Daily Archives: September 5, 2021

Can Bitcoin Break Historical September Price Trends? Spike Above $51K Suggests 2021’s 9th Month Is Different

Can Bitcoin Break Historical September Price Trends? Spike Above $51K Suggests 2021's 9th Month Is Different

The price of bitcoin has risen above the $51K zone on Sunday and traders and speculators are curious as to where the price is headed next. Historically, in September, bitcoin prices don’t fare so well and usually get better in October. For this reason, skeptics are not sure if bitcoin’s price will continue to be bullish during the ninth month of the year. So far, however, the end of the first week of September 2021 has been much better in terms of gains.

Historical Bitcoin Prices in September Are Often Low and Lackluster, 2021 Has Been Different

Bitcoin is doing well on Sunday, up 5.4% during the last seven days and 26.3% during the last month. So far it has jumped above the $51K region on Sunday evening (EST), hitting a high of $51,863 per unit.

The first week of September is almost over, and so far, BTC is looking real good price-wise but traditionally, the leading crypto asset doesn’t do so well this month. In 2013, BTC was in the red that September after reaching a $240 all-time-high (ATH). It dipped after the previous ATH and was trading for $138 per bitcoin on September 1, 2013.

At the end of the month in September 2013, BTC was exchanging hands for $137. But after September, the following months leading up to the end of 2013, BTC’s price skyrocketed to $1,240 per BTC in December. Again in September 2014, BTC was down and during the first week of the month, it was trading for $482.28 per unit.

Can Bitcoin Break Historical September Price Trends? Spike Above $51K Suggests 2021's 9th Month Is Different
Bitcoin (BTC) price on Bitstamp on September 5, 2021 – one-month chart via Tradingview.

At the end of September 2014, BTC’s price dropped even lower at $377.18 per coin. In September 2015, BTC’s price was much lower than previous months, and swapping for $239 per unit during the first week of the month. The end of September 2015 saw prices even lower at $232 per bitcoin.

September 2016 was a decent month for BTC, as the price started making headway toward the bull run of 2017. On September 4, 2016, bitcoin was exchanging hands for $608.63 per coin and it ended the month at $600. From the $600 range to to September 3, 2017, BTC’s price increased a whopping 663.66% to $4,582.96 per unit.

The price was lower on September 24, 2017, at the end of the month exchanging hands for $3,682.84 per BTC that day. However, most people know what happened at the end of the year in 2017, as BTC came awfully close to rising above the $20K region.

2018 Bear Market Memories, Lackluster 2020 Bitcoin Prices Led to New All-Time Highs by the Year’s End

By September 2018, BTC was down again trading for $7,272 per unit during the bear market. BTC’s price was even lower at the end of the month on September 30, 2018, and was trading for $6,625 per unit. BTC managed to gather some steam by the first week of September 2019 and was trading for $9,757 per bitcoin.

Can Bitcoin Break Historical September Price Trends? Spike Above $51K Suggests 2021's 9th Month Is Different
Bitcoin (BTC) price on Bitstamp on September 5, 2021 – 15 minute chart via Bitcoinwisdom.io.

BTC dipped down lower to $8,104 by the 29th of September 2019. The following year, BTC was trading for $10,280 per coin and by the end of that month in 2020, BTC was $10,775 per unit. Again from here, BTC managed to break the $20K per unit ATH by the year’s end and was over that price in December 2020.

Historically, September is not the best month for BTC and once in a while, it does shine in September on rare occasions. Bitcoin is still down 29% from the last ATH five months ago when it hit $64,654 per unit.

The trend on Sunday, September 5, 2021, seems a lot different than years prior as bitcoin bulls are attempting to go higher. But with three weeks left in the month, anything can happen in the world of bitcoin markets.

What do you think about the current bitcoin market and historical September bitcoin price action? Let us know what you think about this subject in the comments section below.

