, and may forever change the way the world thinks about physical change.

It’s time for ¢hange

Physical currencies and loose change are on their way towards extinction. Physical money can be lost, stolen, damaged, even intentionally thrown away due to its perceived lack of value or cumbersome nature.This attrition results in billions of dollars disappearing every year. Imagine making a cash purchase without the need to receive physical change, but instead receive it electronically? What if we were free to send, spend, or save our digitized cash and coins as we see fit, and also invest it through the world of decentralized finance?

What is NumisMe?

Built on the concept of progressive decentralization, NumisMe is the only crypto purchasing cash protocol committed to the digitization of all loose change. Powered by NUME, the world’s first cryptocurrency which can be bought directly with cash, saving and investing has never been easier. When a cash purchase occurs, a customer can choose to “NumisMe” the remaining change directly into their APP. Participating retailers then scan the QR code displayed by the customer’s NumisMe app, using the merchant software integrated with their POS system, triggering an immediate electronic ACH transfer. The possibilities with this onramp from fiat to digital currency is unprecedented.

What does NumisMe do?

Users can store and save their change securely in the NumisMe APP. As a digital store of funds, NumisMe can also provide a debit card, virtual or physical, to fulfill banking roles and offer a digital on ramp to those without traditional banking services, requiring only Wi-Fi to do so. NumisMe offers many services offered by traditional banks such as account and transaction viewing and balance sheets. By connecting a bank account, users can choose to send accumulated change from the NumisMe app to that bank account. The app also offers a peer to peer function allowing users to send funds to anyone, anywhere, anytime, provided they’re a NumisMe APP user.

At its innovative core, NumisMe users can instantly purchase the company’s ERC-20 NUME tokens with their saved change. This allows them to reap the benefits of RFI-static rewards for holding NUME. Users can also choose to stake their NUME into a DeFi savings account, resulting in additional growth beyond holding the token. With the door to DeFi opened through purchasing NUME, the ability to swap their NUME with Ethereum or other ERC-20 tokens becomes possible. NumisMe provides those without banking access a gateway into crypto, and serves as an alternative outlet for those affected by cryptocurrency restrictions or bans from regional regulations and centralized banking. NumisMe hopes to significantly increase the adoption of crypto globally, by providing a direct avenue to crypto and removing the middlemen.

A Better Future

NumisMe empowers everyone through their visionary technology, providing tools they need to make every dollar and cent count. Mainstream awareness of cryptocurrency is growing, but entering and navigating the space is still difficult. NumisMe provides a perfect alternative method of entry which could lead to a tidal wave of mass adoption into crypto. With the inevitable digitization of all physical currency, the future appears cloudy to many. NumisMe hopes to be part of the solution which makes that future clearer and brighter for all.

Website:



 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Kazakhstan to Increase Tax for Miners, Considers Tying Levy to Crypto Prices – Mining Bitcoin News

Kazakhstan to Increase Tax for Miners, Considers Tying Levy to Crypto Prices – Mining Bitcoin News
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The government of Kazakhstan is preparing to increase the tax burden for cryptocurrency miners and intends to tie the new rate to the value of the minted cryptocurrency. The authorities in Nur-Sultan believe that such an approach would have a positive effect on the state budget.

Miners in Kazakhstan to Pay Tax on the Value of Extracted Crypto

Kazakhstan is taking steps to raise the tax for entities mining cryptocurrency in the country. According to a statement by Minister of National Economy Alibek Kuantyrov, the plan is to calculate the tax based on the market value of the mined cryptocurrency.

The government official noted that the implementation of such a scheme would increase budget receipts, Tengrinews.kz reported. Miners operating in Kazakhstan are currently paying a surcharge on the consumed electricity.

Mining enterprises were obliged to pay more than other consumers last summer. Tariffs were increased with a fee of 1 Kazakhstani tenge (approx. $0.0022) per kilowatt-hour of electrical power utilized by the energy-intensive industry. At a press conference this week, Kuantyrov stated:

We are considering an increase in the tax burden for miners. At the moment, we are also considering linking the tax rate for miners to the value of the cryptocurrency. If crypto grows, it will be good for the budget.

During a government meeting in February, President Kassym-Jomart Tokayev tasked officials to “multiply” the tax levy on crypto mining. The head of state also ordered the nation’s financial watchdog to identify all mining facilities in the country and check their tax and customs documents.

With capped electricity rates, Kazakhstan became a magnet for bitcoin miners last year, when China launched a nationwide offensive against the industry in May. The influx of miners has been blamed for the country’s growing power deficit, and the Kazakh government started to clamp down on the sector.

Even authorized miners were hit by power cuts during the winter months. The electricity shortages have already forced some companies to leave the country and relocate to other mining destinations such as the U.S. Last month, over 100 coin-minting farms were closed down across Kazakhstan.

