Bitcoin is circulating as slowly as it did 13 years ago.

Despite Satoshi's concept of “P2P e-money”, Bitcoin is mostly used as “digital gold” and institutions hold it without frequent transactions.

Someday its velocity will peak when BTC is widely used for payments.

What do you think bitcoin is better suited for?

🐳 - It's digital gold, certainly savings

👍- A new payment system

🔥- Will be used both as a means of saving and as a means of payment

📈Crypto_Ocean

🍏Apple is actively implementing artificial intelligence into its devices

Yesterday at the Apple conference, Apple unveiled a new artificial intelligence system, Apple Intelligence, which will be integrated into various applications.

Apple Intelligence will be able to perform various actions for the user - for example, manage notifications, automatically compose texts or summarize information in mail and other applications.

The company also announced a partnership with OpenAI to integrate ChatGPT into its apps, including Siri.

📈Crypto_Ocean

Crypto Speak: Counterparty risk

This is not a purely cryptocurrency term; however, it has a huge meaning in crypto. Let’s break it down.

“Counterparty risk” is the probability that your counterparty (a company, service, or even an individual) will be unable to fulfill its obligations.

A simple example in the blockchain world is when you store your Bitcoin on a cryptocurrency exchange. Suddenly, the exchange collapses (and it happens - let’s remember the fall of FTX in 2022, the No. 2 exchange in the world at the time), which results in you simply losing your BTC.

But if the assets of the exchange were backed, you will probably get your money back sooner or later (but it’s not guaranteed), but it’ll be a huge inconvenience.

That’s why the expression “NYKNYC” or “not your keys, not your coins,” is so popular in the crypto space; it emphasizes the importance of noncustodial storage of cryptocurrencies.

If you store your coins in noncustodial wallets, such as MetaMask or Trust Wallet, the counterparty risk disappears.

By the way, smart contract technology also solves counterparty risk, but we’ll talk more about that in an upcoming post.

📈Crypto_Ocean

​✊ Locations of the largest concentrated volumes of Bitcoin:

🟠 All exchanges - 2.3 million BTC
🟢 Miners (except Satoshi) - 706,000 BTC
🟡 Spot ETFs – 862,000 BTC
🔵 US Government - 207,000 BTC
🔴 Mt.Gox Stewards - 141,000 BTC


📈Crypto_Ocean

💡💡💡: 🇺🇸 Former President Donald Trump says "Bitcoin mining may be our last line of defense against a CBDC."

"We want all the remaining Bitcoin made in the USA!"

Did you know that Bitcoin is 10.32% more expensive in South Korea?

There is a special term for this phenomenon, the “Kimchi premium.” It occurs when the value of a token on Korean exchanges rises above global prices. This happens due to high demand and activity from local South Korean investors. More often than not, a rising “Kimchi premium” indicates an overheated market.

So, while you and I were celebrating Bitcoin’s new all-time high of $70,000, in South Korea, the digital gold has already crossed the $72,000 bar 🙂

📈Crypto_Ocean

TON is preparing for a jump to $11

A Twitter analyst (but it's not certain) thinks Toncoin is preparing for a potential 40% breakout to $11.

However, the TD Sequential indicator suggests that TON may briefly drop to $7.2 to gather liquidity before climbing.

📈Crypto_Ocean

🔷Yesterday Ethereum-holders bought 298,000 ETH - this became the second largest daily purchase in Ethereum's history.

The record purchase was recorded on September 11, 2023. Then 317,000 ETH were bought in one day.

📈Crypto_Ocean

Crypto speak: Floor is lava 🌋

“Floor is lava” is a term used in the crypto community to denote a possible market collapse. Crypto industry participants took the phrase from the game of the same name, in which players imagine the floor is lava and you can’t step on it.

In the context of crypto, the expression indicates unfavorable market conditions. Using it, you can draw attention to the fact that people need to be careful and make informed decisions when investing.

Also, the phrase is often used to defuse a situation. The fact is that the expression eventually acquired a semi-serious character. Sometimes, it is used to ironically note that the participants of the crypto community always need to be on alert (the exact essence of the game).

📈Crypto_Ocean

UwU Lend has offered a $5 million reward for identifying a hacker

The DeFi platform UwU Lend's DeFi team has offered a $5 million reward to the person who finds the attacker.

UwU Lend was previously hacked for $19.5 million. A few days later, it was hacked again for $3.7 million.

📈Crypto_Ocean

What is Blockchain Scalability?

Scalability is the blockchain network's ability to handle more transactions without slowing down or becoming too expensive. Just like a road becomes congested during rush hour, the blockchain also experiences congestion when too many transactions are processed simultaneously. Scalability aims to make cryptocurrency more accessible, efficient, and user-friendly for everyone.

How to fix scalability issues-
▪️Enlarge blocks to process more transactions simultaneously.
▪️Use payment channels like the Lightning Network to reduce congestion on the main blockchain.
▪️Consider proof-of-stake to require less computational power, thus improving scalability

Scalability is a major challenge in the crypto world, however, networks like Solana and Binance Smart Chain are leading the way with promising solutions.

📈Crypto_Ocean

🔶 Binance founder doubles his fortune while behind bars

Forbes found 94 million BNB ($56 billion) in CZ's "stash" - that's 64% of the total number of BNB in circulation.

Forbes also states that Binance, together with CZ, own 71% of the 147 million BNB in circulation.

Thus, taking into account the recent rise of BNB, CZ's fortune has increased to $61 billion and he now ranks 24th among the world's richest people.

📈Crypto_Ocean

Crypto Speak: POW

Proof of Work (PoW) is a consensus mechanism used in blockchain networks to validate and confirm transactions.

In a PoW system, miners compete to solve complex mathematical puzzles, with the first miner to find the solution being rewarded with newly minted cryptocurrency and transaction fees. This process requires significant computational power, making it costly and time-consuming.

However, it ensures network security and prevents double-spending. Bitcoin, the first cryptocurrency, uses PoW as its consensus mechanism.

📈Crypto_Ocean

How bitcoin's price has changed compared to gold and NVIDIA stock since 2020

Guess the winner?

📈Crypto_Ocean

On this day in 2018, Lionel Laurent of Bloomberg wrote:

"Bitcoin's historical track record suggests that its biggest jumps are due to speculation rather than real progress in utility or technology."

Look at bitcoin today - growing and thriving 🐳

📈Crypto_Ocean

Crypto Speak: PoS

We've talked about Proof of Work (PoW) before, now let's discuss Proof of Stake (PoS).

Proof of Stake (PoS) is a consensus mechanism used in blockchain networks to validate and confirm transactions. In a PoS system, validators are chosen to create new blocks and secure the network based on the number of coins they hold and are willing to "stake" as collateral.

Validators take turns proposing and validating new blocks, with the chance of being chosen to create a new block being proportional to the amount of cryptocurrency they hold and are willing to stake.

PoS is considered more energy-efficient than Proof of Work (PoW) and is used by blockchain networks such as Ethereum 2.0, Cardano, and Tezos.

📈Crypto_Ocean

Last week's summary for spot Bitcoin ETFs in the US saw an outflow of $580.6 million.

Investors began withdrawing capital from BTC-focused spot instruments after 4 weeks.

The market situation is extremely challenging, and it's likely that we won't see anything significant in the market until the end of the summer.

📈Crypto_Ocean