Big things are happening in the cryptocurrency industry, and it’s not always easy to stay on top of all the week’s biggest news. While major players like BTC, ETH, and XRP tend to grab the headlines, some of the most interesting stories are happening in the alt-coin industry. As you’ll soon see, this wild and unpredictable frontier of the crypto community has had quite a week.
Let’s take a look at three recent stories from the alt-coin side of the cryptocurrency world.
1. Bitcoin Cash considers fork to fund development. One of the ongoing problems faced by the Bitcoin Cash network is the lack of a development fund. While other cryptocurrencies have corporate investors (particularly bitcoin and Ethereum), Bitcoin Cash has struggled to attract major third-party development funders. Earlier this week, BTC.TOP mining pool CEO Jiang Zhuoer proposed a new solution for Bitcoin Cash’s ongoing funding issues: Fork the BCH blockchain and give developers 12.5% of the block reward. The controversial idea isn’t without precedent, as Zcash uses a similar funding mechanism. Critics have noted, however, that the most likely result of this proposed fork would be a further split in the BCH blockchain, likely resulting in yet another new token.
2. Pornhub officially adopts Tether payments for models. Late last year, online payment platform PayPal abruptly ended its relationship with adult content website Pornhub, leaving thousands of the site’s “models” without an easy way to withdraw their earnings for videos, photos, and streams. While Pornhub already supported cryptocurrency payouts using lesser-known tokens (XVG, TRX and ZEN), the company has been reluctant to offer payouts using major tokens. This policy may be changing, however, as Pornhub announced this week that it now offers payouts using the Tether (USDT) stablecoin. (Tether is pegged to the U.S. dollar, presumably making it an attractive option for models who are wary of the cryptocurrency price roller coaster.) Pornhub models also have the new option to use Cosmo Payment, a privacy-focused PayPal alternative designed specifically for the adult industry.
3. Venezuela’s Petro token trading at half official exchange rate for BTC. In December of 2019, the Venezuelan government officially launched its state-backed cryptocurrency, the Petro (PTR), with a 6 million PTR airdrop. The Petro initiative has been controversial from its inception, with many seeing the token as little more than a desperate attempt at addressing the country’s rampant hyperinflation. (By some estimates, the country’s inflation rate reached a staggering 1,000,000% in 2019.) Now that the Petro is a reality, however, most Venezuelans appear to be desperate to sell their PTX tokens. The official exchange rate for the Petro is set at $60, but data collected by cryptocurrency news outlet Cointelegraph.com from LocalBitcoins suggests that the on-the-ground exchange rate is actually around $30. One contributing factor appears to be the lack of stores that actually accept the Petro as a form of payment, as many merchants now only accept U.S. dollars.
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