In today’s time, Bitcoin is the most preferred form of cryptocurrency when it comes to making investment in cryptocurrencies. Bitcoin is powered by the blockchain technology, which makes it extremely secure in nature and the fact that it is a decentralized currency makes it a darling of many investors and users who would like to bypass the regulations and snooping of the Government and other authoritative institutions. If you are planning to trade Bitcoins, you need to know the Impacts of Bitcoin on the real world.
Every year, something or the other is happening on the Bitcoin front and the cryptocurrency is always in the news for some reason or the other. Read and know about some of the biggest developments and latest happenings so far related to Bitcoins in 2022.
1. Miami hosted the Bitcoin Conference 2022
In April this year Miami, which has slowly become a hub for blockchain technology development, played host to the Bitcoin conference 2022. The city was chosen as the first location outside the European Union for the implementation of a decentralized monetary network – which was hosted on the Algorand Blockchain.
The Bitcoin conference 2022 was the biggest congregation of Bitcoin supporters, which included more than hundred artists, over 3000 companies, more than 450 speakers and 35000 attendees.
2. Strike announced partnership with three major global payment system companies
The CEO of Strike, Jack Mallers, made an announcement of a partnership with three of the global leaders in payment systems – the Blackhawk Network, NCR and Shopify. The partnership was made to enable transactions involving Bitcoin at outlets across the USA.
With the enthusiast financial investors can choose to invest in their preferred form of cryptocurrency available in today’s time. It is a reliable online crypto trading platform that every financial investor chooses to use.
3. Rich men are showing interest to invest in Bitcoins
In the Bitcoin conference 2022, the third richest man in Mexico – Ricardo Salinas, who is also an ardent advocate of the cryptocurrency, disclosed that 60% of his portfolio comprises only Bitcoin. He remarked that investor wealth was being eroded by institutions under the guise of value generation by depreciating the worth of the currency that they are dealing in. With this, he talked about “Fiat fraud” and expressed worries about the problems with the regular financial framework.
4. Cash App encourages BTC payment
3 new products have been announced by Cash App, in which users receiving Bitcoin payments would be capable of investing a part of their payment in cryptocurrencies. They can choose between 1 and 100% of the value of their paycheck.
Micro payments will also be factored in by Cash App and spare change will be incorporated into the ecosystem, by letting users invest these kinds of small amounts automatically.
5. No confirmation for Bitcoin transactions on the Lightning Network
There would be no confirmation required for transactions involving Bitcoin over the Lightning Network. There would be a seamless transfer of funds.
6. Bitcoin adoption by multiple locations
More than one location announced Bitcoin adoption as their respective legal tenders. This announcement was made by 3 big regions, namely:
- Madeira of Portugal
- Prospera in Honduras
Prospera has also gone so far as to remove capital gains tax on cryptocurrencies.
7. Joe Biden’s executive order on Bitcoin
Michael Saylor, the chief of MicroStrategy, has welcomed the executive order of President Joe Biden and said that it was almost like the US President was giving a green signal to Bitcoin.
8. Additional support of Robinhood for the Lightning Network
Robinhood, the Crypto exchange, has also made an announcement that it has added Lightning Network support. According to a statement from the exchange, Bitcoin transaction fees are too high and adoption is being drastically slowed down by Robinhood.
The last few years have seen Bitcoin and other cryptocurrencies skyrocket in value and recognition – and it’s easy to see why. While some might worry that this crypto-boom might be followed by a crash, the truth is that if you know where to look, there are plenty of reasons to think that Bitcoin has huge potential over the next five years or so. The aforementioned were some of the latest Bitcoin happenings in 2022.
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