Gas Heater Broke Down? I’ll Just Heat My Caravan With A Bitcoin Miner

Since 2013, Michael Schmid started his Bitcoin journey with Bitcoin core, mined a few BTC, and bought some Bitcoin from MtGox. Since then, he frequently has had his fair share of profits and losses.

Fast forward to 2020, Schmid got into the BTC industry as the endless money printing hassle troubled him. According to him, BTC should be a global reserve company and a store for value.

He went back to the BTC mining rabbit hole and started building his knowledge again as he left a few years back. Starting from the basics to the ASICs, Antminers and other elements. He wrapped it all whatever he had left from.

According to ET, it was better to “replace a resistive heater over a bitcoin miner as the former one not only turns electricity to heat but will also generate BTC even further.”

He bought an S9 from a friend and started mining it instead of the space heater to heat his office. The results were affirmative, where he finally discovered this winning combination!

He would solve valid BTC blocks in his portfolio and reap the best rewards while working and living in his warm and comfy space. Apart from the regular 9-5, he loves to travel across America in his campervan, an Airstream.

However, in the next step, his heater wasn’t working well, so he started to think about how he could build a complete system and prevent overheating.

This was when he came up with the idea of keeping the caravan warm while mining BTC via solar panels on the roof and the free campsite electricity.

Not only did it solve the intermittent issues of the mining, but it also helped to generate over 0.00006259 BTC per day!

According to him, the more home mining setups around the world, the better it gets as BTC is one of the most lucrative elements most people should try out.

Binance Reportedly In Talks To Launch Crypto Exchange In Indonesia

Binance, the leading crypto exchange company, is reportedly in discussions with Indonesia’s wealthiest family, the Hartonos, for launching their new crypto exchange. As per the recent report by Bloomberg, Binance is now willing to finalize a new crypto venture with the Hartonos, who control the PT Bank Central Asia(BCA). This bank and a state-owned telecom firm PT Telkom Indonesia are owned by the two billionaire siblings, Budi and Michael Hartono.

As per the reports, BCA will be an active member of this partnership. However, they would be a separate business entity. The terms of the partnership could vary while finalizing the deal. Binance was already a renowned name for their previous venture. This crypto trading platform will now release its second venture with the Hartonos if this deal gets finalized. This new crypto venture paired with the richest family and the largest telecom firm in hands with the partnership will make Binance one of the prominent names in the country. 

Binance has already been on the news lately for halting their crypto trading services for the hindrances in the regulatory compliances set by Singapore in the second and third quarters of 2021. They have acquired an 18% stake in a local private securities exchange, Hg exchange. They also led another massive $1.5 million funding round for the Asian tokenized messaging platform, the BBS Network. Thus, this new venture can be a great start to expand their name into the Asia Pacific region. Apart from all these acquisitions, Binance’s sister company in the IS reportedly closed another multi-million funding round which is supposed to raise a couple of hundred million as stated by the CEO of global exchange, Changpeng Zhao.

Is Bitcoin Underperforming Compared To Altcoins?

According to analysis, Bitcoin cash is the only forked cryptocurrency underperforming bitcoin in 2020. Year to date, the first fork has only gained 9%. Although most alternative cryptocurrencies (also known as “altcoins”) have risen in value in recent months, bitcoin cash — the only fork still in existence today that traded during the 2017 cryptocurrency bull market – has already been left behind.

Although Bitcoin cash only began underperforming bitcoin in May, the split cryptocurrency has already underperformed bitcoin by 18% this year. Following the initial months of excitement and subsequent sell-off, BTC’s performance has been significantly less impressive. The current market sell-off triggered by the Evergrande issue has heightened the fears.

Countless crypto coins, notable console tokens, have had incredible runs, defying wider market patterns in some situations. Should BTC investors be concerned about the underperformance of the premier asset? With desperate hope still high that this halving cycle will see another bull run. Cryptocurrencies frequently outperform bitcoin during bullish market cycles.

Small- or mid-cap altcoins are more volatile than Bitcoin, which could translate to higher profits if the price of Bitcoin also rises. Furthermore, the models imply that a BTC price above six digits can be expected before the end of the year.

Despite the growing demand for platform tokens, Gregory of agreed. “BTC is beating the market but is now being held back by the macro market trends and developments on Wall Street,” he told Coin telegraph.

