How to Mint an NFT | Where, How and Why

How to Mint an NFT | Where, How and Why

A non-fungible token (NFT) is a  digital asset that can cryptographically assign and prove ownership to unique physical or digital items, such as works of art, real estate, music, or videos.

NFTs are securely recorded on a blockchain which ensures the asset is one-of-a-kind and makes it difficult to alter or counterfeit NFTs.

Although they’ve been around since 2014, nowadays, people spend millions of dollars on NFT collectibles, from art and music to sports trading cards, digital houses, in-game items, sneakers, and toilet paper. Have you heard about the iconic GIF of Nyan Cat sold as NFT or  Grimes getting millions for NFTs? 

The market for Non-fungible tokens, or NFTs, was worth $41 billion in 2021, an amount close to the total value of the entire global fine art market.

With the NFT frenzy still at its high, it’s natural if you’re eager to hop on the NFT train and learn how to create NFTs, mint your own NFT, etc., to benefit from the NFT mania.

Read on to get a detailed understanding of how to mint an NFT, the technology and tools required for the minting process, and more. Fortunately, creating an NFT is not as complicated as you may think, and anyone with the correct tool and basic computing knowledge can create an NFT.

Let’s get started!

What Is an NFT

A non-fungible token (NFT) is a unique data unit on a blockchain that can be linked to digital and physical objects, such as works of art, real estate, music, avatars, JPEGs, postcards, sports trading cards, or videos, to provide immutable proof of ownership.

The data an NFT contains can give an NFT owner access to exclusive merchandise, tickets to live or digital events, or be linked to physical assets such as cars, yachts, etc.

NFTs allow individuals to create, buy, and sell digital assets in an easily verifiable way using blockchain technology. Once NFTs have been encoded, they cannot be altered, and their originality and legitimacy are validated through the blockchain.

trueplebs collection
TruePlebs Collection on OpenSea

How Do NFTs Work

While the NFT development helps content creators display their skills digitally and develop innovative value exchanges, the tokens need a proper standard to define how they work.

ERC-721 is the first NFT standard developed in 2018. It’s an Ethereum NFT token standard that implements API for tokens within a smart contract to ensure the token is non-fungible or unique. Moreover, it can come from the same smart contract and yet have a different value because of its age or rarity. We can trace the creation date of an NFT, the original creator, the current owner, and other unique identifiers due to blockchain’s immutability and transparency; these data are all recorded on a public ledger and cannot be altered.

While the NFT that conveys ownership is added to the blockchain, the file size of the digital item doesn’t matter because it remains separate from the blockchain.

The immutability and non-fungibility enable NFTs to be used as proof of ownership of digital assets. As the owner of an NFT, you can quickly establish your ownership and sell it for a profit, frequently referred to as “flipping,” and you can even get royalties from the original creator. As the creator or minter of an NFT, you can simply establish your ownership, define scarcity, receive royalties for each transaction, and sell across various NFT marketplaces or peer-to-peer networks.

How Are NFTs Used

Most NFTs are created and stored on the Ethereum network, although Flow and Tezos blockchains also support NFTs. The NFT ownership can be easily verified and traced because anyone can review the blockchain.

Many artists, celebrities, and collectors are increasingly turning to NFTs that give them direct access to the global market without the need for intermediaries. NFTs let them expedite the normally costly and resource-intensive marketing process via conventional ways by minting the NFT version of their work and selling it on a credible NFT marketplace.

Furthermore, NFTs enable the ongoing payment of commissions to the original artist anytime the product or art changes hands. While minting the token, creators can build in a royalty clause so that further sales of their art or digital item generate passive income.

Different types of digital goods can be “tokenized,” such as artwork, in-game items, and videos from a live broadcast. Selling NFTs has been a lucrative business in the art world, including the following examples:

  • NBA Top Shots.
  • Virtual real estate in Decentraland.
  • Digital artist Beeple sold “Everydays — the First 5000 Days” for $69.3 million through a Christie’s auction.
  • Digital sneakers from Nike.
  • A CryptoPunk NFT sold for $1.8 million at Sotheby’s first curated NFT sale.
  • Twitter CEO Jack Dorsey auctions an NFT of his first tweet, which sells for $2.9 million.
  • The original “Nyan Cat” meme.

How Do NFTs Benefit Digital Collectors

An NFT is a tamper-proof ledger that authenticates and defines original digital works. Since NFTs are fundamentally unique and live on a trustless blockchain, they constitute proof of ownership and help the digital collector or investor to avoid counterfeits and keep the ownership of digital goods. Some people claim that it’s easy to make replicas of an item purchased as an NFT; however, unlicensed copies of an NFT painting don’t reduce its worth in the same way that excessive counterfeiting of a Louis Vuitton bag doesn’t diminish the value of the original goods.

How to Make NFT Art

Digital artists who have long created art and content for social media platforms typically generate traffic and ad revenue for these platforms while receiving modest pay. NFTs have the potential to transform the entire creative economy by giving artists complete control over the digital art they create. Artists are now rewarded for their works based on how the art world perceives them.

NFTs also create scarcity that encourages collectors to seek genuine and unique digital artworks. NFT owners will also receive royalties every time the item is sold in the future.

Some of the most prominent NFT art platforms include OpenSea, Rarible, Nifty Gateway, SuperRare, Foundation, and Async Art. However, well-known auction houses such as Sotheby’s and Christie’s also sell NFTs.

You can create a digital art token by carefully following the steps below:

  1. Select an NFT Marketplace.
  2. Set Up a Digital Wallet.
  3. Create Your Collection: On the interface of your OpenSea account, click on My Collections. Now, customize your collection by entering a name for it, writing out the description, and uploading a display image.
  4. Create Your Digital Arts Token: Click on Add New Item, and upload a digital file, such as visual (JPG, PNG, GIF, etc.), audio (MP3, etc.), and 3D files (GLB, etc.), and give your token a name. You can choose to mint an unlimited number of tokens, but you do it one at a time. It’s also important to note how many editions of the same token you want to create.
    • Stand-alone Token: This means you can only create one copy of that digital art token, making it even more valuable.
    • The Edition Tokens: Here, you create as many copies of the same token as you want by adding the edition number.
  5. You can also add the creation date, properties, levels, and stats. Once you’ve added all the details, such as social links, updated image, description, and name, click “Create” to add your NFT to the blockchain. You’ll need ETH to pay the gas fees. It’s essential to be aware of the transaction fees for the blockchain you use, as these fees can make or break your budget goals.
    You can also choose the payment tokens you’d accept for your digital art and the percentage of royalty to receive on the secondary sales of your artwork.
  6. List Your Artwork For Sale: Now, you can list your NFT tokens for sale. You can either choose a fixed-price listing or auction and set your price. If it is your first time creating and selling an NFT, you’ll have to pay a gas fee before listing your artwork.
  7. Promote Your Work on Social Media: Share your direct link to potential buyers and promote your artwork to fans on social media to help them discover it.