Total Value Locked Across Defi Nears $200 Billion, Non-Ethereum Projects Gather Steam

Total Value Locked Across Defi Nears $200 Billion, Non-Ethereum Projects Gather Steam

At the time of writing, the total value locked (TVL) in decentralized finance (defi) is around $176 billion across various blockchains like Ethereum, Binance, Terra, Polygon, Solana, and Avalanche. While Ethereum commands $130 billion of the aggregate total locked, a myriad of other defi-fueled blockchains continue to see TVLs steadily rise.

Total Value Locked Across All Defi Compatible Blockchains

The total value locked (TVL) in defi today has risen to $176.9 billion with a change of 1.07% during the last 24 hours, according to defillama.com statistics. The TVL has been steadily nearing the $200 billion zone and today Uniswap commands 3% dominance among the variety of defi applications. The defi application Aave commands $16.04 billion and Curve captures $13.92 billion today as most of the TVL is locked into application bolstered by the Ethereum chain.

Total Value Locked Across Defi Nears $200 Billion, Non-Ethereum Projects Gather Steam
Total value locked on all chains, according to defillama.com statistics on Sunday.

A number of other chains, however, have been contributing billions to the overall defi TVL. While Ethereum (ETH) has around $130.07 billion on Sunday, the Binance Smart Chain (BSC) has around $19.05 billion TVL. This is followed by Terra ($7.84B), Polygon ($5.34B), Solana ($4.3B), Avalanche ($2.36B) and Klaytn ($1.29B). The latest launch of the Arbitrum mainnet scaling solution for Ethereum has approximately $2,343,531 TVL on Sunday.

Total Value Locked Across Defi Nears $200 Billion, Non-Ethereum Projects Gather Steam
Total value locked on all chains, according to defillama.com statistics.

As far as decentralized exchange (dex) platforms are concerned, Curve has the most TVL today with $13.92 billion followed by the BSC-powered Pancakeswap with $5.94 billion and Uniswap has $5.3 billion TVL. For just the Ethereum chain alone, among 16 different dex platforms, Dune Analytics dex stats show there’s been $19 billion in global swaps during the last seven days. $2.24 billion in 24 hours and Uniswap commands 69.2% of all the dex volume across 16 dex platforms.

Uniswap Remains Ethereum’s Top Dex, Unique Defi Addresses Rise to 3.3 Million

Seven-day stats show Uniswap exchanged approximately $12,952,621,793 in global trades. 88% of the volume stems directly from dex applications but the rest of the volume (11.7%) are funneled through dex aggregators like 1inch, 0x API, Matcha, and Paraswap. The number of defi users or unique addresses across Ethereum-based defi apps is 3.3 million. The biggest lending apps today include platforms like Aave, Compound, Anchor, Venus, and Cream Finance respectively.

Total Value Locked Across Defi Nears $200 Billion, Non-Ethereum Projects Gather Steam
The total number of Ethereum-based unique defi addresses is more than 3.3 million on Sunday, September 5, 2021.

As far as yield-based TVL rankings on defillama.com are concerned, Convex Finance holds the top position on Sunday. This is followed by Yearn Finance, Alpaca Finance, Tranches, and Autofarm. The largest defi asset in terms of TVL is wrapped bitcoin (WBTC) with $10.05 billion locked. The second-largest defi asset is hbtc (HBTC) with $1.74 billion and mirror (MIR) with $1.01 billion.

What do you think about the defi TVL growth across various blockchains? Let us know what you think about this subject in the comments section below.

New NFT Collections Loot for Adventurers, MAYC, Inertial Moment Make Serious Headway in Sales

During the last few weeks, non-fungible token (NFT) collections like Cryptopunks, Axie Infinity, Art Blocks, Bored Ape Yacht Club (BAYC), and Meebits have been seeing massive volumes. However, a number of new NFT collections are making headway in sales and the Ethereum-based roleplaying game called “Loot (for Adventurers)” now commands the top spot.

Loot, MAYC, Inertial Moment

NFTs are seemingly becoming a mainstay in the world of cryptocurrencies and blockchains. Non-fungible token concepts have invaded the art scene, music, gaming industry, and many more sectors. For instance, Michael Winkelmann, known professionally as Beeple, sold his “Everydays: the First 5000 Days” NFT for over $69 million making it the fourth-most expensive artwork by a living artist. Since then it’s been all about NFT collections stemming from projects like Cryptopunks, Meebits, Weird Whales, BAYC, Mutant Ape Yacht Club (MAYC), Art Blocks, Axie Infinity, and more.

