The first atomic swap between Monero and Ethereum marks an important step for the privacy-focused crypto asset
The swap between XMR and ETH was completed on Arbitrum, a Layer 2 Ethereum solution
Atomic swaps allow traders to trade their coins among each other without needing centralized infrastructure to facilitate their trades
On Monday, the first Monero (XMR) to Ethereum (ETH) atomic swap was completed on Arbitrum, a Layer 2 Ethereum solution. The atomic swap between XMR and ETH came six months after the swaps between XMR and Bitcoin (BTC) went online in May.
Atomic swaps allow direct trading with no need for middlemen
The latest atomic swap pair added to Arbitrum came as a result of numerous software contributions, most notably by Elizabeth Binks, a software engineer at blockchain R&D firm ChainSafe Systems. The Monero team took to Twitter to show their gratitude:
We're excited to share that the first XMR<->ETH atomic swap of this project has occurred on Arbitrum! https://t.co/B8w4FwXfNd
We thank elizabethereum and all other contributors for their incredible work! https://t.co/kOyJW43bK3
Atomic swaps allow parties to trade digital assets between various blockchains by utilizing specialized exchange contracts. They are widely regarded as the most genuine approach to crypto trading as their trustless peer-to-peer (P2P) nature eliminates the need for third parties when trading.
Atomic swaps are in line with the general ethos of crypto, which promotes decentralization and avoidance of centralized financial entities. Monero, being the biggest privacy-focused coin in the market, is poised to benefit from atomic swaps even more than some of the other cryptocurrencies.
XMR has been trading in a relatively tight range over the past two weeks. At press time, the price of XMR is $237 as the world’s largest privacy coin boasts a market capitalization of $4.27 billion.
MetaVisa, a layer-3 middleware protocol built on Ethereum, dedicated to developing decentralized identity and building a credit system in the Metaverse, has announced that it has recently raised $5 million in seed and private round funding from Spark Digital Capital, Sora Ventures, Amplio Capital, HG Ventures, GTA Ventures, Seeded Ventures, Dutch Crypto Investors, Maven Capital, Black Mamba Ventures, Tensor Investment Corporation and Collinstar Capital.
By analyzing blockchain data, MetaVisa Protocol helps users establish and display reliable on-chain identity & credit records and makes it easier for DeFi, NFT, GameFi, DAO, and other DApps to better serve their users through our credit system; which we call the MetaVisa Protocol Credit Score (MCS).
MetaVisa Protocol aggregates and analyzes all transactions of blockchain objects on multiple networks, establishes links between them, and then uses this data to evaluate an individual’s credit score objectively and transparently.
The Importance of DID and Credit System
With the emergence of the Metaverse and the transition to Web3.0, users need a permanent, self-owned identity. Decentralized Identities (DIDs) are identifiers that enable a verifiable, decentralized digital identity based on the self-sovereign identity paradigm. DID and credit systems are also the keys to realizing the goal of Web 3.0 and Metaverse.
In addition to collecting, obtaining, and organizing metadata for on-chain identity, a complete information system is needed to facilitate the analysis and evaluation of data.
Finding the right data model and proper standards for managing credit are great challenges. Our ability to address these challenges will determine whether decentralized identities can be mainstreamed.
The background information behind the identity, objective credit evaluation, information data security protection, access to credit information sources on-chain, and the diversified data requirements of the credit system are fundamental to promoting the realization of Web3.0 and the Metaverse.
MetaVisa Protocol and MCS
Based on the blockchain data, using cloud computing, machine learning technologies, and model algorithms such as logic regression, decision trees, and random forests, MetaVisa Protocol conducts comprehensive processing and evaluation of data in various dimensions such as credit history, on-chain behavior preferences, address activity level, asset holdings & portfolio, and address correlation.
The MCS system will provide users with badges of honor showing their MCS for all to see in the form of an NFT. Users with higher MCSs will be rewarded with high-ranking badges and will enjoy more privileges when receiving services from various DApps.
