Autor Cointelegraph By Arijit Sarkar

Web3 grows in online searches as interest in Bitcoin declines: Google Trends

Web3 grows in online searches as interest in Bitcoin declines: Google Trends

Uverejnil používateľ | okt 24, 2022 |

The global crypto community has started to redirect its interest from Bitcoin (BTC) to Web3, according to Google search trends.In order to keep up with decade-long innovations spanning from blockchain-based applications to nonfungible tokens (NFTs), crypto investors and enthusiasts rely on searching the web — disclosing their true sentiments in real-time. Most recently, searches for the term “Bitcoin dead” reached an all-time high, owing to peak anxiety among investors amid ongoing sell-offs at the time. As a result of the prolonged bear market, global Google searches for Bitcoin have reached their lowest point in over a year. On the other hand, Google searches for Web3 have picked up steam and recorded an all-time high in terms of peak popularity in 2022.Google search results for Bitcoin (top) and Web3 (down). Source: Google TrendsAs shown above, the interest in Web3 stands at 72, while for Bitcoin, the number has come down to 27 — a three-times difference based on peak performance.Taking a closer look shows that interest in Bitcoin (based on Google searches) is strongest in El Salvador, supported by communities residing in Nigeria and the Netherlands. However, China takes the number one spot in searching about Web3.Interestingly, Nigeria is in the list of the top three countries for both Web3 and Bitcoin Google searches. Supporting local interest, the Nigerian government recently conducted early-stage talks for a crypto-friendly economic zone with crypto exchange Binance.Related: Breaking: Google taps Coinbase to bring crypto payments to cloud servicesOn Oct. 11, Google added a new feature allowing users to find details about Ethereum wallet addresses. Well done, blockchain address is now available in Google Search! pic.twitter.com/7IuKv1gddR— Han⚡️ (@hhua_) October 11, 2022Further research from Cointelegraph confirmed that the feature comes with limited functionality because Google is not yet able to pull up wallet details of numerous addresses.

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3Commas issues security alert as FTX deletes API keys following hack

3Commas issues security alert as FTX deletes API keys following hack

Uverejnil používateľ | okt 23, 2022 |

Automated crypto trading bot provider 3Commas issued a security alert after identifying certain FTX API keys being used to perform unauthorized trades for DMG cryptocurrency trading pairs on the FTX exchange.3Commas and FTX conducted a joint investigation in relation to reports from users of unauthorized trades on the DMG trading pairs on FTX. The duo identified that hackers used new 3Commas accounts to perform the DMG trades adding that “The API keys were not taken from 3Commas but from outside of the 3Commas platform.”A subsequent investigation found fradulent websites posing as 3Commas were being used to phish API keys as users linked their FTX accounts. The FTX API keys were then used to perform the unauthorized DMG trades.3Commas further suspects that hackers used 3rd-party browser extensions and malware to steal the API keys from users, adding:“To reiterate and clarify, there has been no breach of either 3Commas account security databases or API keys. This is an issue that has affected multiple users who have never been customers of 3Commas so there is no possibility that it is a leak of API keys originating from 3Commas.”Both FTX and 3Commas identified suspicious accounts based on user activity and suspended the API keys to avoid further losses.A set of guidelines shared by 3Commas for user’s safety. Source: 3CommasFTX users that have connected their accounts with 3Commas and receive a message regarding their API being “invalid” or “requires updating” must create new API keys. In such cases, 3Commas suggested that:“It is possible your API details were compromised and the API key has been deleted by FTX.”Users have the option to create a new API key on FTX and link it to their 3Commas account to ensure no disruption to active trades.3Commas are currently working with the victims to provide assistance and gather more information about the hackers.Related: Voyager customers could recover 72% of frozen crypto under FTX dealFTX recently partnered with Visa to roll out debit cards in 40 countries worldwide. The partnership allows FTX users to pay for goods and services using debit cards that boast “zero fees” and no yearly charges.The market reacted to the development as the FTX token spiked 7%, momentarily reaching a trading price of $25.62.

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Kazakhstan among top 3 Bitcoin mining destinations after US and China

Kazakhstan among top 3 Bitcoin mining destinations after US and China

Uverejnil používateľ | okt 23, 2022 |

For over a year, the oil-rich Central Asian country of Kazakhstan has maintained its position as the third-biggest contributor to Bitcoin (BTC) mining after surpassing Russia back in February 2021. As of January 2022, Kazakhstan contributed to 13.22% of the total Bitcoin hash rate, positioned right after the historical leaders the United States (37.84%) and China (21.11%), as shown below.Along similar timelines, Cambridge Centre for Alternative Finance data estimated that Kazakhstan’s absolute hash rate contribution (monthly average) was 24.8 exahashes per second (Eh/s). Meanwhile, the US and China contributed 71 Eh/s and 39.6 Eh/s, respectively.The International Energy Agency (IEA), which is co-funded by the European Union, highlighted Kazakhstan’s heavy reliance on non-renewable energy, such as oil (over 50%), coal (28%) and natural gas (17%) until 2020. The study revealed:Most coal is used for electricity and heat generation, while most oil is used by final consumers, particularly in road transport.However, the top three countries contributing to the Bitcoin hash rate continue to eat away the share of other players, such as Malaysia, Germany and Iran. Kazakhstan was among the first to welcome the displaced Chinese miners when the Chinese government imposed a blanket ban on Bitcoin and crypto mining and trading. China resumed mining operations in September 2022, but the temporary mining ban stripped the country’s position as the biggest Bitcoin mining hub, placing the US at the top ever since.Related: Russian users are welcomed by crypto exchanges in Kazakhstan, but there’s a catchLocal reports from Kazakhstan highlighted the country’s intent to legalize a mechanism for converting cryptocurrencies to fiat. Speaking at the international forum Digital Bridge 2022, President Kassym-Jomart Tokayev shared his vision to make Kazakhstan a leader in the field of digital technology, cryptocurrency ecosystem and regulated mining.“We are ready to go further. If this financial instrument shows its further relevance and security, it will certainly receive full legal recognition,” Tokayev stated.