New NFT Collections Loot, MAYC, Inertial Moment Make Serious Headway in Sales
Loot (for Adventurers) is the top-selling NFT collection this past week with $194.82 million in global sales.

Even old collections like Cryptokitties, Curio Cards, and the Rare Pepe blockchain trading cards have seen a resurgence in sales. But all of the hottest collections have seen some competition during the last week and a whole new batch of NFT collections are surpassing some of these top projects. The biggest mover has been Loot (for Adventurers), an Ethereum-based role-playing game. The game was crafted by the Vine co-creator Dom Hofmann, and he is also launching an NFT video game platform called Supdrive.

New NFT Collections Loot, MAYC, Inertial Moment Make Serious Headway in Sales
The Mutant Ape Yacht Club (MAYC) NFT collection pulled in $124.16 million in total sales last week.

Loot (for Adventurers) has a total of 8,000 NFTs that Hofmann called “randomized adventurer gear.” The NFT gear doesn’t come with any frills like the fancy drawings stemming from BAYC and Hofmann says images and stats are “intentionally omitted for others to interpret.” Dappradar.com NFT collection stats show Loot saw $194.82 million in seven-day sales and is the top collection sold this past week. Loot saw 3,201 traders swapping items and 5,928 sales during the last seven days.

New NFT Collections Loot, MAYC, Inertial Moment Make Serious Headway in Sales
The Inertial Moment NFT collection pulled in $63.51 million in total sales last week.

Axie Infinity still holds the second-largest position this week in terms of seven day NFT sales. Following Loot, Axie Infinity saw ​​$148.51 million in sales during the course of the week. But the new projects that are making headway include Mutant Ape Yacht Club (MAYC) which saw $124.16 million in seven days. Inertial Moment is a project that explores “color interaction and spacial flow” and there’s 150 unique pieces. The Inertial Moment NFT collection is the seventh-largest sales contender this week with $63.51 million in total sales.

Bored Ape Chemistry Club, Creature World, GEVOLs, Adam Bomb Squad

Just when people thought they couldn’t get enough Ape NFTs, Bored Ape Chemistry Club (BACC) is moving up the seven-day sales ladder to join BAYC and MAYC. The BACC collection has sold $32.87 million in NFT sales this week among 971 traders.

New NFT Collections Loot, MAYC, Inertial Moment Make Serious Headway in Sales
GEVOLs., raked in $27.98 million last week.

The tenth-largest collection in sales all the way to the 17th collection are all new NFT projects moving up positions. Creature World NFT saw $31.52 million, GEVOLs., saw $27.98 million, Adam Bomb Squad $21.96 million, Bloot (not for Weaks) $20.88 million, dotdotdots $19.57, and Al Cabones raked in $16.82 million.

New NFT Collections Loot, MAYC, Inertial Moment Make Serious Headway in Sales
Adam Bomb Squad raked in $21.96 million last week.

The last two in the list of the top positions of NFT collections are also new and include The Doge Pound NFTs which pulled in $14.39 million, and the extension Loot for the Loot role-playing game which saw $12.54 million in seven-day sales.

What do you think about the new NFT collections making headway in sales and surpassing some old collections in terms of sales? Let us know what you think about this subject in the comments section below.

Russia’s Roskomnadzor Watchdog Blocks 6 VPN Providers

Russia’s Roskomnadzor Watchdog Blocks 6 VPN Providers

Russian communications watchdog, Roskomnadzor, has restricted another six VPN providers. The agency says the platforms have facilitated access to information that is banned in the Russian Federation. Roskomnadzor is also whitelisting certain VPN services that operate in accordance with the law and are used by Russian companies.

Roskomnadzor Bans More VPN Platforms in Russia

Russia’s Federal Service for Supervision of Communications, Information Technology, and Mass Media, Roskomnadzor, has restricted access to another batch of VPN service providers. In accordance with a government decree issued in February 2020, “a decision was made to block 6 more VPN services that violate Russian law,” the watchdog explained in a notice published Friday.