How Long It Take to Mint an NFT

Minting your NFT can take only several minutes if you follow our guidelines. You just need an account on an NFT marketplace and an active cryptocurrency wallet with ETH in it to start minting NFTs. Consider the transaction fees that involve the creation of the NFT.

Factors to Consider Before Minting an NFT

Although minting NFT might be pretty straightforward, there are a few things to consider before starting:

1. Blockchains

You can mint an NFT on several blockchains, among them:

  • Ethereum
  • Binance Smart Chain
  • Cosmos
  • WAX
  • Tron
  • Polkadot
  • Tezos
  • EOS
  • Flow by Dapper Labs

2. The Environmental Debate

Critics argue that creating NFTs may negatively impact our environment due to hefty carbon emissions. They even think that the process of NFT creation is so toxic for the environment that it should be avoided altogether.

3. NFT Marketplace

Once you’ve decided on a blockchain for your NFT minting, another essential element is choosing a marketplace among many NFT marketplaces to offer your NFT to your consumer. Marketplace availability is based on the blockchain where you minted your NFT. Developers using the Ethereum blockchain may come across various NFT platforms, among them OpenSea, Rarible, and Mintable. Binance Smart Chain marketplaces include Treasureland, Juggerworld, and BakerySwap.

How to Mint NFTs

OpenSea is the most popular marketplace for non-fungible tokens. Users can buy and sell NFTs on the secondary market, as well as create and sell NFT collections on the primary marketplace.

The steps involved in minting NFTs on OpenSea are outlined below:

1. Buy Ethereum (ETH)

Ethereum is the second most popular cryptocurrency after Bitcoin, supported by most NFT marketplaces. To buy Ethereum, you must first create an account on one of your preferred trading platforms.

You can purchase it from cryptocurrency exchanges such as Coinbase, Gemini,, etc.

2. Create Your Own Crypto Wallet

After purchasing some ETH, you’ll need to create an Ethereum wallet compatible with the Ethereum network to buy and sell NFTs on OpenSea. The MetaMask wallet is the most popular crypto wallet on OpenSea. It’s also one of the most user-friendly wallets available that lets you securely store your tokens.

3. Link Your Crypto Wallet to OpenSea

You can now connect your crypto wallet to OpenSea in a few simple steps:

  1. Open the MetaMask plugin in your browser and type your password to unlock it.
  2. Go to OpenSea and click “Profile.”
  3. Accept the terms and conditions.
  4. To authenticate your account, enter your email address and username.
  5. A confirmation email will be sent to your email. Please click on the link to verify and complete the process.

4. Create Your First NFT Collection

After setting up your wallet and connecting it to OpenSea, it’s time to create your first NFT collection. This stage is also known as pre-mint NFTs. Follow these steps to create a collection:

  1. Select “My Collections” from your OpenSea profile.
  2. To create a new collection, click on “Create.”
  1. Consider this to be your digital art portfolio. You can use artwork, memes, or even cute cat pictures.
    You’ll find different properties to fill in, starting with the URL of your collection on OpenSea, the description, category, and links to your website and social networks. You’ll need to insert your payout wallet address. Go to the wallet icon and click on your address; it will automatically copy it, then paste it into the required field. Next, choose the royalties and the payment tokens to buy and sell your items. After you’re done, click “Create.”

5. Mint an NFT on OpenSea

Once your initial NFT collection is complete, it’s simple to add NFTs. Simply follow the steps described below:

  1. Open the collection you’ve made.
  2. Select ‘Add New Item’ from the drop-down menu.
  3. Give the NFT a name and upload it.
  4. Fill in the properties, levels, stats, and other information about the item.
  5. Choose the supply, which is the number of copies that can be minted, and the issuing blockchain.
  6. Click on “Create,” and your new item will appear as a new NFT in your collection. You are free to offer it for sale at a set price or to the highest bidder.
opensea create pageopensea create page
Create NFTs on OpenSea

OpenSea NFT Minting Fees

Before making their first transaction, all first-time vendors must pay two fees to OpenSea. You’ll have to pay gas fees for transactions on the Ethereum blockchain, and the cost may be more or lower depending on the current gas price.

The first charge to set up your account and begin selling is between $70 to $300. The second transaction costs between $10 and $30 and gives OpenSea access to your NFTs.

OpenSea collects fees in Ethereum (ETH). The price is determined by the current value of the used cryptocurrency.

Additionally, the platform takes 2.5% of every transaction on it.

After the initial sale, OpenSea doesn’t impose fees for minting NFTs.

However, Lazy Minting was launched at the end of 2020 and was quickly adopted by OpenSea. Lazy minting lets a creator or artist mint their artwork for FREE! They’ll only pay the gas fees once their artwork is purchased, and the fees will be deducted from that amount.

How to Mint an NFT on Rarible

Rarible is a popular NFT marketplace with a convenient protocol that supports Lazy Minting. Here’s how to get started:

rarible homepagerarible homepage
Rarible homepage
  1. Link your crypto wallet to
  2. Click “Create” and enter all the details for the NFT you want to create.
  3. From the drop-down option, select “Free minting.”
  4. Click “create item” and use your wallet to sign the free authorization.
  5. Voilà! You can now mint for free and with ease.

After completing the buy transaction, the NFT will be minted in your wallet and instantly transferred to the new owner.

Rarible Minting Fee

Rarible charges a service fee of 2.5% per sale on both ends of the transaction, which acts as a listing fee. However, the seller can choose to take on the fee, which will cost 5% of the final sale price.

The good news is that Rarible has also adopted the “lazy minting” mechanism that lets artists, crafters, and amateurs freely mint NFTs. This is a fantastic solution for a simple alternative to mint NFT.

Other Marketplaces to Mint NFTs


SuperRare homepageSuperRare homepage
SuperRare homepage

SuperRare is a non-traditional digital art marketplace that allows users to purchase and sell one-of-a-kind digital artworks. All transactions (mining, buying, and selling) are conducted using Ether (ETH) cryptocurrency.


BakeryRare homepageBakeryRare homepage

BakerySwap is a cryptocurrency-based digital art and online gaming marketplace powered by Binance Smart Chain. BAKE tokens are the platform’s principal payment tokens. The process of minting and selling NFT is straightforward.


KnownOrigin homepageKnownOrigin homepage
KnownOrigin homepage

KnownOrigin is a digital artwork marketplace powered by Ethereum. Here, you can post digital art in GIF or JPG files that are stored on IPFS (Interplanetary File System).

What Happens After an NFT Is Minted

When you create a new NFT, you ensure that the ownership of the artwork is recorded on the Ethereum blockchain. Each NFT has its own set of information, which is accessible in real-time on the distributed ledger by individuals worldwide.

