Category Archives: Bitcoin

Synonym Software Ltd., a company founded by stablecoin issuer Tether Holdings Limited, officially launched on Tuesday, setting in motion a highly ambitious project to bring Bitcoin (BTC) transactions mainstream through an independent financial platform that utilizes the Lightning Network.

Synonyms stated goal is to enable self-ownership and control of crypto assets by creating an open financial ecosystem that utilizes Bitcoin and the Lightning Network, the company announced Tuesday. CEO John Carvalho said Hyperbitcoinization wont magically happen on its own. In order to live in a world without big banks, oppressive regulations, or Big Tech presiding over our lives, we need a strategy and ecosystem to replace the legacy economy. That is where Synonym comes in.

The first protocol to be launched by Synonym is called Slashtags, an interoperability framework for private networks that doesnt rely on blockchain technology and can be used by any platform for coordination, privacy and consensus.

The Bitcoin network recently completed its highly anticipated Taproot upgrade, which targets improved transaction efficiency, privacy and smart-contract functionality. Taproot marks the first major upgrade to the Bitcoin network since Segregated Witness, also known as SegWit, all the way back in 2018. SegWit eventually culminated in the launch of the Lightning Network, Bitcoins second-layer scaling solution.

Related: Bitcoin Suisse to enable Lightning Network payments

Scalability has been cited as one of the biggest barriers preventing the mass adoption of Bitcoin as a transactional currency. The Lightning Network aims to solve the scalability issue by enabling off-chain transactions. The number of Lightning Network nodes, which open payment channels with each other, has increased by 128% over the past 12 months, according to industry sources.

At the time of writing, Bitcoin commands over 43% of the total cryptocurrency market capitalization. The premier digital currency recently topped new all-time highs north of $69,000 amid growing mainstream adoption and recognition from financial elites that crypto is a new asset class.

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Tether launches Synonym to boost Bitcoin adoption through Lightning Network - Cointelegraph

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The show runs Monday to Friday, with Japanese holidays off. Episodes go live around 6:45 am EST, giving people waking up in different parts of the world a chance to listen in for their morning dose of crypto price espresso.

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

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A top House Republican is seeking to regulate cryptocurrencies, including Bitcoin and Ethereum, by setting clear jurisdictions for how the government oversees the industry a new financial frontier.

We have an opportunity and a responsibility to be leaders in the digital assets space to protect consumers, foster innovation, and reduce regulatory burdens, said House Agriculture Committee ranking member Glenn GT Thompson (R-Pa.), who will release a discussion draft text Tuesday. His panel oversees commodity markets.

The move is an opening bid to come to a bipartisan consensus on how to regulate a new and evolving form of currency. GOP staffers who helped craft the proposal said Thompson hopes it will spark discussions with Democratic colleagues.

Cryptocurrency, digital currency that emerged in the 21st century, functions through investments. Thats somewhat similar to the traditional stock market, as described by the Nasdaq Stock Market Inc. Lawmakers, whose views on cryptocurrency range from skepticism to idealism, are trying to bring clarity to a burgeoning marketplace, which currently functions with vague rules.

Senators Seek Crypto Reporting Fix as Biden Signs Infrastructure Bill

More than one out of 10 Americans bought or traded cryptocurrencies from June 2020 to June 2021, a survey by NORC, a research organization at the University of Chicago, found.

Cryptocurrency uses blockchain, a type of technology that acts as a ledger to track transactions, IBM Corp. reports. Blockchain is decentralized, so it doesnt rely on one particular system, but a network. Decentralization makes data recovery easier and doesnt require trust among network members, as each one has access to the exact same record of information, Blockchain Council argues.

Mario Tama/Getty Images

A Bitcoin ATM stands in a 7-Eleven store in Los Angeles as the cryptocurrencys price soared on Nov. 10, 2021.

Bitcoin was the first decentralized cryptocurrency, created following the Great Recession of 2008 by Satoshi Nakamoto. The inventors name is thought to be a pseudonym. Other popular cryptocurrencies include Ethereum, Binance Coin, and Solana.

Both the House and Senate agriculture panels oversee the Commodity Futures Trading Commission. The independent federal agency regulates commodity futures and markets for swaps, agreements between two parties to exchange cash flows in the future based on an underlying price or instrument.

Thompson said he hopes to involve this group of lawmakers in monitoring cryptocurrency. His draft text is meant to solicit feedback from stakeholders, regulators, and lawmakers to ensure we advance the best possible framework as American innovators build the next generation of digital infrastructure, he said in a statement.

Because the bill has yet to be formally introduced, it lacks cosponsors.

