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Bitcoin [BTC] mining system is coming to Jack Dorsey’s Square

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Jack Dorsey, the founder of Square, has announced reviewing plans to build a decentralized Bitcoin [BTC] mining system based on custom-designed silicon intending to make it more accessible to both retailers and large institutions on a global scale. In his latest tweet, the CEO of the social media giant, Twitter pointed out the current BTC mining scenario in terms of distribution, energy efficiency, concentration, etc, and stressed the urgent need to transform the prevalent system. Revealing more about the master plan he said,

“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.”

Accordingly, Dorsey said the proposed project, if successful, would align with the ideals of Square’s own hardware wallet model i.e, to build an open-source and in collaboration with the community as a whole. In his tweet, the CEO also revealed that the technical specifics would be handled by its team of engineers led by Hardware Exec Jesse Dorogusker and concluded the post by hoping for suggestions or queries from the community with regards to its proposed plan.

The latest details caused the price of Bitcoin [BTC] to surge briefly and climb nearly $62,700. This was enough to send the market investors into a frenzy, renewing hopes to cross the all-time high of $64,863. At the time of writing, BTC was trading at $61,521 after an increase of 3.57% in the past 24-hours.

Jack Dorsey’s tryst with Bitcoin [BTC]

The Twitter head is known for his staunch support towards the crypto industry and has always been a big Bitcoin bull. In September this year, the micro-blogging website officially integrated Bitcoin tipping services through Lightning Network [LN] focused third-party payment app, Strike. MicroStrategy’s CEO Michael Saylor, on Twitter, shared a video of Strike Founder Jack Mallers showing how the firm’s API integration had opened up opportunities for a faster and unified global remittance payment system.

In addition to that, Square recently doubled up its BTC investment from $220 million to $470 million adding 8,027 Bitcoins in its reserve ranking third behind blockchain intelligence company Microstrategy and Elon Musk-led Tesla.

Crypto tipping is the latest addition to social media giant Twitter

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The crypto market witnessed the entry of an array of platforms. While several significant firms have been supporting the crypto-verse right from the beginning, they have started to elevate their presence in the market. Social media platform, Twitter has time and again expressed its interest in the digital asset industry. The founder of the social media giant, Jack Dorsey has been an avid supporter of Bitcoin [BTC].

Now, Twitter has added a new feature to further show its support for the market.

The value of the industry surged to an impeccable height. This further drove several prominent platforms, banks, and governments to incorporate crypto into their respective system. Twitter went on to add the crypto tipping option with which users can pay via the platform.

Crypto comes to Twitter

In a recent blog post, the social media giant revealed that it was adding crypto as an option to its tipping jar. The crypto tipping option would further allow users to pay through Twitter. In the elaborate post, the staff product manager of Twitter, Esther Crawford noted that the option was out and ready to use for iOS users. However, the platform is yet to launch this option for Andriod users.

Users would have the Tips option right next to the Follow button on the profile. Twitter users can use an array of payment options to tip in digital assets. Third-party applications including, Cash App, Patreon, Venmo, Chipper, Bandcamp, Razorpay, GoFundMe, PicPay, and Wealthsimple Cash have supported Twitter’s latest move. These options would be available to users according to the region they reside in.

Alongside this, Twitter tips can be sent through the Bitcoin Lightning Network. This would further allow payments through the Strike application.

Crawford further spoke about the social media giant’s latest addition and said,

“We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible – help us get there.”

Users can tip accounts for an array of reasons. Users can even tip their favorite accounts or help small businesses.

TBD Bitcoin DEX: Jack Dorsey talks about the new division

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Twitter chief Jack Dorsey’s love for Bitcoin isn’t a new story. Time and again, the tattooed entrepreneur has made the world’s largest cryptocurrency his topmost priority and is doing everything to make Bitcoin the global currency of the internet. Dorsey had first mentioned Square’s brainchild “TBD,” BTC-centric DEX.

While sharing a Twitter thread written by Mike Brock, who happens to be the TBD lead at the payment firm, Dorsey revealed details about the direction of the initiative.

Brock’s tweet regarding the same read,

“There’s been a lot of speculation about what TBD is and isn’t. Over the last few weeks our team has been determining what needs to be determined. We wanted to finally share our direction, and we have some questions. We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.”

TBD Bitcoin DEX’s Objective

The exec revealed that the main objective behind the creation of the decentralized exchange is to address a critical issue in purchasing Bitcoin which typically involves exchanging fiat at a centralized and custodial service such as the CashApp of Coinbase. He mentioned that these on- and off-ramps to Bitcoin are plagued with a number of problems and argued that they aren’t distributed evenly across the world.

This is the problem that TBD aims to solve by making it seamless to fund a non-custodial wallet anywhere in the world with a platform to build on- and off-ramps into Bitcoin. This can be thought of as a decentralized exchange for fiat, Brock asserted.

