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Soneium and Transak Announce Partnership to Boost Crypto Adoption

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Transak, a prominent Web3 payment infrastructure provider, has partnered with Soneium, an innovative Ethereum layer 2 solution crafted using the Optimism protocol. This collaboration aims to facilitate the entry of mainstream users into the Web3 space, focusing on sectors such as gaming, music, and more. Soneium’s launch was initially announced on August 23.

Transak is now integrated into the Soneium ecosystem, enhancing access to projects and tokens launched on Soneium for global users. Known for its extensive reach, Transak services over 350+ apps and 5.7 million users. Its payment system, operational in over 160 countries, allows users to transact using common methods like credit cards, debit cards, Apple Pay, and Google Pay, thus bridging the traditional Web2 and the emerging Web3 technologies.

Sota Watanabe, CEO of Startale, expressed enthusiasm about the partnership: “Our team is working closely with Transak, who share the mission to go Mainstream with Soneium. Transak’s dedicated solutions for multiple industries will empower developers to build innovative solutions, and we look forward to supporting the development of groundbreaking projects on Soneium.”

This integration is particularly significant for the gaming industry, offering gamers a fluid experience in purchasing, trading, and transferring in-game assets and NFTs through familiar payment methods. Transak’s tiered KYC process and localized payment options simplify microtransactions, enhancing the overall gaming experience and fostering broader adoption of blockchain technology.

“We are thrilled to collaborate with Soneium in shaping the future of the Web3 ecosystem. By leveraging our robust payment infrastructure, we aim to make blockchain technology more accessible and inclusive for millions of users worldwide. This collaboration underscores our commitment to bridging the gap between Web2 and Web3, empowering industries such as gaming and entertainment with innovative solutions that enhance user experiences and drive digital transformation,” said Sami Start, Co-Founder and CEO of Transak.

Beyond gaming, the partnership promises to revolutionize the entertainment industry. Musicians, filmmakers, and other content creators will find new opportunities to distribute and monetize their work, with blockchain technology ensuring transparency, security, and fair compensation.

Bitcoin Miner Calls for Forward Hashrate Contracts Following BTC Halving

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Amid increasing costs and reduced block rewards, Bitcoin miners are facing significant financial strain. Andy Fajar Handika, CEO and co-founder of Loka Mining, a decentralized mining pool operator, proposes a novel solution to alleviate some of these challenges. In an interview with Cointelegraph, Handika introduced the concept of forward hashrate contracts. This financial instrument allows miners to sell their future hashrate in exchange for fiat-denominated loans from creditors, potentially sustaining operations and funding growth.

“It means that you can use your debt money to buy more mining machines and hedge your price volatility risk because the risk of Bitcoin’s price in fiat is now passed over to the investors, who buy the mining contract,” explained Handika. He elaborated that these tokenized contracts, available in 3-month, 6-month, and 1-year terms, not only help miners manage financial risk but also provide creditors with assets that can be re-used as collateral for other loans.

This approach offers an alternative to traditional fundraising methods such as initial public offerings or corporate debt, which are often inaccessible to smaller mining operations. Typically, these smaller entities must resort to selling their Bitcoin holdings or using them as collateral for loans in decentralized finance (DeFi) protocols.

The volatility of Bitcoin’s price presents significant risks for these traditional financing methods. Handika pointed to a recent market downturn, referred to as a “black swan” event, where Bitcoin’s value plummeted from around $59,000 to approximately $49,500 on August 5, 2024, illustrating the dangers inherent in these strategies.

The Bitcoin mining industry is grappling with economic challenges highlighted by a report from cloud mining firm BitFuFu, which showed a 168% surge in mining costs over the past year. These escalating expenses, along with a reduction in block subsidy, have put considerable financial pressure on miners, prompting some to diversify into sectors like artificial intelligence and high-performance computing.

Further emphasizing the sector’s difficulties, a JPMorgan report highlighted that well-capitalized mining companies are acquiring struggling competitors, indicating ongoing consolidation within the industry.

Crypto Entrepreneurs To Follow In 2024

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The cryptocurrency world of 2024 is replete with innovators changing the digital economy. As the sector evolves, a new breed of crypto entrepreneurs emerges, differentiated by their long-term perspective on the market. Along with having the insight to negotiate the murky regulatory landscape successfully, these executives are well-versed in blockchain technology. 