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Web3 to inject $1.1T in India's GDP by 2032, following 37x growth since 2020

Web3 to inject $1.1T in India's GDP by 2032, following 37x growth since 2020

Uverejnil používateľ | okt 23, 2022 |

The global Web3 boom is expected to add $1.1 trillion to the Indian economy over the next decade, supporting the investment-based momentum driven by over 450 in-house startups, including CoinDCX, Polygon and CoinSwitch. A recent study from the National Association of Software and Service Companies (NASSCOM), an Indian non-governmental trade association and advocacy group, highlighted India’s position as a leading global player in the Web3 market owing to several factors spanning a large talent pool, high adoption rate and product development for international markets.Snapshot of India’s Web3 startup ecosystem in 2022. Source: NASSCOMThe US-India Strategic Partnership Forum (USISPF) estimated that “Web3 can add $1.1 trillion of new economic value to the Indian GDP in the next 10 years.” Investments in Indian Web3 startups. Source: USISPF and NASSCOMMoreover, the study highlighted that investments in Indian Web3 startups mimicked crypto adoption by racking up a 37x growth over the last two years. The explosive Web3 growth in the country is further supported by an increasing talent pool, which makes India’s demand-supply gap the lowest when compared to the USA, China and UK.In addition, India ranks first when it comes to reskilling in newer technologies, which is considered paramount in emerging technologies such as Web3 and blockchain. Global Web3 talent distribution. Source: OKX and NASSCOMThe above graphic shows the global talent pool for Web3, showcasing the US and China overpowering India. However, the study estimates that India’s Web3 talent pool is expected to experience the fastest growth rate in the coming 1-2 years.Focus areas for Indian Web3 startups. Source: Zinnov CoNXT Research & AnalysisThe Indian Web3 ecosystem caters to a variety of real-world applications and roughly 60% of the local startups expanded their footprint outside India.Related: India aims to develop crypto SOPs during G20 presidency — Finance ministerIndian e-commerce giant Flipkart recently launched a metaverse space — named Flipverse — for locals to try out and purchase merchandise from brands including Puma and Nivea. Flipverse was developed in collaboration with Polygon-incubated organization eDAO and will support digital collectibles and be made available on Flipkart’s newly online shopping platform, FireDrops.

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Spain overtakes El Salvador to become third largest crypto ATM hub

Spain overtakes El Salvador to become third largest crypto ATM hub

Uverejnil používateľ | okt 22, 2022 |

The European country of Spain is officially home to the third-largest network of Bitcoin (BTC) and cryptocurrency ATMs after the United States and Canada. Spain currently hosts 215 crypto ATMs, pushing El Salvador — wi 212 crypto ATMs — down to the fourth position after surpassing the country by 3 crypto ATMs. Data from CoinATMRadar confirms that Spain represents 0.6% of the global crypto ATM installations.Crypto ATM distribution by continents and countries. Source: CoinATMRadarMoreover, the revelation places Spain as the highest contributor to crypto ATMs in Europe, which represents 14.65% of total installations in the continent, followed by Switzerland (144 ATMs), Poland (142 ATMs) and Romania (135 ATMs).Crypto ATM installation growth in Spain. Source: CoinATMRadarIn 2022 alone, Spain installed 43 crypto ATMs and has previously shared its intent to install a total of over 100 ATMs by the end of the year — taking up the total to nearly 300 crypto ATMs once completed.MediaMarkt, a German electronics retailer, and Confinity, among others, are leading the drive to install crypto ATMs across Austria, Germany, Spain and Greece. On the contrary, global crypto ATM installations saw a negative growth since September 2022 and are on the path of slow recovery at the time of writing. Calculations based on data from the last 60 days show that around seven crypto ATMs are being installed daily worldwide. Related: Crypto ATMs emerging as popular method for crypto scam payments — FBIGreece takes the sixth spot in terms of cryptocurrency ATMs, and with the influx of tourists, Bitcoin ATM operator BCash shared insights on the usage statistics in the country. Speaking to Cointelegraph, BCash managing director and co-founder, Dimitrios Tsangalidis, revealed that despite installing crypto ATMs in tourist hotspots, most usage comes from the main city area. However, the island of Crete attracts a “very loyal cryptocurrency crowd,” as explained by Tsangalidis:“There is a strong crypto community in Heraklion of Crete [which is] the location of one of our ATMs.”According to Tsangalidis, a combination of crypto winter and tourist seasons has resulted in a slowdown in terms of regular traffic in crypto ATM usage.

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