He further stressed that the platform will be entirely developed in the public, open-source, open protocol, and any wallet will be able to use. There will be no foundation or governance model that TBD controls – In short, “Permissionless or bust.” He further went on to add,

“And here’s the question and challenge: what projects exist today to help us solve these problems in a Bitcoin native way? Now that we’ve determined our direction, you’ll hear a lot more from us as we progress. But for now, Thanks Bitcoin Denizens!”

Jack Dorsey’s Square to buy Afterpay for $39B in Australia’s largest-ever buyout

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Twitter co-founder Jack Dorsey’s digital financial platform Square has announced its plans to acquire ASX-listed buy now pay later behemoth Afterpay in an all-stock deal. At $29 billion, the transaction for the entire deal is said to be Australia’s biggest-ever buyout.

The founders of Afterpay, Nick Molnar and Anthony Eisen will continue to hold the position with the company.

Jack Dorsey asserted that both Square and Afterpay have a shared purpose to create a business to make the financial system fair, accessible, and inclusive. The exec claimed that the Australian ‘buy now, pay later’ firm Afterpay, has built a trusted brand aligned with those principles. Dorsey went on to add that company’s buy now, pay later feature would be implemented with its Seller and Cash app products.

“Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands.”

The main objective behind this acquisition is to facilitate the two entities to deliver innovative financial products and services that foster access to more users and encourage incremental revenue for merchants of all sizes. According to the official press release by the payment juggernaut, the transaction is expected to close in the first quarter of 2022, if all the closing conditions are met.

Commenting on the latest development, Alyssa Henry, Lead of Square’s Seller business stated,

“Buy now, pay later has been a powerful growth tool for sellers globally. We are thrilled to not only add this product to our Seller ecosystem but to do it with a trusted and innovative team.”

Square’s Bitcoin Revenue

Cash App, which happens to be the peer-to-peer payments service of the payment firm Square, raked in $2.72 billion in Bitcoin revenue in the second quarter of 2021. Interestingly, the yearly revenues rose by 200%. Announcing the impressive earnings figures, Square also revealed that its Bitcoin service accounted for the lion’s share of its total net revenue of $4.68 billion for the second quarter which was up by 143% year over year despite a series of market corrections.

Bitcoin revenue and gross profit declined from the first quarter of the year because of unstable prices that had an adverse effect on the trading activity as opposed to prior quarters.

Bitcoin [BTC] hits two milestones as price inches closer to $40K

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Bitcoin [BTC] broke the incessant rangebound price action to spike close to $40,000. Prior to the remarkable recovery, the asset appeared to be in danger of further declines after it fell below $30,000 just a couple of days ago. The latest price action reversed the losses as it posted weekly gains of 20.81%.

The market got a boost after Elon Musk asserted that he wants the crypto-asset to succeed and that his space-exploration company SpaceX still holds BTC. Prominent investor Cathie Wood also did not hold back as she went on to say that corporations should consider adding the crypto-asset to their balance sheets. The B-Word conference has definitely charmed the bulls to cross a crucial level as the world’s largest crypto continued to inch towards the $40,000 level.

Bitcoin’s winning streak catalyzes bullish momentum

Bitcoin’s break out of a seven-month downtrend on the RSI was no less dramatic. Despite its unprecedented run to the ATH above $60K, BTC’s price movement with the RSI hasn’t been in tandem. As a matter of fact, as the crypto-asset formed higher highs, the Relative Strength Index formed lower lows, this creating bearish divergence.

However, the recent leg up was enough to spur an intense buying sentiment.

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Bitcoin [BTC] hits two milestones as price inches closer to $40K 3

Bitcoin also broke the 50-day moving average [Pink] after a span of eleven weeks. A week before facing the death cross, the BTC price candles shifted below the 50 DMA. The trend has continued since then for over three months and attempts to breach the moving average had failed on multiple occasions. Since mid-May, things have turned worse for Bitcoin as it faced a series of obstacles, including escalating regulatory scrutiny in China, Europe, and several other parts of the world.

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Bitcoin [BTC] hits two milestones as price inches closer to $40K 4

However, the daily framed chart of Bitcoin now shows significant optimism. After reclaiming the 50 DMA, the crypto was now nearing the 100-day moving average and its gauge with the BTC price has never been narrower in the past three months.

Bottlepay Twitter Now Allows Users To Transfer BTC Through Tweets

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Just as the demand rises, innovation takes off too. Bottlepay, a digital payments platform seems to be addressing the latest magnitude of demand for Bitcoin.

The price of Bitcoin surged fivefold. This brought in increased attention to the king coin. The entire globe wanted to be a part of this digital movement. While governments are working out regulations that are crypto-friendly, several platforms have been rolling out services for easy accessibility of crypto. Crypto can be transferred in multiple ways, but Bottlepay announced that BTC could now be sent through a mere tweet.

