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The crypto market just had a great week

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This newsletter is a biweekly curation of the wittiest trends from the world of Crypto, Blockchain, and AI. Subscribe here to get it directly in your inbox every Mondays and Fridays — 1PM WAT

Here’s what’s happening…

PayPal joins the crypto world

Fintech PayPal has disclosed its plans of making the option to store and spend bitcoin and a few other digital currencies, available to its customers via its online platform

  • PayPal has just opened up cryptocurrencies to it’s 346 million clients around the world, permitting them to shop with crypto from the 26 million merchants on their network. 
  • This news is quite bullish, as the organization has a practically worldwide inclusion with its user base. In Q2 of 2020, the organization processed up to $222 billion in payments. 
  • The crypto trading facility would be made readily accessible to US users over the coming week. 
  • The services would steadily stretch out to several other countries by 2021. 
  • The option to make payments with crypto will be made available from next year.
  • PayPal plans to expand the service to its P2P payment app Venmo by 2021.

Given the size of PayPal, this move would be a plus for the price of Bitcoin and have a general positive impact on the other crypto that would be operating on the platform.

Crypto-friendly banking platform Cashaa is expanding into Africa

Cashaa, a crypto-friendly banking platform situated in London, has disclosed its arrangements of venturing into Africa, India, the US, and the Caribbean Islands. 

  • The platform aims to zero in on countries that would help make a market that has a potential of adding 100 million clients to its platform within the next couple of years. 
  • Making reference to the political insecurity that is confronted with most African nations, and the fact that a great number of individuals have lost confidence in their local currencies, Cashaa is intending to venture into the African domains by 2021, with assistance in bringing solutions into financial institutions. 
  • By 2021, they intend to explore further into other domains like the Caribbean islands. 
  • As of now, Cashaa is one of the biggest liquidity suppliers and offshore bankers for a large portion of the major crypto exchanges in India. 
  • The platform currently supports its native token, Bitcoin, Ethereum, and Tether.
  • However, they have plans of including other dominating digital currencies including BCH, Litecoin Ripple, and EOS by 2021.

Bitcoin hits a record high rising above $13k

Bitcoin rises above $13k, hitting a 2020 record high. The spike was triggered by news of PayPal launching its support for crypto trading on its platform.

  • As PayPal declared it will allow its users to trade in bitcoin and other digital currencies via the company’s online wallets. 
  • Within 24 hours of this news, Bitcoin and other few selected cryptocurrencies saw an incredible spike. 
  • Bitcoin particularly documented a 10% gain, rising as high as $13k (up by as much as $1k from 24 hours earlier) to record a 2020 record high. 
  • Other cryptocurrencies supported by the platform also saw a major boost. 
  • Ethereum recorded an 8% gain. 
  • BCH went up by 9%. 
  • While the price of LTC spiked by as much as 15%. 

Bitcoin is on another bull run as its price rallied above $13k for the first time since July.

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Tech Writer | Interested in How Bitcoin & Blockchain Can Change Africa.| Barça fan

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Decentralize Brief

Bitcoin trades above $51k ahead of El Salvador’s adoption

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Bitcoin growth

Bitcoin price has rallied above $51,000 ahead of El Salvador’s adoption. The immediate surge in price may be due to the social media campaign that everyone should buy sats of Bitcoin to support El Salvador’s plan to make the coin a legal tender or it may be due to the news of El Salvador’s adoption of the coin as a legal tender on September 7. Users of social media platforms like Twitter and Reddit are discussing how they will buy Bitcoin of $30 each to mark the new El Salvador Bitcoin law.

The surge in Bitcoin’s price began in the last 24hrs with the price rallying around $51,955 with a 3.37% increase. This is an all-time high after the April crash that brought the price of Bitcoin from $64k down to $28k. The move by El Salvador to be the first country that accepts Bitcoin as a legal tender and the social media campaign that leads to a surge in price ahead September 7 are a repetition of events that occurred late last year and early this year with regards to institutional investors and how the price of Bitcoin skyrocketed.

El Salvador, a country in Central America, has been preparing heavily to adopt Bitcoin by installing ATMs to allow citizens to convert the token into US dollars. Last week, the country’s Legislative Assembly passed a law to allow for the creation of a $150m Trust to support the conversion of Bitcoins to US dollars.

To promote the use of Bitcoin, the government states that it will give the adult population of El Salvador $30 in Bitcoin once they download “Chivo” the wallet issued by the government. This was confirmed by the Finance Minister, Alejandro Zelaya.

