Nobel Prize winner Paul Krugman complained on Twitter Wednesday that he was experiencing issues with the centralized payment processor Venmo. His tweet was followed by a barrage of bitcoin supporters who insisted that Krugman was now realizing the importance of censorship-resistant payment systems.

Krugman’s Experience Highlights the Growing Interest in Censorship-Resistant Payment Systems

Nobel Prize winner and author Paul Krugman, who famously wrote in 1998 that “by 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s,” had issues with a third-party payment provider. On Wednesday, Krugman announced on Twitter that he was busy but needed to explain the situation.

“Too busy to tweet. But not to vent,” Krugman said. “I’ve been using Venmo for years, but now it won’t allow me to make payments. I spent a long time in chat with representatives, and they told me that they can’t explain why — or fix it. The software has taken control.”

Paul Krugman follows the school of Keynesian economics and has been a long-time skeptic of bitcoin. He was quickly criticized by several bitcoin proponents, including Microstrategy’s Michael Saylor, who insisted that “Bitcoin fixes this.”

One Twitter user even quoted Krugman, asking “Exactly what is [bitcoin] supposed to be doing that we don’t already mostly do?” In the past, the economist has compared the cryptocurrency market to the subprime mortgage crash and is well-known for his skepticism toward bitcoin.

Krugman expressed his frustration with Venmo on Twitter, and the thread quickly became filled with commentary about bitcoin. Despite numerous statements, the economist did not respond to the crypto fans. One individual quoted from the bitcoin white paper, saying “Try a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.”

Shortly after Krugman’s first tweet, the economist explained that his tweet helped resolve his issue with Venmo. “And tweeting got results. A representative called and we seem to be up again,” Krugman told his 4.5 million social media followers. Krugman’s experience with Venmo is not unique, as billionaire Mark Mobius recently detailed his own difficulties in getting funds out of HSBC China. Mobius’s issues were also criticized by bitcoin enthusiasts, who pointed out that he should understand the importance of censorship-resistant money like bitcoin.

What are your thoughts on Paul Krugman’s Venmo issues and the criticism he received from bitcoin supporters over his views on cryptocurrency? Share your thoughts on this subject in the comments section below.

Brazilians will now be able to pay part of their state taxes using cryptocurrencies. Banco do Brazil, a mixed ownership bank, is launching the option of paying a set of taxes with crypto, using Bitfy, a Brazilian cryptocurrency startup, as a payment processor, exchanging the cryptocurrencies paid for Brazilian reals on the fly.

Brazilians Will Have the Opportunity of Paying Taxes With Crypto Using Banco Do Brazil

Cryptocurrencies are making inroads when it comes to their usability in Brazil. Banco do Brazil, one of the oldest banks in Brazil, and in part owned by the Brazilian government, has added the option for Brazilians to pay state taxes with cryptocurrencies using its platform. The bank is using the services of Bitfy, a cryptocurrency payments processor, as a bridge to complete these payments, according to reports.

The company advertises its solution as the first of its kind, stating that the adoption of blockchain technology will optimize public processes, bringing more transparency and credibility to institutions. Lucas Schoch, CEO and founder of Bitfy, stated:

We will drive the adoption of the new defi economy, developing the necessary infrastructure to increase autonomy and democratize the use and access to the digital asset ecosystem throughout Brazil.

Bitfy, which received an investment from Banco do Brazil in November looking to integrate tokenization and payment services in its portfolio, also announced the lineup of cryptocurrencies supported for these payments. Among these are bitcoin, ethereum, decentraland, chainlink, algorand, solana, ripple, polkadot, avalanche, dash, and binance coin, which will have to be deposited on the app wallet to be used.

Payment Processes

This development is possible due to agreements that Bitfy has made with government institutions, expanding the reach of its tax payment tools nationwide. The process of paying taxes with this tool will include the input of a payment number or the scan of a barcode for the payment, which will be processed by Bitfly immediately, exchanging cryptocurrencies for Brazilian reals and transferring them to the institutions.

