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Binance and Mastercard Launch Bitcoin Rewards Card in Argentina
Argentina is the first country in the region to have the card.
Binance and Mastercard have launched a prepaid rewards card in Argentina to help people spend crypto on everyday goods in a country where the native currency suffers from one of the world’s highest levels of inflation.
The card will let users buy things and pay bills with Bitcoin and other cryptocurrencies, according to a Thursday announcement by Binance, the world’s biggest crypto exchange by volume.
Binance’s announcement added that the prepaid card will convert the crypto users hold on its app into fiat currency (US dollars or Argentine pesos) in real-time at the point of sale. Users will also be able to get crypto cash back rewards of up to 8%.
“We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption and now it is available for users from Argentina,” general director of Binance in Latin America Maximiliano Hinz said in the announcement.
Argentina will be the first country in Latin America to have the card, which is right now in beta mode and will be widely available in the coming weeks. The announcement added that users will not get charged on ATM withdrawals either.
Crypto is gaining traction in Argentina: blockchain analysis firm Chainalysis last year ranked the country among the top 10 crypto adopters worldwide. Read More
Building the blockchain industry despite market drops and regulation threats
Even if crypto regulation comes to America, top crypto investors are not worried as upward of 90% of cryptocurrencies are utilized outside the United States.
“The cryptocurrency market is the only truly free market that exists in the financial universe,” said Dan Tapiero, CEO of 10T Holdings, during a recent video discussion with Cointelegraph Research.
A major concern of venture capital (VC) and investment firms as of late has been centred around regulation from different countries around the globe. While the theme of the discussion was on regulation, the conversation also touched upon how these different members of the crypto space see the future of the industry.
Investors undaunted by regulation:
Each of the panel members brought their own perspective: Dan Tapiero’s 10T Holdings is a mid-stage private equity investment firm and has decades of experience. Smiyet Belrhiti is the managing partner for Keychain Ventures, which provides institutional investors exposure to the blockchain and Web3 ecosystems through funds and co-investment opportunities. The CEO of layer-1 protocol Devvio, Tom Anderson, brings the perspective of a crypto company that is getting ready for the potential regulations. Read More
UK Parliamentary Group Seeks Public Comment for Shaping Ecosystem in Crypto Sector
The United Kingdom’s Crypto and Digital Assets All Party Parliamentary Group (APPG) is calling for public comments as it commences its inquiry into the emerging blockchain ecosystem in the UK.
With the regulation of the cryptocurrency industry among the primary clamour for financial market regulators in recent times, many groups have taken it upon themselves to contribute to the effort. The APPG inquiry will focus on crucial aspects of consideration by the UK government, including the plans to regulate the industry and make Britain a highly reckoned crypto hub.
The APPG’s public inquiry will also shine its radar to know the roles of key government agencies, including the Bank of England, the FCA, and the ASA, as it concerns the regulation of the crypto ecosystem.
“The UK Crypto sector has seen increased interest from consumers and regulators as the number of people who now own some form of cryptocurrency or digital asset has grown in recent years. We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated,” said Lisa Cameron MP, Chair of the Crypto and Digital Assets APPG.
As a part of the inquiry, the APPG calls for views and comments from the industry veterans and stakeholders in general. It has open access for the comments until September 5, and the group said it would be holding many evidence sections over the coming months. Read More
Nonfungible tokens don't live on the blockchain, experts say
Jonathan Victor noted that storing data off-chain doesn't mean it's centralized. It's still decentralized when it's done thoughtfully.
Nonfungible tokens (NFTs) are advertised as blockchain-based technologies, there are misconceptions about how they are stored according to two experts. They argued that technically, these tokens do not exist in the blockchain but are actually stored elsewhere.
In a Cointelegraph interview, Jonathan Victor, the Web3 storage lead at Protocol Labs and Alex Salnikov, the co-founder of Rarible, discussed decentralized storage, the future of the NFT space and investing in NFTs.
According to Victor, main chains are very limited in size and storing data on the blockchain can be very expensive. Because of the large file sizes of assets, off-chain storage solutions are introduced. He said that NFT data can live anywhere from a hosted node or decentralized storage networks.
Salnikov also weighed in on the topic, saying that since NFTs are a new concept, there can be a lot of misconceptions about how NFT storage works. He said that the transaction is confirmed by the blockchain, but the file is located somewhere else. He explained that:
“It is important to understand that the NFT living in a user’s wallet only points to the file it represents — the actual file itself, also known as an NFT’s metadata, is typically stored elsewhere.” Read More
REFER THREE TO MARKETHIVE TO RECEIVE BONUS AIRDROPS AND ACTIVATE MICROPAYMENTS
As Markethive continues to gain traction with new members joining daily, Markethive is steadfast and in preparation to take a large share of the new Market Network that is the next generation following the social media craze of Web 2.0. Markethive is a Social Market Broadcasting Network. It sounds like a mouthful, and it is!
Markethive is an all-encompassing platform that has integrated;
As Markethive’s foundation is Blockchain-driven, it has its consumer coin, currently named Markethive Coin (MHV), but soon to be renamed Hivecoin (HVC - the Ticker Symbol). It is fully integrated into the system and has created an Ecosystem for all Markethive members, free and upgraded Entrepreneurs.
So Markethive has established its niche as the only Social Market Broadcasting Network with an infinity Airdrop and a system that rewards the users for engaging on the platform and learning how to use it with ongoing, real-time micropayments, otherwise known as a Faucet.
