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How to Withdraw Bitcoin from Cash App

Cash App is a mobile payment service developed by the financial services company

– Square. Formerly known as Square Cash, Cash App facilitates funds transfer between users of the app. Businesses, individuals, and even organizations use the app to send and receive funds from other users of the app. It is quite a popular app in the United States for sending and receiving money. With Square having licenses in all states in the USA, it is also a trustworthy app with a growing number of users.With Cash App, users can request and receive payments through their app or by email. Withdrawal to a bank account can be made using a debit Visa card known as Cash Card, ATMs, or transfer to any local bank account. They can use a unique username called $Cashtag to make money transfers or payment requests.

It can also be used to make donations to organizations, as well as to tip professionals online for their work. Investors use the app to invest in stocks. In fact, it is the fastest way to invest in stocks with as little as $1. As technology is growing, and cryptocurrencies are becoming more popular, crypto buying and selling features have been added on Cash App as well. Cash App expanded its customer base by including Bitcoin buying and selling in January 2018, which allows users to buy and make Peer-to-Peer Bitcoin transfers. Shortly after, in February, the app recorded 7 million active users as the patronage continues to increase.

Users can now securely utilize the app to hold and transfer Bitcoin to any part of the world, as cryptocurrencies know no bounds. Cash App stores Bitcoins in an offline system, which ensures that they are not easily stolen by hackers or any other means that can be used to steal funds online. However, despite the high security, it is better to make a Cash App Bitcoin withdrawal and have complete control of your coins with full access to and control of the private keys, because, as the saying goes, “not your keys, not your coins.” Therefore, after you have purchased Bitcoin using the app, you may wish to withdraw the coins to an external wallet. The problem is how to carry out Cash App Bitcoin withdrawal. In this article, we will show you how to withdraw Bitcoin from Cash App. It takes just a few minutes to withdraw your coins, and here are the steps to follow.

Step 1: Go to the “Banking” Tab on the Home Screen

As Cash App has several functions, there are several tabs on the home screen, but to make a Cash App Bitcoin withdrawal, you need to tap the “banking” button on the home screen. This displays options on the next screen.

Step 2: Select Bitcoin

Next, select Bitcoin in order to commence your withdrawal. Out of the options, select “withdraw Bitcoin.”

Step 3: Choose How You Want to Receive Payment

Once you select “Bitcoin Withdrawal,” you will be given two choices, either to scan a QR code or use a Bitcoin wallet address. It is easier to scan a QR code if your Bitcoin wallet is on the computer. Otherwise, it will be better to enter a Bitcoin wallet address. If you are a newbie and don’t have a wallet, you can easily grab one, as there are many different wallets for mobile devices and desktops. You can even use a hardware wallet, such as Trezor or Ledger, to safely store your Bitcoin offline, especially if you have a substantial amount of it.

Step 4: Confirm Withdrawal

Now you have to complete your withdrawal by providing the PIN you used to sign up on the app or using a touch ID. Some people don’t like this, but it is for your own good to prevent anyone else from taking your Bitcoins without your consent. Keep in mind that in order to withdraw Bitcoin, you need to have an account balance of at least 0.0001 BTC, which is a meager amount. The withdrawal limit for a 24 hour period is capped at $2,000 worth of BTC, while up to $5,000 can be withdrawn in a 7-day period. Withdrawals to an external wallet just take between 30 and 40 minutes, so it is pretty easy to do.


Now that you know how to withdraw Bitcoin from Cash App, you can go ahead and try using it to buy some Bitcoins and try to make a withdrawal. This should be fun, especially if you are getting your first Bitcoin and withdraw it to your first personal wallet.

Article Produced By
Lavinia C.

Lavinia is an editor who takes care of the accuracy and veracity of the texts on the website. She plays a creative role in the company and brings general content ideas to provide more relevant and engaging articles. So, just keep calm and enjoy reading.


