Cryptocurrency & Blockchain News and Discussions

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wjfox
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Cryptocurrency & Blockchain News and Discussions

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Tech-savvy workers opt for bitcoin in their pay packets

May 18, 2021 — 8.00pm

More employers are climbing on the bitcoin bandwagon as it goes mainstream, offering their workers an option to take home some of their pay in the cryptocurrency.

Although their numbers remain relatively small, more are expected to quickly follow, particularly fintech companies who often have many young, tech-savvy employees that are eager to take part in the crypto gold rush.

Comparison website Finder plans to start offering its 350 employees an opportunity to take up to 25 per cent of their pay in bitcoin.

Bitcoin bill payments company Living Room of Satoshi is going one better, offering its half-a-dozen employees an option to take home all of their salary in the cryptocurrency. Most employees are taking between 5 per cent and 20 per cent of their salary as bitcoin.

The company’s payslips and accounting is done in Australian dollars, with the employer converting it to bitcoin for employees who choose the option.

Read more: https://www.smh.com.au/money/investing/ ... 57si5.html
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raklian
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Post by raklian »

I'm not even sure that's a good idea given how volatile Bitcoin is right now. It wouldn't make any sense to pay employees something that is dropping in value fast, like it's doing right now UNLESS the employer increases the amount to compensate.
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Post by Ken_J »

tesla made an announcement recently they are planning to not use bitcoin for now citing the environmental impact crypto is having.
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Cryptocurrency prices continue to tumble as bitcoin falls below $40,000
Wed, 19 May 2021

A cryptocurrency sell-off that began last week when Elon Musk turned against bitcoin continued on Wednesday, with the world's biggest crypto dropping below $40,000 (£28,203).

Bitcoin (BTC-USD) was down 10.4% to $40,330.92 on Wednesday morning. Earlier in the session, it had fallen below the symbolically significant level of $40,000, dropping as low as $38,787.

The latest price decline coincided with a renewed crackdown on cryptocurrencies from the People’s Bank of China. The central bank issued a statement on its WeChat account reiterating that financial institutions should not accept or deal with cryptocurrencies, the Financial Times reported.
https://uk.news.yahoo.com/bitcoin-price ... 43749.html
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BTC to six figures and ETH to five figures by end of year 2022/early 2023
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Post by falling-cosmos »

My mom's cousin invested his life savings in Bitcoin or Etherium or something. He saw three youtube videos about mining and day trading and went nuts. His poor kids are watching their money go down the drain. Yikes.
While he is getting ruined by his terrible investing skills and the dramatic shifting prices of Bitcoin (thanks, Tesla) I'm more nervous about the environmental impact from all that mining. I hope it falls out of favor, if ever. It's too hectic to tell right now though
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New cryptocurrency Chia blamed for hard drive shortages

Wed 26 May 2021 15.01 BST

A new cryptocurrency is being blamed for shortages of hard drives and other storage systems, as speculators buy up critical components in anticipation of a price rise.

Chia is the creation of Bram Cohen, the entrepreneur behind the BitTorrent file-sharing system. It aims to improve on more popular cryptocurrencies such as bitcoin and ethereum by removing the incentives to burn massive amounts of electricity.

But Chia’s replacement for bitcoin’s energy-intensive “proof of work” system, called “proof of space and time”, instead requires users to devote massive amounts of hard drive space to generating and storing random numbers, with rewards doled out to those with the most space used up. That, plus the skyrocketing value of the cryptocurrency, has led to huge demand for the specific types of hard drive that work best with the system.

Most affected have been large hard drives, which are used to store the random numbers, and a specific type of solid-state drive (SSD) called an NVMe drive, which is used to generate the random numbers. Prices for both types of drive have noticeably gone up in the past week, according to David Gerard, a cryptocurrency expert and author of Libra Shrugged. The problem is particularly acute for SSDs, which have a limited number of uses before they break.

“Chia claims to do decentralisation just like bitcoin: waste some resource as unfakeable proof that you are claiming a share of the winnings,” Gerard says. “Instead of just wasting electricity, Chia chews through SSDs at a fantastic rate, and also has thoroughly wrecked the market for big HDs.”

https://www.theguardian.com/technology/ ... -shortages
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El Salvador president wants Bitcoin as legal tender
Source: AP
SAN SALVADOR, El Salvador (AP) — El Salvador President Nayib Bukele announced in a recorded message played at a Bitcoin conference in Miami Saturday that next week he will send proposed legislation to the country’s congress that would make the cryptocurrency legal tender in the Central American nation.

The 39-year-old president, who has maintained approval ratings above 90% and made Twitter his preferred way of communicating, characterized it as an idea that could help El Salvador move forward.

“Next week I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador,” Bukele said. “In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy and in the medium and long term we hope that this small decision can help us push humanity at least a tiny bit into the right direction.”

The U.S. dollar is El Salvador’s official currency. About one quarter of El Salvador’s citizens live in the United States and last year, despite the pandemic, they sent home more than $6 billion in remittances.



Read more: https://apnews.com/article/donald-trump ... 41d97048cd
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El Salvador could become first country to use Bitcoin as legal tender under president's plans
Sunday 6 June 2021

El Salvador could become the first country in the world to make Bitcoin legal tender under proposals by its president.

The move will "generate jobs and help provide financial inclusion to thousands outside the formal economy", President Nayib Bukele said in a recorded message to the Bitcoin 2021 conference in Miami, Florida.

The cryptocurrency could also be "the fastest growing way" to transfer remittances - or money sent home from abroad - if El Salvador's congress approves legislation he plans to send its way next week, the 39-year-old leader added on Twitter.



https://news.sky.com/story/el-salvador- ... s-12326373
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