- Expert Seeks Increased Adoption of Cryptocurrency
The Chief Executive Officer of Kurecoinhub, Mr. Tega Abikure, an expert in Blockchain and digital currency, has advised the federal government and governments of African countries to consider the adoption of Bitcoin as a currency for storage of national reserves.
According to him, “Cryptocurrencies are changing the face of the global financial world and bitcoin is at the forefront of this. African countries can benefit from its acceptance and value-addition by keeping some foreign reserves in the currency. If adopted, this can help to improve the finances of African countries.”
Abikure who spoke with journalist in Lagos on the benefits of digital currency like Bitcoin, said there was need to consider a switch to bitcoin as a currency for foreign reserves in view of its global acceptance as a legal tender and also its persistent trade by individual and global corporate bodies.
Abikure, whose firm has launched what has been acknowledged as Africa’s largest Blockchain and Cryptocurrency Project, chided African governments for adopting a sit-and-look posture on cryptocurrency adoption and regulation, at a period when many other countries outside were going ahead to develop a robust cryptocurrency system.
According to him, Africa always tends to be late in adoption of global technologies and systems, adding that the adoption of cryptocurrencies is another area the continent is lagging behind.
He said: “People and nations all over the world are taking this seriously, building viable projects and infrastructures around bitcoin to safeguard their future and that of the nations. But in Africa it seems we are the ones on the far side of major adoption.
“We are waiting for others to finish eating up the good stuffs and leaving for us scrums to live on. We just need to understand that Bitcoin, kurecoin and other highly valued cryptocurrenecies are here to stay and we can only become major stakeholders in this new reality if we can start taking decisive steps now.”
Abikure urged industry leaders on the continent to learn from the countries that were taking decisive steps to secure the future of their nations by taking cryptocurrenices seriously.
He identified some countries such as United States of America, Estonia, China and South Korea as nations that African countries should emulate.
The finance expert also noted that USA had become a global reference point on cryptocurrency regulation and virtually all other nations were looking up to USA to provide directions for others to follow.
He also said South Korea remained a regular host of Bitcoin conferences and has provided a friendly climate for the local Bitcoin community as a way of becoming a global leader in cryptocurrencies.
Blockchain Hackers Have Stolen Over $13.6 Billion in 330 Hack Events
Hackers Have Stolen Over $13.6 Billion from 330 Hacked Blockchain Events
According to data analyzed by the Atlas VPN team, hackers have stolen $13.6 billion through 330 blockchain hack events year-to-date.
Most successful in terms of the number of breaches have been hacks targeting EOS DApps. EOS DApp providers have faced 117 breaches, which together amounted to $28.28 million in losses or approximately $241,785.8 per single breach.
Next up are hacks aimed at cryptocurrency exchanges. In total, hackers have launched 87 successful attacks aimed at crypto exchanges, collectively netting $4.82 billion or a whopping $55.41 million per hack.
While there were significantly less successful hacks aimed at blockchain wallets, such breaches were the most profitable. Over the past 8 years, blockchain wallet providers have faced 36 hacks, which together amounted to $7.19 billion in losses or around $199,932,146.7 per breach.
Blockchain-related hacks are on the decline
Since blockchain technology was first invented in 2009, it has gone through many stages — from the introduction of the first cryptocurrency Bitcoin to smart contract creation to the initial coin offering craze and beyond. However, blockchain hacks have evolved over the years as well.
The data from previous years shows that the number of blockchain-related hacks has grown by 1450% from 2 registered breaches in 2012 H1 to 31 breaches in 2020 H1. However, the number of successful hacks in 2020 H1 has dropped more than three times compared to the same period last year.
Rachel Welch, COO of Atlas VPN, shares her thoughts on the decline of blockchain-related hacks: “Since 2020 is not over, we can expect more blockchain-related breaches to happen before the end of the year. Nevertheless, based on the historical data, it seems that 2020 will not reach the record heights of last year, and blockchain hacks will remain on the decline.”
Paypal Commences Cryptocurrency Exchange Business
Paypal Expands Operation to Include Cryptocurrency Exchange
Paypal Holdings Inc, the world’s leading online payments solution, has finally expanded its operations to include cryptocurrency exchange following months of planning.
The company customers will now be able to buy, sell and hold bitcoin and other crptocurrencies using the PayPal digital payment wallets.
PayPal move was after the company’s competitor, Square, expanded into cryptocurrency exchange space in 2018 and developed a wallet that support bitcoin transactions through its Cash app. However, PayPal took it a notch higher by developing wallet that support Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
The decision to venture into cryptocurrency exchange space would boost the attractiveness of the unregulated digital asset and further push it to the mainstream given the fact that PayPal present has 346 million active users accounts with 26 million merchants.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” PayPal CEO Dan Schulman said in a statement. “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”
Schulman says PayPal is “eager to work with central banks and regulators around the world” in supporting cryptocurrency.
Please note that PayPal users can only transact in cryptocurrency using fiat currency without ability to withdraw their purchased digital asset to a third party wallet or transfer from third party wallet into their PayPal powered wallet. Meaning PayPal users can only purchase PayPal cryptocurrencies and transact within the platform.
Ethereum Accounted for 96% DeFi Transactions in Q3 2020 as ETH Miner Fees Double Bitcoin’s
Ethereum Represents 96% of All DeFi Transactions in Q3 2020
According to the research data analyzed and published by Stock Apps, Ethereum’s transaction volume soared to $119.5 billion in Q3 2020. In comparison to the $10.2 billion volume posted in Q2 2020, that was a 1,200% increase.
Based on Coinmetrics’ data, Ethereum fees shot up during the same period, eclipsing Bitcoin’s fees for the first time on August 13, 2020. As of September 2020, ETH fees stood at $276 million, nearly double Bitcoin’s $146 million.
Ethereum Miners Made $113 Million from Fees in August, 38x Increase from April
The surge in transaction volume and fees on the Ethereum blockchain was linked to the recent Decentralized Finance (DeFi) hype. DApp Radar reveals that during the period, DeFi apps accounted for 99% of all transactions on the network.
The total DApp transaction volumes on all platforms in Q3 2020 reached $125 billion. There was an increase of $113 billion quarter-over-quarter (QoQ). Most of the activities took place on Ethereum, TRON and EOS. From the total value created, Ethereum accounted for 96%. With 1,956 apps, it was the top DApp blockchain during the period.
Coinmetrics’ data reveals that Ethereum transaction fees surged from $21.98 million on June 1, 2020 to $77.77 million on July 31, 2020. In August, Ethereum miners made $113 million from transaction fees according to Glassnode. That marked a 38x increase from the $3 million recorded in April and a 1.8x increase from the January 2018 all-time high. In September, miners for the first time earned more from fees ($172M) than they did from block rewards ($150M).
According to Glassnode, Ethereum miners made a record on September 1, earning $500,000 in one hour. Daily earnings on that day doubled to $16.5 million from $8.1 million the previous day. On September 2, they made a new record with the average hourly revenue surging to $800,000. They broke this record on September 17, reaching $938,000.
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