Autor Cointelegraph By Joseph Hall

NYDIG raises $720M as Bitcoin balance hits all-time high

NYDIG raises $720M as Bitcoin balance hits all-time high

Uverejnil používateľ | okt 3, 2022 |

The bear market has not deterred one of the biggest Bitcoin (BTC) bulls. The balances of the New York Digital Investment Group, or NYDIG, hit record highs in Q3 of this year. Plus, a United States Securities and Exchange (SEC) filing could reveal the group’s intent to add more Bitcoin to its balance sheet. According to a press release, NYDIG’s Bitcoin balances are “up almost 100% year-over-year, and revenue is up 130% through Q2, with another increase when the firm closes its books on Q3.” The company HODLs more Bitcoin than ever despite Bitcoin continuing to tread lower and lower over the course of 2022. Furthermore, according to an amended SEC filing, the group has raised $720 million for its institutional Bitcoin fund. Fifty-nine investors contributed an average of more than $12 million each to the raise.The filing states that the SEC has “not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.” NYDIG offers cold storage custody solutions to institutional investors and high-net-worth individuals. Describing itself as a “Bitcoin company,” the group has endured several exchange-traded fund rejections by the SEC. Related: Institutional appetite continues to grow amid bear market — BitMEX CEOThe group continues to promote all aspects of Bitcoin adoption, recently allowing the employees of participating companies to receive salaries in Bitcoin. The recent press release highlighted a newfound emphasis on the Lightning Network, stating “Now it’s time for Lightning.” NYDIG’s move to promote the Lightning Network development follows that of business intelligence firm MicroStrategy. Michael Saylor, the group’s executive chairman, recently announced job postings for LN developers. A shakeup in NYDIG’s leadership accompanied the news. Tejas Shah and Nate Conrad take on the roles of CEO and president, respectively, as the departing CEO, Robert Gutmann, and outgoing president, Yan Zhao, step down but remain at Stone Ridge Holdings Group, the parent company to NYDIG.

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Bitcoin Lightning Network capacity strikes 5,000 BTC

Bitcoin Lightning Network capacity strikes 5,000 BTC

Uverejnil používateľ | okt 3, 2022 |

Bear markets are for building out capacity on the layer-2 Lightning Network. Despite macroeconomic headwinds and sluggish price action the Lightning Network, the layer-2 payments solution on Bitcoin (BTC) continues to flourish.The Bitcoin Lightning Network reached a milestone capacity of 5,000 BTC ($96 million). In effect, more and more Bitcoin is being introduced to Lightning Network payment channels worldwide, as Bitcoiners continue to support the growth of the network.Bitcoin Lightning Network capacity. Source: Look into BitcoinThe Lightning Network allows users to send Bitcoin (or satoshis, the smallest amount of a Bitcoin) to send or receive money faster and with lower fees. The more capacity on the network, the more liquidity is on hand. As a result, users can experience faster payment speeds and potentially larger transaction volumes. First created in 2018, the Lighting Network has come under fire recently. Bitcoin influencers such as Udi Wertheimer have discussed the network’s “failure,” claiming that no one uses the network. Nonetheless, the network hit 4,000 BTC capacity in June and over the past four years it has become a reliable payment networt, popular in El Salvador, the Isle of Man and Gibraltar: [embedded content]Nourou of Bitcoin Senegal explains why the LN is so important. He told Cointelegraph, “In Senegal, we have an economy of 50 FCFA. That is to say that the Senegalese of the working and proletarian class, who represent the majority of the population, buy, for their breakfast, 50 FCFA (0.07€) of milk, sugar, coffee, water, and many other basic products.””Microtransactions are our economic reality. For Bitcoin to become the standard in the years to come, and in our economies, the lightning network would have to have enough capacity to support these microtransactions.”Nicolas Burtey, CEO at Galoy, was one of the first to celebrate the 5,000 Bitcoin achievement. Burtey told Cointelegraph that the adoption of Bitcoin in El Salvador was the tipping point for the Lightning Network. This is where all metrics really started to take off.” He joked, “The bill should have actually been called the Lightning Law!” pic.twitter.com/Bo18xkMe8A— Nicolas Burtey ⚡️⚡️ (@nicolasburtey) October 3, 2022Burtey continued, explaining that while the 5,000 BTC metric is important, “Payment velocity per channel is growing at an even faster rate. It’s a more meaningful metric, but only node operators can see it, so it’s not so prominent in the media.”The Lightning Network, once a space for hobbyist Bitcoin enthusiasts, now appeals to large corporations. Microstrategy is now hiring for a Bitcoin Lightning Software engineer. Microstrategy is the largest holder of Bitcoin among publicly traded companies with 130,000 BTC on its balance sheet. Related: Raise a glass to Satoshi’s Place: the challenge of running Bitcoin businessesElsewhere, Strike, a Bitcoin Lightning company headed by Jack Mallers, raised $80 million in order to “revolutionize payments” for merchants. Mallers and Strike spearheaded El Salvador’s Bitcoin adoption plans in 2021. For Nourou, who’s hosting Dakar Bitcoin Days in December, the first major Bitcoin conference in Senegal, the 5,000 BTC milestone is monumental:  “An increase in BTCs blocked in the network and the number of channels opened in parallel is a further step towards the democratization of Bitcoin transactions in the world.”

