- August 4, 2022
- Category: Blog, Industry News
According to the crypto market the first half of this 2022 year has been very bad.
Expert analysis say that Bitcoin and Ethereum are going down more than 40% from their all-time highs market value in late 2020-2021. While there have been small surges in recent time, the crypto market is looking stalled. While no one knows what will be market for crypto currency, at DM Blocks we connected some expert’s idea to share here that would be really help people to decide their goal on Bitcoin.
The most chances is to figure out a good ways how to establish Lawmakers and guidelines to make cryptocurrency safer. Washington D.C. and across the world are sharing their idea and trying to figure out how to establish laws and guidelines to make cryptocurrency safer for investors and less appealing to cybercriminals, so some expect from different zone are continued conversations about cryptocurrency regulation.
U.S officials have shown a particular interest in Stablecoin regulation, especially following the recent Terra Luna crash. In May, crypto markets went into a freefall that led Stablecoins TerraUSD (UST) to de-peg from the dollar, which in turn, caused its linked cryptocurrency Luna to crash as well. As of a result, many Terra and Luna investors saw their investments vanish in a matter of days. Within a few weeks of Terra’s downfall, the crypto market plunged again and several crypto companies announced layoffs and froze withdrawals to slash costs due to the extreme market conditions. Some companies like Three Arrows Capital and Celsius have since filed for bankruptcy.
Bitcoin gets all the headlines whenever peoples talk about cryptocurrencies, but there are literally thousands of other options when it comes to these digital currencies across the worlds. In fact, cryptos that aren’t Bitcoin are usually considered an “also ran” – what are called “altcoins,” or alternatives to Bitcoin.
While Bitcoin may have been the first major cryptocurrency to hit the market – it debuted in 2008-2009 – many others have become highly popular, even if not quite as large as the original.
Here are the largest cryptocurrencies by the total dollar value of the coins in existence, that is, the market capitalization, or market cap.
Team Behind Bitcoin
The identity behind the pseudonym Satoshi Nakamoto is not known, but Nakamoto is credited with developing Blockchain in 2008. Nakamoto penned the Bitcoin white paper and is often credited with mining the first block of the blockchain.
Currently, the Bitcoin Core maintainer team is led by Wladimir van der Laan. It’s their members are Pieter Wuille, Marco Falke, Michael Ford, Jonas Schnelli and Samuel Dobson.
Who Funds Bitcoin Core Development?
Square Crypto is an independent research team created by Square with the aim of improving Bitcoin’s open source software. In line with the team’s mission, Square Crypto funds several developers who are working on proposing and implementing upgrades for Bitcoin Core. Bitcoin Core developers that have been sponsored by Square crypto include John Atack, Vasil Dimo and Gloria Zhao. Matt Carlo, on the other hand, is a permanent member of the Square Crypto team.
Chancode is a New York-based digital currency research organization that contributes to the progress of the Bitcoin network. The platform provides funds to independent Bitcoin developers, in addition to the Bitcoin developers on its permanent team. Some of the prominent Bitcoin Core developers funded by this organization include Pieter Wuille, Alex Morcos, Suhas Daftuar, John Newbury, Russ Yanofsky, Marco Falke and Carl Dong.
MIT Media Lab’s Digital Currency Initiative (MIT DCI) is another crypto development research organization that provides grants for external developers alongside its own dedicated team of Bitcoin Core developers. However, unlike most of the Bitcoin development sponsors out there, MIT DCI relies on donations to raise funds. Bitcoin Core developers associated with this organization include Wladimir van der Laan and Cory Field.
Blockstream is a VC-backed blockchain technology company launched by prominent Bitcoin Core developers, including Gregory Maxwell, Jorge Timón, Matt Corallo, Pieter Wuille and Mark Friedenbach. Its main goal as a company is to establish a sidechain for Bitcoin that permits interoperable transactions. Currently, Blockstream houses a dedicated Bitcoin Core developer Andrew Chow.
Gemini is a crypto exchange that has begun to sponsor Bitcoin Core developers as part of its commitment to promoting a viable Bitcoin network. The beneficiaries of its funds include Dhruv Mehta, Amiti Uttarwar and Jarol Rodriguez.
Coinbase recently joined the bandwagon and announced the commencement of its own Bitcoin Core development grant program. The first two recipients of its grants are João Barbosa and 0xB10C, a pseudonymous developer.
BitMEX is another exchange that has contributed to Bitcoin Core’s development by providing resources to developers. It is currently sponsoring Michael Ford, one of the most prominent figures in the Bitcoin Core developer community.
Like MIT DCI, Hardcore Funds receives donations, which it distributes to blockchain developers. Currently the fund supports two Bitcoin Core developers, Luke Dashjr and Ben Woosley.
Other Notable Mentions
In addition to aforementioned companies, Cardcoins, OKCoin, and Paradigm Funds have also provided funding and resources to Bitcoin developers. Bitcoin Core developers linked to these companies include Anthony Towns, Hennadii Stepanov and Marco Falke. It is also worth mentioning that John Pfeffer, the co-founder of Pfeffer Capital, is said to be sponsoring Samuel Dobson, a Bitcoin Core maintainer.
Value Driver of Bitcoin
The main reasons to invest in Bitcoin are: It’s scarcity will be one of the major value drivers – It’s more transparent than the Federal Reserve. – Like a lot of cryptocurrencies, it cannot be censored – Bitcoin offers lower fees than many foreign transfer institutions.
Benefits to merchants and consumers
Right now, crypto is a hot favorite in the retail space, riding on the perks of P2P payments and secure transactions. Despite the price volatility, top merchants are letting consumers pay using Bitcoins and even Altcoins, owing to the transactional safety in play. With consumers getting access to inventive crypto-related services in the future, the acceptance is only expected to move forward, from here.
Change in the existing financial mindset
Despite people still dependent on banks, there has been a state of unrest when it comes to dealing with intermediation. Banks store your money and oversee it unless you want to make purchases. Cryptocurrencies are slowly making the space more autonomous by cutting out middlemen that are in control of your hard-earned money. Even though this concept is still in its infancy, it holds a lot of definitive promise.
A haven for tech developers
Skilled developers are relentlessly contributing to the crypto mining space, whilst strategizing newer ways to make the process less energy-intensive in time. In addition to that, new crypto players are showing up each day with better transactional speeds, improved software development setup, and the ability to generate blocks quicker.
Influx of investors
Well, it’s time that we reiterate the confidence that people have in the crypto space, especially when it comes to investing big and going long. But you should realize that people aren’t paying for a particular company or standard value, but the inherent valuation of the existing technology as well.