Carpe Diem. Carpe Stablecoin! Your source of information about cryptocurrency, stablecoins and the new Facebook currency.
Diem, which caught all the eyes of the people since it came out as Libra in 2019 and Mark Zuckerberg defending it in front of the chamber of commerce for a long time, has taken a serious turn, Meta sells Diem.
Continue reading “Meta sells Diem assets to Silvergate in $200 Million | What happens now?”
As the clock is ticking and after the Novi launch in the US and Guatemala, Diem (formerly Libra) is getting into the limelight. With all this attention, many people have been asking one simple question — Can I mine Diem?
Continue reading “Can I Mine Diem? | Here is Everything that you Should know”
Since Facebook announced it’s own cryptocurrency back in 2019 – at that time it was called “Libra” and the Novi Wallet “Calibra” – people are waiting eagerly for the release date of Diem.
Continue reading “When does Diem launch?”
Crypto mining is taking around the world. Everyone admires earning good passive income, right? This makes mining the best passive earning source.
But hey, can I mine bitcoin on PS5? This is the question that pops in mind for everyone who has the new PS5.
Don’t worry. I am here to explain all about crypto mining on PS5, or is it even possible to mine bitcoin on PS5? If it is, then how can you do it.
Bitcoin mining is a process to mint fresh bitcoins by solving complex mathematical equations with computational energy.
This process is used to verify the bitcoin transactions around the globe, and as a reward, the bitcoins are minted for the miner.
Most people out there with the latest Sony PS5 get this question whether they can mine Bitcoin on PS5 or not?
Yes, it is possible to mine bitcoin using PS5 by installing custom firmware, which was used in the PS4.
You might have seen this claim made by a Chinese team that they have successfully mined bitcoin on PS5 at 99MH/s, which is insane and impossible.
The QR code in the image, which when scanned says, “There is no such software, hahaha,” in Chinese, assuring that this image and this claim are not legit.
In another video of Lewis Hilsenteger, the famous unbox therapy guy explains how this claim is fake. If PS5 could mine bitcoin at 99MH/s, it would be way much expensive than even two thousand dollars.
To understand how crypto mining on PS5 works, you have to understand how mining works at all, what the requirements are, and what do you need to begin, which you can do by reading our post about how you can mine bitcoin at home.
With PS5 on board, you don’t need an ASIC or GPU. You already have that with PS5. However, you can’t mine bitcoin with basic PS5 firmware, and you have to install a customized firmware, preferably Linux.
Next, you have to install the mining software, preferably NiceHash. And that is all you need to do to start mining bitcoin on a PS5.
Crypto mining on a PS5 has certain drawbacks, which you should learn before starting mining.
The hash rate is the speed at which fresh coins are minted. In the case of PS5, you might not get a good hash rate. Hence, not a lot of bitcoins.
Since AMD Radeon RX 6900 XT is one of the latest graphic cards, and it sits around 60MH/s, which means that even the maximum potential of PS5 isn’t going to give you a significant hash rate.
A PS5 normally doesn’t consume a lot of power, and it sits around 200W, but in the case of mining bitcoin, you will probably have to run it for several hours at maximum processing, which is going to take a lot of power.
Unfortunately, you will not be able to earn enough to pay for the electricity costs. Although an ASIC miner consumes much more power than PS5, you will get 90TH/s, which is much better than the Playstation 5.
PS5 is an expensive device that can cost you a fortune to buy in the first place, and with consistent processing, it might get some wear and tear.
According to Venturebeat, the parts of PlayStation 5 alone costs $450, which means minor repairing can cost from $100 to $200 on an average.
Now coming down to the last straw, crypto mining on a PS5 might seems like a big thing but believe me, mining bitcoin on a PlayStation 5 might not be the best idea.
If you are interested in mining, you should go with the right equipment, such as an ASIC rig. Since a PS5 is a gaming console, it would go a long way with gaming.
These are the reasons why most PS5 owners avoid any kind of mining on their devices. But I hope that this post would have answered your question. If you need any help, don’t forget to comment down, and we’ll definitely get back to you.
One of the most asked questions among crypto enthusiasts; Diem, a famous stablecoin owned by Facebook that has psychologically targeted people’s minds, and Bitcoin, which is the most famous and traded cryptocurrency so far, what is the Diem Bitcoin difference?
We get that a lot, which is why we have decided to give a piece of brief information. If you are also looking forward to knowing all about Diem vs. Bitcoin, you are in for a treat. Additionally, Diem and Bitcoin aren’t on the same page here. However, to decide a boss from one of them you should learn about them individually first.