A recent report revealed that authorities are going after crypto miners exploiting tax loopholes. Five mining entities were accused of taking advantage of tax benefits offered to IT businesses and other companies involved in innovations development.

Tags in this story
Bitcoin, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, Electricity, increase, Kazakhstan, Levy, Miners, mining, power, Price, rates, shortages, Tax, tax burden, Taxation, Value

Do you expect Kazakhstan to significantly increase the tax burden on crypto miners? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Research Shows More Than 1 Million Australians Own Cryptocurrency – Featured Bitcoin News

Research Shows More Than 1 Million Australians Own Cryptocurrency – Featured Bitcoin News
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A recent study by major market research firm Roy Morgan shows that more than 1 million Australians now own cryptocurrency. “The value of all cryptocurrency holdings for people aged 50+ is around $7.6 billion,” the study shows.

Study: Over 1 Million Australians Own Cryptocurrency

Australian research firm Roy Morgan has conducted a study into cryptocurrency investments. The study took place between December 2021 and February this year; the results were published Tuesday.

Founded in 1941, Roy Morgan described itself as Australia’s largest independent research company with “an unparalleled reputation for reliable, accurate, meaningful, revealing market research.” It has offices across Australia, as well as in Indonesia, the U.K., and the U.S.

The firm detailed:

The latest Roy Morgan research into Australians’ investments shows 5%, or over 1 million Australians aged 18+, now own at least one cryptocurrency.

The firm found that 69% of Australian cryptocurrency investors are men, and people under 35 years are more likely to be cryptocurrency holders.

Michele Levine, CEO of Roy Morgan Research, commented: “This breakdown of the market means around 640,000 cryptocurrency investors, almost 60% of the market, are aged under 35 compared to 430,000 aged 35+ (40% of the market).”

Research Shows More Than 1 Million Australians Own Cryptocurrency

The study further shows that “Australians aged 50+ have the largest average cryptocurrency investment at an average value of around $56,200,” elaborating:

This size of average investment means the value of all cryptocurrency holdings for people aged 50+ is around $7.6 billion — higher than any other age group and over 35% of the total market.

Another company that has estimated the number of Australians investing in cryptocurrency is Triple A. “It is estimated that 0.9 million people, 3.4% of the total Australian population, currently own at least one form of cryptocurrency,” the company wrote.

What do you think about Roy Morgan’s research on Australians’ crypto investments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Fumb Games Mobile App Bitcoin Miner Integrates Real BTC Rewards via Zebedee – Bitcoin News

Fumb Games Mobile App Bitcoin Miner Integrates Real BTC Rewards via Zebedee – Bitcoin News
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Four years ago, a mobile game application called “Bitcoin Miner” came out that simulates bitcoin mining but at the time, the game’s development team Fumb Games could not integrate bitcoin rewards. On Thursday, Fumb Games revealed it has partnered with the fintech firm Zebedee and the Bitcoin Miner game now allows players to earn real bitcoin.

Crypto Mining Simulation Game Adds Real Bitcoin Rewards

The bitcoin mining game for Android and iOS called Bitcoin Miner has recently added real bitcoin (BTC) rewards into the game experience. Essentially, Bitcoin Miner is an idle mobile game that reproduces a mock bitcoin mining business. Fumb Games has inked a deal with Zebedee in order to add the real bitcoin rewards into the Bitcoin Miner game. Zebedee is a Hoboken, New Jersey-based company that specializes in integrating bitcoin into games and the firm raised $11.5 million in September 2021 in a funding round led by Lakestar.

Fumb Games Mobile App Bitcoin Miner Integrates Real BTC Rewards via Zebedee
Bitcoin Miner simulation game by Fumb Games. Screenshot via zebedee.io.

If a user is playing the game, Zebedee’s blog post published on Thursday says when players “see a green satoshi symbol over a coin,” the player will “earn bitcoin for tapping it.” According to the founder of Fumb Games, Paul West, this wasn’t possible when the game first launched. “We originally released Bitcoin Miner about four years ago, when crypto started taking off. But there was no real appetite for the game, as it wasn’t possible to enable players to earn actual Bitcoin with it at the time,” West said in a statement sent to Bitcoin.com News. The Fumb Games founder added:

With Zebedee, we were able to put real bitcoin into the game, which makes the premise of Bitcoin Miner much more fun, impactful and noteworthy for players.

After collecting satoshis and if the user wants to cash out the bitcoin, they need to withdraw to the Zebedee app. Essentially they select “Cash Out” enter their ZBD Gamertag and tap “redeem” in order to withdraw the bitcoin into the Zebedee app. The bitcoin mining simulation allows players to complete tasks and earn more rigs, invest in the infrastructure, secure airdrops, upgrade current mining rigs, and level up to get better rewards.