Russia’s Roskomnadzor Watchdog Blocks 6 VPN Providers

The affected platforms are Hola! VPN, Express VPN, Keepsolid VPN Unlimited, Nord VPN, Speedify VPN, and IPvanish VPN. The regulator insisted their services allow users to maintain “access to prohibited information and resources,” creating conditions for illegal activities such as those related to the distribution of drugs and spreading of extremism.

Earlier this year, Roskomnadzor banned two other VPN providers, Vyprvpn and Operavpn, citing identical reasons. The federal supervisory body described as “effective and justified” the technical means it’s using against services helping Russians to bypass its restrictions.

Such measures are often applied to websites with crypto-related content. Last August, Roskomnadzor took down the popular exchange aggregator Bestchange.ru and in March 2020, the agency added six crypto sites to its register of banned internet sources. This past June, a court in the Perm region announced its decision to block several websites providing information on cryptocurrency trading.

Watchdog Whitelists Some VPNs Used by Russian Businesses

In its latest announcement, however, Roskomnadzor also revealed it’s now whitelisting certain VPN services. The move aims to avoid disrupting the operations of software programs and applications that are not in breach of the current Russian legislation and “use VPN services for technological purposes.”

The decision to do that comes after the agency received requests from 64 industry organizations, 27 of which are using VPN connections to support 33 technological processes. Roskomnadzor has been presented with more than 100 IP addresses that need to be exempted from its access restriction policies.

The regulator further emphasized that while the VPN services violating the law in the Russian Federation have been blocked completely, the VPNs used by Russian companies that were added to its whitelist have continued to function smoothly.

Do you think Russian authorities will continue to block VPN providers and crypto websites? Share your thoughts on the subject in the comments section below.

Bitcoin Market Dominance Dips Down to 40% While Ethereum and Other Crypto Market Caps Swell

Bitcoin Market Dominance Dips Down to 40% While Ethereum and Other Crypto Market Caps Swell

While bitcoin prices have risen in value during the last two weeks, bitcoin dominance levels have slipped to lows not seen since the June 6 low of 41%, and the dip to 39.97% on May 16, 2021. Depending on the crypto market price aggregator leveraged, bitcoin’s dominance has been between 39.99% to 41.52%. Meanwhile, as bitcoin’s dominance has dropped significantly, crypto-asset markets like ethereum, cardano, binance coin, and tether have seen market dominance, in terms of overall valuation, steadily increase among the 10,000+ coins in existence today.

As Bitcoin Slides to the 40% Range, Ethereum Climbs to 20% of the Crypto Economy

It is well known that between the first time bitcoin (BTC) prices were calculated by market capitalization, and all the way up until February 2017, BTC had more than an 80% market dominance among all the other coins, for a majority of the time.

There was an instance in 2014, where BTC dropped to 77.9% in December and again in March 2016 to 76.42%. After the March 2016 dip, there were a few quick instances of dominance levels dipping under 80%, but nothing like what happened in February 2017.

Bitcoin Market Dominance Dips Down to 40% While Ethereum and Other Crypto Market Caps Swell
Crypto coin market capitalizations according to coinmarketcap.com. Market dominance levels for this post were recorded on September 4th and 5th, 2021.

On February 19, 2017, BTC’s dominance levels slid from 85.4% to a low of 37.84% in June 2017. From here bitcoin has never managed to move above the 80% handle since then and in September 2019, it rose above the 70% handle but for only a few days.

On March 1, 2021, BTC again tapped the 70% handle, but has since lost the market dominance again. One of the biggest markets eating into BTC’s cap is ethereum (ETH), which holds a 19.4% market dominance according to Coingecko stats.

Bitcoin Market Dominance Dips Down to 40% While Ethereum and Other Crypto Market Caps Swell
The Flippening Watch (Ethereum vs. Bitcoin).