Diem is not at all like Bitcoin; rather, it is a stablecoin, which is more similar to Tether and other cryptocurrencies pegged with some collaterals. Although Bitcoin has its blockchain, Diem runs over its own Diem blockchain, and the wallet is called Novi (formerly called Calibra).
In the vision of Facebook, Diem will be used for payments. Nonetheless, the Diem blockchain is different from the Bitcoin blockchain; it is programmable, so developers around in the market can make applications; it sounds much like Ethereum, right?
Also, the Diem blockchain has other ways around; the Diem association’s validator nodes give them strength. Similarly, these nodes will confirm the transactions and verify the blocks. Thus, users will have reasonable control over their work and benefit from efficient results.
On the other hand, we have Bitcoin. Bitcoin is not a stablecoin like Diem or pegged to any national currencies. This means that Bitcoin is a decentralized cryptocurrency, and there is no mediator, no banks, or any other sources. This is the main reason sellers and buyers were interested in this cryptocurrency on an international scale.
Suppose you can pay international sellers anonymously without any questions asked or without getting into government policies for your business, sounds about right! But the major hype of Bitcoin was getting wealthy just by trading this cryptocurrency. Surprisingly, when prices boomed into the sky in 2017.
In spite of the reason for Bitcoin, its trading isn’t neglectable. You will be surprised to know that one coin’s average price has reached about 40,000 US dollars in January 2021. For such fluctuations, people are more eager to trade with Bitcoin, but there are risks.
People are still in bemuse when they think over Diem. Surprisingly, Diem (formerly Libra) was meant to be a simple cryptocurrency, but now it isn’t. Hence, the word “Stablecoin” is more appropriate for Diem.
A stablecoin is a type of cryptocurrency pegged to some national currency or some valuable asset, such as gold and platinum. Currently, Diem pegged with the US dollar, which subsequently means that one Diem’s price is equal to that of one US dollar.
Still, confused? In other words, we can say that Diem is a stablecoin, which is not going to fluctuate its prices as Bitcoin does. However, it is pegged to some reserves, that in the case of Diem, are other cryptocurrencies that are further pegged to national currencies. Now, if these national currencies fluctuate, so would Diem.
But here is the good part, as Bitcoin fluctuates and gives high volatility in prices, Diem won’t. In fact, Diem values would remain stable. For this reason, the Diem Association is ready, who is there to monitor and control Diem Dollar.
In the early phases, Libra was about to form. A group to take care of their crypto project, Facebook made an association called Libra Association to work and manage their digital currency Libra.
Admittedly, the Libra association is no more; as a matter of fact, the Libra association is shifted to another form called Diem Association, and it has to manage the Diem Dollar, the next big thing from Facebook.
The Diem Association has twenty-seven members in total, and they claim to be an independent organization. Now, this can be a way around to make this Diem project away from Facebook, but there are no doubts about who is it at the back end.
However, the headquarters of the Diem Association is situated in Geneva, Switzerland. Therefore, this organization’s members are further several fortune companies, capitalists, and non-profit associations, such as Spotify, Uber, Mercy Corps, Coinbase, and last but not least, Facebook.
Subsequently, this means that the Diem dollar has the potential to change the vision of the business. If such big companies are running at the back end of an association, they have high capabilities.
Most people are still wondering that what was the actual need for Diem? To answer these simple questions, Diem isn’t under Facebook in a clear picture. Although Diem works under Diem Association, which is regulated by major tech giants and capitalists, the leading organization is still Facebook.
Clearly, Facebook has its own vision when it comes to digital cash, as the CEO of Facebook Mark Zuckerberg, claims that payments should be as simple as sending photos to each other; Diem is there to make life simpler and easier, which might attract some other users to on their social network.
Along with that, Zuckerberg raised the hat that people using their cryptocurrency would definitely benefit Facebook, and they can advertise on their social network— therefore even more expensively, which is the main cause.
Up to a point, our expert panel believes that Facebook might have other plans in focus relating to cryptocurrency. Clearly, they have invested in their own blockchain, which was originally called Calibra, but later rebranded as Novi in May. Furthermore, it is claimed that the sole purpose of Novi is to “help people around the world giving them better access to affordable financial services.
Diem was formerly called Libra, but do you wonder why they had to change the name? Now, the real reason is still untold, but some evidence-based factors show why they had to do so?
Because it was officially announced in June 2019, Libra had to see a number of straggling blocks, such as the major parties that were supposed to be in the Diem association, have walked away. Libra had to face a major pushback from the Senate.
