The values of cryptocurrencies are rising, but also is the price of everything else in the United States. The curiosity of investors in Bitcoin continues to grow as data shows inflation rose to a 30-year high in the United States.
The pinch of the inflation will continue to be felt by consumers in the United States and around the world as recent data shows that the Consumer Price Index (CPI) rose 6.2% in October when compared to last year. This development further casts doubt on the claims of the Federal Reserve that the inflation is “transitory”.
Inflation at 6.2% means that if we keep it steady for 10 years, your $100,000 will become $54,800 by then. Compounding is a powerful force. Satoshi is having somewhere right now. #Bitcoin
— David Marcus (@davidmarcus) November 10, 2021
Due to excessive print of the fiat, traditional financial markets took a hit on November 10. Concerns about runaway inflation and the loss of purchasing power weighed heavily on the minds of investors and major indicies pulled back from new record-highs that were set earlier in the week.
That is in distinction to the worth motion within the cryptocurrency market, the place a burst of bullish momentum sparked a 4.7% rally in within the value of Bitcoin (BTC) because the CPI information was introduced.
The rapid rise in inflation over the course of 2021 has led to an increasing number of calls for the Fed to end its easy-money policies and raise interest rates. Many claim that the central bank has pinned itself in a corner and has no easy options moving forward because a rise in interest rates could make servicing the U.S. national debt even more challenging.
In 2021, the speedy and continuous rise in inflation has resulted to an increasing number of appeals and calls to the Fed to put a stop to its easy-money insurance policies and lift the rates of interest.
Larry Summers, former U.S. Treasury Secretary recently made a statement. He said:
“Global financial markets appear to be anticipating slow growth and low real interest rates for the next few years, which will gut the ability of central banks to guide economies.”
With the management of rates of interest being the first instrument at the disposal of the Fed for exerting influence on the market, it seems that there’s little else moreover continuing to print money that the central financial institution shall be in a position to do in response to ongoing challenges.
The Effect on Fiat and Crypto
These latest developments has uniquely positioned crypto holders to benefit the most, or at least obtain some form of shelter because the declining value of fiat currencies like the dollar has highlighted the power of Bitcoin and other altcoins as hedges against the devaluation and inflation of currencies.
The information from Bitcoin Stimulus shows that Americans who put their $1,200 stimulus check from April 2020 into BTC, would now have $12,172 worth of BTC. An astonishing 914% increase.
These gains were not isolated from the highest cryptocurrency, as the broader market saw an influx of funds that took the total market cap from $ 190 billion to $ 2.95 trillion. during the same period.
As if the increase in value for a large number of tokens on the market was not enough, cryptocurrency holders have also been rewarded with numerous cryptocurrency “stimulus checks” in the form of airdrops like the recent one from Ethereum Name Service, which created a five-figure salary for early users of the protocol.
Conclusively, people within the cryptocurrency market have benefited generally from the safety supplied by holding assets which can be appreciating in worth as the buying power of fiat currencies deteriorates. And this course has reveal no indicators of slowing down in the nearest future so long the rate of inflation continues to rise.
Satoshi Nakamoto, creator of Bitcoin now 15th richest man in the world
Bitcoin is the most popular and noted cryptocurrency in the world. It paved the means for other cryptos being taken seriously, and after all, the one who created the currency is currently unbelievably wealthy.
Satoshi Nakamoto, the anonymous creator of bitcoin, is currently the fifteenth wealthiest person within the world when the cryptocurrency’s recent value rally.
Nakamoto’s web price is calculable to be up to $73 billion, with crypto holdings within the region of 750,000 to 1.1 million BTC. This ranks them higher than Walmart heirs Jim and Rob Walton, furthermore as Mexican entrepreneur Andres Martinez Slim.
The price of bitcoin hit a brand new incomparable high earlier this month higher than $68,000 following a rise of quite three hundred per cent over the last year.
