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The Demographic That Could Determine The Future Of Bitcoin And Other Cryptocurrencies

A survey conducted by Finder.com indicated that about 8% of American adults hold digital currencies. The survey also revealed that the number of men who owned virtual currencies was more than twice that of women. For those who didn?t hold any digital currency the main reason for this state of affairs was a conviction that […]

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A survey conducted by Finder.com indicated that about 8% of American adults hold digital currencies. The survey also revealed that the number of men who owned virtual currencies was more than twice that of women. For those who didn?t hold any digital currency the main reason for this state of affairs was a conviction that they were not necessary.

The most popular digital coin in the study was Bitcoin (BTC) which was owned by 5.15% of the people who were surveyed. Ethereum (ETH) was a distant second as it was owned by 1.8% of the survey?s respondents while Bitcoin Cash (BCH) was owned by 0.9% of digital currency enthusiasts.

High acceptance among millenials

Acceptance for virtual coins was highest among millenials as 17% of those aged between 37 and 22 owned the digital currencies. The proportion of those in Generation X (those aged between 37 and 55) who owned cryptos was under 9% while that of baby boomers was slightly over 2%.

The survey also sought reasons as to what was preventing a higher level of adoption of cryptocurrencies. Among the reasons cited included the high risk associated with virtual currencies as well as there being too many fees.

Harris poll

The high interest among millenials in virtual currencies according to Finder.com is in agreement with another survey which was conducted last year in November and came to the same conclusion. This was an online study conducted by Harris Poll at the request of Blockchain Capital.

According to the study about 25% of millenials had a preference for Bitcoin over stocks. Approximately 27% of millenials would rather own Bitcoin worth $1,000 than own stocks worth $1,000. When it came to male millenials the number was even higher as 38% of stated a preference for Bitcoin over stocks.

With regards to bonds 30% of millenials indicated a preference for Bitcoin over government bonds meaning they would rather own bitcoin worth $1,000 than own government bonds of a similar value. 22% of millenials also indicated that they would pick the digital coin over real estate while another 19% indicated a preference for bitcoin over gold. Among men the preference for bitcoin was higher over the traditional assets.

Leading indicator

With younger demographics often serving as a leading indicator of the future it could mean that the adoption of virtual currencies will only keep on growing. One of the reasons why bitcoin turned out to be so popular among millenials was the fact that there was more awareness among this demographic with regards to bitcoin compared to older demographics. Among millenials the awareness of Bitcoin is higher by over two times compared to older demographics.

Due to their high levels of awareness millenials were also more likely to have a positive view of the virtual currency vis-?-vis older demographics. For instance 27% of millenials had more trust in Bitcoin compared to banks. This is despite the awareness levels of bitcoin not being the same as those of banks. Additionally millenials are more convinced than any other demographic that the adoption rate of bitcoin will increase in the coming decade.

The post The Demographic That Could Determine The Future Of Bitcoin And Other Cryptocurrencies appeared first on dippli.

Source: https://dippli.com/2018/05/14/the-demographic-that-could-determine-the-future-of-bitcoin-and-other-cryptocurrencies/

Blockchain

YFI’s Andre Cronje Unveils Multi-Purpose DeFi Protocol Deriswap

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Andre Cronje, the brain behind the popular DeFi protocol Yearn Finance and the most expensive cryptocurrency YFI, has unveiled yet another DeFi protocol called Deriswap.

Obsessed With Capital Efficiency

The project focuses on capital efficiency, an aspect of DeFi that Cronje said he is obsessed with. The YFI creator is set to change the current segmented liquidity, which only allows users to choose one of Swaps (Uniswap, Sushiswap, Bancor, etc.), Options (Deribit, Hegic, Opyn, etc.), and Loans (Aave, Compound, DyDx, etc.). 

He described Deriswap as a protocol that combines multiple DeFi services, including Swaps, Options, and Loans, into a capital-efficient single contract. According to the developer, this allows the interaction between two assets that make up the pair. 

For Swaps, Cronje explained that the contract on Deriswap utilizes the standard Uniswap x * y = k. For example, suppose Liquidity Providers (LPs) provide ETH-BTC as liquidity. In that case, the protocol will allow traders to swap BTC and ETH while using the oracle’s time as the weighted average price (TWAP). 

No Deriswap Token Yet

He notes that Deriswap uses the Black Scholes option pricing model to quote options. While Futures are an extension and simplification of Options, Loans are an extension and simplification of Futures. To get a loan, the user will pay a premium and collateral to access the borrowed assets. 

Lastly, the markets (loan, futures, and options) can be tokenized via Non-Fungible Tokens (NFT) to create secondary markets. 

As with many DeFi protocols, it is expected that Deriswap will have a token, and maybe with a limited supply. As a result, DeFi degens are hoping to dive in early. However, the protocol is currently under audit; hence, there’s no official Deriswap token yet. 

