Bitcoin has undergone a process known as "Ethereumization," which involves making adaptations to the network to resemble Ethereum. This has both positive and negative implications, with some concerns raised by leaders in the cryptocurrency community. The introduction of the BRC-20 protocol has been a driving force behind this process, allowing for the creation of non-fungible tokens and expanding the capabilities of the network. However, it has also led to increased transaction fees and blockspace congestion, presenting challenges for scaling the Bitcoin network. To continue its growth and adoption, Bitcoin may need to adopt solutions similar to those used by Ethereum, such as Layer 2 solutions like the Lightning Network.

#btcordinals #Binance #ETH

The Bitcoin Puell Multiple, which measures the ratio between daily revenue of Bitcoin miners and the 365-day average value of the same, has reached high levels recently. This metric tries to determine whether the current price of the cryptocurrency is fair or not by comparing the current revenue of miners against the yearly average. When the Puell Multiple has a value above 1, it means miners are making higher revenues than the average for the past year, which may indicate that the asset is overpriced. The current levels of the metric suggest that the price has become overheated recently, which may mean that a top is close.

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Bitcoin Block Space Demand Surges Due to BRC-20 Token

Bitcoin is currently experiencing a high demand for block space, driven by the BRC-20 token. The BRC-20 token is known for its use of text-based inscriptions and ordinal. This increase in demand is resulting in higher revenues for miners, as the average fee paid per block has reached 2,905 $BTC . This is close to the peak of the previous increase.

This surge in demand for block space highlights the importance of transaction fees in the Bitcoin ecosystem. As the demand for block space continues to increase, it is likely that transaction fees will remain high, providing incentives for miners to continue validating transactions.

It will be interesting to see how this trend develops over the coming weeks and months. Will the demand for block space continue to increase, or will it level off? Only time will tell.

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Bitcoin bull and Microstrategy co-founder Michael Saylor said the latest Ordinals craze has been a catalyst for Bitcoin adoption

“Every time someone builds an application that’s cool on Bitcoin, like all the Ordinals and inscriptions and whatever that are driving up transaction fees, its a catalyst,” said Saylor on the PBD Podcast.

He roped in bank failures, hyperinflation, regulators calling the asset a commodity, and whenever “a company like Microstrategy buys another $100 million worth of Bitcoin” as similar catalysts for adoption.

Ordinals, unlike the other catalysts mentioned, is a newer development on the leading blockchain.

They offer a way to store media on the network by inscribing their data on the smallest unit of Bitcoin, satoshi. It was developed in early 2023, essentially ushering in non-fungible tokens (NFTs) on the largest network in the industry.

The development hasn’t stopped there either.

In March, another programmer created a fungible token creation standard, BRC-20 (a hat tip to Ethereum’s ERC-20 token standard) atop Ordinals, sparking a flurry of meme coins on the market. Yesterday, the market capitalization of BRC-20 tokens hit $1 billion.

Ordinals continue to gain traction too as the world’s leading exchange Binance moved to list Bitcoin NFTs on its platform.

Bitcoin Ordinals volume by the marketplace. Source: Dune

While the surge in the network’s demand has increased miner revenues, the high fees have made BTC transfers very expensive.

Bitcoin Ordinals have caused a surge in network fees of around $20 per transaction from less than $2 before May 2023.

#BRC20 #btcordinals #memecoins #crypto2023 #Binance

Zeebu, the world's first end-to-end blockchain platform for global telecom carrier businesses, has partnered with four telecom companies generating over $1.2 billion in annual revenue.

The partnerships with BBT Voice Limited, Broadband Telecom Inc., BridgeVoice Inc., and Novatel aim to create a trustless, transparent, and more efficient ecosystem for telecom carriers and their partners. The partnerships are expected to result in thousands of transactions annually, making Zeebu a game-changing force within the telecom carrier industry.

By leveraging smart contracts and blockchain technology, Zeebu aims to address challenges faced by telecom carrier businesses, including security threats, rising costs, and remittance delays.

#BRC20 #btcordinals #SUI #Binance

🚨 Crypto News Alert 🚨

BTC12 Capital (leishen.eth) has made a significant investment in $TURBO. They spent 600 $ETH (equivalent to $1.14M) to purchase 645M $TURBO tokens at $0.001773 on May 6th and 7th. As of now, the investment is worth $724K.

In a similar move, @RookieXBT invested 48 $ETH (valued at $71K) to buy 61M $TURBO tokens at $0.00146. This purchase was made 11 hours ago, and currently, the investment is worth $68K.

It's interesting to note that RookieXBT had lost 10 $ETH ($43K) on $TURBO previously but still made this investment.

Wallet addresses for both investors can be found here: BTC12 Capital (leishen.eth): https://debank.com/profile/0x07c2af75788814ba7e5225b2f5c951ed161cb589/ @RookieXBT: https://debank.com/profile/0xac0a1fc7a7bda7338e67902e3db84a70db30be3d/

Stay tuned for more crypto updates!

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Cryptocurrency giveaway scams have become increasingly common in recent years, and have cost unsuspecting victims millions of dollars in losses. These scams typically involve fraudsters claiming to be prominent cryptocurrency figures or companies, and offering free cryptocurrency or other rewards in exchange for a small initial deposit or personal information. In this article, we'll discuss how these scams work and provide tips on how to protect yourself from falling victim to them.

How crypto giveaway scams work

Crypto giveaway scams can take many forms, but they usually involve the scammer posing as a well-known cryptocurrency figure or company, such as Elon Musk or Coinbase, and offering free cryptocurrency or other rewards to users who send them a small initial deposit or provide personal information. The scammer will typically contact potential victims through social media platforms such as Twitter or Facebook and will use a fake profile or impersonate a legitimate account to make their offer seem more convincing.

