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When we think about Bitcoin and how it works, we often focus on its security and decentralisation. But behind Bitcoin’s success lies an older algorithm called Hashcash. Developed long before Bitcoin came into existence, Hashcash laid the foundations for the Bitcoin mechanism we use today. We at Bintense would like to discuss this algorithm in this post and share some useful insights with you.

“The origins of Hashcash

“Hashcash was created in 1997 by British cryptographer Dr Adam Back. Interestingly, his aim was not to create a digital currency, but to stop email spam. Back devised a system whereby people sending emails would have to solve a small computer puzzle before sending the email. This process, known as proof of work, was not difficult for a single sender, but it made it much harder and more expensive to send thousands of junk emails.

The idea was simple: by putting a price on the cost of sending e-mails in terms of computer resources, spammers would be deterred from sending large amounts of spam. Although initially an anti-spam tool, the proof-of-work concept of Hashcash later became a key part of the Bitcoin mechanism.

How Hashcash shaped the Bitcoin mechanism

When the mysterious Satoshi Nakamoto created Bitcoin in 2008, he relied on the same proof-of-work concept introduced in Hashcash. Nakamoto designed Bitcoin to be decentralised, i.e. no single person or group controls the network. To achieve this, Bitcoin needed a way to secure its transactions and prevent fraud.

That’s where Hashcash comes in. “In Bitcoin’s proof-of-work system, computers called miners solve complex puzzles to verify transactions. Solving these puzzles requires computing power, just as Hashcash required effort to send emails. Once the puzzle is solved, the transaction is added to the blockchain, a public ledger of all Bitcoin transactions.

Why proof of work is so important

“The Hashcash-inspired proof-of-work system is crucial to Bitcoin’s security and decentralisation. It ensures that anyone who wants to validate transactions has to invest time and resources, preventing individuals from taking over the network. The system also makes it very difficult to reverse transactions, which is essential to ensure Bitcoin’s credibility.

Without Hashcash, Bitcoin’s proof-of-work mechanism would not exist in its current form. The algorithm has provided a roadmap for securing the decentralised system and Bitcoin has adapted it to create a digital currency.

Hashcash’s lasting legacy

Hashcash may have started out as a tool to fight spam, but its impact has been much greater. The proof-of-work system it introduced is now a crucial part of the Bitcoin mechanism, ensuring that the network remains secure and decentralised. In fact, many other cryptocurrencies use Hashcash-based proof-of-work systems, which shows the impact that this algorithm has had.

“At Bintense, we value early innovations such as Hashcash that paved the way for modern cryptocurrency. Understanding these origins helps us better understand how Bitcoin and other cryptocurrencies work today.

In summary, the simple but effective idea of a proof of work for Hashcash has had a significant impact on the evolution of the Bitcoin mechanism. What started as a tool to stop email spam has become one of the main foundations of the entire cryptocurrency world.

The upcoming 2024 US presidential election has sparked curiosity in all markets, and the world of cryptocurrencies is no exception. With both Democratic and Republican candidates making bold promises to cryptocurrency holders, many are wondering whether the race between Kamala Harris and Donald Trump will have a significant impact on the price of cryptocurrencies. Here at Bintense, we believe that there are a number of short- and long-term factors to take into account as the election progresses.

Election year promises and their short-term impact on cryptocurrency prices

Both parties in this election cycle have tailored certain promises to appeal to the cryptocurrency community. Kamala Harris hinted at a progressive approach to financial technology, while Donald Trump talked about reducing regulatory restrictions. At first glance, these positions appear to be positive for the price of cryptocurrencies and may cause some optimism among individuals.

But regardless of who wins, any significant and lasting impact on cryptocurrency legislation will require the cooperation of Congress, which has historically been wary of cryptocurrencies. Even if a new President were willing to create an environment favourable to cryptocurrencies, he or she would face an intense legislative process to push through significant policy changes.

This political reality means that while the elections may cause short-term excitement in the markets, it is unlikely that the price of cryptocurrencies will change in the long term just because of who is sitting in the Oval Office.