Heiko Closhen, Entrepreneur

Jack Dorsey still thinks Bitcoin is the strongest contender for an internet-native currency

Jack Dorsey still thinks Bitcoin is the strongest contender for an internet-native currency

The Square CEO remains a vocal champion of the Blockchain space.

The world of cryptocurrency moves at a whirlwind pace but Twitter CEO Jack Dorsey remains committed to its earliest lodestone, Bitcoin (BTC).

In an interview with Reuters on Sept. 10, Dorsey, who also founded the mobile-payment platform Square, said he believes the coin’s potential still outshines

later developments:

“I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

Dorsey connected Bitcoin’s founding principles with the cooperative and decentralized ethos that he considers to be the driving spirit

behind the web:

“The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet.”

Dorsey lauded the fact that “anyone with a great idea” who wants to be part of Bitcoin can join the community — they “don’t have to be part of a company,” he said. Dorsey appeared committed to both Bitcoin and the internet in an idealized form — free from the specters of oligopoly, the excesses of corporate and government surveillance, and the stubborn asymmetries of power and capital that the advocates of decentralization must necessarily wrestle with. Consistent with this belief in the possibility for grassroots control over the cryptocurrency’s — and the internet’s — future direction, Dorsey told reporters that it’s important to focus on improving users’ experience of Bitcoin in order to foster its widespread adoption.

The cryptocurrency needs to evolve to become as “intuitive” to use and as convenient as existing digital payments infrastructure, he said.  Cost- and time-efficiency, particularly when it comes to transaction processing, are another crucial hurdle to overcome, he added. Dorsey’s commitment to an ideal ethos of the internet and cryptocurrency does not imply he is blind to the gulf between ideal and reality, however. Last winter, Twitter funded a dedicated team of open source architects, engineers, and designers tasked with developing a decentralized standard for social media. Dorsey said that the goal was for Twitter to ultimately be a client of the fruits of their efforts. Outlining the challenges that Twitter faces as a centralized platform, Dorsey identified blockchain, the technology that underpins Bitcoin, as a key technological development that points to the real possibility of a viable, decentralized future. “Much work to be done, but the fundamentals are there,” he wrote.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.



Heiko Closhen, Entrepreneur

Bank of France: stablecoins could impact EU financial sovereignty for decades’

Bank of France: stablecoins could impact EU financial sovereignty ‘for decades’

Banque de France Governor François Villeroy de Galhau warned about the threat of "Big Tech" stablecoins.

The governor of the Bank of France has warned that Europe cannot afford to lose momentum in tackling the challenges posed by private sector global digital assets. His warning came as five EU governments

— Germany, France, Italy, Spain and the Netherlands — all backed the European Commission’s intent to draft regulation for asset-backed crypto assets, notably stablecoins. In their draft joint statement, the five governments reportedly pledged to prevent global stablecoins from operating in the EU before all legal, regulatory and oversight matters have been addressed. The Commission is expected to put forth its proposals for regulating crypto assets later this month. In his speech at the Bundesbank conference on Sept. 11, Banque de France Governor François Villeroy de Galhau


“We in Europe face urgent and strategic choices on payments that will have implications for our financial sovereignty for decades to come.”

The most imminent risk, in Villeroy de Galhau’s view, is that “Big Techs,” capitalizing on their global market penetration, will build “private financial infrastructures and ‘monetary’ systems, competing with the public monetary sovereignty since they will position themselves as issuers and managers of a universal ‘currency.'” In this situation, the governor warned that a prospective central bank digital currency (CBDC) could then end up being issued “at the ‘backend’” of a future "Big Tech" stablecoin. Moreover, he warned that individual jurisdictions could then respond to the overwhelming pressure of private payments assets by issuing their own CBDCs, both domestically and globally — but without sufficient coordination in the global financial community. The articulation of these multiple CBDCs with private sector initiatives would risk sidelining input from other central banks, he said. 

