Ethereum burn rate edges close to 2 million<\/strong><\/h2>\r\n\r\n\r\n\r\nIn August 2021, the Ethereum blockchain implemented Ethereum Improvement Proposal (EIP) 1559, otherwise known as the London hard-fork<\/a>. As part of the EIP-1559 upgrade, a portion of ETH is now burned during every transaction that occurs on the blockchain. Since then, the Ethereum community has been closely following the impacts that burning ETH may have on the overall ecosystem.\u00a0<\/p>\r\n\r\n\r\n\r\nAlthough implemented to stabilize gas fees, the upgrade also changed the mechanism that distributed gas fees to miners. Instead of distributing all fees to miners, the blockchain introduced a burning mechanism for every transaction that takes place. 7 months after the upgrade, the total number of ETH burnt is now approaching 2 million coins<\/a>, which is worth over $6.9 billion.<\/p>\r\n\r\n\r\n\r\n![\"Line](\"https:\/\/lh5.googleusercontent.com\/jv_-xaumPk2EOgIT-OIMn3wJES5rIMZ_OUCtaqQDujctkOlSq8h4i0kwBKxL4kd3TWiKQi5idUPNABsrtP4X69lzj15WE0EtbDMUIvnjznK2JMXpomOGQbewiTS1R5LSJCYvZHQv\")
\r\nThe amount of ETH earned vs burned within the blockchain. Source: Dune Analytics.<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\nThe NFT marketplace, OpenSea, still dominates the on-chain gas-burning mechanism, so far removing over 250,000 ETH coins from circulation. The marketplace is closely followed by standard ETH transfers that are processed within the network and the decentralized exchange, Uniswap.\u00a0<\/p>\r\n\r\n\r\n\r\n
Although the effects of EIP-1559 were not instantly felt within the network, the price of gas fees has now continuously fallen throughout 2022.\u00a0<\/p>\r\n\r\n\r\n\r\n![\"Line](\"https:\/\/lh3.googleusercontent.com\/EoEoiNXWpXyuWlW0Z7OlchKHPOF66CW8ZuAkkGHnzixVnsS6GkTxm8ayhto414ArggHYg7lavvPK1hNhyWvEAT9tb_RUXV-_RqT8vPzN_kazgvQx5uXLtEQv2i6WpBv9aPGBp8Kp\")
\r\nThe top-10 applications that have burned the most ETH coins. Source: Dune Analytics\u00a0<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\nEl Salvador tourism soars by 30% after Bitcoin adoption<\/strong><\/h2>\r\n\r\n\r\n\r\nAccording to the Salvadoran government, after El Salvador made Bitcoin legal tender in September 2021, the country has enjoyed a 30% increase in tourism. Government officials have attributed the increase purely to the intrigue of cryptocurrencies.\u00a0<\/p>\r\n\r\n\r\n\r\n
During an interview conducted with El Salvador News English<\/a>, Tourism Minister, Morena Valdez said, \u201cWe did a poll to check the activity according to before and after the adoption of Bitcoin. The tourism sector increased in November and December. It increased by more than 30%.\u201d According to Valdez, 1.4 million visitors entered the country which surpassed the expected 1.1 million.<\/p>\r\n\r\n\r\n\r\nContinuing, Valdez said, \u201ccryptocurrencies multiply the opportunities to do business with more partners anywhere in the world.\u201d The Tourism Minister then theorized that the push for Bitcoin is an intriguing factor for most foreign visitors.\u00a0<\/p>\r\n\r\n\r\n\r\n
During the same week, the country\u2019s President, Nayib Bukele, issued a tweet<\/a> stating that El Salvador had experienced a double-digit GDP growth for 2021. With an increase of 10.3%, Bukele was quick to remind his followers that it is the first time in history that the country has experienced double-digit growth. The President later announced that the country had also launched its first veterinary hospital funded entirely by Bitcoin.<\/p>\r\n\r\n\r\n\r\n\r\n![\"Tweet](\"https:\/\/lh3.googleusercontent.com\/NsMdemB14-ajKnL4Bc8X7IQCNO_pBttLuMz44gYsLeOrZSFaOX9OYIv5KY482Sbed6-7Ar_yrW2ePb-TfcEQGcHTOYnU7mxFBHYOzDYFbAlAA5s_joewDUGl-A2l0LDSp6lHgQI3\")
\r\nA tweet posted by the President of El Salvador, Nayib Bukele, outlined double-digit growth in GDP during 2021.<\/em><\/figcaption>\r\n<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n <\/p>\r\n\r\n\r\n\r\n