How electoral uncertainty drives risk aversion

We have noticed that in the uncertainty that precedes important elections, people tend to wait and watch. During such periods, people often opt for safer assets, leading to a rise in the US dollar and in Treasury yields.

As people become more cautious and seek stability in the dollar, this risk aversion can put downward pressure on the price of cryptocurrencies. Rising Treasury yields further strengthen the dollar, making cryptocurrencies less attractive.

These patterns suggest that even in the absence of any major policy changes by the incoming President, the general uncertainty surrounding the elections may still have an impact on cryptocurrency markets, but mainly through an indirect channel.

Cryptocurrency price and future market factors

US elections often have a ripple effect on global markets, and the cryptocurrency market is no exception. Despite the excitement surrounding the candidates’ promises, the future of cryptocurrencies may be more dependent on other factors, such as Federal Reserve policy or global regulatory changes, than on the promises of the US President alone.

Cryptocurrency holders may experience volatility in the coming months, with price fluctuations driven by election-year promises and caution. However, as always, it is useful to remember that cryptocurrencies have historically been shaped by various global factors.

Here at Bintense, we remain committed to helping you navigate these changes by providing insights and news, keeping a close eye on both the market and the regulatory environment.

Finally, while the US elections may cause a short-term stir, they are unlikely to change the price of cryptocurrencies for long. The broader cryptocurrency landscape continues to evolve rapidly, but for the time being it is unlikely that a new administration alone will be a decisive factor in long-term price changes.

When you’re preparing for your dream holiday, the last thing you want to worry about is how you’re going to manage your money when you’re travelling to new places. Whether you’re relaxing on the beach or hiking in the mountains, knowing the best way to pay your money abroad is essential for a stress-free trip.

More and more travellers are using cryptocurrencies to pay for international purchases – and for good reason. “At Bintense, we encourage our customers to better understand the benefits of using cryptocurrencies, also abroad.

Disadvantages of traditional payment methods

We’ve all been there: when you need to exchange cash at the airport or face unexpected credit card fees abroad. Traditional payment methods such as exchanging cash or using a credit card cause a lot of headaches.

Exchanging cash is not only inconvenient, but often involves poor exchange rates and high service charges. In addition, you may have to carry large amounts of foreign currency, which is not the safest option.

On the other hand, credit cards seem more convenient, but there are a number of problems with them. Foreign transaction fees can add up quickly, and your bank may block transactions on suspicion of fraud just because you shop in another country. In addition, fluctuating exchange rates can make budgeting difficult.

Why cryptocurrency payments make sense

Now let’s talk about why paying with cryptocurrencies can make your life easier. First of all, you are cutting out the middleman. No banks, no exchange offices and no hidden fees. When you pay in cryptocurrency, the transaction is direct, simple and transparent. You know exactly how much you’re paying and what you’re getting in return – no surprises.

In addition, cryptocurrencies are not tied to a single country, so you avoid exchange rate fluctuations. Whether you are in Paris or Tokyo, your cryptocurrency keeps its value. No more checking exchange rates every day or regretting exchanging too much (or too little) cash.

Using cryptocurrencies is particularly useful if you are travelling to countries where local currencies are unstable or where capital is strictly controlled. You will be able to bypass restrictions and buy freely, while your funds are safe.

Fast, secure and global

Another advantage of paying with cryptocurrencies is fast and secure transactions. Payments are processed almost instantly, so there’s no need to wait for card validation or worry about declined payments. In addition, cryptocurrency transactions are highly secure, as encryption and decentralised technology make fraud almost impossible.

As cryptocurrencies become increasingly popular, many hotels, restaurants and retail stores accept cryptocurrencies. So if you’re worried about finding places that will accept your digital wallet, you’ll be pleasantly surprised how many businesses around the world have integrated cryptocurrencies as a payment method.

Conclusion

Whether you are a frequent traveller or planning a one-off trip, paying with cryptocurrencies is a smart, safe and convenient option. At Bintense, we recommend avoiding the pitfalls of traditional payment methods and enjoying your holiday without worrying about extra fees or currency headaches. With cryptocurrencies, you are in control of your travel funds, which is true freedom.