Not one to mince his words, Villeroy de Galhau stressed that the European Central Bank (ECB) and the Eurosystem as a whole “cannot allow” itself to “lag behind on a CBDC.” A European CBDC could consist of both a retail (for the general public) and wholesale version, (for financial institutions), he said. The governor also stressed that there is no contradiction between considering a euro-CBDC and supporting the European Payments Initiative. According to Villeroy de Galhau, existing inefficiencies in payments, particularly cross-border payments, will have to be tackled “at their root” through public-private initiatives. If these are ignored, private sector global stablecoins will address these shortcomings first and thus set the agenda for the future evolution of the digitized economy.  Villeroy de Galhau also flagged up the existing asymmetries in the payments landscape,


“Our European ecosystem has become critically dependent on non-European players (e.g. international card schemes and Big Techs), with little control over business continuity, technical and commercial decision-making, as well as data protection, usage and storage.”

The asymmetry doesn’t stop there. “Europe has not developed global social networks like some important countries,” he said, making a coherent and decisive strategy for digital innovations in the payments sector all the more urgent. In response to any future private sector stablecoin, the governor indicated that “the adaptation of existing regimes will have to fit into a larger regulatory framework, to be adopted at a global level.”

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.



Heiko Closhen, Entrepreneur

Winklevoss Twins Explain How Bitcoin Price Could Reach Over 500000

Winklevoss Twins Explain How Bitcoin Price Could Reach Over $500,000

On Thursday (August 27), the Winklevoss twins, explained why they believe that Bitcoin is “undervalued by a multiple of 45”, which means that its price could reach over $500,000.

Tyler and Cameron Winklevoss are the co-founders of Gemini Trust Company, LLC (which operates the Gemini digital asset exchange) as well as family office Winklevoss Capital Management, LLC. On Thursday, Gemini CEO Tyler Winklevoss published a blog post titled “The Case for $500K Bitcoin,” in which he tried to make the case that “Bitcoin is ultimately the only long-term protection against inflation” and to explain why he and his brother Cameron believe that the price of Bitcoin could reach $500,000. Tyler started by pointing out by explaining why he feels that the U.S. dollar is not a good store of value despite it being the world’s primary reserve currency for “the last 75 years.” He says that the world was “drowning in debt” even before we had the COVID-19 pandemic: “… unfavorable tectonic demographic shifts have been well underway in many developed countries for decades.

“Falling birth rates have inverted population pyramids, which means that shrinking younger generations will increasingly be unable to shoulder the growing debt burdens (e.g., healthcare, pension, social security, etc.) that have been handed down to them by the much larger, older generations.” Next, he says that governments can only reduce their debt in three ways: “They can choose to (i) not pay some portion of their debt (i.e, “hard default”), (ii) adopt austerity measures in hopes of running a budget surplus, or (iii) reduce the value of the debt they owe through inflation (i.e., “soft default”).” He then says that of these three strategies, the one that is likely to be adopted by most governments (including the U.S. government”) is soft default, which he explains as follows: “In this scheme, a government intentionally devalues its currency in order to erode the real value of the debt that it owes. Lenders still get paid the same amount of dollars that they are entitled to, however, because of inflation, such dollars are now worth less in real terms.”

Tyler then tell us that oil is not a good store of value because supply is increasing (“there is much more oil underground than anyone ever thought” and “advancements in fracking have dramatically increased the supply of oil”), demand is decreasing (e.g. due to “the push for renewable energy”), and storage becomes a big issue when “demand dries up.” As for gold (“the classic inflation hedge”) Tyler says that although gold is currently “a reliable store of value”, there are two problems with this use case for gold: (i) “the supply of gold is actually unknown” (assuming that commercial astroid mining becomes a reality); and (ii) it’s hard to move gold (especially during times of crisis, such as when you are in the middle of a war or a pandemic). Next, Tyler argues that Bitcoin is bound to take over from gold as the ultimate inflation edge because it is superior to gold in various ways, the main two being much greater scarcity and much better portability.

