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Report: The US and China Lag Behind Ukraine and Venezuela in Cryptocurrency Adoption

Ukraine, Russia, and Venezuela lead in terms of cryptocurrency adoption. China and the US fall behind them, a report said.

The post Report: The US and China Lag Behind Ukraine and Venezuela in Cryptocurrency Adoption appeared first on CryptoPotato.

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A report compiled by the blockchain forensics company Chainalysis indicated that cryptocurrency adoption is growing globally. By exploring four key metrics and separating the data country by country, the firm’s Global Crypto Adoption Index 2020 showed that Ukraine, Russia, and Venezuela lead the way.

The metrics take into consideration the purchasing power parity (PPP) per capita. They measure on-chain cryptocurrency value received, on-chain retail value transferred, the number of on-chain cryptocurrency deposits, and the peer-to-peer exchange trade volume, which doesn’t appear on the blockchain.

The final scores range from zero, representing the lowest cryptocurrency-related activity, to one – the highest registered activity per capita.

Chainalysis admitted that due to the decentralized nature of digital assets, it’s “impossible to know the precise amount sent and received on-chain by addresses in a specific country.” However, by measuring the activity on platforms and distributing it by countries based on web traffic, the company produced a “strong estimate.”

Crypto Adoption By Countries: The Top Three

Crypto Adoption By Countries. Source: Chainanalysis
Crypto Adoption By Countries. Source: Chainalysis

As seen in the above chart, Ukraine leads the way with the highest possible score. The country’s legislative arm, the Verkhovna Rada, reportedly adopted a draft law last year that legalized cryptocurrencies as means of payment and investment within its borders.

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Russia takes the second spot, which could be rather surprising. The largest-country by landmass has been somewhat dubious in its cryptocurrency legislation policies. Before passing the On Digital Financial Asset (DFA) bill this summer, previous proposals suggested imprisonment for Bitcoin usage and notably high penalties.

Although those strict measures didn’t go in the final version of the bill, a recent set of amendments proposed introducing a full-scale ban on digital asset usage. However, it seems that Russian citizens are fond of cryptocurrencies, despite the legislative uncertainties.

Venezuela completes the top three. Another report from Chainalysis concluded that the country’s ongoing financial crisis has highlighted some cryptocurrency benefits. Consequently, the interest in digital assets has spiked in the last few years.

China And The US Trail

Chainalysis’s report noted that the two largest countries by nominal GDP, namely the United States and China, occupy the sixth and fourth positions, respectively. Kenya, with high levels of on-chain value transferred and on-chain deposits, separates them and ranks 5th.

Despite being the most populated nation, China’s high spot could also be classified as unexpected because of its controversial approach.

On the one hand, China has repeatedly outlined that digital assets are banned, and it emphasized its “blockchain, not Bitcoin” narrative. On the other, however, a recent report noted that cryptocurrencies are not entirely banned, and China is responsible for the most substantial portion of BTC’s global hash rate.

According to Chainalysis, China’s results display high numbers for on-chain deposits and value received, and retail value received. The country trails only in the peer-to-peer exchange trade volume.

The US shows solid numbers regarding the on-chain deposits and the P2P trading volume. However, the on-chain and retail value received are relatively low per capita.

Globalization For Crypto

In conclusion, the analytics company said that from the 154 analyzed countries, only 12 had “so little cryptocurrency activity that we gave them an index score of zero.”

“That’s a testament both to the excitement around cryptocurrency as an investment and, especially in the developing world, as a means of value storage and medium of exchange.”

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Source: https://cryptopotato.com/report-the-us-and-china-lag-behind-ukraine-and-venezuela-in-cryptocurrency-adoption/

Blockchain

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

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Bitcoin halving is often referred to as “Halvening”, it’s a formulated reduction in the reward coins offered to the miners using a predefined blockchain algorithm.

Bitcoin halvings take place once in every four – 4 years approximately, or for every 210,000 block transactions.