MetaVisa performs credit ratings for other digital assets such as NFT. The credit scores for NFTs are estimated based on the number of times they have been auctioned on MetaVisa Protocol or other trusted platforms. NFT’s score will not depend on their price because their price is typically determined in an unreliable manner, based on the emotions and the subjective preferences of the purchaser.
To evaluate credit scores for a wallet address, factors such as total assets, transaction history, loan ratios, circulating assets, and trustworthiness of possessing assets will all be accounted for.
MetaVisa NFT Claim – MetaVisa Hero
MetaVisa recently launched their first NFT series – MetaVisa Hero, with ten different roles; Archer, Barbarian, Berserker, Druggist, Knight, Master, Ninja, Priest, Rogue, and Warrior.
MetaVisa Hero is minted using an infinite algorithm. The way to receive an exclusive NFT is by combining a scalable vector graphics (SVG) image + address information (wallet number info) + minting timestamp = a string of source codes that can be used to generate SVG files. The code is encoded with BASE64 and packaged with additional coding content, including the address number information and the time of collection. It is recorded on the blockchain in the form of BASE64 encoding. Anyone can get the original coding information from the chain, decode it or generate a vector diagram with a decisive path.
To put it simply, MetaVisa NFT demonstrates ownership of the object and shows when it was generated with a time badge, giving meaning to the image and providing context to the history of the item.
Bitcoin network facilitated $489 billion worth of transactions on average per quarter, while PayPal did $302 billion in the same time frame
Mastercard and Visa are still firmly in the lead in terms of dollar value transferred on their networks
Bitcoin could become the biggest payment facilitator if the use of Lightning Network becomes more widespread
Bitcoin reached new heights this year – not only did the world’s largest crypto conquer a new peak value, but it also managed to overtake payment processing giant PayPal in terms of dollar value transferred on its network.
Bitcoin has processed 62% more in transactions than PayPal, Mastercard and Visa remain firmly in the lead
The data from the recent Blockdata report showed BTC facilitated 62% more transactional volume (in terms of USD, not in terms of the absolute number of transactions) than PayPal. The new finding shows Bitcoin adoption has been steadily picking up the pace over the last couple of years.
Throughout 2021, Bitcoin did an average of $489 billion in transactions on a quarterly basis. In the same time frame, PayPal did $302 billion. Mastercard and Visa are leading the pack processing an average of $1.8 trillion and $3.2 trillion per quarter respectively.
Bitcoin is projected to overtake major payment processors in terms of USD transferred in the coming years. Image source: Blockdata
The rising number of transactions facilitated on the Bitcoin network point to increasing adoption that is only going to pick up steam once the use of Lightning Network becomes more widespread. Blockchain analytics firm Arcane Research, for instance, predicts the number of Lightning Network users will climb to 800 million in the next decade.
Blockdata’s researchers were impressed by the rapid growth of Bitcoin compared to traditional payment processors:
“It’s impressive how Bitcoin, as a 12-year-old decentralized network, is 27% of the way in terms of one metric (volume processed) compared to Mastercard, a company founded in 1966, especially when you take into account that this is a decentralized movement.”
If the performance of Bitcoin transactions improves in terms of speed and scalability, Bitcoin could challenge Mastercard and Visa as the top dog when it comes to the total value of settled transactions on its network.
The rising popularity of Bitcoin can also be recognized when looking at the number of non-zero BTC balance addresses, which reached a new all-time high above 38 million last week, according to Glassnode.
Not only is the number of BTC users growing, but the supply of BTC is distributed among retail and large-scale investors in a healthy manner. The data curated by blockchain analytics company The Block shows that only 11% of BTC supply is held by large holders (defined as addresses that contain more than 0.1% of supply). For reference, 42% of Ethereum (ETH) supply and 29% of Cardano (ADA) is concentrated in the hands of large holders.
OpenOcean – the world’s first DeFi and CeFi full aggregator, was born in 2019 with the mission to help its users trade with maximum returns that cannot be found anywhere else. Now we are primed to enter the next stage of expansion.
