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The latest digital currencies news for the first week of October 2020

The latest digital currencies news for the first week of October 2020


During the last days of last September, Bitcoin was able to recover some of its value that it had lost at the beginning of the month, as its price was about to exceed $ 11,000 on the last day, but on the first day of October. , the currency lost around $ 400 in value with a decline of around 3.5%. And then it continued to fluctuate for a short time before returning to a low rate, with its price now hitting around $ 10,670.

One of the most significant digital currency news that we have witnessed this week is the decrease in the amount of Bitcoin reserves available on the various trading platforms as the market has seen a significant decline in the amount. of Bitcoin that is traded on these platforms, and a new study has indicated the many benefits that digital currencies have achieved when adopted as a payment method. Besides the traditional methods, and for the bad news, the most important was the hack of one of the trading platforms, which resulted in the theft of currencies from users of around $ 150 million.

The amount of Bitcoin reserves on trading platforms has decreased significantly this year

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In recent months, the rise in the price of Bitcoin currency after March has coincided with a significant drop in the amount of currency reserves on trading platforms, as this reserve represents all Bitcoin currencies that are in the portfolios of these platforms which are used for trading and not for long or medium term storage, according to site data CryptoQuant The value of Bitcoin’s reserves declined by around $ 5 billion through October.

As of October 2019, there were 2.8 million bitcoins on trading platforms, and this month the number has dropped to just 2.4 million, indicating that Bitcoin Whales and individual investors are still reluctant to sell their currency holdings in the past two months. The value of Bitcoins released on trading platforms has in fact turned negative, at a constant rate of almost 20,000 BTC.

Given the good performance of Bitcoin over the past few months in terms of high price and somewhat low volatility, it is natural for individual investors and even the Bitcoin whales who own large amounts to move towards the storage of currency as a long to medium term investment instead of permanently trading it, although trading platforms allow By storing currencies without the need to exchange them, however, the increasing incidents of hacking targeting the platforms Many people steered away from this idea, the most recent of which was the hack of the KuCoin platform, which resulted in the theft of around $ 150 million in digital currencies.

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New study indicates effectiveness of using digital currencies for electronic payment

Digital currencies

The American company Bitpay specializing in electronic payment services via the Bitcoin edition New study To clarify the positive impact of Bitcoin especially among other digital currencies on stores that use it as a payment method, it included four main unnamed stores from several different industries including gold broker, store selling gift cards, an online hosting service and a retail store. Retail electronics.

In this study, traders highlighted the importance of Bitcoin and the features it has provided them in this area, especially its effectiveness in avoiding fraudulent practices associated with chargeback requests that customers may make, which is a major problem that many sellers still suffer from with payment systems. Traditional, as some customers would submit a refund request to the bank they dealt with directly, instead of returning to the seller themselves.

The study also included information on Bitcoin’s role in attracting new customers to stores, which represented an increase of around 40% over the percentage of Bitcoin transfer transactions linked to sales, which ranged from 0 , 5% and 6.5% only.

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The increase in the use of renewable energies to power mining farms

Digital currencies

The growing consumption of energy required to mine digital currencies is one of the most controversial topics in this field, due to the Proof of Work (PoW) algorithm used by most of these currencies, in addition to Bitcoin. , because it requires high processing capacity in order to be able to extract enough to make profit and therefore more consumption of electric power. Today, it seems that miners are more and more interested in this topic, as she indicated. a study The University of Cambridge reported that about 76% of miners worldwide use renewable energy alongside other known sources.

According to study data, over 39% of the energy consumed by mining currencies that use proof of work, including Bitcoin, Ethereum, and Bitcoin Cash, comes from renewable energy sources, unlike Previous study Published by the university, which indicated that this percentage does not exceed 28% only. In any case, according to the latest study, about 62% of miners use hydroelectric power, considered to be the most widespread in this area.

Well-known energy sources such as coal and natural gas come in second and third place respectively after hydroelectric power, and other sources such as petroleum, solar power and wind power are also some. not widespread, but looking at the rest of the data in the study, things are not that improvement in fact, as the miners in the Asia-Pacific region (APAC) are responsible for around 77% of mining energy of Bitcoin, but they are the least dependent on renewable energy sources, while North America, which is responsible for 8% of its mining energy, is responsible for around 63% of its miners’ renewable energy. .

Hacking of a trading platform and theft of $ 150 million in digital currencies

Digital currencies

Despite constant claims from trading platforms about improving the security of their platforms and preserving user data, this has not been enough to deter hackers as the KuCoin trading platform has been exposed to an incident. of cyber-hacking which resulted in the leakage of many private keys (private keys) to some of its digital wallets. As a result, nearly $ 150 million in digital currencies has been stolen from users’ wallets, according to current estimates.

distance Confirm violation Per Johnny Lyu, CEO of the platform, the value of Bitcoin has remained somewhat stable without a sudden drop, so that some other currencies such as Ethereum have remained stable even, which is odd given that users generally resort to the selling their assets when a new hack occurs and large amounts Currencies lest hackers sell what they have stolen in a short period of time and affect the price

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