Even though many people see cryptocurrencies as speculative vehicles, the concept was created for an entirely different purpose. Unlike TradFi, crypto wants to achieve mass adoption and establish financial inclusion. Moreover, it still has the potential to become a more stable and sustainable form of finance, although there are some bumps along the road. The […]
The traditional financial system and fiat currencies have been operating for almost 100 years without challenge until the launch of Bitcoin in 2009. The cryptocurrency prompted a financial revolution with implications yet to come and a new era of independence for individuals. In the online and gambling sectors, this revolution translated into platforms offering players around the world products that were previously inaccessible to them. In that sense, Bitcoin is a highly superior asset for gamblers looking for alternatives to the restrictions of the traditional banking system. However, legacy online casinos and poker platforms are still the norm and are widely adopted in contrast with Bitcoin poker casino sites. Many online gamblers are used to the old system and find fiat platforms more comfortable when transacting with online casinos. In this article, we’ll look into the pro and cons of using Bitcoin poker sites, as an alternative to traditional platforms, and we will provide you with a list of trustworthy platforms where you can fully take advantage of this new asset class while avoiding shady online casinos. Why Bitcoin Poker Is Better For Online Gambling Unlike its legacy counterparts, Bitcoin poker casinos are far easier to use and have fewer limitations for players that want to protect their privacy. These platforms can’t skip burdensome rules that required players to provide information that they want to preserve by themselves, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) rules. Thus, a Bitcoin poker site is more convenient, private, and flexible allowing players to make deposits and withdrawals at any point during the day without giving out their credit card or personal financial information. In order to play with a Bitcoin poker site, a player only needs a BTC address and make a deposit. That’s it, you are ready to play! The entire process might take you a couple of minutes and you avoid the high transaction fees charged by traditional payment rails. This process is more advantageous as players can take out their winnings without having to worry about a bank blocking their transactions or holding their money for undetermined periods of time. Bitcoin poker sites will process your transactions within 24 to 48 hours after a withdrawal request, with round-the-clock customer support to solve any doubts or questions related to the operations. In addition, the Bitcoin blockchain will have all the details related to a transaction which cannot be changed by any third party. On top of the above, players can double or triple their deposits after a threshold as Bitcoin poker casino sites offer bonuses and opportunities to earn extra rewards. Even by just signup to the platform, players can receive hundreds of dollars as welcome bonuses. A good tip before completing this process is to check your local regulations on crypto and Bitcoin poker sites and casinos. Some countries have laws against these platforms, but a VPN is always at hand if you want to circumvent this restriction. List Of Bitcoin Poker Sites In 2022 Before signing up for any Bitcoin poker site, players should look for reviews, such as the one we provide below. Different reviews will help you find the best platform in order to avoid potential scams or security vulnerabilities. Below, you’ll find our list of the best Bitcoin poker sites in 2022. These sites have been personally tested by our team after spending hours contrasting their pro and cons with their competitors. They provide users with the best security and benefits when playing the popular game. SWC Poker CoinPoker Blockchain Poker Stay vigilant as this list can be expanded with new Bitcoin poker sites, these platforms are still catching up to traditional casinos, but adoption is growing every year. Online crypto casinos might become the new normal in the near future. Image by David from Pixabay
The crypto market crash started from the Feds and its fight against inflation. The announcement to increase interest rates caused a panic that created doubts in the minds of crypto investors. As the Federal Reserve implemented the plan, the overall financial markets, including crypto, plunged. Another factor that helped push crypto prices down was the crash of Terra Luna USDT. The algorithmic stablecoin depegged, leading to massive losses that plunged the market into oblivion. Since then, crypto prices have fluctuated in a terribly prolonged crypto winter. Related Reading: Serum (SRM) Price Looks Set After Hibernation, Can Price Go To $1? Cryptos such as Bitcoin and Ethereum lost their massive gains, and many crypto projects disappeared completely. But