Satoshi

- October 30, 2022

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Bitcoin (BTC) investors are voting with their wallets as one-day withdrawals from major exchanges approach 30,000 bitcoins.

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quot;font-size: large;">Was $39,650 the floor? Bitcoin bulls and bears debate the price future of the flagship cryptocurrency

Afterwards, the pair reached local highs of $43,150 before consolidating, which is a different turn than the drop to $30,000 that many expected.

Although this result is still a topic of discussion, />The feat is repeated: lone miner solves Bitcoin block and wins 6.35 BTC

For the second time in less than a year a miner with a tiny share of the computing power of the Bitcoin network managed to solve the block puzzle and win solo reward. The lucky man managed to catch one chance in 10,000, according to the developer Con Kolivas, who announced the feat on the social network Twitter, this Tuesday, January 11. This is quite a rare occurrence, as Kolivas tweeted "a once in a lifetime opportunity." According to the developer, with that particular hashrate, the miner would have to operate for 10,000 consecutive days (27.39 years) to have a chance of finding a block. Both the solo miner who found the block today, and the one who did it 7 months ago, operate with the Solo.ckpool.org pool, managed by Con Kolivas himself. This pool is defined as a non-profit “anonymous solo bitcoin mining” pool, so it does not offer payment schemes and does not work with pool wallets. It only retains 2% of the total reward per block found, which is distributed among all members of the pool. Kazakhstan and the crisis in the cryptocurrency markets< div class="separator" style="clear: both; text-align: center;">

The political destabilization of Kazakhstan has been leading for days to major citizen revolts against the practically dictatorial regime of Kasim Jomart Tokayev, who has responded bloodily against his own people and has requested military aid from Russia and other neighboring countries. Last Wednesday he ordered the national communications company to block internet access, something that had a global impact due to the country's relationship with cryptocurrencies. Cryptocurrencies are extremely volatile assets. In this case, we will try to explain in the simplest way possible what relationship exists between the latest lurches of cryptocurrencies such as bitcoin and the conflict in Kazakhstan, whose origin is mainly found in a rise in gas prices. How important is Kazakhstan for cryptocurrencies? The country has become in a very short time one of the cores of 'mining' of the most important cryptocurrencies in the world. Some reports, such as the data from the Cambridge Center for Alternative Finance that measure the electricity consumption required by these operations, estimate that Kazakhstan represents 18% of said 'mining' worldwide, only behind the US. By cutting off internet access throughout the country, that power of 'mining' it simply disappeared while the network was inaccessible. What is 'mining' of cryptocurrencies (such as bitcoin)? The value of a cryptocurrency wants to be based, as is the case with most goods, on its scarcity: the less there is, the more value it has relative to other goods. In this case, these intangible assets are born with the idea of gradually reducing their assets, a behavior that 'imitates' to gold: as it is becoming scarcer, its value theoretically tends to increase or at least stabilize.

What are cryptocurrencies? A cryptocurrency is a digital asset that uses cryptographic encryption to guarantee its ownership and ensure the integrity of transactions, and control the creation of additional units, that is, preventing someone from making copies as we would, for example, with a photo. These coins do not exist in physical form: they are stored in a digital wallet.

< span style="font-size: large;"> How do cryptocurrencies work? Cryptocurrencies have several differentiating characteristics compared to traditional systems: they are not regulated or controlled by any institution and do not require intermediaries in transactions.

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A decentralized database is used, blockchain or shared accounting record, to control these transactions. In line with the regulation, cryptocurrencies are not considered a means of payment, they do not have the backing of a central bank or other public authorities and they are not covered by customer protection mechanisms such as the Deposit Guarantee Fund or the Fund Investor Guarantee. Regarding the operation of these digital currencies, it is very important to remember that once the transaction with cryptocurrencies is carried out, that is, when the digital asset is bought or sold, it is not possible to cancel the operation because the blockchain is a record that does not allow deleting data.

To “roll back” a transaction it is necessary to execute the opposite one. Since these coins are not physically available, you have to use a digital cryptocurrency wallet service, which is not regulated to store them.

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How many types of digital wallets are there? A digital purse or wallet is actually a software or application where it is possible to store, send and receive cryptocurrencies. The truth is that unlike a physical money wallet, what is actually stored in digital wallets or wallets are the keys that give us ownership and rights over cryptocurrencies, and allow us to operate with them. In other words, it is enough to know the keys to be able to transfer the cryptocurrencies, and the loss or theft of the keys can mean the loss of the cryptocurrencies, without the possibility of recovering them.

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There are two types of wallets: there are hot ones and cold ones. The difference between the two is that the former are connected to the internet, and the latter are not. Thus, within the hot wallets we find the web wallets, the mobile wallets and the desktop wallets, the latter, only in the event that the computer is connected to the internet. On the contrary, within cold wallets there are hardware wallets and paper wallets, which is simply the printing of the private key on paper. These escrow services are not regulated or supervised.

Bitcoin and cryptocurrencies already have the ability to destabilize the IMF

Cryptocurrencies have crossed the threshold. Its size and interconnection with financial markets has reached a point where its fluctuations can already have a more than notable impact on other assets or even trigger a domino effect. Now they are a real risk, especially in the wake of the covid pandemic. Since then, bitcoin or ethereum have been highly correlated with stock markets, posing new risks to markets and financial stability, warns the International Monetary Fund.

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The growth of crypto assets in recent years has been one of the most striking trends in the markets. Few would have bet back in 2009 (when bitcoin was born) that this market would reach a capitalization that was twice the GDP of Spain.

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