Thompsons measure would plug rifts between the CFTC and the U.S. Securities and Exchange Commission by drawing clear jurisdictions over how the government oversees cryptocurrency. It would extend the CFTCs existing framework to digital commodities, letting the agency register and regulate them as a new type of entity.

Federal requirements would then fall on a registered Digital Commodity Exchange. Conditions would involve monitoring trading activity, barring abusive trading practices, public reporting of trading information, and more.

While registration would be voluntary, the proposal would offer incentives, including working with a single regulator and eligibility to provide leveraged trading.

The SECs role in the process is still to be determined, a Republican policy staffer said. But the commission would continue its responsibility of monitoring entities that raise money in this case to develop a digital commodity project, ensuring that they abide by the relevant securities laws.

The typical cryptocurrency investor is under age 40 and lacks a college degree, the NORC survey reports. Those interested in cryptocurrency come from diverse backgrounds, as 44% of traders dont identify as White and 41% are women.

However, questions remain from the general public about how cryptocurrency works. The top reason that NORC survey respondents didnt put money toward cryptocurrency is because they reported not understanding it enough.

Cryptocurrencies may have staying power as an investment option, but our hunch is that they will continue to lag behind more traditional investment opportunities for the foreseeable future, said Mark Lush, a manager in the Economics, Justice, and Society department at NORC, in a press release for the survey.

Tesla Inc. CEO Elon Musk is among the public personalities who are outspoken about experimenting in crypto. The billionaire warns to use caution.

Dont bet the farm on crypto! he tweeted on Oct. 24. True value is building products & providing services to your fellow human beings, not money in any form.

To contact the reporter on this story: Megan U. Boyanton in Washington at mboyanton@bgov.com

To contact the editors responsible for this story: Fawn Johnson at fjohnson@bloombergindustry.com; Robin Meszoly at rmeszoly@bgov.com

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Regulations for Bitcoin, Other Cryptocurrency Sought in Congress | Bloomberg Government - Bloomberg Government

The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Theres a new paradigm unfolding among the large public bitcoin miners: They dont want to sell their bitcoin, and they also want to acquire more. As a result, they are finding creative ways to raise capital or leverage their bitcoin holdings to help cover operating costs rather than having to sell for fiat.

One strategy is to loan out a portion of their bitcoin holdings, thus earning fiat yield that can directly go towards paying their operating expenses. Hut 8 Mining has been doing this, loaning out 2,000 BTC (nearly 40% of their BTC holdings) to earn a 4% interest rate starting in January. That interest rate has since come down to 2.00% to 2.25% as of its latest Q3 financial reporting. At todays price, 2,000 BTC is worth around $130 million in total value earning an annualized $2.6 million at the lower 2% interest rate. An average bitcoin price for the entire year of $46,792 would generate $1.8 million.

Generating revenue from loaned bitcoin to cover costs allows public miners to better execute on their increased HODL strategies. The Hut 8 bitcoin treasury is now 5,503 BTC which is already up 68% since March of this year. Its the second-largest public miner treasury behind Marathon. Marathon and Riot, major public miners that report November production updates, both increased their bitcoin treasuries over the last month.

Hut 8 deploys 1,000 BTC with Genesis Global Capital and 1,000 BTC with Galaxy Digital. That bitcoin is then used mostly for institutional trading arbitrage opportunities. Interest rates for bitcoin yield have been pushed further down this year as the cash and carry basis trade narrowed and GBTC shares started to trade at a discount instead of a premium.

A decrease in higher-yield opportunities drives lower market demand for bitcoin loans which then drives lower interest rates. Too much bitcoin supply is chasing yields while there is less demand for bitcoin borrowing. However, the futures ETF interest may help raise and sustain BTC market interest rates with a widening cash and carry spread. Right now that contango trade, longing spot and selling futures, is sustaining around 14% yield which is up from single digits in Q3.

Genesis Global Capital noted in its latest reporting that although bitcoin loans have increased, the weighting of their loan book in Q3 favored more ether and USDC loans as investors are pushed further along the risk curve in the search for a higher yield. This is a key market to watch into Q4 as increased interest rates for bitcoin lending will supply miners with yet another financial vehicle to continue their strategies to acquire more bitcoin.

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Public Bitcoin Miners Are Increasing Their BTC Treasuries - Bitcoin Magazine

A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su/File Photo/File Photo

NEW YORK, Nov 15 (Reuters) - Bitcoin went through a major upgrade on Sunday that enables its blockchain to execute more complex transactions, potentially widening the virtual currency's use cases and making it a little more competitive with Ethereum for processing smart contracts.