What distinguishes these crypto pioneers is their capacity to innovate —They are not just developing new platforms but also reinventing financial structures, supply lines, and digital interactions. From decentralized finance (DeFi) protocols that threaten traditional banking to blockchain solutions tackling other sectors (AI, Cloud, Music, Real Estate, etc), these individuals drive the development and acceptance of cryptocurrency, making them essential to follow in 2024.

Raj Bagadi

Raj Bagadi, the founder and CEO of E Money Network, is pioneering the tokenization of Real-World Assets (RWAs) using a MiCA-compliant blockchain. Raj combines regulatory knowledge with creative blockchain solutions, drawing on over a decade of fintech and banking experience, an AML certification, and substantial contributions to Europe’s MiCAR framework. 

Under Raj’s guidance, E Money Network intends to create new blockchain compliance and innovation norms. His ambition goes beyond infrastructure, concentrating on providing a safe and scalable environment for tokenized RWAs to thrive. Raj Bagadi is a crypto entrepreneur to follow in 2024 who continues to create a compliant, transparent, and efficient blockchain environment. 

Nadim Souss and Aziz Falak

Nadim Souss and Aziz Falak are two entrepreneurs to watch in 2024. As Co-founders of Welist Ventures, they’ve built a thriving crypto and blockchain incubator from the ground up. With a background spanning the crypto and fintech industries, they’ve become key players in guiding and launching promising startups. 

Welist Ventures offers comprehensive support for blockchain projects, including advisory, Investment in early-stage projects, and marketing strategies. By leveraging their deep industry connections and innovative approach, Nadim and Aziz are helping shape the future of Web3, positioning Welist Ventures as a leading force in the crypto ecosystem.

Helmut Siedl 

Helmut Siedl is a visionary pioneer in the blockchain industry who has dedicated more time than most of the industry over a decade to advancing decentralization and privacy-centric technologies. His extraordinary journey began in 2013 when his quest for a video card for gaming unexpectedly led him to the world of cryptocurrency. 

Through rounds of strategic investments in Litecoins and DMD Diamond, Siedl became a pivotal investor and advocate, significantly expanding his portfolio and impacting the community. His steadfast dedication to genuine decentralization has been crucial in shaping the evolution of DMD Diamond, with the v4 launch planned by the year-end, positioning it as a significant player in the future blockchain economy.

Leila Salieva

Leila Salieva is a seasoned marketing veteran who has significantly contributed behind the scenes to the success of numerous blockchain projects, from DAOs and startups to established protocols. Her journey began in the fashion industry, where she pioneered digital marketing and PR. Over time, she became a top-level strategist, guiding Fortune 500 companies in marketing their products and services globally.  

In 2021, she dedicated her experience to assisting web3 projects to help them shine in the competitive market landscape. In 2024, Leila co-founded Sombrero Galaxy Agency, which leverages AI in marketing strategies, content creation, and analytics. This innovative agency empowers its partners to build vibrant web3 communities and visually stand out from the competition.

Yuriy

Yuriy is the CEO and Co-founder of leading crypto-asset management and automation software 3Commas. With over 15 years of experience in technology, Yuriy has successfully launched several software ventures. 

With 3Commas, Yuriy is on a mission to empower crypto traders and asset managers with streamlined multi-venue trading and democratize crypto trading automation, bringing the power of smart automation to the masses through a suite of innovative tools available on the website.

Tomer Warschauer

Tomer Warschauer is a well-known digital marketing and blockchain personality with over 20 years of expertise. As Kima Network’s CBDO/CMO, he focuses on GameFi and DeFi, combining complicated blockchain developments with industry demands. Tomer’s knowledge extends to thought leadership, as seen by his contributions to Forbes and Cointelegraph, which have established him as an industry leader. 

In addition to his position at Kima Network, Tomer is an active angel investor and strategic advisor. His portfolio includes noteworthy startups such as ChainGPT, GT Protocol, Cookie3, Bubblemaps, Glyph, and Omnia Protocol. He supports ecosystem collaborations, corporate innovation, and partnership excellence in these capacities. Tomer’s marketing expertise, blockchain understanding, and strategic vision make him vital to the ongoing Web3 transformation. 

Dan Held

Dan invests in Bitcoin DeFi as a GP at Asymmetric and a marketing advisor at Trust Machines, Taproot Wizards, and others. He’s also a Bitcoin educator with over 850,000 followers on social media and focuses primarily on the Bitcoin DeFi sector.

