PRESS RELEASE. April 15th, 2024 –– Aligned Layer has successfully raised .6 million in a funding round led by Lemniscap, a VC firm specializing in emerging crypto assets and early-stage blockchain startups. The round also won investment from Paper Ventures, Bankless Ventures and industry angels. The raise marks a significant milestone in Aligned Layer’s mission […]
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Getting Cheaper, Getting Higher? Ethereum Dencun Upgrade And The Potential For ETH To Rise Back Above $4,000
The highly anticipated Dencun upgrade for the Ethereum (ETH) ecosystem is on the horizon, promising to bring significant cost reductions and notable changes to Layer 2 (L2) networks. The update, scheduled for March 13, will introduce a new data storage system known as blobs, reducing congestion on the Ethereum network and driving key new features in various areas.
Ethereum Dencun Upgrade
As highlighted in a recent Bloomberg report, Dencun aims to reduce the cost of Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base by enabling previously costly transactions to become significantly cheaper.
In particular, transactions that used to cost can now cost as little as one cent, the report notes, while others that used to cost cents can be reduced to a fraction of a cent. This cost reduction is expected to improve the end-user experience greatly and is a significant improvement over previous upgrades such as the September 2022 “Merge.”
One of the most crucial aspects of the Dencun upgrade is the introduction of blobs, a new type of data repository for Layer 2 networks. Currently, Layer 2 blockchains store their data on the Ethereum network, leading to substantial storage costs passed on to applications and users.
However, with blobs, Layer 2s will store their data for a significantly shorter period, about 18 days, resulting in lower costs. While this shift sacrifices storing a complete record of all transactions forever, it frees up more space on the Ethereum network for other transactions, reducing congestion.
AI-Driven Trading Strategies
According to the report, introducing blobs through the Dencun upgrade also paves the way for using artificial intelligence (AI) in various applications. For example, games can incorporate AI-driven non-player characters, enabling advanced gameplay capabilities and a deeper experience.
In decentralized finance (DeFi), automated market makers can incorporate “complex trading strategies” driven by AI models. This newfound flexibility and complexity are expected to foster innovation and drive the development of advanced applications in the Ethereum ecosystem.
In addition, the Dencun upgrade is expected to reduce the operating costs of Layer 2 chains significantly. Previously, launching and operating a Layer 2 project required considerable venture capital backing. However, Bloomberg reports that with the cost reductions brought about by Dencun, small teams may be able to launch and maintain Layer 2 chains.
While the adoption of blobs and the associated cost advantages are expected to drive immediate benefits, it is worth noting that the cost of blobs may increase over time as demand grows.
How Could Dencun Boost ETH Price?
While the price of ETH has corrected by over 3% in the past 24 hours, resulting in a current trading price of ,916, the Dencun upgrade holds the potential to have a positive impact on its price.
The upgrade aims to significantly reduce costs for Layer 2 networks and enhance the overall user experience, making Ethereum a more appealing platform for decentralized applications (dApps) and other use cases. By lowering transaction fees and improving scalability, Dencun could attract more users and developers to the Ethereum ecosystem, potentially driving up demand for ETH tokens.
Despite the ongoing correction, it is worth noting that the current price of ETH is not far from its two-year high of ,084. However, it’s important to consider that the price has formed a double top pattern on the daily time frame for two consecutive days, which may present a near-term hurdle for ETH’s price. The market’s reaction and the ability of ETH to surpass its nearest resistance level remain to be seen.
Featured image from Shutterstock, chart from TradingView.com
Blockchain Gaming Enthusiasts Can Now Swap ATRI Tokens Faster And Cheaper Using SpookySwap
Blockchain technology has use in cases beyond cryptocurrencies. It is being used in every industry; be it finance, supply chain, Internet of Things (IoT), and cybersecurity, among others.
What about the gaming industry?
As gaming enthusiasts, we all wish to play games using cutting-edge technologies like blockchain. And what’s better than our favorite classics powered by blockchain?
Atari, the game developer behind games like Tetris, Pong, and Pac-Man, is now diving into the blockchain space with their native cryptocurrency (ATRI) and blockchain-powered VCS gaming console.
In this article, we will discuss Atari’s blockchain endeavors in detail.
- What is Atari Chain Token, and why does it have value?
- How is SpookySwap allowing users to swap Atari Chain tokens at near-zero cost?
The Gaming Industry Will Undergo A Crypto Makeover, All Thanks To Atari Chain
Atari is the gaming behemoth that created classic games like Tetris, Pong, and Pac-Man. They popularized video games in arcades in the 1970s and brought our favorite games into our homes with gaming consoles.