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GBP follows Euro: The pound-dollar rate hits all-time low

GBP follows Euro: The pound-dollar rate hits all-time low

Uverejnil používateľ | sep 26, 2022 |

The Great British pound sterling has fallen to the lowest level ever against the United States dollar. In a flurry of overnight trading activity, the pound reached lows of 1 pound = $1.04. It lost 5% of its value in a spiral.The United Kingdom’s sovereign currency, the pound sterling, is the world’s oldest currency that is still in use today. It is currently clinging above USD-pound parity, since regaining $.03 cents, bouncing to 1 pound = $1.07. Source: GoogleThe pound has been on a steady decline against the USD since 2007 and the subsequent financial crisis. While it has lost 20% of its value this year, it has lost half of its value against the dollar over the past 20 years. In light of the sudden plunge in the U.K.’s purchasing power, commentators such as Erik Voorhees, CEO of ShapeShift, have suggested that the pound is now more volatile than Bitcoin (BTC). In numbers, Bitcoin is down 50% against the pound this year but up 2% today and 9% over the past week.The drastic fall in the pound’s value is in large part due to last week’s budget announcements. The Financial Times reported that tax cuts and energy subsidies introduced by the new Chancellor of the Exchequer, Kwasi Kwarteng, may create an unstable financial bedrock for Britain in the 2020s. In Prime Minister Lizz Truss’ first budget, the biggest tax cut in a generation was announced. The cuts would reportedly address high energy costs and inflation. Inflation in the United Kingdom is at record levels for the century, hitting double digits last month for the first time in 40 years.Related: Global inflation mounts: How stablecoins are helping protect savingsAcross the channel in the eurozone, inflation is also running rampant. Record 9.1% inflation was reported in August, while fears of a bleak winter are compounded by energy shortages. Commentators and Twitter influencers such as Cobie were keen to make light of the situation. Due to the pound devaluing, all cryptocurrency tokens appear to rise in value in Cobie’s home country, the United Kingdom.Up only (my bags denominated in gbp)— Cobie (@cobie) September 26, 2022Others have compared the pound’s freefall to that of a “shitcoin,” or a rug pull project, in which scammers pump a token and run off with the profits.

