Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
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NEW DELHI, Jan 27: Each crypto platform has its share of ups and downs. Certain qualities can be an advantage for one cryptocurrency but a downfall for another. This editorial piece will examine three cryptocurrencies and their advantages and disadvantages. While each has its pros and cons, they are all cryptocurrencies worth putting on your watchlist in 2023.
Bitcoin (BTC) and Dogecoin (DOGE) are two cryptocurrencies that need no introduction. Each is a pioneer in their sector, with Bitcoin being the creator of the crypto market and Dogecoin being the creator of the meme coin market. Big Eyes Coin (BIG) is relatively new to the crypto market, rampaging through the ninth stage of its presale and raising USD 17.78 million at the time of writing. Big Eyes Coin Goes Big On Charity
While the crypto market is considered energy-intensive and bad for the environment, some cryptocurrencies are taking the initiative to limit their carbon footprint and energy usage. Big Eyes Coin is one of these cryptocurrencies, utilising Ethereum’s (ETH) blockchain for less energy consumption.
Additionally, Big Eyes Coin will donate a significant amount of its tokens to charity, with ocean conservation efforts being the primary focus for its 5% charity wallet. Big Eyes Coin has made several contributions, including USD 2,000 to the Orca Network.
A final advantage for Big Eyes Coin is what the future holds for this token. The platform has already generated so much hype, leading many crypto experts to believe that it could achieve its goal of becoming the next biggest meme token. The platform has also placed advertisements in New York’s Times Square and Marble Arch in London, introducing Big Eyes Coin to millions of potential users.
The Advantages and Shortcomings of Bitcoin
Bitcoin is the most significant cryptocurrency in the market. Many experts believe that Bitcoin controls the trend of other cryptocurrencies since its market capitalisation makes up almost half of the crypto market capitalisation.
One disadvantage of Bitcoin is that it is an energy-intensive platform. The crypto giant uses the same amount of energy annually as Norway, consuming energy at an annualised rate of 127 terawatt-hours.
Although Bitcoin uses mammoth amounts of energy, the platform can still provide explosive returns. The blockchain giant has increased its market capitalisation by 7.40% in the past seven days at the time of writing.
The Pioneer Of Meme Coins – Dogecoin
As mentioned above, Dogecoin was the pioneer for meme coins. Although it was created as a joke by Jackson Palmer and Billy Markus, Dogecoin quickly rose to fame and sat comfortably in the top ten cryptocurrencies by market capitalisation.
The coin frequently receives attention from high-profile figures like Elon Musk and Snoop Dogg. This attention is quickly followed by a price spike which allows DOGE holders to receive explosive returns if they purchase and sell at the right time.
However, with this comes risk. Dogecoin is known for its volatility in the crypto market, so if you purchase at the wrong time, you could lose significant funds and damage your portfolio in the long run.
To Summarise
As mentioned above, each cryptocurrency has its advantages and disadvantages. Bitcoin and Dogecoin are not strangers to this, as they both use significant amounts of energy but have a crucial place in the crypto market. Big Eyes Coin is another cryptocurrency you should keep in mind, the platform aims to become the next biggest meme token by 2030 and has a clear roadmap of how to get there.
Additionally, Big Eyes Coin will launch early if it reaches its goal of USD 12 million raised in January. If you want 200% bonus tokens with your purchase, use the ‘LAUNCHBIGEYES200’ promo code at the checkout!
For more information on Big Eyes Coin (BIG), please visit the following links:
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
This story has been provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)
The timing of the sudden change has been met with disapproval from some residents who had recently paid for their yearly license in full.
Dubai has announced that it is scrapping its 30% tax on alcohol sales for the rest of 2023. This is the municipality’s latest step towards strengthening the tourism sector and attracting foreign residents through policy changes.
“Dubai Municipality has temporarily stopped collecting the 30% fee from alcoholic beverage companies for a period of one year from the beginning of 01/01/2023 to the end of 12/31/2023. The companies authorized to sell in the Emirate of Dubai have been notified of this decision,” the Dubai Municipality tweeted.
Alcohol is notoriously expensive in Dubai. A pint of beer could cost about $15 and a glass of wine, $20 or more. The municipality’s decision is aimed at boosting business among tourists and locals as it aspires to become the “happiest place on Earth.”