Well, Atari was having a hard time in the gaming space it once dominated
Don’t worry. Your classic games are now coming on the blockchain. Yes, you heard that right. Atari Chain is plotting a massive comeback with their new Atari VCS console, resort hotels, and most importantly, their cryptocurrency.
For now, let’s focus on Atari Chain’s token, what is ATRI
ATRI is an Ethereum-based (ERC20) crypto token that will be used as a currency for several entertainment services, including games, gambling, and betting platforms. The token is developed by Atari Chain Limited, a subsidiary of Atari.
The project launched their native token ATRI on October 30, 2020, through Bitcoin.com. The company raised a whopping .5 million in the token-presale.
Why Does ATRI Have Value?
The team is attempting to position ATRI as the de-facto mode of payment for video games, gambling, betting, and other entertainment services.
For this, it has partnered with major online gaming services that will accept Atari Chain Tokens on their platforms. Atari has collaborated with Karma The Game of Destiny, an adult-focused social platform, and Unikrn, a sports and esports betting service. The blockchain gaming network Arkane will also accept Atari Chain tokens on its platform.
Moreover, Atari Chain will also expand their native gaming ecosystem by launching a casino and betting platform – in their Atari Chain Universe.
The major highlight of Atari’s blockchain makeover is their Atari VCS console. It is a blockchain-powered hybrid console and PC, allowing you to play high-definition games, stream videos, and much more. In addition, Atari VCS will support Atari Chain Token allowing users to buy games and pay for services using Atari Chain tokens.
Swap ATRI Tokens In A Fraction Of A Penny Using SpookySwap
You can buy ATRI tokens from Bitcoin.com exchange and Uniswap. Well, Bitcoin.com and Uniswap exchange will cost you a few dollars in transaction fees. Uniswap is built on Ethereum, where transaction fees were as high as in mid-May this year. As of June, the transaction fees have dropped to .42.
Well, what if I tell you that buying Atari Chain tokens will only cost a fraction of a penny in transaction costs?
Enter SpookySwap!
SpookySwap is a decentralized exchange built on the Fantom blockchain. Here, you can swap tokens, provide liquidity, and stake crypto tokens.
Well, thanks to Fantom, you can swap crypto tokens on SpookySwap within seconds at the lowest fees.
SpookySwap listed ATRI tokens on July 14, 2021. This was a massive push to ATRI adoption, as users can now swap ATRI tokens while saving on transaction costs.
As you know, you need some crypto in your wallet to swap them against ATRI tokens. You must be wondering – What if I have some crypto tokens on another blockchain, say BSC or Ethereum? How can I transfer them to Fantom?
SpookySwap has made transferring cryptocurrencies across blockchains a breeze. SpookySwap’s bridge allows you to transfer crypto tokens from Ethereum or BSC to Fantom easily, and from Fantom to Ethereum or BSC. AnySwap powers this bridging.
Once you have your crypto tokens on the Fantom network, you can swap them for ATRI tokens using SpookySwap. And guess what, bridging everything (except for FTM) into Fantom using SpookSwap is free of cost.
Atari Chain has massive plans for its native crypto token. From partnering with major gaming platforms to launching their native gaming, casino, betting services, and blockchain-powered VCS console, ATRI is going all-in for making their crypto token a massive hit. If all this goes as planned, the token will sooner or later establish itself as the ‘gaming currency.’
4 Key Factors Why Ethereum Gas Fees Could Get Cheaper
Ethereum has the biggest gains on the daily chart for the main cryptocurrencies by market cap. At the time of writing, ETH is up 4.9% and trades at .328,58. With sideways movement in the weekly and 46.7% gains on the monthly chart.
![Ethereum ETH ETHUSD](https://www.newsbtc.com/wp-content/uploads/2021/04/Ethereum-ETH-ETHUSD-6-860x424.png)
More appreciation for ETH seems to be imminent. The network appears to be solving a “disadvantage” that has been leverage by its competitor to gain market share, high transaction fees. Data from EthGasStation indicates that a fast or standard transaction has a cost between 45 to 50 gwei.
As shown in the chart below, ETH’s gas fees are on a decline since April 20th. At that moment, this metric soared to an average of , their highest cost since February 2021. The trend appears to be reversing and the metric is close to its lowest point this year with an average cost of .22 per transaction.
![Ethereum ETH ETHUSD](https://www.newsbtc.com/wp-content/uploads/2021/04/Ethereum-ETH-ETHUSD-9-860x329.jpg)
Co-founder of EthHub, Anthony Sassano, believes there are 4 main reasons for fees getting cheaper: the increase in the gas limit (block size) by 20%, a cooled down on the crypto market, implementation of second-layer solutions, and the adoption of Flashbots. The latter seems to be playing a major role.