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Raising a glass to Satoshi’s Place and the challenge of running Bitcoin businesses

Raising a glass to Satoshi’s Place and the challenge of running Bitcoin businesses

Uverejnil používateľ | sep 21, 2022 |

Cointelegraph took a trip to Satoshi’s Place on Friday, a Bitcoin (BTC) hub in Greater Manchester. Named after the anonymous creator of the world’s largest and most widely accepted cryptocurrency, the bar and workspace offer workshops, coworking spaces for local businesses and Bitcoin-inspired cocktails.Adam, the founder (who chose not to share his surname), first heard about Bitcoin in 2012 and has spent the past 10 years experimenting with ways to onboard and educate people about the magic internet money. He told Cointelegraph over a beer — paid for by Bitcoin over the Lightning Network — that it’s the first of many forays into the Bitcoin business. Everything in the space — absolutely everything — is Bitcoin-themed or Bitcoin-branded. From orange being the dominant color to rare Bitcoin art adorning the walls to the hand dryer in the loos, which generates heat from — you guessed it — a Bitcoin miner plugged in upstairs. The “Gold Rush” was the most popular cocktail on the night.Adam explained that over the past four years, he’s focused his efforts on Bitcoin merchant adoption, a growing trend in the United Kingdom. Satoshi’s Place began life as a coffee shop and then a pizzeria back in 2018. At first, customers could buy coffee with Bitcoin and even use a Bitcoin ATM to buy and sell Bitcoin, “Back when it was legal,” he joked.“People were putting £20,000 worth of cash into an ATM on a monthly. From teenagers to I think the eldest was 93 years old.”Bitcoin ATMs were forced to shutter by the Financial Conduct Authority in March this year. Adam explained that despite doing everything by the book — “a full exchange system literally to the minute,” — the banks made life hard. An example that’s part of a wider trend, Bitcoin businesses in the United Kingdom are beleaguered by banks. Adam’s experience is no different: He had issues with Barclays while operating a U.K.-based crypto festival called CoinFest and has had bank accounts blocked and emails ignored despite his best efforts to do business above board. Satoshi’s Place is his third attempt at creating a by-the-book space for Bitcoin enthusiasts and precoiners to meet and learn what is money, and why Bitcoin might be a better one. Thanks to the Lightning Network, a layer-2 Bitcoin solution, payments are now near-instant, frictionless and basically free. Many punters, Bitcoin enthusiasts and even first-timers bought burgers and beverages with Bitcoin at the bar on Friday.The youngest of the Satoshi’s Place crew buying a drink! @theboltcard @CoinCorner #SPTeam #bitcoin pic.twitter.com/o2uQdfJTEc— Satoshi’s Place® – A UK based Bitcoin Hub (@SatoshisPlaceUK) September 17, 2022The bar uses solutions from Fast Bitcoins and CoinCorner, two Bitcoin companies based on the Isle of Man. CoinCorner’s team made the trip across the Irish Sea to mingle on Friday and host a Bitcoin workshop the following day. Elsewhere, Nathan Day, “Pleb at Large” and contributor to BTCMap.Org, an open source map to show where Bitcoiners can spend Satoshis, demonstrated Bitcoin-themed games. Jordan Walker, CEO at the Bitcoin Collective, the group behind the U.K. Bitcoin Conference, was schooled by Day’s son at Sats-Man (like Pac-Man but with Satoshis). Related: The UK ‘Bitcoin Adventure’ shows BTC is a family affairhttps://t.co/Xi10jsz6TBhttps://t.co/afm5iJCwJ4 pic.twitter.com/AQjZcrKypB— ⚡ BTC Map ⚡ (@BTCMapDotOrg) September 19, 2022

The workshops at Satoshi’s Place will be as close to free as possible and open to all: Bitcoin the currency doesn’t discriminate, after all. Workshops in the workspace in the front room cover “Everything from Lightning education to Bitcoin for kids, Bitcoin development, all different types. There are about 16 hosts that I’ve got up to now that want to do workshops.” It’s been more than a decade since Satoshi Nakamoto stepped away from public involvement in the blockchain community. It makes you wonder what they would have thought of spaces like this, all these years later.