Navigating the world of cryptocurrencies can be overwhelming, but Bintense makes the process of selling cryptocurrencies simple and secure. As a professional exchange platform, we prioritise user experience and security, so we follow an easy-to-understand process at every step. Here’s a detailed overview of how to sell cryptocurrencies on our platform, from setting up your account to receiving the funds in your bank account.

Setting an account

If you are a new visitor to our website, you must first create an account. Registering is easy, you just need to provide basic personal information. This initial step is crucial not only for creating a secure platform, but also for complying with regulatory standards.

Once you have registered, you will be required to complete a user validation process, during which you will submit a KYC (Know Your Customer) form. The KYC process is important because it confirms the user’s identity and compliance with regulatory standards.

To validate your account, you will fill in a questionnaire with your identification details and provide all the necessary documents, such as a photo ID. We may also carry out a live identity check to make sure you are who you say you are. This depends on the amount you want to sell. If you want to exchange a small amount, KYC requires little documentation and is easy to complete.

How to sell crypto on Bintense

Once your account has been verified and activated, you can start changing. Here’s how to sell cryptocurrencies on the platform.

Once you’re logged in, go to the main dashboard and find the “Sell” option. Here you will see your cryptocurrency holdings. Select the specific coin you want to sell. Whether it’s Bitcoin or Ethereum, depending on your goals, you can sell all or part of your holdings. Once you have selected a coin, enter the exact amount you want to sell.

Once the order information has been entered, a summary will be displayed on the platform, showing the current rate, transaction fees and expected sales revenue. This summary must be reviewed carefully to ensure that you are happy with the final order before proceeding with the transaction.

Once everything looks correct, confirm your order. This step also includes agreeing to the terms and conditions of the sale – another level of transparency in line with our commitment to secure and professional transactions.

Receipt of funds

Once your order has been processed, we will start transferring fiat currency (e.g. USD or EUR) to your linked bank account. At this stage, our team performs compliance checks to verify the transaction, helping to ensure a safe and legal transfer. These additional compliance measures protect both you and the exchange from unauthorised activity.

Once the transaction has been fully processed, you will receive a confirmation email and the fiat currency will be transferred to your bank account shortly after. The time taken may vary depending on the banking institution, but Bintense strives to make the process as smooth and timely as possible.

Selling cryptocurrencies on our platform is designed to be simple, secure and efficient. By providing step-by-step guidance and support, we empower users to confidently sell their cryptocurrencies – from novices to experienced enthusiasts.

“Core Scientific is a name you may have heard if you’re immersed in the world of cryptocurrencies, but what exactly does this company do and why is it so important?

In this blog, we explain everything in simple terms, especially for those who are new to cryptocurrencies.

What exactly is the basic scientific method?

“Core Scientific is a heavyweight in cryptocurrency mining, especially in the United States. They run huge data centres with rows of specialised computers. These machines are not only demonstration machines, but also do the crucial work of validating transactions and creating new tokens in the world of Bitcoin and other cryptocurrencies. We call this whole process “mining”.

But don’t think that mining is as simple as just turning on your computer. Not only does it require expensive specialised equipment and in-depth technical knowledge, it also requires huge amounts of electricity. To make the most of the resources available, Core Scientific has carried out mining operations in several US states such as Texas, North Dakota and Georgia.

In 2021, this company was on a high and valued at an impressive $4.3 billion. However, as in the financial world, fortunes can change quickly.

“At Divicoins, we understand the complexities of the cryptocurrency world and offer you a secure platform where you can exchange bitcoins and take advantage of cryptocurrency quotes today. Please note that our platform is intricately designed to make your transactions secure, fast and efficient.

Why did Core Scientific go bankrupt?

In 2022, the cryptocurrency market was hit hard by what many called the “cryptocurrency winter”. During this difficult period, Bitcoin’s value plunged by more than 60%, which meant problems for Core Scientific.

They were involved in Bitcoin mining, but as the value of the digital currency plummeted, their operating costs – huge bills for running huge data centres – remained very high. With no cash flow to cover its mounting debts, Core Scientific had no choice but to declare bankruptcy in December 2022.