When your NFTs are minted, you can program the royalties you wish to get in commission when your work is sold, swiftly publicize your product on social media pages or even your blog, or do a ‘drop,’ in which you set up a timed auction and wait for bids on your NFT.

If someone wants to buy your NFT after posting it for sale, they can bid on it. The records will be made public if you accept the offer. The NFT token is then transferred to the new owner, with the owner’s identity and the trade’s history and details being recorded on Ethereum’s blockchain.

How to Buy/Sell NFTs

You’ll need a cryptocurrency wallet (Coinbase Wallet, MetaMask, or Trust Wallet), similar to the TokenMaker, and enough Ether (ETH) to buy NFTs.

WePlay Collectibles makes it simple to buy one-of-a-kind digital art through the Binance NFT marketplace. If you already have a wallet, you can use it to purchase and sell digital art on the Binance market. If not, you need to sign up for Binance and create your digital wallet.

You must have ETH, BNB, or BUSD in your Binance wallet to purchase NFTs. After crediting these cryptocurrencies to your wallet, you can bid on non-fungible tokens accessible on the Binance NFT Marketplace.

Cheaper Ways to Mint NFTs

trueplebs collection sold outtrueplebs collection sold out
TruePlebs collection sold out in 26mins

Learning when and where fuel costs are lower than usual is crucial for saving money and spending as little as possible while minting NFTs. Fortunately, you can use tools like Gas Tracker to keep track of gas fees at all times and find the best time to mint NFT at a lower price.

NFT Alerts For Finding New Collections

Let’s have a look at some of the best tools for tracking and benefiting from the hottest and trending NFTs.

1. Dappraddar

Dappradar is a feature-rich analysis tool suitable for both expert and novice NFT investors. It offers a ranked list of all existing Decentralized Applications (Dapps) that are free to use, as well as a sectioned display that shows major features like Hot Topics, NFTs, DeFi, Exchanges, Games, and so on.

The Portfolio Tracker allows users to effortlessly assess, track, and find new projects in the NFT market, as well as manage their purchased assets. The website ranks projects based on liquidity, capitalization, and pricing using various metrics. Users are guided to the market’s real-time trading volume and price adjustments by segments for NFT top sales, top collections, marketplaces, and new projects.

2. Icy.Tools

Icy.Tools is a simple tool for tracking NFTs. Beginners love it because of its simple & transparent interface, which is ideal for doing a rapid market survey.

Users can use any wallet address to access features such as transaction history and balance searches. However, additional functions are available in the premium edition. Users who want extensive analysis, unrestricted wallet monitoring, in-depth market charts, and bespoke notifications must pay 0.03 ETH per month for the premium edition.

3. Nansen

Nansen is an analytics tool that integrates on-chain data with a massive and ever-expanding database of millions of wallet labels. Nansen’s user-friendly dashboards include features such as wallet profilers, smart alerts, top holders, token distribution information, etc.

Although rather expensive (as many similar service providers are), Nansen goes beyond tracking collectors and transactions by offering users downloadable data, additional insights and analysis, live DEX trading updates, and more. Nansen, a platform that has been operational for over a year, looks to be one of the most popular alternatives among NFT analytics providers.

Closing Thoughts

The online creator economy was an early adopter of NFTs. Converting your digital work into a blockchain-based asset is a game-changer for artists, musicians, content producers, video game developers, etc., and changes the way creators are rewarded. If you’re an artist or digital entrepreneur, the world of NFTs is worth exploring. NFTs are also perfect for hobbyist collectors who want to support a content creator or own something they’re passionate about. However, keep in mind that this trend is still in its early stages of development. Additionally, as an investment opportunity, NFTs are highly volatile, and the market is speculative – some NFTs have gained immense value over time while others have lost value.

We hope this article has helped you to understand NFTs better, how they operate in the market, the benefits and risks, and how to get started with them.

You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth guides on various topics such as What Are Blockchain Layers and How Do They Work, What Is DeFi, How to Buy Cryptocurrency, etc.

Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice. Our information is based on independent research and may differ from what you see from a financial institution or service provider.

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Lithuanian Government Approves Stricter Crypto Regulations – Regulation Bitcoin News

Lithuanian Government Approves Stricter Crypto Regulations – Regulation Bitcoin News

The government in Vilnius has approved amendments introducing more stringent regulations for the country’s growing crypto space. The legislation is aimed at managing risks associated with crypto assets and preventing Russian attempts to circumvent Western sanctions imposed over the war in Ukraine.

Lithuanian Authorities to Tighten Rules for Crypto Industry

Lithuania is preparing to revise its Law on Prevention of Money Laundering and Terrorist Financing with the stated goal of ensuring greater transparency and sustainable development for its cryptocurrency sector. This week, the government approved amendments that the small Baltic nation plans to adopt before the upcoming EU regulations.

The new provisions have been prepared by the Ministry of Finance, the Bank of Lithuania, the Financial Crime Investigation Service, the Ministry of Interior, and the Lithuanian Money Laundering Prevention Competence Center. Their main purpose is to further regulate the operations of crypto service providers.

Finance Minister Gintarė Skaistė was quoted by her department as stating that the rapid growth of the crypto market and the emergence of new products require additional attention from the responsible authorities in managing risks, especially those related to money laundering and terrorist financing threats. She elaborated:

Against this background, we are taking proactive steps to strengthen regulation at national level in preparation for subsequent decisions at EU level.

The draft law, which should be submitted to the Lithuanian parliament during the current session and enforced this year, is expected to introduce more detailed rules for customer identification and impose a ban on the opening of anonymous accounts. It will also increase the authorized capital required from service providers to €125,000.

Only permanent residents of Lithuania will be allowed to manage companies dealing with cryptocurrencies. Lithuanian regulators also want to make sure that these entities do not provide services or operate exclusively in other jurisdictions. The full list of registered operators of crypto exchange and custody platforms will be made public from Feb. 1, 2023.

Lithuania is also updating its regulations in response to the recent events in the region, in particular, the ongoing military conflict in Ukraine. “The relevance of the proposals is strengthened by today’s geopolitical environment — we must ensure that no attempt is made to circumvent Western sanctions on Russia by using crypto assets,” Minister Skaistė emphasized.

Since Estonia tightened its crypto regulations, Lithuania has seen a rapid growth in the number of crypto companies starting business in the country. Only eight such entities were established in the whole of 2020 while in 2021, 188 new firms were registered, followed by another 40 in the first months of this year. Over 250 crypto service providers are currently operating in Lithuania, the finance ministry revealed.

Tags in this story
amendments, conflict, Crypto, crypto assets, crypto regulations, Cryptocurrencies, Cryptocurrency, draft law, Law, Legislation, Lithuania, Lithuanian, Regulations, rules, Russia, Sanctions, Ukraine, War

Do you expect the upcoming Lithuanian regulations to significantly worsen the business climate for crypto companies? Share your thoughts on the subject 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. 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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Connect your MetaMask to your bank account, Fluid Finance is now live!