“Bitcoin is an amazing technology for human progress,” Simon Cowell, the CEO of Zebedee said during the announcement. Cowell concluded by stressing that the Zebedee team is “passionate for the technology of Bitcoin itself and hope that fun and easily approachable games like Bitcoin Miner will foster curiosity about bitcoin and get more people of all ages and backgrounds learning about it and participating in the new digital economy powered by Bitcoin.”

Tags in this story
Bitcoin, Bitcoin (BTC), bitcoin miner, Bitcoin Miner game, Bitcoin Miner mobile app, bitcoin rewards, BTC rewards, Fumb Games, Fumb Games founder, lightning network, New Jersey-based company, Paul West, Simon Cowell, ZBD Gamertag, Zebedee, Zebedee app, Zebedee CEO

What do you think about the game Bitcoin Miner adding real bitcoin rewards into the game with help from Zebedee? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, zebedee.io

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Coin Center takes aim at ‘unconstitutional’ SEC redefinition of an ‘exchange’

Coin Center takes aim at ‘unconstitutional’ SEC redefinition of an ‘exchange’
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Nonprofit blockchain advocacy group Coin Center has called the Securities and Exchange Commission’s (SEC) proposed redefinition of an “exchange” an “unconstitutional overreach.”

The lobby group made the comments in a written response to the SEC’s March 18 Amendments Regarding the Definition of “Exchange”, which details changing the meaning of “exchange” from a “system that brings together the orders” of a security to one that “brings together buyers and sellers.”

The SEC’s proposed rule to change the definition of “exchange.”

Bringing together orders, which are things, is very different to bringing together people and Coin Center says the latter is tantamount to coercion.

The rule change suggests that Communication Protocol Systems are also exchanges which may bring in programmers who merely share code for a crypto trade. If the proposal becomes an SEC rule, decentralized exchanges (DEX) such as UniSwap (UNI) and PancakeSwap (CAKE) would all be on notice that the commission wants them to register as exchanges.

Coin Center argues that this shift “to a speech-based definition” would impact “countless developers, publishers, and republishers” who may trade code but not tokens. This is particularly the case for DEX developers.

Comments from Coin Center on the SEC’s rule proposal regarding exchanges.

The nonprofit reacted to the proposed change in lengthy comments on April 14 by calling it unconstitutional and citing Supreme Court (SC) precedent that it believes could compel the SEC to retract its proposal:

“The way it [expands the definition of ‘exchange’] would create an inappropriately broad standard for registration that would impose an unconstitutional prior restraint on the protected speech activities of countless software developers and technologists.”

By the SEC’s account, including considerations of Communication Protocol Systems to the definition of “exchange” acknowledges the benefit individual buyers and sellers extract from communicating within a marketplace. It said that adding those users in the definition can “reduce regulatory disparities among like markets.”

However, Coin Center argues the new definition is an attempt to abridge freedom of speech in contravention of the First Amendment. The SEC was accused of doing this in the landmark 1985 Lowe v SEC case. In that case, the SEC attempted to force Lowe to stop stop acting as an Investment Advisor by publishing a financial newsletter. The SC stated that Lowe’s newsletter was protected free speech and he won the case.

Regarding Lowe v SEC, Coin Center wrote the commission “jeopardized the speech rights of Americans with an overbroad interpretation of its statutory authority.”

The SEC will be accepting comments from U.S. citizens regarding the rule proposal until April 18.

Related: Ripple CEO: SEC case is going ‘much better than I hoped’

Last November, the Infrastructure Bill passed which required software developers, transaction validators and node operators to file taxes as crypto brokers, an overly-broad definition by the account of many in the crypto industry.

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Crypto exchange CEX.IO adds PayPal as account funding option » CryptoNinjas

Crypto exchange CEX.IO adds PayPal as account funding option » CryptoNinjas
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CEX.IO, a popular crypto exchange company, announced today it will now be offering users the option to link existing PayPal accounts to their CEX.IO Wallet.

Forthwith, CEX.IO users with existing PayPal accounts have the ability to add funds to their CEX.IO wallet, enabling the purchase of cryptocurrencies.

Established in 2013, CEX.IO is an ecosystem that includes a regulated, multi-functional cryptocurrency exchange, staking platform, and more.

“PayPal integrates seamlessly into the CEX.IO ecosystem and adds an additional secure and simple payment method for web and mobile transactions that creates added peace of mind for our customers.”
– Arina Kulackovska, Head of Corporate Payment Solutions at CEX.IO

PayPal funding limits and fees on CEX.IO can be found below:

Limits and Commissions for PayPal on CEX.IO

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