Simon Peters, a crypto-analyst at a multi-asset investment platform eToro, explains: ‘Being known as the “Facebook coin” could be seen as restrictive, and a deterrent due to some issues. Facebook has had over the last 24 months with privacy and data usage.’
Admittedly, it is an attempt to show people that Diem isn’t under any influence of the major social media network Facebook. With that said it this incident reflects that the Diem project has “organizational Independence” as there are some regulatory concerns with Facebook.
However, with Diem Association on board, it is not linked to Facebook anymore, and it has the vision that seemed to threatened traditional government financial systems. As Bloomberg reports, the Diem Association is managing this project. Moreover, their currency will be known as the Diem dollar.
Diem dollar can be a game-changer, according to the Diem association. With that said, previously, people had to make their purchases, and in return, they had to wait for their transactions to proceed, but with the digital currency onboard, this isn’t the case anymore. You don’t have to wait for the transactions, the minimum limit, the maximum limit, and the list goes on.
The bad part of this story is that it’s only possible for transactions that aren’t in bank accounts, such as cryptocurrency but wait, it gets better; according to Diem Association, it costs about seven cents to send the money internationally. The even better part of this story is that you don’t have to wait for weeks. The average time needed for a complete transaction is about three to five working days.
However, for this purpose, the Diem association has its own tools. If users aren’t on Facebook, Messenger, or WhatsApp, they can still connect through their wallet Novi. But here is the catch, Novi is still under the procedure and not officially available; we aren’t sure what fees would apply.
According to Novi’s website, it is still pretty much clear that no matter what people are keeping in or taking out of the wallet, there are no hidden charges, and Novi is cutting fees to help people keep more money in their wallets.
As Diem is gaining fame in the market prior to its official launch, people are more confused about how Diem is different from Bitcoin and other cryptocurrencies? For this purpose, we have to study how Diem is not different from other cryptocurrencies first.
First of all, Diem is going to be entirely digital cash, and you will not be getting any physical note, coin, or wallet to keep it. Sounds similar to other cryptocurrencies, right? Secondly, Diem would also be operated through its Blockchain, a software ledger, similar to that of Bitcoin.
Now, things get a little tricky; Diem isn’t going to be a decentralized cryptocurrency. Instead, it would be pegged to real-life assets that would keep it stable. Hence, stablecoin is the right term to use for Diem. Originally the idea behind the Diem was to peg it with a basket of assets, but unfortunately, the Diem association couldn’t carry that further.
However, they are planning to peg Diem with a bunch of cryptocurrencies, which will be further backed up by their national currencies. Although Diem is a cryptocurrency, but you won’t see a similar idea in any competitive cryptocurrencies; they aren’t bound to any reserve, which is the reason for their high price fluctuations.
Can the Diem dollar really prove to be a revolution in the trading industry? Well, according to the vision that Diem Association beholds, the answer is yes, it can. The parent company standing behind the Diem association is not other than Facebook; as a matter of fact, Facebook has 2.7 billion monthly active users worldwide.
With that said, Diem can be accessible by those users, and they can quickly use Diem to pay for things they need. Surprisingly, if we put facts and figures on the table, chances are pretty good that after Diem’s launch, the accessibility to financial services might change forever.
As you know, when we have to manage our income, banks charge fees in multiple ways, but what if we get away from purchasing anything without any limitation of banking procedures? Secondly, around 1.7 billion people don’t have bank accounts—this means that around 31 percent of people don’t have banks, and Diem can be a solution to all of them.
If things go as expected by Diem Association, there are pretty high chances that Diem is going to succeed. After all, Facebook, WhatsApp, and Instagram already target a high audience, and Diem would be benefitted from their outreach.
Although there are several benefits of using Diem, you have to keep in mind that all good things come at a price. Therefore, we must explain some of the risks that you might be facing while working with Diem.
As we have told you previously, Diem would be working on its blockchain; although blockchain can’t be hacked or manipulated, whereas social media platforms and digital wallets can fall prey to cyber-attacks.
Peters says: ‘Like with any asset or business that uses digital technology, you run the risk of cyberattacks and hacks. If Facebook encountered any attacks on its systems, then potentially, people’s Diem dollars could be at risk.
In short, this means that digital cash isn’t safe, but you should know that same applies to online banking as well. If you consider banking a safe medium, it isn’t as well. If a bank system’s security can compromise, people risk their bank accounts to nill.