Smart contracts are self-executing transactions whose results depend on pre-programmed inputs.

The enhancement, called Taproot, is the most significant change to the bitcoin protocol since the SegWit (Segregated Witness) block capacity change in 2017. SegWit effectively increased the amount of transactions that could fit into a block by pulling data on signatures from bitcoin transactions.

Noelle Acheson, head of market insights at Genesis, a digital currency prime broker, said bitcoin's potential applications have become broader with Taproot.

"More flexible transaction types and lower costs are likely to support more development of DeFi (decentralized finance) and NFTs (non-fungible tokens) on bitcoin, and could set the stage for a wave of technological progress on the original crypto network," she added.

The run-up to Taproot's activation has spurred, in part, a rally in bitcoin, pushing it to an all-time high of $69,000 on November 10. Over the last two months, bitcoin has surged about 47%.

WHAT IS TAPROOT?

The Taproot upgrade consists of three separate upgrade proposals. However, at its core, the upgrade introduces a new digital signature scheme called "Schnorr" that will help bitcoin transactions become more efficient and more private. Schnorr can also be leveraged to let bitcoin users execute more complex smart contracts.

WHEN WAS TAPROOT OFFICIALLY ACTIVATED?

Taproot was officially activated on Sunday on block 709,632. Blockchains settle transactions in batches or blocks. Each block can contain only a certain number of transactions.

Discussions on this particular upgrade began as early as 2016, market participants said. The Taproot upgrade has been included in the bitcoin software since September.

WHAT IS ITS IMPACT ON BITCOIN?

The biggest impact would be the bitcoin network's ability to process more smart contracts, similar to what Ethereum does.

Katherine Dowling, general counsel & chief compliance officer at digital asset investment firm Bitwise, said bitcoin has historically been much more limited in processing smart contracts compared with Ethereum.

"But, while bitcoin likely won't ever be as flexible as Ethereum from a smart-contract standpoint, with Taproot that gap will now narrow. And that means we'll likely see an increase in day-to-day applications for bitcoin," she added.

WHAT ARE THE OTHER ENHANCEMENTS?

Taproot increases privacy by obscuring what type of transaction is being executed. The Schnorr signatures can make more complex transactions on the bitcoin protocol, such as those from wallets that require multiple signatures, look like just any other transaction. This makes transactions more private and more secure.

Bitcoin transactions will also become more data-efficient, optimizing block capacity and leading to lower transaction fees, said Genesis' Acheson.

WHAT DOES TAPROOT MEAN FOR INVESTORS?

Bitwise's Dowling said these large scale upgrades have paved the way for the next phase of innovation in the bitcoin network. She noted that the last major upgrade in 2017 helped launch the Lightning Network, which facilitated much faster and cheaper bitcoin payments than before.

She expects Taproot to lead to similar wave of innovation in bitcoin centered around smart contracts.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Alden Bentley and Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles.

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Explainer: Bitcoin goes through major upgrade. Here is what it means - Reuters

Selecting a timeframe for technical analysis is always a tricky topic, but usually, the longer the trend, the higher the odds it shall prevail. For example, those analyzing the 3-day Bitcoin (BTC) chart will unarguably identify an ascending channel pattern that initiated in late June.

Bears will also always find ways to justify their views despite the fact that Bitcoin has hit new all-time highs following the United States consumer price surge to 6.2%, which is the biggest inflation surge in 30 years.

However, data from on-chain analytics firm Glassnode shows that long-term investors have stopped net accumulating and are now diversifying into altcoins. According to analyst Willian Clemente, the recent net selling from that class of investors was the first in 6 months, signaling a sell into strength move.

It is worth highlighting that the Bitcoin network was upgraded on Nov. 14 to improve the scripting and privacy capabilities. From a trading perspective, this creates a potential sell the news event as the improvement was largely expected by the community.

To understand how bullish or bearish professional traders are leaning, one should analyze the futures basis rate. This indicator is frequently referred to as the futures premium and it measures the difference between longer-term futures contracts and the current spot market levels.

A 5% to 15% annualized premium is expected in healthy markets which is a situation known as contango. This price difference is caused by sellers demanding more money to withhold settlement longer.

Notice the spike to 20% on Nov. 9, as Bitcoin accumulated 14% gains in 3 days. This brief period of excessive optimism retracted as BTC corrected 9% after the $69,100 all-time high on Nov. 10.

Currently, the basis indicator stands at a healthy 12%, signaling confidence from these traders.

To exclude externalities specific to the futures instrument, one should also analyze options markets.

The 25% delta skew compares similar call (buy) and put (sell) options. The metric will turn positive when fear is prevalent because the protective put options premium is higher than similar risk call options.