As reported by NewsBTC, Flashbots is an organization that develops tools to reduce and improved defends Miner Extractable Value (MEV). They are the opposite of Priority Gas Auction (PGA) since Flashbots have a positive effect on reducing gas’ cost. The organization defends a “transparent” MEV ecosystem.
As reported by pseudonym developer “Stephane” there is close to 72.22% of Ethereum hashrate has onboarded to Flashbots and their tools. Miners used them to maximize their rewards. This metric has seen almost a 15% increase over the past two weeks.
![Ethereum ETHUSD](https://www.newsbtc.com/wp-content/uploads/2021/04/Ethereum-ETHUSD-1.png)
The Future of Ethereum Gas Fees
The implementation of EIP-1559 with Hard Fork London has triggered a lot of discontent from the miner sector. Others have been dedicated to finding new ways to maximize their profits. As investor Spencer Noon said, Flashbots could become a backbone of ETH’s new fee market:
Been diving into the early #Flashbots data and *good lordy* $ETH miners just got gifted an incredible new source of revenue. ~5% extra revenue per block and that figure is only going to continue climbing. Few understand how profound an impact this has on $ETH’s security budget.
In addition, Ethereum investor Aftab Hossain believes EIP-1559 could reduce transaction biddings wars and stabilize fees costs. On top of this, some negative MEV strategies could become unprofitable to the benefit of Flashbots.
However, Hossain expects fees to be “scale back up” to current levels as Ethereum’s blockchain is used for more purposes. Therefore, increasing the demand, at least for the short term as sharding and new features on ETH2 are under development. Hossain said:
never mind the fact that L1 will still be used for a variety of tx’s because it has unique composable utility and value L2s may not be able to offer for some time.
Finastra Joins RippleNet to Support Cheaper Cross-Border Payments
n British financial software firm Finastra joins RippleNet, a global blockchain payments network with over 200 membersn
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Binance CEO: Crypto Cheaper, Faster & Easier Than Legacy Digital Payments
Crypto, Bitcoin (BTC) included, is slow, expensive, and hard to integrate, cry this industry’s skeptics. While this argument has gained traction in recent years, especially as blockchains struggled to keep up with the transactional demand seen in late-2017, some aren’t all too convinced.
In a recent tweet, Changpeng “CZ” Zhao of Binance explained why he believes it is economically, logistically, and socially logical for Internet-centric retailers and entrepreneurs to accept cryptocurrencies, whether it be BTC, Ether, or otherwise, as a bonafide payment method.
Related Reading: Why This Billionaire Investor is Betting on a Project Bringing Bitcoin Payments to Starbucks
Crypto As A Medium Of Digital Exchange Makes Sense
Zhao, a long-time participant in the crypto and fintech industries, recently noted how it doesn’t make sense to him that many Internet (non-brick and mortar) businesses don’t accept cryptocurrencies for payments.
For any internet (non-physical) based business, I don't understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.
— CZ Binance (@cz_binance) February 2, 2019
In fact, Zhao, formerly of Blockchain.com and Bloomberg, noted that in his eyes, cryptocurrencies are not only more cost-effective, but easier to integrate and faster in terms of transaction finality, when compared to traditional payment gateways. Moreover, traditional digital payments, especially those routed through rent-seeking Silicon Valley darlings like PayPal, often require copious paperwork & KYC, while lacking the global accessibility that Bitcoin provides.
The Binance chief’s comment comes after Jason Smith, a crypto investor, claimed that BTC is already used as a form of digital money. In an extended rant on Twitter, Smith noted that merchants on Dream Market, a darknet-based market, actively want to accept BTC, quipping that they have no intentions to liquidate their digital assets for U.S. dollars. Smith even went on to cite anecdotal evidence he has gathered to note that thousands of users on Gum Tree, Australia’s Craigslist equivalent, accept cryptocurrencies, even while the broader market has collapsed.
And as such, the industry participant concluded that BTC “already is money,” and doesn’t need an exchange-traded fund or product of caliber to surmount that goal.
Bitcoin Adoption In Commerce Is Nearing
CZ’s comment regarding crypto adoption with online merchant comes after Pat Chirchirillo, a financial advisor at Philadelphia-based McAdam Financial, lauded this nascent asset class for being much cheaper than processes executed via the legacy financial system.
As covered by NewsBTC previously, Chirchirillo, who has seemingly expressed no love towards Bitcoin previously, noted that he was charged by Bank of America for having made more than six transfers between his savings and chequing account within a month’s time. Although this wasn’t directly the fault of the Wall Street giant, as the fee was imposed by finance legislature, the financial advisor noted that the incumbent financial ecosystem was 3,233% more expensive than cryptocurrencies, which would have dinged him with ~.3 in fees for those same transactions.
