Advantages of crypto-loans over bank loans
BaksDAO provides users with liquid funds collateralized by cryptocurrencies.
To get a loan, collateral in one of the available cryptocurrencies is required. The borrower will also receive funds in crypto, which can then be converted into fiat or other cryptocurrencies.
The amount of collateral is calculated by the LTV (loan to value) ratio - the ratio between the amount you receive and the amount of collateral.
If the rate of collateral currency suddenly goes down (or the rate of loan currency goes up), the LTV will go down.
The size of the loan depends on the collateral coin: the more stable the cryptocurrency, the higher the loan amount. For example, if a user pledges $1000 in bitcoins or Ethereum, he can get $650 in stablecoins or 65% of the pledge amount.
What are the benefits of crypto-loan?
💸 Convenience. Banking systems use complex algorithms to assess a customer's ability to pay. The borrower needs to collect an impressive package of documents, which takes a lot of time and effort to collect. With crypto-loans, everything is much easier. All you need to do to get a loan from BaksDAO is to connect your wallet. You can get a loan from anywhere in the world at any time of the day or night in just a few minutes.
💸 Interest rate. BaksDAO charges up to 10% APR. APR annual percentage rate: the actual annual cost of borrowing, including - in addition to the nominal interest rate - commissions and other costs.
💸 Maturity. By taking a loan from a regular bank, the borrower obligates themselves to make payments strictly following the bank's schedule. A loan in BaksDao is unlimited, which means you can repay the loan as it is convenient for you.
For whom is it especially convenient to take cryptocurrency loans?
📍Such loans are primarily useful for traders. Without selling their assets, they can get additional funds.
📍 Small businesses, especially blockchain startups. They often prefer to pledge in crypto and get a loan in fiat money. This is possible on the BaksDAO platform.
📍Miners who want to save and multiply their cryptocurrency, to pay rent, electricity, and other expenses related to mining.
@BaksDAO
BaksDAO provides users with liquid funds collateralized by cryptocurrencies.
To get a loan, collateral in one of the available cryptocurrencies is required. The borrower will also receive funds in crypto, which can then be converted into fiat or other cryptocurrencies.
The amount of collateral is calculated by the LTV (loan to value) ratio - the ratio between the amount you receive and the amount of collateral.
If the rate of collateral currency suddenly goes down (or the rate of loan currency goes up), the LTV will go down.
The size of the loan depends on the collateral coin: the more stable the cryptocurrency, the higher the loan amount. For example, if a user pledges $1000 in bitcoins or Ethereum, he can get $650 in stablecoins or 65% of the pledge amount.
What are the benefits of crypto-loan?
💸 Convenience. Banking systems use complex algorithms to assess a customer's ability to pay. The borrower needs to collect an impressive package of documents, which takes a lot of time and effort to collect. With crypto-loans, everything is much easier. All you need to do to get a loan from BaksDAO is to connect your wallet. You can get a loan from anywhere in the world at any time of the day or night in just a few minutes.
💸 Interest rate. BaksDAO charges up to 10% APR. APR annual percentage rate: the actual annual cost of borrowing, including - in addition to the nominal interest rate - commissions and other costs.
💸 Maturity. By taking a loan from a regular bank, the borrower obligates themselves to make payments strictly following the bank's schedule. A loan in BaksDao is unlimited, which means you can repay the loan as it is convenient for you.
For whom is it especially convenient to take cryptocurrency loans?
📍Such loans are primarily useful for traders. Without selling their assets, they can get additional funds.
📍 Small businesses, especially blockchain startups. They often prefer to pledge in crypto and get a loan in fiat money. This is possible on the BaksDAO platform.
📍Miners who want to save and multiply their cryptocurrency, to pay rent, electricity, and other expenses related to mining.
@BaksDAO
U.S. Bitcoin Mining Hash Power Dwarfs China’s
The U.S. is now the number one destination for bitcoin miners, eclipsing China for the first time ever. While it was already trending in that direction, new data from Cambridge University released early Wednesday makes it official.
As of July, 35.4% of bitcoin’s hashrate – an industry term used to describe the collective computing power of miners – is in the United States, according to the Cambridge Centre for Alternative Finance. That’s a 428% increase from September 2020.
Kazakhstan came in second, accounting for 18.1% of global bitcoin mining. In August 2020, Kazakhstan's share was 4.5%.
