Convert your Paycheck to Bitcoin using Coinbase | Bitcoin News 28/09/21

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Bitcoin News: 28th September 2021

  • With over $1 trillion in transactions, Europe has overtaken the United States as the world’s largest crypto economy – Chainalysis
  • Coinbase can now automatically convert your paycheck to bitcoin.
  • Griffith, a former Ethereum developer, has pleaded guilty to violating US sanctions.
  • Amid regulatory pressure from China, Ethereum’s second-largest mining pool will shut down on September 30.
  • CoinGecko Announces the First-Ever NFT Conference, which will take place in November.
  •  Due to crackdown in China, Alibaba will prohibit the selling of cryptocurrency mining equipment.

Europe becomes world’s largest crypto economy

Cointelegraph reported today that, DeFi has acted as a key driver for the crypto economy in Europe. Large financial institutions have also increased their transaction share considerably.

According to a new analysis from blockchain analytics firm Chainalysis, the region of central, northern, and western Europe, or CNWE, has emerged as the world’s most active cryptocurrency block, receiving over $1 trillion worth of digital assets over the past year.

Between July 2020 and June 2021, the CNWE area accounted for 25% of worldwide crypto activity, according to the study, which was issued Tuesday. Across all crypto sub-categories, notably decentralised finance, or DeFi, transaction volume increased dramatically in the region.

Convert Your Paycheck To Bitcoin Using Coinbase | Bitcoin News 28/09/21
Europe becomes the world’s largest crypto economy

Crypto transactions, according to Chainalysis, include everything involving trade, investments, and commercial interactions.

Institutional investment has also become a hotspot in Europe, with transaction values in this category increasing to $46.3 billion in June 2021, up from $1.4 billion in July 2020. Surprisingly, the United Kingdom has the region’s single largest crypto economy, with $170 billion in transactions. DeFi methods were used to send nearly half of the money, or 49%.

Beyond Europe’s advanced economies, Chainalysis research has shown that crypto is gaining traction in emerging nations.

Coinbase can now automatically convert your paycheck to bitcoin.

According to Bitcoinmagazine, Paycheck direct deposits and auto-conversions to Bitcoin are now available on Coinbase. The $223 billion Bitcoin and crypto exchange said today on its blog that the functionality will be available in the coming weeks.

Directly deposited checks into Coinbase may be converted into Bitcoin, cryptocurrency, or US cash. It may be used to trade, receive cryptocurrency rewards, and fill a Coinbase card

Users will be able to allocate “as much or as little” of their salary as they choose using the new functionality.

The new functionality includes zero-fee deposits, which makes the process more effective and affordable for customers who transfer money to Coinbase regularly.

Coinbase has made no limits on which cryptocurrencies can be auto-converted from a paycheck aside from Bitcoin.

Convert Your Paycheck To Bitcoin Using Coinbase | Bitcoin News 28/09/21
Coinbase can now automatically convert your paycheck to bitcoin.

Users may manually enter and sync Coinbase with their employer, or manage their paycheck allocation immediately on the app, with the new payroll function. Coinbase has partnered with “a number of firms, including Fortress Investment Group, M31 Capital, Nansen, and SuperRare Labs” to make the functionality possible.

Coinbase stated a month ago that it has revised its investment strategy to incorporate a 10% quarterly income allocation in Bitcoin and a few other speculative cryptocurrencies.

Griffith, a former Ethereum developer, has pleaded guilty to violating US sanctions.

Virgil Griffith, an American programmer and developer, pled guilty today to breaking US sanctions legislation. Griffith allegedly plotted to violate the International Emergency Economic Powers Act, according to a federal grand jury assembled by the US Attorney’s office in the Southern District of New York. Griffith was scheduled to stand trial today, but instead pleaded guilty to the lone offence. He faced up to 20 years in jail before changing his plea.

According to sources, he will be sentenced in January 2022, and the plea agreement might result in him serving between 63 and 78 months in jail. Even with the plea agreement, the maximum term is still more than 6 years.

Griffith was detained in November 2019 after reportedly speaking in North Korea on blockchain and cryptocurrencies earlier that year. 

Convert Your Paycheck To Bitcoin Using Coinbase | Bitcoin News 28/09/21
Virgil Griffith is an American programmer and developer

During that conversation, he allegedly “offered highly technical information” that he knew “might be utilised to help North Korea launder money and circumvent sanctions,” according to the US Attorney’s office. According to a press release by the Department of Justice, the event was a “Pyongyang Blockchain and Cryptocurrency Conference” in April 2019.

