Bits.ca – Bitcoin & Crypto Currency News & Resources

submitted by /u/evelyix [link] [comments]

What I've learned within a year in being in the crypto markets. Is that literally... no one ever... "knows shit about fuck" this might seem like a joke at first but it couldn't be more true. YouTubers and people who do chart analysis pretend like they know it all and then the next day they are sweating/panicking because of a market correction. "Bear markets coming" don't even know if I should listen to this because I'm also told there's a slim chance we never have one!!! Again "nobody knows shit about fuck" it might go down it might go up lol It cannot be simpler than this. We are all here to better our lives and that's about it. Holding on to our butts while we do so. From this day on I will no longer listen to any type of predictions or FUD. I'm going to believe in the projects I've researched then do what's best for me and put in what I can afford to lose and that's it. (No I didn't sell at a loss, I actually bought this dip) submitted by /u/Sad-Inevitable-7260 [link] [comments]

TL;DR: Crypto is beginning to mature, but there are still many opportunities for wealth creation in high-potential altcoins, DeFi, Yield Farming, and other niches we haven’t even heard of yet. - Are we still early to crypto? ​Last week, I stumbled upon an old Medium post from venture capitalist Chris McCann. The Solana and FTX seed investor showed via simple graphs that in 2018, the space was just beginning. Are we still there? Are we still following the same trend of exponential growth? I revisited and updated the graphs to find out: Bitcoin Wallet Address Growth The first metric: unique Bitcoin wallet addresses. The amount of total Bitcoin wallets today is closing in on 900 million. In May 2018, the number was about 398 million, which, in turn, forty months before was about 60 million. ​ https://preview.redd.it/az9hojyzn4p71.png?width=1024&format=png&auto=webp&s=48f15cebda542a99f5175dfb41a1238398c274f2 So growth is slowing somewhat, although if we compare it to overall internet adoption, it’s tracking closely, as the rate of internet user growth leveled off over time as well. It was in the 12th year of public use that the internet crossed one billion users, while Bitcoin is closing in on a billion addresses in its 13th year. Then again, an address is not equivalent to a user, so it’s a bit more of a toss-up. Still, a doubling in three years is nothing to scoff at. ​ Active Bitcoin Addresses: So how many of those addresses are actually active (that is, have sent or received any quantity of Bitcoin on a given day)? Take a look: https://preview.redd.it/16wzucv0o4p71.png?width=1024&format=png&auto=webp&s=d91911f810e977fa3f677417918c75bb568fc1e0 For Bitcoin, two new peaks were reached in January and May of 2021 at approximately 1.25 million active wallets per day. The previous local peak was approximately 1.1 million in late 2017. Things in late 2017 looked to be going parabolic until transactions dropped down to 500,000/day in early 2018. To me, this graph reflects on some of the transactional limitations related to Bitcoin. While there are definitely solutions to some of the volume-related problems surrounding Bitcoin, it’s possible that the slowing growth is correlated. While it’d be impossible to collect the data for all cryptocurrencies, I’d postulate that growth is quite a bit higher for crypto as a whole. With 12,000 different cryptocurrencies in existence, however, it’s nearly impossible to do the math. Ethereum Wallet Address Growth: ​ https://preview.redd.it/wnnokj23o4p71.png?width=1024&format=png&auto=webp&s=0a6db3f75c200072ec5827b021047ec564f17657 The number of total wallets and active wallets on Ethereum both look to be catching up to Bitcoin, a great sign for the Ethereum ecosystem as a whole. The addition of L2s (blockchain ecosystems powered by altcoins built on top of Ethereum) probably actually underestimates these metrics as a proxy for how much total network activity exists. That kick-up in late 2016 was due to an attack attempting to overwhelm Ethereum’s system with a high volume of addresses created. ​ https://preview.redd.it/1tz60d64o4p71.png?width=1024&format=png&auto=webp&s=979ce3c5300349112963015ffc3de9a92927c164 We can also check out active wallets on Ethereum: this graph’s steadier growth and higher 2021 peaks lends credibility to our hypothesis that overall network capability leads to more activity growth. While Bitcoin’s percentage of active wallets has slowly dropped (about .3% in 2018), Ethereum’s percentage of active wallets stays more consistent.​ Exchange Activity: ​ https://preview.redd.it/od9ami45o4p71.png?width=1024&format=png&auto=webp&s=03710aa06eeef81abb8c3ff98be1dc2953013cc6 I couldn’t find great compiled data on total exchange user growth over time, but we can use volume to understand how much money flows through crypto markets. ​ While this graph roughly traces Bitcoin price activity, we can see that higher highs have a multiplying effect on exchange volume: a total crypto market cap doubling leads to about 3 times as much exchange activity. For evidence of this, check out Jan 2018 vs. Jun 2021. ​ Exchange Market Share: ​ https://preview.redd.it/28fphcv6o4p71.png?width=1024&format=png&auto=webp&s=f729e20669c2b5f57ff601396a3609d4f57de51b Removing decentralized cryptocurrency exchanges like Uniswap and PancakeSwap from the picture, we’ve seen a massive broadening of the exchange landscape. Only