Russia is in the third place. Russia's share in the global bitcoin hashray reached 11.2%. A year ago, the country's share was 8.2%.
Such changes are due to the ban of cryptocurrency in China. Until recently, the country was the largest center of cryptocurrency mining, however, this year, the Chinese authorities banned mining and recognized operations with cryptocurrencies as illegal activities.
@BaksDAO
The U.S. is now the number one destination for bitcoin miners, eclipsing China for the first time ever. While it was already trending in that direction, new data from Cambridge University released early Wednesday makes it official.
As of July, 35.4% of bitcoin’s hashrate – an industry term used to describe the collective computing power of miners – is in the United States, according to the Cambridge Centre for Alternative Finance. That’s a 428% increase from September 2020.
Kazakhstan came in second, accounting for 18.1% of global bitcoin mining. In August 2020, Kazakhstan's share was 4.5%.
Russia is in the third place. Russia's share in the global bitcoin hashray reached 11.2%. A year ago, the country's share was 8.2%.
Such changes are due to the ban of cryptocurrency in China. Until recently, the country was the largest center of cryptocurrency mining, however, this year, the Chinese authorities banned mining and recognized operations with cryptocurrencies as illegal activities.
@BaksDAO
Welcome to our community 🤗 Hope you will enjoy the area and the product. Please, do not hesitate to ask questions or comment on our posts. 😉
We are here to increase your knowledge in crypto and get more from your crypto assets.
We are here to increase your knowledge in crypto and get more from your crypto assets.
The capitalization of the crypto market has set a new record. Bitcoin has risen by 47% in three weeks, and the capitalization of cryptocurrencies has surpassed the market value of Apple 🚀
According to CoinGecko, the size of the cryptocurrency market capitalization reached $2.6 trillion.
The previous record was set on May 12. At that time, the total capitalization of the crypto market amounted to $2.55 trillion.
The active growth of Bitcoin began on September 29, and during this time, the value of the coin increased by 47%. The capitalization of Bitcoin alone reached $1.154 trillion, while the total capitalization of the crypto market (Bitcoin accounts for 44.2%) reached $2.6 trillion.
But Bitcoin is not the only one. Over the past three weeks, Altcoins have also grown.
Ethereum holds 17% of the total market and has a capitalization of $458 billion.
In third place is Binance Coin (BNB) with $79 billion; fourth is Tether with $70 billion, and fifth is ADA with a capitalization of $69 billion.
According to CoinGecko, there are 108 altcoins in the market whose market capitalization exceeds $1 billion. The top 20 altcoins have a capitalization of more than $10 billion, and the altcoins in the top 10 market leaders are worth over $30 billion.
Another interesting fact is that the cryptocurrency market has surpassed Apple in terms of capitalization. The company has a market value of $2.388 trillion.
@BaksDAO
According to CoinGecko, the size of the cryptocurrency market capitalization reached $2.6 trillion.
The previous record was set on May 12. At that time, the total capitalization of the crypto market amounted to $2.55 trillion.
The active growth of Bitcoin began on September 29, and during this time, the value of the coin increased by 47%. The capitalization of Bitcoin alone reached $1.154 trillion, while the total capitalization of the crypto market (Bitcoin accounts for 44.2%) reached $2.6 trillion.
But Bitcoin is not the only one. Over the past three weeks, Altcoins have also grown.
Ethereum holds 17% of the total market and has a capitalization of $458 billion.
In third place is Binance Coin (BNB) with $79 billion; fourth is Tether with $70 billion, and fifth is ADA with a capitalization of $69 billion.
According to CoinGecko, there are 108 altcoins in the market whose market capitalization exceeds $1 billion. The top 20 altcoins have a capitalization of more than $10 billion, and the altcoins in the top 10 market leaders are worth over $30 billion.
Another interesting fact is that the cryptocurrency market has surpassed Apple in terms of capitalization. The company has a market value of $2.388 trillion.
@BaksDAO
U.S. launches first Bitcoin ETF
The first U.S. exchange-traded fund (ETF) based on Chicago Mercantile Exchange (CME Group) bitcoin futures will trade on the New York Stock Exchange (NYSE) today. ProShares Bitcoin Strategy ETF has been approved by the U.S. Securities and Exchange Commission (SEC) and will become available to investors under the ticker BITO. According to ProShares, Bitcoin Strategy ETF will begin trading at a set price of $40.