The opposite holds when greed is the prevalent mood, causing the 25% delta skew indicator to shift to the negative area.

A skew indicator between -8% (greed) and +8% (fear) is considered neutral. Sept. 29 was the last time that indicator moved outside this range, reaching +10%. Curiously, that same day marked the end of a 23-day bear movement that took Bitcoin from $52,700 on Sept. 6 to $41,000.

As for the current neutral 25% delta skew, it might be interpreted as a glass half full because pro traders are somehow unfazed by the 95% gains year-to-date.

Data shows there is room for additional leverage from Bitcoin buyers, which ideally would see the price continue to trade within the ascending channel that was initiated in late June.

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

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Bitcoin has stalled, but heres why pro traders still expect $80K by January - Cointelegraph

Anthony ScaramucciHollywood To You/Star Max

SkyBridge Capital's Anthony Scaramucci said in a recent interview that he believes bitcoin will eventually overtake gold, both in terms of the size of the overall market, in addition to bullion's role as an inflation hedge.

"The Mooch" pointed to the ease with which anyone can move and store bitcoin, relative to gold, which is costly to hold as inventory and to move physically from one place to another.

"It will eventually eclipse gold," he told CNBC in an interview on Friday.

Scaramucci is one of a number of high profile crypto-friendly investors that believes bitcoin will outpace gold, along with the likes of MicroStrategy CEO Michael Saylor and Cathie Wood, the chief executive of disruptive technology investment house Ark Invest.

He said the fact that 65% of gold had already been mined compared with 89% of bitcoin was another factor in the bullish argument for bitcoin.

JPMorgan recently repeated its prediction that bitcoin could hit $146,000 and is behaving more like digital gold now in the face of rising US inflation. Bitcoin hit new highs last week, having gained 12% in the space of a month, according to Coinbase data.

Inflation in the US is currently high and is not expected to go down until the second half of 2022. Factors propelling inflation have been the pandemic and monetary policy, Scaramucci said.

"I'm not going to be surprised if bitcoin goes up at an exponential rate and gold goes up at a linear one," Scaramucci said, talking about market capitalization.

Gold's market cap is almost $12 trillion while the value of the bitcoin market is just over $1.2 trillion.

"I think it's probably going to be ten times better than gold over a long period of time," Scaramucci said.

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Anthony Scaramucci says bitcoin will go up at an "exponential" rate and will eventually eclipse gold as an inflation hedge - Yahoo Tech

Satoshi Nakamoto, the pseudonymous creator of bitcoin, is now the 15th wealthiest person in the world after the cryptocurrencys recent price rally.

Nakamotos net worth is estimated to be up to $73 billion, with crypto holdings in the region of 750,000 to 1.1 million BTC. This ranks them above Walmart heirs Jim and Rob Walton, as well as Mexican entrepreneur Carlos Slim.

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The price of bitcoin hit a new all-time high earlier this month above $68,000 following an increase of more than 300 per cent over the last year. One prominent prediction model has forecast it could rise above $100,000 before the end of the year, which would see Nakamoto ascend to the top 10 of the worlds wealthiest, with a net worth on a par with investor Warren Buffett.

Nakamoto described their vision for a peer-to-peer digital currency in a white paper in 2008, before launching bitcoin a few months later in January 2009. After collaborating with other developers on the project for nearly two years, Nakamoto withdrew and has not been active online for over a decade.

Several bitcoin wallets that are believed to belong to Nakamoto also remain untouched, with their contents rising in value by more than 10 million per cent since they were last used.

The mystery surrounding Nakamotos true identity remains unresolved, though circumstantial evidence points to several potential candidates.

Early crypto pioneer Hal Finney was the first person to ever receive bitcoin through an online transaction and numerous attempts were made to link his online activity to Nakamotos. He denied being the cryptocurrencys creator and refused to speculate on who it might be until his death from amyotrophic lateral sclerosis (ALS) in August 2014.

A high-profile Newsweek cover story in March 2014 claimed to have unmasked the inventor of bitcoin, claiming that Japanese-American computer scientist Dorian Satoshi Nakamoto was behind it. The article was widely debunked following its publication.

That same year, a book by financial author Dominic Frisby singled out Nick Szabo as bitcoins creator, pointing to his writing style and the fact he designed a pre-curser to bitcoins electronic cash system. Mr Szabo denied the claims, tweeting: Not Satoshi, but thank you.

In 2015, Australian programmer Craig Wright claimed to be Satoshi Nakamoto but was broadly greeted with scepticism from senior figures within the crypto industry. A few days after proclaiming himself the inventor of bitcoin, Mr Wright retracted his claim and posted an apology to his website.