Connect your MetaMask to your bank account, Fluid Finance is now live!

Fluid Finance SA, the first Swiss company to be capitalised in ETH, has brought something revolutionary to the world of mobile banking.

A Fluid Account, which you only need an email to open—is better than a bank, and better than an exchange. The newly launched mobile app allows users to move in and out of crypto in seconds and connect directly to their Web3 wallet.

CEO and founder Robert Sharratt said: “Fluid Finance is driven by giving as much control as possible to our users. This is about control of your money, this is about liberty, and a much more efficient banking system. We offer a faster, cheaper way to go right from your bank account into crypto and back. Once you’ve tried Fluid, you’ll never use an exchange again”.

Fluid’s technology streamlines your everyday use of crypto. Their in-house digital currency—Digital Dollar (DUSD)—and integration with the Arbitrum portal allow users to mint from their fiat bank balance in seconds without high fees, long wait times, or creating multiple accounts.

And unlike algorithmic stablecoin technology, Digital Dollars do not lose their peg. DUSD is real money, on-chain: when you mint DUSD from fiat held in a Fluid Account, the fiat moves to Fluid’s treasury account, where it is held and insured until you redeem. This transaction is verifiable on-chain, as are the reserves in Fluid’s treasury. DUSD can therefore only be created by real USD deposits, and the treasury is publicly broadcasted to the blockchain to verify. Because every DUSD has a real Dollar sitting in a bank account, a user can always redeem DUSD 1:1 for cash – no matter what the third party market says.

Users can then exchange large amounts of DUSD to ETH with zero price impact, using Fluid’s revolutionary single point liquidity pool. Moving away from AMM-based liquidity pools as we know them from SushiSwap or Uniswap, which rely on price discovery for tokens, Fluid instead relies on Chainlink oracle-based external price feeds for the ETH-USD price.

And the benefits aren’t limited to the world of DeFi: Base deposits in the Fluid Account accumulate a targeted 4% interest, far higher than interest rates offered at traditional banks. Fluid Account holders can also send funds globally, for free, in seconds.

Fluid is truly a banking alternative for everyone, and it’s been designed together with the community members who believe in its ability to take on the traditional banking model. Its mobile app and web app are live! Sign up here:


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How to Buy Stacks | Where, How and Why

How to Buy Stacks | Where, How and Why

Cryptocurrencies and blockchain technology have grown rapidly in recent years. However, while the benefits of blockchain in terms of speed, costs, streamlined operations, and increased efficiency outweigh its disadvantages, several issues still need to be addressed for widespread adoption.

The technical scalability of the network is one of the most challenging concerns that can strain the adoption process, especially for public blockchains. Blockchain networks use so much processing power and time to maintain decentralization and security that they fall back in terms of scalability.

The scalability issue is also one of the notable drawbacks of the Bitcoin network. This is where blockchain Layers 1 & 2 come into the picture in their attempt to offer a solution to the scalability challenge.

Stacks homepage
Stacks homepage

Stacks (STX) is a Layer 1 blockchain project that attempts to solve Bitcoin’s scalability issues by modifying the base protocol of the blockchain network. In other words, the Bitcoin network acts as the finality and security layer for the smart contracts contained and executed in the Stack Blockchain. Stacks claims to add smart contract functionality to the Bitcoin blockchain without changing or cluttering the Bitcoin mainnet. The merging of smart contracts with Bitcoin’s functionality will boost the mass adoption of Bitcoin.

Read on to learn about Stacks and how to buy STX in a few simple steps.

Let’s get started!

What Is Stacks (STX)

What is StacksWhat is Stacks
What is Stacks

Stacks is a layer-1 blockchain solution that allows smart contracts, non-fungible tokens (NFTs), and decentralized apps (DApps) to be added to Bitcoin (BTC) without affecting its security and stability.

These DApps are open and modular, which means that developers can build on top of each other’s apps to add extra functions that would be impossible in a traditional app. Because Stacks employs Bitcoin as its foundation, everything that occurs on the network is settled on the most extensively used and arguably the most secure blockchain in operation – Bitcoin.

The platform is powered by the Stacks token (STX), which facilitates smart contract execution, transaction processing, and the registration of new digital assets on the Stacks 2.0 blockchain.

The platform was previously called Blockstack, but it was renamed Stacks in Q4 2020 to “separate the ecosystem and open source project from Blockstack PBC” — the corporation that created the original protocols.

Stacks 2.0 mainnet was launched in January 2021.

Stacks Key Features 

Stacks featuresStacks features
Stacks features

Built on Bitcoin

Stacks adds new functionality to Bitcoin by employing Bitcoin as a secure and reliable foundation layer to settle all transactions. The Stacks Blockchain provides support for smart contracts, decentralized applications, and the creation of flexible virtual assets that are easily transferable. Apps built on Stacks accept Bitcoin as payment.

Clarity Smart Contract Language

Stacks has deployed its own Clarity programming language to help it bring smart contracts to Bitcoin and facilitate the ecosystem’s security. Clarity uses predictable source code for executing smart contracts while publishing them on the blockchain nodes.

Clarity allows users to set up their own conditions for transactions.

Proof of Transfer

Stacks uses the Proof-of-Transfer (PoX) consensus mechanism that makes Stacks highly scalable and decentralized without causing additional environmental impact. PoX uses two blockchains – the secure Bitcoin blockchain to secure new chains on the Stacks blockchain without requiring new Proof-of-Work chains and cryptocurrencies.

The Proof-of-Transfer mechanism eliminates the system of burning cryptocurrencies. Instead, mined cryptocurrencies secure the new blockchain.

The PoX mechanism also facilitates the network’s reward protocol by allowing Stacks token holders to receive rewards in Bitcoin.

Stacks Founders

Stacks was founded by Muneeb Ali and Ryan Shea, the founders of Blockstack PBC, a New York-based company. Blockstack PBC is currently known as Hiro Systems PBC and is one of several firms that use the Stacks platform.

Muneeb Ali co-founded Stacks in 2013 after graduating from Princeton University with an MA and Ph.D. in computer science. He is the CEO of Hiro Systems PBC.

Ryan Shea was the co-CEO of Hiro Systems PBC from 2013 to 2018 before leaving it to co-found a new software startup now in stealth mode. Shea had worked as a software developer before joining Stacks.

Many renowned venture capital firms, including Y Combinator, Winklevoss Capital, and Digital Currency Group, have helped launch Stacks.

What Makes Stacks Unique

Stacks aims to solve Bitcoin scalability issues by adding additional features to it without forking or changing the original Bitcoin network. It’s linked to the Bitcoin blockchain through its Proof-of-Transfer (PoX) consensus mechanism, which requires miners to pay in BTC to mint new Stacks (STX) tokens. Furthermore, STX token holders can stack (rather than stake) their tokens to receive  Bitcoin as a reward.