The announcement brings a new use for cryptocurrencies in the country, after the recent sanction of a cryptocurrency law that opens the door for the inclusion of these assets in more financial activities in Brazil.

Binance is also working to get a share of the crypto payments market in the country, having announced the launch of a prepaid crypto card in January, as part of its expansion push in Latam.

What do you think about Banco do Brazil and the option it gives Brazilians of paying taxes with cryptocurrency? Tell us in the comments section below

Turkish authorities have reportedly seized $40 million in cryptocurrency and detained 46 people in an illegal betting investigation. “This operation came out of Turkish Cyprus and is linked to the murder of Halil Falyalı,” Turkish Minister of Interior Süleyman Soylu said.

Turkey Confiscates $40 Million in Cryptocurrency

The Office of the Ankara Chief Public Prosecutor’s Smuggling and Organized Crime Investigation Bureau issued an order detaining 46 suspects and confiscated $40 million in cryptocurrency Wednesday, the Daily Sabah reported.

The detention and seizure were part of an illegal betting investigation in eight provinces: Ankara, Batman, Bingöl, Kayseri, Kırıkkale, Muş, Van, and Yozgat.

The suspects allegedly mediated the transfer of illegally obtained funds to the crypto accounts of a criminal organization that includes Halil Falyalı and his wife.

Betting and casino tycoon Halil Falyalı was shot dead on Feb. 8 in an armed assault near his house in Kyrenia, a city on the northern coast of Cyprus. He allegedly led the illegal betting business that is being investigated, the publication conveyed, adding:

A net amount of TL 2.5 billion [$134.5 million] worth of cryptocurrency was transferred to the cryptocurrency accounts of a group of 11 people, including Falyalı and his wife.

“Around $40 million of crypto assets, which were detected to be transferred to crypto asset exchanges in the country and abroad, were seized,” the publication further detailed.

Noting that “This operation came out of Turkish Cyprus and is linked to the murder of Halil Falyalı,” Turkish Minister of Interior Süleyman Soylu said:

A transfer of approximately TL 2.5 billion of money occurred. Approximately $40 million of money has been confiscated at the moment. But this is just the beginning.

According to several Turkish news outlets, bitcoin (BTC) and tether (USDT) were seized.

What do you think about Turkish authorities seizing cryptocurrency? Let us know in the comments section below.

Since 1955 Guinness World Records (GWR) has published a reference book annually that covers world records from extreme natural events to human achievements. This year, Bitcoin has entered the fray as the world’s first and most valuable cryptocurrency network as GWR has added the subject to this year’s annual records.

Satoshi Nakamoto’s Bitcoin Enters the Guinness Book of World Records

Satoshi Nakamoto’s cryptocurrency and blockchain network, Bitcoin, has received a number of accolades over the years, and it’s been recognized by mainstream media sources and traditional mediums. For instance, in 2016, the word “bitcoin” was added to the Merriam-Webster Unabridged Dictionary, and two years later it entered the Scrabble lexicon. This year, Guinness World Records (GWR) has given recognition to Satoshi Nakamoto’s invention as bitcoin is considered the “first decentralized cryptocurrency.”

Guinness World Records has been formally recording records from various human achievements and extreme natural events for 67 years. Records show the first edition of Guinness World Records was the top book on the best-seller list in December 1955. The book still features a significant catalog and verification of world records tied to numerous acts and record-breaking achievements. The idea of creating a book of records originally derived from the managing director of Guinness Brewery, Sir Hugh Beaver.

While It’s an Achievement for Bitcoin, Guinness World Records Summary Contains Errors

The summary of bitcoin featured in the latest Guinness World Records describes how the project’s white paper was published online in 2008, and the Guinness authors say Bitcoin was “developed as a solution to the challenge of regulating a digital currency without any centralized organization, or ‘trusted third party,’ to oversee transactions.” The GWR authors further detail that the network Satoshi Nakamoto created solved the double spending problem. The 2022 GWR record states:

The Bitcoin network [solves] the double spend problem with a “trustless” mechanism that does not require any third-party (e.g., banks) to verify transactions; and it achieves that with validators (i.e., miners, in PoW.) Miners are computers dedicated to the network to validate all transactions and prohibit any bad actors.