Griffith was released on bond last year, but he was arrested this year after attempting to use his Coinbase account to pay his attorneys. Prosecutors said that his actions were in breach of his bail conditions as reported by Newsbtc.

Ethereum’s second-largest mining pool will shut down on September 30.

CryptoPotato reported that, The Ethereum mining pool Sparkpool has become the latest casualty of China’s assault on the cryptocurrency sector.

Sparkpool, the second-largest Ethereum mining pool, has stated that it would no longer accept new customers from mainland China. Furthermore, as of September 30th, the group intends to discontinue all of its services.

Sparkpool, based in Hangzhou, China, is the second-largest Ethereum mining pool, accounting for more than 20% of the overall hash rate, as seen in the graph below.

However, owing to the most recent Chinese crackdown, the firm plans to shut down all activities.

Convert Your Paycheck To Bitcoin Using Coinbase | Bitcoin News 28/09/21
Ethereum mining pool will shut down on September 30

According to a statement made earlier this week, access to new users from Mainland China has been restricted as of September 24th.

Because of the country’s open hostility toward the cryptocurrency sector, this element may be expected to a considerable extent. According to the most recent news from the nation, all digital asset trading is prohibited.

Sparkpool, on the other hand, has opted to go a step farther. A “complete closure for all Sparkpool services and operations for current customers, at home or abroad, has been scheduled for September 30th, 2021 (UTC +8) at 20:00,” according to the announcement.

This decision was made “on the premise of safeguarding the safety of our users’ assets,” according to the firm.

In forthcoming emails and in-site messages, Sparkpool pledged to offer more precise information on clearing and refunding rules.

The shutdown of the second-largest ETH mining pool would almost certainly result in Ethereum’s hash rate being harmed. The measure, which is critical for network security, has hit a new high, but it may fall in the coming weeks

CoinGecko Announces the First-Ever NFT Conference

CoinGecko, the world’s biggest independent crypto data aggregator, is happy to announce the start of its very first conference. ‘GeckoCon – NFTs Gone Wild’ will take place from 8 a.m. to 2 p.m. EST on November 17th and 18th, 2021.

There will be lectures, fireside chats, and workshops covering a wide range of NFT topics, including art, music, gaming, sports, collectibles, and more, throughout the course of the two-day virtual conference.

Over 150 important figures in the NFT field, including Aleksander Larsen, co-founder of Axie Infinity, Patricio Worthalter, creator of POAP, and Alexei Falin, co-founder of Rarible, will give lectures and participate in panel discussions.

Convert Your Paycheck To Bitcoin Using Coinbase | Bitcoin News 28/09/21
CoinGecko Announces the First-Ever NFT Conference

Participants will get the opportunity to interact with the thought leaders, ask questions, and hear firsthand from them.

Since 2014, millions of bitcoin investors have relied on CoinGecko for information. Its goal is to provide a 360-degree picture of the bitcoin industry to the cryptocurrency community.

The interesting events that CoinGecko has to offer add to the excitement of the conference. Virtual After Parties, contests, and powwows in the Metaverse are examples. Participate in the GeckoCon Lucky Draw for a chance to win $50,000 in prizes! as reported by CryptoPotato.

Alibaba will prohibit the selling of cryptocurrency mining equipment

Cointelegraph reported that, In reaction to China’s growing cryptocurrency crackdown, Chinese e-commerce behemoth Alibaba is the next firm to shut down its cryptocurrency-related services.

On Oct. 8, Alibaba’s platform will restrict the sale of cryptocurrency miners and halt categories for blockchain miners and accessories, according to an official announcement.

In addition to prohibiting the sale of crypto mining equipment, Alibaba will prohibit the selling of major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and lesser coins like Quark on its sites (QRK).

Convert Your Paycheck To Bitcoin Using Coinbase | Bitcoin News 28/09/21
Alibaba will prohibit the selling of cryptocurrency mining equipment

According to the statement, the new limitations apply to crypto mining-related gear and software, as well as associated lessons, guidelines, and techniques.

Sellers who continue to list crypto miners or related items on Alibaba’s platforms after October 15 will be subject to fines under applicable laws, the company said in a comprehensive summary of the new limitations. Blocking shops, freezing, and terminating merchant accounts for willfully avoiding the new regulations, such as purposefully putting relevant items into other categories, are among the penalties outlined, according to Alibaba.

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