Clarity, a new smart contract programming language launched by Stacks, is designed to be both secure and easy to build due to its simple syntax. This smart contract-centric programming language is also used by the Algorand (ALGO) blockchain.

STX was also the first cryptocurrency to be SEC-qualified for sale in the United States, allowing Stacks to perform a $28 million Reg A+ sale cash offering for its STX tokens in July 2019.

STX Tokenomics

Stacks coin page on CoinStats

Check the STX price, 24-hour trading volume, market cap, circulating supply, total supply, max. supply, historical statistics, etc., on CoinStats, and get updates on STX price live data.

Stacks economicsStacks economics
Stacks economics

According to the Stacks 2.0 whitepaper draft (v0.1), 1,000 STX per block will be issued in the first four years, then decreasing to 500 STX/block in the following four years, 250 STX/block in the next four years, and 125 STX/block perpetually.

The creator received 6.6% of the initial genesis supply (1.32 billion STX), while the Stacks team received 7.9%.

How Is the Stacks Network Secured

The Stacks blockchain is built on top of the Bitcoin blockchain. Bitcoin, as a Proof of Work (PoW) blockchain, employs the collective efforts of thousands of miners and nodes to safeguard the network against assaults by making it computationally and economically impossible to destabilize the network. Stacks leverages Bitcoin’s high level of security since Stacks’ transactions are settled on Bitcoin.

Stacks mechanism

Additionally, Stacks offers its own Proof-of-Transfer (PoX) consensus mechanism, a revolutionary mining method in which users transfer BTC to mine STX. This enables Stacks to leverage the security and capital of Bitcoin for DApps and smart contracts.

Where to Buy Stacks (STX)

Here are the top 5 exchanges where you can buy Stacks (STX) cryptocurrency with a credit or debit card or Bitcoin (BTC).


Binance homepageBinance homepage
Binance homepage

Binance is one of the most well-known and largest cryptocurrency exchanges worldwide. Buying Stacks (STX) on this exchange includes low fees and increased liquidity, allowing you to buy and sell quickly to capitalize on market-moving news.

This exchange is ideal for investors in Australia, Canada, Singapore, the United Kingdom, and other countries. Currently, residents of the United States are prohibited from purchasing stacks (STX).


KuCoin homepageKuCoin homepage
KuCoin homepage

KuCoin is one of the most competitive exchanges in terms of fees and services. It’s a well-known cryptocurrency exchange and has grown immensely since its early days of allowing only crypto-to-crypto trading. KuCoin currently provides a wide range of services, including P2P exchange and credit or debit card purchases. It will enable you to buy Stacks (STX) cryptocurrency and over 500 other popular tokens, including new tokens.

The exchange currently accepts United States residents.


Coinbase is a NASDAQ-listed cryptocurrency exchange and one of the most popular exchanges in the United States, accepting clients from over 100 countries, including Canada, Australia, Singapore, and the United Kingdom.

Coinbase homepageCoinbase homepage
Coinbase homepage

Over 70 million Coinbase users have exchanged over 460 billion USD in volume. Security is Coinbase’s top priority, with 98% of customer assets stored in secure offline storage. The platform is simple to use and supports trading over 140 cryptocurrencies, including Stacks (STX). It’s is available on PC, Android, and iOS.

This exchange presently accepts United States residents, except for Hawaii.


MEXC homepage

MEXC is a Seychelles-registered cryptocurrency exchange founded in April 2018.  It allows USD, CNY, EUR, VND, GBP, and AUD deposits, as well as CNY and VND withdrawals. MEXC offers over 245 coins and 374 trading pairs and continually extends support for new DeFi coins.


BitMart homepageBitMart homepage
BitMart homepage

BitMart is a cryptocurrency trading platform that allows you to trade in various financial markets. The exchange is designed for novice and intermediate traders and supports over 100 crypto pairings against Bitcoin, Ethereum, Tether, or BMX tokens.

The exchange has expanded its offerings to include a futures market with leveraged trading up to 100x, as well as DeFi services like borrowing and lending.

How to Buy Stacks

Follow our step-by-step guide below to buy Stacks right away!

Stacks price on CoinStatsStacks price on CoinStats
Stacks price on CoinStats

Step #1: Choose a Crypto Exchange

You can buy and sell Stacks on various cryptocurrency exchanges. You must compare them to select the best trading platform with the features you need, such as low trading fees, an easy-to-use interface, and 24-hour customer support. Also, remember to check if the cryptocurrency exchange supports your preferred payment method, such as a credit or debit card, another cryptocurrency, or a bank transfer. Some exchanges provide advanced trading tools and services, like limit and market orders, crypto loans, and crypto staking.

Step #2: Registration

Following the selection of a reliable exchange, the next step is to open a trading account to trade STX. The parameters vary according to the platform. Most purchases on centralized exchanges will require personal information such as your name, email address, contact number, social security number, home address, and a copy of your driver’s license, passport, or government-issued ID. If you plan to buy Stacks using fiat currency from your bank account, you must give this information to get verified.

After submitting your account creation application, check your email for the account verification code, enter the code to validate your account, and start trading. It’s advisable to enable two-factor authentication (2FA) to keep your assets safe.

Step #3: Fund Your Account

After verifying your account, you must deposit funds to purchase STX tokens and other cryptocurrencies. Simply choose your payment method, such as a bank transfer, credit or debit card, e-wallets, etc. The payment method you use will be determined by the platform, location, and preferences.

Bank Account: 

While a bank transfer from a local bank account is usually free, you should double-check with the exchange before depositing funds.

Credit or Debit Card: 

You can easily link a card to top up your account. Once connected, you can use your card to make a one-time purchase or set up monthly payments. However, you should be aware that using your credit card to purchase cryptocurrency may incur an extra cost.


You can buy Stacks by trading it for other cryptocurrencies like BTC or a stablecoin. Since this varies between exchanges, you’ll need to look for STX on the spot market to view the available trading pairs.

Step #4: Buy Stacks STX

You’re now all set to buy STX. The process of buying Stacks is similar to buying other cryptocurrencies, and the process is almost the same across all platforms. You should search for the Stacks token in the search box, check the STX price, and click on the “Buy STX” button.

The next step is to enter the quantity of STX to be purchased or the fiat amount available for spending. Most exchanges will quickly convert the amount so that investors know how much they’ll pay and how many STX tokens they’ll get.  Check all the details before finalizing your STX purchase to verify there are no errors. Also, ensure that you’re buying Stacks STX and not similar or lookalike tokens. 

If you don’t already own a CoinStats account, register one to buy Stacks from CoinStats.

How to Store STX

Once you’ve completed your Stacks purchase, the next step is to select a crypto wallet to store your coins safely. Your coins can be saved in your brokerage exchange wallet, but we strongly recommend creating a private wallet with your own set of keys.  Depending on your investment preferences, you can select between software wallets and hardware wallets.

