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Cryptocurrency is a digital or virtual currency that uses cryptography to secure and verify transactions and control the creation of new units.

It is a decentralized currency that is not issued or controlled by any central authority or government, making it highly attractive to users who value financial privacy and independence.

Over the past decade, cryptocurrencies have gained significant popularity as an alternative form of payment and investment. As a result, many service provider platforms, including e-commerce websites, online marketplaces, and payment gateways, have started accepting various cryptocurrencies as a form of payment.

Service provider platforms play a crucial role in the adoption of cryptocurrencies by providing users with a convenient and secure way to transact using their preferred digital currencies. With the increasing number of platforms that accept cryptocurrencies, more and more people are being introduced to the world of digital currencies, which is likely to boost the adoption and use of cryptocurrencies in the future.

In this outline, we will explore the most popular cryptocurrencies being used on service provider platforms, as well as the emerging ones that are gaining traction. Additionally, we will examine the factors affecting cryptocurrency adoption on service provider platforms, including regulatory landscape, market volatility, customer demand, transaction speed, and fees.

Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an unknown individual or group under the pseudonym Satoshi Nakamoto. It is a decentralized digital currency that uses blockchain technology to enable secure and anonymous transactions. Bitcoin has a finite supply of 21 million coins, with each coin divisible to eight decimal places.

Bitcoin is the most widely accepted cryptocurrency on service provider platforms. Many online merchants, payment gateways, and e-commerce websites, including Microsoft, Expedia, and Overstock.com, accept Bitcoin as a form of payment. Additionally, several major online payment processors, such as PayPal and Square, have added support for Bitcoin transactions.

Ethereum is a decentralized blockchain-based platform that enables the creation of smart contracts and decentralized applications (DApps). It was created in 2015 by Vitalik Buterin and has its own cryptocurrency called Ether (ETH). Ethereum's primary goal is to enable developers to build decentralized applications that can run on its platform.

Ethereum is becoming increasingly popular among developers and service provider platforms. Many blockchain-based platforms, such as Binance and Crypto.com, use Ethereum as the underlying blockchain technology for their tokens. Additionally, several online merchants, such as Shopify, have added support for Ethereum payments.

Litecoin is a peer-to-peer digital currency that was created in 2011 by Charlie Lee, a former Google engineer. It is often referred to as the "silver to Bitcoin's gold" due to its similarities to Bitcoin. Litecoin is faster and cheaper to transact compared to Bitcoin, with a maximum supply of 84 million coins.

Disadvantages of Litecoin

Litecoin is widely accepted on many service provider platforms. It is accepted by several online merchants, including CheapAir, and is supported by several payment processors, such as Coinbase and BitPay. Additionally, Litecoin has been integrated into several blockchain-based platforms, such as BlockFi and Celsius Network.

Ripple is a real-time gross settlement system, currency exchange, and remittance network created in 2012. It uses the XRP cryptocurrency as a bridge currency to facilitate cross-border transactions. Ripple aims to provide a faster, cheaper, and more secure alternative to traditional payment methods, particularly for international payments.

Ripple has been adopted by several payment processors, including BitPay and CoinPayments, and is supported by several online merchants. Ripple has also been adopted by some online casinos for making deposits and withdrawals. While not as widely accepted as Bitcoin or Ethereum, Ripple's adoption on service provider platforms is gradually increasing.

Bitcoin Cash is a fork of Bitcoin that was created in 2017. It was created to address some of the scalability issues of Bitcoin by increasing the block size limit to 8MB. Bitcoin Cash aims to be a faster and more cost-effective alternative to Bitcoin.

Advantages of Bitcoin Cash

Bitcoin Cash is accepted by several online merchants, including eGifter and Purse.io. It is also supported by several payment processors, such as BitPay and Coinbase. Some online casinos have also started accepting Bitcoin Cash as a form of payment.

Tether is a cryptocurrency that aims to maintain a stable value by pegging its value to a fiat currency, such as the US dollar. It was created in 2014 and is primarily used for trading and transferring funds between cryptocurrency exchanges.

Online casinos and gambling sites have been at the forefront of cryptocurrency adoption, particularly in recent years. Many online casinos have embraced cryptocurrencies as a form of payment, allowing players to gamble using Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. This has made online gambling more accessible to cryptocurrency users, who may prefer to use cryptocurrencies due to their increased security and privacy.

One of the main advantages of using cryptocurrencies for online gambling is faster and more secure transactions. Cryptocurrencies allow for near-instantaneous transactions without the need for intermediaries, reducing transaction fees and improving transaction speed. This makes it easier for online casinos to process payments and withdrawals, providing a more seamless gambling experience for players.