He was formerly the Head of Marketing at Kraken, one of the world’s biggest crypto exchanges. He is a serial crypto entrepreneur with two exits (Interchange > Kraken, ZeroBlock > Blockchain.com). In between his time in crypto, he was on the Growth Product and Marketing teams at Uber. He was part of the original 2013 crypto meetup group in SF, which was comprised of the founders of Coinbase, Ripple, Kraken, and others.

In Summary 

As explained, the 2024 cryptocurrency entrepreneurs to watch are those with a solid track record of execution, regulatory acumen, visionary thinking, and technological proficiency. These creative pioneers will influence not just the direction of cryptocurrencies but also how we think about value and transactions in the digital era in the long run. As they continue to play crucial roles in advancing adoption, changing the global economic environment, and resolving practical issues, the crypto sector will continue to develop circumstances notwithstanding. 

Tonchain’s Pavel Durov Indicted in France After Court Appearance

Pavel Durov, the founder and CEO of the messaging app Telegram, was recently indicted in France and placed under judicial supervision following his court appearance. Durov faces multiple criminal charges stemming from his role at Telegram, and as part of the conditions for his release, he was required to post a 5 million euro bail. The arrest was made at a Paris airport on August 24, and after several days in custody, Durov was brought to court.

According to a Bloomberg report on August 28, French prosecutors have charged Durov with several offenses, including complicity in illegal activities, refusal to cooperate with authorities, money laundering, and operating without a proper license for cryptology services. This action follows a judicial investigation initiated in July under a generic warrant.

“Free speech allegations Many of Durov’s defenders have criticized French authorities for taking the Telegram CEO into custody, claiming the move represented an attack on freedom of expression.”

The charges link Durov to severe allegations of facilitating the spread of child pornography and other illicit activities via Telegram. Additional unrelated charges of child abuse are also reportedly being brought against him in Switzerland.

“French President Emmanuel Macron denied Durov’s arrest was politically motivated, but many questions still seem to linger after four days.”

With Telegram boasting over 900 million monthly users as of 2024, the outcome of this case could potentially influence how legal responsibilities are assigned to leaders of other major social media platforms, like Mark Zuckerberg or Elon Musk.

DTX Exchange’s Layer-1 Blockchain Soars After Testnet Launch

New York, New York, August 28th, 2024, Chainwire

DTX Exchange (DTX) has taken center stage in the crypto market after announcing the much-awaited testnet launch. The decentralized trading platform has also surpassed $1.8 million raised in its ongoing presale weeks ahead of expected. This development is expected to accelerate the development of a unified trading ecosystem. 

Analysis of DTX Exchange’s Unified Platform

DTX Exchange (DTX) was envisioned as a cutting-edge platform that brought together conventional and decentralized assets under a single umbrella. The DeFi exchange provides retail traders with maximum capital access along with a suite of trading products. Access and security are paramount in the development of the platform to ensure that traders can interact with over 100,000 financial instruments in a single application. 

The background infrastructure of DTX Exchange (DTX) is backed by a proprietary Layer-1 blockchain that ensures seamless governance. Additionally, the platform has also introduced the VulcanX protocol to minimize trading fee and offer a multi-channel trading avenue for traders around the globe. 

DTX Exchange Surpasses $1.8 Million in Funds Raised 

The DTX Exchange’s value proposition has been validated by its current market performance. The platform raised over $1.8 million within its initial weeks of launch, and the funding is expected to accelerate the deployment of DTX products, including the layer-1 blockchain, integrated wallet application, and enterprise APIs, which are central to the development of a decentralized ecosystem. 

Exploring the VulcanX Evolution 

According to the team, with the crypto market increasingly shifting towards mainstream adoption, it is essential to have platforms that provide a smooth onboarding experience for users to become a part of web3. DTX Exchange provides the perfect onramp by merging traditional equities, stocks, forex, and crypto trading under a unified umbrella. This transition is represented by the VulcanX protocol going live by the platform.

The recent upgrade includes a Layer-1 blockchain that has already entered its testnet stage. In the final deployment, the blockchain is expected to outperform established leaders and prove to be an innovative challenger to leading altcoins. DTX has also strategically integrated data feeds from other fintech platforms to provide a streamlined solution for investors. 

About DTX Exchange

DTX Exchange is the first hybrid trading platform with its VulcanX blockchain infrastructure. The platform is redefining the global trading industry with its cross-functional approach towards stocks, crypto assets, equities, and contract trading options. With support from a rapidly growing community, DTX Exchange aims to make a massive impact. For more information about the upcoming features and developments, users can visit the DTX Exchange website or interact with the community on Telegram. 