Since 2013, numerous companies, including ARK Investment, Fidelity Investment, VanEck, and One River, have tried to get approval from the SEC to issue a Bitcoin ETF, but all applications through 2021 have been rejected. As of now, 10 more funds are awaiting the commission's decision.
After the news broke, the value of Bitcoin raised for 4% to $62,900.
📍What is EFT?
ETF (exchange-traded fund) are investment funds, which form portfolios of assets and issue their own shares, where each security is linked to a certain part of the fund's assets. ETFs thus allow you to purchase an asset without actually owning it.
📍What are the prospects?
According to an analysis by Forbes, the cryptocurrency market is poised for even greater growth. Analysts predict a value of $100,000 for Bitcoin, and a value of $10,000 to $12,000 for Ethereum.
Bitcoin-ETF allows you to invest in the cryptocurrency on a regular exchange without contacting it directly or through cryptocurrency exchanges. For a non-professional investor, this is the easiest way to invest in bitcoin, and for the market, the expected inflow of money into a limited asset can only mean further growth.
@BaksDAO
The first U.S. exchange-traded fund (ETF) based on Chicago Mercantile Exchange (CME Group) bitcoin futures will trade on the New York Stock Exchange (NYSE) today. ProShares Bitcoin Strategy ETF has been approved by the U.S. Securities and Exchange Commission (SEC) and will become available to investors under the ticker BITO. According to ProShares, Bitcoin Strategy ETF will begin trading at a set price of $40.
Since 2013, numerous companies, including ARK Investment, Fidelity Investment, VanEck, and One River, have tried to get approval from the SEC to issue a Bitcoin ETF, but all applications through 2021 have been rejected. As of now, 10 more funds are awaiting the commission's decision.
After the news broke, the value of Bitcoin raised for 4% to $62,900.
📍What is EFT?
ETF (exchange-traded fund) are investment funds, which form portfolios of assets and issue their own shares, where each security is linked to a certain part of the fund's assets. ETFs thus allow you to purchase an asset without actually owning it.
📍What are the prospects?
According to an analysis by Forbes, the cryptocurrency market is poised for even greater growth. Analysts predict a value of $100,000 for Bitcoin, and a value of $10,000 to $12,000 for Ethereum.
Bitcoin-ETF allows you to invest in the cryptocurrency on a regular exchange without contacting it directly or through cryptocurrency exchanges. For a non-professional investor, this is the easiest way to invest in bitcoin, and for the market, the expected inflow of money into a limited asset can only mean further growth.
@BaksDAO
⚡️Bitcoin Prices Hit Fresh, All-Time High Above $66,000
According to CoinGecko, the price of Bitcoin at the moment is $66,100. During the day the price of bitcoin increased by 5%, for the week - by more than 17%. The cryptocurrency has been rising in price since mid-October - on the 15th its rate exceeded $60,000 and on the 19th approached a historical maximum.
Bitcoin's rise is associated with yesterday's release of the first Bitcoin-ETF on the New York Stock Exchange.
"This is an important moment," said Jesse Proudman, co-founder and CEO of Makara, a cryptocurrency advisory firm. "It's no longer a question of whether this asset class will continue to exist - I think it's a really significant mark in the history of the broader digital asset class."
Over the year, Bitcoin has increased its growth to nearly by 130%. The largest digital currency by market size is up by more than 300% in 2020 and by 95% in 2019, after falling 73% in 2018.
@BaksDAO
According to CoinGecko, the price of Bitcoin at the moment is $66,100. During the day the price of bitcoin increased by 5%, for the week - by more than 17%. The cryptocurrency has been rising in price since mid-October - on the 15th its rate exceeded $60,000 and on the 19th approached a historical maximum.
Bitcoin's rise is associated with yesterday's release of the first Bitcoin-ETF on the New York Stock Exchange.
"This is an important moment," said Jesse Proudman, co-founder and CEO of Makara, a cryptocurrency advisory firm. "It's no longer a question of whether this asset class will continue to exist - I think it's a really significant mark in the history of the broader digital asset class."
Over the year, Bitcoin has increased its growth to nearly by 130%. The largest digital currency by market size is up by more than 300% in 2020 and by 95% in 2019, after falling 73% in 2018.
@BaksDAO
Welcome to our community 🤗 Hope you will enjoy the area and the product. Please, do not hesitate to ask questions or comment on our posts. 😉
We are here to increase your knowledge in crypto and get more from your crypto assets.