Tyler then goes on to point that Bitcoin is not just better than gold: it is “order of magnitude or 10X better.” Although he accepts that for “risk-averse types” gold might be “the right short to medium-term choice,” he believes that “the rate of technological adoption is growing exponentially”, which means that Bitcoin should increasingly replace gold as the best store of value. Tyler says that gold’s current market cap is around $9 trillion. Therefore, if we use “a gold framework to value bitcoin,” we could say that “the bull case scenario for Bitcoin is that it is undervalued by a multiple of 45,” which means that the price of Bitcoin could reach $500,000 if Bitcoin, as he predicts, replaces gold as the ultimate store of value. Furthermore, Tyler points out that this $500K figure could even be considered a conservative estimate if the world’s central banks start converting part of their USD reserves to Bitcoin:  “All of this does not factor in the possibility of bitcoin displacing some portion of the $11.7 trillion dollars of fiat foreign exchange reserves held by governments.

“Foreshadowing this, at least one publicly-traded U.S. corporation has begun holding bitcoin as a treasury reserve asset. “If central banks start to diversify their foreign fiat holdings even partially into bitcoin, say 10%, then 45x gets revised upward towards 55x or $600,000 USD per bitcoin, and so forth.” On August 13, Dave Portnoy, the founder and president of Barstool Sports, sent out a tweet with an attached video that showed him buying Bitcoin (BTC) and Chainlink (LINK) with the help of the Winklevoss twins: As CryptoGlobe reported on June 9, Greg Silverman, a former President of Warner Bros. Pictures and the Founder/CEO of independent content creation company Stampede Ventures is working with Cameron and Tyler Winklevoss to produce a feature film adaption of the 2019 book “Bitcoin Billionaires” by Ben Mezrich. 

According to a report by Variety, Silverman, who “launched Stampede Ventures after departing from Warner Bros. Pictures in 2016”, hired Jonathan Berg (his former colleague at Warners Bros. Pictures) on March 13 as President of Production. Berg’s producer credits include “Elf”, “Doctor Sleep”, “Justice League”, “Wonder Woman”, “The Dark Knight Rises”, and “Aquaman”. Mezrich’s first book about the Winklevoss Twins, “The Accidental Billionaires: The Founding of Facebook“, was originally published in 2019, and was used adapted by Columbia Pictures for the 2010 David Fincher film “The Social Network“. It told the story of how Harvard University student Mark Zuckberg took an idea from the twins and turned it into social networking site Facebook. This resulted in a legal battle between the twins and Facebook. In “Bitcoin Billionaires”, Mezrich’s second book about the Winklevoss twins, he tells the story of what happened to the twins following the end of their legal battle with Facebook, and more specifically how they got into the crypto space. 

Article Produced By
Francisco Memoria
Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies


Heiko Closhen, Entrepreneur

DeFi Exit Scam Vanishes with 20 Million two Days After Launch

DeFi Exit Scam Vanishes with $20 Million two Days After Launch

A supposed new liquidity mining pool on the decentralized finance ecosystem, YFDEX.Finance (YFDEX) has allegedly pulled an exit scam, leaving with $20 million worth of investors’ funds merely two days after launch.

The supposed DeFi project ran a two-day campaign heavily promoting itself on social media, even incentivizing cryptocurrency giveaways on Twitter to get more people on board. Its promotions saw investors put in $20 million worth of cryptocurrency on its wallets. Crypto community commentator CryptoWhale tweeted about the incident, showing the project was promoting itself on Instagram as well. At press time, YFDEX’s social media accounts have all been taken down, and the protocol’s website, along with its page on Medium, are now returning error messages. YFDEX managed to make $20 million through a pre-sale of its UFDEX token. The project touted itself as a “powerful player” in the crypto industry “that breaks down all barriers.” Its pre-sale, reminiscent of the initial coin offering (ICO) bubble of 2017, saw it received ether in exchange for YFDEX tokens. Each ETH token would give investors 12 YFDEX tokens.