the Summer Hasn’t Been Good Either Some analysts opined a price rally as the market lamented over the continuing crypto winter. But unfortunately, these predictions seem to be delayed as the crypto market records more fluctuations. For instance, Bitcoin has lost more than 37% since the market downtrend. June 2022 brought a lot of price crashes for the coin like never recorded before. The next month, July saw a little gain of 17% in BTC price, but that rally was short-lived. The coin lost everything and is now trading below the $20 mark. Bitcoin even dived deeper on September 7 when the price plummeted below $19K; it recovered quickly. So what’s the way forward for the number one crypto? Analyst Indicates A Solution To BTC Recovery While the investors await a price rally for Bitcoin and others, an analyst has indicated that such occurrence depends on the Federal Reserve. Dan Nathan, the RiskReversal Advisors principal stated this during the popular CNBC’s “Fast Money” episode. According to Nathan, Bitcoin can only reverse to a bullish trend if the Feds change their stance on the inflation fight approach. Recall that in the last Federal Reserve annual meeting held on August 26, 2022, Jerome H Powell made a speech that caused concerns for investors. The feds’ chair declared a more aggressive approach in the agency’s fight against inflation. Before the meeting, Neel Kashkari suggested using the Vokcker approach. Given that Kashkari was initially dovish in his stance, the crypto community became worried. Powell intensified the panic when he announced that the agency would intensify its strategies. So, the likelihood of the feds pivoting in its approach is farfetched. To say that these outplay affected crypto prices is an understatement. Many coins started a downward trend from that day and are still at it until now. The short-lived rallies are no match for the frequent pullbacks. Related Reading: On-Chain Data Shows Bitcoin Whale Dumping Behind Dip Below $19k Bitcoin dominance has plummeted to its lowest ever. Nathan even stated that the coin is trading like an ordinary stock currently. So, a rally for the number one crypto may not be possible this 2022, given that the feds are not about to pivot. Featured image from Pixabay and chart from TradingView.com
Although the crypto market has been facing tough times with Fed adding fuel to the fire with its hawkish approach to the industry, some countries have shown an incredible interest in digital assets simultaneously. The fifth most populous territory of Argentina, Mendoza, known for its production of wine, now accepts crypto payments to receive provincial […]
Cryptocurrencies have come a long way in terms of adoption and value in the past few years. As a result, people are shifting their attention to cryptocurrencies. There is no doubt that cryptocurrencies will have great potential in the future. In 2022, the cryptocurrency market experienced a titanic collapse. In the summer of 2022, the […]
Iran’s association of importers have now called for regulatory framework for cryptocurrency. This is after the Iranian government has officially used crypto to pay for the imports. In order to continue paying for imports with digital asset a regulation needs to mandated. The head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association) […]
A fiscally conservative think tank doubts that central bank digital currencies (CBDCs) would be beneficial and wonders if they might even bring about negative outcomes. In a new policy brief, the Club for Growth questions several of the key arguments that have been put forth in favor of central banks issuing a government-backed cryptocurrency. “CBDCs […]
Crypto insights firm Santiment is revealing that the behaviors of a group of investors may be a negative sign for the market. According to Santiment, sharks, or entities that hold between 10,000 and 100,000 of a particular crypto asset, are accumulating stablecoins Tether (USDT) and USD Coin (USDC) even as the prices of crypto assets […]
Buterin has said that he doubts any existing corporate attempts to create a Metaverse will succeed. Buterin Unconvinced by Metas Metaverse Vitalik Buterin thinks any corporations trying to build the…
In the year of the global recession that influenced the crypto market as well, it’s important to choose a platform that provides you with different options to earn rewards. You must have heard a lot about crypto staking and how popular it is these days, but it is crucial these days not to limit yourself to a single way to earn crypto coins. In this review, we’ll be going over a MyCointainer platform offering a variety of tools for crypto traders, investors, and stakers. Operating since November 2018 and currently with over 150 coins on offer and good functionality organized in a simple and beginner-friendly platform, MyCointainer seems like a decent competitor of some of the best-known crypto exchanges. But is MyCointainer legit at all? How do we know? The platform has recently