We are here to increase your knowledge in crypto and get more from your crypto assets.
Ethereum renewed its historic high at $4,375
On the Binance exchange, the cryptocurrency's price reached the amount of $4,375. Unfortunately, the coin failed to consolidate at this level, at the time of writing the post Ethereum is trading at $4,115.
During the day, the coin's price rose for 11%, with a market capitalization of $508 billion. The daily trading volume was $31.57 billion.
The coin last peaked in May, at which time Ethereum was valued at $4,350.
In a recent interview with The Stake Borg podcast, the coin's founder, Vitalik Buterin suggested that the second most capitalized cryptocurrency would surpass bitcoin in terms of total market value and as a means of preserving capital.
"It's possible. I think the big difference between Ethereum and bitcoin is that the latter is a platform where the value of the ecosystem depends on the value of the cryptocurrency, but Ethereum is exactly the opposite," he said.
@BaksDAO
On the Binance exchange, the cryptocurrency's price reached the amount of $4,375. Unfortunately, the coin failed to consolidate at this level, at the time of writing the post Ethereum is trading at $4,115.
During the day, the coin's price rose for 11%, with a market capitalization of $508 billion. The daily trading volume was $31.57 billion.
The coin last peaked in May, at which time Ethereum was valued at $4,350.
In a recent interview with The Stake Borg podcast, the coin's founder, Vitalik Buterin suggested that the second most capitalized cryptocurrency would surpass bitcoin in terms of total market value and as a means of preserving capital.
"It's possible. I think the big difference between Ethereum and bitcoin is that the latter is a platform where the value of the ecosystem depends on the value of the cryptocurrency, but Ethereum is exactly the opposite," he said.
@BaksDAO
Elon Musk explained why he continues to support Dogecoin
Responding to questions from followers on Twitter, the CEO of Tesla and Space X once again showed his support for the Dogecoin. According to the entrepreneur, he supports the coin because he considers it "the people's cryptocurrency."
"A lot of people I've talked to on Tesla's production lines or in building rockets at SpaceX own Doge. They are not financial experts or Silicon Valley technologists. That's why I decided to support Doge - I thought it was the people's cryptocurrency." - Musk wrote.
But that's not the only reason for the businessman's special love for the coin. "Doge has memes and dogs and others don't."
Elon Musk also denied that he and his representatives are part of the Dogecoin Foundation. In August, the company made a statement saying that Elon Musk's representative Jared Birchall and Ethereum co-founder Vitalik Buterin had joined the company's renewed board.
According to a Finder survey, 30.6% of cryptocurrency owners in the U.S. said they own Dogecoin. Globally, only 19.2% of cryptocurrency owners own the coin.
Responding to questions from followers on Twitter, the CEO of Tesla and Space X once again showed his support for the Dogecoin. According to the entrepreneur, he supports the coin because he considers it "the people's cryptocurrency."
"A lot of people I've talked to on Tesla's production lines or in building rockets at SpaceX own Doge. They are not financial experts or Silicon Valley technologists. That's why I decided to support Doge - I thought it was the people's cryptocurrency." - Musk wrote.
But that's not the only reason for the businessman's special love for the coin. "Doge has memes and dogs and others don't."
Elon Musk also denied that he and his representatives are part of the Dogecoin Foundation. In August, the company made a statement saying that Elon Musk's representative Jared Birchall and Ethereum co-founder Vitalik Buterin had joined the company's renewed board.
According to a Finder survey, 30.6% of cryptocurrency owners in the U.S. said they own Dogecoin. Globally, only 19.2% of cryptocurrency owners own the coin.
Cryptocurrency ownership in Nigeria is highest in the world
Users in Nigeria have the highest rates of cryptocurrency ownership in the world, followed by Malaysia and Australia, according to Finder recent research.
Nigeria has the highest rate of cryptocurrency ownership in the world with 24.2% of its online population saying they own a form of cryptocurrency, followed by Malaysia (18%) and Australia (17.8%) respectively.
Nigeria is the #1 country worldwide in terms of number of people searching for “Bitcoin” and “Crypto” keywords on Google.
In the last five years, Nigeria has traded 60,215 bitcoins, valued at more than $566 million which, apart from the US, is the largest volume worldwide on Paxful, a leading peer-to-peer bitcoin marketplace.