But they did not just disappear. “Core Scientific has managed to regroup, restructure its finances and return in early 2024. After converting part of their debt into equity (in effect, equity stakes), they reduced their liabilities and continued with their mining operations. So, instead of disappearing, it emerged from bankruptcy ready to fight another day.

Why is the key scientific element important? Here’s how it could affect the price of crypto today

“Core Scientific is not just any cryptocurrency mining company – it is a big company. Even after going through bankruptcy, they mined more than 13,700 bitcoins in 2023 alone. And when bitcoin prices started to rise again in 2023, the company followed suit.

They recently struck a huge deal worth $6.7 billion with CoreWeave, an NVIDIA-backed company focused on artificial intelligence cloud infrastructure. This partnership is expected to generate an additional $2 billion in revenue over the next 12 years, establishing Core Scientific as a major force in the ever-growing field of cryptography and artificial intelligence.

Now let’s dive into how Core Scientific is influencing the price of cryptocurrencies today. As one of the largest miners of bitcoins, their activities have a direct impact on the supply of new BTC entering the market. When Core Scientific increases production, it increases the supply of Bitcoin, which can lead to a fall in price if demand does not keep up.

But there is more to this story. The company’s ability to stay in business and even expand in difficult market conditions is a reassuring sign for the wider cryptocurrency market. Market participants see that even in the worst of times, Core Scientific can continue to operate, which builds confidence. This confidence can stabilise prices or even push them higher.

In addition, the company’s recent shift towards artificial intelligence and high-performance computing shows that they are not putting all their eggs in the cryptocurrency basket. By diversifying their revenue streams, they are less exposed to the ups and downs of cryptocurrencies, and therefore more resilient overall. This resilience can have a positive impact on market sentiment and the value of cryptocurrencies.

On the other hand, this move could also mean that Bitcoin mining is not as profitable as it used to be, especially after the 2024 halving of Bitcoin, which halved the rewards for mining. With fewer new bitcoins entering the market, the supply may decrease, which will affect the price of cryptocurrencies today.

At Divicoins, we understand that these market fluctuations can be difficult to overcome. That’s why we’re committed to making sure you can take advantage of the price of cryptocurrencies today, no matter what happens in the market. Our platform offers instant purchase without the hassle of deposits, advanced fraud detection, seamless login, and top-notch data encryption to keep your transactions safe and smooth.

Risk warning: Exchanging digital currencies is considered a risky transaction with highly speculative outcomes. Buying or selling a cryptocurrency carries a high level of risk. The Company does not act as a financial advisor, nor does it provide investment advice or recommendations. The Company does not guarantee any profit from any activity related to its services. You should carefully consider whether owning digital currency is appropriate in your financial circumstances.

Cryptocurrencies have come a long way, and the financial instruments that facilitate cryptocurrency payments have evolved with them. One such innovation is the cryptocurrency credit card. But what exactly is a crypto credit card and how does it compare to the traditional credit cards we are all familiar with?

What is a crypto credit card?

In principle, a cryptographic credit card works similarly to a traditional credit card. You get a line of credit from the issuer, make a purchase, and pay the balance at the end of the billing cycle. The difference? Instead of receiving rewards in the form of cash back or travel points, you receive crypto payments. Depending on the card and your preferences, these can be popular coins like bitcoin, ethereum or even stablecoins.

Let’s say your card gives 2% back to restaurants. Instead of $2 cash back for a $100 dinner, you would get $2 worth of bitcoins or other cryptocurrency. These rewards go straight into your linked cryptocurrency wallet, making it very easy to accumulate digital wealth literally every day.

Our Divicoins platform makes it easy to convert fiat to multiple cryptocurrencies. And thanks to our strict security measures, you can rest easy knowing that your cryptocurrencies are well protected as you grow your digital portfolio with daily purchases.

