Ethena, the protocol for the synthetic crypto native dollar, has announced an airdrop of its governance token, ENA, for participants in its shard campaign. The platform has stated that after a 6-week shard operation, 750 million ENA (which is 5% of the total supply) will be airdropped, with the number of shards held by each […]
Bitcoin News
Bitcoin’s Sats Names Ecosystem Flourishes: 370,000 SNS Names Inscribed
On June 26, 2023, the number of Bitcoin-based Ordinal inscriptions surpassed 14 million, just six days after exceeding 13 million. Inscription activity has continued to rise since then. In addition to text, non-fungible tokens (NFTs), and fungible BRC20 tokens, Ordinal inscription technology has ushered in a new naming standard called Sats Names, built on top of the Bitcoin blockchain.
Bitcoin’s Sats Names Emerge
According to statistics, in June 2023, Ordinal inscriptions surpassed the 14 million mark. As of July 1, 2023, there are now over 14.41 million inscriptions. So far, this trend has provided bitcoin miners with an additional 1,799.65 BTC, equivalent to roughly million in inscription-related fees.
The vast majority (86%) of these inscriptions are simple plain text, while the remaining inscriptions are various file types such as JPGs and PNGs. Furthermore, Ordinal inscriptions have catalyzed the emergence of a new form of Bitcoin-based tokens under the BRC20 standard.
Recently, new concepts such as “rare satoshis” or “satributes” have emerged, along with a new trend known as Sats Names. Sats Names, also referred to as SNS, is a standard for creating human-readable names on the Bitcoin blockchain using Ordinal inscription technology.
This allows users to mint names with appended extensions like .sats and .xbt. For example, a user could choose a name like satoshi.sats or jimmy.sats. The guidelines specify that each ordinal can have only one name, and any UTF-8 character is permissible.
“Capitalization does not matter,” the Sats Names documentation details. “All names will be registered as lowercase. No spaces are permitted within a name.”
To check the availability of a Sats Name, individuals can use the Sats Names API, a web service that allows users to query the availability of Sats Names. Names are obtained on a first-come, first-served basis and can be purchased through various marketplaces focused on Ordinals.
The concept of decentralized name services has been present since Namecoin in 2011, and similar ideas have been implemented on other blockchains, such as the Ethereum Name Service (ENS) standard.
According to the Sats Names documentation, as of June 2023, there have been 250,000 .sats names inscribed, along with an additional 120,000 SNS names inscribed for other namespaces such as .ord, .btc, and .xbt.
The documentation indicates that so far, around 50,000 users currently possess SNS names, and it states that SNS name resolution is supported on the Unisat wallet and Ordinals wallet.
What are your thoughts on the rapid growth of Bitcoin’s Sats Names ecosystem and its potential impact on blockchain innovation? Share your thoughts and opinions about this subject in the comments section below.
Lightning Speed: 5 Ways To Make Money/ Earn Sats Using The Lightning Network
Earning sats for the first time is a magical experience and NewsBTC is here to guide you through it. The Lightning Network gave bitcoin real micro-transactions with extremely low fees. That opened up new avenues for the bitcoin network to expand through, avenues that the world is just beginning to explore. In the following text, we will present seven projects that pay their users or allows them to get tips from the community. In sats, using the Lightning Network.
Unlike most altcoins, bitcoin is truly scarce, has a hard total cap, and wasn’t pre-mined. The rewards that the following projects offer are low compared to million-dollar NFT collections and unreal 20% yields. However, you will earn real bitcoin by exploiting your hobbies. Cross your fingers, let’s hope this first guide has something for you.
Before advancing, though, let’s quote Stacker News’ FAQ for a definition of sats AKA satoshis. “Sats are the smallest denomination of Bitcoin. Just like there are 100 pennies in 1 dollar, there are 100,000,000 sats in 1 Bitcoin.”
1.- Earn Sats Playing Games With Thndr
Go to Thndr, download and play classic games, like Snake, or new and original ones like Turbo84 or Bitcoin Bounce. Because of Android App store’s restrictions, the company can’t give you sats directly. You can earn them, though. “Each ticket you collect is an entry into the daily prize draw. The more tickets that you collect, the more chances you have to win the bitcoin jackpot.”
It certainly beats playing retro videogames and not getting paid for it.
Thndr → https://www.thndr.games/
2.- Get Tips For Your Pictures With Starbackr
Publish your pictures and videos and get rewarded by the community on Starbackr. Tips in sats might not be the ideal way to support creators, but then again, maybe it is. Let’s experiment and see what the market says. And speaking about experiments, it seems like this service is just the first stage and not Starbackr’s final form. The company’s About Us says:
“We build the platform of choice for digital content creators with instant payments, low friction, and free of moral censorship. Building on the Bitcoin Lightning network allows us to deliver a content monetization platform that is dramatically less expensive, faster, and more creator-friendly.”
