BitcoinBites: 5 BTC stories you should know – May 18th, 2022
Brazilian stock exchange B3 to launch Bitcoin futures within six months
Brazil’s only stock exchange, B3, plans to launch Bitcoin (BTC) futures “in the next three to six months,” Chief Financial Officer André Milanez said during a conference call on Monday.
- The exchange is currently building the infrastructure to offer crypto market access to end-users Milanez added.
- B3 information technology director Jochen Mielke de Lima said in January the exchange planned to offer both bitcoin and ether (ETH) futures sometime in 2022/2023.
Read the full story on Coin Desk
FTX founder says bitcoin has no future as a payments network
Bitcoin, the world’s largest cryptocurrency, is created by a process called “proof of work” that requires computers to “mine” the currency by solving complex puzzles. Powering these computers needs large amounts of electricity.
An alternative to the system is called the “proof of stake” network, where participants can buy tokens that allow them to join the network. The more tokens they own, the more they can mine.
FTX Founder and Chief Executive Sam Bankman-Fried told FT that “proof of stake” networks would be required to evolve crypto as a payments network as they are cheaper and less power hungry.
Read the full story on Financial Post
Bitcoin production roars back in China despite Beijing’s ban on crypto mining
Bitcoin miners aren’t giving up in China despite Beijing’s ban on the practice.
China was once the world’s biggest crypto mining hub, accounting for between 65% to 75% of the total “hash rate” — or processing power — of the bitcoin network.
But the country’s share of global bitcoin mining capacity plummeted to zero in July and August 2021, according to Cambridge University data, after authorities launched a fresh crackdown on cryptocurrencies.
Among the steps China took was to abolish crypto mining, the power-intensive process that leads to the creation of new digital currency. That resulted in several miners fleeing to other countries, including the U.S. and Kazakhstan, which borders China.
Bitcoin gives users total control of their money
We're at the part of the bitcoin bear cycle where those in the mainstream who have derided the new monetary asset running on its own distributed network as nothing more than a ponzi for degenerate speculators and drug addicts are coming out of the woodwork to claim victory. If you've been paying attention to the headlines and talking heads you've likely heard phrases like:
"See, this is proof that bitcoin is too volatile and can never work as a store of value. Who wants to store value in an asset that fluctuates so violently?"
Read the full story on Bitcoin Magazine
Jack Dorsey outlines Block’s bitcoin-centric future at first investor day in five years: ‘No longer just a payments company’
Block executives no longer want the firm to be seen as a payments pure play.
The San Francisco-based company held its first investor day in five years Wednesday, where the C-suite made their case to Wall Street that the money app, along with its crypto and music-streaming businesses, should be valued as an “ecosystem” instead.
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