OpenOcean’s recent Atlantic version upgrade provides users with an even more efficient trading experience that helps maximize returns while outperforming other DEX aggregators. While testing swaps on BSC, it has shown that OpenOcean Atlantic is better in 60% of the cases according to the testing results. Overall, OpenOcean Atlantic delivers better returns in most cases compared to other leading DEX aggregators on BSC. Plus, OpenOcean’s large user base, paired with the high potential of the BSC ecosystem, persuaded us to launch a BSC-focused growth incentive.
The OpenOcean Foundation is proud to announce the launch of the OpenOcean AtlanticWave, an incentive program committing $1,000,000 to the growth of the BSC ecosystem, consisting of various campaigns, including liquidity mining and partnership events. Call out to current and new BSC partners. Apply for your project to join AtlanticWave here: https://forms.gle/zwRfPXMzSrTqUvWv9
Program details
Duration: Six months
Start date: December 1, 2021
End date: May 31, 2022
Pledge: $1,000,000
The program will run over six months starting from December and consist of several BSC trading-related campaigns across different categories, including DeFi, gaming, DAOs, NFTs, and metaverses. So there is no need to worry if you miss a campaign or are not lucky in one you participate in – there will be plenty more opportunities over the campaign duration. Campaigns will be announced around one week before their start date. Follow OpenOcean on social media to keep up to date with the latest.
About OpenOcean
OpenOcean is the world’s first DeFi & CeFi full aggregator. OpenOcean’s intelligent routing algorithm finds the best price and low slippage for traders across centralized and decentralized exchanges with no additional fees. As a one-stop trading entrance, we have aggregated major DEXes across public chains including Ethereum & Layer 2, Binance Smart Chain, Avalanche, Polygon, Solana, HECO, TRON, Ontology, and CEX (Binance). OpenOcean will continue to support cross-chain swaps via bridges and cross-chain protocols, and aggregate more DeFi & CeFi products and launch intelligent management services.
For the longest time, content creators have struggled in terms of gaining both the recognition and payment that they feel they deserve in exchange for their hard work and services. Whereas NFTs have helped a lot on this front, the problem still persists and many are therefore looking towards viable projects to help them in this regard. One such project is that of Flickto.
What is Flickto?
Flickto may be understood as a community media launchpad which is powered by Charles Hoskinson’s Cardano (ADA). In essence, the project aims towards helping content creators in terms of being able to provide funding to them via the utilization of certain benefits which Cardano’s ecosystem readily provides. Flickto is therefore responsible for community engagement and sponsoring as well as funding any and all new viable media projects, in addition to providing incentives and rewards.
As is so often the case with cryptocurrencies, the top projects are those which can actively help users from both a financial as well as technological standpoint. Whereas the mainstays would be the likes of Bitcoin (BTC) and Ethereum (ETH), many would agree that Cardano (ADA) has both the ability as well as the technological expertise to make a tangible difference in the lives of content creators.
Flickto is thus actively working towards offering financial rewards to FLICK token holders while generating money for projects by leveraging the distinctive features of Cardano’s blockchain and embracing Cardano’s own community. NFT (non-fungible tokens) airdrops as well as an ISPO are also expected to be live soon.
Cardano is one of the top cryptocurrency and blockchain projects in the world, and its native token, ADA, has been sitting comfortably in the top ten cryptocurrencies by market capitalization for quite a while now. It would therefore make sense for Flickto to rely on it going forward in order for the project and to achieve its desired goals in the long run.
The FLICK token
Content creators and traders alike have been able to profit from the price action associated with numerous tokens and cryptocurrencies in the past, but the former continue to struggle despite this. It is well and good to be able to make a profit, but what is often needed is the ability to invest in a token that will empower its holders to impact important decisions which can affect their lives.
The FLICK token is a part of Cardano, and it shall add value to Flickto’s respective platform by allowing users to successfully vote on the projects which most interest them. FLICK will additionally be listed on several decentralized as well as centralized exchanges (DEXs & CEXs) and shall reportedly also be traded on the general market. This will result in further dissemination of Flickto’s financing mechanism which is largely based on fundraising.