Markethive has the combined power of Facebook, LinkedIn, Marketo, and Amazon, with the real advantage of deriving income within the Markethive system while promoting your business and enjoying the social media interface. Read More
Decentralized finance faces multiple barriers to mainstream adoption
While it may be one of the most popular sectors within the crypto market, decentralized finance still has barriers to overcome before reaching mass adoption.
Decentralized finance (DeFi) is a growing market popular with experienced crypto users. However, there are some roadblocks regarding mass adoption when it comes to the average non-technical investor.
DeFi is a blockchain-based approach to delivering financial services that don’t rely on centralized intermediaries but instead use automated programs. These automated programs are known as smart contracts, enabling users to automatically trade and move assets on the blockchain.
Protocols in the DeFi space include decentralized exchanges (DEXs), lending and borrowing platforms and yield farms. Since there are no centralized intermediaries, it’s easier for users to get involved in the DeFi ecosystem, but there are also increased risks. These risks include vulnerabilities in a protocol’s codebase, hacking attempts and malicious protocols. Combined with the high volatility of the crypto market in general, these risks can make it harder for DeFi to reach wide adoption with average users.
However, workarounds and advancements in the blockchain space can address these concerns. Read More
Aave Proposal Would Cut Off Fantom Amid Security Fears
An Aave governance proposal suggests removing Fantom integration amid so many recent DeFi bridge hacks. Is the multi-chain narrative sinking fast?
With so much money at stake, at least one DeFi project is taking steps to mitigate this risk.
A recent proposal on lending and borrowing protocol Aave suggests the community pause all Fantom-based integration.
“This action would protect users by disabling the ability to deposit or borrow assets in the Aave V3 Market on Fantom, while still allowing repayment of debt, liquidations, withdrawals, and changes to the interest rates,” it reads.
If you’re just catching up, Aave lets you lend out idle crypto to earn a percentage minus a small fee paid to the protocol for doing so. Fantom is a layer-1 blockchain built using the proof-of-stake (PoS) consensus mechanism and is optimized for speed.
Fantom, like Ethereum, has a ton of different DeFi apps. So even a ton of Ethereum-first DeFi apps, such as Aave, have made their services available on Fantom.
The list of networks where Aave is available currently includes Avalanche and Fantom, as well as a few layer-2 networks like Optimism, Arbitrum, and Polygon.
Integrations with these other blockchain networks rely on bridges. And in the eyes of the latest Aave proposal, the risk of relying on this bridge outweighs the reward (at least on Fantom). Read More
Proof-of-work: Bitcoin artists on minting NFTs and OpenSea
Minting a nonfungible token of artwork seems a no-brainer for an artist, and Cointelegraph spoke to those that took the plunge.
“Art is not a thing, it is a way,” said American writer Elbert Hubbard. For Bitcoin (BTC) artists, the way is inspired by Bitcoin, its code, its philosophy and its imagery. In some cases, it’s even inspired by memes. Bitcoin has become a “lifestyle,” for some Bitcoin artists, that inspires their way of doing business, accepting payments and interacting with customers.
Cointelegraph asked Bitcoin artists what inspires them about Satoshi Nakamoto’s 13-year-old invention and whether minting a nonfungible token (NFT) would complement their “way” of doing art. After all, an NFT is a unique, digital receipt to prove ownership of a purchase that lives on a blockchain. Surely artists would want to prove ownership of the art at which they toiled away?
Lena, a Bitcoin artist who recently moved from Germany to crypto-friendly Dubai, began creating, painting and printing Bitcoin artworks after diving down the Bitcoin rabbit hole in 2018. She said that while she started her crypto career as a crypto-agnostic, Bitcoin changed her approach and eventually took over. She now operates a Bitcoin “maxi-style” portfolio:
“My mindset shifted and I began to work on myself, asking myself what to do with my lifetime because of Bitcoin. Bitcoin became like a lifestyle, so I should put all my savings in Bitcoin.” Read More
What is a decentralized money market, and how does it work?
Decentralized money markets function without a custodian, allowing only the original user to withdraw funds deposited by lenders and borrowers.
The seamless flow of capital between borrowers and lenders is a key aspect of a vibrant economy. Anyone with an extra asset can lend it to put their idle capital to work, while people needing it to grow business or meet operational costs can easily access it.
Money markets are the platforms where borrowers and lenders can meet. Throughout history, money markets have been generators of economic activities. Though the structure of money markets has altered with time, their role has remained unchanged.
Conventionally, money markets were centralized structures facilitating the deals between lenders and borrowers. Borrowers would approach money markets to get a short-term loan (under a year) that might be collateralized. If the borrowers can’t pay back their loans, the lenders can sell the collateral to recover the loaned funds. When the loan is repaid, the collateral is returned.
Borrowers are required to pay interest to the lenders (for providing them working capital) and a fee to the money market (for facilitating the deal). The interest rate provides adequate liquidity for borrowers as well as lenders. The fee paid to the money market helps them meet their operating expenses.
There is a problem with a centralized structure, though. It simply puts too much power and influence regarding user funds in the hands of a single entity that can change the terms and conditions for other stakeholders in an arbitrary manner. Worse, they can even siphon off the funds in their custody gains. A decentralized structure provides a robust alternative to centralized money markets. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