The data scraped from Coin Dance shows from the beginning of May 2015 to the middle of November this year, bitcoin trade in Nigeria have increased yearly at least 19% in volume since 2017, and the highest volume (20,504.50) was traded in 2020.
Bitcoin trade had its highest spike of 30% this year during the national lockdown in the country and the highest volume traded during the peak of the pandemic.
Between January and September, Paxful reported a 137% increase in new registrations in Nigeria.
Peer-to-peer (P2P) exchanges, which are decentralized platforms that directly connects buyers and sellers without third parties are the most popular way to buy bitcoin in Africa because users do not have to worry about cryptocurrency regulation by the government.
Paxful says Nigerians make up around a quarter of its customer base with 1.3 million registered accounts. “They mostly use the platform for peer-to-peer and arbitrage trading,” says Nena Nwachukwu, Paxful Nigeria regional manager. “Remittances is also a popular use case.” Nwachukwu says bitcoin transfers are “much cheaper and faster than using traditional money transfer operators.”
@BaksDAO
Users in Nigeria have the highest rates of cryptocurrency ownership in the world, followed by Malaysia and Australia, according to Finder recent research.
Nigeria has the highest rate of cryptocurrency ownership in the world with 24.2% of its online population saying they own a form of cryptocurrency, followed by Malaysia (18%) and Australia (17.8%) respectively.
Nigeria is the #1 country worldwide in terms of number of people searching for “Bitcoin” and “Crypto” keywords on Google.
In the last five years, Nigeria has traded 60,215 bitcoins, valued at more than $566 million which, apart from the US, is the largest volume worldwide on Paxful, a leading peer-to-peer bitcoin marketplace.
The data scraped from Coin Dance shows from the beginning of May 2015 to the middle of November this year, bitcoin trade in Nigeria have increased yearly at least 19% in volume since 2017, and the highest volume (20,504.50) was traded in 2020.
Bitcoin trade had its highest spike of 30% this year during the national lockdown in the country and the highest volume traded during the peak of the pandemic.
Between January and September, Paxful reported a 137% increase in new registrations in Nigeria.
Peer-to-peer (P2P) exchanges, which are decentralized platforms that directly connects buyers and sellers without third parties are the most popular way to buy bitcoin in Africa because users do not have to worry about cryptocurrency regulation by the government.
Paxful says Nigerians make up around a quarter of its customer base with 1.3 million registered accounts. “They mostly use the platform for peer-to-peer and arbitrage trading,” says Nena Nwachukwu, Paxful Nigeria regional manager. “Remittances is also a popular use case.” Nwachukwu says bitcoin transfers are “much cheaper and faster than using traditional money transfer operators.”
@BaksDAO
Mining, Staking and Deposit. What is the difference and how to make money on it.
📍Crypto mining refers to the process of gaining cryptocurrencies by solving cryptographic equations with the use of high-power computers. The solving process comprises verifying data blocks and adding transaction records to a public record (ledger) known as a blockchain. That is secured by applying complex encryption techniques.
Miners are engaged in the creation of new structures - blockchain, to ensure the operation of cryptocurrency platforms. For the creation of a new structure, a miner is remunerated through new (emitted) cryptocurrency units and/or commissions.
All blockchain participants keep the entire blockchain from the beginning, constantly adding new blocks to the end. Miners collect and process information about all transactions that are currently taking place with the cryptocurrency. If a new block in the blockchain is made according to all the rules, it is added to the end of the chain, and the miner receives a reward of 12.5 bitcoins for doing so.
It is important to understand that now crypto mining is not possible without expensive equipment, which also consumes a lot of electricity. The probability of receiving a reward is equal to the ratio of the miner's processing power to the processing power of the entire network. Nowadays, it is almost impossible to make money as solo-miner, so miners join together and create mining farms, which allow them to provide the necessary power and distribute the costs of maintenance.
📍Staking is a type of passive income from cryptocurrency. Users store coins on the Proof of Stake (PoS) algorithm and keep the blockchain running. For this they receive a reward. This feature is only available to cryptocurrencies that run on PoS, such as EOS, Tezos, TRON and Cosmos. In the future, Ethereum, the largest altcoin by capitalization, plans to switch to the PoS algorithm.
In the PoS algorithm, remote servers running the masternode software provide network operation. This can be a home computer or a laptop with a certain amount of funds. The device helps the network to work, for which its owner receives a reward.