Soon after it raised the $20 million, it pulled the plug. Investors likely piled into the token sale because of the recent hype surrounding DeFi projects and their governance tokens. While some projects’ tokens have been rather volatile because of the controversies surrounding them, others have been going almost straight up. Data from CryptoCompare shows that investing in DeFi could be extremely profitable. In the above chart, we can see that top tokens in the space have performed very well in the last 30 days, with Yearn.Finance’s YFI moving up 463% in said period. Aave’s LEND token moved up 45%, while Loopring’s LRC moved up 95%. Compound’s COMP token, which started the yield farming trend, dropped 28.7% in said period.

Article Produced By
Francisco Memoria
Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies


Heiko Closhen, Entrepreneur

Bitcoin Poised to Benefit from New US Stimulus Proposal If Senate Approves

Bitcoin Poised to Benefit from New U.S. Stimulus Proposal If Senate Approves

Americans who have been buying Bitcoin with their U.S. stimulus package may now buy more once the Senate approves the new bill.Bitcoin could benefit from the new U.S. stimulus proposal,

which will include a new round of $1,200 checks. Already, the Senate has rejected a “skinny” stimulus bill as it does not support individual checks.According to a report by Cointelegraph, the Senate will most likely sign a bill that includes direct payments by the end of September. If they approve the bill without the inclusion of direct payments, stocks and Bitcoin may be affected.

Benefits of the U.S. New Stimulus Proposal for Bitcoin

Since there are no restrictions on how Americans can spend the stimulus package, some used the previous payment to invest in stocks and crypto. In May, software and data aggregation company Envestnet Yodlee revealed that many Americans invested in stocks with their stimulus checks. Yodlee president

Bill Parsons said:

“There’s clearly a correlation between COVID and people being reengaged with their money.”

Similarly, Americans have also used their checks to purchase cryptocurrency. In addition, the CEO of Coinbase Brian Armstrong posted a tweet that corroborates the investment in crypto. According to the tweet, the percentage of deposits worth $1,200 recently jumped over four times. The surge in deposits coincides with the amount of the stimulus check, which suggests that source of the money. On approval of new stimulus payments, the general crypto market may rise as deposits increase. Before now, the Republican Party revealed details on the second round of the stimulus plan. The second round will still maintain the $1,200 payment checks for individuals and $2,400 for each couple. However, the $500 per child stimulus will now be given to dependents above the age of 17. In late-March, U.S. President Donald Trump signed a one-time stimulus package of up to $1,200 for eligible Americans. The first batch of payment was directly paid into the accounts of eligible citizens.

Senate Rejects Stimulus without $1,200 Checks

For a while now, there have been discussions between the Democrats and Republicans over the next COVID-19 stimulus. The Senate has now failed to approve a new coronavirus stimulus bill. All Democrats and Rand Paul, who is a Republican, opposed it in a 52-47 vote. For approval, the bill needed a total of 60 votes. Over the last few months, banks have been unable to handle the high demand for stimulus. On the 15th of April, banks in the U.S. experienced mass outages on their online platforms. This happened because many Americans repeatedly checked their accounts for stimulus payouts. The banks that were affected include U.S. Bank (NYSE: USB), PNC (NYSE: PNC) and Fifth Third Bank (NASDAQ: FITB). Economists believe the U.S. government should go ahead with another round of direct payments. “Direct checks are the most effective, the fastest way to support American families. In the last six months, we received one $1,200 payment, which is not enough,” said Natalie Foster, the co-chair of the Economic Security Project, speaking with CNBC.

Article Produced By
Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.


Heiko Closhen, Entrepreneur

DeFi Networks Still in Boom With Locked BTC Increase By 20X

DeFi Networks Still in Boom With Locked BTC Increase By 20X


DeFi networks show signs of the increase despite the current decrease on the market. Since September, 2 Bitcoins available in the networks have increased from 67,038 BTC until 87,752 BTC.

