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Interest in Bitcoin and Ethereum Slides According to Google Trends Data, NFT Queries Skyrocket

07/01/2022 by Idelto Editor

While bitcoin, non-fungible token (NFT) assets, ethereum, and cryptocurrencies had an incredible year in 2021, none of the trends made it into Google’s “Year in Search” review. Currently, interest in bitcoin, in terms of Google searches has dropped considerably since the week of May 16th through the 22nd of last year. Search trends for the term “bitcoin” have slid 72% since it scored the highest score of 100 last May to today’s score of 28.

Worldwide Search Queries for ‘Bitcoin,’ ‘Ethereum,’ and ‘Cryptocurrency’ Continue to Slide

Interest in bitcoin, NFTs, cryptocurrency and ethereum has waned according to Google search trends. Essentially, the web page Google Trends analyzes the popularity of top search queries worldwide and regionally and it scores specific terms and phrases by the number of searches.

Last year, crypto-assets like BTC and ETH reached all-time price highs and interest increased a great deal during those specific time frames. Typically, when the price reaches new heights, Google Trends shows that queries worldwide increase and the opposite happens when the price sinks.

Metrics show that the term “bitcoin” saw a high of 100 on the week of May 16th through the 22nd, 2021. The search query “bitcoin” was also high in January and February 2021, holding above 75 points.

Today, the score is 72% lower than the stats recorded in May as the term “bitcoin” currently has a score of 28. The search query “ethereum” has a score of 8 today which is 68% lower than its highest 2021 score of 25 points. The term “cryptocurrency” has a score of 3 on January 7, 2022, but in May it reached a high of 12.

Search Query ‘NFT’ Taps 100 This Week, Search Phrase ‘How to Sell Bitcoin’ Dips, While ‘How to Sell Ethereum’ Increases

The shortened term for non-fungible token “NFT” has just peaked at 100 this week, according to Google Trends statistics on Friday. During the first week of January 2021, the search query “NFT” only had a score of 1. The search trend for “NFT” grew slowly during the first six months, but at the end of 2021 and into the new year, it’s jumped considerably to its current all-time high.

While the global cryptocurrency market valuation of the entire crypto-economy has dropped in recent times, searches using the phrase “how to sell bitcoin” are low with a score of 12 on Friday. That’s 88% lower than Google Trend’s “how to sell bitcoin” high during the week of February 14th through the 20th of last year.

That week, the query for the phrase “how to sell bitcoin” reached 100, while “how to sell ethereum” scored a 12. Interest in the phrase “how to sell ethereum” has increased to a score of 15 today.

What do you think about the current trend of searches for terms like “bitcoin,” “ethereum,” and “NFT”? Let us know what you think about this subject in the comments section below.

Decryptionary Helps New Investors Understand Crypto Terms

11/05/2019 by Idelto Editor

Decryptionary Helps New Investors Understand Basic Crypto Terms

Rising cryptocurrency markets may once again arouse the interest of new investors. The crypto space has its specifics and it takes some effort to acquaint oneself with the terminology. Decryptionary has been created to impart the basic information you need to start understanding Bitcoin better.

Also read: How to Generate QR Codes for Crypto Payments

Get a Handle on Crypto Buzzwords

Decryptionary provides concise definitions of many terms that are widely used in the crypto industry. You have the option to look up a specific word or phrase relating to cryptocurrencies and distributed ledgers using the site’s search bar. Alternatively, you can access the full contents of the online dictionary where entries are listed by first letter or number.

You’ll be able to understand the meaning of terms such as blockchain explorer, total supply, peer to peer, proof of work, public key, decentralized exchange, escrow, zero confirmation, and many more. If you can’t find a word you are searching for, you can also suggest new entries.

The website offers thematic word lists as well. For example, the “25 Common Cryptocurrency Words You Should Know” page has been prepared for beginners and it explains mining, hashing, wallets, keys, and addresses. There’s also the “20 Blockchain Words You Should Know” list which contains definitions for block, sidechain, fork, and node.

Decryptionary doesn’t stop there. If you want to dive deeper into digital asset trading, it will help you learn the characteristic slang including words like hodl, fud, fomo, and jomo. Mooning, flippening, shilling and shitcoin are some of the other notable entries. The platform explains what a bull trap is as well as what’s common between the Byzantine generals problem and Bitcoin.

If you have more questions, you can also refer to Bitcoin.com’s Knowledge Base which provides an extensive library of Bitcoin resources. There you’ll find out how to get started with cryptocurrencies by downloading a wallet and buying your first bitcoin cash. The portal will also help you choose a cryptocurrency exchange, avoid fraud, set up cold storage, understand bitcoin mining, and much more.