In order to start earning, the user needs to have a wallet, refill it with coins on the PoS algorithm. Then, wait for the blocks to appear, install the client on the computer and run the wallet.
Staking does not require a lot of technical power, and therefore is a more environmentally friendly way to make money from cryptocurrencies.
📍Deposit is another way to make money from cryptocurrency that DeFi platforms offer. The user makes a deposit to the chosen platform and while the money is there makes a profit.
The main difference between deposit and staking is that the user provides liquidity to decentralized trading platforms. Such exchanges need money for traders to trade on them. Therefore, the services offer rewards to those who provide them with assets for use.
You do not need special hardware or software to make money on deposits - DeFi platform takes care of all the maintenance.
@BaksDAO
📍Crypto mining refers to the process of gaining cryptocurrencies by solving cryptographic equations with the use of high-power computers. The solving process comprises verifying data blocks and adding transaction records to a public record (ledger) known as a blockchain. That is secured by applying complex encryption techniques.
Miners are engaged in the creation of new structures - blockchain, to ensure the operation of cryptocurrency platforms. For the creation of a new structure, a miner is remunerated through new (emitted) cryptocurrency units and/or commissions.
All blockchain participants keep the entire blockchain from the beginning, constantly adding new blocks to the end. Miners collect and process information about all transactions that are currently taking place with the cryptocurrency. If a new block in the blockchain is made according to all the rules, it is added to the end of the chain, and the miner receives a reward of 12.5 bitcoins for doing so.
It is important to understand that now crypto mining is not possible without expensive equipment, which also consumes a lot of electricity. The probability of receiving a reward is equal to the ratio of the miner's processing power to the processing power of the entire network. Nowadays, it is almost impossible to make money as solo-miner, so miners join together and create mining farms, which allow them to provide the necessary power and distribute the costs of maintenance.
📍Staking is a type of passive income from cryptocurrency. Users store coins on the Proof of Stake (PoS) algorithm and keep the blockchain running. For this they receive a reward. This feature is only available to cryptocurrencies that run on PoS, such as EOS, Tezos, TRON and Cosmos. In the future, Ethereum, the largest altcoin by capitalization, plans to switch to the PoS algorithm.
In the PoS algorithm, remote servers running the masternode software provide network operation. This can be a home computer or a laptop with a certain amount of funds. The device helps the network to work, for which its owner receives a reward.
In order to start earning, the user needs to have a wallet, refill it with coins on the PoS algorithm. Then, wait for the blocks to appear, install the client on the computer and run the wallet.
Staking does not require a lot of technical power, and therefore is a more environmentally friendly way to make money from cryptocurrencies.
📍Deposit is another way to make money from cryptocurrency that DeFi platforms offer. The user makes a deposit to the chosen platform and while the money is there makes a profit.
The main difference between deposit and staking is that the user provides liquidity to decentralized trading platforms. Such exchanges need money for traders to trade on them. Therefore, the services offer rewards to those who provide them with assets for use.
You do not need special hardware or software to make money on deposits - DeFi platform takes care of all the maintenance.
@BaksDAO
Token based on the "Squid Game" series gained 3380% in 24 hours
Trading volumes of altcoin SQUID, which is based on the hit series from Netflix, increased by 60% in 24 hours and reached $5.8 million. The token grew by 3380% and its value currently stands at $6.89.
But users can't sell tokens that rose in price right now. The authors of the project created a special anti-dumping mechanism that prohibits holders from selling the token under certain conditions.
SQUID is a token of the Squid Game project. In November, the project will launch an online version of the Squid Game, consisting of 6 rounds, similar to the challenges in the series. In order to participate, users need to make a starting fee in SQUID tokens.
The winner of each round will receive 90% of the collected funds, 10% of the amount will be received by the developers of the game. In order to take part in the final game, the participant must purchase a special NFT token.
The token sale was launched on Oct. 20. According to the developers, the tokens sold out in 1 second.
@BaksDAO
Trading volumes of altcoin SQUID, which is based on the hit series from Netflix, increased by 60% in 24 hours and reached $5.8 million. The token grew by 3380% and its value currently stands at $6.89.
But users can't sell tokens that rose in price right now. The authors of the project created a special anti-dumping mechanism that prohibits holders from selling the token under certain conditions.
SQUID is a token of the Squid Game project. In November, the project will launch an online version of the Squid Game, consisting of 6 rounds, similar to the challenges in the series. In order to participate, users need to make a starting fee in SQUID tokens.