Well, the final results can only be seen in real-time; until then, we can only assume believing in the facts and figures. Although Diem targets a high population, experts believe that it isn’t a threat to already established cryptocurrencies such as Bitcoin.
However, over one billion Facebook users would definitely change the transactions over digital currency by making fast payments. On the other hand, if you see Bitcoin, the BTC blockchain size has increased to 316 gigabytes, which is a significant value as well.
Furthermore, the Diem isn’t launched yet, but Bitcoin is already the true king; experts believe that if Diem succeeds in the future, Bitcoin will not be affected much. But here is the good part, Diem is pegged to the US dollar; it will have its benefits and shortfalls, but at the end of the day, there are pretty high chances that people would go for the switch.
Stablecoins are quite different from most cryptocurrencies like the popular Bitcoin. Would you like to know about some famous stablecoins out there? The best stablecoins in 2021 are those coins that have survived the waves and tides of the horrendous sea.
See: stablecoin(DIEM) VS BITCOIN.
When you hear stablecoins, there is one major characteristic associated with them. It is how the value is being tied to something different from the normal algorithmic process. The attachment of a reserve is what makes it volatile proof.
So, there are plenty of stablecoins in the market and probably circulating. This post will handle the following 6 best stablecoins in 2021, which you never knew before.
The Paxos Standard Token is short-called PAX. This stable coin was built as an alternative to the Tether crypto. Just like the most stablecoins, the PAX is backed by the US Dollar. This quality also makes it among the best stable coins in 2021 for investment.
Also, the PAX coin is stored in treasuries that operate under the government. This coin is also built to run on the blockchain platform for ethereum. It is one stablecoin that has gained the New York state’s approval, especially the financial department.
However, For the fast-developing crypto space, this has been perceived by many as a huge plus. In-fact the PAX stablecoin is not just one of the most used coins in the market. It is also one of the best stable coins in 2021 and beyond.
At the rate at which this coin is growing, it is soon to become the most popular in a short while.
Lots of individuals have also shown satisfaction concerning PAX being trustworthy. Some even believe that this coin is soon to replace the tether(USDT)
True USD is one stablecoin that has kept the tough fight between itself and Tether(USDT). Surprisingly, this coin has not only competed favorably but seeks to overthrow the USDTcrypto
Additionally, as much as the TUSD is not circulating rapidly, this coin seems more promising regarding transparency. A collaboration with a United States Accounting group seems to be a smart move. This was done to enable close monitoring of assets.
This stablecoin can also serve as a second option for purchasing traditional FIAT. That is to say that individuals outside the US who wish to purchase Dollars can go for this second option. Lots of individuals have also voted this currency as one of the best stablecoins in 2021.
This is also one of the best stablecoins in 2021 circulating presently. USDT also has the backing of the United States Dollar, which also makes it volatile proof.
This stable currency is one of the first stablecoins to have existed. Now over 94% volume of all stablecoin tradings is done with the Tether coin. Traders now prefer Tether, probably because it track-records their investments for them. Most merchants combine this currency with ethereum for utility. Generally, It is felt as a localized dollar.
Why is the tether considered the best stablecoin in 2021? It is because of its ability to be converted to other assets. It does not even need to pass through other cryptocurrencies like bitcoin.
The parent company of this cryptocoin is BitFinex, and this coin asset is not audited. As a result, lots of experts have raised objections, as this act is suspicious. However, nothing has come off it as even lawsuits came to nothing.
The tether is currently rated equal to the Dollar on a 1:1 ratio scale. All this proves that this is one of the best stablecoin in 2021 around the world.
The Binance crypto otherwise called BUSD is the brainchild of the Binance exchange company. This coin was set up by a collaboration of companies.
The most popular companies that had hands in this were the Binance Exchange and the Paxos trust company. The PAXOS Company is also the team that set up the earlier mentioned Paxos stablecoin.
This coin is one of the best stablecoin in 2021 powered by ethereum but has the Dollar as its asset. Merchants who trade with this coin have also expressed great satisfaction resulting from received discounts.
The news is now all over the place that benefits and discounts are attached to trading the BUSD.
This currency also helps in the payment of trading fees on the exchange. Probably that is why it is held in US banks that are FDIC insured. Not only is binance the largest exchange globally, but it is also one of the best stablecoins circulating in 2021.
Forgetting, not to mention, the BUSD permits you to earn just by stacking them up. So the longer funds are locked in, the more it increases its value by providing INTERESTS.
The Goldcoin is one of the best Stablecoins backed by Gold assets. This cryptocurrency is backed by the Ethereum blockchain network, while it allows the purchasing and holding of assets. These assets are held form of the cryptocurrency.