To learn more about the DTX platform: 

Website: https://dtxexchange.com/ 

Presale: https://presale.dtxexchange.com/ 

Telegram: The DTX Community 

Contact

DTX Exchange
dtxinnovations@gmail.com

Fordefi Unveils First Institutional-Grade MPC Wallet for DeFi on Sui

Grand Cayman, Cayman Islands, August 28th, 2024, Chainwire

Fordefi brings institutional-grade security to the Sui Network

Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced that it has joined forces with Fordefi, a company that employs multiparty computation (MPC) technology to deliver a secure institutional wallet platform for DeFi. Fordefi’s comprehensive platform and Web3 gateway provide an enterprise grade solution enabling builders, traders, and operators to self-custody their private keys, seamlessly connect to thousands of decentralized applications (dApps) across any blockchain, and manage digital asset operations with granular policies and a unified interface.

Fordefi’s integration with Sui enables institutional users to securely self-custody their private keys and connect to thousands of dApps across various blockchains, ensuring complete control over their digital assets, enhancing operational efficiency, and dramatically simplifying digital asset management. The platform also offers customizable policies to protect workflows and consolidates all digital asset operations into a unified interface, providing a comprehensive and user-friendly asset management solution. 

“Sui’s scalable, secure platform is uniquely suited to meet the demands of institutional users,” said Gap Kim, Global Head of Marketing for Sui Foundation. “By providing a secure, institutional-grade custody solution and seamless access to DeFi features, Fordefi empowers asset managers, trading firms, and exchanges to fully leverage Sui’s capabilities, enhancing the Sui ecosystem and driving further adoption.”

With this collaboration Fordefi becomes the first institutional-grade custody solution to offer convenient access to DeFi functionalities on the Sui blockchain. This integration benefits asset managers, trading firms, exchanges, and other institutional entities by providing a reliable and secure wallet-as-a-service.

“We are excited to add support for Sui Network,” said Josh Schwartz, CEO and Co-Founder of Fordefi. “Enabling our MPC wallet on Sui Network ensures that institutional clients can now benefit from secure self-custody and seamless dApp integration, while accessing Sui DeFi. We look forward to the evolution of this partnership.”

Contact

Sui Foundation
media@sui.io

Celsius Repays Over $2.5 Billion to 251,000 Creditors, $500 Million Still Owed

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Celsius has repaid two-thirds of its eligible customers as part of its ongoing bankruptcy proceedings.

According to an Aug. 26 court filing, the bankrupt crypto lender has repaid approximately $2.53 billion to 251,000 creditors. This amount represents about 84% of the $3 billion owed by the defunct crypto lender to over 375,000 creditors.

These bankruptcy payments are seen as a positive development for the growing crypto industry. They come at a time when the bankruptcy proceedings of the Mt. Gox exchange, which owed over $9.4 billion in crypto to 127,000 creditors, are also underway. After ten years, Mt. Gox creditors are finally beginning to recover their assets.

Interestingly, not all creditors are actively seeking to claim their cryptocurrency due to the relatively small amounts they are owed. Of the remaining 121,000 creditors who have yet to claim their funds, around 64,000 are owed less than $100 worth of crypto, while 41,000 are owed between $100 to $1,000, according to the filing:

“Given the small amounts at issue for many of these creditors, they may not be incentivized to take the steps needed to successfully claim a distribution.”

The bankruptcy administrator plans to retry distributing funds to these creditors through Coinbase every two weeks, while PayPal claim codes will remain redeemable for credits at all times. The administrator noted that it “attempted more than 2.7 million distributions in total for the approximately 372,000 currently eligible creditors.”

Celsius filed for bankruptcy in July 2022, a month after pausing user withdrawals. The company claimed the pause was necessary to put it in a “better position to honor, over time, its withdrawal obligations” after the value of its native token, Celsius (CEL), plummeted in 2022.

Celsius’ bankruptcy involved settling $4.7 billion in fines with the United States Federal Trade Commission, as well as reaching settlements with the Department of Justice, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.

Former CEO Alex Mashinsky was arrested and charged by federal prosecutors with financial fraud, manipulating CEL’s price, and misleading Celsius customers. Mashinsky has pleaded not guilty and is currently out on a $40 million bond pending his trial in September.

Legion Raises $2M for Merit-Based ICO Platform

Road Town, British Virgin Islands, August 27th, 2024, Chainwire

Legion plans to become one of the first MiCA-compliant CASPs and bring access to early fundraising and token offerings to non-accredited investors.

