Crypto Transactions

UK amends proposal to bind only private crypto wallets with high risk of illegal finance.   The government of the United Kingdom has backtracked on a controversial proposal that requires private data collection.  Previously, the rule indicated that fund senders must ID all receiving crypto-asset wallets before completing transactions. However, an amendment on Monday has restricted the proposal to only transactions that pose a risk of illegal finance.   Background on UK's KYC Proposal July 2021 saw the UK government pass…

Unspent Transaction Output (UTXO) has sparked numerous debates within the crypto community. Although UTXO presents some disadvantages, it is necessary to complete blockchain transactions successfully. Therefore, the UTXO model is a fundamental pillar of several blockchains, including Bitcoin. This article explores UTXO in-depth and includes everything you need to know. It highlights what it is and how it works before discussing the advantages and disadvantages. UTXO Defined: What is it? UTXO stands for Unspent Transaction Output. It refers to the…

The process of swapping crypto can be complex. Sometimes, you may need more exchange assets. For instance, you may want to exchange BTC for ZIL. Generally, there are very few exchanges that support direct BTC to ZIL exchanges. Therefore, an individual must find a BTC trading pair in many scenarios. Next, exchange the BTC to another pair connected to ZIL, then complete by exchanging the second asset to Zil. Generally, following the whole exchange process involves two transactions. The above means that a…

We've all heard a lot about cryptocurrencies and blockchain. People talk so much about the good, and the hype could easily blind us from industry setbacks. Not like the drawbacks come anywhere close to what blockchain and cryptocurrencies provide. More people are adopting digital currency, and institutions are accepting them as payment.  Tesla CEO's acceptance of Bitcoin was part of what threw Bitcoin to an all-time high earlier in 2021. However, for anyone getting started in the crypto world, it's…

Blockchain browsers, social media, and now recently, blockchain phones all these developments show how fast the blockchain world has been growing in the past few years.  However, although there are several blockchain phones, a large chunk of crypto investors is yet to embrace the idea of blockchain phones. Can't regular phones make crypto transactions? Why should a crypto enthusiast decide to use blockchain phones? Keep reading for more insight on the topic.  Can Regular Phones Make Crypto Transactions? Regular phones…

The Bitcoin Mempool is a critical component of Bitcoin's core functionality. Mempool is simply a shortened version of the phrase "Memory Pool." This protocol is the first place that any new transactions are noted on Bitcoin's blockchain. In essence, it's a holding pen for all pending transactions before they are presented to miners. Notably, every node maintains a Mempool. Mempool allows Bitcoin's network to keep track of and manage all of its transactions in an organized and democratic manner. Remember,…

A few months after news of an upcoming regulatory framework for cryptocurrencies in Nigeria, crypto traders in the country have been faced with shocking news from the Central Bank of Nigeria (CBN). The apex bank has ordered financial institutions in Nigeria to stop offering banking services to crypto exchanges and other related businesses.  In a circular issued by the CBN on Friday, February 5th, 2021, the regulator demanded that all Deposit Money Banks(DMBs), Non-Financial Institutions (NBFIs), and Other Financial Institutions…