renewed its license by the Estonian Financial Intelligence Unit to support a safe and transparent community for crypto trading. MyCointainer crypto platform – stay calm and watch your portfolio grow MyCointainer reviews a popular view that earning crypto is limited to a group of insiders who “know”. The platform was created to help beginners who want to invest in crypto earn great profit. And this crypto provider truly walks the talk – no need to spend hours to figure out how to stake tokens on the platform, you’ll be guided through a quite transparent process to get to your rewards. Staking has never seemed easier to me. At first, it was so simple that I even had doubts if I did everything right. I just deposited cash from my bank account and bought the crypto I wanted. Boom, that’s it! Nothing else needed. Now when it’s been 6 weeks since I did it, I can see the profit generated in the wallet over time, and I’m just amazed how effortless it was – no lockups or extra steps – keeping crypto in the MyCointainer digital wallet is enough to get rewards. Isn’t it the best place to stake crypto so effortlessly? In addition to regular online staking, MyCointainer supports cold staking with 20 coins available so far, including CTSI, MATIC, AVAX and NEBL. Cold staking is as straightforward as online staking but definitely requires some extra steps. First of all, you need to purchase a hardware wallet to store your crypto coins. There’s a lot of information out there about storage units, but you will most likely choose one of the two brands – Ledger and Trezor that are two leaders on the market. Then you will delegate your coins to MyCointainer crypto platform to earn extra rewards. The cool thing about cold staking with this platform is that you don’t need to freeze your coins, and they stay in your wallet, so it’s a far more secure way to earn crypto by keeping it away from hackers. MyCointainer app – a great alternative to the desktop version. Buy and sell crypto anytime, anywhere If you’re a digital nomad and are used to making decisions on the go, there’s a MyCointainer mobile app for both iOS and Android so that you could stake, exchange your coins and get access to your wallet no matter where you currently are. With the mobile app, you get access to the most important features: Your wallet with the overview of the coins you bought. Also, if you click on a particular coin, you can track all the rewards generated and even the reward fees that are charged. You get updates daily which is a lovely opportunity to have when the value of crypto coins changes every day. Features like Staking, Exchange and Airdrops. The app provides you with 150+ crypto assets to buy, stake and exchange. No need to wait till you’re back at the computer again. Also, the air drops available on MyCointainer are often time-sensitive (even though the tasks take up to 10 minutes), so it’s great to be able to participate on your phone when you’re standing in the line or waiting for your friend in the coffee shop. On the Home page, at the top of the screen you can swipe to read the News about the latest integrations, releases, etc. For example, recently MyCointainer integrated with Fireblocks wallet to provide its users with a powerful payment system with a high security level. The app is as safe as the platform – the access is protected by 2FA Authentication and you can additionally add Biometric Authentication. MyCointainer add-ons – what else does the platform have to offer? MyCointainer strives to become a universal community where anything is possible for anyone and there are multiple opportunities to make more coins. Below are several steps their team has taken towards providing their users with more crypto goodies: EarnBack extension for cashback in crypto. You can make good money out of crypto cashback by installing the extension. Shop in online stores like AliExpress, eBay, iHerb, book your next room on Booking.com and get up to 40% cashback. Airdrops & Giveaways. Earn crypto with 0 investment by taking part in various airdrops. Normally, a task takes up to 10 minutes to perform, and you’re good to go and win some crypto. Referral program. Share a referral link with your friend for you both to win a 15 EUR staking token each. In H2 2022 MyCointainer also plans to launch its native coin to support the platform, and we’re looking forward to seeing it grow. Overall, MyCointainer is a great no-frill resource for crypto beginners who are looking to both learn and earn cryptocurrency. With a long list of supported coins, mobile apps and continuous growth in terms of tools and integrations, it’s very promising and might soon be called the best crypto discovery of the year.
The European Central Bank’s mishandling of the money printer has endangered the eurozone. Bitcoin offers an alternative that separates money from the state.
Shiba Inu may be gearing up for an earth-shattering comeback following a plan to launch a stablecoin for the ecosystem later this year.