Bottlepay To Facililtiate Bitcoin Transfers Via Twitter

Bottlepay garnered over $15 million in February through seed funding and even managed to roll out a beta version of the Bottlepay Twitter application. This app allowed users to send BTC through a tweet template,  “@bottlepay send 1,000 sats to @twitteruser.” The beta version alone managed to amass a whopping 20,000 users since 10 February. The app carried out transactions worth about $2.4 million with no major marketing.

The aforementioned tweet template can be used on Twitter which would automatically lead to BTC transfers. The chief executive officer of the platfrom , Mark Webster revealed that their innovation was steer towards “revolutionizing the global payments infrastructure.” Allowing people to carry out payments instantly on social media has elevated their move towards digitalization. He added,

“Today’s consumers want the power to move their money immediately, from anywhere in the world. Bottlepay’s social Bitcoin payments are a much-needed update on the clunky, outdated payment systems available up until now, and a leap towards smoother, easier transactions.”

The latest innovation could be greatly beneficial for the crypto-verse as Bitcoin recently recorded an all-time high of $61K. At the time of writing, BTC was trading for $58,330. BTC had preceded major platforms like Facebook, Tencent, and even the Alibaba Group in terms of market cap. Currently, BTC’s market cap is at a high of $1.09 trillion.

Did Justin Sun Just Bid $2M On Jack Dorsey’s First Tweet NFT?

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Yes, he did!

The concept of non-fungible tokens or NFTs might seem daunting, but they are the rage all over the cryptocurrency realm. The fandom is all agog at how rapidly NFTs are slowly going mainstream.

Owing to this, several well-known players were FOMOing as the craze showed no signs of slowing down. Today, we are talking about none other than Tron Foundation’s Justin Sun! He has updated his bet on Twitter CEO Jack Dorsey’s first-ever tweet, not once, not twice, not even thrice, but four times!

Dorsey’s NFT

For the uninitiated, Dorsey had listed the tweet for sale on the Ethereum based Valuables NFT marketplace on the 6th of March. While many hopped onto the train, the latest being the Silicon Valley billionaire who made a grand entry to the scene, it was actually Justin Sun whose highest bid stole the show.

The young crypto mogul first placed a bid of half a million dollars. Hours after which he updated it to $700k, then $1 million on the same day, then finally rising his bets all the way to a whopping $2 million for the piece.

The back-to-back tweets was enough to let the cryptocurrency community know that he really really wanted Dorsey’s NFT which reads “just setting up my twttr”.

Joining in the weekend buzz was Mike Novogratz, the CEO of Galaxy Investment Partners who went on to tweet that,

“Say what you want about Justin Sun, but the kid has gumption. And a lot of balls.”

The tech entrepreneur and Tron founder is now the highest bidder after this extravagant splurge of $2 million on the NFT. But this is not his first wild investment. Sun had previously placed a record-breaking $4.5 million bid to Warren Buffett’s Glide Foundation.

He had also donated $50k in Bitcoin to Anthony Pompliano’s Barstool Fund, and being the “big-mouthed” that he is, Sun wasted no time to tweet about it.

NFTs take the center stage

Digital art, collectibles, and virtual real estate have taken over the cryptocurrency industry by storm.

Celebrities, especially from the music industry, has been the early adopter of the space. Be it, Mike Shinoda, Snoop Dogg, Lil Yachty, Carl Cox, or Soulja Boy, the NFT market has emerged as a strong contender.

Dogecoin [DOGE] Trading Volume Sees Astonishing Figures

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Dogecoin [DOGE] has seen an impressive run this season. It was up by an astonishing 130% over the last weekly and was currently breezing through its recent record of $0.0792.

Thanks to several prominent figures like rapper Snoop Dogg, the former Kiss frontman, Gene Simmons who have demonstrated support for the Shiba-Inu featuring meme-coin, people are now investing heavily and declaring themselves fans on Twitter. But that’s not it.

But it was not until Tesla Chief’s series of tweets that sparked off a massive bullish spree for Dogecoin.

When Elon Musk Speaks, the world listens.

Dogecoin’s Price Madness

The seven-year-old coin is now the fourth-largest with respect to the 24-hours trading volume which was found to be at $9.942 billion.

Dogecoin had previously replaced several altcoins such as Bitcoin Cash [BCH] to climb to the 8th spot by market cap in the cryptocurrency ladder, a position that the token had failed to maintain following which it dropped to the 10th position.

Despite the slip, Dogecoin’s market value has more than doubled over the past week alone.

What further catalyzed Dogecoin was Musk’s yet another tongue-in-cheek tweet, saying “Who let the DOGE out” amid the rally. What started out as a joke coin back in 2013 was now riding a wave of game-changing popularity on social media, driven by the speculative frenzy of retail investors.