So, don’t lose faith if you’re not a photographer. We might hear from new services from Starbackr again in the not-so-distant future.
Starbackr —> https://app.starbackr.com/
BTC price chart for 09/01/2022 on Bitstamp | Source: BTC/USD on TradingView.com
3.- Get Sats For Your Content In Stacker News
Stacker News is a bitcoin-focused Hacker News clone that rewards content curation and production. The way it accomplishes this is the fundamental difference between the two sites, “Rather than collecting “upvotes” that are not redeemable or transferable on Reddit or Hacker News, Stacker News users earn sats that can immediately be spent anywhere,” their FAQ says.
Each upvote or comment that your content gets rewards you with 1 sat minimum. Publishing is not free, though, it also costs 1 sat. This is one of the most evolved projects on the list, so there’s an economy around it and the team has developed new functionalities. For example, you can pay to boost your content and users can boost their upvote by rewarding more sats.
Stacker News –> https://stacker.news/
4.- Cut Clips From Your Favorite Podcasts In Fountain
Fountain is a Podcasting 2.0-enabled app that distinguished itself from the crowd by allowing users to earn sats. You can listen to sponsored content and advertisement. Alternatively, you can comment or cut clips from your favorite podcast. If users like those comments or clips, you get a cut. Plus, the satisfaction of aiding in the promotion of your favorite podcast.
Mind you, another possibility that Fountain and similar apps provide is that you can produce a podcast and get rewarded by the community under the Value-for-Value model. The barrier of entry is much higher, sure, but podcasting might be your calling.
Fountain → https://www.fountain.fm/
5.- Trade Derivatives In Sats Through LN Markets
If technical analysis is your forte and fundamental analysis excites you, LN Markets offers an easy way to play the markets. “Trading is done directly from any Lightning wallet and enables super fast access to derivatives markets. Open a position by making a Lightning transaction, close the position and receive the money directly in your wallet,” their FAQ clarifies.
Open a trading position only if you know what you’re doing, though. At least watch a few NewsBTC Daily technical analysis episodes to kickstart your learning process. Or use LN Markets in testnet, which is also possible. Whatever you do, remember that playing the markets comes with inherent risk and that even the most experienced traders suffer devastating losses. Don’t use money that you can’t afford to lose.
LN Markets → https://lnmarkets.com/
Before closing, some of these services assume that you already have a Lightning Network-specific wallet. Go and learn how to set one up before interacting with them. This closes NewsBTC’s first guide to making money through the Lightning Network. If you want more content like this, tell us through NewsBTC’s social media channels.
Featured Image: Bitcoin Bounce screenshot from Thndr Games | Charts by TradingView
NewsBTC
Sats Stats: Bitcoin Grows 37x In Four Years From Today
Bitcoin is in a powerful uptrend, and has brought investors more ROI than any other asset on the face of the planet. In just four years from today, the leading cryptocurrency by market cap has done a 37x.
Here’s a trip back down memory lane looking at how far we’ve come since then, and how far Bitcoin price could rise in the future if things keep on climbing.
Bitcoin Price Action Delivers 37x Returns Since February 2017
Bitcoin is not like other assets. It shares the most similarities with physical gold, but exists only in cyberspace. The crypto asset has been digitally coded so that its supply is limited to only 21 million BTC.
Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google
The digital rarity has prompted investors to consider the asset as a hedge against inflation, much like the role gold has served for centuries. But when it comes to Bitcoin, because it beats gold in just about every way imaginable, the upside in the young cryptocurrency is far better than in other markets, even precious metals.
In fact, in just four years time, Bitcoin has done a 37x. The chart below, produced earlier this morning, cites a 36x increase, but the cryptocurrency has already added another 00 to its price tag while this piece was being written.
Other four year periods have produced even greater results | BTCCharts on Twitter
Four years ago from this date, Bitcoin was trading below ,000 on its way back up from its bear market bottom and onward to ,000. Where it goes next, however, could be shocking.
The Cryptocurrency’s Current Trajectory Means Number Go Up
At one point, Bitcoin was virtually worthless. Other four year phases of Bitcoin price action have also resulted in 53x, 37x, and 125x returns. The boom and bust cycles each time attract new participants.
Four years was chosen as a sample size, as that’s how often each block reward halving takes place. The event is built into the Bitcoin core code and the mechanism reduces the amount of BTC miners received at these regularly scheduled intervals.
Bitcoin has a lot more to go during this phase | BTCUSD on TradingView.com
This mechanism is the magic that makes the internet money so much more interesting than gold. In gold bull markets, miners increase productivity and output to produce more ounces of the precious metal, flooding the market with more and more supply. Supply eventually is enough to meet demand, and momentum begins to trail off.
Related Reading | Data Shows Dogecoin Pump Was Driven By Robinhood Buyers
With Bitcoin, when demand begins to rise, supply is slashed in half, causing the price to rise exponentially and go parabolic. This dramatic movement is what sucks more and more investors in, and is exactly what we are witnessing again.