CoinStats Wallet is one of the best software wallets for managing all your DeFi and crypto in one place – a single crypto wallet for buying, selling, swapping, tracking, and earning on your crypto!

Hardware wallets, also known as cold wallets like Ledger or Trezor, are the most secure solutions since they include secure offline storage and backup functionality. These are better suitable for experienced users with a large number of tokens.

How to Sell Stacks

You can cash out your STX with the same exchange where you bought it by following the same steps:

1. Sign in to the exchange account where you have STX.

If you have kept your Stacks STX  in a digital wallet, compare crypto exchanges to choose where to sell it.

2. Place a sell order.

Choose how much STX you wish to sell.

3. Complete your transaction.

Complete the sale of STX by confirming the selling price and fees.

Can I Buy STX on Binance

Yes, Binance provides various options to easily buy Stacks (STX) securely with low fees.

Check out the steps to purchase Stacks using the Binance app below:

Step #1: Register a Binance Account

Before you can buy STX, you must first create an account, functioning as your crypto buying platform, and verify your identity.

Binance sign inBinance sign in
Binance sign in page

Step #2: Deposit Funds

On the Binance website top left, click the “Buy Crypto” link to view the deposit options available in your country. Simply choose your desired payment method, such as a bank transfer, credit or debit card, P2P Trading, etc.

Step #3: Buy STX

After depositing funds into your account, search for the STX token in the search box, check the STX price and click on the “Buy STX” button. You have 1 minute to place your order at the current price, or your order will be adjusted after 1 minute based on the current market price. To see the updated order total, click Refresh.

Step #4: Store, Stake, or Trade Your Stacks (STX)

You can store your newly acquired STX tokens in your crypto wallet, trade it for other cryptocurrencies, or stake it on Binance Earn to earn passive income.

Is STX a Good Investment

Before investing in cryptocurrencies, conduct due diligence and evaluate your cryptocurrency token and its related project, especially if the project is still in its early phases like Stacks. Consider the following factors:

Distribution: During the 2017-2019 ICO, no STX tokens were made available to the public. They were split between unnamed private investors and the founders. Following a three-year locking period, the tokens became liquid between January and November 2021.

Regulation: When STX was initially introduced in the United States, the SEC classed it as a security rather than a currency, which caused various regulatory issues. This decision was supposedly overturned in May 2021, according to Stacks developers. The SEC has not issued a public statement on the matter.

Adoption: The global adoption of STX mining has been slow. The network has a small number of miners in comparison to the total number of slots available. The crypto industry has been shifting away from mining consensus mechanisms because of their negative environmental impact. It’d be beneficial to perform a more in-depth investigation of the sustainability of STX mining compared to other eco-friendly cryptocurrencies.

Supply: STX’s future supply is limited to 1.8 billion, with 1.25 billion already in circulation.

Closing Thoughts

Stacks (STX) makes a substantial contribution to the blockchain sector due to its unique features. It’s reasonable to assume that Stacks’ services will increase Bitcoin acceptance and usage in the crypto industry since it provides users with the benefits of combining smart contracts with Bitcoin functionality.

The Stacks blockchain’s incredible functionality allows us to foresee the network’s success in the industry. Stacks also appeals to users since it allows them to earn BTC just by engaging in the network.

You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on how to buy various cryptocurrencies, such as How to Buy Bitcoin on Cash App, What Is DeFi, How to Buy Cryptocurrency, etc.

Investment Advice Disclaimer

The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.

Cryptocurrency is a highly volatile market and sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your circumstances and obtain your advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.

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Defi Platforms and Smart Contract Tokens Suffer the Most During the Crypto Market Rout – Defi Bitcoin News

Defi Platforms and Smart Contract Tokens Suffer the Most During the Crypto Market Rout – Defi Bitcoin News

While the crypto economy has dropped lower in value against the U.S. dollar, sliding to just under $1.2 trillion, the value of decentralized finance (defi) protocols and smart contract tokens has suffered a great deal. Statistics show that the total value locked in defi has dropped 7.96% since May 18, to roughly $104 billion, and the combined value of all the smart contract tokens lost 8.2% during the last 24 hours.

Bear Market Shreds Defi — TVL Down Over 7% This Month, Smart Contracts Coins Lose Significant Value Over the Last Week

Defi metrics indicate that the world of decentralized finance has been stagnant since the fall of Terra’s UST and LUNA. 24 days ago on May 18, the total value locked (TVL) in defi was around $113 billion, and today it is 7.96% lower, hovering just above $104 billion.

30-day metrics indicate that out of the top five defi protocols in terms of TVL size, four application TVL metrics have dropped significantly. Makerdao commands the top position in defi in terms of TVL size with $8.82 billion locked. However, Makerdao’s TVL has dropped 13.23% lower during the last 30 days.

Curve’s, Aave’s, and Lido’s TVL shed between 7.21% and 19.74% during the past month as well, while Uniswap gained 1.92% during the last 30 days. The defi protocol Nord Finance was the month’s biggest loser, as its TVL dropped by more than 71% last month. metrics show that Ethereum is the top chain in defi with $63.23 billion total value locked. Money held on ETH-based defi protocols represents 60.97% of all the value locked in defi today. Binance Smart Chain (BSC) is the second-largest chain with $7.78 billion TVL, and Tron is the third-largest with $5.95 billion.

Additionally, the top five smart contract protocol tokens have lost significant value during the last week, except for cardano (ADA). Ethereum (ETH) lost 12.4% in value this week, binance coin (BNB) shed ​​7.9%, solana (SOL) slipped by 9.1%, polkadot (DOT) lost 12.1%, but cardano (ADA) managed to gain 1.6% this past week.

At the time of writing, the top smart contract platform coins by market capitalization are collectively worth $327 billion. One notable smart contract token gainer last week was chainlink (LINK) as it managed to rise like ADA, but jumped 8% higher against the U.S. dollar. A lion’s share of smart contract tokens lost between 2% and more than 30% during the last seven days.

Tags in this story
7 day losses, ada, Avalanche, Cardano, Chainlink, crypto assets, Cryptocurrencies, DeFi, defi smart contract, Defi TVLs, Ethereum, LiNK, Losses, Market Caps, Monthly, Polkadot, smart contract coins, Smart Contract Tokens, Solana, tron, TVL, values, Weekly

What do you think about the bear market gripping defi and smart contract token values? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at 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 News about the disruptive protocols emerging today.

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. 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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Registrations Kick-off for Digital Asset Marketplace STRMNFT

Registrations Kick-off for Digital Asset Marketplace STRMNFT

  • StreamCoin Starts Off Registration for STRMNFT.
  • STRMNFT is a digital asset marketplace that aims to revolutionize Video NFTs.
  • CEO Michael Ein Chaybeh and the team are thrilled about the developments.