ISPO
All too often we hear about different ways through which individuals are earning via the innovative usage of cryptocurrencies. Cardano, for instance, enables its ADA holders to successfully stake their tokens via the utilization of the ‘Yorori Wallet’. To that end, Cardano has also often used ISPOs in the past to not only help improve its overall functionality, but also to assist content creators.
ISPOs (Initial Stake Pool Offerings) are a tried and tested method of raising funds for many Cardano projects. For Flickto in particular, the team shall be leveraging this approach, not just to collect funds for the project, but additionally as a sustainable source of funding for various media projects that the Flickto community decides to release through the launchpad.
Moreover, delegating to any pool can be done easily through which rewards will be distributed via FLICK tokens and it shall also make the delegators eligible to receive different project non-fungible token airdrops. Lastly, it is also the only opportunity to purchase FLICK tokens ahead of the launch on any given exchange, apart from the presale as well as private rounds. Through delegation, Cardano’s network’s security will also be bolstered.
So far, Flickto’s ISPO has more than 1,500,000 ADA invested in it, and its community has developed tremendously in just one week since its introduction. More information can be found at https://www.flickto.io/ispo.
Tokenomics
The total supply of FLICK is 5,000,000,000, according to the project’s whitepaper. In terms of distribution, 40% will be for the ISPO, 20% will be dedicated for ‘Sales and IDO’, 15% for ‘Liquidity and Treasury’, another 15% for ‘Teams, Advisors and Partners’, and finally 10% for ‘Marketing and Operations’. The ISPO will also end once all the tokens have been successfully distributed.
In order to continuously help out content creators on a long-term basis, any project would need to set up partnerships. Flickto is hence also constantly striving to establish collaborations. While the majority of its partnership announcements will take place in December, the project has nonetheless managed to secure collaborations with both Ben Morris (https://www.imdb.com/name/nm2233924/) as well as Geraint Harvard Jones (https://www.imdb.com/name/nm2685240/). Geraint and Ben have previously worked within the media industry for many years, in the positions of producers and directors.
Regarding Flickto’s future plans, as per its roadmap, the most immediate goals would appear to be the initial media project NFT airdrops, the presale, DEX liquidity, platform and application development, submission of private projects, and the release of the full core team’s respective details.
2022’s goals for the project are also quite ambitious, with events such as the IDO announcement, release of the ‘Beta Platform’, announcement of the project curation and panel, showcasing of the initial media project, release of the ‘Beta App’, and FLICK initial staking launches; all taking precedence and are scheduled to occur in January of next year. Content creators would hence in all likelihood be able to benefit immensely by utilizing projects such as Flickto.
BC.Game the online casino that holds the key to success.
Designed around the idea of a dynamic and effortless experience, this Bitcoin casino has managed to take the lead, demonstrating the sheer potential held by crypto casinos.
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Being a Bitcoin faucet casino, along with a leader in in-house games, BC.Game quickly became a household name amongst gamblers.
Bitcoin, Bonuses, and Top-Notch Games
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Whether you are dabbling in the reels or taking up a BC Original, BC.Game has the perfect promotion to keep you powered up. The first bonus to claim is the big free wheel spin, which holds the potential of up to 1 BTC free daily. This Bitcoin bonus is only the beginning, and if you want to bring home a win, BC.Game is the place for you!
Online Gambling Has Never Been This Great
All in all, from the potential to the execution, this crypto casino has made the magic happen, making online gambling dreams a reality. Take your pick from the finest features in the business, and combine them with your favorite game, and just like that, you have found your fit.
BC.Game offers elegance and entertainment before anything else. With the player prioritized, online plyers now have a trusted destination to call their virtual home.
With online gambling currently carving out a more prominent spot in the entertainment sector, BC.Game has taken control, leading crypto casinos to bigger and better things. There is no denying that BC.Game is a leader in the industry, offering features like Bitcoin faucets, sweet codes, daily free spins, and endless top-quality games.