You may start to wonder about the essence of buying Goldcoin instead of the traditional Gold asset. The reason why this should be preferred is because of how you need not worry about security. The Goldcoin allows the purchase of Gold in fractional units and still secures it in high-security vaults free of cost.
Should you demand payments in physical Gold Bars that Goldcoin guarantees? The only issue is the rigorous process where you will have to provide identity. This, however, discourages merchants from investing. Aside from this issue, the anonymous purchase of Gold through the Goldcoin is the fastest and safest means.
As a result of these qualities, calling the Goldcoin under the best stable coin in the 2021 group is verified.
The Facebook Diem looks as if it might top the rank of best stablecoins in 2021. Although this stablecoin is not yet in circulation, there is no need for doubt with the preps being made.
This coin was known as the Facebook Libra in 2020 but changed to Diem in 2021. Since the world keeps growing smaller resulting from technological advancements, local currencies might be inefficient in time to come.
In a Global village, there should be a universally accepted currency. A lot of experts predict that cryptocurrency will be the new normal as regards easy exchange.
If the truth should be told, such statements are either true or not far from it.
If you have any questions left, feel free to drop in comments section for quick responses.
Have you heard of the Facebook-currency Diem? Well, it was previously known as the Facebook-Coin Libra, which is going to launch soon!
Do you wish to know about this stablecoin and how it can improve your life?
Then this article “7 facts about the Facebook Diem” grants you the perfect solution to your curiosity. All you need to do is: sit down and read carefully what we are about to tell you!
During the second quarter of the year 2020, it was on record that Facebook has over 2.7 billion active users making it the biggest worldwide social network. The world population is pegged at around 7.8 billion people, while the youth population is about 1.8 billion.
From this, you can see that apart from the under-aged and very old, almost every human in the world is using the Facebook platform. Many people use it for adverts, some use it for record-keeping, some for communication, many use it for fun, and lots more. As a result, the No. 1 asset, which makes the world go round, “money,” needs to be circulated on this platform.
The Facebook Diem, a stablecoin, fills in the Facebook platform’s money gap, as it will serve as Facebook’s currency.
This means that now you can buy and sell your goods/services irrespective of your current location, country, or local currency. Not just that, processing transactions with this currency works as fast as lightning. The only problem here is that it is not in circulation yet. Nevertheless, there is no need to worry as it will be made available in a short while. (To get information about Diem as soon as it’s ready: Click here)
Digital currencies are the money that is not tangible — you can’t feel or touch it. Then how can I use it? Well, you can transfer and account for these currencies by using computers and smart devices. For instance, Bitcoin has been in circulation for a long time now.
The truth is that once your money cannot be felt, it becomes a digital currency. So funds sitting in your bank accounts are all digital currencies. Just like your cash in banks, these currencies are cash in your digital wallets, which you can exchange by using smartphones, computers, and even cryptocurrency exchanges. Also, you can make it tangible by withdrawing into physical cash — as you do with the machine.
Stablecoins are cryptocurrencies tied to an asset, making them more dependable and reliable because of their value stability.
Click NOW to know more about stablecoins.
The Facebook Diem is a cryptocurrency tied to the US Dollar, Japanese Yen, and Euro as collateral/security. Just like Bitcoin, this is a cryptocurrency, only that it is tied to an asset.
See: the the difference between the stablecoin and Bitcoin.
The Diem was previously called Libra in 2020, but with the launch that is to take place any moment from now, this crypto-currency is now referring as the Facebook Diem. This new development was a new proposal by the Facebook company — an American-based social media company.
A wallet is provisioned for everyone who purchases the Facebook Diem. This wallet houses the Diem crypto-currency till the wallet-owner decides on an exchange. So you will need to have a Novi wallet before you can buy or sell the Diem-crypto currency.
The Facebook Diem is presently not in circulation yet, but from all indications, this currency will soon be made available.
This crypto-currency consists of the following currency percentage denomination;
7% of Singapore Dollar
14% to Japanese Yen
18% to Euro
11% for the pounds sterling
50% for the US Dollar
This means that, unlike Bitcoin, this currency has a strong security backup. Well, this was the previous plan, but as it stands, preference is towards the pegging of each stablecoin to an individual’s currency.
The previous body “Libra Association” has now given way to the new Diem Association resulting from the name change of this project’
Expect the Facebook Diem anytime from now.
Do you have questions or need clarifications?
Place them on the comment section for quick replies