In April of last year, the British Treasury unveiled a number of efforts aimed at establishing the United Kingdom as a premier destination for crypto technology and investments. In a press release that month, the Chancellor of the Exchequer, Rishi Sunak, stated that the steps described will help ensure that companies can “invest, develop, and […]
Former hedge fund manager Michael Burry made another bearish prediction for Bitcoin and traditional equities. Renowned for his short position which preceded the U.S. housing market crash, and one of the periods in recent economic history for the world, Burry believes more pain for BTC’s price is ahead. Related Reading | Shiba Inu (SHIB) Shines Green In Pool Of Crimson – Who’s Buying? Currently, Bitcoin is trading at $19,400 with an 8% loss in the past 7 days. The cryptocurrency was moving sideways around its 2017 all-time high levels, $20,000, but the market took yet another turn to the downside and might re-test its yearly lows near $17,000. This could be a fraction of future losses, according to Burry. The former hedge fund manager has been bearish on BTC seems the cryptocurrency was trading north of $60,000, in October 2021. Via his Twitter account, Burry asked his followers tips on how to short a cryptocurrency: Ok, I haven’t done this before, how do you short a cryptocurrency. Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in? In such volatile situations, I tend to think it’s best not to short (…). A short time after, BTC’s price reached its current all-time high which could have resulted in major profits for Burry, if he was able to open a short position. In that case, he might still wait on taking profits, according to its latest prediction, traditional equities and BTC could experience more downside on the back of a bad earnings season: Adjusted for inflation, 2022 first half S&P 500 down 25-26%, and Nasdaq down 34-35%, Bitcoin down 64-65%. That was multiple compression. Next up, earnings compression. So, maybe halfway there. Some Good News For Bitcoin In The Short Term Two experts recently shared potential bullish catalyzers for Bitcoin, at least for a short period of time. Jurrien Timmer, Director of Macro for investment firm Fidelity, believes equities have a chance to rebound from their recent crash. However, Timmer believes the risk-off season could extend further while bond yields trend upwards. In the upcoming earnings season for U.S. publicly traded companies, one could provide more clues on what’s next for the market, including Bitcoin which has been displaying a correlation with traditional equities. With bond yields down and equities up, the correlation between the two asset classes remains slightly positive on a 12-month basis. It’s rare to see the Z-score for both stocks and bonds so negative at the same time. pic.twitter.com/BhJ8BklPmo — Jurrien Timmer (@TimmerFidelity) July 1, 2022 On the other hand, Bloomberg Intelligence Mike McGlone has been expecting a drop in the price of commodities. If these assets trend to the downside, the Fed might slow down on its economic tightening and provide risk-on assets like Bitcoin with some room for relief. Commodities rallying often indicate high inflation, they suggest the opposite when they trend to the downside which could suggest the U.S. financial institution might be succeeding at cutting down inflation, currently their apparent number one priority. McGlone said: Commodities Aren’t Complicated, 1H Was High: When the history of 2022 is written, there’s a good chance that the 1H pump in commodity prices will play out like similar surges in the past, with a reciprocal dump. Timmer and other experts believe that negative news on the economy, talks of economic recession, and a sustained market crash might allow the Fed to become more dovish on its monetary policy. The market has reacted to the downside as a result of the Fed, but some believe this will be insufficient to stop inflation. Related Reading | Ethereum (ETH) Bends Toward $1,000 As Doubt Fills Crypto Markets Fed Chairman Jerome Powell has expressed doubts about a less aggressive monetary policy. In an interview with The Wall Street Journal, Powell said bringing down inflation will result in “some pain” for global markets. Does this mean Burry will be right as in 2008?
