Twitter To Start Cryptocurrency Payouts For Creators. This Week’s Top Bitcoin And Crypto News

Welcome to Nonfungible Tidbits, a weekly roundup of reports in crypto, NFTs and their related realms.

Our lead story this week is Twitter signing on as the primary company to use Stripe’s new cryptocurrency funds characteristic. The social network plans to offer creators — individuals who monetize their video, art and music instantly via their relationships with the audience — the choice of getting paid in a stablecoin.

Ethereum\u2019s London hard fork set to go live on August 4

We’ll also cover Coinbase launching a beta model of its NFT marketplace, New York lawmakers contemplating a moratorium on fossil-gas powered cryptocurrency mining within the state, and a strange cyberattack on a DeFi protocol during which the hacker left the stolen cryptocurrency behind.

Stripe to begin cryptocurrency payments, starting with TwitterOn-line fee processor Stripe stated on Friday that it will permit businesses to pay their customers in cryptocurrencies. The first enterprise that’s signed on for this characteristic is social media big Twitter, which presently uses Stripe to pay creators. Proper now the cryptocurrency that’ll be used for the payout is a stablecoin called USDCoin, or USDC. The worth of the USDC stablecoin is pegged to the US greenback, which makes the value much less unstable than that of different cryptocurrencies, like bitcoin.

Twitter will draw on Stripe’s cryptocurrency payments characteristic by providing it as an choice to creators who sell premium content to their followers, similar to those who receive earnings from Twitter’s paid Ticketed Areas and Tremendous Follows features. Creators can decide to have their payout sent to a digital wallet.

Learn CNET’s full story on Stripe’s cryptocurrency cost roll out here.

Coinbase launches beta version of NFT marketCryptocurrency exchange Coinbase on Wednesday released the beta model of a feature that’ll permit users to buy and sell NFTs on its platform. Coinbase calls the brand new function “a Web3 social market for NFTs,” which sounds like the alternate might embrace social media components within the feature. Proper now the beta version solely lets people view Ethereum PoW fork-primarily based NFTs on Coinbase.

Read CNET’s full story on the launch of Coinbase’s NFT market here.

New York Lawmakers Consider Moratorium for Crypto MinesA battle over how and if cryptocurrency mining should be allowed to operate is heating up in New York, in response to a Wall Road Journal report. New York lawmakers are contemplating measures that might place a two-12 months moratorium on reactivating old fossil-gas power plants within the state for the aim of cryptocurrency mining.

Cryptocurrency mining operations are extremely power-intensive, so electricity is a big a part of miners’ overhead. Shopping for enough electricity to mine cryptocurrency is costly, and crypto miners want uninterrupted access to power around the clock. So miners are using previous energy plants as a cheap source of electricity for his or her operations.

The Cambridge Bitcoin Electricity Consumption Index estimates that the bitcoin network’s vitality usage is just a little less than the energy utilized by all the nation of Egypt. Greenpeace and different organizations are currently engaged in a marketing campaign to change the best way the bitcoin network works to reduce the networks’ carbon footprint.

Hacker exploits DeFi protocol then leaves stolen cryptocurrency behindIn an odd turn of occasions, a hacker stole $1 million in crypto from a decentralized finance protocol known as Zeed, then failed to get it out. Typically speaking, DeFi protocols are code units that run on blockchains and facilitate varied monetary transactions and transfers using cryptocurrencies. Business Insider India known as the hack just like robbing a bank after which forgetting the bags of money. The publication also noted that almost 97% of all cryptocurrency stolen this year has come from hacks and exploitations of DeFi protocols.

Thanks for studying. We’ll be again with lots extra subsequent week. In the meantime, try this story from CNET’s Daniel Van Growth about how an Apple iCloud exploit induced a cryptocurrency trader to lose greater than $650K.

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