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Hotbit Korea Lists Two Bitcoin SV (BSV) Pairs on Its Platform

Hotbit Korea has recorded two Bitcoin SV (BSV) sets on its foundation, beginning September 4. The move flags the first Bitcoin is progressively increasing more acknowledgment, regardless of issues with name acknowledgment and disinformation crusades from contender cartels.  The stage will at first offer sets of BSV/BTC and BSV/KRW (Korean won). The last gives the alternative of a direct BSV-fiat […]

The post Hotbit Korea Lists Two Bitcoin SV (BSV) Pairs on Its Platform appeared first on Coin News Asia.

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Hotbit Korea

Hotbit Korea has recorded two Bitcoin SV (BSV) sets on its foundation, beginning September 4. The move flags the first Bitcoin is progressively increasing more acknowledgment, regardless of issues with name acknowledgment and disinformation crusades from contender cartels. 

The stage will at first offer sets of BSV/BTC and BSV/KRW (Korean won). The last gives the alternative of a direct BSV-fiat entryway to Korean clients, something which would make exchanging more famous. 

Hotbit Korea, which started working in June 2020, is a neighborhood auxiliary of mainstream advanced resource trade organization Hotbit Global. Hotbit Global propelled in January 2018 and is enrolled in Estonia and Hong Kong. It immediately turned into a high-volume trade posting more than 250 advanced resources, and says it has increased administrative endorsement to work in a few nations including Estonia, United States, Canada, and Australia. 

Hotbit Korea will have the option to share Hotbit Global’s liquidity, giving it additional exchanging profundity. Hotbit Global has upheld BSV on its foundation from the good ‘ol days, and adding it to nearby forms shows the organization perceives BSV as a famous resource with its clients. 

Bitcoin has consumed the majority of its time on earth as BSV in the main 10 advanced monetary standards by market top, dropping to #12 in the recent weeks as beforehand outcast and new resources like Chainlink, Polkadot, and Crypto.com Coin abruptly entered the higher classes. 

South Korea has for some time been a hotbed of movement for computerized resource exchanging and startup ventures. There has been specific enthusiasm for BSV there, particularly following a year ago’s CoinGeek gathering occasion in Seoul. One noticeable undertaking is Buskon, an online music/media store utilizing BSV to assist craftsmen with getting found and adapting their manifestations. 

Trades postings are significant as consideration grabbers, however it’s critical to recall that Bitcoin doesn’t endeavor to be a theoretical resource. The venture centers around gigantic information preparation limits and true utility, and any individual who’s been in Bitcoin for quite a long while realizes that market promotion must be unfilled and brief except if Bitcoin is coordinated into the worldwide economy in a significant manner. Those without Bitcoin’s list of capabilities or adaptability are left uniquely with a tradeable resource, with barely any motivations to utilize it outside trades. 

Get the latest in Asian Bitcoin news here at Coin News Asia.

Source: http://www.coinnewsasia.com/hotbit-korea-lists-two-bitcoin-sv-bsv-pairs-on-its-platform/

Blockchain

Palestine Reportedly Working On Its Own Digital Currency

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Cryptocurrencies are back in the geopolitical scenario. The Palestinian Monetary Authority is reportedly working on issuing a digital currency as a strategy to achieve a higher level of financial independence.

This effort would put Palestine on the same list as other nations like Venezuela, the Marshall Islands, the Bahamas, China, and the latest endeavors of El Salvador, who are interested in the power of the blockchain to improve the efficiency of their financial infrastructure —and gain a little more independence from other economic powers, bypassing their sanctions since we’re there.

A Palestinian Sovereign Digital Coin: Practical Solution Or Political Statement?

Palestine has a rather peculiar political situation, although 138 of the 193 United Nations (UN) recognize it as an independent country, the United States and Israel (two of its most important political rivals to say the least) do not recognize its existence, and Israel currently exercises an important military and even financial control on the region.

Countries that recognize Palestine as a free country (Green) vs Countries that do not (Grey). Image: Wikipedia
Countries that recognize Palestine as a free country (Green) vs. Countries that do not (Grey). Image: Wikipedia

And this is where the blockchain comes in as a possible relief valve or perhaps a means of political protest by Palestine against Israel. Palestine does not have its own currency and instead relies on a mixed economy in which Israeli shekels, Jordanian dinars, and U.S. dollars move in and out.

So, with an economy controlled by a rival third party, it is almost impossible for Palestinians to have any financial sovereignty when Israeli banks dictate their movements.


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Currently, Israel prohibits banks from conducting large cash transactions. It also imposes limits on the amount of money Palestinians can transfer to Israel each month.

According to a Bloomberg report, this hinders financial transactions between Palestinians and could be one of the most important practical reasons for trying to create a sovereign currency free from Israel’s influence.

As a result, they [the palestinians] sometimes have to borrow to cover foreign exchange payments to third parties and are stuck with a glut of Israeli banknotes. That could be one reason a digital currency would be attractive to the Palestinian monetary system.

