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Russian National Poll Report: only 2% have invested in Bitcoin

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Sunday; the 17th of March had blown up records of the highest 20 cryptocurrencies reporting to have slight good points and losses at the day.

According to the recent report from Russian Center for the Study of Public Opinion (VTsIOM), Bitcoin has not gained popularity in the country, with two-thirds of Russians considering a purchase of the cryptocurrency as a bad investment. VTsIOM  is the oldest polling institution in post-Soviet Russia.

As contained in the report, the word “bitcoin” is familiar to 74% of Russians, of whom only 2% acquired digital currency. 47% think that bitcoins can only be bought, but not produced by yourself, 43% – that for them you cannot buy real goods and services with bitcoin.

The report went further to say that more than half of Russians (56%) say they know about bitcoins (however, only 9% are in detail), another 18% have heard only the term itself. The level of awareness among the youngest age groups (67% among 18-24-year-olds), people with a higher education (71%), residents of Moscow and St. Petersburg (75%), men (66%), active Internet users (69%).

At the same time, the actual knowledge about this cryptocurrency is rather weak. So, among those who know/have heard about bitcoins, 37% are sure that anyone can buy them , and 12%, for example, believe that they are banned in Russia. The degree of protection of bitcoins, compared with conventional money, is estimated ambiguously: 28% believe that it is harder to steal digital currency, 29% – easier.

In general, it can be said that bitcoins have not yet gained popularity among our fellow citizens: two thirds of Russians who heard about them (65%) consider investing money in bitcoins as a disadvantageous investment, only 2% bought bitcoins.

It is pertinent to note according to a news outlet that in early 2018, VCIOM posted the results of another survey about cryptos. That survey also indicated that the level of knowledge about cryptocurrencies in Russia is rather low, as even those that claim to be familiar with Bitcoin often fail to state with certainty whether the Bitcoin can be legally bought in Russia. In fact, 16% of those claiming to have knowledge about cryptocurrencies said that Bitcoin is prohibited in Russia.

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Renowned Basketball Team Owner says that he Sees Bitcoin and Gold as the same.

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A billionaire and owner and owner of the Dallas Mavericks professional basketball team Mark Cuban, had issued a statement saying that be dislikes hold as a form of investment and basically sees Bitcoin and Gold as the same thing.

Cuban had said this in an interview with Kitco News on August 9. He also made reference to the Bitcoins as having a definite supply which in his view was awesome and adds more to its value.

 

“They’re both collectables. The value is based off supply and demand. And the good news about Bitcoin is there’s a finite supply that’ll ever be created.”

 

He expressed his deeply rooted prejudice for the precious metal while and expressed totally, his view of it. He specifically said that:

 

“Hate with extreme prejudice is not enough. Hate with double-extreme prejudice with an ounce of hot sauce.”

 

Gold Vs digital gold

It is still unclear how the term “digital gold” which refers to Bitcoin had gained this much recognition in the space. However going back in time in a bid to retrace its origin, we could legitimately make reference to a time when The New York Times journalist Nathaniel Popper published his book “Digital Gold” back in 2015. And seeing that Bitcoin had successfully rivalled the precious metal, the name stuck.

We could see now that in 2019, the response has been seen by experts as to whether or not they should Bitcoin should be seen as Gold o the digital world. The head of communications at the Zcash Foundation, Sonya Mann, made reference to its finite supply as well as demand and supply factor, from her remark it had seemed that she happens to be more optimistic about the digital currency than Cuban:

“Bitcoin is deflationary by nature, due to the capped 21 million supply and the clever incentive structure that has reliably safeguarded its inviolability. The emergent order governing Bitcoin, as both a software product and a phenomenon, is undeniably path-dependent, attributable in large part to Satoshi Nakamoto’s design decisions. There is no guarantee that BTC will increase in value, but past trends and the underlying supply-demand dynamics suggest that it’s a reasonable long-term prediction.” She had said.

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Did the Binance Breach Really Occur, And Who is to Blame if it Did?

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On August 7, Binance is the world largest cryptocurrency exchange as at today (based on its 24hrs trade volume), was reported to have been hacked. This was said to have occurred when an unscrupulous person had gained access to a massive chunk of the Exchangers Know Your Customer (KYC) data. The hacker was reported to have demanded 300 Bitcoins (which is worth approximately $3.5 million as at the time of this report) after gaining access to about 10,000 personal photos from the Exchanger’s website, threatening to release all the data at his disposal.