BC.Game Gambling
Making the BC.Game gambling experience what it is is the many moving parts that make the fun possible. Not only is the games list forever growing, but BC.Game has made an effort to be a leader in the inclusivity sector by keeping up to date with all the most promising crypto coins in the market.
Currently BC.Game is one of the leading crypto casinos when it comes to the selection of accepted cryptocurrencies to play with. Putting these options into action, BC.Game has implemented a smooth and trusted banking system that allows for quick and efficient payments at all times.
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Polkadex, the order-book exchange for DeFi built on Substrate, is announcing the listing of its native token PDEX on Gate.io, which signals the start of the migration from the ERC-20-based PDEX.
Launched on mainnet at the end of September, Polkadex has now officially launched its native PDEX token, which was previously built as an Ethereum-based ERC-20, a temporary solution while the platform was in testnet.
Polkadex users will be able to migrate from ERC-20 to the native chain until Q1 2022, after which the ERC-20 will be disabled. The earlier the migration, the larger the advantages.
“Migrating PDEX native tokens has been on our roadmap since the beginning,” says Vivek Prasannan, Executive Director and co-founder at Polkadex. “We have worked hard to keep up with our deadlines and we are satisfied with our mainnet launch. The next step to maintain the Polkadex ecosystem is the migration of PDEX from ERC-20, which has been a good temporary solution that now served its purpose.”
Polkadex is a peer-to-peer and order-book based exchange for DeFi built on Substrate that aims to combine the safe and non-custodial format typical of DEXs, with the accessible and user-friendly structure proper of CEXs.
In order to accomplish this objective, Polkadex combines AMM pools with order-books, governed by on-chain bots that work to avoid price slippage issues.
Moreover, to create a performant and slim exchange, only the functions that require verification are built on-chain on Polkadex, while features like market data aggregation and storage happen off-chain.
Polkadex offers many tools to guarantee a safe and seamless experience to crypto investors, traders, stakers and even developers, providing low to zero gas-fees, a secure KYC system, self-sovereignty of funds and even a PolkaIDO Launchpad.
PDEX tokens are a fundamental tool in the Polkadex ecosystem, as they allow users to access the full spectrum of Polkadex features. PDEX tokens can be spent to pay and get discounts on transaction and trading fees, to participate in Polkadex IDOs and to take part in on-chain governance of the network, whilst PDEX stakers are able to become validators of the proof-of-stake network.
While during the testnet PDEX have been supported on Ethereum ERC-20, migration to PDEX native tokens is a key step to make the Polkadex ecosystem even safer. To sweeten the deal for users who need to migrate in time, Polkadex is offering an average APY of 65% to stake PDEX on the native chain. The listing on Gate.io supports native tokens, which makes it easy to bridge assets from Ethereum to the Polkadex chain.
About Polkadex Polkadex is a non-custodial, peer-to-peer trading platform that combines the benefits of CEXes and DEXes into one. Polkadex’s range of fully decentralized tools provides modern traders, investors and blockchain teams with unparalleled functionality. Built on Substrate and leveraging other sophisticated technologies.
The Republic of Singapore, Singapore, 30th November, 2021,
Solv Protocol is pleased to announce the completion of the Series A round led by preeminent venture investors Blockchain Capital, Sfermion, and gumi Cryptos Capital.
Solv Protocol recently announced $4 million raised in series A round from leading venture investors including Blockchain Capital, Sfermion, and gumi Cryptos Capital. These funds will give the project a head start in pioneering “voucher finance” for DeFi. Solv is a DeFi protocol enabling users to mint and trade NFTs representing financial ownership (a.k.a. vouchers).
Solv Protocol has also raised from foundations including DeFi Alliance, TheLao, CMT Digital, CMSholdings, Apollo Capital, Shima Capital, and SNZ Holding, with Spartan Group and Axia8 Ventures being co-investors.