However, traditionally, BTC has performed best in the fourth quarter, and it is possible that history will repeat itself before the end of 2021.” While BTC is unlikely to lose its position as crypto’s flagship asset, skyrocketing altcoins definitely provide better prospects for individuals who believe they can time the markets right now.

17% Of Australians Now Own Crypto, Totaling $8B Between Them: Survey

With the growing prominence of crypto and bitcoin, you will be amazed to know that now one in six Australians now own cryptocurrency. Thus, the total valuation of cryptocurrency as per the holdings is $8 billion.

The full report was posted recently on the consumer sentiment tracker. The survey is an ongoing monthly survey of 1000 nationally representative Australians that is conducted by Qualtrics.

As per the survey, Bitcoin is the most popular cryptocurrency in the country, and almost 9% of Australians are currently holding bitcoin. As per the same survey, it was also found that 5% of Australians own Ethereum and Dogecoin. On the other hand, 4% of the population holds Bitcoin Cash.

Researchers were quite surprised to know that 35% of the respondents believe that bitcoin will be transacted on a wider scale as compared to the traditional currency. This simply means that one in three Australians believe that Bitcoin is going to take over the fiat currency by 2050.

The true believer in Bitcoin grew to 52% among Gen Z. In addition to this, almost 50% of all respondents believed that bitcoin was a legitimate investment.

Men are more attracted to crypto as compared to women. But, the proportion of crypto-owning women increased by 7%.

Out of the people who said that they would own the cryptocurrency, the largest proportion that said that they would do this to diversify their portfolio was 30%. One-quarter of people in Australia said that they were positive about buying crypto just because the value of crypto was going up.

But, the negative trends show that 49% of the respondents were not interested in crypto. Thus, there’s nothing that would want them to invest in crypto. Out of the 49%, 32% of respondents also thought that they would rather buy shares or have money in savings.

Thus, there are mixed responses when it comes to making an investment in crypto.

Crypto Exchanges: Bridging The Gap Between Sovereignty And Performance

As per the number being used by leading crisis critic, Nouriel Roubini, 99% of crypto-asset transactions were reported in 2019 on centralized exchanges. For the near future, CEXs will most probably continue to be a core component of the crypto world. CEXs are fast and convenient, and yet traders typically need to deposit their money into an exchange-controlled account. Sadly, research by shows that such a loss of sovereignty over the digital assets of the user can constitute a severe and expensive compromise.

Crypto Custody: Control over Confidence –

The nightmare of CEX investors is that they can be hacked or fraud-filled and end up losing their deposit accounts. Although the decline of Mt. Gox in 2014 took seven years, its post remains comparable with the risk of fraud in crypto-monetary terms. Once the biggest exchange in the global economy, BTC, filed bankruptcy in 2014, where approximately 650,000 Bitcoin consumers were missing. Victims continue in the process of obtaining partial remuneration in 2021.

This kind of counterparty risk, unfortunately, is still today a threat. Turkish bursar Thodex fled in April with $2 billion of uncounted investor money. China’s FCoin and also Australia’s ACX shuttered without notifying a year before. It does not make a logical difference to speculators that are out of their pockets whether these failures are caused by hacks, fraud, or problems of a business model. In an idealistic situation, the ability to transfer client funds quietly between accounts must be denied to an interchange operator.

Risk Management –

There are different ways to minimize these risks for well-capitalized or well-connected traders, although the solutions have their disadvantages.

Credits are a way of keeping an account from being pre-funded. Yes, if you are prepared to pay a large premium to a courier or if you can set up yourself as the top consumer and receive a loan line for a specific exchange. In any case, it is costly, and that only the biggest donors can establish so good relations with various currencies. 

Prospect for better DEX –

Can the interests of traders be safeguarded without the inconveniences of existing DEXs?

Cryptocurrency as a source of trust could be used and combined with highly classified computing hardware to manage order mapping. For example, Trusted Execution Environments, which operates separately from the default operating system not available to the network administrator, can configure a special category in a computer processor.

A longer-term perspective can be used to accomplish similar outcomes through the combined effect of other new techniques such as computational multiples or zero-knowledge shreds of evidence, but these strategies are less advanced and applied to real-world situations. It would be hard to implement.

Conclusion –

The pre-financing necessity on cryptocurrency exchange brings problems and risks which pose a major barrier to technology platform adoption. While DEXs offer the investor an inventive option to control the financial resources, they are also subject to significant compensation. Cryptocurrency exchanges have to find methods to increase sovereignty without compromise on accomplishing the mainstream adoption and competitiveness of digital assets.

