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As criticism of the exchange increases, Binance joins a lobbying group

 

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Paxful eliminates ETH from its marketplace

Ether, the native token of Ethereum, has been withdrawn from Paxful’s marketplace, a crypto marketplace for direct trade, due to various issues with the second-largest cryptocurrency in the world by market value.

In a statement sent to the platform’s 11.6 million users, which Ray Youssef, CEO of Paxful, later published on Twitter, he made the announcement of the change. Youssef cited Paxful’s intention to uphold its integrity and attempts to combat “economic apartheid” worldwide caused by fiat monetary systems when he outlined three fundamental issues about the Ethereum ecosystem that led to the marketplace withdrawing ETH:

I want to see a world where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the global south.”

The initial justification for the change was Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus. Youssef said that Ethereum’s switch to PoS has transformed ETH into a “digital form of fiat” and that PoW is the “innovation that makes Bitcoin the only honest money there is.”

Additionally, Youssef attacked Ethereum for not being decentralized and pointed to the protocol’s potential to enable asset tokenization as a source of scams and fraud throughout the cryptocurrency ecosystem.

Users will be able to buy cryptocurrencies using debit and credit cards through Uniswap

Independent exchange to enable customers to purchase cryptocurrencies on its web app via debit cards, credit cards, and bank transfers, Uniswap has teamed with fintech firm Moonpay. As a result, users in the majority of the U.S., Brazil, the United Kingdom, and the Single Euro Payments Area, or SEPA, can now use the bank transfer option.

According to the December 20  statement from Uniswap, customers will soon be able to quickly exchange cash for cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.

Because of its built-in user safety, self-custodial wallets, permissionless, immutable protocols, and transparent public ledger, Uniswap claims that decentralized exchanges (DEX) are a significantly safer alternative than centralized exchanges (CEX).

Depending on the user’s location, Uniswap will initially offer Dai, Ether, USD Coin, Tether, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH).

As criticism of the exchange increases, Binance joins a lobbying group

According to a press statement issued by the exchange on December 20, Binance has joined the Chamber of Digital Commerce, a lobbying group for the U.S. cryptocurrency market. The exchange took action in response to complaints that Binance was unregulated.

Joanne Kubba, vice president of public relations at Binance, expressed confidence that the alliance will result in clear laws for the cryptocurrency sector in the United States, saying:

As an organization at the crux of the industry’s rapid growth and complex regulatory environment, working hand in glove with policymakers, regulatory bodies and industry groups like the Chamber is imperative for Binance. Such work is fundamental to our shared mission of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain, which ultimately ensures protections for users.”

According to its website, the Chamber of Digital Commerce supports a range of public policies, such as tax parity for digital assets, anti-money-laundering and know-your-customer rules for cryptocurrency exchanges, improved regulatory clarity for security tokens, and studies on central bank digital currencies.

During the car inspection, a police body camera exposes the suspect’s seed phrase

Even though self-custody is regarded as the best method of protecting one’s assets, many people are unaware of the dangers of physically keeping seed phrases. For example, the seed phrase of a suspect was eventually made public during a search by the Nevada State Police agency after it was captured on a body camera.

Two police officers were seen checking a suspect’s car in a viral video that was going around on Twitter. They found several pieces of paper. Unfolding the pieces of paper showed the suspect’s handwritten seed phrase, a common technique to prevent internet breaches, proving that the suspect was a fervent supporter of self-custody.

The suspect’s seed word is now known to the public since the incident was captured on one of the officer’s body cams.

After seeing the video, Changpeng “CZ” Zhao, the CEO of Binance, advised investors to educate themselves on the potential hazards associated with various cryptocurrency storage options. He said:

I am a proponent of free choice. Feel free to hold your crypto anyway you wish. But learn the risks of each method.”

The most often mentioned recommendation was to memorize the seed phrase. The film spurred discussions on the best technique to save seed phrases. Although memorizing the seed phrase — a special combination of 12 or 24 words — by heart seems secure, CZ pointed out that two of the main problems with keeping critical knowledge in one’s “brain wallet” are a lack of heredity and human forgetfulness.

How to Trade with Fibonacci Retracement

How to Trade with Fibonacci_2

Fibonacci retracement is interesting since there are no established guidelines on utilizing it correctly. Simply choose two points — one high and one low. You can reference any point in a price trend that looks important to you. We decided on the annual high and low as our points of reference for the one-week chart in the Bitcoin example.

Furthermore, there is no ideal Fibonacci retracement time span. This is so that both short and long trading intervals may be employed with Fibonacci retracement trading. Nevertheless, longer-term crypto Fibonacci retracements will show stronger trend signs than shorter-term ones.

We will teach you the fundamentals of Fibonacci trading in this article.

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Top Crypto Meme of the Week

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December 22, 2022

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