Cryptocurrencies and traditional credit cards – a breakdown of conventional and cryptocurrency payments

Similarities:

• How they work: Both cryptocurrencies and regular credit cards can be used to make purchases and pay later. They have similar protections and privileges, especially if they are backed by big names like Visa or MasterCard.
• Earn rewards: Whether it’s a regular credit card or a cryptocurrency card, you get something back for your spending. Traditional cards can give you points, miles or cash back. Crypto cards, on the other hand, reward you with digital currency. Either way, your rewards usually accrue depending on how much you spend, and you get bonuses for certain categories.

Differences:

• What you earn: Big difference? The currency of your rewards. Cryptocurrency credit cards offer rewards in a cryptocurrency that can be both exciting and risky. 
• Taxes: Here’s something to consider – there may be tax implications associated with earning and spending cryptocurrencies. In many places, the conversion or use of cryptocurrency may trigger a taxable event, i.e. you may have to pay tax on any profit you make from the cryptocurrency reward. This is usually not a concern when using traditional cashback or points cards.
• Fluctuations in value: Unlike the stability of traditional rewards (a dollar earned today is still a dollar tomorrow), the value of crypto payments can fluctuate. This means that the cryptocurrency you earn may be worth more or less when you decide to use it, depending on market conditions.

Is a crypto credit card right for you?

Cryptocurrency credit cards are a unique way to dive into the world of cryptocurrencies, especially if you are already a fan of cryptocurrency payments.

When you spend, you earn digital assets, so it is a passive way to increase your cryptocurrency holdings. But remember that these cards don’t come without complexities. Market volatility and potential tax issues mean that these cards may be best suited to those who are already familiar with digital currencies and understand the risks.

And for participants who want to buy cryptocurrencies directly rather than waiting for rewards to accrue, Divicoins is your trusted partner in the world of cryptocurrency. Our streamlined registration and verification process ensures that you can access cryptocurrencies quickly and conveniently, whenever and wherever you need them.

Risk warning: Exchanging digital currencies is considered a risky transaction with highly speculative outcomes. Buying or selling a cryptocurrency carries a high level of risk. The Company does not act as a financial advisor, nor does it provide investment advice or recommendations. The Company does not guarantee any profit from any activity related to its services. You should carefully consider whether owning digital currency is appropriate in your financial circumstances.

The cryptocurrency market, and in particular the ether price, has experienced a dramatic decline in the first weeks of the month, leaving many market enthusiasts puzzled and worried. The sell-off, which caused $367 billion worth of Bitcoin and Ether to disappear, coincided with major downturns in global markets, especially in Japan.

But what exactly has caused this downturn and is there hope for recovery?

What is really happening with the price of airtime?

The recent fall in ETH is probably linked to some of the bigger problems around the world.

Markets in Asia and the Pacific, especially Japan, have been struggling. Japan’s main stock index, the Nikkei 225, fell by around 7% in the first week of August. Why? The Bank of Japan decided to raise interest rates to a level not seen for 16 years. Naturally, stakeholders became alarmed and started to sell their riskier assets, such as ether, in order to avoid getting burnt.

Across the ocean, in the US, the situation is no better. The Nasdaq index has also struggled, falling by 3.4% over the same period. This was due to the fact that corporate profits fell short of expectations and the jobs report was disappointing and showed signs of a slowing economy.

In addition, the Fed decided to leave interest rates where they are without promising to cut them in the near future, which made the situation even worse. All this has led investors to shy away from riskier assets, including ether.

No cryptocurrency scandal this time

Unlike some of the major crashes we have seen in the past, such as the FTX crash or the Terra debacle, this latest ether price drop is not because of anything wrong with the cryptocurrency itself.

This is mainly due to stronger economic forces. This may be of some comfort to cryptocurrency enthusiasts, as it means that digital coin technology is still sound. However, this scenario is still difficult for those who were hoping that the ether would continue to rise this year after previous successes.

The role of leverage and open interest

The other piece of the puzzle is what happened to the leverage positions. Privacy Policy (UK)

On 5 August 2024, the so-called “Bloody Monday”, the open interest (OI) fell sharply to $7 billion. This drop was caused by a large number of participants deciding to withdraw from their leveraged positions, which only added to the downward pressure on the price of ether. Leveraged trading can increase profits, but when things take a turn for the worse, losses can quickly accumulate and cause a snowball effect as more and more participants withdraw from trading.