“The decision to suspend alcohol taxes follows moves to change its weekend to Saturday-Sunday and the widening of access to long-term residency visas. As a collective, these initiatives should boost tourism and encourage more expatriates to think of Dubai as their home,” Karim Jetha, chief investment officer at Dubai-based asset management firm Longdean Capital said.
The news was first revealed by local alcohol distributors with Maritime and Mercantile International (MMI) writing Sunday on its Facebook page: “You can now: save 30% municipality tax on alcoholic beverages. We have reflected this across all our pricing!” It added that the UAE’s 5% sales tax (VAT) still applies, however.
Personal liquor licenses, a requirement when buying alcohol in local shops, previously cost 270 dirhams ($73.50) but are now free. Licenses were not required when buying alcohol in bars, however. Before the start of the year, the licenses had to be renewed every year and took about four weeks to be processed. It is still unclear if this will remain the case for the free licenses. As it stands, Dubai is the only emirate in the United Arab Emirates (UAE) that mandates the use of liquor licenses for in-shop alcohol purchases. In Abu Dhabi and four other emirates, no license is required while the sale of alcohol is prohibited in the more conservative emirate of Sharjah.
The timing of the sudden change has been met with disapproval from some residents who had recently paid for their yearly license in full. Generally, however, the news was received favorably. It comes at a time when neighboring Saudi Arabia is working hard at taking the UAE’s spot as the region’s tourism and commercial capital.
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Former Cisco employee launches DAO to buy Denver Broncos
A freshly launched decentralized autonomous organization dubbed BuyTheBroncosDAO is aiming to raise enough capital to purchase the NFL’s Denver Broncos for roughly $4 billion.
The project is offering fans of various levels of wealth the chance to own a slice of the Broncos, as there is no minimum requirement on how much they need to contribute to participate to the DAO.
“The purpose, essentially, is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos,” one of the DAO’s organizers and former Cisco employee Sean O’Brien told CNBC earlier this week.
Dogecoin founder speaks out against ‘meme coins’
Dogecoin co-founder Billy Markus blasted memecoin shillers this week, slamming projects that are not about memes or the community but are instead “made by people trying to get rich off of other people trying to get rich.”
“Satire has some mildly clever elements to it. jokes are funny. spam advertising, lying about who is involved in a project, making up ridiculous promises, desperately trying to get Elon’s attention to promote you, etc. are not clever or amusing,” he said on Twitter.
Markus highlighted Binance Smart Chain tokens, in particular, arguing that they have “made the internet worse in every way,” as he pointed to the mass amount of spammers who flood social media platforms with their dubious crypto advertisements.
Bitcoin plunges as Putin announces ‘special military operation’ in Ukraine
The crypto market tanked on Thursday following reports that the Russian government had invaded Ukraine, with assets such as Bitcoin, Ether and XRP dropping 7.3%, 9.5% and 9.2% respectively.
The news of the invasion sparked major pushback from people across the globe, including members of the crypto community. Ethereum co-founder Vitalik Buterin, who was born in Russia, condemned the move on Twitter, stating:
“This is a crime against the Ukrainian and Russian people. I want to wish everyone security, although I know that there will be no security. Glory to Ukraine.”
By Friday, crypto markets reversed their post-Russian invasion declines after the United States announced it would be implementing sanctions against major Russian banks.
Trudeau revokes emergencies act powers but the case for crypto grows
Canadian Prime Minister Justin Trudeau walked back the use of the Emergencies Act on Thursday. The order was invoked in the wake of mass protests across the country, including at critical border crossings between the United States and Canada. The order allowed the government to freeze $8 million from 210 bank accounts connected to Canadian “Freedom Convoy” protestors.
The highly contentious situation in Canada appears to be calming down now, however, with Trudeau noting that “we are confident that existing laws and bylaws are now sufficient to keep people safe.”
The move to invoke the Emergencies Act one week prior caused a lot of pushback and debate; it also reiterated the viability of crypto, as the protestors were able to fundraise around 21 BTC after being shut off from banks and popular crowdfunding platforms such as GoFundMe.
Tourism in El Salvador up 30% since Bitcoin adoption, minister says
Earlier this week Salvadoran Tourism Minister Morena Valdez claimed that the nation’s tourism industry surged more than 30% since the adoption of the Bitcoin Law in September 2021.
