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Ethereum Has A New Competitor, Bitgert- Has Faster And Cheaper Transactions

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Ethereum Has A New Competitor, Bitgert- Has Faster And Cheaper Transactions

Bitgert is posting faster and cheaper transactions than Ethereum.

Key Points:
  • Ethereum is still struggling with scaling and high gas fee issues
  • Bitgert BRC20 blockchain throughput hits 100k TPS
  • Bitgert blockchain has the lowest gas fee

Despite being the second-largest blockchain, Ethereum has been struggling with the scaling and high gas fee issue. Ethereum chain mostly supports 12-25 TPS, and this is within six minutes of confirmation time. This makes Ethereum one of the slowest blockchains in the industry today.

But the biggest problem with the Ethereum chain is the high gas fee. Recently, the Ethereum gas fee rise shocked the market when it skyrocketed to $3,300 during the Bored Ape NFT sale. Although the gas fee on the Ethereum chain has recently dropped significantly, it is still considered high.

According to crypto experts, the Ethereum gas fee has been rising because of the growing demand for the chain. Whenever there is traffic on the Ethereum network, the gas automatically rises. However, the Ethereum team is upgrading the chain, which will make transacting on the Ethereum chain faster and cheaper.

But Ethereum is facing stiff competition from blockchains that have already achieved impressive scaling and have a lower gas fee. Bitgert (BRISE) is one of the biggest Ethereum competitors. Bitgert is posting faster and cheaper transactions than Ethereum.

The Bitgert team has built a powerful blockchain, Bitgert BRC20 blockchain, which supports 100k transactions per second. This makes Bitgert chain faster than Ethereum’s 12-25 TPS. The Bitgert blockchain’s 100k TPS makes it the fastest blockchain in the crypto industry today. In fact, Bitgert is faster than Solana’s 65k TPS.

But what makes Bitgert popular with the crypto community is the $0.0000000000001 gas fee for every transaction. The Bitgert gas fee is thousands of times cheaper than the Ethereum gas fee. Such a low gas fee is the reason the Bitgert blockchain has become very popular, and the adoption of Bitgert blockchain has grown tremendously.

It is important to mention that the Bitgert BRC20 blockchain is compatible with the Ethereum chain. Therefore, Ethereum users and developers can easily migrate to Bitgert. The Ethereum team will need to work on lowering the gas fee and increasing chain speed to compete with Bitgert. That’s if Bitgert will maintain the 100k TPS and the current gas fee.

The bottom line is that Bitgert is the most powerful blockchain today. The fastest chain and the lowest gas fee are major features making the Bitgert chain superior to all blockchains in the market, including Ethereum. That’s why Bitgert BRC20 is the most adopted blockchain today.

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CBC

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.

Government of Cyprus to Submit ‘Attractive’ Crypto Bill

Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.

Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:

I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.

The government representative gave an example with Malta, the regulatory framework of witch attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.

The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.

“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.

The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.

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CBC, Central Bank, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Cyprus, deputy minister, ECB, EU, European Union, Fintech, Government, innovations, legal framework, Regulation, Regulations, rules

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Report: Crypto traders potentially owe IRS around $50B in unpaid taxes

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Report: Crypto traders potentially owe IRS around $50B in unpaid taxes

U.S.› Taxes

IRS is interested in crypto as it has added questions about cryptocurrency and digital assets to its US Individual Income Tax Return form (Form 1040).

2 min read

Updated: May 19, 2022 at 4:47 pm

Cover art/illustration via CryptoSlate

A Barclays report has revealed that crypto investors might not be paying their full taxes to the Internal Revenue Service (IRS), saying that the tax gap for crypto traders could be up to $50 billion, CNBC reported.

The tax gap is the difference between tax owed and tax collected.

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Barclays arrived at this calculation using data referenced by the IRS in 2017. The IRS estimated then that the crypto tax gap was 10% of the overall national gap. 

According to the bank, the gap is much wider now, given that crypto activities in DeFi, NFTs, and others have grown significantly. 

While all transactions may be visible on the blockchains, if all the counterparties are anonymous, it is difficult for the IRS to figure out who owes taxes.

Interestingly, Joseph Abate, a managing director at the bank, noted that the $50 billion estimates are on the low side.

IRS could start targeting crypto-traders

Austin Woodward, the CEO of a crypto accounting platform, said that the tax agency could start targeting crypto traders soon.

According to Woodward:

The IRS has been leaning very hard, investing in both personnel and process and form amendments.

Crypto traders have to take tax reporting seriously to avoid tax evasion. Crypto anonymity does not extend to tax reporting. In the last two years, the federal agency has added questions about cryptocurrency and digital assets to its US Individual Income Tax Return form (Form 1040).

Those questions are designed to know if anyone “receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency.”

Woodward said that it’s essential to answer the question honestly. Failure to do so could amount to perjury and willful intent to evade tax, resulting in audits and severe fines from the IRS.

The tax expert advised crypto traders to be honest about their crypto sales and purchases. Since the IRS audits over two years, a person can still be liable for unreported tax gains in the previous year.

Crypto tax issues are coming to fore

Authorities worldwide have become increasingly interested in how they can tax the crypto industry.

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The Indian government is leading this charge as various reports have emerged on the number of tax policies the Asian country is looking to implement. 

Already, the Modi-led government has imposed a 30% taxation on all crypto gains. It is also reportedly looking to add 28% Goods and Services Tax on cryptocurrencies.

Other countries like Germany, Portugal, and South Korea have also made other pronouncements on crypto taxation.

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Brett Harrison

FTX US Launches Zero-Commission Equities Trading Platform

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FTX US Launches Zero-Commission Equities Trading Platform

FTX US announced on Thursday that the firm has launched an equities trading platform called FTX Stocks which will give U.S.-based customers the ability to purchase stocks and exchange-traded funds (ETFs). The launch is currently in a private beta phase for select U.S. customers and equities can be purchased with fiat-backed stablecoins.

FTX US Launches Beta Equities Trading Platform

FTX US customers phased in through the firm’s private beta waitlist can now leverage the platform to purchase stocks and ETFs. The company says the new feature offers hundreds of select U.S.-exchange-listed common stocks, securities, and ETFs.

Furthermore, FTX will initially route the equities trading platform orders through Nasdaq. The company also noted that select securities will be offered via fractional share trading. Users can also purchase the stocks, securities, and ETFs by using a stablecoin such as USDC, credit card, wire transfer or ACH transfer.

“Our goal is to offer a holistic investing service for our customers across all asset classes,” FTX US president Brett Harrison said in a statement. “With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface.”

The company will now be competing with the likes of Robinhood, a financial services company that also provides customers with cryptocurrencies, stocks, and ETFs. Much like FTX US recently adding stock purchasing options, Robinhood has recently rolled out crypto asset services this year. The latest FTX Stocks feature from the company also follows the FTX founder Sam Bankman-Fried purchasing close to 8% of Robinhood shares.

Another similarity to Robinhood is the fact FTX US says no fees will be taken from approved brokerage accounts. “FTX Stocks will offer its customers no-fee brokerage accounts, commission-less trading, and free-market data and company fundamental data,” the company’s announcement on Thursday notes. “The company further chose to eliminate minimum required customer balances and tiered account systems common among retail stock trading platforms.”

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Brett Harrison, common stocks, Crypto, etfs, FTX US president, FTX.US, nasdaq, Robinhood, Robinhood services, Robinhood shares, Sam Bankman-Fried, Securities, stock options

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What do you think about FTX US adding stock options to the platform? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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