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Crypto Crash Encourages ETH Holders To GIVE Ethereum Away

Crypto Crash Encourages ETH Holders To GIVE Ethereum Away

The November crypto crash has had a very hard impact on Ethereum. Most famed as ‘the second biggest cryptocurrency in the world’, during the crash XRP flew past ETH, bringing it down to a more humble third place. Indeed, with the full effect of the crash now looming over the markets, Ethereum remains the third biggest cryptocurrency by market capitalisation, no longer second from top.

In terms of value, the crash has had a great impact too, prior to the start of the crash, Ethereum registered values of around $220.00 on a regular basis, although during the depth of the crash, Ethereum dipped below $104.00, losing over 50% of its value in around 20 days, leaving investors a little winded. As a result of this, people have lost a lot of money. Those who bought in recently have surely lost 50% of their investment, those who bought in even earlier when the price of Ethereum was much higher however have lost significantly more.

Even so though, with so much loss in mind, new research has found that during the crash, Ethereum holders have been more generous than ever when it comes to making Ethereum donations. People are literally giving Ethereum away.

According to CCN, WeTrust have carried out some research into the sorts of charitable donations that have been happening within the Ethereum blockchain.

Who are WeTrust?

WeTrust are a United States based blockchain firm that makes the most of blockchain technologies by providing financial services to a range of clients. Whilst research isn’t their primary focus, from recent reports we can see that WeTrust are putting a particular focus on carrying out further research with regards to behaviour on the blockchain. According to the WeTrust website:

“Digital technology has enabled revolutionary changes, yet billions of people around the world remain unbanked, without access to the savings and credit that drives the modern economy. Decentralized money has been created, and Blockchain technology holds untapped promise of providing fair, efficient financial services on a global scale. WeTrust aims to provide decentralized financial services and create a more inclusive financial system which allows anyone to access fair, equitable financial services without an expensive trusted third party.”

According to CCN:

“WeTrust is a blockchain company that allows crypto holders to donate ETH directly to nonprofits. It commissioned the survey by Pollfish in honor of Giving Tuesday, November 27. Its newest platform, WeTrust Spring accepts cryptocurrency donations in Ethereum, although the company has plans to roll this out to other cryptocurrencies in the future. Notably, among the WeTrust advisors are Ethereum founder Vitalik Buterin, and Cornell University professor and IC3 Co-Director Emin Gün Sirer.”

Research findings

As stated, WeTrust have published a number of research findings that suggest Ethereum investors have been very generous in making Ethereum donations of late to various different charities that accept cryptocurrency payments. As much as 77% of the 1,000 investors that were surveyed by WeTrust stated that they have made a charitable donation with their Ethereum. Of the 1,000, 79% admitted that they would rather make a charitable donation with Ethereum than purchase a Cryptokitty, so it seems just 2% of those investors are still yet to donate.

According to CCN, here are the specific findings from the WeTrust research:

https://soundcloud.com/cryptodaily/crypto-crash-encourages-eth-holders-to-give-ethereum-away

  • “90.5 percent had already made at least one crypto donation to a charitable cause.”
  • “77 percent are interested in making more crypto donations to a cause that aligns with their values.”
  • “55 percent say that the crypto community is more generous than the rest of the population.”
  • “62 percent believe that all charities should accept crypto donations as an easier and more efficient way to raise funds.”
  • “The number of crypto holders interested in buying a Cryptokitty is still pretty high (71 percent), but that is outstripped by those who would rather donate to a non-profit at 79 percent.”

It seems that the overall falling markets of 2018 haven’t been enough to knock the generosity out of people!

Perhaps the falling value of Ethereum has been able to encourage more people to make charitable donations? Surely it’s far easier to donate Ethereum when it is valued less, as in theory, you’re able to make smaller and more controlled donations. Or even more so, maybe this is evidence that investors really aren’t worried about the falling markets? As a matter of fact, they are so confident in their Ethereum investments that they are happy to just give it away.

Ethereum Adoption

This is a sign of a great level of Ethereum adoption as more and more charitable causes move towards accepting payments in cryptocurrency. Indeed, Ethereum isn’t the only payment option available, however it’s a reliable one and one that seems to be quite popular based on the research published by WeTrust. Charities will play a huge role in the overall adoption of all cryptocurrencies so, I’m pretty sure many charities will be glad to look at this research and see that accepting cryptocurrency donations does seem to make a difference!

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SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes

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As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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