First real estate purchase using Bitcoin completed in Chile<\/strong><\/h2>\r\n\r\n\r\n\r\nAccording to global real estate firm, Remax, the first real estate purchase completed using Bitcoin in Chile has been finalized. The news was confirmed by Yuval Ben Haym, the regional manager of Remax, during an interview with a local media provider<\/a>.<\/p>\r\n\r\n\r\n\r\nBen Haym announced that the purchase was completed in November 2021 and involved a plot of land in Temuco, a city in the south of Chile. The regional manager was optimistic that Bitcoin and other cryptocurrencies would become more popular for similar monetary transfers as time progresses. \u201cFrom this time to the future several properties will be able to be paid with this new means of payment.\u201d<\/p>\r\n\r\n\r\n\r\n
Although a potential first for Bitcoin, the purchase in Chile is not the first time that cryptocurrencies have been used to acquire real estate within Latin America. Last year, a Venezuelan resident<\/a> purchased an apartment using Tether (USDT), and earlier in February, a Bitcoin real estate purchase was confirmed in Colombia<\/a>. The transaction was completed using the layer-2 Lightning Network.<\/p>\r\n\r\n\r\n\r\nBitMEX founders guilty of violating the U.S. Bank Secrecy Act<\/strong><\/h2>\r\n\r\n\r\n\r\nAccording to a report published<\/a> by the U.S. Department of Justice (DOJ) on Thursday, the founders of BitMEX, a global cryptocurrency derivatives exchange, have pled guilty to violating the Bank Secrecy Act (BSA). As stated by the DOJ, \u201cArthur Hayes and Benjamin Delo designed Bitmex as a platform to flaunt U.S. anti-money laundering rules.\u201d<\/p>\r\n\r\n\r\n\r\nFrom September 2015 until the pair\u2019s indictment in September 2020, Hayes and Delo failed to implement and maintain any anti-money laundering policies, which involved capturing Know-Your-Customer (KYC) information. The DOJ report continued, \u201cas a result of its willful failure to implement AML and KYC programs, BitMEX was in effect a money-laundering platform.\u201d<\/p>\r\n\r\n\r\n\r\n
Speaking on the matter, U.S. Attorney Damian Williams said, \u201cAs cryptocurrencies and technologies designed to facilitate their trade proliferate, companies engaged in the virtual currency economy have become critical gatekeepers in efforts to ensure that U.S. markets are fair, efficient, and secure.\u201d Hayes and Delo have each agreed to pay $10 million as part of the terms of their plea agreement.\u00a0<\/p>\r\n\r\n\r\n\r\n
The latest news from BitMEX illustrates the necessity of using a regulated and authorized cryptocurrency exchange such as Xcoins<\/a>.\u00a0<\/p>\r\n\r\n\r\n\r\n![\"BitMEX](\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/bitmex-1024x683.jpg\")
<\/figure>\r\n\r\n\r\n\r\n <\/p>\r\n\r\n\r\n\r\n
\u2018Metaverse Fashion Week\u2019 confirmed by Decentraland<\/strong><\/h2>\r\n\r\n\r\n\r\nDecentraland, a blockchain-based metaverse protocol, has confirmed that it will be hosting a fashion week at the end of March 2022. Scheduled for March 24-27, the event is set to involve digital wearables, virtual runways, and afterparties.\u00a0<\/p>\r\n\r\n\r\n\r\n
Officially named \u201cMetaverse Fashion Week<\/a>\u201d the event will be publicly available for all those that wish to enter the Decentraland virtual world. Global fashion brands are required to purchase land within the virtual world to facilitate shows, concerts, and parties. According to Decentraland, the event has already confirmed attendance from Vogue Arabia, Elie Saab, Guo Pei, Etro, Jacob & Co, Dolce & Gabbana, Selfridges, Tommy Hilfiger, Fewocious, Dundas, Cavalli, Paco Rabanne, Hogan, Franck Muller, Garrett Leight, Cavalli, and The Fabricant.<\/p>\r\n\r\n\r\n\r\nSpeaking on the announcement, Sam Hamilton, Decentraland Foundation\u2019s Creative Director said in a statement that \u201cfashion and haute couture are not new to the metaverse. Decentraland has been on the cutting edge of rare and in-demand digital fashion since the launch of avatar wearables in 2020. Since that time, creators have been pushing both the technical and stylistic limits of Decentraland wearables, and have created a booming economy with over $1 million in sales of avatar wearables last year.\u201d<\/p>\r\n\r\n\r\n\r\n
