Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Bitcoin overtakes Paypal on value transferred, sets sights on Mastercard: Report

Blockdata’s report suggests that the Bitcoin network could potentially match the dollar value transferred on Mastercard’s network as early as 2026, or as late as 2060.

The Bitcoin network already processes more volume by dollar value than Paypal and the largest decentralized cryptocurrency network in the world by market cap could outstrip Mastercard by as early as 2026.

A Nov. 25 report from market intelligence platform Blockdata titled When might the Bitcoin network process volumes like Mastercard and Visa? points out that the Bitcoin network processed about $489 billion per quarter in 2021, which is greater than Paypal’s $302 billion. After just 12 years in existence, Bitcoin processes about 27% of Mastercard’s $1.8 trillion per quarter, and 15% of Visa’s $3.2 trillion.

Three factors could see the Bitcoin network to rise to the level of the two credit card giants in terms of total volume processed: the total number of transactions, the average amount of Bitcoin sent per transaction, and the rise of the price of Bitcoin (BTC).

The first factor — total number of transactions — is the most variable-dependent. Theoretically, “if Bitcoin were to increase its value transferred per transaction today by ~260%, it would be processing an equivalent volume to Mastercard on a daily basis.”

However, the report could not find current data indicating that the average amount of Bitcoin sent per transaction is on an upswing. The trend could change in the future, but a rise in price to $245,000 at the current volume would also bring Bitcoin to match Mastercard. This price action is potentially more likely than an uptick in volume, according to some analysts.

Blockdata ultimately claims that it is unlikely for Bitcoin price to rise to the appropriate level to match Mastercard. If one considers the average yearly Bitcoin price, it might take until 2060. On the other hand “taking the current growth rate in 2021 as a metric, it could happen as soon as 2026.”

Related: Bitcoin bulls have a lot to be thankful for despite BTC ‘probably’ not hitting $98K in 5 days

The report noted that although it is relatively young, the decentralized Bitcoin network has managed to achieve high volumes compared to the two centralized credit card giants.

“It’s impressive how Bitcoin, as a 12-year-old decentralized network, is 27% of the way in terms of volume processed compared to Mastercard, a company founded in 1966.”

https://ift.tt/3cPxWv8
Labels:

Comments

Post a Comment

Popular posts from this blog

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 ...
Post a Comment
Read more

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more

Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst

Things will get exciting in quarter four, but not before a convincing floor is put in across crypto, analysts say this week. Bitcoin ( BTC ) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst on Bitcoin: “Right now, we’re stuck” Data from Cointelegraph Markets Pro and TradingView  showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27.  The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low. Bitcoin is acting in an increasingly narrow range, he summarized in his latest YouTube update. “Right now, we’re stuck,” he said, pointing to $47,000 as next should the $44,600 zone be reclaimed. On the downside, the zone between $38,000 and $40,000 remains valid for a bounce, while a co...
Post a Comment
Read more