Tether is primarily used for trading on cryptocurrency exchanges and is not widely accepted by service provider platforms. However, some online casinos have started accepting Tether as a form of payment, particularly those catering to cryptocurrency users. Its been late research saying that:These casinos allow players to gamble using various cryptocurrencies, including Tether, providing an alternative to traditional fiat currency gambling.

Furthermore, some online casinos offer exclusive bonuses and promotions for players who use cryptocurrencies as a form of payment. These bonuses may include free spins, deposit matches, and other incentives that can help players maximize their winnings.

However, there are also potential downsides to using cryptocurrencies for online gambling. Cryptocurrencies are highly volatile, meaning that their value can fluctuate significantly over short periods. This volatility can make it challenging for players to manage their bankroll and may increase the risk of losing money.

Overall, online casinos and gambling sites have been instrumental in driving cryptocurrency adoption, particularly in the gambling industry. As more players turn to cryptocurrencies for online gambling, it will be interesting to see how online casinos and gambling sites adapt to the changing landscape of online payments and how they integrate cryptocurrencies into their business models.

The regulatory landscape of cryptocurrencies varies across different jurisdictions. Some countries have embraced cryptocurrencies and have established favorable regulations, while others have banned or restricted their use. Service provider platforms operating in jurisdictions with favorable regulations are more likely to adopt cryptocurrencies as a payment method. On the other hand, platforms operating in jurisdictions with unfavorable regulations may be hesitant to adopt cryptocurrencies due to the risk of regulatory challenges.

Cryptocurrencies are known for their high volatility, which can result in significant fluctuations in their value. This volatility can make it challenging for service provider platforms to accept cryptocurrencies as a payment method, as the value of the cryptocurrency received could decrease significantly before it is exchanged for fiat currency. However, some platforms have found ways to mitigate this risk, such as immediately exchanging the received cryptocurrency for fiat currency or implementing payment processing solutions that eliminate market risk.

Customer demand is another significant factor affecting cryptocurrency adoption on service provider platforms. If a significant number of customers prefer to use cryptocurrencies as a payment method, service provider platforms may be more inclined to adopt them. Customer demand for cryptocurrencies may be influenced by factors such as accessibility, security, and privacy.

Transaction speed and fees are critical factors affecting the adoption of cryptocurrencies as a payment method. Cryptocurrencies that offer fast transaction speeds and low fees are more likely to be adopted by service provider platforms as they offer a more efficient payment solution. However, some cryptocurrencies may have slower transaction speeds or higher fees, making them less attractive as payment methods. Service provider platforms may also have to consider the cost of implementing and maintaining the necessary infrastructure to support cryptocurrency payments.

In conclusion, cryptocurrencies have become an increasingly popular payment method on service provider platforms. Bitcoin, Ethereum, and Litecoin are among the most popular cryptocurrencies accepted by service provider platforms. However, emerging cryptocurrencies such as Ripple, Bitcoin Cash, and Tether are also gaining popularity.

There are several factors that affect the adoption of cryptocurrencies on service provider platforms, including the regulatory landscape, market volatility, customer demand, and transaction speed and fees. Service provider platforms need to consider these factors when deciding whether to adopt cryptocurrencies as a payment method.

While cryptocurrencies offer several benefits, such as increased security, anonymity, and lower transaction fees, they also present challenges such as volatility and regulatory uncertainty. Nevertheless, the increasing popularity of cryptocurrencies suggests that they may play an essential role in the future of online transactions.

It's worth noting that some service provider platforms, such as online casinos, have embraced cryptocurrencies more readily than others. These casinos have become increasingly popular among cryptocurrency users, and some even offer exclusive bonuses and promotions for customers who choose to use cryptocurrencies as a payment method.

Overall, cryptocurrencies are likely to continue to grow in popularity as a payment method on service provider platforms. As technology continues to evolve, it will be interesting to see how service provider platforms adapt to the changing landscape of online payments and how cryptocurrencies will fit into this evolving landscape.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

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What Are the Most Popular Cryptocurrencies Being Used on Service ... - Bitrates

Polygon is the second most searched Proof-of-Stake (PoS) crypto in the US, after Ethereum. This was revealed by the study conducted by TheMoneyMongers, which analyzed Google Trends data over the past 90 days.

The study conducted by TheMoneyMongers revealed that Polygon (MATIC) has captured the interest of Americans, becoming the second most searched Proof-of-Stake crypto on Google.

In essence, analyzing Google Trends over the past 90 days across the top 5 PoS crypto, Polygon is second only to Ethereum, which recently switched to this consensus mechanism.