Shortly after being founded, the project received $1 million funding from Spartan Group, IOSG Ventures, Hashed, etc.
Solv co-founder Mike Meng:
“Over the year since its inception, Solv has built a strong network of investors and partners across the world, whose support is essential to the future of vouchers. That’s why we’ll continue working to make DeFi 2.0 an ‘era of Vouchers.’”
Blockchain Capital General Partner Spencer Bogart:
“The vast majority of financial contracts that exist today are highly bespoke which makes ERC-20 tokens an unsuitable standard to bring these contracts on-chain. By leveraging expressiveness of NFT metadata, the Solv teams work to build a reliable DeFi infrastructure and to, unlock the new territory of ‘Voucher finance.’”
Sfermion General Partner Dan Patterson:
“Sfermion is extremely proud to partner with the Solv team as they build out the tools and primitives necessary to support the future of financial-NFTs. With their new ERC-3525 standard, NFTs can now become semi-fungible, unlocking a plethora of financial use-cases previously unexplored.” said Sfermion General Partner Dan Patterson
Gumi Cryptos Capital General Partner Rui “Ray” Zhang:
“NFTs are the perfect medium to express structured financial products on-chain. The SOLV team has created the first standards allowing for the construction of these products — like bonds, convertible notes, and usable vesting tokens — to be built safely and efficiently.”
Solv will use this round’s funds to launch new vouchers, expand globally, and recruit more developers and designers. One of the project’s missions is to build a voucher ecosystem for the users of DeFi and to bring maturity to the infrastructure of DeFi.
About Solv
Founded in 2020, Solv Protocol is a decentralized marketplace for minting and trading NFTs that represent financial ownership, also known as “Vouchers.” Solv aims to resolve one of the most pressing problems in the emerging field of DeFi – the absence of an efficient and flexible tool to express complicated financial contracts. And by bringing vouchers to the table, Solv offsets that gap.
Solv’s team consists of blockchain evangelist & key opinion leader, seasoned architect in FinTech & Blockchain, and a veteran DeFi and token researcher.
The prospect of an exchange-traded fund (ETF) that imitates bitcoin is the biggest option for cryptocurrency fans and traders hoping to profit from the rising demand for this currency.
With Bitcoin ETFs, investors can easily short sell their Bitcoin ETF holdings if they feel the value of the currency will fall in the future. This cannot be accomplished in the usual bitcoin space.
In an interview with Entrepreneur, blockchain wiz Jonathan Manzi thoroughly discussed Bitcoin ETFs, noting that supporters and investors should prepare for an unpredictable experience.
Jonathan Manzi, the CEO of Blockchain platform Beyond Protocol, is recognized as the youngest individual in history to achieve a net worth of more than $1 million through industry, having done so at the age of 16. As an undergraduate, Manzi served as the Chair of Entrepreneurship at Stanford University. He is regarded as a global authority in cutting-edge technologies. So, when Manzi says, “Proceed with Caution,” we should all sit down and take note.
What is a Bitcoin ETF and How Does It Work?
A Bitcoin ETF is an exchange-traded fund and a type of investment vehicle that reflects Bitcoin’s value and trades on conventional stock markets such as the NASDAQ or TSE rather than on a cryptocurrency exchange. With bitcoin ETF, consumers can easily invest in Bitcoin without going through any investment platform. Bitcoin ETF also gives price leverage.
A Bitcoin ETF would function similarly in that the cost of one share of ETF would move in tandem with the worth of Bitcoin. And whenever Bitcoin’s value rises, so will that of ETF too, and vice versa. ETFs are a simpler option to purchasing and selling individual assets for consumers who want to focus just on profits and losses.
Benefits of Bitcoin ETFs
Jonathan Manzi explained that the basic purpose of ETFs was to give recognition to a particular asset category by monitoring a portfolio of similar holdings — for example, oil, biotechnology, or the video game industry and associated businesses. And due to this, investors may simply diversify their investments in a particular manner of their choosing. There were also stock index ETFs that tracked bigger markets like the S&P 500; and the main premise behind ETFs was that an individual should be able to invest in a whole industry through a single platform rather than acquiring individual shares of different firms in the industry.