The winner of each round will receive 90% of the collected funds, 10% of the amount will be received by the developers of the game. In order to take part in the final game, the participant must purchase a special NFT token.
The token sale was launched on Oct. 20. According to the developers, the tokens sold out in 1 second.
@BaksDAO
How Mark Zuckerberg's new "Metaverse" will affect the future of cryptocurrency
On October 28, Facebook Inc. corporation, which includes the social networks Facebook, Instagram, messenger WhatsApp, and other services, announced a rebranding and name change to Meta.
According to the CEO, Mark Zuckerberg, it is necessary so that users perceive the corporation as a meta-universe. The company promises to build a virtual world for 1 billion users by 2031.
In an open letter, Mark Zuckerberg stated that Meta will support NFT and cryptocurrency.
This is not the company's first step toward cryptocurrency. Facebook in collaboration with Coinbase has already launched a pilot project of its cryptocurrency wallet called Novi. Novi aims to enable users of the social network to make international transfers in Pax tokens quickly, securely and without fees. Novi has sparked debates in the U.S. Senate, but the company has not given up on developing the project.
Analysts say that Novi will not be the only crypto project in Metaverse. Many blockchain platforms are expected to exist based on the platform, providing for the creation of decentralized autonomous organizations (DAOs), and smart contracts. And this means that these are the platforms that will grow and develop faster than others.
The rebranding of Facebook Inc. has already had an impact on the cryptocurrency market. The Metaverse token index rose 20% overnight, while MANA and SAND meta-tokens rose 100% and 35%. The NFT is not related to Meta. The tokens are used on the Decentraland platform, where users can buy virtual property, and the growth of little-known tokens is caused by a simple coincidence in the name.
@BaksDAO
On October 28, Facebook Inc. corporation, which includes the social networks Facebook, Instagram, messenger WhatsApp, and other services, announced a rebranding and name change to Meta.
According to the CEO, Mark Zuckerberg, it is necessary so that users perceive the corporation as a meta-universe. The company promises to build a virtual world for 1 billion users by 2031.
In an open letter, Mark Zuckerberg stated that Meta will support NFT and cryptocurrency.
This is not the company's first step toward cryptocurrency. Facebook in collaboration with Coinbase has already launched a pilot project of its cryptocurrency wallet called Novi. Novi aims to enable users of the social network to make international transfers in Pax tokens quickly, securely and without fees. Novi has sparked debates in the U.S. Senate, but the company has not given up on developing the project.
Analysts say that Novi will not be the only crypto project in Metaverse. Many blockchain platforms are expected to exist based on the platform, providing for the creation of decentralized autonomous organizations (DAOs), and smart contracts. And this means that these are the platforms that will grow and develop faster than others.
The rebranding of Facebook Inc. has already had an impact on the cryptocurrency market. The Metaverse token index rose 20% overnight, while MANA and SAND meta-tokens rose 100% and 35%. The NFT is not related to Meta. The tokens are used on the Decentraland platform, where users can buy virtual property, and the growth of little-known tokens is caused by a simple coincidence in the name.
@BaksDAO
Cryptocurrency based on the "Squid Game" collapses in a $3 million scam
Previously, we wrote about the SQUID token's rise. The cryptocurrency based on the "Squid Game" series attracted a large number of investors and its value soared to $2800 before its creators disappeared.
A cryptocurrency called SQUID was launched in late October and rose in value by 310,000% in just a few days. It was marketed as a way to play an upcoming online game based on a South Korean TV series.
On Monday the coin's value plummeted to $0, the project's website disappeared, and its Twitter account was blocked. According to The Guardian, the creators cashed all of the collected cryptocurrency and disappeared. The scammers may have received up to $3.38 million. Neither the cryptocurrency nor the upcoming online game had anything to do with Netflix.
This is not the first such case. In early 2021, a token based on The Mandalorean series was launched, which also turned out to be a scam.
We ask you to be more careful and cautious when choosing a project for investment.
@BaksDAO
Previously, we wrote about the SQUID token's rise. The cryptocurrency based on the "Squid Game" series attracted a large number of investors and its value soared to $2800 before its creators disappeared.
A cryptocurrency called SQUID was launched in late October and rose in value by 310,000% in just a few days. It was marketed as a way to play an upcoming online game based on a South Korean TV series.