I believed that I could put the years of anonymity and hiding behind me, he wrote. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot.

Mr Wright has since been sued by the estate of deceased David Keiman, whose family claim worked with Mr Wright and jointly used the pseudonym Satoshi Nakamoto in 2008 to publish bitcoins white paper.

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Bitcoin creator Satoshi Nakamoto now 15th richest person in the world - The Independent

As the price of Bitcoin (CRYPTO:BTC) soars to new heights, inflation is also increasing at record rates.

Bitcoin reached an all-time high of more than $68,000 per token recently, up nearly 300% over the past year. Meanwhile, in October the consumer price index (CPI) rose by 6.2% from one year ago, its highest in more than 30 years.

Some experts believe Bitcoin's recent rally is related to the increase in inflation, as Bitcoin has often been referred to as "digital gold" because of its potential to be an inflation hedge. But can the cryptocurrency really be an effective hedge against inflation? It depends.

Image source: Getty Images.

One of Bitcoin's most significant advantages over other cryptocurrencies -- and even fiat currencies such as the U.S. dollar -- is that it's said to hedge against inflation over time.

Unlike other currencies, there is a limited supply of Bitcoin tokens. There will only ever be 21 million tokens in circulation, and according to current estimates, we should reach that cap around the year 2140. Because there's a finite supply of tokens, that should, theoretically, help Bitcoin retain its value over time.

Traditionally, gold has been considered the strongest inflation hedge. The supply of gold remains relatively steady over time, and gold tends to have an inverse relation with inflation -- as inflation increases and the U.S. dollar loses buying power, the value of gold tends to increase.

However, as inflation has surged over the past year, gold has underperformed. While everything from housing prices to gasoline to energy costs have soared, the price of gold has decreased over the past 12 months.

Gold Price in US Dollars data by YCharts

Bitcoin, though, has seen its price continue increasing as inflation climbs higher and higher. It appears, then, that Bitcoin might be a more effective inflation hedge than gold. That said, there are other factors to consider that could affect Bitcoin's long-term inflation hedge potential.

Although Bitcoin has had a phenomenal year and has managed to hedge against inflation in recent months, it's too soon to say how it will fare over decades.

Bitcoin has only existed since 2009, while gold has been valuable for centuries. With such a short track record, it's tough to tell whether Bitcoin will have the same staying power as gold.

In addition, while gold is widely accepted as an inflation hedge, many people are still skeptical about Bitcoin in general. Not everyone believes in its potential, and it's still a speculative investment at this point. If the general public is unwilling to accept Bitcoin (or cryptocurrency in general), it likely won't survive over the long term.

Bitcoin is also extremely volatile, which could affect its potential as an inflation hedge. There are many factors besides inflation that can impact the price of Bitcoin, and there may be several forces at play when it comes to its recent price increase.

In short, nobody knows for certain how Bitcoin will perform as an inflation hedge over time. While it does seem promising right now, only time will tell whether it continues performing well over the long run.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Is Bitcoin a Good Inflation Hedge? - Motley Fool

On Friday, the U.S. Securities and Exchange Commission rejected the proposal by VanEck for a Bitcoin exchange-traded fund (ETF) that would have held the actual cryptocurrency rather than just Bitcoin futures. Submitted in March, the application sought to buy Bitcoin directly on the "spot" market and hold it in an ETF that investors could then buy into. For clarity, a futures-based ETF invests in indirect contracts to buy or sell an asset at a set date in the future.

While the SEC allowed two Bitcoin futures-based ETFs to begin trading last month, it would not authorize an ETF containing actual Bitcoin, citing in its 51-page report its frequent worries of possible manipulation and fraud, etc within the crypto market. Bitcoin dipped to around $62,000 when the SEC announcement came down, but it has rebounded to more than $64,000 as of this writing.

While many investors like the diversity of an ETF, with its trading flexibility of an equity, it's not a great way to invest in Bitcoin or any type of cryptocurrency for that matter. Here are some reasons why:

Ultimately, there are much better ways to dip your toes into crypto with easy-to-use, consumer-friendly choices such as PayPal or Coinbase. The irony of the SEC's decision to reject the Bitcoin spot ETF is completely consistent and aligned with Bitcoin's ethos and founding principles. Bitcoin was created to remove expense ratios, commissions, hidden fees, and in-betweeners from financial transactions -- not inject them into the crypto purchasing process. So a hearty "thank you" in response to the SEC's most recent ETF thumbs down.

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Why a Bitcoin ETF Might Be the Worst Way to Enter Crypto - Motley Fool