Dogecoin has the internet abuzz. However, many were quick to notice how Musk “shilled” DOGE for weeks but his company Tesla ended up buying a whopping $1.5 billion worth of Bitcoin. many pointed out that Musk successfully distracted the community with DOGE while secretly taking a gigantic bite of Bitcoin

This is what Coin Center’s Neeraj Agarwal had to say about the entire episode,

“My theory is Elon is very addicted to tweeting but knew he would get in trouble for posting about bitcoin too much before the 10-K. So he channeled his desire to post about bitcoin into posting about dogecoin.”

Despite all the theories by several industry experts and community members, Doge is now worth more than Western Union, Under Armour, and Xerox Holdings as investors continue to pour money.

Square To Battle Climate Change; $10M Allocated For Firms That Aid Greener Bitcoin Mining

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Prominent cryptocurrency platform, Square has been making headlines following an array of developments. Jack Dorsey’s interest in crypto was transformed into reality with notable payments platform, Square. Once again, Dorsey’s Square platform had made it to the headlines following its recent development in the field of crypto.

Square To Aid War Against Climate Change

CEO and Founder of prominent social media platform, Twitter, Jack Dorsey seems to be embracing his philanthropic side. Recently, Square rolled out a non-profit crypto platform, Cryptocurrency Open Patent Alliance [COPA] that stops firms from hiding away their crypto innovations in patents. Now, Square seems to be taking an interest in the battle against climate change.

While everyone across the globe has been fighting climate change, Square has revealed in a recent blog post that this will soon be part of this engagement. The blog post pointed out that Square was rolling out the “Bitcoin Clean Energy Investment Initiative”. With this initiative, the platform hopes to offer aid to firms that fuel the adoption as well as the effectiveness of renewables across the Bitcoin sphere. To carry this initiative out in full force, Square had reportedly joined hands with a prominent platform that has been fending off climate change, Watershed.

Square has allocated a total of $10 million as part of the initiative. Speaking about the same, Jack Dorsey said,

“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally.”

The payments giant is aiming at achieving a net-zero carbon target. This would further be accomplished by depreciating the carbon footprint along with the scaling of a verified carbon removal portfolio. This portfolio will be rolled out into the market in the Q1 of 2021.

The initiative is said to extend support to platforms that incorporate green energy tech into their Bitcoin mining protocols. Additionally, the stimulation of clean power is also one of the goals of the initiative. With all of the aforementioned, Square with its Scope 3 emissions intends to transform into a net-zero carbon for operations by 2030.

Dorsey added,

“Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”

Jack Dorsey Continues To Endorse Bitcoin; Square Rolls Out Platform To Aid Crypto Innovation

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Over the years cryptocurrencies, particularly Bitcoin caught the eye of prominent personalities across the globe. While the coin was made for the average Joe to break from the shackles of centralized institutions, several authorities and notable people took a keen interest in Bitcoin.  Founder and CEO of a prominent social network company, Twitter, Jack Dorsey have been a great supporter of the crypto-verse and continues to support Bitcoin.

Bitcoin Is The Best Manifestation Of An Internet Currency

In a recent interview with Reuters, Dorsey pointed out that the internet was need of a native currency and believes that Bitcoin has fulfilled the same. He further suggested that no other coin could fill Bitcoin’s shoes as the native currency of the internet.

Highlighting the importance of toolmakers or developers, Dorsey detailed that it was essential for toolmakers like him to make Bitcoin easily available to people. He also stressed on how it’s his job to make it easy for individuals to understand as well as utilize the digital asset effectively.

Dorsey went on to elaborate on the plans he had to make Bitcoin easy and feasible for the community. He said,

“One is just transaction times and efficiency. So making it cost-effective and making it time-effective. The second is, intuitive to people; that they understand why they might use it, they understand where it is, and they can access it in a way that feels similar to just handing over paper cash.”

Almost every other coin that has entered the crypto-verse have tried to resolve the shortcomings of the king coin, however, Dorsey believes that Bitcoin should be built in such a way that is it “as intuitive as fast and as efficient” as it is today.

No More Stifles To Innovation

In other news, Dorsey’s payments company, Square rolled out a platform dedicated to preventing companies from locking innovations pertaining to cryptocurrencies in patents. The Cryptocurrency Open Patent Alliance [COPA] is a non-profit platform that hopes to aid in the growth of cryptocurrency technology.

The platform is reportedly open for membership and members would be required to pledge for the availability of their patents via a shared library. The announcement further read,

“As more members join and declare that they won’t offensively assert their patents against others, the overall incidence and threat of patent litigation comes down.”

Dorsey’s latest move seems beneficial to the crypto ecosystem, however, Square revealed that it was open to feedback with regard to its new platform.