Bringing Bitcoin Innovation Home to America

In a conference session that took place on 4th and 5th June in Miami, US Senators named Cynthia Lummis and Warren Davidson shared their views and ideas of bringing advanced technologies or innovations to America. The topic was discussed on the first day of the conference at Bitcoin 2021. The two policymakers discussed their opinions to attract investors towards America and also protect investments following the right to privacy fiercely.

In the Bitcoin 2021 conference session, the two US government officials, Rep. Warren Davidson and Senator Cynthia Lummis, were welcomed by other officials. The topic of discussion was “Bringing Bitcoin Innovation Home to America” and the ideas or ways in which they can attract entrepreneurs and investors to invest and protect their bitcoin investments. Rep. Davidson said, “It is important to protect private wallets as if we don’t, someone will attempt to ban them.” He added, “I wish people were important in protecting their privacy seriously as they took the second amendment seriously where the citizens were given the right to have and carry guns.” This was a warning to make people learn about the right to privacy.

After Davidson, Senator Lummis mentioned that a reserve country should back Bitcoin. She said, “Bitcoin should now focus on underpinning the US dollar as a store of value, as gold used to be in early times.” They mean that bitcoin should be a centralized currency and the US dollar should back bitcoin.

However, this idea discussed by Rep. Davidson and Senator Lummis didn’t impress people much, and most things aren’t accepted by bitcoin owners who can never work according to the government. Bitcoiners mentioned that it was interesting to hear the views of two policymakers. You can also get all-time updates on Bitcoin 2021 and the talk of central authorities or policymakers on joining their conversation. It is important to be aware of all the happenings and news of Bitcoin 2021 as it majorly impacts its market and price.

Well, it is highly important for every citizen or bitcoin user to know about their right to privacy and must protect the private crypto wallets using the right security measures. Still, there might be many changes in the laws and regulations, so you must keep yourself updated about current news.

Regardless of the type of wallet you choose, you must use the right security measures to protect your wallet. Know which wallet will be safe according to your needs by reading about different types of wallets.

Bitcoin Bulls Are Confident Even As A Key Btc Price Metric Hits A New Low in May

Lending or margining money is an option in the crypto world. What does this mean? Let us explain you all in a simple way. If you want to increase the capital amount that you want to invest in BTC, you can leverage USDT and put it on BTC. This will increase the capital amount and on other hand increase the profit gain. But is that it, what about the interest that will put on the leverage amount? It will be compensated from the BTC’s price appreciation and compensate itself. 

 This might be a new concept for traders who entered the crypto world recently, but for the old traders and the ones who are willing to take the risk even in the volatile situation, this is an opportunity to grow the percentage of their profits. They observe the leverages and margins that are been taken up in the market of BTC and tether to predict if the market is going to go bearish or bullish. But in spite of this theory, BTC reached its All-time high even though the BTC/USDT borrow metrics showed that it reached the lowest since November 20, 2020. At the current moment, even though this figure favors all the bulls of the market, it is to think for the next move of catalysts who worked upon the current situation.

The theory was simple, whenever bitcoin revolution app traders and people in the market borrow USDT or any other stable coin they use it to trade other costly cryptocurrencies for the long run. But, if they borrow BTC in the same pair, it is mainly for short positioning and exiting. Theoretical meaning is whenever USDT/BTC leverage or lending ratio goes up, the market price of BTC is likely to touch new heights and the same goes vice versa with the falling. But the current data is quite opposite to the prediction were looking at the OKEx charts they have been holding eight times larger USDT loans than BTC-denomination loans. Albeit explains while been on the bullish side that this is near the lowest level since November 17, 2020. 

If we look at the current charts, the analytics is favored more towards the bulls. But why is there a great drop in the price of $60k (stable) to $50k (current price)? Around this time, there was a massive spike in lending of USDT rate in the mid of March as BTC surpassed the $60k milestone. The leverages were long and reverted a conversion rate of almost 13% decrease over the following days. This made people stop utilizing the leverages on stable coins to look at a decrease or a dip in the market overall.

A small 1% fee on the leverages that the traders take was not enough to stop them from longing on BTC. The point is that this fact may remain a positive indicator until the demand for BTC or any other stable coins once again emerges in the market. Which may increase the annualized fees by a few more percent and affect the leverage cycle of traders.