While cryptocurrencies have yet to see monumental levels of adoption on Internet portals/stores, this facet of this budding industry has already garnered some semblance of backing. BitPay, the foremost crypto-centric payment service provider based out of Atlanta, recently released its 2018 debrief. In a press release, the company revealed that over the course of 2018, it processed over billion in payments for the second time, while also setting a transaction fee record by securing clients like Dish Networks, HackerOne, and the State of Ohio.
Speaking on the matter with a positive tone, Stephen Pair, the chief executive at the long-standing blockchain upstart, stated:
“To process over a Billion for a second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”
And with the launch of Bakkt — which isn’t only a Bitcoin futures provider, but a multi-faceted upstart too — being right around the corner, many believe that adoption in commerce will only continue in the years to come. The rise of the Lightning Network may also catalyze on-the-fence merchants to accept BTC, as the scaling solution, which recently passed a notable milestone, can facilitate instant, low-cost, and scalable Bitcoin transactions.
Featured Image from Shutterstock
The post Binance CEO: Crypto Cheaper, Faster & Easier Than Legacy Digital Payments appeared first on NewsBTC.
Bitcoin Price Analysis: Regulation D means BTC Withdrawals are Cheaper
- Bitcoin price drop, yet to clear above Jan 30 highs
- Regulation D means Bitcoin transactions are 3,233 percent cheaper than bank withdrawals
- Transaction volumes low to warrant longs
Even with waving prices, we are optimistic of a recovery. From the chart, it appears that bulls have a chance thanks mostly to favorable candlestick arrangement. In the long-term, BTC is bullish and sparking this demand is users realizing the cost-saving aspects behind BTC.
Bitcoin Price Analysis
Fundamentals
Traditional financial institutions—mainly banks—prefer their customers to save rather than spend. There’s even a federal rule, Regulation D, in place to encourage citizens to open savings accounts. If citizens don’t, then it is likely that banks won’t meet the minimum reserve requirement. That’s three percent for banks with million and seven percent for those with 2.3 million.
This three or seven percent are drawn directly from vaults and sometimes supplemented from the Federal Reserve Bank deposits. The same regulation also limits customer withdrawal from their savings account to six.
Bank of America just charged 10 dollars because I made more than 6 transfers between savings and checking this month. 6 transfers with crypto would cost about 30 cents. That's 3,233% more expensive
Long Bitcoin, short the Bankers @APompliano #disruption #RentSeekingMiddlemen
— Pat Chirchirillo (@PatChirchirillo) January 30, 2019
Those who exceed this limit are usually warned, or their account is frozen until they reclassify their account. However, that won’t spare them from high bank charges like one Pat Chirchirillo found out. NewsBTC covered the story, but at the end of the day, he realized that banks are 3,233 percent more expensive to withdraw from that Bitcoin.
Candlestick Arrangements
Meanwhile, Bitcoin prices are stable and trending inside Jan 30 high low. In the short-term, it is clear that bulls are in charge, but even with that stand, it is better to stay neutral until prices edge past ,800. That will not only thrust prices above recent accumulation but trigger risk-off traders. High volume up-thrust exceeding 20k would be ideal. Only then will bulls be justified to ramp up in lower time frames.
Technical Indicators
From the chart, Jan 19-20 is a dark cloud cover and a double bar bear reversal pattern whose draw-down lead to a meltdown below the upper support zone at ,700. Besides, after Jan 20, there was an invalidation of the double bar bull reversal pattern of Jan 13-14. Therefore, it is paramount for bulls to build enough momentum and rally above Jan 20 with high volumes preferably exceeding those of Jan 10’s 35k. After that, the first targets will remain at ,500 and later ,000. Any drops below ,500 could pile pressure on BTC.
The post Bitcoin Price Analysis: Regulation D means BTC Withdrawals are Cheaper appeared first on NewsBTC.
Blockchain Travel Service to Offer Hotels 20 Percent Cheaper Than on Booking.com or AirBnb
n This service is aiming to switch to a zero percent commission on retail bookings model by utilizing smart contracts. SPONSOREDn
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Bitcoin is 300 Times Cheaper Than Wire Transfers, Banks Take 83% Profit
Since 2017, so-called “experts” in the finance sector have criticized Bitcoin for being too expensive. Yet, banks are pocketing 83 percent profit on every wire transfer.
According to Bank of America’s official data, the 2 billion bank charges for outbound domestic wire transfer and for outbound international wire sent in foreign currency.