Even though the coin market has seen a retraction in the past week, the DeFi networks seem unaffected by sentiments. Signals show that there is an increase in the volume of Bitcoins locked in decentralized networks over the past week. Data available from DefiPulse revealed that there has been 30% rise in the volume of the coins in the networks. Presently, there are 87,752 Bitcoins valued at $904 million locked up in DeFi networks. This is an increase from 67,038 Bitcoins that were available to the networks as at September 2 which had a total value of $694 million. The report stated that the increase to current value is an all time high. In addition it was mentioned there that half this value is on Ethereum in WBTC which contributes 63% of the change in the volume of locked up coins in the DeFi networks. WBTC has added further 13,000 to the network.

Another platform that has added substantially to the BTC boost in the DeFi system is RenVM which is a tokenization project for Bitcoin on Ethereum. The platform presently holds 17,630 BTC with an increase of 2,500 since the beginning of the month. Those are by far, more than what the Bitcoin’s Lightning Network has contributed. The LN can be attributed just 1.2% (1,061 BTC). The coins from the Lightning Network increased by only 4 BTC, which is not as impressive as the DeFi. This is just 0.02% of the overall increase in BTC value for the system in September. In comparison to WBTC, Lightning Network contributed 23% of the BTC growth while WBT can be attributed with 8600% with their respective 198 BTC and 50,000 BTC since the beginning of 2020. Even with the massive increase in the volume of BTC in DeFi, Bitcoin is still lower in lockups in comparison with Ethereum. This is despite the fact that 600,000 ETH has been removed from DeFi networks. Ethereum accounts for higher with 5.6 million coins still locked. This is 5% of all Ethereum in circulation.

Article Produced By
Chuks Chukwuka

Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.


Heiko Closhen, Entrepreneur

Events Show That Bitcoin BTC Gold and SampP 500 Are Positively Correlated

Events Show That Bitcoin (BTC), Gold and S&P 500 Are Positively Correlated

 Events Show That Bitcoin (BTC), Gold and S&P 500 Are Positively Correlated

The investors who pump money buying stocks are beginning to see Bitcoin not just as a way to hedge their funds,

but as a viable option to grow their funds over time.Recent events across markets and among investors have shown that Bitcoin (BTC), gold, and the S&P 500 index have a close correlation. The past months have stirred different events that have tumbled the world of finance Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. and investment, with the coronavirus pandemic serving as the main factor stirring the events.

With the coronavirus pandemic, governments had to step up measures to prevent the spread of the disease. These measures resulted in border lockdowns, straining the global supply chain. Most countries also enacted a stay at home order which led to the lockdown of local businesses. In all, the money supply plunged below sustainable levels and governments had to look for ways to remedy the situation. One of the ways economic powerhouses like the United States adopted was to print more money to use as a palliative measure for businesses and households. The resultant effect of such measures is in stirring the devaluation of the U.S. dollar. Consequent to this, the U.S. currency is depreciating, and the Federal Reserve recently made its intention known through Chairman Jerome Powell to let inflation rise above the 2% annual benchmark. The implication of this is that as time passes, people cannot buy the same assets with the same amount of money, a situation that has revealed the potential of bitcoin (BTC) and Gold as a reserve or hedge asset.

Perceived Correlation in BTC, Gold and S&P 500

With increasing interest in gold over the past months, the price of the asset has soared, setting a new record above $2,000 in early August. While always being regarded as the perfect hedge against inflation, investors are also beginning to appreciate the potentials of Bitcoin and this has also led to the increase in Bitcoin price in correlation to that of gold.