Bitcoin Bulls Are Confident Even As A Key Btc Price Metric Hits A New Low

The long-to-short ratio of bitcoins has been dropped in the last five months. However, this is not considered as bait anymore. The bitcoin holders still have confidence that the price of these coins would hit high in the coming months. The bulls are still under the control of bitcoin pricing. The margin trading will enable the investors to take money or cryptocurrency to improve their trading position and boost its size to get huge returns. For instance, when you borrow Tether (USDT) you can also borrow bitcoin, which would increase the exposure of cryptocurrencies. There will be an interest rate you must pay for borrowing the cryptocurrency, but this price must be appreciated so that the losses can be compensated.

The new traders who are trading in the crypto market are not aware of this, but the investors who are borrowing BTC would bet on price downside. This is the main reason for analysts to have a close watch on the amount that is lent for bitcoins and tether. The insights that are gained will let people know whether the investment is bearish or bullish. From the gathered data, it is observed that the price of bitcoins would be high all time, but the BTC/USDT ratio has hit the lowest ratio in November 2020. Though the figures from the data still have bulls, there are many questions that are coming up regarding the catalysts that are behind this major move. If the traders are taking USDT or stable coins, these are being used as a long term cryptocurrency. On the flip side, bitcoin borrowing is happening for short positions. When the USDT/BTC ratio of borrowing is going up, the market would be angled in the bullish way. The movements that are happening opposite would demand for the bitcoin shorts.

USDT loans are eight times larger when compared to the bitcoin denominated loans. There are margin trades happening regularly in the spot markets. The trader can start to do margin trading by moving the collateral funds to their margin account. The exchanges would have 3 to 10 times of leverage based on the volatility and conditions of the market.

The BTC has hit the new high of USD 61,800 with the sustainable candle of USD 55,000 in the last 17 years. Increasing the borrowing rate of bitcoin would result in shortage of bitcoin leverage. As per the data that is given by Bitfinex, the bitcoins lending rate has increased by 1% every year. The higher costs are not due to the reduction of the borrowing rate of bitcoins. The traders who are betting on a negative price would need to borrow bitcoins to carry out trading in a short position. They have to pay the interest for the borrowed bitcoins and trade with the US dollars and stable coins. The transaction can be closed by buying the bitcoin at a low price and return to the lender by taking additional interest. There is an increase in the lending rate of bitcoins in the US and it crossed USD 60,000. The BTC dropped to 13%, which resulted in the fiat and stable coin borrowing rate to regularize. The traders who are borrowing the cryptocurrencies are paying around 15 to 23%. The annual fee of just 1% is not enough to lure the borrowers. Though the margin rate of 23% is considered to be expensive, there is always a room for leverage.

Mastercard Will Let Merchants Accept Payments in Crypto This Year

The latest news highlights that Mastercard is all set with its plan to let merchants enjoy accepting payments with an additional option that is crypto in the prevailing year.

As hinted from an acquainted source related to the news, a new option in the Mastercard client’s currency payments digitally will be available in crypto at merchants partaking it. However, no current notification is out regarding the digital currency forms that are yet to be added by the company.

A highlight put upon Michael Miebach (CEO) Q4 word of honor by the information taken for integration of payments involving digital currency ” within the network directly” as a step by the new head on 28th January was to supplement flexibility at a maximum level for merchants as well as customers alike.

In the past, Mastercard showed support for crypto involving transactions on a limited scale with its Uphold and Wirex partners. Though, the programs were suitable for payments only and no settlement was present. The conversion of coins into fiat currencies was in the process before getting credit in the merchant’s account.

The initiative pays attention to the promise for the dynamic upend among businesses and storekeepers preferred to opt-in. All of them get a chance to perform their business operations outside the fiat system boundary, considering their clients are equipped with proper cryptocurrency.

A blog post came in highlights showing that Raj Dhamodharan (Blockchain and Digital Asset Products Mastercard Executive Vice President) left some clues that it will be Stablecoins to prevail in the list of Mastercard integration’s beneficiaries at the primary level.

“We are moving ahead with a straightforward philosophy related to crypto: The whole thing is about preferences. There’s no recommendation released from Mastercard regarding crypto usage or beginning with crypto. Though, we are doing our best to help people start using digital currencies by businesses, customers, and merchants,” stated Dhamodharan.