Blockchain company StreamCoin has officially announced the start of registrations for its much-awaited STRMNFT marketplace. This is the newest in the company’s long list of achievements including listing its token on over 100+ exchanges.

Launched on May 31, 2022, the STRMNFT marketplace boasts a user-friendly interface that has been designed keeping in mind users new to the crypto space. Michael Ein Chaybeh, StreamCoin’s CEO, remarked on this choice by saying:

“As per our approach towards developing an ecosystem from user to tech, we designed STRMNFT to be an easy-to-use marketplace and an open space for all types of users. With our platforms and services, we aim to draw the line between the crypto enthusiasts and the modern Web 2.0 users who have not experienced blockchain or crypto before.”

The STRMNFT team also adds that as a preliminary offer, STRMNFT features a free digital asset minting until July 2022. StreamCoin encourages all users to grab the chance and register on STRMNFT for free.

According to the information shared with CoinQuora, the StreamCoin team is also conscious of the environmental impacts of their technology. Staying true to their eco-friendly vision, they leverage the Proof of Deed (PoD) approach to save power and resources.

Addressing the energy concern of blockchain tech, Chaybeh was quoted saying:

“As we observe how the planet is being consumed every day by operating high-capacity servers, power-consuming blockchain networks, and other high carbon-emission platforms, we came up with a new, responsible, eco-friendly solution that doesn’t compromise the speed and efficiency, and at the same time, contributes to a better future for our planet.”

On a lighter note, the StreamCoin team was excited to share more details of the exciting features they have to offer. Through STRMNFT, users can follow their favorite content creators, create playlists for the video NFTs, and also sort the content based on categories. Users will even have their own personal channel with options to make their content available for public or private views.

Following the STRMNFT launch, TNC Group, one of StreamCoin’s leading partners and investors, released an exclusive Lady Apes NFT collection. TNC Group states that they will be offering discounts on these collections to all who participated in StreamCoin’s ICO and staking portal.

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US Inflation Spiked 8.6%, Highest in 40-Years — Economist Says We’re Not ‘Seeing Any Signs That We’re in the Clear’ – Economics Bitcoin News

US Inflation Spiked 8.6%, Highest in 40-Years — Economist Says We’re Not ‘Seeing Any Signs That We’re in the Clear’ – Economics Bitcoin News

After April’s consumer price index (CPI) report was published, a number of American economists and bureaucrats said that inflation had peaked and it was possible that inflation would subside. However, statistics from the U.S. Labor Department indicate the CPI increased 8.6% from a year earlier, as the month of May’s inflation data reached another lifetime high.

CPI Data From May Shows Inflation Has Not Peaked

The U.S. economy doesn’t look so hot these days and after shutting down the economy over a respiratory virus and printing trillions of dollars in stimulus, it seems these ideas were huge mistakes. Inflation is the general increase in the cost of goods and services, and currencies like the U.S. dollar can’t buy as many goods and services as they could when inflation was lower. Reports show that nearly everything in the supermarkets now has a higher cost and the prices of things like rent, gasoline, cars, and housing have skyrocketed. Prices of goods and services continued to rise even though politicians told the public inflation would be “transitory.”

When April’s CPI data was published, some people even claimed that inflation had “peaked,” but the latest CPI data from May shows this claim did not come to fruition. U.S. inflation data from the Labor Department’s metrics indicate that last month’s CPI hit a 40-year high at 8.6%. Inflation has been so bad in the U.S. that the stimulus checks, expanded child-tax credits, extended unemployment benefits, and even the slight rise in wages have been erased by the rising costs of goods and services.

The Labor Department’s metrics show that rising food, gas, and energy prices have pushed the CPI data higher and shelter costs were one of the largest contributors to last month’s inflation data hike. So while a slight rise in wages has taken place for some U.S. workers, real wages dropped 0.6% from April. Economists who noted that April’s data was ‘peak inflation’ are starting to notice that the cost of goods and services keeps peaking. Morning Consult’s chief economist, John Leer said that May’s CPI was upsetting.

“It’s hard to look at May’s inflation data and not be disappointed,” Leer explained on June 10. “We’re just not yet seeing any signs that we’re in the clear.”

‘It Might Not Have Been a Good Idea to Shut Down the Economy for a Respiratory Virus’

Meanwhile, U.S. president Joe Biden continues to blame Russia and Vladimir Putin. “Today’s inflation report confirms what Americans already know — Putin’s price hike is hitting America hard,” Biden stressed at a press conference this week. However, many people are saying that shutting down the U.S. economy, the lockdowns, and the Covid-19 stimulus bills were horrible ideas. “I’m beginning to think it might not have been a good idea to shut down the economy for a respiratory virus,” the economist Jeffrey Tucker wrote on Friday.

U.S. representative Thomas Massie, a Republican from Kentucky, has been sharing statements he made back in 2020 when he said it was not the greatest idea to pass the massive stimulus bill. In January, Massie said: “Too many people failed to see the bill being passed would cause massive inflation, its passage without members present would set the tone for nationwide mail-in ballots, the money would enable all of the lockdowns, and paying people not to work would kill productivity in the U.S.” Yet, many critics gave Massie a hard time about his contrarian statements and resorted to ad hominem attacks.

“Massie just says whatever stupid thing pops in his head,” one individual wrote in response to Massie’s tweet at the time. The Kentucky representative recently fired back at the individual’s comment and said this “tweet did not age well.”

In 2020, Democrat senator John Kerry said “Congressman Massie has tested positive for being an a**hole.” The Kentucky representative also decided to mock Kerry’s tweet and remarked that he predicts “Democrats will sequester John Kerry and his energy-price-hiking dogma in a rock formation until at least November.” Massie added:

Here’s his doltish tweet when I opposed the first $2 trillion printing spree on March 27, 2020 – because it was going to cause inflation .

Massie was not the only one that opposed the trillion-dollar monetary expansion as the gold bug and economist Peter Schiff was quick to criticize those who supported the stimulus. On the same day as John Kerry’s tweet in March 2020, Schiff wrote: “As the Fed will create all this money out of thin air the people will pay the cost through inflation. Consumer prices are about to soar, wiping out the savings of millions of Americans, and destroying the purchasing power of wages for millions more.”

Tags in this story
analyst, Bitcoin (BTC), CPI, CPI report, data, DOW, economics, Economist, equities, Federal Reserve, Gold Bug, inflation, John Kerry, nasdaq, Peter Schiff, QE, stocks, the fed, Thomas Massie, U.S. Labor Department, United States Inflation, US Inflation rises, Vladimir Putin

What do you think about the latest CPI data and the contrarian opinions that opposed shutting down the economy and massive spending in 2020? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at 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 News about the disruptive protocols emerging today.

