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Ethereum Beats Lightning and Liquid in the Race for Bitcoin [BTC] On-boarding

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Ethereum is taking over the second layer implementation of Bitcoin [BTC] leaving Liquid and Lightning Network behind. 

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Liquid’s L-BTC and Ethereum’s wBTC works on similar principles of issuing an extension of Bitcoin as a separate token. While Liquid claims to lock the tokens on-chain, wBTC is stored at Bitgo Trust. 

Reportedly, the Liquid Network Federation added with 8 new members, bringing the total to 53. The members include leading crypto exchanges and other services providers and digital asset management firms. 

Lightning Network is a proposed P2P web of channels built using the SegWit addresses. Despite the push by Bitcoin OGs and its’ earlier launch, lightning is lagging far behind Liquid and Ethereum. The development of DEX and other decentralization on Ethereum is also adopting the interoperable Bitcoin faster as well.

Josh Stark, a crypto entrepreneur noted,

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there are now 20,048 BTC on @ethereum

that is: ~20x the total BTC on @lightning

~8x the total BTC on @Blockstream‘s Liquid

The transaction fee on Bitcoin and Ethereum has risen exponentially on Ethereum and is reaching the highs from mining on Bitcoin as well. This difference rise in transaction fees is the prime motivation for a shift to other lightning or liquid. However, the adoption of Ethereum dApps is far greater than any other smart contract platform.

bitcoin and ethereum transaction fees
Bitcoin and Ethereum Mean Transaction Fees (Source: Coinmetrics)

The increase in wBTC is positive for the Store of Value (SoV) characteristics of Bitcoin. Moreover, Ethereum grew significantly this year with the on-boarding of Tether on its platform. The chart below shows that the transfer value (in USD) via Bitcoin is equivalent to the USDT transfers on Ethereum. 

Bitcoin and USDT (Tether) Transfers
Bitcoin and USDTe (Tether) Transfers in USD (Source)

The increasing number of Bitcoins presents another use-case for Ethereum as a base layer of computation.

Do you think SoV is more important and on-chain usage? Please share your views with us.

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Ethereum Beats Lightning and Liquid in the Race for Bitcoin [BTC] On-boarding
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Ethereum Beats Lightning and Liquid in the Race for Bitcoin [BTC] On-boarding
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Ethereum is taking over the second layer implementation of Bitcoin [BTC] leaving Liquid and Lightning Network behind. 
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CoinGape
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Author: Nivesh Rustgi
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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Source: https://coingape.com/ethereum-beats-lightning-and/

Blockchain

U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along


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  • A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
  • The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
  • Now, the group has to develop a governance structure.
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U.S. crypto exchanges have a plan for how to deal with FATF’s travel rule














Source: https://www.theblockcrypto.com/daily/82261/us-crypto-exchanges-fatf-travel-rule?utm_source=rss&utm_medium=rss

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Blockchain

Exploring the current state of cryptocurrency taxation in the European Union


Quick Take

  • By now, guidelines for  taxation of cryptocurrency activities exist in most EU member countries. However, grey areas remain.
  • Highly favorable tax treatments in some, and lack of taxation in other EU member countries enables regulatory arbitrage.
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Exploring the current state of cryptocurrency taxation in the European Union














Source: https://www.theblockcrypto.com/genesis/82157/exploring-the-current-state-of-cryptocurrency-taxation-in-the-european-union?utm_source=rss&utm_medium=rss

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Blockchain

FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto

Proposed rule change would mandate financial institutions gather and share data on smaller international transactions by lowering the threshold from $3,000 to $250.

The post FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto appeared first on The Block.

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FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto














Source: https://www.theblockcrypto.com/linked/82229/fincen-proposes-lower-threshold-for-transaction-data-gathering-under-fatfs-travel-rule-including-those-made-with-crypto?utm_source=rss&utm_medium=rss

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