Messari.io says ETH’s cap is 19.99% and coinmarketcap.com says the dominance level is 20.1%. Ethereum’s market valuation is around $460 billion on Sunday, September 5, 2021. During the last 24 hours, these three aggregators show BTC’s dominance has fluctuated between 39.99% to 41.52%.

Bitcoin’s market valuation at the time of writing on Sunday, September 5, is an aggregate total of around $940 billion. Other coin market caps have seen massive gains and this has furthered their dominance levels, and more specifically the top ten digital currencies by market capitalization. Today, all ten coins in the top ten list command 80% of the entire $2.36 trillion crypto market economy.

The top ten markets by market capitalization today include bitcoin (BTC), ethereum (ETH), cardano (ADA), binance coin (BNB), tether (USDT), XRP, solana (SOL), dogecoin (DOGE), polkadot (DOT), and usd coin (USDC).

While ADA has more than 4% of the entire crypto-economy in terms of market dominance, BNB has 3.71%. The stablecoin tether is nearing the three percentile mark with 2.98% of the whole crypto economy. XRP is a bit lower than tether at 2.21% and the new top ten contender solana (SOL) has 1.79%.

In terms of the remaining top ten coins and the rest of the cryptocurrency market caps below them ($472 billion) are also contributing to the swelling value of the overall $2.36 trillion crypto economy. Crypto coins like fantom (FTM), iota (MIOTA), kusama (KSM), and iost (IOST) all saw significantly-sized double-digit gains during the last seven days.

What do you think about bitcoin’s dominance levels dropping to new lows? Let us know what you think about this subject in the comments section below.

Scammers Offer Free Bitcoin on Hacked Government Site in Russia as Crypto Fraud Surges

Scammers Offer Free Bitcoin on Hacked Government Site in Russia as Crypto Fraud Surges

Unknown scammers have organized a fake bitcoin giveaway through a Russian government website they hacked. The news of the attack comes after a recent report revealed that damages from crypto-related fraud in Russia have reached $30 million in value in the first half of this year.

Regional Government Website in Russia Hacked by Scammers

The main website of the local administration in the Russian city of Ryazan, around 200 km southeast of Moscow, has been targeted by hackers twice in a single day, Rzn.info reported quoted by the crypto news outlet Forklog. The unidentified attackers published an ad offering cryptocurrency to those who download a special application.

The scammers initially promised to send 0.025 ВТС to every visitor who installed the app. They later changed the offer to a prize of $1,000 in bitcoin for each of five randomly chosen participants in what was advertised as the “Ryazani online lottery.” Both ads have already disappeared from the mayoral site but the local news outlet published a screenshot of one of the ads.

Scammers Offer Free Bitcoin on Hacked Government Site in Russia as Crypto Fraud Surges
Source: Rzn.info

Crypto Fraud in Russia Valued at $30 Million This Year

The volume of cryptocurrency-related fraud around the world has increased significantly in 2021. In the first half of the year, losses amounted to an estimated $1.5 billion, which is two to three times more than the total registered during the same period of last year, experts from the IT security company Zecurion told the Russian daily Izvestia.

According to the report published earlier this week, the Russian Federation accounts for 2% of the global amount – some $30 million, or almost 2.2 billion rubles. Analysts believe the main reasons for the spike stem from the growing exposure of users to digital assets as well as the desire to make quick profits in an expanding sector with limited regulations, amid volatility in the traditional financial markets. They also expect crypto fraud to continue to rise this year leading up to a 15% annual increase.

In July, the Central Bank of Russia (CBR) announced it had identified 146 financial pyramid schemes in the first six months of the year. The number is 1.5 times higher in comparison with the same period of 2020. Fraudsters often lure people with weak financial literacy into investment scams linked to cryptocurrencies or crypto mining, the regulator said. The CBR attributed the surge to the increasing activity of “unfair market participants” and investment demand in Russia.

Blockchain forensics firm Chainalysis revealed this week that crypto addresses based in Eastern Europe have sent $815 million of digital currency to scams in a single year. Over half of the money transferred to scam addresses from the region went to the Russia-based Ponzi scheme Finiko. The pyramid was targeting crypto holders in Russian-speaking populations in the former Soviet space with promises of 30% monthly returns before it collapsed in July.