Experts Don’t Expect Much

Palestinians might be optimistic, but many experts don’t see much hope for the Palestinian efforts. Among this group is Raja Khalidi, director of the Palestine Economic Policy Research Institute, who believes that it is practically impossible for the Palestinian cryptocurrency to see the light of day.

“The macroeconomic conditions don’t exist to allow a Palestinian currency — digital or otherwise — to exist as a means of exchange.

For his part, Barry Topf, former senior adviser to the Bank of Israel governor, assured that this currency will fail to fulfill two of the main functions of money:

“It’s not going to replace the shekel or the dinar or the dollar. It’s certainly not going to be a store of value or a unit of accounting.”

However, Palestine seems determined to pursue a venture in which it has nothing to lose. Two cryptocurrency studies are currently underway to help experts understand the landscape. In the end, much of its success will depend on the support it receives from other international bodies, and especially from other states.

And this is a matter of discussion for political analysts, not crypto enthusiasts.

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Source: https://cryptopotato.com/palestine-working-digital-currency/

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Ethereum Testnet Burns 88K ETH in Preparation for EIP-1559

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Ethereum’s London hard fork launched on the Ropsten testnet on June 24 in preparation for the mainnet rollout in July.

The upgrade will usher in the implementation of the highly anticipated EIP-1559 modification that will adjust the Ethereum transaction fee calculation mechanism.

The next phase in the London hard fork rollout is deployment on the Goerli testnet, which is scheduled for June 30. Following that, it will be launched on the Rinkeby testnet on July 7 and then mainnet later in the month.

Watch The Burn

Part of the EIP-1559 mechanism, aside from changing the fee auction structure, is to burn the “base fee,” which will make the Ethereum economy deflationary over time.

A website called Watch The Burn has been set up to see this in action. At the time of press, 88,483 ETH had been burned on the testnet. This is equivalent to around $177 million at current prices.


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Ethereum software solutions firm ConsenSys estimates that the annual supply change will be minus 1.6 million ETH. At current prices, this equates to the burning of $3.2 billion in ETH, which will reduce the annual supply rate by 1.4%.

The deflationary properties of the network will be further compounded when proof-of-stake launches on mainnet for ETH 2.0 in 2022 some time, and the asset is no longer mined.

In February, Predictions Global founder Ryan Berckmans detailed how, in his opinion, Ethereum prices could surge to five figures through these deflationary mechanisms. He argued that this effectively gives ETH back to holders and not miners as the asset increases in scarcity through fee burns.

Unfortunately, hopes of major gas savings from the upgrade have been dashed. ConsenSys confirmed that it was not the intent of the EIP, adding:

“As a side effect of a more predictable base fee, EIP-1559 may lead to some reduction in gas prices if we assume that fee predictability means users will overpay for gas less frequently.”

Ethereum Prices Lackluster

Ethereum prices had regained the psychological $2,000 level at the time of press. The asset has gained 4.2% on the day but remains in a downtrend.

CoinGecko has reported a 20% decline in the price of ETH over the past fortnight. The world’s number two crypto asset is currently 54% down from its all-time high of $4,350 on May 12.

So there may be a bit longer to wait before these properties of scarcity and demand are reflected in its price action.

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Source: https://cryptopotato.com/ethereum-testnet-burns-88k-eth-in-preparation-for-eip-1559/

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Citizens of El Salvador To Receive $30 in Bitcoin as the Law Will be Implemented In September

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The President of El Salvador Nayib Bukele has announced that bitcoin’s legal tender status will take effect in the country on September 7th, 2021. In addition, the government will give El Salvadoran citizens $30 worth of bitcoin.

  • Bukele made the statement during a national address on Friday (June 25th, 2021). The El Savaldoran President’s announcement comes after the country’s supermajority voted in favor of his Bitcoin plan to make the largest cryptocurrency the country’s second legal tender earlier in June.
  • Apart from the news of the Bitcoin law taking effect, President Bukele also revealed the creation of a new BTC wallet called Chivo.
  • According to him, every adult who signs up on the wallet will receive $30 worth of bitcoin. This effort could encourage increased adoption of the cryptocurrency.
  • Earlier, El Salvador’s President said that individuals who invest 3 BTC into the country’s economy would be awarded citizenship.
  • Although the World Bank and the International Monetary Fund (IMF) are not in support of the Central American country’s bitcoin adoption, the latest developments indicate that El Salvador is not going to give up its plans.
  • President Bukele’s plan has also faced opposition within the country. Some members of the Farabundo Martí National Liberation Front (FMLN), one of El Salvador’s major political parties, called the Bitcoin Law illegal, adding that it was harmful and was also designed to loot the people’s pockets.
  • However, the President, in his recent address, refuted the claims, stating that bitcoin will instead benefit the people and move the country forward.

Featured Image Courtesy of Reuters

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Source: https://cryptopotato.com/citizens-of-el-salvador-to-receive-30-in-bitcoin-as-the-law-will-be-implemented-in-september/

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