Vitalik features as Time's 100 most influential people as $US1b of Ethereum burned and El Salvador to bring Bitcoin ATM'S to the US

avatar

Untitled design154.jpg
Ethereum has hit a significant milestone in the burning of Ethereum brought on by the London Hard Fork which took place on August 5th.

In just a short period of time Ehtereum has burned just over $US1 Billion in base fees which would have previously been delivered to miners for securing the network.

NFT's continue to surge the burning of the token with the most transactions dominated by popular NFT market place Opensea.

In runner up position is the Decentralised Exchange Uniswap which is still the preferred Decentralised Exchange on any block chain and the preferred option for many investors and purchasers alike Source.

Current Burn Rate

Screenshot_20210917092307_Brave.jpg
Source

The current Ethereum burn rate as evidenced by Ultra Money which tracks Ethereum burn rate currently sits at just over 5 Ethereum burned per minute Source.

The current Ethereum price as listed by coinmarketcap is $US3,750 Source which means just over $US18,000 dollars worth of Ethereum is being burned per minute. That's a pretty impressive amount given that the London Hard Fork was implemented less than six weeks ago.

Time Magazine

Screenshot_20210917093131_Samsung Internet.jpg
Source

Ethereums success hasn't just drawn in investors and speculators or grown the block chain. Recently announced was Vitalik Buterin the co-founder of Ethereum and the man who started it all's position in Time Magazine's 100 most influential people on the planet today Source

Vitalik's work has parachuted the man to the top 100 most influential people alive today and has driven the advancement of cryptocurrency and Ethereum to the number 2 position by market cap with a total market cap valued at over $US400 Billion dollars source

The interesting piece of information that Vitalik recently stated is that he alleges that Google attempted to hire the millionaire Ethereum Co-Founder on an interns wage source is this a potential sign that the Tech giants of the past are now setting their sights on a new emerging industry.

BITCOIN ATMS

bitcoin atm.jpg
In other emerging news El Salvador has expanded its Bitcoin infrastructure to the United States which is home to 2.3 million Hispanic people of Salvadorian origin so El Salvador has established Bitcoin ATM'S in US cities that enable the technology to support remittance from the US to El Salvador Source

Through the Chivo wallet app a map has been developed to show the locations of all Chivo ATMs which have the ability to send bitcoin to Salvadorians from the US Source

There are currently 10 US cities that are currently home to Chivo ATMs including Los Angeles and San Francisco.

El Salvadorian President Bukele estimates that the annual fees derived from remittance is around $US400 Million. It's of no shock that the El Salvadorian Government is streamlining processes and developing their own model to access some of these fees.

It's been an exciting week so far and with great developments it will be interesting to see what Q3 brings the cryptoshphere.

Image sources provided supplemented with Canva Pro Subscription. This is not financial advice and investors are requested to undertake their own research or employ a qualified broker or investment specialist

Posted Using LeoFinance Beta



0
0
0.000
7 comments
avatar
(Edited)

The Ether burning is cool. When do we know it becomes deflationary?

0
0
0.000
avatar

There's so far been one event that was deflationary a few weeks ago. I'll keep my eyes out for other events.

0
0
0.000
avatar

I tend to avoid ETH but I think ETH will turn deflationary soon enough. So price-wise, it might be great investment. Maybe I will get some exposure to it eventually through the CUB pools but only after I get my Farms big enough.

Posted Using LeoFinance Beta

0
0
0.000