The event is set to begin with the luxury London retailer, Selfridges, opening a brand new store within the metaverse world. All fashion week participants are then set to congregate within Decentraland\u2019s latest district known as \u201cLuxury Fashion District.\u201d<\/p>\r\n\r\n\r\n\r\n![\"](\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/02\/vr-1024x544.jpg\")
<\/figure>\r\n\r\n\r\n\r\n <\/p>\r\n\r\n\r\n\r\n
To stay up to date on all things crypto, like Xcoins on <\/em>Facebook<\/em><\/a>, and follow us on <\/em>Twitter<\/em><\/a>, <\/em>Instagram<\/em><\/a>, and <\/em>LinkedIn<\/em><\/a>.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"Although cryptocurrency prices were not immune to the geopolitical risk unfolding between Ukraine and Russia, prices rebounded dramatically from January […]<\/p>\n","protected":false},"author":22,"featured_media":3524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"\n
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Although implemented to stabilize gas fees, the upgrade also changed the mechanism that distributed gas fees to miners. Instead of distributing all fees to miners, the blockchain introduced a burning mechanism for every transaction that takes place. 7 months after the upgrade, the total number of ETH burnt is now approaching 2 million coins<\/a>, which is worth over $6.9 billion.<\/p>\r\n\r\n\r\n\r\n The NFT marketplace, OpenSea, still dominates the on-chain gas-burning mechanism, so far removing over 250,000 ETH coins from circulation. The marketplace is closely followed by standard ETH transfers that are processed within the network and the decentralized exchange, Uniswap.\u00a0<\/p>\r\n\r\n\r\n\r\n Although the effects of EIP-1559 were not instantly felt within the network, the price of gas fees has now continuously fallen throughout 2022.\u00a0<\/p>\r\n\r\n\r\n\r\n According to the Salvadoran government, after El Salvador made Bitcoin legal tender in September 2021, the country has enjoyed a 30% increase in tourism. Government officials have attributed the increase purely to the intrigue of cryptocurrencies.\u00a0<\/p>\r\n\r\n\r\n\r\n During an interview conducted with El Salvador News English<\/a>, Tourism Minister, Morena Valdez said, \u201cWe did a poll to check the activity according to before and after the adoption of Bitcoin. The tourism sector increased in November and December. It increased by more than 30%.\u201d According to Valdez, 1.4 million visitors entered the country which surpassed the expected 1.1 million.<\/p>\r\n\r\n\r\n\r\n Continuing, Valdez said, \u201ccryptocurrencies multiply the opportunities to do business with more partners anywhere in the world.\u201d The Tourism Minister then theorized that the push for Bitcoin is an intriguing factor for most foreign visitors.\u00a0<\/p>\r\n\r\n\r\n\r\n During the same week, the country\u2019s President, Nayib Bukele, issued a tweet<\/a> stating that El Salvador had experienced a double-digit GDP growth for 2021. With an increase of 10.3%, Bukele was quick to remind his followers that it is the first time in history that the country has experienced double-digit growth. The President later announced that the country had also launched its first veterinary hospital funded entirely by Bitcoin.<\/p>\r\n\r\n\r\n\r\n <\/p>\r\n\r\n\r\n\r\n According to global real estate firm, Remax, the first real estate purchase completed using Bitcoin in Chile has been finalized. The news was confirmed by Yuval Ben Haym, the regional manager of Remax, during an interview with a local media provider<\/a>.<\/p>\r\n\r\n\r\n\r\n Ben Haym announced that the purchase was completed in November 2021 and involved a plot of land in Temuco, a city in the south of Chile. The regional manager was optimistic that Bitcoin and other cryptocurrencies would become more popular for similar monetary transfers as time progresses. \u201cFrom this time to the future several properties will be able to be paid with this new means of payment.\u201d<\/p>\r\n\r\n\r\n\r\n Although a potential first for Bitcoin, the purchase in Chile is not the first time that cryptocurrencies have been used to acquire real estate within Latin America. Last year, a Venezuelan resident<\/a> purchased an apartment using Tether (USDT), and earlier in February, a Bitcoin real estate purchase was confirmed in Colombia<\/a>. The transaction was completed using the layer-2 Lightning Network.