Bitcoin's chances of becoming a global reserve currency have increased, says billionaire

1) Coinbase: How to Spot a Blockchain Free Grants Scam

This is an article written by Coinbase on "How to Spot a Blockchain Free Grant Scam", the example is one that the scammers launched against Coinbase, but it can still be applied to other blockchain projects or exchanges.

This type of scam attempts to deceive users of encrypted assets into believing that exchanges or celebrities are holding free grants. To obtain grants, a certain amount of encrypted assets must first be sent to an address owned by the scammer, and the transaction of encrypted assets is irreversible. , which also means that once sent, the user will completely lose these assets.

Types of free grant scams include:

• Fake Exchange Twitter

• Fake Celebrity Twitter

• YouTube Live Scam where scammers use past real videos but add details about free grant scam to induce viewer participation

• Sending emails containing free grant scam content

Satoshi Mamoto reminded: The premise of the success of the free grant scam is that the user believes that the content sent by the account is authentic. The blockchain is not a warm treat for dinner. There is no free lunch in the sky. Most of the similar free grant scams are scam.

And other types of scams, including sending phishing links to steal private keys of encrypted assets, spreading false news and causing market fluctuations, etc. The encrypted asset industry is mixed, everyone should be vigilant and be careful of being deceived!

2) ConsenSys: How does Ethereum perform in the global market shock caused by the coronavirus outbreak?

In mid-to-early March, the global financial market was shaken. US stocks and encrypted assets showed a correlation. US stocks experienced the largest one-day drop since the crash of 1987. Bitcoin fell below $4,000 and ETH fell below $90.

This article is an overview of the Ethereum network obtained by analyzing the network activity data of the previous month by ConsenSys, a deep stakeholder in Ethereum.

I – Ethereum hash rate remains stable, miners are not leaving

II – Gas prices spike, but quickly return to normal, Ethereum’s incentives work

III – DEXs No Downtime, Trading Volumes Hit All-Time Highs

IV – Interoperable DeFi protocols allow users to quickly transfer assets and interact within different platforms

On March 13, the DeFi protocol hit a peak of 9,267 active users in 24 hours, and this number is 11.5% of the total unique users (80,000) in the first quarter.

V – Huge Stablecoin Demand, DAI’s Insufficient Collateral Value Tests Maker’s commitment to full decentralization and the short-term viability of crypto-backed stablecoins

On March 13, 80.8% of the trading volume on Uniswap was concentrated in Dai and USDC.

VI – Crypto assets are correlated with traditional assets, but data transparency makes all the difference

Satoshi Mamoto’s comment: The full text tends to sing more about Ethereum. Although similar extreme situations seldom occur, the impact is huge and far-reaching. This also means that the performance of the underlying blockchain is measured by the amount of daily network activity. One-sided, extreme cases must be considered.

3) CryptoCompare: March Exchange Watch

The data analysis platform CryptoCompare analyzed the March data of mainstream exchanges and came up with this report. The following are some key points:

• On March 13, the total trading volume in a single day hit a new high of 75.9 billion US dollars

• Spot trading volumes soared in Q1 2020, with average volumes on many top exchanges up 35% compared to February

• The trading volume of derivatives hit a record high of US$600 billion in March. The top four largest derivatives exchanges, OKEx, BitMex, Huobi, and Binance, had a total turnover of US$514 billion, accounting for 86%

• Derivatives exchange rookie Binance and FTX volumes soar, Binance and FTX's trading volume soared 27% (to $95.8 billion) and 94% (to $35.8 billion), respectively, Binance and FTX combined accounted for 14% in January market share, which rose to 22% in March

• Trading volumes generated by institutional investors plummeted, with CME trading volumes down 44% from February's total of $7.36 billion compared to February's $13.1 billion

The report also includes the following content: the major progress of mainstream exchanges in March, the changes in the trading volume share of each exchange during the big crash on March 12, and the proportion of various types of fiat currencies and stable coins in Bitcoin trading volume in the past two years The situation, the comparison of spot and derivatives trading volume in the past year, etc.

TheBlock’s report on the exchange the day before yesterday also showed that the registered users and trading volume of the exchange have increased recently. The above is a comparison chart of the trading volume of major exchanges in the spot market.

4) Forbes: Bitcoin's chances of becoming a global reserve currency have increased, says billionaire

Social Capital CEO and former Facebook executive Chamath Palihapitiya, an early bitcoin investor, bought a lot of the cryptocurrency in 2013, when bitcoin was trading around $80 a piece. He claims that, at one point, he owned 5% of the entire Bitcoin currency (capacity) base.

While he thinks bitcoin is too volatile to warrant mass adoption, Palihapitiya believes bitcoin's odds of success as a global reserve currency have increased over the past few months. If there was a 1% chance that Bitcoin was worth something, now it might be 5% or 10%.

Palihapitiya said: It's either zero or a million.

5) MyCrypto: You Should Be Your Own Bank

This is an introductory article by Ethereum wallet MyCrypto explaining the differences between custodial and non-custodial financial solutions.

For hundreds of years, people in the most developed parts of the world have relied on third parties to safely store assets. Institutions such as banks hold customers' cash and other valuables. One of the key reasons is security, but it also brings There are trade-offs, including: loss of control, collection of personal information, service costs, and the inability of the population in developing countries to enjoy corresponding services.

For all of the above reasons and more, people would benefit from having a secure way of personally owning their assets. This has become possible through blockchain technology.

The novelty of blockchain technology is that payment requests can be processed in a decentralized manner, meaning that no third parties like banks are required. This includes ensuring that funds are not reused. By using blockchain technology, for the first time in history, humans can store and control their own digital assets without an intermediary.

However, crypto assets can also be held in both custodial and non-custodial environments, both of which have pros and cons. For example, Coinbase is a blockchain-based custody solution. The main attraction is that it has a good user experience, cannot directly control its own assets, and directly connects to fiat currency bank accounts. The trade-off is that users need KYC, and Coinbase faces the risk of being hacked.

The blockchain-based non-custodial solutions, such as the open source MyCrypto, allow users to become their own banks. The benefits include: users have full control over funds, and personal information is not collected. The trade-off is that there is a learning threshold. Without the key, assets, etc. cannot be retrieved.