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Where is my Bitcoin?

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Blockchain.com

You’ve just bought Bitcoin. What now?

Now that you have purchased your first bitcoin it’s a good time to review exactly what you’ve just bought, and how to safely store it.

To begin, consider that while it’s easier to think about a bitcoin as an object existing somewhere in cyberspace, this is not exactly the case. It’s more like a balance in an account, known as a wallet. The list of all wallets and their balances is called the blockchain.

Wallets can be thought of as the basic structure of Bitcoin. If you control a wallet, no one can take it away from you without your permission. It is the most secure way to hold a currency or asset in history. Controlling a wallet takes some work and knowledge, but as a Bitcoin user the option is always there for you.

An easier method for new users would be to trust a company like us to hold them for you. Here’s how that works.

You just bought bitcoin through Blockchain.com, or some other provider. That means you have an account with the service you used, and they show you the balance of bitcoins you have.

You own these coins, and we will be happy to send them wherever you like. But it is important to remember that we are holding your coins for you. You trust us. The wallet on the bitcoin blockchain that controls these coins is controlled by us, not you. When you ask us to send your coins somewhere, we make a transaction on the Bitcoin blockchain on your behalf.

Sound familiar? This is similar to how the financial system has worked for ages. You trust the bank to hold your money and when you make a payment you are authorizing them to move it on your behalf.

With Bitcoin however, the revolutionary concept of self-custody becomes possible. The tools are available to you, through longtime trusted services like Blockchain.com, to actually create your own wallet address on the Bitcoin blockchain that you and you alone control.

If you do this, you don’t have to trust anyone, not even us, to keep your bitcoin safer than you can.

You could have 100% control of when and where your bitcoin moves. You can sleep tight knowing that no matter what happens to any cryptocurrency company, you will always have access to your bitcoin. That advantage comes with risks. You could improperly secure your wallet. If that happens and you lose your bitcoin, there is no recourse. In other words, this is an advanced concept but it is worth learning.

There are many factors that go into cryptocurrency storage decisions. There is an ever growing set of standards and practices for securing cryptocurrency that can get as extreme as vaults built into mountains in Switzerland. Or as simple as a private key wallet made through Blockchain.com.

It’s up to you to learn what solution works best for you.

Don’t have a Blockchain.com Wallet yet? Create one today at blockchain.com/signup.

Source: https://medium.com/blockchain/where-is-my-bitcoin-21f028f7da4c?source=rss—-8ac49aa8fe03—4

Blockchain

Aave hits record $288 high as demand for flash loans and staking increases

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Aave (AAVE) price has been on an absolute tear for weeks and today the DeFi-token rallied to a new all-time high at $288.90. 

The decentralized finance protocol is one of the most popular in the market and the recent rally in the DeFi sector is one of the driving forces behind AAVE’s rally.

AAVE/USDT 4-hour chart. Source: TradingView

At the start of 2021, AAVE price was trading at $83 and the recent rally appears to have bolstered the protocol’s surging total value locked, increasing buy volume on spot and derivatives exchanges and the continued development of Aave’s lending platform and flash loan issuance.

TVL soars to a new high

Data from DeFi Pulse shows that Aave’s TVL rose from $2.03 billion on Jan. 1 and as (BTC) and Ether (ETH) price went parabolic Aave’s TVL also surged.

Total value locked on AAVE. Source: DeFi Pulse

Currently, Aave’s TVL sits at a new all-time high of $3.75 billion, making the platform the second-largest DeFi platform by TVL behind Maker (MKR).

The steady addition of new tokens to the lending and borrowing protocol increases the likelihood that its TVL will continue to rise and help AAVE retain its standing as one of the top DeFi projects in the cryptocurrency space.

Staking drives demand for AAVE token

AAVE’s trading volume also surged at the beginning of 2021, increasing from $200 million on Jan. 3 to a high of $928 million on Jan. 16.