One outstanding prediction model has forecast it might rise higher than $100,000 before the tip of the year, which might see Nakamoto ascend to the highest ten of the world’s wealthiest, with a web price on a par with capitalist Warren Buffett.
Nakamoto represented their vision for a peer-to-peer digital currency in an exceedingly written report in 2008, before launching bitcoin many months later in Jan 2009.
When collaborating with alternative developers on the project for nearly 2 years, Nakamoto withdrew and has not been active on-line for over a decade.
Several bitcoin wallets that are believed to belong to Nakamoto additionally stay untouched, with their contents rising in worth by quite ten million per cent since they were last used.
The mystery of Nakamoto’s true identity remains unresolved, although evidence points to many potential candidates.
Early crypto pioneer Hal Finney was the primary person to ever receive bitcoin through an on-line dealing and various attempts were created to link his online activity to Nakamoto’s. He denied being the cryptocurrency’s creator and refused to invest in the UN agency until his death from amyotrophic lateral pathology (ALS) in August 2014.
A high-profile Newsweek cowl story in March 2014 claimed to own “unmasked” the discoverer of bitcoin, claiming that Japanese-American man of science Dorian Satoshi Nakamoto was behind it. The article was widely debunked following its publication.
That same year, a book by money author Saint Dominic Frisby singled out Nick Szabo as bitcoin’s creator, informing his style and therefore the truth he designed a precursor to bitcoin’s electronic money system. Szabo denied the claims, tweeting: “Not Satoshi, however many thanks.”
In 2015, Australian applied scientist Craig Wright claimed to be Satoshi Nakamoto however, he was broadly greeted with disbelief from senior figures among the crypto business. Many days after proclaiming himself the discoverer of bitcoin, Wright backwarded his claims with an apology on his website.
“I believed that I might place the years of obscurity and concealment behind Pine Tree State,” he wrote. “But, as the events of the week unfolded and while I was ready to publish the proof of access to the earliest keys, I broke. I don’t have the spirit. I cannot.”
Mr Wright has since been sued by the estate of deceased David Keiman, whose family claim worked with Wright and together used the name Satoshi Nakamoto in 2008 to publish bitcoin’s written report.
Presently, Tesla and SpaceX founder and chief executive officer Elon Musk tops the list of the richest folks within the world with his net worth at $266.9 B, as listed by Forbes.
Warren Buffet is hierarchic at the tenth range whereas Facebook founder and chief executive officer Mark Zuckerberg stands at range seven.
If Bitcoin continues to rise, it will come as no surprise that Satoshi Nakamoto may soon eclipse them.
The Great Mining Migration from China to the U.S. Explained
Coming off the heels of China’s now infamous crypto crackdown, the mining rate in the U.S. has now surpassed that of China for the very first time. With a hashrate – a term used to describe collective computing power of miners around 35.4% in July, the hashrate in the U.S. is up 428% compared to September 2020.
In a move dubbed the “great mining migration“, miners in China had been moving towards more crypto friendly countries since May, when the Chinese government called for a crackdown on bitcoin mining and trading. Some of the locations thought favorable enough to entice mining operations include Central Asia, Eastern Europe, the U.S. etc.
However, it is important to bear in mind that mining operations are extremely energy taxing. For said reason, many of the bitcoin miners who had migrated to the U.S. set out for the U.S. state of Texas, one with one of the lowest energy prices in the country. Another favorable advantage for miners moving to Texas is the crypto-friendly political atmosphere regarding cryptocurrencies.
A criticism often levelled at bitcoin mining is that it is bad for the environment and certainly so seeing the enormous amounts of energy bitcoin mining requires, most of which is supplied from fossil fuels. The mining migration has brought about a trend where miners are actively seeking out renewables and or nuclear power, especially in the U.S. Miners are now clustering around states such as Washington, New York and unsurprisingly Texas.