As noted, the record correlation between Bitcoin and gold indicates investors don’t really see a difference between the two, as they behave the same and serve the same purpose as stores of value. As Coinpeaker reported back in March at the early stages of the coronavirus induced lockdowns, that Bitcoin and the S&P 500 are perfectly correlated probably as a result of what they both have in common-the American retail investors and corporation bosses. The correlation of the Bitcoin with the S&P 500 was also noted in June. The investors who pump money buying stocks are beginning to see Bitcoin not just as a means to hedge their funds, but as a viable way to grow their funds over time as key crypto figures have consistently projected Bitcoin price surge. The correlations between BTC, gold, and the stock market have given credence to the actions of investors. The correlation indicates the move investors employ to diversify their investment portfolio.

Article Produced By
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.


Heiko Closhen, Entrepreneur

Fee Has Successfully Stabilized DAI MakerDAO President Says

Fee Has Successfully Stabilized DAI, MakerDAO President Says

MakerDAO leadership declares their DAI stable thanks to stability fee.

DAI stablecoin, which is pegged to the United States dollar, is now in a relatively stable position,

according to the president and COO of MakerDAO, Steven Becker, in an Q&A session on May 2. The transcript of the meeting, which focused on demand and supply imbalance, appeared on Reddit. Becker discussed the efficacy of the stability fee alongside MakerDAO’s head of community development Richard Brown and Vishesh Choudhry of the company's Foundation Risk Team. According to Becker, DAI is now stable thanks to the community’s implementation of the stability fee. “Consider the peg is stable. However it is stable at a discount,” he added.

Becker reasoned that the fluctuations of the stablecoin’s rate are not necessarily the result of a supply/demand imbalance. He speculated that this phenomenon might be a reflection of the industry’s current regime. Last week’s community vote was between a 2% and 3% increase, with the latter coming out ahead. Today, May 3, will witness an executive vote on that 3% increase.  If it passes, the stability fee will land at 19.5%. Foundation Risk Team’s Choudhry noted that the fee is not especially burdensome. As the stability fee changes, the fulcrum point of bull/bear equilibrium shifts, making it a critical decision.

MakerDAO launched DAI in December 2017 as an ERC-20 token pegged at 1:1 with the U.S. dollar.  This exchange rate is maintained via over-collateralization with ether (ETH). However, for much of 2019 DAI has been below $1 and has even dropped below $0.95 periodically, according to CoinMarketCap. As Cointelegraph previously reported, MakerDAO users have voted to increase the stability fee on several occasions this year. Still, the community is not fully convinced that the value of DAI has stopped fluctuating. If MakerDAO implements more substantive solutions, DAI could become crypto’s ‘default’ stablecoin.

Article Produced By
Ana Berman

Moved by her interest to discover the world of decentralized technologies, Ana joined Cointelegraph in June 2018. Shortly after joining the team as a news writer, she focused on the major crypto stories from Latin America


Heiko Closhen, Entrepreneur

Persisting Problems: Will Blockchain Be Used in the Next US Election?

Persisting Problems: Will Blockchain Be Used in the Next US Election?

Have you ever stepped inside a voting booth, submitted your choice electronically, and wondered,

"Did the vote actually go through? What if a malicious party changes my vote?" Those kinds of doubts dominate discussions about election security. As voting increasingly happens via computerized equipment, cybersecurity experts often warn how it's easier than someone may think to hack into a system and wreak havoc. Some people wonder then, might blockchain technology bring about a more secure way for people to vote? Let's look at that possibility.

Politicians Bringing More Visibility to the Issue

Presidential hopeful Andrew Yang increased awareness of the idea that blockchain technology could solve some voting security and convenience issues. One of the central points of his campaign centered on modernizing voting by letting people cast ballots through mobile apps, then the blockchain verifying them. The idea on its face sounds great, especially since many individuals don't like the prospect of waiting in long lines and taking time out of their already-busy schedules. Also, the Permanent Subcommittee on Investigations, which is associated with the US Senate Committee on Homeland Security & Governmental Affairs, recently held a virtual roundtable to assess the feasibility of allowing Senate members to vote via online means due to the crises caused by the COVID-19 pandemic. 