Today, Legion emerges to mark a new era of merit-based on-chain fundraising.

According to the team, Initial Coin Offerings (ICOs) revolutionized how blockchain projects fundraise. They offered equal opportunity to participate in the early stages of new projects, and as a result, created some of the strongest communities crypto has ever seen, such as the LINKMarines, ThorChads, and ETH maxis.

“I participated in half a dozen ICOs. I loved them, but it was clear they had flaws. Scams, bots, and a regulatory clampdown killed on-chain fundraising. Now price discovery occurs in back-room deals. Investment upside is fully extracted off-chain, before everyday users have access. These private markets stand in stark contrast to crypto’s decentralized ethos and leave projects well-funded, but without any organic community.” – Legion cofounder Matt O’Connor

Legion exists for a singular purpose: to provide equal opportunity access to on-chain fundraising for new crypto projects. It achieves this mission with its investor reputation and accountability layer, as well as by providing regulatory clarity offered by the latest regulations. Together, these features ensure that for teams using Legion, the risk-to-reward ratio of raising from retail users on-chain is competitive to that of raising from VCs.

Legion’s founding team are no strangers to on-chain fundraising, having worked for multiple projects funded by ICOs – including current and former Top 50 projects by market cap such as Stacks, “the first SEC-qualified [token] offering in U.S. history”.

“Raising from retail investors on-chain is the best way to build an incentive-aligned community, but it can be risky because you don’t know who your early investors are. Will they be long-term supporters? Are they real or just sniping bots? Legion’s accountability layer allows teams to assemble their retail army based on on-chain and off-chain criteria, and slash the reputation of short-term actors. It changes the incentives, and aligns everyone to act long-term.” – Legion cofounder Fabrizio Giabardo

Legion is backed by a number of mission-driven previous founders, accelerators, and angels, completing a $2M Seed round led by Cyber Fund, with participation from AllianceDAO, Delphi Labs, CoinGecko, Mike Dudas, Alex Svanevik, Peter Smith, Maggie Love, Jon Wu, Ryan Watkins, LongHash, and others.

“For projects, it’s all about maximizing the amount of value per dollar raised. Raising from the right mix of retail and venture capital investors is crucial for the right community. Just as your first ten employees define company culture, your first 100 -1,000 token holders define community culture.” – Cyber managing partner and former Lido cofounder Konstantin Lomashuk

With this latest round, Legion is building its reputation system and accountability layer, and securing the necessary VASP/CASP licenses to facilitate pre-token fundraising rounds and token sales for non-accredited investors under MiCA.

About Legion

Legion makes investing in on-chain fundraises accessible to retail investors through regulatory compliance and investor accountability. Projects using Legion can customize allocation, whitelist, discounts, and more using on-chain and off-chain criteria about each investor, assembling an organic, die-hard, community of supporters. Each user on Legion is assigned a Legion Score, as well as subcomponent scores and achievements, reflecting their ability to add-value across multiple facets and heavily reducing bot and Sybil activity. These reputation scores change based on how investors support the projects they invest in, disincentivizing short-term, value-extractive type behaviors.

To learn more about Legion and user’s Legion Score:

X | Farcaster | Website

Contact

Co-founder
Matt O’Connor
Legion
hello@legion.cc

President Macron Speaks Out on Freedom of Expression Amid Pavel Durov’s Arrest

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France’s prosecutor’s office has provided additional details regarding the arrest of Telegram founder and CEO Pavel Durov on Aug. 24.

In an Aug. 26 notice, French prosecutors stated that Durov had been detained as part of a judicial investigation “against person unnamed” on charges including complicity in illegal activities, refusal to communicate with authorities, money laundering, criminal association, and providing cryptology services without prior declaration. Authorities indicated their intention to question Durov as part of this investigation and have extended his custody timeframe from Aug. 25 to Aug. 28.

This announcement came after French President Emmanuel Macron addressed what he described as “false information” circulating on social media regarding Durov’s arrest.

Macron emphasized that the arrest was “in no way a political decision” and affirmed that France remains “deeply committed to freedom of expression.”

Bitcoin Is The Only Coin That Matters… Or Is It?

The cryptocurrency market currently comprises over 13,000 different coins, many of which emerged during the 2018 Initial Coin Offering boom. A lot of crypto projects have died over the years, others have come to take their place, and a select few have managed to stay alive and even thrive through all of the ups and downs that the crypto market has experienced so far. So, it would be rather unfair to equate Bitcoin with crypto, as many people still do. 