In particular, Valdez stated that the influx of tourists from the U.S. has increased significantly to represent 60% of all travelers heading to the country at the tail end of 2021.
“We did a poll to check the activity according to the before and after of Bitcoin. The tourism sector increased in November and December. This increased by more than 30%,” Valdez said in an interview with the local news agency El Salvador News English.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $39,335, Ether (ETH) at $2,718 and XRP at $0.71. The total market cap is at $1.76 trillion, according to CoinMarketCap.
Among the largest 100 cryptocurrencies, the top three altcoin gainers of the week are Anchor Protocol (ANC) at 63.75%, Terra (LUNA) at 32.59% and Maker (MKR) at 4.13%.
The top three altcoin losers of the week are Convex Finance (CVX) at -27.07%, Harmony (ONE) at -19.65% and Oasis Network (ROSE) at -19.41%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“Politicians who oppose Bitcoin are of the same brand as those who opposed the internet. It’s also an indicator of where they’re getting their money.”
Aarika Rhodes, elementary school teacher and congressional candidate
“Companies won’t hesitate to spend tens of millions on marketing but won’t spend a fraction of it on making sure there is something left to market.”
Tree of Alpha, Twitter personality
“It is interesting to note the deep bullishness for cryptocurrencies. Even in an extremely bearish crypto market in which values were to drop 80%, less than half of investors say they would reduce their investments or exit the market.”
Marion Laboure, director of macro strategy and thematic research at Deutsche Bank
“I’m not entirely sure what the SEC is planning on proving in the XRP litigation.”
Joseph Hall, attorney and former managing executive for policy at the U.S. Securities and Exchange Commission
“If you’re not 100% sure you’ll always be on the right side of those in power, you’d better buy some #Bitcoin.”
Samson Mow, chief strategy officer at Blockstream
“We need Bitcoin to be legal tender in Mexico.”
Indira Kempis, Mexican senator
“Remember dogecoin was made 8 years ago. as satire. making fun of the idiotic coins. irony. satire. Current ‘meme’ coins aren’t even memes. they’re made by people trying to get rich off of other people trying to get rich. to each their own, but it is indeed a different thing.”
Billy Markus, co-creator of Dogecoin
“Institutions running algorithmic trading bots think BTC is a tech stock.”
Ki Young Ju, CEO of CryptoQuant
Prediction of the Week
Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rally
Ether, the crypto industry’s second-largest asset by market capitalization, mostly traded between $2,750 and $2,350 this past week, according to Cointelegraph’s ETH price index.
Although ETH’s price action experienced turbulence during the week, a chart pattern from market analyst and Twitter personality Wolf revealed a possible price target above $10,000.
An ETH weekly candle chart from the analyst indicates a possible ascending triangle pattern playing out, which, long story short, could lead to ETH surpassing $10,000 based on how the chart pattern typically plays out. The chart from Wolf points to a target of about $13,250. Weekly chart patterns in general, however, typically take more time to play out than chart patterns crafted on shorter timeframes.
Other thoughts and observations about ETH were also mentioned in Cointelegraph’s Wednesday article, including the possibility for a bull trap — an upward price fake-out of sorts — which would invalidate Wolf’s bullish price target.
FUD of the Week
SafeMoon pump-and-dump lawsuit targets Jake Paul, Soulja Boy and others
A bunch of A-list celebrities and pesky influencers have gotten themselves into hot water over the promotion of an alleged pump-and-dump scheme tied to the BNB Chain-based SafeMoon token.
In a class-action lawsuit, the team behind the token is accused of roping several popular figures to induce people to invest in SafeMoon via misleading information. Some of the more well-known names include musicians such as Nick Carter, Soulja Boy, Lil Yachty and YouTubers Jake Paul and Ben Phillips.
According to court documents, SafeMoon and its subsidiaries mimicked Ponzi schemes by duping investors into purchasing the tokens under the pretext of unrealistic profit potential. Notably, it is also alleged that the project’s execs promptly fled the project as SafeMoon’s price started to tank heavily last year.
Seller ‘rugs’ $30M CryptoPunks collection minutes before Sotheby’s auction
The FUD alarm bells went off among fine art collectors this week after 0x650d, the pseudonymous owner of the CryptoPunks NFT “Punk It!” collection, suddenly withdrew from their Sotheby’s auction just moments before it was slated to go live.