Once the victim has sent the initial deposit or provided personal information, the scammer will disappear, leaving the victim with no way to recover their funds or information. In some cases, the scammer may even use the victim's personal information to steal their identity or commit other forms of fraud.

Tips to protect yourself from crypto giveaway scams

To protect yourself from falling victim to a crypto giveaway scam, it's important to be aware of the common warning signs and to take steps to verify the legitimacy of any offers you receive. Here are some tips to keep in mind:

Be skeptical of offers that seem too good to be true: If someone is offering you free cryptocurrency or other rewards in exchange for a small deposit or personal information, it's important to be skeptical. Remember that there is no such thing as a free lunch, and that legitimate cryptocurrency companies and figures are unlikely to give away large amounts of cryptocurrency for nothing in return.

Verify the legitimacy of the offer: Before sending any funds or providing personal information, take the time to verify the legitimacy of the offer. Check the profile of the person or company making the offer, and look for signs of fraud such as a lack of followers, inconsistencies in their messaging, or requests for payment outside of the cryptocurrency wallet system.

Never give out your private keys or passwords: Legitimate cryptocurrency companies and figures will never ask you for your private keys or passwords, so be wary of anyone who requests this information. Giving out your private keys or passwords could allow the scammer to steal your cryptocurrency or gain access to your personal information.

Use a trusted wallet provider: When sending or receiving cryptocurrency, it's important to use a trusted wallet provider that has a proven track record of security and reliability. Avoid using unknown or untested wallet providers, as these may be more vulnerable to hacks or other security breaches.

Report suspected scams: If you suspect that you have been targeted by a crypto giveaway scam, report the incident to the relevant authorities and platforms. This can help to prevent others from falling victim to the same scam, and may also increase your chances of recovering any lost funds or information.

Conclusion

Crypto giveaway scams can be difficult to detect, and can result in significant financial losses and other forms of fraud. By being aware of the common warning signs and taking steps to verify the legitimacy of any offers you receive, you can help to protect yourself from falling victim to these scams. Remember to always be skeptical of offers that seem too good to be true, and to never give out your private keys or passwords to anyone.

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UBS Group AG expects to take a financial hit of approximately $17 billion from the takeover of Credit Suisse Group AG, according to a presentation made by the bank. UBS estimates that it will suffer a negative impact of $13 billion from fair value adjustments of the combined group's assets and liabilities, as well as $4 billion in potential litigation and regulatory costs stemming from outflows. However, UBS also expects to book a one-off gain of $34.8 billion from the so-called "negative goodwill" of buying Credit Suisse for a fraction of its book value. The deal will create a wealth manager with more than $5 trillion in invested assets and over 120,000 employees globally.

#ETH #BRC20 #btcordinals

Cryptocurrencies are currencies that in digital form and are usually secured using cryptography (cryptography). The most famous of these is Bitcoin. Therefore, I will first describe Bitcoin and then give informationabout the advantages of  cryptocurrencies have brought to the traditional financial system. 

Bitcoin is  a digital asset created in 2009 by a person or group using the pseudonym 'Satoshi Nakamoto' and is considered the world's first cryptocurrency, and intended as an alternative to traditional currencies (e.g. dollar, euro). It enables decentralized, distributed, and often anonymous transactions. 

It works on a distributed ledger technology called the blockchain. The blockchain is a record that contains all the transactions made, copies of which are stored on many different computers and are constantly updated. This technology ensures the security and transparency of transactions, at the same time there is no need for a central authority or brokerage firm.

For its creation, it is necessary to carry out mining through a computer. In the process, computers solve complex mathematical problems and receive new Bitcoins in exchange for those solutions. However, it becomes more difficult to create new Bitcoins every day because the system is designed to stop producing new Bitcoins after a certain number of Bitcoins (21 million Bitcoins) have been produced.

This asset, whose supply is limited just like Gold, is accepted by many people and organizations and it is used in more places.  However, as the popularity of cryptocurrencies has grown, governments and regulators have also begun to focus on how cryptocurrencies will be regulated and taxed

What are The Advantages of Cryptocurrencies to The Financial System?

Faster and Cheaper Transactions: No need for banks or other financial intermediaries to use cryptocurrencies and have lower transaction costs compared to traditional financial systems. In addition, transactions take place more quickly compared to traditional banking systems. This is a significant advantage, especially with international money transfers, because cryptocurrency transactions are usually completed within minutes, while international bank transfers can take days.

Access to Financial Services: Many individuals and businesses around the world do not have access to traditional banking services. Individuals and businesses that do not have access to a bank with cryptocurrencies provide access to financial services.

Greater Transparency and Security: Blockchain technology keeps an immutable record of transactions. This helps prevent fraud and all transactions are transparent.

Innovative Financial Products and Services: Cryptocurrencies and blockchain technology enable the development of innovative financial products and services. For example, smart contracts facilitate and secure financial transactions by providing digital agreements that are automatically executed and verified.

More Financial Privacy: Cryptocurrencies offer more financial privacy by protecting users' identities. This is a significant advantage for users who do not want their transactions to be tracked or monitored.

Storing value: Cryptocurrencies can be used as a store of value in times of economic and political uncertainty. In particular, some cryptocurrencies, such as Bitcoin, tend to act independently of other asset classes, allowing the investor to diversify their portfolio.

Although the future of cryptocurrencies is uncertain for the time being. Developments in this area and increasing adoption show the way that cryptocurrencies will continue to play an important role in the world of finance and technology.

#bitcoin #feedfeverchallenge #Binance #btcordinals