And yet, if we scour the market and look at the figures, it’s obvious that Bitcoin has always had the upper hand and continues to be the center of attention. The majority of traders and investors prefer to learn how to buy Bitcoin over other cryptocurrencies, despite the numerous other options that populate the market. It’s as if there’s only one coin that truly matters and the rest are there just to fill in the void and give it context. 

If you ask average people who have no particular interest in the cryptocurrency landscape to name one crypto other than Bitcoin, they probably wouldn’t know what to reply. This reflects the collective perception that Bitcoin and crypto are one and the same thing. But does this mean that one should look no further than Bitcoin when considering digital assets or is this just a restrictive narrative that prevents one from seeing the woods for the trees?

It’s all about Bitcoin 

Crypto assets are a dime a dozen, yet Bitcoin shines brighter than the rest, so much so that it often makes people ignore the existence of other cryptocurrencies. The figures say it louder than any explanation one can provide in this respect. Bitcoin is the largest crypto available, with a market cap of over $1 trillion at the time of writing, with its dominance standing at over 50%. This means Bitcoin commands more than half of the market and its hegemony continues to increase. 

If we place Bitcoin in a larger context and compare it to other assets outside the crypto realm, its scale is even more impressive. After its most recent bull run, Bitcoin’s market cap exceeded that of silver, pushing the leading crypto to the eighth position in the global asset ranking. the crypto leader had already topped Meta’s market cap and if its ascent continues, the next company that will cruise by is going to be Alphabet, the holding company of Google. 

Going back to the crypto space, the entire market seems to revolve around Bitcoin. This comes as no surprise since Bitcoin was the first decentralized currency to be invented, laying the foundation for the development of the crypto industry of today. Even now, 15 years since its launch, Bitcoin’s first-mover advantage keeps it in the lead, underscoring its unwavering influence. 

The trailblazing crypto sets the tone for crypto, serving as a bellwether in the industry. Judging by its price history, Bitcoin’s movements appear to dictate the price trends of all other assets and thus control what happens in the market. Wherever the leading asset goes, the rest of the coins follow. When Bitcoin goes on a bull run, the altcoins increase in price as well and when Bitcoin’s value plummets, the altcoins’ prices take a hit as well.  

Even the way digital currencies are categorized makes it obvious that Bitcoin is the center of gravity in the crypto market. Altcoins stands for alternative coins, encompassing all cryptocurrencies that are not Bitcoin. This classification uses Bitcoin as a reference point, inducing the idea that the crypto market is made of Bitcoin and the rest. 

Crypto beyond Bitcoin  

We also need to take a look at the other side to maintain a balanced view of the market. The second-largest crypto in the market, Ethereum, is nowhere near Bitcoin in terms of value, popularity and market capitalization. With an all-time high of $ 4,891 and a market cap of 430.76B, Ether has established itself as the leading altcoin and a hub of innovation in the cryptoscape. However, neither its unique features nor its massive potential has helped the groundbreaking platform to reach the heights that Bitcoin has reached, proving it’s probably true that nothing can grow in the shadow of a big tree. 

On the other hand, we can’t deny that many traders and investors also take a keen interest in altcoins. It might be a Bitcoin world, as far as crypto goes, but the famous asset is not alone in its quest to reach mainstream acceptance. 

When an innovation takes off and becomes successful, it’s normal for others to try to mimic its success. That’s how altcoins came to be. Every crypto project launched after Bitcoin was modeled in one way or another after the original asset. Some are superior to Bitcoin in certain aspects and have more advanced features and use cases that Bitcoin lacks. So, in the same way students often surpass their master, one of the altcoins might be able to outdo Bitcoin one day. 

Besides, if anything were to happen to Bitcoin, it would be good for crypto enthusiasts to keep an eye on the rest of the market and have a plan B. And even if Bitcoin continues to thrive, some altcoins might still prove useful, providing utility in different areas than the main coin. 

Final thoughts 

Bitcoin might not be the only digital asset worthy of attention but it is certainly the most powerful of them all and the stranglehold it has on the crypto market is as evident and strong as ever. With the passage of time and the ongoing development of the crypto industry, its influence might weaken. Digital currencies are still young and there’s no telling how they will change as they mature. 

However, for the time being, the crypto king remains in a category of its own, overshadowing every other asset that has emerged in its wake. Considering its current standing and influence, it’s going to be extremely difficult if not impossible for a different crypto to come close to or surpass its performance. 

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