Highlights of the benefits include:
Ease of access:
Consumers who invest in Bitcoin ETF may not have to go through the trouble of learning how Bitcoin works since the ETF depends on the value of Bitcoin.
More opportunities and flexibility:
An ETF can hold many assets, allowing investors to reduce risk and broaden their investment. It may also allow investors to diversify their current equities holdings by trading on a regulated stock market.
Taxation effectiveness:
Because Bitcoin isn’t regulated and centralized, a lot of tax shelters and retirement schemes around the world may not permit Bitcoin transactions. However, a Bitcoin ETF trading on a conventional stock market will be authorized by the SEC and qualify for tax breaks.
Some investors haven’t warmed up to Bitcoin yet. ETF targets and proposes to cater to this audience by enabling individuals with assets at big brokerage companies to manage their accounts under one platform, while also providing easy access to bitcoin. Furthermore, for self-custody, this SEC-regulated currency may be considered safer than bitcoin.
Potential Drawbacks of Bitcoin ETFs
Administration costs:
ETFs often charge administration fees in exchange for the simplicity they offer. As a result, buying a substantial stake in a Bitcoin ETF may result in expensive administration costs over time.
Inconsistencies in ETFs:
Although Bitcoin ETFs mirror the price of Bitcoin, they can also contain several investments to diversify the portfolio. But, because of these other assets, a certain change in the price of Bitcoin may not be correctly represented in the worth of the ETF. As a result, while an ETF gives leverage to the price of Bitcoin, it may not be a reliable monitor of its price.
Cryptocurrency exchange restrictions:
Bitcoin may be exchanged for other cryptocurrencies. However, a Bitcoin ETF can’t be allowed to be exchanged or traded for another cryptocurrency because it is simply an investment vehicle that matches Bitcoin’s value.
Centralization:
Bitcoin is the perfect haven against centralized financial institutions, fiat currencies, and stocks. Bitcoin, due to its decentralized nature, offers a means of mitigating the vulnerabilities of centralized institutions. Bitcoin also protects consumers and investors by enabling them to maintain their anonymity via the Bitcoin blockchain. These advantages would be lost if a Bitcoin ETF was controlled by the government.
More Advice from Other Industry Leaders
Tyrone Ross, CEO of Onramp Invest, a company that provides crypto asset management technology to financial advisers, had three pieces of advice to give concerning Bitcoin ETFs.
Before buying, understand what you’re getting:
Ross emphasized that the most important thing to realize is that you are not purchasing actual bitcoin. A bitcoin futures ETF monitors transactions that speculate on Bitcoin’s future price rather than the cryptocurrency’s current market price. And due to this, the ETF and Bitcoin prices may not coincide. Furthermore, with this sort of ETF, investors may gain exposure to the futures market.
Hedge funds and other experienced investors may benefit more:
He mentioned here that an ETF will bring in more institutional money and seasoned investors may acquire a lot of profit. He went on to add that while this helps market liquidity, it does not benefit retail investors.
Other industry professionals and some members of the cryptocurrency community, concur with Ross on this issue. Some claim that the brokers engaged in an ETF investment, such as hedge funds and providers, will gain more than retail investors, particularly if the ETF exchanges are at a premium in bull markets.
Ross concluded by saying that direct exposure is the greatest method for new users to invest in bitcoin and that bitcoin ETF is merely a product to assist hedge funds and other brokers earn more money, and that a lot of people will purchase without realizing this.
ETFs are also risky investments:
Ross was mostly concerned about new investors who had been waiting for the futures-based bitcoin ETF to get exposure to the cryptocurrency without comprehending its dangers. He expressed concern for individuals who may have been waiting and believed that this was the item that would make it safe for them, without doing their research.
To conclude, industry leaders encouraged investors to tread carefully, watch the initial development of new ETFs, and minimize their Bitcoin purchases to spot transactions for now.