Is there room for optimism?

Despite the recent downturn, there are already signs that the airwaves may be recovering. Ethereum has now regained a large part of its value, which means that it will go up. The buy-sell ratio of Ether is looking better, and if the OI starts to stabilise, we could see a recovery on the horizon.

However, it is important to note that this recovery process is not fast and is highly dependent on a number of external factors, such as global economic conditions and interest rates. If they improve, the ether price may follow suit.

In these unpredictable times, it is more important than ever to ensure the security of cryptographic transactions. That’s where Bintense comes in. We are a trusted cryptocurrency exchange where you can exchange your Ethereum quickly and securely, knowing that your funds are handled with the highest security standards.

“Bintense was created to offer a better and safer way to exchange digital coins. We strive for efficiency, transparency and convenience.

Looking to the future

The cryptocurrency market has always been a bit wild, and such downturns are nothing new. What matters is how the market recovers and whether the factors that caused the drop start to level out.

For now, it’s best to remain cautious. Don’t make decisions based on short-term market developments without looking at the bigger picture. Keep an eye on what is happening in the world and consider using platforms such as Bintense, where you can exchange cryptocurrencies instantly and without worry, even when the market is in turmoil.

Risk warning: Exchanging digital currencies is considered a risky transaction with highly speculative outcomes. Buying or selling a cryptocurrency carries a high level of risk. The Company does not act as a financial advisor, nor does it provide investment advice or recommendations. The Company does not guarantee any profit from any activity related to its services. You should carefully consider whether owning digital currency is appropriate in your financial circumstances.

When you think of Bitcoin, the first question that often comes to mind is “Who invented BTC?” The answer is not as simple as you think.

The mysterious creator known as Satoshi Nakamoto has been keeping the world guessing for more than a decade. Is Nakamoto a person, a group of people, or something else entirely? Let’s take a look at some of the popular – and slightly crazy – theories that have emerged over the past year.

The beginning of bitcoin

First, let’s rewind time. In 2008, during the global financial crisis, an unknown actor (or maybe several of them) called Satoshi Nakamoto published a paper that revolutionised what we know about money.

The idea was not only bold, but simple: to create a new kind of currency that would require neither banks nor governments to keep it running. In January 2009, the first Bitcoin transaction in history took place, and the world has not been the same since.

But this is where things get really interesting. After developing this game-changing technology, Nakamoto simply disappeared. In 2011, they disappeared from the public eye, leaving behind a groundbreaking invention and many unanswered questions.

Today, participants can easily buy and sell bitcoins on multiple platforms. At Bintense, we operate a leading cryptocurrency exchange, known for its highest level of security and unparalleled transparency. On our platform, participants can seamlessly exchange BTC and take advantage of market opportunities.

Who invented BTC? Let’s dive into the theories

Ever since Nakamoto disappeared, people have been trying to find out who invented BTC.

Some are more likely than others, but all are interesting.

1. Hal Finney – Pioneer

One popular theory is that Hal Finney, the first person to receive a Bitcoin transaction, may have been Satoshi Nakamoto. He was a brilliant cryptographer and a key player in the early days of Bitcoin. Unfortunately, he died in 2014, and if he was Nakamoto, he took the secret with him.

2. The CIA Plot – a government behind the curtain?

There is also a theory that Nakamoto is not a person at all, but rather a front for a government agency such as the CIA. It is thought that Bitcoin may have been a secret project to create a new financial system or to monitor illegal activities under the cover of anonymity. This is a favourite of conspiracy buffs, although there is no concrete evidence to support it.

3. Combination of technical companies

Here’s a lighter one: some people joke that “Satoshi Nakamoto” could actually be an acronym made up of the names of several technology companies – Samsung, Toshiba, Nakamichi and Motorola.

In reality, however, this is probably just a coincidence.

4. Len Sassaman – The Silent Genius

Another name is Len Sassaman, a respected cryptographer who has been active in digital security. Sassaman died in 2011, just a few months after Nakamoto’s last known communication. This timing and his expertise have led some to believe that he may have been the man behind the curtain.