Specifically, 18 states in the US, or 35.3%, are interested in Polygon, which has quickly become Ethereums competitor due to its superior ability to scale on the blockchain.

By contrast, in the case of Ethereum, the study states that it is 54.9%, meaning as many as 28 states in the US that are interested in researching it on the search engine giant.

Next followed other crypto assets, also chosen based on their market capitalization and specifically because they are Proof-of-Stake: Cardano, Solana and Polkadot.

Respectively, the study states that Cardano is researched by 7.8% and that is 4 states in the US, Solana by only one state, and Polkadot in scattered way.

Cardano is reported to have captured the interest of residents of Delaware, the District of Columbia, Rhode Island, and South Dakota. Solana is highly sought after by residents of Maine, and for Polkadot it appears that some residents of Tennessee, Connecticut, Massachusetts, and Wisconsin are somewhat interested.

Apparently, Polygon has not yet managed to overtake Ethereum, not only in terms of market capitalization and price performance, but also Google searches in the US.

The thing is that while Polygon started out as a Proof-of-Stake crypto, Ethereum has become one ever since its last fork called The Merge, completed with the latest network update called Shanghai/Capella (or also called Shapella).

And indeed, Ethereum is saying goodbye to mining in an official way, implementing Ethereum Improvement Proposal (EIP) 4895 and allowing validators and users to withdraw their staked ETH on the network.

The enabling of withdrawals, which took place a few days ago, completed Ethereums transition from the Proof-of-Work consensus mechanism to the more sustainable so-called Proof-of-Stake mechanism.

In this regard, Sudhir Khatwani, co-founder of TheMoneyMongers.com, commented on the results:

With Ethereums Shanghai Upgrade, Ethereum has become the most popular Proof Of Stake cryptocurrency because users who had earlier staked 32 ETH, can unstake and withdraw their Ether, as staking and unstacking is a critical part of Proof of Stake consensus mechanism.

Despite these movements of Ethereum, TheMoneyMongers study states that Polygon remains the most attractive PoS crypto in the following states: Alabama, Indiana, Kansas, Kentucky, Louisiana, Minnesota, Nebraska, New Mexico, North Carolina, Ohio, Oklahoma, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Wyoming.

Recently, Polygon launched its new mainnet, the zkEVM. The event saw Ethereum co-founder Vitalik Buterin being a special guest and in particular the one who first made the first transaction on the new network, hiding a message of his own.

Basically, Buterin agreed to perform the first ever symbolic transaction on the Polygon zkEVM with a message converted to hexadecimal code that said:

Millions of constraints for man, unconstrained scalability for mankind

The zkEVM network was created by Polygon together with Immutable, and is a new platform dedicated to developers in the crypto world.

Specifically, the zkEVM is intended to be an advancement in blockchain-based gaming that integrates the use of ZK technology that will serve to accelerate the development of Web3 games.

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Polygon: among the most searched PoS crypto - The Cryptonomist

As of February 2023, over 44.15 million unique addresses have a non-zero balance of Bitcoin (BTC). While this may seem impressive, lets face it blockchain technology has come a long way since Bitcoins inception in 2009.

Bitcoin addresses with a non-zero balance. Source: Glassnode

However, as the technology continues to evolve and gain mainstream adoption, scalability remains one of the biggest challenges facing the industry. Bitcoin and Ethereum, two of the largest blockchain networks, are highly decentralized, with thousands of nodes operating on each network (17,553 nodes for Bitcoin and 7,099 nodes for Ethereum as of April 14, 2023).

Ethereum mainnet statistics. Source: Ethernodes

While this decentralization provides greater security, it also results in slower transaction speeds and scalability issues due to the significant computational resources required to maintain the continuously growing sum of nodes.

Hence, the blockchain trilemma, coined by Vitalik Buterin, suggests that blockchains can only have two out of three properties: scalability, security and decentralization. As a result, this fundamental trade-off represents a significant barrier to the widespread adoption of blockchain technology.

There are two primary strategies that have been introduced to tackle the scalability challenge: layer-1 (L1) and layer-2 (L2) solutions. While L1 solutions seek to optimize the base layer of a blockchain, L2 solutions provide an additional layer on top of the base layer to facilitate faster and more affordable transactions. Needless to say, this has sparked an ongoing battle between the two approaches as each demonstrates unique strengths and weaknesses.

Layer-1 blockchains, such as Bitcoin and Ethereum, are designed to optimize the foundational layer of a blockchain protocol to increase transaction throughput and reduce fees. Their maximum capacity is often limited by network congestion and other factors, so L1 scaling solutions directly extend the blockchain protocol to improve scalability.