In the current phase, it is only a small population for merchants that are starting with bitcoin. Plans released by Tesla to receive bitcoin as payments for cars is still under the hypothetical light. In reality, the cryptocurrency-rich economy is still far away.

Though, Mastercard is actively participating in building the foundation stone for the coming time with the licensing years surrounding space for digital currencies. It holds 89 patents for blockchain and is looking forward to getting approval on 285 from over the globe.

In 2013, Mastercard opted to file for a patent to handle payments involving bitcoins. Later on, in 2015, the company dropped the effort. In 2019, it started to recruit a crypto veteran and developer team. At present, it is organizing a platform that enables testing digital currencies by the central authorities.

3 Misinterpretations about Cryptocurrency and Refutations to Them

The bitcoin industry has risen substantially in the last era. But, The rate of absorption is still quite low for cryptocurrencies around the globe. Many people on this planet are still not ready to give them a chance, considering the various advantages and tremendous success of virtual currencies relative to fiat currency. Nearly 60% of online consumers are conscious of Bitcoin, however, bitcoins are currently used by just fewer than 5% of the worldwide people.

Although there are several explanations why much of the global population does not want to offer cryptocurrencies a shot, there is a significant part to be played by inaccurate assumptions and myths regarding crypto currencies. A few of these misconceptions are responsible for the lack of adequate evidence on crypto, and some are mere misinformation and misinformation toward cryptos. Here are the top 3 myths and counterarguments regarding cryptocurrency.

1.  A sphere some people expect to burst: Cryptocurrency

Several individuals remain hesitant to participate in or utilise crypto in their everyday lives. The instability of crypto currencies is among the factors behind such a perception. One day, cryptocurrency will see a dramatic valuation increase and plunge the very next day. It causes many individuals to think that virtual currencies are just here for a brief amount of time until the collapse of the bubble leads them to be worthless.

Refutation: Cryptocurrencies will Stay

Bitcoins are all here to remain, and thus no real soon will the bubble break. It would expose the true underlying worth of crypto if the crypto bubble was to ever collapse and then the participants who are legitimately involved in the currency will still be hanging on to the properties. Players lacking great value perceptions will avoid the improvement in consumer exchange by gobbling up cryptocurrencies. For bitcoins, it would be a good development and would allow them to enhance even more.

2.  Cryptocurrencies Have No Intrinsic Value

Slightly earlier in 2020, Warren Buffet asserted, since they have no inherent value, cryptocurrency offers very little. Bitcoin does not even have a spot in the real world, as per Warren, as it wouldn’t provide a special approach to real financial difficulties. For that purpose, he said that no crypto will ever be his business.

Refutation: Cryptocurrencies Have Intrinsic Value

  • Interchangeability – One could exchange one crypto or exchange this against fiat money with some other.
  • Longevity – On open public blockchains, which are here to remain, cryptos live. They would still remain, and there is no means for them all to be killed or forced to vanish.
  • Cryptocurrencies are scarce – There is a small availability of crypto assets such as Bitcoin. As there would still be interest for the money, the small availability brings Bitcoin worth. Shortage also suggests that centralized institutions can never increase or control the economy.

3.  Cryptocurrencies Grant Confidentiality to Attackers

A common misconception remains that cryptocurrency is the currency of traffickers. When discussing cryptocurrency, the word anonymity is thoughtlessly tossed throughout and this has led several individuals thinking that offenders would get away with monetary offences by merely turning their earnings into cryptocurrency. A lot of individuals assume that exchanges with bitcoins are completely undetectable. This helps them keep away from the coins because, without their awareness, they might engage themselves in violence.

Refutation: Cryptocurrencies Are Pseudonymous

While when searching for a bitcoin wallet, you shouldn’t provide your information, it is not difficult to connect a bitcoin wallet to a consumer. Both legacy cryptocurrency exchanges still have a mechanism of individual authentication, so evidence should be submitted for anyone who wants to use cryptocurrencies. Also it is important to note that each and every crypto currency payment is recorded on the blockchain. This ensures that to pursue their offences, police will track irregular payments and arrest suspects utilizing cryptocurrency. The strategy can become more complicated than the standard banking scheme, but the effect is that the poor teams wind up in jail.

Concluding Note

Bitcoins have immense ability to change the environment, but many people are being held back by myths and mistaken opinions. The planet needs freedom from all kinds of centralised control and we can be helped by cryptocurrency. It is vital to teach the public about the true meaning of cryptocurrency and why they are the globe’s prosperity.