AAVE price vs. Reported trading volume. Source: TheTIE

As AAVE price reached a new high, it’s 24-hour trading volume notched a record $1.06 billion. This volume surge is partially driven by investors acquiring more tokens for staking, with 26.8% of the total supply of AAVE currently staked on the platform earning an APY of 6.1%

Flash loans attract investors

Another reason for AAVE’s recent surge is the growth of its flash loans.

Flash loans allow cryptocurrency holders to collatoralize their portfolio to fund other purchases or new crypto purchases. The loans also help investors utilize the value in their tokens without the need to sell see them and create a taxable event.

Since launching flash loans less than 12 months ago, more than $1.7 billion have been issued and it’s expected that this figure will increse as the crypto bull market progresses.

Total flash loan issuance to date on AAVE. Source: Messari

As can be seen in the chart above, the most dominant token requested for flash loans is the DAI stablecoin, followed by USDC and ETH. Data from Messari shows that Aave issued $25 million in loans in the first half of 2020, $500 million in Q3, and nearly $1 billion in Q4, including $450 million in December.

The expansion of the flash loan concept will likely attract more users to Aave, especially since they can be used for arbitrage opportunities between DEXs, collateral swaps, self-liquidations and a variety of other applications within the DeFi sector.

Source: https://cointelegraph.com/news/aave-hits-record-288-high-as-demand-for-flash-loans-and-staking-increases

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Blockchain-based-video-game

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Ethereum and the broader cryptocurrency market have seen mixed price action over the past few days and weeks. Ethereum Price is Surging Despite the selling pressure it has experienced at $1,200, ETH beat all odds and surged beyond $1,400, recording a new all-time high at $1,423.38.  At press time, the…

Source: https://btcmanager.com/Blockchain-based%20video%20game%20community%20and%20development%20platform,%20Enjin%20(ENJ)%20witnesses%20the%20launch%20of%20the%20highly-anticipated%20dark%20sci-fi%20action-adventure%20game,%20Age%20of%20Rust./

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Blockchain

Cryptocurrency makes World Economic Forum’s Davos Agenda

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The World Economic Forum’s upcoming Davos Agenda will feature two separate sessions on cryptocurrency, offering another compelling sign that digital assets have permeated mainstream consciousness. 

The sessions, titled Resetting Digital Currencies, will be held on Monday and Thursday. The first session will feature five public speakers, including Bank of England Governor Andrew Bailey and Hikmet Ersek, president and CEO of Western Union.

Thursday’s group features four speakers, including Tharman Shanmugaratnam, a senior minister for the government of Singapore, and Zhu Min, chairman of the Beijing-based National Institute of Financial Research.

“COVID-19 has accelerated the long-term shift from cash,” reads the prospectus for both sessions. “Meanwhile, central bank digital currencies are emerging, potentially transforming how people use money worldwide.”

It continues:

“What policies, practices and partnerships are needed to leverage the opportunities posed by the rise of digital currencies?”

Davos Agenda is a five-day summit featuring some of the world’s leading figures in finance and government. The cryptocurrency series falls under the summit’s “Fairer Economies” theme. Other themes include “Tech for Good,” “How to Save the Planet” and “Healthy Futures.”

The World Economic Forum is devoting more resources to understanding blockchain technology and cryptocurrency. The Geneva-based organization has even created a cryptocurrency working group, which only last month published its inaugural review focusing on the various use cases for digital assets “beyond price and speculation.”

The Forum’s research has cited blockchain technology as a key driver of “sustainable digital finance.” Blockchain and smart contract capability, the Forum’s researchers argue, can unlock “hidden values of legacy digital systems.”

Central bank digital currencies, or CBDCs, are one area of research the Forum has delved into over the past 18 months. In Jan 2020, the Forum announced it had developed a framework to help banks “evaluate, design and potentially deploy CBDC.” The framework was developed in conjunction with over 40 central banks, financial institutions and academic researchers.

Source: https://cointelegraph.com/news/cryptocurrency-makes-world-economic-forum-s-davos-agenda

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