5. The Alien Theory – Beyond This World

And for science fiction fans, what if Nakamoto isn’t even human? What if he is an alien, or maybe a group of intelligent beings who gave us bitcoins to encourage humanity to create a more decentralised and fairer society? It sounds crazy, but when it comes to the question “Who invented BTC?”, no theory seems too far-fetched!

6. Craig Wright – controversial claimant

In 2015, Australian computer scientist Craig Wright claimed to be Nakamoto. However, he was unable to provide strong enough evidence and much of the cryptocurrency community was not convinced. So the mystery continues.

7. Accidental genius – lost keys?

There is also the idea that Nakamoto may be just an ordinary person who, after creating Bitcoin, lost the private keys to his account and quietly disappeared. Imagine the frustration of creating something as big as Bitcoin and then losing access to it forever. Talk about a missed opportunity!

The final word

Whoever Satoshi Nakamoto was, he certainly knew how to cover his tracks. As far as we know, they are living quietly somewhere, enjoying the anonymity they have worked so hard to maintain. Or maybe they died many years ago, leaving the keys to those huge Bitcoin accounts behind forever.

The truth is that we may never know who invented BTC, and perhaps that is part of the charm. “At Bintense, we strive to nurture the spirit of innovation that Nakamoto brought to the world. That’s why we offer a cryptocurrency exchange system that is as secure as it is easy to use.

So while the world may continue to speculate on Nakamoto’s identity, you can participate with us in the digital currency field, knowing that your assets are safe.

Risk warning: Exchanging digital currencies is considered a risky transaction with highly speculative outcomes. Buying or selling a cryptocurrency carries a high level of risk. The Company does not act as a financial advisor, nor does it provide investment advice or recommendations. The Company does not guarantee any profit from any activity related to its services. You should carefully consider whether owning digital currency is appropriate in your financial circumstances.

In early July 2024, after recording a significant decline, the price of Bitcoin fell to its lowest level since late February. This fall to a low of $53,600 on 5 July was mainly due to the fact that the Mt. Gox transferred a large amount of BTC to a new wallet, possibly to pay off creditors. There were fears that the creditors would sell the coins as soon as they received them, resulting in huge selling pressure in the market. The broader digital asset market also felt the heat, with the CoinDesk 20 index down around 6%.

Nevertheless, these events have since been overshadowed by a bounce in the Bitcoin price above $62 000, indicating a bull run. The price of BTC is currently above $64 000, indicating that the market is slowly stabilising.

At Bintense, we believe that you should be well aware of all market developments before buying and selling cryptocurrencies. Let’s discuss this recent event and its impact.

What caused Bitcoin’s price to plummet?

The recent fall in the price of bitcoin can be attributed to several factors:

“Mt. Gox return. Gox is expected to return 140,000 BTC, which is equivalent to approximately $7.3 billion. The expectation that these coins will be sold on receipt has led to volatility and selling pressure.

Liquidation by the German government: the continued liquidation of BTC by the German government has also contributed to selling pressure in the market. This liquidation was massive, causing market volatility.

Bitcoin Miner capitulation: miners are unloading more BTC than usual due to low revenues after the recent halving cycle. This sell-off is necessary to cover their operating costs.

Stablecoin issuance has stalled: circulation of USDT and USDC stablecoins is down, so no new capital is entering the market.

Record long liquidation: long BTC positions are liquidated in record numbers, causing the price to drop due to automatic selling to cover losses.

ETF outflows: another factor is the outflows from bitcoin spot ETFs. This means that a large number of bitcoins are being sold to meet investor redemptions, which brings more bitcoins into the market and drives down the price.