<\/p>\r\n\r\n\r\n\r\n According to a report published<\/a> by the U.S. Department of Justice (DOJ) on Thursday, the founders of BitMEX, a global cryptocurrency derivatives exchange, have pled guilty to violating the Bank Secrecy Act (BSA). As stated by the DOJ, \u201cArthur Hayes and Benjamin Delo designed Bitmex as a platform to flaunt U.S. anti-money laundering rules.\u201d<\/p>\r\n\r\n\r\n\r\n From September 2015 until the pair\u2019s indictment in September 2020, Hayes and Delo failed to implement and maintain any anti-money laundering policies, which involved capturing Know-Your-Customer (KYC) information. The DOJ report continued, \u201cas a result of its willful failure to implement AML and KYC programs, BitMEX was in effect a money-laundering platform.\u201d<\/p>\r\n\r\n\r\n\r\n Speaking on the matter, U.S. Attorney Damian Williams said, \u201cAs cryptocurrencies and technologies designed to facilitate their trade proliferate, companies engaged in the virtual currency economy have become critical gatekeepers in efforts to ensure that U.S. markets are fair, efficient, and secure.\u201d Hayes and Delo have each agreed to pay $10 million as part of the terms of their plea agreement.\u00a0<\/p>\r\n\r\n\r\n\r\n The latest news from BitMEX illustrates the necessity of using a regulated and authorized cryptocurrency exchange such as Xcoins<\/a>.\u00a0<\/p>\r\n\r\n\r\n\r\n <\/p>\r\n\r\n\r\n\r\n Decentraland, a blockchain-based metaverse protocol, has confirmed that it will be hosting a fashion week at the end of March 2022. Scheduled for March 24-27, the event is set to involve digital wearables, virtual runways, and afterparties.\u00a0<\/p>\r\n\r\n\r\n\r\n Officially named \u201cMetaverse Fashion Week<\/a>\u201d the event will be publicly available for all those that wish to enter the Decentraland virtual world. Global fashion brands are required to purchase land within the virtual world to facilitate shows, concerts, and parties. According to Decentraland, the event has already confirmed attendance from Vogue Arabia, Elie Saab, Guo Pei, Etro, Jacob & Co, Dolce & Gabbana, Selfridges, Tommy Hilfiger, Fewocious, Dundas, Cavalli, Paco Rabanne, Hogan, Franck Muller, Garrett Leight, Cavalli, and The Fabricant.<\/p>\r\n\r\n\r\n\r\n Speaking on the announcement, Sam Hamilton, Decentraland Foundation\u2019s Creative Director said in a statement that \u201cfashion and haute couture are not new to the metaverse. Decentraland has been on the cutting edge of rare and in-demand digital fashion since the launch of avatar wearables in 2020. Since that time, creators have been pushing both the technical and stylistic limits of Decentraland wearables, and have created a booming economy with over $1 million in sales of avatar wearables last year.\u201d<\/p>\r\n\r\n\r\n\r\n The event is set to begin with the luxury London retailer, Selfridges, opening a brand new store within the metaverse world. All fashion week participants are then set to congregate within Decentraland\u2019s latest district known as \u201cLuxury Fashion District.\u201d<\/p>\r\n\r\n\r\n\r\n <\/p>\r\n\r\n\r\n\r\n To stay up to date on all things crypto, like Xcoins on <\/em>Facebook<\/em><\/a>, and follow us on <\/em>Twitter<\/em><\/a>, <\/em>Instagram<\/em><\/a>, and <\/em>LinkedIn<\/em><\/a>.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":" Although cryptocurrency prices were not immune to the geopolitical risk unfolding between Ukraine and Russia, prices rebounded dramatically from January […]<\/p>\n","protected":false},"author":22,"featured_media":3524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"\nEl Salvador tourism soars by 30% after Bitcoin adoption<\/strong><\/h2>\r\n\r\n\r\n\r\n
First real estate purchase using Bitcoin completed in Chile<\/strong><\/h2>\r\n\r\n\r\n\r\n
BitMEX founders guilty of violating the U.S. Bank Secrecy Act<\/strong><\/h2>\r\n\r\n\r\n\r\n
<\/figure>\r\n\r\n\r\n\r\n\u2018Metaverse Fashion Week\u2019 confirmed by Decentraland<\/strong><\/h2>\r\n\r\n\r\n\r\n
<\/figure>\r\n\r\n\r\n\r\n