The current rate of return is 37x in four years. What will it be in the next four years?
Featured image from Deposit Photos, Charts from TradingView.com
Video StormX CEO Simon Yu on Micro Rewards and Sats Back in Bitcoin
StormX CEO Simon Yu wants to provide thousands of bitcoin in sats-back rewards through the StormShop app and expand to Europe and Asia in 2020.nThe post Video StormX CEO Simon Yu on Micro Rewards and Sats Back in Bitcoin appeared first on Bitcoin Magazine.n
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Stacking Sats or Xmas Charity? Billionaire Philanthropist Loads Up on Bitcoin
A billionaire internet philanthropist claims to have just bought 12 Bitcoin. Bill Pulte, the grandson of successful property developer William John Pulte, is known for extravagant online giveaways in which he bestows chunks of money on random Twitter followers.
Pulte recently came out as a big fan of the peer-to-peer digital monetary system. He celebrated this in August by adding Bitcoin as a means by which to transfer funds to the beneficiaries of his online raffles.
Is Billionaire Philanthropist Preparing for a Christmas Bitcoin Giveaway or Just Stacking Personal Sats?
Bill Pulte shot to fame this summer for his random acts of internet philanthropy. Calling the giveaways #TwitterPhilanthropy, the billionaire has been donating sizeable chunks of money to random followers via CashApp. Perhaps most famously, he said he would donate ,000 to a military veteran if President Trump retweeted his status. Trump obliged and Pulte paid up.
Pulte’s fortune comes largely by way of inheritance. He received an unknown sum of money after the passing of his grandfather, William John Pulte. Pulte Sr. was the founder of the property development giant PulteGroup and a billionaire himself.
More recently, Pulte Jr. seems to have been getting into Bitcoin as a means of giving. In August, he offered a whole Bitcoin or the fiat equivalent to a random follower that retweeted the following post:
I will give ,294 or a Bitcoin to someone random who retweets this in the next 72 hours (must be following me so I can dm you)
— Bill Pulte (@pulte) August 10, 2019
Last month, he felt the need to explain his sudden embrace of Bitcoin donations. He tweeted that he was actually a big fan of peer-t0-peer systems and called them “the way of the future”. For him, Bitcoin complements the “decentralised philanthropy” efforts he has been behind so far:
The reason that I gave away Bitcoin on the internet is that I believe that peer-to-peer systems are the way of the future. We've been Decentralizing Philanthropy to become peer-to-peer, which helps more people.. faster. I'm using my money to help us blaze new frontiers. Join us!
— Bill Pulte (@pulte) November 5, 2019
Today, Pulte announced that he has just bought a total of 12 Bitcoin. Originally, the billionaire tweeted that he had bought 11 Bitcoin. However, in response to a reply on the post, he said he’d added another to his stash. He did not disclose why he bought the Bitcoin, worth more than ,000 at the time of writing.
I recently bought 11 bitcoins
— Bill Pulte (@pulte) December 12, 2019
Many of the responses to the above tweet congratulated Pulte on his new holdings. Investor and crypto analyst Turr Demeester @TurrDemeester) told him that only a maximum of two million other people on the planet would ever be able to boast more Bitcoin by virtue of its limited supply. Others commended Pulte on his decision to go with Bitcoin instead of some other crypto asset.
However, given its timing, Pulte’s purchase might not be a personal investment. Just 12 days before Christmas Eve and with the individual known for spontaneous acts of giving, it might be that he’s preparing for some form of Christmas Bitcoin giveaway.
Related Reading: Bitcoin Faces Another Rejection, But Here’s Why the Bull Case Remains Strong
Featured Image from Shutterstock.
The post Stacking Sats or Xmas Charity? Billionaire Philanthropist Loads Up on Bitcoin appeared first on NewsBTC.
LightningCashback Wants to Replace Fiat Change With Sats
A proof-of-concept developed at a hackathon in Portugal could replace fiat change with Lightning-delivered sats.nThe post LightningCashback Wants to Replace Fiat Change With Sats appeared first on Bitcoin Magazine.n
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Jack Dorsey You Can Buy a Fraction of Berkshire Stock or Stack Sats
n Stacksats or purchase stock fractions from Bitcoin basher Warren Buffett with Cash Apps new investment product, says Jack Dorseyn
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Sats Back How the Ebates of Bitcoin Plans to Convert Holders to Spenders
n nn nn The biggest problem I could think of was distribution. How do you share and educate both consumers and merchants on the power of bitcoin I learned how much consumers loved earning and why merchants make decisions to adopt new technology.Given his experience as an e-commerce professional, Alex Adelman, co-founder and CEO of Lolli, should know. After graduating from the University of North Carolina at Chapel Hill in 2011, the entrepreneur started Cosmic, an
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