In simplest terms, proof-of-work and proof-of-stake are two different ways that you can mine a cryptocurrency. In more precise terms, proof-of-work and proof-of-stake are both types of consensus mechanisms that are designed to solve the issue of trust between the participants of a blockchain network.
After years of skepticism, bitcoin is finally gaining mainstream credibility. Tesla (TSLA) said last month it will soon accept bitcoin as payment for its vehicles, and disclosed it had purchased $1.5 billion in the cryptocurrency as part of its cash holdings. Meanwhile, Uber (UBER) and Mastercard (MA) also said they plan to start accepting bitcoin. BNY Mellon and BlackRock are looking into bitcoin. And Jay Z and Twitter CEO Jack Dorsey announced they establishing a bitcoin development fund.
Google, the world’s most powerful and valuable search engine, recently added selected cryptos to its finance platform. Alongside leading financial markets, particularly in emerged markets, the trillion-dollar company added a “Crypto” section thereby giving Bitcoin, Ethereum, Litecoin, Bitcoin Cash more limelight.
A new Citi report indicates that bitcoin is at a “tipping point” and could become the “currency of choice” for global trade, CNBC reported on Monday (March 1).
Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20 from its previous close.
The bearish grip in the crypto market has led to heavy losses of crypto investors’ funds at the wrong side of the current trade, as roughly $120 billion worth of crypto assets evaporated into thin air within a day.
According to the billionaire, bitcoin uses a lot of energy and causes trouble for investors who buy into it that may not have much money to spare.
Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.
Bitcoin hit yet another record high on Friday, and moved within sight of a market capitalisation of $1 trillion, blithely shrugging off analyst warnings that it is an “economic side show” and a poor hedge against a fall in stock prices.
Amid Nigeria’s apex bank’s recent warning to Deposit Money Banks, Non-Financial Institutions, and other financial institutions against doing business in crypto, Nigerians transacted more Bitcoin in comparison to other African countries combined in the past week.