Among the topics brought up were end-to-end encryption, along with a blockchain-based voting tool. The memorandum about the meeting mentioned how the blockchain could reduce instances of incorrect vote tallies by providing a tamper-free record. It also brought up how Estonia is one of the countries already using the blockchain to run entirely-online elections. The information acknowledged, as well, that the blockchain is not a foolproof system. It discussed cryptographic errors, software bugs, and majority control of the blockchain falling into the wrong hands as possible risks. Everyone consulted during the discussion agreed with the necessity of a senator verifying their vote after casting it. The attendees discussed a variety of ways to make that happen. We are not at the point where senators or anyone else in power is ready to approve any method of voting with help from blockchain. The fact that it's in discussions as a viable option is a positive development, though.

Why Could the Blockchain Work Well?

Blockchain-supported voting could be a smart move because it may increase voter turnout. People often think of cryptocurrencies and the blockchain together. Younger and tech-savvier individuals often find cryptocurrency appealing due to how it keeps identities private. Plus, the idea of voting through an app attracts anyone who may experience difficulty getting to a polling station. Plus, as the discussion above mentioned, the blockchain offers a transparent system that allows verifying a person's votes and preventing tampering. The blockchain is not perfect, but it could give a voter more visibility to help them ensure they have their voice heard. Many people worry about the US voting system's vulnerability. They assert something must happen soon, or we risk compromising our democracy. Moving ahead with the blockchain for voting would give the impression of progress made. 

Obstacles Associated With Voting Via the Blockchain

The blockchain is like most other technologies in that it has flaws. Some experts warn that it's not ready for the kind of widespread usage a national election requires. Those are not unfounded concerns, either. Earlier in 2020, MIT researchers published a report about Voatz. It's an app claiming to record votes on a permissioned blockchain. However, the group found no evidence that the app uses the blockchain to confirm genuine votes. Even more worrisome was that the investigation revealed how a party with remote access to the app could view a person's vote and change it. Voatz is not the only app for voting with blockchain, but the MIT researchers showed hesitations that apply to them all.

They mentioned how the people working on the apps might have good intentions but lack knowledge of election security. Also, another issue affecting the tech industry at large is that many new offerings reach the market before getting thoroughly reviewed. Companies race to be first, and security may get overlooked in that rush. Another recent development concerns an open letter penned by experts in cybersecurity, science, and computing to address officials at all levels of government. They insist that no internet voting system has the required security, and relatedly, that blockchain cannot "mitigate the profound dangers inherent in internet voting." The authors backed up their claims with two decades worth of science-based research. An initiative from the Kaspersky Innovation Hub uses blockchain differently. It resulted in a blockchain-secured voting machine that lets people submit ballots in person if desired. That setup still has an online component, so it does not eliminate the concerns expressed in the open letter. Kaspersky's invention could ease the minds of people who balk at voting through a smartphone or computer, though.

Likely a Too-Short Timeframe

Voting with blockchain is undoubtedly on the table as an option for future consideration. Anyone excited about possibly sending their votes to the blockchain in the upcoming US presidential election likely has their hopes up far too high, however. That event is less than six months away, after all.

Something that seems more likely is that voting in many places around the country may happen differently than usual. The COVID-19 pandemic and the need for social distancing already means candidates cannot hold in-person rallies, and it's difficult to imagine the circumstances changing enough before election day happens. People already encounter extremely long lines at polling stations, and they especially would if required to stay six feet apart. 

Voting by mail seems a much more viable option to use around the nation in November, mainly since some states already use it, as do American citizens living abroad. Rolling that system out to everyone is still far-fetched due to the timing, but it's arguably more feasible than blockchain voting as things stand now.

Article Produced By
Caleb Danziger

Caleb Danziger is a tech blogger and freelance writer.


Heiko Closhen, Entrepreneur