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Raising a glass to Satoshi’s Place and the challenge of running Bitcoin businesses

Raising a glass to Satoshi’s Place and the challenge of running Bitcoin businesses

Uverejnil používateľ | sep 21, 2022 |

Cointelegraph took a trip to Satoshi’s Place on Friday, a Bitcoin (BTC) hub in Greater Manchester. Named after the anonymous creator of the world’s largest and most widely accepted cryptocurrency, the bar and workspace offer workshops, coworking spaces for local businesses and Bitcoin-inspired cocktails.Adam, the founder (who chose not to share his surname), first heard about Bitcoin in 2012 and has spent the past 10 years experimenting with ways to onboard and educate people about the magic internet money. He told Cointelegraph over a beer — paid for by Bitcoin over the Lightning Network — that it’s the first of many forays into the Bitcoin business. Everything in the space — absolutely everything — is Bitcoin-themed or Bitcoin-branded. From orange being the dominant color to rare Bitcoin art adorning the walls to the hand dryer in the loos, which generates heat from — you guessed it — a Bitcoin miner plugged in upstairs. The “Gold Rush” was the most popular cocktail on the night.Adam explained that over the past four years, he’s focused his efforts on Bitcoin merchant adoption, a growing trend in the United Kingdom. Satoshi’s Place began life as a coffee shop and then a pizzeria back in 2018. At first, customers could buy coffee with Bitcoin and even use a Bitcoin ATM to buy and sell Bitcoin, “Back when it was legal,” he joked.“People were putting £20,000 worth of cash into an ATM on a monthly. From teenagers to I think the eldest was 93 years old.”Bitcoin ATMs were forced to shutter by the Financial Conduct Authority in March this year. Adam explained that despite doing everything by the book — “a full exchange system literally to the minute,” — the banks made life hard. An example that’s part of a wider trend, Bitcoin businesses in the United Kingdom are beleaguered by banks. Adam’s experience is no different: He had issues with Barclays while operating a U.K.-based crypto festival called CoinFest and has had bank accounts blocked and emails ignored despite his best efforts to do business above board. Satoshi’s Place is his third attempt at creating a by-the-book space for Bitcoin enthusiasts and precoiners to meet and learn what is money, and why Bitcoin might be a better one. Thanks to the Lightning Network, a layer-2 Bitcoin solution, payments are now near-instant, frictionless and basically free. Many punters, Bitcoin enthusiasts and even first-timers bought burgers and beverages with Bitcoin at the bar on Friday.The youngest of the Satoshi’s Place crew buying a drink! @theboltcard @CoinCorner #SPTeam #bitcoin pic.twitter.com/o2uQdfJTEc— Satoshi’s Place® – A UK based Bitcoin Hub (@SatoshisPlaceUK) September 17, 2022The bar uses solutions from Fast Bitcoins and CoinCorner, two Bitcoin companies based on the Isle of Man. CoinCorner’s team made the trip across the Irish Sea to mingle on Friday and host a Bitcoin workshop the following day. Elsewhere, Nathan Day, “Pleb at Large” and contributor to BTCMap.Org, an open source map to show where Bitcoiners can spend Satoshis, demonstrated Bitcoin-themed games. Jordan Walker, CEO at the Bitcoin Collective, the group behind the U.K. Bitcoin Conference, was schooled by Day’s son at Sats-Man (like Pac-Man but with Satoshis). Related: The UK ‘Bitcoin Adventure’ shows BTC is a family affairhttps://t.co/Xi10jsz6TBhttps://t.co/afm5iJCwJ4 pic.twitter.com/AQjZcrKypB— ⚡ BTC Map ⚡ (@BTCMapDotOrg) September 19, 2022

The workshops at Satoshi’s Place will be as close to free as possible and open to all: Bitcoin the currency doesn’t discriminate, after all. Workshops in the workspace in the front room cover “Everything from Lightning education to Bitcoin for kids, Bitcoin development, all different types. There are about 16 hosts that I’ve got up to now that want to do workshops.” It’s been more than a decade since Satoshi Nakamoto stepped away from public involvement in the blockchain community. It makes you wonder what they would have thought of spaces like this, all these years later.

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