Month: März 2023

$1 Billion Moved in Seconds: Bitcoin Revolutionizes Large Transactions

• On March 16, 2023, over 40,141 bitcoin (BTC) were moved in a single transaction worth $1.05 billion from 254 addresses to two separate output addresses.
• The transaction cost was only 333,000 satoshi worth about $87 — 0.000008285714285714285% of the transferred sum. All the addressed involved are owned by major cryptocurrency exchange Binance.
• Bitcoin transactions can facilitate large-scale transactions with minimal fees and quicker execution than traditional banking methods due to its decentralized ledger system and elimination of intermediaries.

The Massive BTC Transaction

On March 16th, 2023 over 40,141 Bitcoin (BTC) were moved in a single transaction worth $1.05 billion from 254 addresses to two separate output addresses – showing once again how the introduction of BTC improved large settlements. The cost of the transaction was 333,000 satoshi worth about $87 – just 0.000008285714285714285% of the transferred sum; all the addressed involved are owned by major cryptocurrency exchange Binance.

Traditional Banking Systems

In traditional banking systems moving such a large amount of money would generally involve numerous intermediary banks who might charge fees for processing the transaction – resulting in slower transfers, higher costs and increased complexity as well as requiring currency conversions and potential delays due to different time zones and banking hours.

Advantages Of Bitcoin Transactions

Bitcoin simplifies this process considerably and transferring to your second wallet or to another continent makes no difference due to its decentralized ledger system which eliminates the need for intermediaries enabling direct peer-to-peer transactions with lower costs compared to traditional banking methods where fees would most likely be higher by orders of magnitude; it also facilitates quicker execution usually taking minutes or hours instead of days for international transfers as required by traditional bank transfers.

Benefits Of Utilizing Bitcoin For Large Settlements

This massive transaction serves as a reminder of many benefits when utilizing bitcoin for large settlements including inherent efficiency, cost-effectiveness and security compared to traditional banking methods; further emphasizing why more businesses are incorporating cryptocurrency into their financial system despite initial skepticism towards cryptocurrencies such as BTC back in 2009 when it was first introduced by Satoshi Nakamoto.

Conclusion

Overall this transfer demonstrates how far we have come since 2009 when bitcoin was first introduced – demonstrating efficiencies that could not have been imagined before now with its ability to facilitate extremely low fee transactions quickly across continents without needing intermediaries or dealing with currency conversions making it an attractive option for those looking for faster ways to settle large amounts globally compared to traditional banking systems

Vitalik Buterin Slams ‚Shitcoins‘, Despite Cashing Out $700K

• Vitalik Buterin recently sold over $700,000 worth of tokens that had been airdropped to him.
• He mockedshitcoins discussed by the community in a Reddit thread and cashed out 10 billion CULT tokens for 58 ETH (roughly $91,000) and 500 trillion SHIK tokens for 380 ETH (approximately $600,000).
• Buterin received a total of 250,000 BITE shortly after posting the tweet he was criticized for.

Vitalik Buterin Sells Tokens

The Ethereum founder Vitalik Buterin has just sold over $700,000 worth of tokens that had been airdropped to him. According to Etherscan, Vitalik’s publicly known wallet address had sold 50 billion MOPS tokens, equating to 1.25 ETH (approximately $2,000) when the transaction was complete. He further cashed out 10 billion CULT tokens for 58 ETH (roughly $91,000) and 500 trillion SHIK tokens for 380 ETH (approximately $600,000). Moreover, according to PeckShield, BITE was one of the tokens he sold during his shitcoin selling frenzy on March 7. He reportedly transferred 3.4 million BITE for around $9,250. It’s not the first time Buterin dumps coins. In May of 2021, his Shiba Inu and Dogelon Mars (ELON) sell-off caused the values of those tokens to plummet by 40% and 90%, respectively.

Vitalik Speaks Against Shitcoins

In a post published on March 9 on a small subreddit r/Testingtesting62831 ,Buterin referred to the token Bite (BITE) and most other coins discussed on r/Testingtesting62831 as „shitcoins“. He stated that these cryptocurrencies have „no redeeming cultural or moral value and will probably lose you most of the money you put into them.“ It is also possible that Buterin’s message was spurred by the many posts supporting the BITE token on the subreddit which he started in July 2020 and still moderates today. Nevertheless, this post made him targetted by trolls with other users increasing shilling efforts with memes.

Criticism For Tweet

Buterin received a total of 250,000 BITE shortly after posting the tweet he was criticized for. The token is not traded on major price monitoring websites which resulted in criticism from crypto enthusiasts who thought it might be part of Pump & Dump scheme or FOMO trading technique used by market manipulators .

Conclusion

Despite selling various shitcoins recently , Vitalik Buterin stands firm against them showing no signs of changing his stance towards them . The fact that he does not trade any well-known cryptocurrencies but only those newly issued ones , raises questions about their legitimacy . No matter what , it is always wise to invest carefully in cryptocurrency as there are plenty scams out there .

Takeaways

• Despite selling various shitcoins recently , Vitalik Buterin stands firm against them showing no signs of changing his stance towards them .
• His post about shitcoin sparked criticism from crypto enthusiasts who thought it might be part of Pump & Dump scheme or FOMO trading technique used by market manipulators .
• Invest carefully in cryptocurrency as there are plenty scams out there

Smart Wallets Get a Boost With Ethereum’s EntryPoint Feature

• Ethereum developers have launched a new software feature called EntryPoint, which allows wallets to operate as smart contracts.
• EntryPoint is an optional feature that enables wallets to handle complex tasks automatically without relying on the blockchain.
• It is designed to improve the user experience of crypto wallets by providing features such as automated payments and account recovery.

Ethereum Update Enables Wallets To Operate As Smart Contracts

Ethereum developers have recently launched a new software feature known as EntryPoint, which allows wallet accounts to be used as smart contracts. This new feature brings so-called „account abstraction,“ whereby users can implement advanced features such as automated payments and account recovery more quickly without having to interact with the underlying blockchain.

Account Abstraction

Account abstraction is an optional feature offered by crypto wallet providers rather than a protocol-level change in cryptocurrencies like ethereum. By abstracting away the details of the blockchain, users will be able to use their wallets more intuitively while also gaining access to advanced features such as two-factor authentication recovery options and native multi-signatures.

Entry Point

EntryPoint is part of the broader ethereum request for comments (ERC) 4337 that describes additional features such as automated payments and two-factor authentication recovery options. The contract has been thoroughly audited by OpenZeppelin and is now available on various blockchain networks, including Ethereum, Polygon, Arbitrum, and BNB Chain. This will enable account abstraction on all those ethereum-based protocols.

„Smart Wallet“ Features

By using EntryPoint, wallet infrastructure providers are able to offer users more options for ’smart wallet‘ features including native multi-signatures, account recovery; gas fee coverage; and other improved security measures that make it easier for users to manage their funds securely without needing any prior knowledge of how the blockchain works or interacts with other systems.

Final Thoughts

The safety of this whole architecture relies on how securely it is implemented in one contract – namely EntryPoint – hence its importance when it comes to account abstraction across all those protocols mentioned above. With this update in place, ETH users should be able enjoy improved security measures within their wallets while taking advantage of some exciting new features!