a few exchanges (Coinbase and Binance, most notably) have been able to increase market share as a percentage. Including data from DEXs further muddies the waters. I think this is an incredibly bullish sign for crypto growth and a real-life example of the concept of decentralization. If we look at the search engine wars of the early 2000s, at this point in time (relative to years since public launch), Google had well over half of market share. Binance barely cracks 15%. There are two ways to look at this, but both are good signs for crypto investors: If crypto forever remains decentralized in terms exchange volume, without any one player gaining too strong of an advantage, that’s a good thing for crypto. If crypto exchange volume does someday consolidate, it will be a long time from now, which means we’re early. Internationalization, decentralization, and different value propositions by exchanges are all good signs that we’re still early to crypto. ​ Total Adoption by User Rates: One of the most fascinating parts of Chris McCann’s analysis was his comparison of crypto growth to internet growth. DeutscheBank has since done its own study of the blockchain vs. the internet, below. ​ https://preview.redd.it/p4lb0ax7o4p71.png?width=1024&format=png&auto=webp&s=db2309c2bb3d84d9b431410cf83ee2b06eeea64f The first thing to note is that these two graphs exist on different axes and have already diverged. It is almost definitive now that crypto will grow slower than the internet, while in 2018 it was still a tossup as to which might grow faster. But while crypto’s growth has been slower than the internet’s, the coefficient of that growth might be accelerating. In their projections, DeutscheBank guessed that by 2030, total cryptocurrency users would cross 200 million. But today, in September, we sit at well over 220 million users by many estimates, fueled by a manic bull run. The math shows that it’d be quite difficult for crypto’s overall user base to overtake the internet’s user base at an equivalent point in time. However, it looks quite possible that crypto crosses a billion users much sooner than expected and, well, that’d be pretty good news for crypto prices. ​ So...Are We Early? In 2018, many graphs pointed to crypto taking the same path as the internet to complete world domination. Today, though, it’s harder to have that same level of optimism. While at this point, we know crypto won’t be quicker to worldwide adoption than the internet, at this point in time, it's on a good track to eventually get there. Here’s what we can state with certainty: Growth in the crypto world has slowed down. There are now over 200 million cryptocurrency users. Things have never been so bullish for crypto. While McCann in 2018 could fairly compare the growth of crypto to the growth of the internet as a whole, perhaps today, making that comparison is a little too optimistic. ​ The New Frontiers of Crypto Chris McCann’s article serves as a bit of a time capsule to cryptocurrency in 2018, without a mention of DeFi or NFTs: the concepts barely even existed yet. "My biggest criticism towards the DApp future is we haven’t seen DApp usage keep pace with the number of DApps being created. The current core use cases of cryptocurrencies are speculation, store of value, assets, payments, etc.” Today, though there are many use cases for crypto! DeFi, yield farming, loans, decentralized exchanges, platforms like Theta and Audius which hold data on the blockchain. So as far as where the next opportunities in cryptocurrency lie, it’s likely that you haven’t even heard of them yet: and it’s that way by nature. Small projects with big ideas have a lot more room for growth. ​ Case Studies on Parabolic growth To illustrate my point, I’d like to show a few graphs that couldn’t have even been imaginable three years ago. Here’s a graph from TheBlockCrypto.com of the total value of the assets locked in DeFi: ​ https://preview.redd.it/sole5jt9o4p71.png?width=1024&format=png&auto=webp&s=3483656efc875bfaeb820577562661bed582b11d A sector of the industry Chris didn't even touch on has now almost kissed $100 billion! Unthinkable three years ago.​ And below is a graph of volume on NFT marketplaces. A year ago, Opensea did under $50k in daily volume. Today, it will do approximately $90 million. That’s an 1800x in just one year. ​ https://preview.redd.it/pyawfbtao4p71.png?width=1024&format=png&auto=webp&s=86ac4b036ddb06b9c83ef310f180f6f75b197be5 If you’re investing in crypto, well, it’s evident that both Bitcoin and Ethereum have slowed down in growth: and that makes sense: it’s harder to move the price of assets as they grow in size. ​But if you want to know where to find that explosive 10x, 100x, 1000x investment, it’s the new trends within cryptocurrency, it's the cutting edge, the latest innovations, that have the potential to explode. For me, that means investing in the altcoins and protocols that will serve as facilitators for this new world of online wealth creation. For you, it might be something else: Yield Farming, DeFi, decentralized insurance. Explore what's new, explore your curiosity, and you might just find something that explodes. Edit: Didn’t realize this would get so much traction! I know Reddit hates self promo, but I write a newsletter on altcoins that you’ll probably like if you liked this post. You can check out here: cryptopragmatist.com/sign-up/ submitted by /u/leonidasthegeek [link] [comments]

submitted by /u/omar366266 [link] [comments]

