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One of the biggest winners is Axie Infinity — a Pokémon-inspired game where players collect Axies (NFTs of digital pets), breed and battle them against other players to earn Smooth Love Potion (SLP) — the in-game reward token. This game was extremely popular in developing countries like The Philippines, due to the level of income they could earn. Players in the Philippines can check the price of SLP to PHP today directly on CoinMarketCap.
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Bitcoin (BTC) works on a technology called blockchain. Blockchain is a public ledger that records all Bitcoin transactions. When you send Bitcoin, your transaction gets added to a block. Miners, who are specialized computers, verify these transactions by solving complex math problems. Once verified, the block gets added to the blockchain, and the transaction is complete.
In reality, this is a lot faster than the traditional financial system. While financial service providers, especially credit card companies, advertise instant transactions, these transactions are only reflected instantly, although they take days to actually settle. Bitcoin, meanwhile, settles in just ten minutes.
The Bitcoin Lightning Network represents a notable advancement in Bitcoin’s roadmap. It is a Layer-2 payment protocol built on Bitcoin and designed to improve scalability and transaction throughput. By leveraging the Lightning Network, Bitcoin transactions become faster and more cost-effective, addressing the scalability challenges associated with the base layer of the Bitcoin blockchain.
A ledger isn’t a revolutionary concept, but it is required as a record of transactions within a financial system. The fact that the ledger used by BTC is publicly distributed marks a significant departure from the traditional financial system.
Bitcoin is becoming more political by the day, particularly after El Salvador began accepting the currency as legal tender. The country’s president, Nayib Bukele, announced and implemented the decision almost unilaterally, dismissing criticism from his citizens, the Bank of England, the IMF, Vitalik Buterin and many others. Since the Bitcoin legal tender law was passed in September 2021, Bukele has also announced plans to build Bitcoin City, a city fully based on mining Bitcoin with geothermal energy from volcanoes.
5. Donations: Bitcoin is commonly used for donations, especially to support causes in regions with financial restrictions or to benefit from tax deductions. Many charitable organizations accept Bitcoin, allowing donors to contribute securely and efficiently.
Cryptocurrency
On 25 March 2014, the United States Internal Revenue Service (IRS) ruled that bitcoin will be treated as property for tax purposes. Therefore, virtual currencies are considered commodities subject to capital gains tax.
As the popularity and demand for online currencies has increased since the inception of bitcoin in 2009, so have concerns that such an unregulated person to person global economy that cryptocurrencies offer may become a threat to society. Concerns abound that altcoins may become tools for anonymous web criminals.
According to Bloomberg and the New York Times, Federation Tower, a two skyscraper complex in the heart of Moscow City, is home to many cryptocurrency businesses under suspicion of facilitating extensive money laundering, including accepting illicit cryptocurrency funds obtained through scams, darknet markets, and ransomware. Notable businesses include Garantex, Eggchange, Cashbank, Buy-Bitcoin, Tetchange, Bitzlato, and Suex, which was sanctioned by the U.S. in 2021. Bitzlato founder and owner Anatoly Legkodymov was arrested following money-laundering charges by the United States Department of Justice.
Bitcoin is pseudonymous, rather than anonymous; the cryptocurrency in a wallet is not tied to a person but rather to one or more specific keys (or “addresses”). Thereby, bitcoin owners are not immediately identifiable, but all transactions are publicly available in the blockchain. Still, cryptocurrency exchanges are often required by law to collect the personal information of their users.
For Ethereum, transaction fees differ by computational complexity, bandwidth use, and storage needs, while bitcoin transaction fees differ by transaction size and whether the transaction uses SegWit. In February 2023, the median transaction fee for Ether corresponded to $2.2845, while for bitcoin it corresponded to $0.659.