Can you recommend other sources of basic information about the crypto space? Let us know in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to third party companies or any of their affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any third party content, goods or services mentioned in this article.

Images courtesy of Shutterstock, Decryptionary.

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In the Daily: New Terms From Bitmex, Binance Coin Record, Malta Bank Accounts

02/03/2019 by Idelto Editor

In this edition of The Daily, Bitmex has updated its Terms of Service. The revised rules prohibit residents of certain countries, including the U.S., from trading digital assets on the platform. Also, the native token of the leading crypto exchange Binance, BNB, has hit a record price against BTC. And in Malta, companies from the crypto industry are facing limited access to banking services.

Also read: Coinhive Closedown, Eos Heist, Crypto Entrepreneur Arrested

Bitmex Bans Traders From Multiple Jurisdictions

Digital asset exchange Bitmex has updated its Terms of Service this week introducing significant changes to the agreement. Users from a number of countries, including the United States, Cuba, Syria, North Korea, and Sudan won’t have access to its services in the future. The restrictions also apply to residents of the Canadian province of Quebec as well as traders from the Autonomous Republic of Crimea and the Federal City of Sevastopol in the Russian Federation.

The Seychelles-based operator of the platform, HDR Global Trading Limited, has informed all such residents that holding open positions and entering into new contracts on Bitmex from their respective jurisdictions is not allowed. The exchange also reserves the right to immediately close the accounts of such clients and liquidate any positions they may have opened.

The new agreement is noticeably longer than the old version, with added texts regarding the platform’s access conditions and the accuracy and availability of service, Cryptoglobe reported. Other new provisions concern trading fees as well as the protection of data and intellectual property. The upcoming ban for residents of the U.S. and Quebec was announced in January of this year. The updated terms of service will come into effect on March 6.

Binance Coin Hits Record High Against BTC

Binance coin (BNB), the native token of the largest crypto exchange by daily trading volume, has set a new record against bitcoin core (BTC). At approximately 17:55 UTC on Friday, March 1, its price reached 0.00299880 BTC and a high of $11.61 in fiat.

BNB’s market cap now stands at $1.58 billion. The previous record high for its price against BTC was registered on Feb. 11 this year. The crypto reached its all-time high against the U.S. dollar on Jan. 12, 2018 when it was trading for almost $25. The latest spike comes after the company announced a program for traders willing to test its new decentralized trading platform.

Crypto Companies Struggle to Open Bank Accounts in Malta

Malta’s crypto-friendly regulatory framework has attracted dozens of businesses from the crypto and blockchain industry to the island. However, according to a new report, many of these companies are experiencing difficulties when they try to open accounts with local banks.

Sources from service providers, legal firms and finance companies, quoted by the Times of Malta, claim that banks have been declining to work with these entities stating this business is outside their “risk appetite.”

The Parliamentary Secretary for Financial Services, Silvio Schembri, told the publication he is currently holding talks with different banks and other stakeholders in an effort to resolve the issue and improve the understanding of the industry. The official noted that banks are often waiting for crypto operators to obtain a license from the Malta Financial Services Authority (MFSA) before opening the doors for them.

No less than 28 applications for registration under Malta’s Virtual Financial Assets Act have been filed with the MFSA since the end of November. The regulator plans to issue its first licenses by the end of this quarter.

What are your thoughts on today’s news tidbits? Tell us in the comments section.

Images courtesy of Shutterstock.

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SA Central Bank Comes Up With Another Nickname for Cryptos – “Cyber Tokens”

26/05/2018 by Idelto Editor

Cryptocurrencies don’t meet the requirements of money, according to the South African Reserve Bank which has decided to call them by a different name. It’s one that does not imply either currency or cryptography. “We prefer to use the word ‘cyber-token’,” said a high-ranking official of the central bank in Pretoria, adding another entry into a long list of substitutes favored by financial authorities over the original term.

Also read: The Government Dilemma: How To Tax Something One Pretends Does Not Exist

Cyber Tokens – But Why?

It’s not unusual for officials around the world to refrain from uttering the word. For many of them, “cryptocurrency” probably sounds like a bad omen. Central bankers are the worst – “crypto” is usually a “no-no” in their financial vocabulary. But the spread of cryptocurrencies has forced policy makers and government experts to demonstrate some linguistic ingenuity. Many now speak more and more often about them with artificially invented synonyms. The list of generic terms is growing and we owe the latest entry to the South African Reserve Bank.

“We don’t use the term ‘cryptocurrency’ because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value,” the central bank’s Deputy Governor, Francois Groepe, told reporters in Pretoria this week. “We prefer to use the word ‘cyber-token’,” he added, quoted by Bloomberg.