Why you should not worry

The recent fall in the price of Bitcoin may be worrying, but it is important to note that such fluctuations in Bitcoin have often happened before. These fluctuations are sometimes part of the cyclical processes of the rise and fall of this cryptocurrency. Here are a few reasons why you should not be too worried:

• Historical cycles: bitcoin has experienced a series of downturns and subsequent upturns in recent years. Such cycles are inevitable in its long-term growth. After hitting new lows, bitcoin bounces back and starts to rise again.
• Market recovery: after dropping to almost $50,000, bitcoin started to climb up, recovering above $62,000. This rebound shows that the market is recovering and slowly regaining confidence.
• “Bullish Momentum: Experts believe that the BTC/USD pair will continue its uptrend. For example, renowned cryptocurrency analyst Rekt Capital has pointed out that a new wave of bitcoin growth could start soon, reaching up to $71 000 per coin.

Bigger picture

It is important to put the current decline in bitcoin prices in the broader context of the functioning of the single market. Price volatility is driven by market sentiment, regulatory action and macroeconomic factors. Nevertheless, the future of Bitcoin is promising and many analysts expect the price to continue to rise over time.

To summarise, while the recent fall in the price of Bitcoin may seem alarming, it is a common occurrence in the cryptocurrency market. In order to cope with these market changes, it is essential to use reliable sources such as our Bintense to purchase Bitcoin and increase your cryptocurrency options.

Refusal to take risks:

“Bintense does not act as a financial advisor, nor does it provide investment advice or recommendations. We may provide information about the price, range, volatility and events that have affected the price of a digital currency, but this does not constitute investment advice and should not be interpreted as such. Any decision to buy or sell Digital Currency is made solely at your own risk and Bintense shall not be liable for any losses incurred.

Hello everyone and welcome to our blog! Today we are going to talk about an important aspect of our work: the KYT. You may have heard of KYC (Know Your Customer), but KYT is just as important. Let’s dive into what KYT is and why it’s important, especially when it comes to cryptocurrency exchanges.

What is KYT?

KYT stands for “Know Your Deal”. It’s a process that helps financial institutions, including cryptocurrency exchanges like ours, Bintense, to monitor and analyse transactions. KYT helps us to ensure that all transactions on our platform are legitimate and do not involve illegal activities such as money laundering or fraud.

Why is KYT important for a cryptocurrency exchange?

Ensuring safety and security

KYT for cryptocurrency exchanges is vital to maintain a secure exchange environment. By monitoring transactions, we can quickly spot any suspicious activity. This helps to prevent illegal activity and protects our users from potential fraud. Just as a bank monitors transactions to prevent suspicious activity, we do the same with KYT to keep our platform secure.

REACH

Governments and regulators around the world require financial institutions to comply with certain rules. KYT helps us comply with these rules. This allows us to operate legally and continue to provide services without disruption. Compliance is key to avoiding fines and legal problems, and to ensure that we can serve you better.

Prevention of money laundering and fraud

One of the main reasons for introducing KYC is to prevent money laundering and other fraudulent activities. By analysing transactions, we can identify patterns that may indicate illegal activity. This helps us to take swift action to stop these activities and, where necessary, report them to the authorities.

How KYT works in practice

Transaction monitoring

“At Bintense, we use advanced software to monitor every transaction on our platform. This software looks for unusual patterns or actions that could indicate something suspicious. For example, if a user suddenly starts making large transactions after a period of inactivity, this could be a red flag.

Risk assessment

The risk of each transaction is assessed. Transactions with a higher risk of being linked to illegal activities are flagged for further investigation. This does not mean that every transaction flagged is illegal, but it does mean that we take a closer look at the transaction to make sure that everything is legal.

Reporting and actions

If we detect a suspicious transaction, we take action. This could include freezing the transaction, contacting the user for more information, or reporting it to the authorities. Our goal is to stop illegal activity before it causes harm to our users or our platform.

Although we are talking about KYT in the context of cryptocurrency exchanges, it is worth noting that this process is also used in traditional financial institutions. Banks and other financial institutions use KYT to monitor transactions and ensure that they comply with regulations. This is a standard practice to help ensure the security of the financial system.

Conclusion

KYT for cryptocurrency exchanges is an essential part of maintaining a safe and secure platform. To protect our users and ensure regulatory compliance, we take KYT seriously. By monitoring transactions and assessing risk, we can prevent illegal activities and create a safer exchange environment for everyone.