The collection, which contains 104 CryptoPunks, is estimated to be worth $30 million and was said to be the “highest-profile NFT sale of all time.” In the aftermath of the canceled auction, the would-be seller appeared to make fun of Sotheby’s as they discussed their motives in a blaze and sarcastic manner.
For example, 0x650d first posted “nvm, decided to hodl” on Twitter and followed that up with a meme that bore the caption “Taking punks mainstream by rugging Sothebys.”
Kazakh ministry halts illegal crypto mining operations
Earlier this week, 13 crypto mining operations accounting for a whopping 202 megawatts of power consumption were shut down by the Kazakhstan government.
The Ministry of Energy of the Republic of Kazakhstan announced the shutdown on Monday as part of an ongoing move to regulate the local BTC sector and weed out illicit mining operations.
Bitcoin mining has surged in popularity in the nation since China banned crypto mining last year, with Kazakhstan now accounting for the second-largest percentage of the global hash rate. While the government allows crypto mining, miners are legally required to obtain licenses, pay electricity bills on decent terms, and pay taxes.
Best Cointelegraph Features
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The Metaverse isn’t coming, it’s already here. And that’s why we look at its impact on our privacy and how decentralization could help.
Year 1602 revisited: Are DAOs the new corporate paradigm?
“The ability to delegate your votes to industry or topic experts will allow owners to exercise a much stronger and clearer voice in the management of these companies.”
The crypto oasis: How the UAE became the Middle East’s digital asset champion
The nation has a patchwork of largely crypto-friendly, region-specific rules that can finally get standardized.
The list of tourism companies accepting crypto payments is constantly growing. You will find the names of tourism players currently transacting in crypto below.
It is quite difficult to name at least one sphere that has not been touched by blockchain. The impact of cryptocurrencies on our life has been inevitable, and now industries can not but accept this fact and think of ways to get deeper involved in crypto-related activity. One of the industries that have been recently adopting cryptocurrencies is tourism. Now, when travel companies are still recovering from the COVID-19 pandemic, all of them are looking for ways to expand their activity and get back to pre-pandemic revenue. And cryptocurrencies can serve as a means of doing that. Therefore, the tourism industry is adopting crypto payments, with more and more travel providers warming to this idea.
According to many industry experts, cryptocurrency, first of all, appeals to younger generations of travelers. As Johannes Reck, CEO and co-founder of GetYourGuide, stated, cryptocurrency transactions “will really matter for travel”. He explained:
“People want to put their crypto back into the system [and] travel is one of the biggest categories there is. We take dogecoin now into the real world; you can apply it and actually get a real-world, kinetic experience.”
The list of tourism companies accepting crypto payments is constantly growing. You will find the names of tourism players currently transacting in crypto below.
Who Accepts Crypto Payments?
There are a lot of travel companies that allow you to purchase your plane ticket or hotel via Bitcoin (BTC) or other cryptocurrencies.
An American online travel agency that finds affordable rates for flights, hotels, and car rentals by searching through significantly more low-fare options that other websites might miss. CheapAir lets you pay with cryptocurrencies like Bitcoin through BTCPayServer processor.
The world’s leading full-service online travel company was the first major travel organization to have payments in digital currency. It started accepting Bitcoin payments back in 2014. The cryptocurrency payment option was available until June 2018. Then, the company stopped it. However, Expedia Partner Solutions (EPS) partnered with crypto-friendly travel booking platform Travala.com. As a result, more than 700,000 Expedia Group hotels and accommodations became available via Travala.
Travala accepts several cryptocurrencies including BTC, Bitcoin Cash (BCH), Ethereum (ETH), Binance Coin (BNB). It also distinguishes itself by hosting a native cryptocurrency on its platform, the AVA token. It incentivizes the use of the token with benefits such as discounts on your bookings, bonus rewards, and a loyalty program to foster a healthy internal economy.
Alternative Airlines is a website that offers over 600 global airlines that accept cryptocurrency payments for secure and verified transactions. You can complete your booking entirely through its website and find the best prices due to alternative flight options through small airline carriers in lesser-known regions.
Destinia allows you to use cryptos to book hotels, flights, cars, buses, trains, or even skiing trips in more than 90 different countries. This website also lets you enter your budget parameters and organize activities and locations to create thematic vacations ranging from festivals to honeymoons.
Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.