Crypto World 🐋💰

2024-06-01 18:30:13 Myth: Blockchains are destroying the environment.

Let’s break down this claim. Indeed, proof-of-work blockchains, such as Bitcoin, are environmentally damaging because they need miners to function, and today’s mining farms are housed in huge hangars with endless rows of powerful equipment.

It is important to understand that the entire banking industry (data centers, ATMs, office buildings) consumes much more energy than Bitcoin mining and, therefore, is more environmentally harmful.

Gold mining, by the way, is also extremely energy-consuming and much more harmful than mining.

However!

A solution has long been found: Modern blockchains rarely use the outdated proof-of-work mechanism but instead operate the proof-of-stake consensus algorithm or others, which spend paltry (comparable to Bitcoin) amounts of energy that can not even be considered.

Therefore, environmentalists should not demonize Bitcoin: Our usual airports and the entire aviation industry contribute more to the increase in carbon dioxide emissions.

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2024-05-29 10:01:20 Do you enjoy reading this channel?

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2024-05-28 17:42:44 notcoin to the moon

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2024-05-27 00:57:09 What is Blockchain Scalability?

Scalability is the blockchain network's ability to handle more transactions without slowing down or becoming too expensive. Just like a road becomes congested during rush hour, the blockchain also experiences congestion when too many transactions are processed simultaneously. Scalability aims to make cryptocurrency more accessible, efficient, and user-friendly for everyone.

How to fix scalability issues-
Enlarge blocks to process more transactions simultaneously.
Use payment channels like the Lightning Network to reduce congestion on the main blockchain.
Consider proof-of-stake to require less computational power, thus improving scalability

Scalability is a major challenge in the crypto world, however, networks like Solana and Binance Smart Chain are leading the way with promising solutions.

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2024-05-25 23:20:43 What is Yield Farming?

Yield farming, also known as liquidity mining, is a lucrative practice in the cryptocurrency space where users provide liquidity to decentralized finance (DeFi) protocols in exchange for rewards. By locking up their crypto assets in a smart contract, users facilitate trading on decentralized exchanges or lending platforms, earning additional tokens or a percentage of transaction fees.

Example: One provides liquidity to a DeFi protocol by locking up their Ethereum, earning 5% annual interest in the form of additional tokens. This passive income stream allows them to grow their crypto wealth without actively trading.

Yield farming offers a unique opportunity to earn passive income and contribute to the DeFi ecosystem. However, it's crucial to carefully assess the risks and rewards associated with each protocol to ensure a successful harvest.

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2024-05-24 21:37:09 Understanding Web Wallets

Web wallets offer the convenience of accessing your cryptocurrency funds from anywhere, at any time, through a web browser. They store your private keys on a remote server, allowing you to manage your funds online. However, this convenience comes with a risk of hacking or unauthorized access. To mitigate this risk, choose a reputable web wallet provider with robust security measures like two-factor authentication and encryption.

Here's an example: Let's say you create an account with a web wallet provider and deposit 1 Bitcoin (BTC). You can then use your username and password to log in and access your account balance, send and receive BTC, and perform other wallet functions. When you send BTC from your web wallet, the transaction is signed with your private key and broadcast to the blockchain network for validation. Once confirmed, the recipient receives the funds in their wallet.

Remember to only keep manageable amounts of cryptocurrency in a web wallet and prefer to store larger amounts in more secure offline wallets. Stay safe and secure in the world of cryptocurrency!

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2024-05-23 13:26:56 Crypto Speak: Whitelist and Blacklist

When a new crypto project is launched, it can choose to restrict participation to certain individuals.

Whitelist:

This is a list of wallet addresses that are allowed to participate in the project—i.e., they have the right to buy tokens in the early stages.

To land on a whitelist, participants usually pre-register, go through a KYC process, and meet other project requirements.

Blacklist:

This is a list of addresses that are banned from participating in the project—e.g., wallets associated with fraudulent activity, money laundering, or other activities that the project considers unacceptable.

It looks like a new crypto bull run is on the doorstep, where you’ll come across the word “whitelist” more and more often

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2024-05-22 15:42:59 Mastercard and Kima Take One Step Closer to a ‘DeFi Credit Card’.

Kima and FinSec are collaborating to create a seamless connection between decentralized finance (DeFi) applications and traditional financial systems, such as bank accounts and credit cards.

And also Mastercard announced Wednesday that five startups from around the world will join its Start Path Blockchain and Digital Asset program:
France-based Kulipa
UK-based Parfin
Singapore-based Peaq
U.S.-based Triangle
Belgium-based Venly.

Crypto is taking over the world)

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