It has been more than a year since the NFT boom in 2021. According to NFTGO, the market cap of NFTs peaked at $36.8 billion in March 2022. As the market later cooled, the trading volume and market cap of NFTs started to shrink. This crypto novelty expanded its influence beyond the crypto community and fostered a huge market, which also gave rise to the combination of NFTs and DeFi. The market has witnessed the appearance of NFT lending platforms, NFT aggregators, and NFT derivatives markets, which constitutes the second debut of DeFi Lego enabled by NFTs. However, one wonders whether these products were built to meet real market demands and if they have created a false proposition that lacks any value for market participation. Today, we will dive into whether NFT-fi is a feasible trend and if it will earn market recognition. Figure 1: Market Cap & Volume of NFTs | Source: nftgo.com | As of June 1, 2022 There are many NFT liquidity solutions and NFT structured products in today’s market: 1. NFT fragmentation: FT tokens (such as ERC20 tokens) that are issued by dividing the ownership of valuable NFTs. NFT fragmentation projects include Fractional.art, NFTX, etc. 2. NFT lending markets: Holders can borrow short-term loans by collateralizing their NFTs without selling them. Prominent NFT lending markets include BendDAO, NFTfi, and Drops DAO. 3. NFT leasing: Holders earn rents by leasing NFTs to users in need. NFT leasing projects include Double, reNFT, etc. 4. NFT aggregators: These aggregators, such as Gem.xyz, bring together the transaction data of multiple NFT exchanges, obtain the best NFT transaction price in one stop, and provide users with increased liquidity and more options. 5. NFT derivatives: NFT derivatives include NFT options like Putty, as well as NFT perpetual futures contracts such as NFTprep. These projects are early attempts to bring together NFTs and DeFi. In particular, NFT fragmentation projects and NFT aggregators address the problems of poor NFT liquidity and high market threshold. NFT lending markets and NFT leasing projects also focus on improving NFT liquidity and capital utilization. Meanwhile, NFT derivatives are more complex structured products built to improve capital utilization. However, these projects have not been able to achieve large-scale adoption because they face limitations in terms of the underlying NFT logic and the development space. Next, we will explore the real demands and false propositions of NFTs. Real Demands 1. The capital utilization of NFTs needs to be improved, allowing holders to collateralize their NFTs for partial liquidity when running out of cash. 2. The liquidity problem of NFTs should be addressed, enabling holders to quickly buy/sell the NFTs they own. False Propositions Did the capital utilization of NFTs go higher? The problem of NFTs’ capital utilization can be seen in two aspects: 1) Users need to quickly buy and sell NFTs, and the transaction frequency should not be affected by the poor liquidity of NFTs; 2) Users should be able to quickly exchange their NFTs for liquidity and obtain cash for other purposes. When it comes to FT tokens, capital utilization can be improved through staking, leverage, etc. However, in the NFT market, there are only a few ways through which users can improve their capital utilization. In addition, combining finance with NFT significantly increases the learning cost. Right now, most NFT holders still rely on the “buy low and sell high” strategy. Moreover, most such holders are not the target user of NFT lending projects because only blue-chip NFTs with sound liquidity and value consensus are accepted. In terms of the overall market scale, most users are absorbed by secondary markets and aggregators with low operating thresholds, and they have not achieved any major improvement in capital utilization. As shown in Figure 2, the number of new addresses of Genie and Gem, two NFT aggregators, has been on a steady rise, with increasingly frequent daily transactions. However, as the trading volume and transaction frequency of the two have been hit by the sluggish market conditions of NFTs, Genie and Gem have yet to reach their maximum potential for improving the capital utilization of NFTs. Figure 2: New Addresses and Transactions of NFT Aggregators | Source: Dune @sohwak Let’s turn to the capital utilization of mainstream lending projects. BendDAO is a lending market based on the liquidity pool model where holders can borrow ETH from the pool after collateralizing their blue-chip NFTs. Due to recent market fluctuations, a large amount of ETH deposit in BendDAO’s liquidity pool has been withdrawn, which resulted in decreased ETH supply. Yet, the ETH loans have remained at around 19,000 ETH, while the MA14 supply stands at 46,000. As such, we can make the rough estimate that BendDAO’s capital utilization is about 41%. Figure 3: Bend ETH Utilization | Source: Dune@cgq0123 Note: MA14 refers to the moving average in 14 days, while MA7 indicates the moving average in 7 days NFTfi is a lending market following the P2P model. The amount, interest rate, and duration of loans on NFTfi are jointly determined by liquidity providers and NFT lenders, which is more flexible in terms of the loan rate. The number of monthly loans offered via NFTfi increased from 21 in May 2020 to 2,000+ in May 2022, and the maximum monthly loan amount reached $27.52 million (March 2022), but this figure only accounted for 1% of the market cap of blue-chip NFTs (as reported by NSN-BlueCHIP 10). Figure 4: NFTfi Monthly Loan Volume by Count/Value | Source: Dune@gideontay JPEG’d is also a P2P model lending protocol, and it now only provides collateralized lending for Cryptopunks, EtherRocks, BAYC, and MAYC. After staking NFT, holders will receive PUSD, a stablecoin, provided by the protocol from the pool. Additionally, JPEG’d also features a 32% capital utilization limit on lending. Of course, there are also other early-stage NFT derivatives platforms, but they have not introduced any mature products, so we could not analyze their capital utilization. Despite that, it is foreseeable that such NFT derivatives will come with higher learning costs as they are products designed for professional traders with greater risk appetite. As such, their growth potential is limited in today’s NFT market. Asset Pricing and Liquidation Risks？ The pricing of NFTs has been so frequently discussed that it has now become a cliché. People are concerned with the issue because the price swings of NFTs will expose NFT lending or derivatives to liquidation risks. As the NFT prices fell over the recent period, BendDAO has started several liquidation auctions. Although most of the lending protocols out there have adopted over-collateralization, in the face of wild price swings, many NFTs would be liquidated and sold in marketplaces. This, coupled with the poor liquidity of NFTs, might lead to panic selling, which would create downward price spirals, ultimately turning the loans into bad debts. The pricing of NFTs is subject to multiple factors. Plus, it is also easily manipulated. For example, big holders could maliciously raise the floor price and then liquidate the NFTs on purpose, and an NFT could take a price plunge due to hacking or smart contract loopholes. Moreover, NFT pricing could also be affected by many intangible factors. For instance, the price of an NFT could soar if a famous person suddenly buys it in large amounts or if it releases a new airdrop plan. As most lenders cannot accurately estimate the intrinsic value of their NFTs, they are vulnerable to liquidation if they borrowed loans or applied leverage. This is also one of the reasons why NFT lending and derivatives have not gained mass adoption: Blue-chip NFT holders are worried that they might suffer losses in the above scenarios, which is why they are reluctant to collateralize their NFTs. Do blue-chip NFT holders really need NFT loans? All NFT lending markets focus on blue-chip NFTs, but most blue-chip NFT holders are not in great need of loans. To begin with, such holders care more about their ownership of the NFTs, just like billionaires would not use their collectibles as collateral for loans. Secondly, NFT loans come with unknown risks, and many blue-chip NFT holders refuse to apply for such loans after weighing the risks against the benefits. Thirdly, applying for NFT loans comes with high learning costs, and not every user can understand the principle behind such loans. Let’s compare the user base of the major NFT lending projects. As of June 15, there are about 2.4 million holders in the NFT market, of which 27,833 hold blue-chip NFTs (a user will be regarded as a blue-chip NFT holder as long as he owns at least one such NFT), according to NFTGO. There are 771 borrowers on BendDAO, 1,038 on NFTfi, and 51 on Arcade. As users must first deposit/collateralize their NFTs before applying for a loan, we can regard all these borrowers as blue-chip NFT holders. It is therefore clear that most blue-chip NFT holders are not users of NFT lending markets. Figure 5: Bend ETH Borrowers & Depositors | Source: Dune@cgq0123 Could NFT-fi projects retain users with the same old incentive? Lending or derivatives projects also bear the task of improving the protocol’s liquidity. Most such projects offer native tokens as the incentive for recruiting NFT holders and depositors as they go live. In this regard, these projects resemble DeFi liquidity mining platforms that attract speculators with high APYs. However, the problem is that they would not be able to maintain such liquidity if the APYs went down. Attracting users with token incentives is still the same old approach. Though this strategy could create a large user base at the very beginning, no one knows whether the protocol could retain users. For example, when the project was first launched, BendDAO airdropped BEND tokens to users who had deposited blue-chip NFTs and ETH. It also uses BEND as a subsidy when paying interests. However, the interest rate went down when the BEND price dropped, which slowed down the growth rate of new users. As such, attracting users with high APYs is only the first step. To retain new users, they must further explore the lending mechanisms, address the oracle pricing issue, and mitigate the liquidation risks. Projects should develop more flexible products while expanding the scope of NFT lending. Last but not least, they could also provide risk reviews, lower the learning cost, and offer more satisfying user experiences. Conclusion The evolution from NFT to NFT-fi is a process in which a market grows from its infancy to a more mature stage. However, it is also inevitably a process that’s full of doubts, traps, and problems. As NFT-fi projects seek to meet real demands, they will also have to face doubts that they are stating false propositions. Today’s NFT market is like a newborn child who needs to grow up and stick through challenges. Although NFT-fi might be a great attempt, there is still a long way to go, and NFT-fi projects have to keep exploring their underlying logic to earn market recognition.