Bitcoin's fastest developing lending platform Sovryn has announced its second listing on Gateio, this following the listing on AscendEX just last week, a move that will assist with increasing adoption in the primary DeFi working framework intended for the world's driving cryptocurrency, Bitcoin. Sovryn (SOV) is a non-custodial and permissionless savvy contract based framework created to be the world's leading Defi platform for Bitcoin, offering users admittance to decentralized lending, and spot exchange. This project is bringing DeFi capabilities to the crypto king (saw somewhere that if Bitcoin is the crypto king, then Sovryn is its queen) and letting it make its mark in the sector that has been experiencing rapid growth over the past year , even through the periods of lull that cryptocurrencies have gone through. The protocol supports instant trades between tokens in a cost effective manner, lets users perform long and short trades and even borrow leverage from the lending pool. In addition, token holders also have the opportunity to lend their holdings to margin traders and borrowers, earning interest in the process. What’s more, investors can use their BTC tokens from any Bitcoin wallet via smart contracts and decentralized products on the Sovryn protocol. Following the success of it's listing on Ascendex, the price of SOV has taken to an upward trend in the global market amassing over 100% increase from when it was listed till now even though the crypto market is in real dip. Also the price and performance of SOV is now trackable on coinbase. Gate_io another CEX has listed SOV after the project registered over 12m votes to beat Gate’s 10m vote requirement to list the token. An indication that the community and SOV holders are more than happy to see more CEX listings for this blue chip. Next stop, ATH or beyond? We’ll see. In a recent update from the project, users can now go long on SOV in sovryn's leveraged margin trading, up to 5x. An amazing feature for ardent traders, long is the game, even when the market is in a dip, SOV keeps pumping. https://twitter.com/SovrynBTC/status/1440249344293146625?s=20 It's no doubt that SOVRYN might have more surprises for its token holders which are most likely in the pipeline. I personally look forward to its listing on coinbase or probably other top tier exchanges like binance which I presume will be as close as Gate listing is to AscendEX. Why am I bullish on this project? This tweet says it all; https://twitter.com/SovrynBTC/status/1435271732303122434?s=20 SOVRYN lists on Ascendex https://twitter.com/SovrynBTC/status/1438128583189450756?s=20 Edan Yago’s revelation about SOVRYN https://twitter.com/SovrynBTC/status/1440259651275083789?s=20 SOVRYN lists on gate.io https://twitter.com/gate\_io/status/1440569816763404292?s=20 SOVRYN bringing defi to bitcoin https://twitter.com/btc\_manager/status/1440201853367582724?s=20 SOV price trackable on coinbase; https://www.coinbase.com/price/sovryn Project name; Sovryn website: https://www.sovryn.app/ Twitter: @ SovrynBTC Telegram: @ SovrynBitcoin Sovryn trading dojo; submitted by /u/joe691013 [link] [comments]

submitted by /u/KAX1107 [link] [comments]

This community had a ton of posts about how this was the beginning of a major dip and to wait it out. Today, there’s a ton of projects in the green. Is the fear over given the recent evergrande news? Or is there still more to find out? I thought i saw something about thursday being a key point. I would think it can go back down, especially as we see how this plays out; but wondering what the status is in general I did put $ in, but only in ETH, and I did so at 3050, which is right around its current price. Still a good investment for the long term, but i definitely wanted to put more in, esp if it kept falling submitted by /u/Burnoi [link] [comments]

Look, I get it. Nobody wants to see their portfolio going from green numbers to red in a span of few minutes or hours. However, majority of this sub is claiming that they’re in crypto for a long term, but whenever some big thing is happening, those same guys are 1st in the line, looking for someone to back their words, to tell them that everything’s alright. Everything’s alright. If you’re stressing in those current times, when adoption is slowly starting to build up, this isn’t a place for you. You may be probably over invested as well. If you truly believe in crypto, those latest incidents should have zero influence whatsoever, over yours investments. Rome wasn’t build in a day, give it a time. submitted by /u/GroundbreakingLack78 [link] [comments]

In the past 24 hours, over $600M of Crypto Shorts were liquidated following the Evergrande scare cooling off. It was certainly not a very good day for bears in the past 24h. One bear lost about $15M with just one short. Bears lost: Over $200M shorting Bitcoin Over $200M shorting Ethereum Over $23M shorting Solana Over $8M shorting Cardano (...) I hope you did not follow Jim Cramers advice and sold all your Crypto when it dipped the lowest. (source on numbers) submitted by /u/Dwez1337 [link] [comments]

Green crypto charts (almost) everywhere. Anyone who didn't believe in FUDs will get rewarded with green days....and there will be the continuation of the bullrun. This dip was like a fire sale, this bullrun will top the bullrun in March this year by at least double up to triple. We all will make nice gains!!! We will all reach the moon! The red days are gone, no more reds and downs...only green and ups!!!! This is no financial advice, this is pure hopium...pure hopium for free for everyone to enjoy and be happy with!!!!! submitted by /u/MikeDJunior [link] [comments]