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. 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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How Will Cynthia Lummis’s Proposed Bill Affect Bitcoin

How Will Cynthia Lummis’s Proposed Bill Affect Bitcoin

Senator Cynthia Lummis, a rancher and Republican senator from Wyoming introduced a comprehensive and sweeping bill concerning Bitcoin and crypto regulations. The RFI (Responsible Financial Innovation) Act was released on June 7th by the Senator alongside Kristen Gillibrand, a New York securities attorney, and Democrat senator.

Related Reading | Bitcoin Open Interest Falls As Price Dips Below $31,000

According to Lummis, the proposed bill will lead to cryptocurrency adoption into the traditional financial system. Thus, enabling the digital currencies to become accepted as commodities.

Clear Distinction Between Bitcoin From Other commodities

The senator explained that, in promoting the crypto bill before its deployment, if the bill becomes passed into law, it will introduce a change. She said there would be a clear difference between securities, commodities, cryptocurrencies, stablecoins, collectibles, and NFTs.

Furthermore, the case of the distinct classification of securities and commodities will be determined by Bitcoin, as it possesses the most possibility of a commodity.

BTC moving sideways on the daily chart. Source: BTCUSD Tradingview

Furthermore, Bitcoin has a strong resemblance to a commodity in its volatility because of the demands for a scarce virtual asset with a worldwide macro price association with the price of energy. Also, Bitcoin’s inflation is caused by complex rigs that facilitate BTC token mining programs that anyone can download.

In a recent interview, Sen. Lummis was asked about her view of the SEC chairman’s stance on digital currencies being securities. She responded by saying that she agreed with his view.

Also, Lummis noted that the two leading cryptos, Bitcoin and Ethereum, aren’t considered securities. The Senators even added that the CFTC (Commodities Futures Trading Commission) should regulate them, as reported by Market Watch.

This news isn’t a little step but a product of long hours of consultation with mining and industry reps to create legislation. Lummis stated that she hopes this proposal bridges a concise regulation and, at the same time, doesn’t suffocate advancement.

Lummis reassured that there isn’t a need to worry, as it’s not needful to overregulate Bitcoin. If they try to do so, innovation of the asset will transition to other countries where it’s more accepted.

Michael Saylor’s Involvement In The Legislation

Another thing she stated was that the legislation would clearly outline the obligations of the two present regulators. These regulators include the CFTC and the US SEC (Securities and Exchange Commission). It advances the existing regulations for cryptocurrencies without introducing any newer regulatory entities.

Related Reading | U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend

Senator Lummis’ leading advisor is Michael Saylor, the Founder and Chief Executive Officer of MicroStrategy. She explained that he was one of the first people who’d seen the proposed bill, given his years of experience in crypto regulatory advocacy, investment, and cryptocurrencies.

In an interview with Lex Fridman on his show “Tech and Science”, the MicroStrategy boss refused to differentiate digital currencies from stocks. Also, he stated that bitcoin and securities aren’t the same.

Featured image from The Pexels, chart from

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ETH Falls to 15-Month Low to Start the Weekend – Market Updates Bitcoin News

ETH Falls to 15-Month Low to Start the Weekend – Market Updates Bitcoin News

Crypto prices plunged as the weekend commenced, following yesterday’s U.S. inflation report, which came in at a 40-year high of 8.6%. ETH fell to its lowest point in fifteen months, while BTC dropped below $29,000.


Following days of consolidation, BTC finally moved late on Friday into Saturday, as crypto prices responded to the latest inflation report.

Data from the United States showed that inflation came in at a 40-year high of 8.6%, which is higher than the 8.3% many had expected.

As such, investors seem to have panicked, and in turn liquidated some of their positions in crypto markets.

BTC/USD – Daily Chart

BTC/USD fell to an intraday low of $28,911.36 to start the weekend, taking prices to their weakest point in almost two weeks.

Despite the drop, prices still remain above support at $28,800, however some expect the sell-off to intensify as the weekend progresses.

Should we see the 14-day RSI move below its current support of 40.50, then we could see this expectation come into fruition.


Saturday saw ETH fall to its lowest point in over a year, as prices of the world’s second-largest crypto token plunged.

To start the weekend, ETH/USD fell by nearly $300, hitting a bottom of $1,583.10 earlier in today’s session.

This is the lowest level prices have hit since March last year, and comes as prices broke out of support at $1,720.

ETH/USD – Daily Chart

Following days of consolidation, price strength also waned, with the RSI seeing its floor of 36 easily broken.

As of writing, the indicator is now tracking at 30.96, which is close to a lower support level of 29.30.

Like bitcoin, some expect prices of ETH to fall lower in the coming days, and this floor in the RSI could be a point that bears are targeting.

Why does inflation have such an impact on crypto prices? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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. 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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Bitcoin Slides As CPI Report Hints At Soaring Inflation

Bitcoin Slides As CPI Report Hints At Soaring Inflation

As traders buckle down for the weekend, Bitcoin prices ushered in Friday’s session rather sluggishly.

During European trading hours, Bitcoin stayed slightly around $30,000, displaying signs of weakening ahead of the U.S. consumer price index (CPI) release.

The price of Bitcoin decreased on Friday after U.S. CPI data revealed that inflation was not abating.

Suggested Reading | Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800

Bitcoin Drops 1.6% Minutes After CPI Report

In contrast to forecasts, the U.S. CPI increased last month, as indicated by the data. BTC fell by 1.6% in the minutes following the release.

BTC prices continue to trade below this week’s resistance level of $30,500 and have inched closer to the $29,500 support level.

BTC traders have experienced a consolidation between $32,000 and $28,650 after the selloff in May pushed the BTC/USDT pair to a low of $26,350. As a result, the BTC price has oscillated within a range for about a month, signaling market participants’ uncertainty.

CPI Climbs 8.6% YOY Last Month

According to the U.S. Department of Labor, the CPI, the most commonly followed measure of inflation, rose 8.6 percent year over year in May, up from 8.3 percent in April. The market anticipated a reading of 8 percent.

Source: New York Post

U.S. inflationary pressures have driven the Federal Reserve to boost interest rates more rapidly, suggesting additional losses for riskier assets.

In spite of negative macroeconomic market sentiment and systemic threats in the broader cryptocurrency market, Bitcoin has traded inside a narrow band of $28,000 to $31,000 over the previous 30 days.

In addition to rising interest rates, inflation, and the economic uncertainty that has plagued the entire financial system as a result of Russia’s unprovoked invasion of Ukraine, rising interest rates and inflation are also among the primary factors that have contributed to the negative market sentiment.

BTC total market cap at $556 billion on the weekend chart | Source:

BTC Sheds Nearly 65% From ATH

The world’s most sought-after crypto is down almost 65 percent from its all-time high, which was reached in the fourth quarter of 2017.

Despite recent losses, Bitcoin values are about 1 percent higher than they were a week ago, when they were trading for less than $29,000.

Meanwhile, Saturday’s Coingecko graphic depicts BTC trading at $29,271.63, down 1.5 percent in the last seven days.

Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue The Pulldown?

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