A prominent example of this is the introduction of Ethereum 2.0 and the subsequent development of (dank) sharding. Sharding aims to increase Ethereums transaction processing speed and reduce fees by splitting the network into smaller, more manageable shards. Each shard can then process transactions in parallel, significantly increasing the networks overall speed.

Layer-2 blockchains, on the other hand, refer to a network or technology that operates on top of an underlying blockchain protocol with the aim to improve scalability too. The idea behind L2s is to shift transactions from the base layer blockchain to an adjacent system architecture that is able to process the majority of the data and then report back to the base blockchain to finalize the result.

For instance, Ethereum is a layer-1 network, and a number of layer-2 solutions have been built to improve transaction speeds on the Ethereum network, including Polygon (MATIC), Optimism (OP) and Arbitrum (ARB).

Undoubtedly, the scalability battle has come to the forefront with recent developments in L1 and L2 blockchains. While this may be the case, understanding the differences between L1 and L2 blockchain networks is crucial to gain insight and distinguish the primary differences between both layers.

Layer-1 blockchains and layer-2 scaling solutions differ not only in their purpose but also in their fundamental design and architecture. L1 blockchains are designed to be self-sufficient, meaning that all the necessary layers for data availability, consensus, and execution are integrated into a single system. This design is intended to provide the security, decentralization, and immutability, that are the hallmarks of blockchain technology.

In contrast, layer-2 scaling solutions are designed to enhance the performance of L1 blockchains rather than operate as independent blockchains. Layer-2 scaling solutions use off-chain techniques such as state channels, nested blockchains, rollups and sidechains to process transactions faster and more efficiently. In this way, layer-2 scaling solutions can increase the transaction throughput of L1 blockchains without compromising their security and decentralization.

Another significant difference between L1 and L2 scaling solutions lies in their scalability methods. L1 blockchains depend on various techniques such as consensus mechanism changes, chain forking and sharding to boost their transaction throughput. While these methods can improve transaction speeds, they can also lead to network congestion, security risks and fragmentation. L2 scaling solutions, on the other hand, process transactions off-chain, allowing for increased speed and efficiency while still relying on the primary network for security and decentralization. This approach reduces the risk of network congestion, minimizes fragmentation and enhances the overall performance of the blockchain ecosystem.

The Nakamoto coefficient is an important metric to consider when evaluating the level of decentralization in a blockchain network. It is crucial to consider the trade-off between scalability and decentralization when measuring up the difference between L1 and L2 solutions.

Often, L1 solutions such as Near protocol (NEAR) or Solana (SOL) have a higher coefficient because they offer a high degree of decentralization due to their reliance on a large number of validators. On the other hand, L2 solutions such as Opside or zkSync could offer improved scalability through the use of off-chain processing, but in turn, would be less decentralized due to their reliance on a smaller set of validators.

The ongoing battle between L1 and L2 solutions has its fair share of pros and cons. While L1 blockchains offer superior security and decentralization, they suffer from scalability issues. In contrast, L2 solutions offer scalability and lower fees, but may come at the cost of compromising the security and decentralization of the underlying blockchain.

Evidently, L2 solutions are not a one-size-fits-all solution to the scalability challenge. They rely on the base layers security and decentralization, and if the base is compromised, it could affect the very foundation of the layer-2 solutions in question.

Needless to say, as blockchain technology continues to mature, the outcome of this showdown will likely determine the path forward for scaling the technology to meet the demands of real-world applications. In the meantime, it is vital for both L1 and L2 solutions to work together to effectively address the scalability challenge.

Digi516 has been a crypto researcher and NFT enthusiast for almost a decade, with experience in educating and managing several crypto communities. Now, as head of community lead at XGo, Digi516 is on a mission to onboard the next 100 million users to Web3 and empower sovereign financial freedom.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Moving beyond the blockchain trilemma: L1 vs. L2 - Cointelegraph

Cartesi is a project that is developing a Virtual Machine on blockchain based on Linux and Ethereum, through which rollups and dApps can be created.

A few days ago it announced that the launch of the mainnet is approaching.

Cartesi Rollups is approaching a stage of development ready for the launch of the mainnet.

In reality, from a strictly technical point of view, it would not be accurate to refer to it as a mainnet in this case, since it is a specific execution environment that can be deployed as layer 2 or layer 3, but is not a layer 1 blockchain or dApp.

However, dApps created using Cartesi will actually go on the mainnet.

Thus, Cartesi Rollups will be mainnet-ready with the launch on mainnet of the first Cartesi-based dApp, which will be Honeypot.

Honeypot is a dApp that will be launched on the Ethereum mainnet for the purpose of launching and running a hacking challenge.

