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HomeMoneyThis Week In Cryptocurrencies: Satoshi Nakamoto’s Birthday, Bitcoin’s Whitepaper And Bank Troubles

This Week In Cryptocurrencies: Satoshi Nakamoto’s Birthday, Bitcoin’s Whitepaper And Bank Troubles

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Bitcoin, the blueprint of all cryptocurrencies in the world, has been on a rollercoaster ride over the past year. While in 2022, values started to plummet, with the ending prices starkly different compared to those in 2020 and 2021 when BTC reached new heights, the current year has brought in much-needed respite and helped the coin make some steps on an ascending path. However, 2023 hasn’t been free of trouble, and the collapse of several banks and exchanges has been difficult on the cyber currency.

Yet, investors remain interested in how to buy Bitcoin, continuing to welcome the token to their wallets. Maintaining a successful strategy is more important than ever. As such, keeping up to date with the latest changes in the crypto world means you’ll be ready to withstand any price shifts and even anticipate them before they appear.

Here is some of the latest news that is shaping the cryptocurrency environment.

Image source: https://unsplash.com/photos/OG3A-ilG8AY

Cryptocurrencies – Satoshi Nakamoto’s Birthday

April is an important month for Bitcoin traders, as the birthday month of the coin’s elusive creator, Satoshi Nakamoto. While his identity has remained a mystery, and most doubt that this is his actual birthday, according to the information provided to the P2P Foundation, Nakamoto turns 48 on April 5th. Investors aren’t even sure if the name is one of the cryptocurrencies creators or rather a pseudonym. Some have even expressed the view that Nakamoto isn’t a single person but rather a group of several individuals.

Speculating on the true identity of the blockchain founder has been a prevalent hobby among users over the years, with several hypotheses arising in the online space, on forums, and social media. One of the most popular theories for the birthdate refers to the same day in 1933 when US President Franklin D. Roosevelt signed Executive Order 6102.

This act was the first step in taking the United States off the gold standard, as all citizens had to return any gold coins and bars, as well as certificates worth more than $100, to the Federal Reserve. This mimics how Bitcoin, as a digital asset, is not directly bound to any physical asset class and can operate independently from it.

Bitcoin Whitepaper 

The Bitcoin whitepaper is the original thesis of the crypto written on October 31st, 2008, which sets the basic structure of the blockchain network. While the document is familiar to traders, many didn’t believe they’d hear anything surprising about it so many years following its creation. However, MacOS users have recently discovered that a duplicate of the whitepaper has been included in every copy shipped since 2017.

Back in April 2021, a user revealed on a MacOS community forum that within the Virtual Scanner II, part of the Image Capture Utility, which is not enabled by default, is an image of a bay in the San Francisco area, as well as a document containing the infamous Bitcoin whitepaper. Back then, the revelation attracted little attention, and the one who discovered it claimed that he believed it was highly unlikely that anyone would care about it.

Two years later, in April 2023, it was unearthed again. The user who located it found the presence of the document deep within the system to be quite dubious. Yet, given that the file is named “simpledoc.pdf” on computers, they offered the hypothesis that it might have been used chiefly for testing purposes and wasn’t meant to be discovered by end users.

While the reason for the inclusion of the document in the system will likely remain a mystery for the time being, many will be checking to see if the whitepaper is featured on the MacOS 14, set to launch this year.

Traditional Banking 

Traditional banking  cryptocurrencies

While banks are dealing with challenges due to the tough economic situation that has permeated the environment over the past few years, and several that were more crypto-friendly have even filed for bankruptcy and ceased all operations, others are faring significantly better. The Swiss bank PostFinance is set to offer crypto services to its customers on par with those it provides for fiat money. Nearly 3 million clients will be able to sell, buy, or trade digital assets, with the bank set to introduce services that can generate additional revenue, such as staking.

In Singapore, central banking authorities have been on a mission to help financial institutions abide by the designated standards when opening cryptocurrency accounts. This project has been ongoing for around six months as of April 2023. It is expected to offer conclusive results into the best prices that can improve risk management and enable companies to operate within stricter regulations from now on.

The Australia and New Zealand Banking Group, the second-largest by assets and fourth-largest by market cap in Australia, has completed a use case run by the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre. The aim was to trade carbon credits, which the ANZ has tokenized, using a stablecoin to commence transactions on a public blockchain network. Tokenization is set to have beneficial effects on transparency and efficiency, as well as reduce the risks associated with trading. The projects also have an added incentive to invest in environmental solutions.

Cryptocurrencies – Market Rallies 

Bitcoin’s sudden surge caused the overall market capitalization to rise to the highest levels recorded since June 2022, right before things started going downhill for the digital asset environment. As the first and most stable crypto, BTC played a large role, with much of the movement resulting from its 70% rally since the beginning of the year.

Since the rise roughly coincides with one of the strongest crackdowns in the entire history of cryptocurrencies, the events are all the more noteworthy. Despite the increasing push for regulations, cyber currencies and tokens have remained strong, with capitalization levels climbing to $1.19 trillion. At the beginning of 2023, the figures stood at $800 billion.

In this climate, Bitcoin has once again shown its market prowess, with its shares achieving a nine-month high dominance standard of nearly 50%. In March, it recorded its best quarterly performance over the past two years, becoming one of the best-performing assets in the entire world.

Despite their troubles, cryptocurrencies remain one of the most popular asset classes in the world. To create a stronger strategy, make sure to follow the news at all times. They’ll provide you with strong indicators for how to act moving forward.

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