Why this tiny country is adopting the Bitcoin Lightning Network

Cointelegraph reporter Joe Hall visited the country of Gibraltar to explore Bitcoin adoption on The Rock, as the peninsula is known locally, and how the adoption of bitcoin for shopping in the territory is impacting business. The visit was also an opportunity to visit Xapo Bank, the world’s first private financial institution to combine traditional banking with Bitcoin. Coinbase acquired its custody business in 2019, making the American exchange the largest crypto custodian in the world. The British Overseas Territory of Gibraltar is known for its pioneering crypto regulations, support…

Read More

Post offices adopting NFTs leads to a philately renaissance

Philately? If you are a millennial, there is a good chance you used Google to find out that there is a word dedicated to collecting and studying postage stamps. This same search also paints the picture of a hobby in decline, as younger generations are increasingly preoccupied with their screens and the constant stream of dopamine hits served up by TikTok, Instagram, Twitter and other popular social media platforms. Two European postal services have looked to capitalize on the popularity of nonfungible tokens (NFTs) in recent years to reinvigorate the…

Read More

Adopting a decentralized way of life, from small steps to giant leaps

Bitcoin (BTC) and other cryptocurrencies, such as Ether (ETH), all share a common goal: to decentralize the way people bank and to open up the under-financed and under-banked world to their own financial independence. Decentralization and accessibility are some of the key motivators in the crypto sphere. Crypto and blockchain were not made for a specific group of people, but for an inclusive group of people. Owning crypto is simply a caveat, an advantage of moving away from the centralized world, but it is not a necessity. It is perhaps…

Read More

‘Billion of users adopting Bitcoin? Maybe in ten years’, says Dan Held

Bitcoin has a good chance of becoming the world reserve currency, although we are  “at least ten years away from that”, said Kraken’s head of growth Dan Held in an exclusive interview with Cointelegraph.  According to Held, the transition to an “hyperbitcoinization” —  a world where Bitcoin is adopted by billions users — starts with retail users, then institutional investors, and finally governments getting involved. The permissionless nature of Bitcoin is the fundamental property that is leading to this transition. “It’s true, free money. It’s money that no one can control…

Read More

El Salvador adopting Bitcoin could make it lose market dominance

El Salvador recently added Bitcoin as legal tender. In barely over a decade, an open-source, cypherpunk, radically new money system, with no publicly known creator and open to participation in both using and building from anyone in the world, has gone from zero value and branded as a tool for criminals to now being accepted by a government as a legitimate legal tender. To say this has been a wild ride is an intense understatement. Now, for the first time in history, a fully decentralized digital money is recognized by…

Read More

Adopting the Bitcoin standard? El Salvador writes itself into history books

The cryptocurrency space and wider economic community continue to laud a historic move by El Salvador to recognize Bitcoin as legal tender. The Central American country has become the first in the world to do so, and the move has also spurred a handful of other Central and South American countries to begin taking steps toward that same eventuality. Unsurprisingly, the move has made waves in the cryptocurrency community, with Bitcoin (BTC) proponents, in particular, highlighting the significance of the legislative change in driving cryptocurrency adoption. There have been some…

Read More

Organizations work toward adopting blockchain tech

Decentralized finance is quickly maturing. While the total value locked in DeFi is over $45 billion, financial institutions and large corporations are starting to implement DeFi concepts to automate business processes. This is known as “enterprise DeFi.” For instance, invoices and other financial products can be tokenized to ensure that transactions are valid and should be processed for payment across multiple parties. Coke One North America is one of the first large corporations to demonstrate this. CONA is leveraging the Baseline Protocol — a project that coordinates confidential workflows between enterprises…

Read More

Crypto firms still not widely adopting ‘travel rule,’ says FATF deputy

In 2019, the Financial Action Task Force asked jurisdictions worldwide to adopt its regulatory guidelines for virtual assets. At the V20 conference today, held online, David Lewis—executive secretary and G20 deputy at the organization—gave an overview of how implementation and business response have gone so far. The FATF is an intergovernmental organization tasked with combating money laundering. Its 2019 directives for regulating crypto, which include a controversial section dubbed the “travel rule,” are designed to mitigate illicit uses of virtual assets, and to bring the sector into line with traditional banking regulations.…

Read More

Are Auditing Giants Adopting Yet?

Last week, Big Four firm Deloitte unveiled a mobile platform designed to host blockchain networks on a small scale for demonstration purposes. The product is “based on client interest in understanding blockchain capabilities in live interactions,” as per the press release.  With this move, the Big Four companies — comprised of Deloitte, PwC, Ernst & Young (EY) and KPMG — continue their expansion into the field of blockchain. Combined, the firms brought in over $148 billion in revenue last year, as they handle over 50% of audits for both public…

Read More