It is noteworthy to state that the perpetrator of this hack had set up a couple of dedicated telegram groups where he was said to have allegedly released these sensitive materials. Although the group has since shut down permanently, the Exchanger had taken drastic measures to nail any further moves by other miscreants. However, seeing that there were no digital watermarks, there are no doubts regarding the authenticity of this material. The Binance security team had a follow up with an official statement:

“At the present time, no evidence has been supplied that indicates any KYC images have been obtained from Binance, as these images do not contain the digital watermark imprinted by our system.”

The CEO of Binance sent out a tweet:

The cryptocurrency Exchanger had claimed that all the images that have been released so far could be dated back to February and that this stunt was simply old news with a new spin, a time when the Exchanger was still making use of third party service to be able to provide KYC services. The Exchange had also tried to get the supposed perpetrator to disclose how he gained access to pull off the breach or give any irrefutable evidence to his claims, instead, he simply continued to demand 300BTC which further leads us to believe that this might have just been a bluff

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Trump Expresses his opinion on Crypto, Libra; Binance to burn $2.4 billion worth of BNB

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Trump via a tweet has posted hours ago expressed his opinion on cryptocurrency clearly defferentiating Bitcoin and other Cryptocurrency as well as on Libra the Facebook Global Cryptocurrency which it unveiled in June 2019 and to commence operations in January 2020.

According to Trump, he is not a Fan of Bitcoin and other cryptocurrencies which he describe as not money and highly volatile and basede on thin air. He went further to say unregulated Crypto Assets can facilitate unlawful behavior, including, drug trade and other illegal activities.

On Libra, the 45th President of the free world openly said Libra will have little standing and Facebook and other firms want to be come a bank they should and must seek a banking charter and be subject to all banking regulations both nationally and internationally.

As a true President and the first man in the country, he declared the US Dollars as the only currency in the USA and that it is stronger than ever, dependable and by far the most dominant currency worldwide.

As usual, the crypto enthusiast on Twitter had their own opinion to comment on the post by POTUS.

In another news, top exchange Binance has announced after burning their quarterly alloted BNB tokens that they will burn their Team allocated Binance Coin BNB which is a total of 80BNB currently worth $2.4 billion.

During one of the first IEOs on the Exchange, investors were unable to participate thus a public outcry with Binance coming to the rescue by instituting a Lottery system which saw users holding a certain number of BNB before being able to participate in IEOs on the exchange. This cause a rise in the value of the BNB.

This move by Binance amongst others will see Binance Coin hitting astronomical height in the next few months to years. We can’t wait to see what the chats will say in few five years time.

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Facebook’s Libra Project White Paper Is Officially Out: Pushes for the Internet of Money

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Facebook's Libra Project White Paper Is Officially Out: Pushes for the Internet of Money

After months of speculation and a nonofficial statement from the Facebook team after the news break by Bloomberg reports on the rumoured cryptocurrency project secretly being worked, Facebook’s Libra Project White Paper is officially out.

Facebook clearly outlines its mission and vision for the Switzerland registered project.

It’s mission according to the whitepaper reads

“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

Facebook is clearly ready for another phase of its reign as a social media giant housing more than a quarter of the world’s population. It is home to more than 2 billion users with its aggregated user base for WhatsApp, Instagram, Facebook and Messenger.  

With the Libra’s project cryptocurrency dubbed the Globalcoin, Facebook is going to have an impact in the cryptosphere coupled with the influence of the founding members such as Coinbase, Visa, Spotify, Mastercard, Uber, Paypal, and others who have invested about $10million each into the project.

Facebook wants to make Libra the evolution of Paypal with the wish that it will be simpler to establish, easier to use as a payment means with fewer transaction fees, more accessible to the unbanked, more flexible and durable through decentralisation.

In its Libra document, Facebook writes:

“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee.”

Alongside Libra network, Facebook is also launching Calibra, a subsidiary company that will handle the transactions and protect users privacy. The goal of Calibra is “to provide financial services that will let people access and participate in the Libra network,” and it will be readily available in Messenger and WhatsApp and also as a standalone app.

The control of the Libra network will not be solely Facebook’s duty since it is decentralized to include all the 28 founding members. It is the association’s duty commonly referred to as “Libra Association” to promote the open-sourced Libra blockchain and also sign up businesses to accept Libra for payment. It rests upon them to recruit more founding members as Facebook says it wants to reach 100 members before the official launch of Libra.

The unit of the Libra cryptocurrency is Libra just like the unit of a dollar is cent. Libra is represented by a three wavy horizontal line Unicode character ≋ like the dollar is represented by $ or the naira by #. The value of a Libra is meant to stay largely stable since it is a stable coin. Its stability will make it be a good medium of exchange, as merchants can be confident as they will be assured they won’t be paid a Libra today that will be lesser than the amount tomorrow.

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