Dacxi Crypto Wealth | This Week In Crypto | 11 - 18 January

This Week In Crypto | 11 - 18 January

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Dacxi

Jan 17, 2022

5 MIN

Majority of American Crypto Holders Started Investing in The Past Year, Says Report

Two Solo Miners Add New Blocks on The Bitcoin Blockchain in The Same Week

Nearly a Quarter of SMB Plans to Accept Crypto Payments, Says Visa Survey

Crypto Crime Expected to Fall Even More This Year Says Chainalysis Report

Tesla to Accept Dogecoin For Merchandise Says Elon Musk

 

Welcome to another exciting edition to crypto market updates. This week, we will begin with a recent research report that discloses that a majority of American crypto investors got on the crypto investing bandwagon in 2021. 

We also got to know that two small Bitcoin miners hit the jackpot as they added new blocks to the Bitcoin blockchain in the same week. Then, a Visa survey shows that over 25% of small & medium businesses are planning to accept crypto payments this year. 

Chainalysis, too, came up with a report recently, which points out that there has been a sharp fall in the number of crypto crimes and in 2022, it will continue dropping even further. Also, Tesla announced that it will now accept Dogecoin payments for its merchandise, albeit with a precondition.

 

Majority of American Crypto Holders Started Investing in The Past Year, Says Report

According to a recently released Crypto Perception Report 2022, a majority of crypto holders in the United States started investing in cryptocurrencies in 2021.

The survey, which polled about 3,100 US adults in mid-December 2021 to gauge respondents' knowledge about various aspects of crypto, found that 68% of the crypto investors first started investing in crypto in 2021.

In addition, 21% of the survey respondents said that they started investing in crypto the year before. The survey found that only 9% of respondents have been in the crypto space for four years or more.

Further findings from the survey say that 46% of the participants hold $1,000 or less in crypto, while another 25% hold between $1,000 and $10,000 worth of crypto.

 

Two Solo Miners Add New Blocks on The Bitcoin Blockchain in The Same Week

In a significant development, two miners from the Solo CK mining pool have added a new block on the bitcoin blockchain in the same week.

On January 10, a tiny miner had successfully solved a block despite having a modest hash rate capacity of about 126 terahashes per second (TH/s). The lucky miner took home over $260K after successfully mining a new block on the Bitcoin blockchain.

In the same week, on January 13, another miner was able to solve a block with a capacity of only 116 TH/s. More astonishingly, this capacity was even less than the first miner. The miner defied all the odds to solve the block in just one to three mining rigs, depending on the equipment used.

Both the miners from the same mining pool who have been mining on just one or two machines will take home 6.25 BTC ($266,000) for their efforts.

 

Nearly a Quarter of SMB Plans to Accept Crypto Payments, Says Visa Survey

A survey conducted by payments giant Visa has found that nearly a quarter of small and micro businesses (SMBs) plan to accept cryptocurrencies as payments in 2022.

The study titled “Visa Global Back to Business Study – 2022 Outlook” was conducted by Wakefield Research in December 2021 and included a survey of 2,250 small business owners with 100 employees or fewer in 9 countries-  United States, Canada, Brazil, Germany, Hong Kong, Singapore, United Arab Emirates, Ireland, and Russia.

According to the survey results, about 24% of SMBs, who participated in the survey said that they were planning to accept payments in cryptocurrencies such as Bitcoin in 2022.

The survey findings also showed that 82% of SMBs stated that they are planning to accept some form of digital option in 2022, and 73% of respondents said that accepting new forms of digital payment options will be the key factor that will affect business growth this year.

 

Crypto Crime Expected to Fall Even More This Year Says Chainalysis Report

Cryptocurrency crime is not expected to be a major problem in 2022, according to a recent report looking by analytics platform Chainalysis.

The report says that the criminal usage of cryptocurrencies will reduce globally as more governments will learn to take advantage of the transparency that blockchain offers.

According to the report, the growth of legitimate cryptocurrency usage is “far outpacing the growth of criminal usage.” In 2021, the volume associated with crypto-related crime was at its lowest at 0.15% of the overall transaction volume.

Kim Grauer, director of research at Chainalysis, says that this exceedingly low figure will remain as it is barring any "outlier events."

Last year, all crypto-related revenue generated by crime-based activity reached $14 billion, as shown by Chainalysis. The report further pointed that law enforcement agencies have improved their efforts to stop the use of cryptocurrencies by criminals.

 

Tesla to Accept Dogecoin For Merchandise Says Elon Musk

Elon Musk, the CEO of Tesla, has announced in a tweet that the company will accept Dogecoin as payment for the company’s merchandise.

The company says that products in the Tesla store can be bought by sending the cryptocurrency to the Dogecoin wallet of Tesla.

While Tesla accepts Dogecoin, it also said that the company is not accepting any other crypto coins for now. The EV-maker said that it cannot receive any other digital assets except DOGE on its website. Additionally, Tesla confirmed that non-Dogecoin payments sent to the company will not be refunded to the customer.

This move by Tesla saw a surge in the prices of Dogecoin. It comes a month after CEO Musk, who is always vocal about cryptocurrencies, said that the company would test digital assets as a payment option.