Do you agree with experts’ expectations that crypto-related fraud will continue to increase this year? Share your thoughts on the subject in the comments section below.

After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice

Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.”

Binance Not Associated With Binance Group

Instead, Binance suggests in its September 3 Twitter thread that the FSCA might have erred when it issued the warning. The thread explained:

Binance Group’ is not a Binance.com entity, please be mindful of scammers pretending to be associated with Binance.com.

As reported by Bitcoin.com News, the FSCA did ask South Africans to be “cautious and vigilant when dealing with Binance Group” because the crypto platform is not authorized per South African laws. The FSCA also alleges that Binance — which it says is situated in Seychelles — maintains a Telegram chat group that “members of the South African public can join to gain access to its exchange platform.”

In its riposte, Binance acknowledges that it has a Telegram group but is quick to point out that this is merely for promoting “blockchain education and community announcements.” Binance also added:

It’s not intended, nor does it provide any financial advice. This community is moderated by admins and Binance angels.

Binance Collaborating With South African Regulators

Meanwhile, in another statement, Binance said it is committed to “taking a collaborative approach in working with regulators and law enforcement globally.” Binance is said it is “continuously collaborating with the Financial Intelligence Centre (FIC), the major regulator of financial crimes in South Africa.”

In fact, as the statement explains, Binance has already “collaborated with the FIC on over 462 cases.” Binance goes on to state that the FIC itself “collaborates with the FSCA for investigations when necessary.” Despite pointing out that the exchange is already working with regulators, Binance confirmed it had “reached out to the FSCA for more clarification on their statement.”

What are your thoughts on this response by Binance? Tell us what you think in the comments section below.

Dex Aggregator 1inch Partners With NFT Animated Series ‘Take My Muffin’

Dex Aggregator 1inch Partners With NFT Animated Series 'Take My Muffin'

On September 3, the decentralized exchange (dex) aggregation platform 1inch announced the project has partnered with the animated series “Take My Muffin.” The multimedia animated series aims to be co-created by the crypto community and created by a professional animation studio.

1inch Network Sponsors ‘Take My Muffin’ Animated NFT Series

A new animated non-fungible token (NFT) series called “Take My Muffin has announced a general partnership with the dex aggregator 1inch. Anton Bukov, the 1inch Network co-founder, says that the two teams are pleased to collaborate and stressed: “a partnership of this kind comes as no surprise.” The firm behind the 1inch Network will be sponsoring the NFT animated series.

“’Take My Muffin’ was financed by the crypto-community from the very beginning, it’s actually the very first crypto-funded animated series, while the 1inch Network is one of the most promising and successful projects in the crypto space,” Bukov said in a statement.

Dex Aggregator 1inch Partners With NFT Animated Series 'Take My Muffin'
An explanation of the animated NFT series called “Take My Muffin.”

The “Take My Muffin” show describes the life of a unicorn called “Korney” who woke up one day after a car crash and lost its memory. According to the creators of Take My Muffin, the firm Toonbox Studio funded the series with digital currency. There are also the TMM NFT tokens that give users access to special features and TMM acts as a governance token as well.

‘Take My Muffin’ Producers Says Show Entwines a Variety of Modern Tech Elements, Including Decentralized Finance

Toonbox Studio is located in Cyprus but has a team of writers, animators, actors, and producers all around the world. The partnership announcement with 1inch explains the animated series will be launched in 2022.

“’Take My Muffin’, an animated series for adults will be released in the first half of 2022 on the 2×2 TV broadcast network and PREMIER streaming service,” the announcement details. “The production plan includes three seasons of ten episodes each.”

Pavel Muntyan, the series producer, looks forward to collaborating with the 1inch Network as the show will have elements of defi. “The plot of ‘Take My Muffin’ entwines a variety of modern tech elements, including decentralized finance (defi) and other blockchain-based solutions,” Muntyan remarked.

“Therefore, integration with leading companies in the crypto industry seems like a natural development. By the way, there is still an opportunity to sponsor the series by investing in NFT-tokens of the project on Rarible,” Muntyan concluded.