The popularity of cryptocurrencies has been growing exponentially around the globe and South Africa is no exception. Regulators in the country, like many of their colleagues abroad, are finding it hard to keep up with the pace of crypto progress. SARB has recently set up a special unit tasked to review its position on “private cryptocurrencies.” The main goal is to prepare a policy framework that would lay the foundation for the future regulatory regime to govern the fintech sector.

As part of the discussions on the upcoming crypto regulations, a self-regulatory approach has been proposed by legal experts working with the industry. Whether the SARB team will listen to these calls is yet to be seen. So far, authorities in the country have mostly discussed cryptocurrencies in the context of taxation. In April, the South African Revenue Service announced it expected all crypto gains to be reported by taxpayers. Obviously, the fact that “cyber tokens” like bitcoin are not regarded as currencies is not an obstacle to collecting taxes on their transactions.

A Long List of Nicknames

Government officials and central bankers invent nicknames for cryptocurrency probably because they fear that using the original term would amount to an unwanted recognition of the decentralized digital money. At the same time, they seem to turn a blind eye to the fact that taxation is a recognition of both their existence and their characteristics as means of exchange, unit of account and store of value. Nevertheless, the long list of synonyms continues to grow.

Authorities in Ireland have recently clarified their position on crypto taxation. For the sake of objectivity, the Irish revenue service has referred to digital coins with their real name – cryptocurrencies. Despite that, decentralized cryptos have been denied currency status, with one notable exception – bitcoin is currency only for VAT purposes.

Russia has been preparing its crypto regulations for quite some time. Of the three draft laws that hit the floor of the State Duma this week, only one mentions and defines cryptocurrency directly. In the other texts, and during the preceding discussions, cryptos and tokens have been called “digital money,” “digital financial assets,” “digital rights,” “other property,” “electronic property,” “money surrogates,” and what not.

“Virtual currency”, however, remains by far the most popular generic term among politicians and financial officials around the world. It has been used in place of the colloquial and original “cryptocurrency” in countries, unions, and organizations, including the US, the EU, the IMF, Mexico, Malta, the Philippines, and many more.

Why do you think government officials and central bankers avoid using the term “cryptocurrency”? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock, Bitun.

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Many Brits Confuse Cryptocurrency with Something Else

01/04/2018 by Idelto Editor

According to a new poll, many British people have little or no idea what cryptocurrency really is. Terms like “blockchain” sound familiar, but often in completely different contexts. The authors of the study have compiled a “Techionary” to acquaint the public with some common acronyms and buzzwords.

Also read: Financial Professionals Bet On Rising Cryptos, UK Report

Crypts and Toilets

The survey has revealed that a great number of British citizens may have an entirely wrong idea about basic crypto-related terms. It shows that despite the growing popularity of cryptocurrencies, some Brits may still be completely unaware of their existence.

For example, 36 percent of those questioned think “cryptocurrency” has something to do with funeral finance. Respondents were also asked “What is the blockchain?” and a staggering 41 percent said it had to be one of those old-style toilet tanks with a pull chain.

British-based cloud services provider Inty has interviewed 2,000 people to determine if they know the meanings of some widespread technical words and phrases, the Daily Mirror reports. They were asked 20 questions related to computing and information technology. The answers confirm that many people in the UK are still unsure what some common terms mean.

The poll shows that almost a quarter of the participants, 23 percent, think HTML is textspeak for “Hi There My Love” in messaging and chats. Another 38 percent of the respondents believe “cloud computing” means using computer technology while on a flight.

The “Techionary”

Trying to clear some misconceptions, Inty has published a “dictionary of computing”. Visitors can find on its website the meanings of popular terms used in information technology. “Blockchain” and “cryptocurrency” are among the entries.

“We know the world of IT and computing can be complex, but we think our Dictionary of Computing jargon-buster might just help people struggling with a few technical words and phrases we in the industry probably take for granted,” says the company’s CEO Craig Joseph.

“It seems plausible that the speed at which the technology landscape develops is the reason as to why we are faced with an ever-growing list of buzzwords and acronyms,” note the authors of the survey. They have included in their “Techionary” computing terms for every letter of the alphabet and provided proper definitions.

Not everyone in Britain needs such education, though. Another study recently showed that UK financial professionals are very well informed about cryptocurrencies and their perspectives. More than half of those who have previously invested in cryptos intend to acquire more digital money. The majority of investors expect crypto valuations to rise this year, despite recent market drops.

The popularity of cryptocurrencies has been growing steadily around the world in the last few years. Polls conducted in several countries have confirmed the positive trend. Almost 60 percent of Americans now say they have heard of bitcoin. The same is true for more than half of Russians.

Do you think misconceptions are a major barrier to entering the crypto world? Tell us in the comments section below.

Images courtesy of Shutterstock.

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