Ukrainian economy set for crypto reboot and more

Ukraine is restarting to become a global hub for cryptocurrency companies and blockchain technology.

The blue paper was lit in September when the country’s parliament voted to legalize and regulate Bitcoin.

“The big idea is to become one of the best jurisdictions in the world for crypto companies,” said Deputy Minister of Digital Transformation Alexander Bornyakov. told the New York Times. “We think it’s the new economy, it’s the future and we think it’s something that will stimulate our economy.”

Ukraine is already a leading country in the field of cryptocurrencies. About $ 8 billion worth of cryptocurrency passes through the country each year, while Ukraine has the fourth largest number of crypto users in the world.

Technology is already seen as a big source of revenue for Ukraine, with the sector estimated at $ 18 billion annually by 2025, equivalent to 10% of GDP. A large chunk of those billions is put on Ukraine to become a leading country in the field of cryptocurrencies.

Ukraine is not the only nation seeking economic salvation from cryptocurrency and applications built on the blockchain. For example, Poland provides tax breaks and financial support for tech professionals.

Lithuania, Estonia, Malta, Mexico, Thailand and Vietnam are also fighting for digital wealth with plans to legitimize cryptocurrency.

Taproot upgrade increases Bitcoin

Bitcoin underwent the most significant upgrade the cryptocurrency has seen in four years with Taproot.

Taproot is targeting far-reaching improvements in the software behind the Bitcoin blockchain and the underlying technology that makes the system run.

To compete as a serious competitor in the digital currency world, Bitcoin had to run smoother and faster.

Taproot tackled the issues that were slowing Bitcoin for users by improving privacy features, the way the digital wallet handles transactions, and lowering the cost of transactions to encourage Bitcoin users to spend.

Another good news is that Bitcoin’s ability to handle smart contracts has improved a lot after the upgrade, says Billy Bamburgh of Forbes.

Bitcoiners are hoping Taproot will persuade consumers to engage in overnight cryptocurrency rather than comparing the asset online to a store of value like gold.

Bitcoin is already the dominant cryptocurrency and has been for over a decade.

Bitcoin’s current exchange value is hovering around the $ 60,000 mark.

Bitcoin creator Nakamoto’s final unmasking is near

The identity of legendary Bitcoin creator Satoshi Nakamoto is about to be revealed as two families argue in court over who owns $ 84 billion in cryptocurrency.

The family of late software developer David Kleiman and his former business partner Craig White claim to have invented Bitcoin under the guise of Nakamoto.

Kleiman’s family say they can prove that the couple worked together to create Bitcoin and mined the first cache of over a million coins.

Wright argues that he was not Kleiman’s partner and that he alone has a claim on the Bitcoin reserve.

Nakamoto stood out when he published an article titled Bitcoin: a peer-to-peer electronic payment system in 2008. However, no one has proven for sure who Nakamoto is.

The court is approaching a verdict in the long-standing case and may call on Wright to finally lay out tNakamoto’s true identity to solve the 13-year-old conundrum that has generated a multitude of false claims.

If Kleiman’s family proves he was either Nakamoto or Wright’s business partner, they win a share of the $ 84 billion.

Otherwise, the money could go to Wright.

China hits rock bottom as crypto miner

China, the former global champion of uncrowned cryptocurrency mining, almost pulled out of the market after the government passed new laws sidelining digital currency activity in the country.

Before the new laws came into effect, China dominated Bitcoin mining with nearly 75% of the market share.

It has fallen to almost zero. The new global leader in cryptocurrency mining is the United States, which has seen its market share drop from 14.5% in April to more than double to 35.4% now.

Crypto analysts expect Russia to play a role for part of the Chinese market. Executives are already considering legalizing crypto mining. Many wish to embrace the entrepreneurial nature of the market. Others believe that crypto mining is too expensive and poses too much economic risk.

China’s cryptocurrency mining ban extends to Bitcoin and other major coins as Beijing pledges to “eliminate illegal cryptocurrency activity.”

In May, China tightened the 2013 and 2017 bans that ban financial institutions, including exchanges, and payment companies from processing cryptocurrency transactions.

Many analysts believe these measures are linked to China leading the way for an official cryptocurrency by suppressing the opposition.

  • The cost of mining a single Bitcoin is on average $ 7,000 to $ 11,000, according to Daily Minor. With Bitcoin currently changing hands for $ 60,000, mining coins can generate big profits.

Crypto markets

Check out the latest prices and trends in the global crypto market:

Cryptocurrency Price 24 hour change Market capitalization
Bitcoin $ 61,251.92 -7.01% $ 1.16 trillion
Ether $ 4,355.83 -7.46% $ 511.62 billion
Dogecoin $ 0.24 -5.79% $ 32.81 billion
Litecoin $ 247.35 -10.94% $ 17.06 billion
XRP $ 1.13 -6.87% $ 112.90 billion
Cardano $ 1.95 -5.23% $ 64.07 billion

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Christi C. Elwood