The U.S. is not the only country to have benefitted from the aftermath of Beijing’s anti-crypto policies. Kazakhstan, the central Asian nation has also seen its share of the global hashrate grow with current levels around 18.1%, just behind the U.S. However, many believe that the Central Asian nation is just a junction on the larger trend of miners moving westward. Also, considering that most of Kazakhstan’s energy is derived from coal and a new law to further tax crypto miners in 2022, It stands to reason that many mining operations will eventually migrate from Kazakhstan.
Bitcoin.org gets hacked, scammers run BTC giveaway scam
Earlier today, Bitcoin.org, the oldest cryptocurrency website registered by the founder of Bitcoin, Satoshi Nakamoto, recently got hacked. Scammers ran a BTC giveaway scam with a promise to return double the amount users send to the named address. In the end, the scammers were reported to have collected $17,764 before the website was taken down. The website was inaccessible for a few hours after the incident, but normal service has been resumed.
To bring users’ attention to the hack, a pseudo-anonymous Twitter account with the name Cobra took to Twitter to reveal the news and claimed that the website may be offline for some days. He also clarified through his tweets that Bitcoin.org has never been hacked and that the breach must have been due to a lapse on the part of Cloudflare- the web provider that the website is hosted on.
“Bitcoin.org hasn’t been hacked, ever. We move to Cloudflare, and two months later we get hacked. Can you explain where you were routing my traffic too? Because my actual server didn’t get any traffic during the hack” he tweeted.
The scam on the website was perpetrated through a giveaway. Visitors on the website were greeted with a popup, asking them to send crypto to a Bitcoin wallet via a QR code and receive double the amount in return. The fake message showed that the Bitcoin Foundation was giving back to the community and that the giveaway will be limited to the first 10,000 people. This was made to draw more people into the scam. According to an analysis on the scam address done by Reddit Sleuth, it was presumed that a chunk of the 0.4BTC came from the scammers themselves to add an element of credibility to the claim. At the time of writing this report, Bitcoin.org is once again, back to life.
How popular is the Bitcoin giveaway scam?
Bitcoin giveaway scam is quite popular among hackers as it allows them to make fast money without tampering with anyone’s wallet. In 2020, Twitter handles of top crypto celebrities, politicians and influencers were hacked to run Bitcoin giveaways. While the scammers were apprehended, the value of Bitcoin was not affected.
Today’s scam on Bitcoin.org did not affect the price of the coin either. Despite the Evergrande debt crisis and the fluctuations bedevilling the crypto market within the week, Bitcoin increased by 2.05% within the last 24 hours, thereby moving from $42,789 to $44,378.
Cryptographers want to take back the term “Crypto”
Satoshi Nakamoto, creator of Bitcoin now 15th richest man in the world
NFTs: Davido’s call for donation can open more doors for African creatives
Can NFTs play-to-earn game usher in the next generation of platforms?
Bitcoin in the wake of record high inflation
Elon Musk’s Dogecoin space dream approaches realization
India to ban crypto for payments, As China continues to ramp up crypto mining holdouts
3 Ways to make your business presentation more relatable
MSNBC finishes first in primetime basic cable for first time ever
6 Stunning new co-working spaces around the globe
How To Buy Bitcoin With Gift Cards
Your Business; A Childchain On A Secured And Scalable Blockchain Platform (Part 1)
This is how you dress for a job interview, and land an offer
Jelurida Africa Launches Blockchain-backed Certificate Platform, Digicert
Crypto Assets4 weeks ago
New waves: Ethereum domains and everything you need to know
Crypto Analysis3 weeks ago
Is Shiba Inu (SHIB) truly a Doge killer? What’s next after 50% crash?
Features3 weeks ago
Nigeria’s Digital Currency Gets Mixed Review From The Crypto Ecosystem
Crypto Culture2 weeks ago
The Meme Coin Culture – Seriously Valuable Jokes
News1 week ago
Elon Musk’s Dogecoin space dream approaches realization