On Monday the coin's value plummeted to $0, the project's website disappeared, and its Twitter account was blocked. According to The Guardian, the creators cashed all of the collected cryptocurrency and disappeared. The scammers may have received up to $3.38 million. Neither the cryptocurrency nor the upcoming online game had anything to do with Netflix.
This is not the first such case. In early 2021, a token based on The Mandalorean series was launched, which also turned out to be a scam.
We ask you to be more careful and cautious when choosing a project for investment.
@BaksDAO
October was the most profitable month for the crypto market
The cryptocurrency market capitalization reached $2.77 trillion and cryptocurrency trading volumes totaled $248 billion. Let's look back at the key points of the past month.
Bitcoin
On October 20, bitcoin updated its historical high at $67.000 and its capitalization reached $1.2 trillion. After reaching its highs, the cryptocurrency price went down to $57.000 and then went up again. The value of bitcoin today is $62.300.
Ethereum
On October 29, Ethereum updated its historical high at $4.375. The price of the coin increased by 11% within a day and its market capitalization reached $508 billion. The daily trading volume was $31.57 billion. After that, the altcoin price went down to $4.115, but gradually continued to grow steadily. The cryptocurrency value as of today is $4,570.
Binance Coin
Last month, the cryptocurrency exchange Binance's token in terms of trading volumes failed to surpass the maximum values set in May. However, by the end of October, the altcoin's price was up 35%. The value of BNB currently stands at $554.30.
Shiba INU
On October 29, the value of the coin reached $0.000088 for the first time. Since the beginning of the month, the meme coin has risen by 1000%. The coin surpassed Dogecoin in terms of capitalization and climbed to the ninth position in the CoinGecko top. Shiba INU was the only coin that didn't fall in value during the overall market decline, but continued to grow steadily. Shiba INU has a serious advantage over other similar coins. The creators of SHIB have developed an entire ecosystem with its own DeFi exchange, the ability to create NFTs and smart contracts.
@BaksDAO
The cryptocurrency market capitalization reached $2.77 trillion and cryptocurrency trading volumes totaled $248 billion. Let's look back at the key points of the past month.
Bitcoin
On October 20, bitcoin updated its historical high at $67.000 and its capitalization reached $1.2 trillion. After reaching its highs, the cryptocurrency price went down to $57.000 and then went up again. The value of bitcoin today is $62.300.
Ethereum
On October 29, Ethereum updated its historical high at $4.375. The price of the coin increased by 11% within a day and its market capitalization reached $508 billion. The daily trading volume was $31.57 billion. After that, the altcoin price went down to $4.115, but gradually continued to grow steadily. The cryptocurrency value as of today is $4,570.
Binance Coin
Last month, the cryptocurrency exchange Binance's token in terms of trading volumes failed to surpass the maximum values set in May. However, by the end of October, the altcoin's price was up 35%. The value of BNB currently stands at $554.30.
Shiba INU
On October 29, the value of the coin reached $0.000088 for the first time. Since the beginning of the month, the meme coin has risen by 1000%. The coin surpassed Dogecoin in terms of capitalization and climbed to the ninth position in the CoinGecko top. Shiba INU was the only coin that didn't fall in value during the overall market decline, but continued to grow steadily. Shiba INU has a serious advantage over other similar coins. The creators of SHIB have developed an entire ecosystem with its own DeFi exchange, the ability to create NFTs and smart contracts.
@BaksDAO
Amazon will start accepting payments in cryptocurrency
The marketplace has partnered with PayPal and its affiliate service Venmo, which allows users to make payments in cryptocurrency.
The service is scheduled to launch in 2022. For now, only U.S. residents have the ability to pay with cryptocurrency on Amazon.
Venmo launched support for the cryptocurrency in April 2021. Users of the payment system can buy, sell and store cryptocurrency in a virtual wallet. So far, only four cryptocurrencies are available to users - Bitcoin, Ethereum, Litecoin and Bitcoin Cas.
The marketplace has partnered with PayPal and its affiliate service Venmo, which allows users to make payments in cryptocurrency.
The service is scheduled to launch in 2022. For now, only U.S. residents have the ability to pay with cryptocurrency on Amazon.
Venmo launched support for the cryptocurrency in April 2021. Users of the payment system can buy, sell and store cryptocurrency in a virtual wallet. So far, only four cryptocurrencies are available to users - Bitcoin, Ethereum, Litecoin and Bitcoin Cas.