But, Fedwire, the official real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows banks to electronically transfer funds, charges .25 per transaction.
Hence, banks, including Bank of America, are profiting .75 per transaction, which adds up to a 83 percent profit margin per transaction.
Bitcoin is 300 Times Cheaper
The transaction fee of Bitcoin reached its peak in November and December of last year, when the demand for cryptocurrencies demonstrated unprecedented levels. The price of Bitcoin surpassed ,000 as the valuation of the crypto market neared a trillion dollars.
At the time, every major cryptocurrency was struggling to deal with scalability issues, as blockchain systems were not ready to handle a million transactions per day.
Over the past eight months, throughout the bear market, the open-source developer community of Bitcoin, Ethereum, and other major cryptocurrencies have worked on the scalability aspect of public blockchain networks.
Bitcoin integrated SegWit and Lightning while Ethereum is in the process of implementing Sharding and Plasma. These scalability solutions are expected to expand the transaction capacity of blockchain networks by a large scale in the months and years to come.
Already, since January, the transaction fee of Bitcoin has substantially declined to less than . The median fee of Bitcoin hovered at around .1 per year, which is only 40 percent of the base fee of Fedwire and 300 times cheaper than the wire transfer fee of major banks in the US.
Because of one short period in 2017 when the cryptocurrency market experienced an unforeseen spike in demand and interest, the narrative around Bitcoin’s expensive fees has intensified. But, as portrayed by the yearly median transaction fee chart of Bitcoin, it is evident that cryptocurrency payments, even in an early development phase of blockchain technology, is substantially cheaper than banks.
Will Get Cheaper
With cryptocurrencies, the value of the transaction does not change or affect the fee of the transaction. As an example, a user sending million in BTC and a user sending for a cup of coffee in BTC will pay the same amount of fee, as long as the input and output size are identical.
In the banking sector, to pay a million dollars, users to have to cover thousands of dollars or sometimes tens of thousands of dollars to ensure the payment goes through, which is the primary reason behind the rapid adoption of Bitcoin in the industries of real estate and art.
As Dr. Garrick Hileman, an economic historian at the University of Cambridge and the London School of Economics, said:
“If you’re only paying a transaction fee on a piece of art that’s worth tens of thousands, the fee is basically zero. But if you’re paying two or three percent on a piece of art of that value, then the numbers can go up quite a bit.”
The post Bitcoin is 300 Times Cheaper Than Wire Transfers, Banks Take 83% Profit appeared first on NewsBTC.
New York State Approves a Bid to Provide Cheaper Electricity to Crypto Miners
Despite worries about cryptocurrency mining — from the impact that it can have on the environment to the potential impact it can have on the rates for other local electricity consumers — the state of New York has approved a bid to provide cheaper electricity to miners.
State of Crypto Mining in New York
Yesterday, as reported by Bloomberg, state regulators approved a motion that would create a new rate structure specifically for cryptocurrency miners looking to negotiate a better deal on electricity.
Massena, a town in Upstate New York, will allow its municipal utility to review contracts on an individual basis for miners, which will serve to protect other residents from an increase in rates from grid usage.
The news is surprising as it comes after a decision in March that saw 36 state municipalities increase rates for individuals and firms mining the coins.
Because of the accessibility of cheaper hydro-electric power, New York has become something of a hot spot for mining. Other locales, from Iceland to Quebec to China, are also attracting miners, but locals in these municipalities are concerned that they will soak up low-cost hydropower supplies and raise power bills for everyone. This has left local governments — including New York’s — trying to strike a balance between attracting new business and protecting residents from rising energy costs.
“We must ensure that business customers pay a fair price for the electricity that they consume,” John Rhodes, chair of the New York State Department of Public Service, said in a statement. “However, given the abundance of low-cost electricity in Upstate New York, there is an opportunity to serve the needs of existing customers and to encourage economic development in the region.”
It’s the hydroelectric dams in Upstate New York that have made it possible for municipal utilities to supply power to customers for just pennies per kilowatt-hour. In Massena, for example, residential customers pay about 3.9 cents a kilowatt hour. By comparison, residential electricity rates average about 13 cents nationally.
In March, Plattsburgh, another small city in Upstate New York, became the first to impose a moratorium on the power-hungry cryptocurrency mining operations there for 18 months. Plattsburgh was charging miners an average of 2.6 cents a kilowatt-hour at the time.
In relation, also earlier this year, the New York state Department of Public Service cleared an association of 36 municipal power agencies, including Plattsburgh’s, to charge miners higher rates because of the huge volumes of electricity they use.
Featured image from Shutterstock.
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