Cronje Continues To Explore DeFi

Since YFI’s success, Andre Cronje has become a prominent player in the DeFi ecosystem. The developer is always exploring and “experimenting” with DeFi products, even though some cost investors money due to exploits

Despite the recording failure with Eminence protocol, Cronje’s last project Keep3r Network was quite different as Keep3r’s KP3R token rallied more than 2000%, with the price moving from $10 to over $200 within a few days.

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Source: https://cryptopotato.com/yfis-andre-cronje-unveils-multi-purpose-defi-protocol-deriswap/

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Inevitable: Ethereum Classic’s Latest Hard Fork Called Thanos Scheduled for November 29th

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Less than two months after its latest network upgrade, Ethereum Classic plans to undergo another one on November 29th. Dubbed Thanos, the new hard fork will enhance security while maintaining its compatibility with Ethereum.

Thanos Is An Inevitable ETC Network Upgrade

The Ethereum Classic team would like to quickly forget the summer of 2020. In the span of one month, the network was subject to three separate 51% attacks.

The Ethereum Classic Core developer team and Ethereum Classic Labs decided to counteract the growing securities issues by implementing the Modified Exponential Subjective Scoring (MESS) solution on October 2nd.

MESS went live on the Mordor Testnet after passing “rigorous stress tests and simulated attacks.” It aimed to prevent attacks by making large block reorganizations up to “31x more expensive, removing any profit motive.”

However, the ETC Cooperative and Cardano developer IOHK published a report disputing the claim that the MESS update will provide “robust security.” Moreover, it argued that there’s “no guarantee that further attacks will not succeed.”

The latest response from the ETC developer team and ETC Labs has tapped the Marvel Universe for its name – Thanos.

The statement described the upgrade as an “important milestone for ETC as the network continues to drive innovations that will support existing miners and attract new ones while continuing to maintain compatibility with Ethereum.”

The Next Logical Step

According to the announcement, the Mordor Testnet activation occurred on block 2,520,000 – on October 18th, 2020. The ETC Mainnet activation is expected to take place at block 11,700,000 – around November 29th, 2020.

Consumers need to upgrade their node software to a fork compatible version to Core-geth v1.11.16 or later to ensure the success of the hard fork.

Founder and Chairman of Ethereum Classic Labs, James Wo, believes that the Thanos network upgrade will enhance the security while helping ETC to “distinguish itself and increase functionality for its users.”

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing miners to continue mining ETC and for new miners to join the ecosystem.” – Wo added.

Featured Image Courtesy of SideShow

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Source: https://cryptopotato.com/inevitable-ethereum-classics-latest-hard-fork-called-thanos-scheduled-for-november-29th/

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PayPal CEO: 28 Million Merchants Will be Able to Use Cryptocurrency for Transactions in 2021

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It is now a well-known fact that payments giant PayPal is knee-deep in the Bitcoin market. In today’s interview with CNBC, CEO Dan Schulman explained his rationale behind the world’s top cryptocurrency value. He also elucidated on why his company is placing giant buying bets on BTC.

The Utility Surrounding Bitcoin And Cryptocurrencies Is What Imparts Them Value

Upon being asked to explain the inherent value of bitcoin, PayPal CEO Dan Schulman immediately said that BTC and the aggregated class of crypto assets derive value from their utilities.

Mr. Schulman pointed out a scenario where dependability on cash has dropped 40 – 70 percent due to the ongoing coronavirus pandemic. Central banks, he said, will eventually go digital, converting paper fiat into their electronic counterparts.

The above will, in turn, bolster the utility aspect of cryptocurrencies in a significant way, in the words of the PayPal boss. Also, the company will allow the usage of crypto as a funding source for 28 million merchants on its platform.

“Early next year we’re going to allow cryptocurrencies to be a Funding Source for any transaction happening on all 28 million of our merchants and that will significantly bolster the utility of cryptocurrencies”

Lastly, Schulman pointed out the recipe for the success of cryptocurrencies. He said that the key is in working as a team with regulators.

Square, PayPal, Grayscale Rapidly Lapping Up All Available BTC

As reported by CryptoPotato, Pantera Capital attributed the latest face-melting bitcoin rally to PayPal and Square’s aggressive buying spree.

When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of bitcoins. PayPal and Cash App are already buying more than 100% of all newly-issued bitcoins.

Such is the buying pressure from these financial services heavyweights that it’s causing an acute BTC shortage in the market. Due to the pre-programmed supply mathematics. Which in turn is pushing bitcoin (BTC) prices up.

As per Pantera Capital in a previous report,  the firm estimated that Cash App was picking up 40 percent of all the newly produced bitcoins that miners. Add to this the additional 70 percent BTC supply that PayPal is buying. This results in a 110 percent shopping activity. This, in turn, is creating a net 10 percent shortage.

Also, top institutional investment focused bitcoin and crypto investment fund Grayscale recently logged its best quarter with its stash size growing to 500,000 BTC. This accumulated buying activity explains why prices of the flagship cryptocurrency found their north star and are on their way to reclaiming the previous all-time highs.

Featured image courtesy of LAPM Journal

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Source: https://cryptopotato.com/paypal-ceo-28-million-merchants-will-be-able-to-use-cryptocurrency-for-transactions-in-2021/

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