The category GWR researchers put Bitcoin in is “first,” as in the “First decentralized cryptocurrency.” The date recorded for the record-breaking “first” is January 3, 2009, the day Bitcoin launched. While the GWR addition is an achievement, some of the factoids provided by GWR researchers are wrong.

For example, it has recorded the wrong date of publication for the original Bitcoin white paper which was on October 31, 2008, and it erroneously cites Satoshi Nakamoto as having 600,000 BTC in a single wallet that “has been inactive for more than a decade.” This information is factually incorrect as Nakamoto’s stash does not reside in a single wallet and the BTC held by the inventor is estimated to be around 1 million BTC as opposed to the 600,000 BTC quoted by GWR.

What do you think about Bitcoin being added to the Guinness World Records list as the first decentralized cryptocurrency? Let us know what you think about this subject in the comments section below.

Bitcoin and cryptocurrencies, they’re not for everyone. At least, in the “knowledge” department. Despite their massive popularity, still, not everyone have heard – or know – about them. 

More and more people, organizations, and private companies are joining the bandwagon and getting involved in cryptocurrency. That’s not surprising.

At the same time, more people are also unaware that crypto exists. And that can be surprising.

Thus, talking about Bitcoin could sometimes get a bit out of hand especially now that a recent research shows over 60% of the world’s population have no idea what cryptocurrency is.

After all, it’s better to talk about the highly volatile asset class when those who listen know what is being talked about.

Study Uncovers Sad Truth About Crypto

Consumer insights provider Toluna conducted a research that involved 10,500 individuals coming from four regions and 19 markets, aged 18 to 64 years old.

The study found out that Bitcoin and its fellow cryptocurrencies are the second most popular types of investment next to stocks after 57% of the respondents said they were aware of the asset class.

Interest in #cryptocurrency has continued to grow over the past decade, and it’s beginning to find footholds in our daily lives.

Download wave two of our global #consumeropinion report here: https://t.co/qmFUipq6wZ#crypto #digitalcurrency #consumerinsights #marketresearch

— Toluna Corporate (@TolunaCorporate) October 11, 2022

Despite this positive development for the digital currency space, a deeper dive into the result of the survey revealed 60% of those who participated did not understand what crypto is. Moreover, 28% of those surveyed said cryptocurrency is not a secure investment. 

Additionally, 32% of the 10,500 respondents said they haven’t made any investment into the asset class as they lack full understanding of the full operating mechanism of cryptocurrencies.

The Toluna survey also confirmed that emerging countries are more welcoming of bitcoin and other cryptocurrencies.

Cryptocurrencies: Winning The Trust Of The Masses

In an article written by Geri Mileva of online publication Influencer Marketing Hub, some essential cryptocurrency statistics that appear to be the driving force for the asset’s rise in popularity were shared.

In July of this year, the entire crypto market cap stood at $1.76 trillion. Such a milestone value was possible to achieve as confidence towards cryptocurrencies was almost 100%.

Bitcoin showed amazing appeal to Millennials as they see it as a “safe haven asset.” The crypto king, however, has been struggling for the past weeks. At press time, according to Coingecko, BTC is changing hands at $19,092, down by 5.3% in the last seven days.

Meanwhile, despite a significant drop in crypto prices, investors remain upbeat about cryptocurrencies. 

Paying with Cryptocurrency survey conducted by BitPay and PYMNTS revealed an interesting reason behind the unwavering involvement of investors in the crypto space.

About 50% of the respondents said their motivation is the prospect of making money or earning profit from their crypto investment. 

Interestingly, 15% of those surveyed said they purchase cryptocurrencies due to fear of missing out (FOMO).

BTC market cap at $364 billion on the daily chart | Featured image from English 9 Vocabulary, Source: TradingView.com