The process of halvening started in the year 2012, approximately after 4 years of the invention of bitcoin i.e 2008, but practically bitcoins came into play in the year 2009.

After the first bitcoin halving, the block reward of 50 bitcoins per transaction were reduced to 25 bitcoins per block or transaction, later this reward was further reduced to 12.5 and it has now fallen to 6.25 after halvening in 2020.

The main idea of halvening is to create scarcity for the coins and to control inflation, as bitcoins issuance is limited to 21 million coins as per the idea of Satoshi Nakamoto, inventor of Bitcoin.

The production of 21 million bitcoins involves 32 halvenings, we are now done with two halvenings and this might continue till or come to an end in the year 2140.

Investors from all over the world are excited and waiting for the Bitcoin price to increase, and the demand for bitcoins in the online gambling industry is high. Bitcoins are widely accepted at Bitcoin Casinos as they collect deposits in the form of cryptocurrency from their players.

To know the overview of Bitcoin Halving (Just in minutes), check out the following infographic developed by Abishai James at WinBTC.net in partnership with ACMarket.

bitcoin halving
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Blockchain

Santiment Reveals Top 10 Ethereum Projects by Developer Activity

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Despite record highs for network charges in February, development on some of the industry’s leading Ethereum based projects has continued unabated.

The research stated that development activity is an often-underrated indicator of project success. It demonstrates the ongoing commitment to creating a working product, continuously polishing and upgrading its features, and staying true to the long-term roadmap.

The research focused solely on pure ERC-20 projects that are currently committed to developing on Ethereum. It has used 30-day Github activity to track development status and action.

The Ethereum Project Top Ten

At the top of the list for developer activity in February is the decentralized prediction market platform Gnosis. Despite a 28% slide in GNO token prices for the second half of the month, the Gnosis team has been busy working on the product.

Gnosis launched on the xDai Ethereum sidechain, joined the Open DeFi alliance, and launched a new collaborative grants initiative for Gnosis Safe Apps last month.

Status was the second most developed Ethereum based project with a number of updates for the open source mobile dApp browser and messenger. SNT prices hit a three-year high of $0.125 in February.

Virtual metaverse and NFT protocol Decentraland was third in the list of developer activity with a number of features introduced to improve user experiences.

DeFi synthetic asset protocol UMA came in fourth with two main focuses for the month; getting some major protocols out the door, and there was a collaboration with BadgerDAO.

Coming in at number five for developer action was Chainlink which announced the official mainnet launch of Off-Chain Reporting (OCR). This significantly improves the efficiency of how data is computed across Chainlink oracles, reducing operating costs by up to 90%, it added.

“The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contract applications.”

DeFi Dominates

These were the five most developed platforms in the Ethereum ecosystem for February 2021, and they were dominated by DeFi.

Also featuring in the top ten list was Skale Network, a decentralized modular cloud for running Ethereum-based dApps. MakerDAO, which is consistently in the top ten for development, was in seventh place.

Decentralized data exchange protocol Ocean, computing sharing economy Golem, and analytics platform Santiment itself rounded out the top ten.

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Source: https://cryptopotato.com/santiment-reveals-top-10-ethereum-projects-by-developer-activity/

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Blockchain

Blockchain in Sports Betting

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Wanna enter the Sports betting industry? Are you worried about the transactional data, security and entry charges?

Just relax and lean on to your chair. The amazing features of blockchain technology have reshaped the sports betting industry. It enhances safe and secure transactions as it is an open source decentralized network.

Basically, blockchain offers tremendous features like transparency, fast payouts, speedy transactions, independent in nature, etc. The most effective feature is the player’s account will not be restricted or blocked either personally or professionally  due to extreme winnings.

Blockchain is the most prominent technology ruling today’s betting industry. It’s advancement in the sports industry has laid a pavement for its enormous growth in recent times.

To get detailed information, checkout the following Infographic developed by WinBTC.net in Partnership with MrBet.me.uk.

Blockchain In Sports Betting Infographic
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