In addition to the animated series produced by Toonbox Studio, the entertainment giant Fox is also producing a blockchain-based animated series that will include non-fungible token (NFT) assets. Further, Fox teamed up with Bento Box and launched a $100 million NFT creator fund.

What do you think about the animated NFT series Take My Muffin and the show’s collaboration with the 1inch Network? Let us know what you think about this subject in the comments section below.

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law.

El Salvador’s Bitcoin Law Goes Into Effect in 3 Days

The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7, when BTC will be legal tender in the country alongside the U.S. dollar.

A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute.

Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the current Legislative Assembly on June 9. Within this group, 70% indicated that they either disagreed or strongly disagreed with the government on the Bitcoin Law while 30% agreed or strongly agreed.

Meanwhile, the data show that about 70% of all 1,281 respondents have an imprecise notion of what bitcoin is and 20.6% did not know what bitcoin was at all. “Only 4.8% define it correctly as a cryptocurrency,” the study details, adding:

Approximately 7 out of 10 Salvadorans believe that the deputies of the Legislative Assembly must repeal the Bitcoin Law.

Regarding the potential impact of the Bitcoin Law on El Salvador’s economy, a third of the population believes that prices of goods and services will increase and the overall economic situation will get worse with the use of bitcoin as a legal currency.

A section of the bitcoin survey report by the University Institute of Public Opinion, José Simeón Cañas Central American University (UCA).

Furthermore, about eight out of 10 Salvadorans said that they have little or no interest in downloading and using the government’s bitcoin wallet, Chivo.

The study concludes:

The UCA survey reveals that there is widespread ignorance about bitcoin among the Salvadoran population. According to this opinion study, most of the Salvadoran population have a misguided notion about what bitcoin is.

Do you think people who are currently skeptical about bitcoin being legal tender will change their minds once the Bitcoin Law goes into effect? Let us know in the comments section below.

Vitalik Buterin Has Suggestions for Dogecoin and Doge’s Cooperation With Ethereum

Vitalik Buterin Has Suggestions for Dogecoin and Doge's Cooperation With Ethereum

Ethereum co-founder Vitalik Buterin has some suggestions of what he personally would like to see happening with Dogecoin and the meme cryptocurrency’s cooperation with Ethereum.

Vitalik Buterin on Dogecoin’s Development and Its Ethereum Collaboration

Ethereum co-founder Vitalik Buterin shared his thoughts on the potential cooperation between Dogecoin and Ethereum Wednesday as part of a Twitter experiment he is conducting where only the 268 people he followed can ask him questions.

Three Arrows Capital CEO Zhu Su asked: “What are some promising ideas for Ethereum / Doge cooperation? What was it about Doge that got you interested in the project?” Su recently said that he is “very bullish” on dogecoin and that the meme cryptocurrency has “no risk of it having any regulatory issues ever.”

Referencing Proof-of-Stake (PoS) and Proof-of-Work (PoW), Buterin replied to Su:

Personally, I hope that doge can switch to PoS soon, perhaps using Ethereum code. I also hope they don’t cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos.

In June, Buterin also talked about potential cooperation between Ethereum and Dogecoin. “If Doge wants to somehow bridge to Ethereum, and then people can trade DOGE thousands of times a second inside of loopring, then that would be amazing,” the Ethereum co-founder opined. “I think if we can have a secure Doge-to-Ethereum bridge. That would be amazing, and then when Ethereum gets any scalability that works for Ethereum assets, you would be able to trade wrapped DOGE with very low transaction fees and very high speed as well,” he further said.

In August, the Dogecoin Foundation relaunched with Buterin as one of its board advisors, along with Jared Birchall, a close associate of Tesla CEO Elon Musk, another prominent dogecoin supporter.

Among numerous questions Buterin received as part of his Twitter experiment was whether he was likely to create another cryptocurrency. The Ethereum co-founder simply responded with “No.”

What do you think about Vitalik Buterin’s suggestions for Dogecoin? Let us know in the comments section below.