Indeed, it will contain real assets with the dual goals of creating a financial benchmark for secure asset management, and providing a gamified battleground for the community.

Unlike classic bug finder bounties, and capture-the-flag events, to win this challenge you will not need to submit a hacking recipe, and there will be no hidden elements to discover. Simply piercing the honeypot (honey jar) will allow you to take home the entire loot, no strings attached.

Cartesi is a rollup execution layer specifically for applications with a Linux runtime.

Cartesi rollups can be implemented as layer 2, for example on Ethereum, or as layer 3, for example on Optimism, Arbitrum, zkEVM chains, or even as sovereign rollups. It serves to open up the design space to more expressive and computationally intensive blockchain applications.

Since dApps in this way are deployed on their own customizable rollup chains specific to the applications themselves, they do not compete with each other within the ecosystem for resources. This provides Ethereum and its Layer 2s with several orders of magnitude more computational capacity.

Cartesi also has its own token, called CTSI, present on the Ethereum blockchain as well as on the Arbitrum blockchain and BSC chain.

Since the announcement of the approaching launch of the mainnet, its market value has jumped from $0.15 to $0.29, nearly doubling within two days. It subsequently fell to the current $0.24.

Although this is still 86% lower than the high of May 2021, when it even surpassed $1.7, it is nevertheless significantly higher than the $0.05 it had before the start of the last big bull run.

It is worth noting that the initial launch price in April 2020 was below $0.04, or six times less than the current level.

After also falling below $0.10 during 2022, it has posted an excellent +136% so far in 2023, with the market capitalization back above $240 million.

This is a low level of capitalization, though not very low, which puts this token in the fourth or fifth tier. It is enough to consider that, for example, Arbitrums ARB capitalizes over $2 billion, almost ten times as much.

In early 2023 Cartesi launched its Community Grants Program (CGP), with the goal of expanding the network of its contributors who are building its ecosystem.

One million dollars has been made available for the CGP in 2023 alone, and to encourage idea sharing, foster greater collaboration, increase transparency, and attract new contributors the Cartesi Foundation encourages all grantees to engage with others on its public Discord channels.

The first to argue that rollups could be an important part of the development of the Ethereum ecosystem is co-founder Vitalik Buterin himself.

Indeed, layer 2s are not enough, precisely because they consume a lot of resources and can be bottlenecks.

Rollups, like Cartesis, can use their own resources, without burdening those of layers 1 or 2 on which they rely.

Moreover, hundreds, if not thousands, of them can coexist, increasing the computational potential of the ecosystem by several orders of magnitude.

However, they must be based on secure layer 1 or layer 2, otherwise one of the major advantages of decentralized blockchains is lost.

Cartesi however is not the only project working on rollups on Ethereum. In fact, there are already even more advanced ones. The beauty is precisely the extreme openness and freedom of decentralized ecosystems, thanks to which there can be a lot of positive competition that directs developers to try to do better than others, thus ending up creating benefits for everyone.

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Blockchain: Cartesi ready for mainnet - The Cryptonomist

Ethereum (ETH) founder Vitalik Buterin is catching the attention of crypto sleuths after moving 500 ETH to an under-the-radar decentralized finance (DeFi) project.

Blockchain security firm PeckShield first spotted the transaction and revealed that a wallet controlled by Buterin transferred the ETH stack to DeFi protocol Reflexer.

Reflexer is a platform designed to enable users to mint stablecoins by using their crypto as collateral.

The protocol issues RAI, a crypto asset backed by Ethereum that aims to maintain a stable value in order to protect holders from the volatility of the markets.

According to PeckShield, Buterin used the 500 ETH to accumulate stablecoins.

The blockchain security firm shows that the Ethereum founder used the ETH trove as collateral on Reflexer to mint 150,000 RAI tokens. Buterin subsquently exchanged 132,500 RAI for 378,500 USD Coin (USDC). The remaining 17,500 RAI was swapped for 50,000 Dai (DAI).

PeckShield says that the conversion of ETH to stablecoins USDC and DAI all took place within three hours.

Blockchain-tracking service Etherscan also witnessed the transactions. According to Etherscan, Buterin initially transferred 200 ETH to Reflexer to mint 100,0000 RAI. Immediately after, Buterin sent 300 ETH to Reflexer to mint 50,000 RAI.

Etherscan reveals that Buterin paid more than $200 to process both transactions.

At time of writing, Ethereum is trading for $1,596, up over 10% in the last 24 hours.

Featured Image: Shutterstock/The Creative Factory

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Ethereum Creator Vitalik Buterin Abruptly Sends 500 ETH to Little-Known DeFi Protocol - The Daily Hodl