What this means for Bitcoin investors

Apart from the adoption by Salvadorians, on-chain analytics show that Bitcoin is in high demand. The fourth halving that occurred will make Bitcoin become a scarce token in the nearest future. Thereby increasing the price sporadically.

With El Salvador’s interest in Bitcoin, other countries are likely to follow suit- Panama is considering following El Salvador’s lead. History will repeat itself as this development will serve as another crypto rout that occurred early this year when Tesla and MicroStrategy announced their support for Bitcoin.

El Salvador’s new law allows the use of Bitcoin as a legal tender it can be used to buy goods, pay for taxes and bank loans. This means more demand for Bitcoin, with the fourth halving that occurred, it means less supply. A common rule of economics for demand and supply will apply. Prices are projected to keep rising. At the time of writing this report, Bitcoin is trading at $51,839 with a projection of $52k before the end of today and higher tomorrow when Salvadorians begin to use the token.

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Why some people thinks AI still lack common sense – Decentralize Brief Nov. 16 – Nov. 23

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Published twice a week (Mondays and Fridays), Decentralized Brief  is a curation of the most important news story in the world of Crypto, Blockchain and AI. Subscribe for the newsletter here and read our previous curations.

This week, we learn how to teach your AI to drive, why some people think AI still lacks a lot of common sense, and the vacuum cleaner that could be listening on your conversations.

Teaching robots to drive

Robots can now learn complicated tasks by just watching a couple of demonstrations that might not be even perfect. The new system designed by researchers, helps a domestic robot, for example, to learn how to do basic chores or even set the dinner table.

New test shows AI still lacks common sense

When it comes to natural language processing, AI has undoubtedly been taking great strides. However, does AI really understand what it reads? Researchers have discovered that AI still lacks a lot of common sense it needs to create plausible sentences.

Your vacuum cleaner could be listening to you

It turns out that your vacuum cleaner could be hacked and used as a listening device, since it has a microphone. A group of researchers at the Computer Science Department of the University of Maryland, recently demonstrated this.

AI has definitely come a long way, and people’s reactions to the disruptive technology, are quite mixed. Whilst some are trying to key into the technology as it is looking to be a major part of the fourth industrial revolution, others are wary of its impact. 

Mini brains that help AI feel pain and repair itself

Scientists from Nanyang Technological University, Singapore, have designed a brain for AI that will help it process and respond to pain. The system, which is considered to be a mini-brain, will help computers feel pain exerted by physical pressure. It can also help the computer do mini repairs. 

Nigerian artificial intelligence and robotics centre

Africa’s most populous country, Nigeria, has built an AI and robotics centre in preparation for the fourth industrial revolution. The centre was built in the country’s capital, Abuja. 

Pope urges Catholics to pray that AI doesn’t rebel against mankind 

One of the Pope’s prayer points for the month of November is for advanced technologies like AI to avoid rebelling against mankind. The Pope says future technologies should not cause inequality between humans, but should respect the dignity of all humans. As such, he has urged Catholics to pray that AI will always serve humankind.

Students discover a way to fool AI into changing grades.

An AI algorithm that marks essays has been outwitted. An online platform for virtual learning that uses AI to grade essays, has been discovered to actually grade based on relevant keywords. Once these keywords are in the essay, the AI gives students a perfect score. 

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Did AI predict U.S. elections correctly? Cryptocurrencies will become a Fintech trend by 2021

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Published twice a week (Mondays and Fridays), Decentralized Brief  is a curation of the most important news story in the world of Crypto, Blockchain and AI. Subscribe for the newsletter here and read our previous curations.

Hey there! Happy New Week!

In today’s curations: AI predictions for the Nov. 3 US presidential election were not accurate and we shared why cryptocurrencies will be an inevitable fintech world in 2021

Curated Samuel Attah, Bolu Abiodun ✍

Did AI correctly predict the next U.S. president

2020 US election chart
Dodo Ahanu (FLICKR)

Different AI firms have predicted the U.S. elections based on sentiments on Twitter. While most of them predicted that Joe Biden would win the election, the numbers compared to the actual polls were not very accurate. A company called KCore Analytics, used about 1 billion tweets to predict the elections, and the company was about 89.5% accurate. 

Cockroach and Lizard robots

Cockroaches and lizards have inspired the creation of a robot. The robot can swim, run on water at incredible speeds, and crawl on difficult terrains. The robot, which is known as the AmphiSTAR, is envisioned to help out with agricultural projects as well as search and rescue missions.

Training AI just the way we train dogs

A robot named ‘spot’, can now teach itself how to perform tasks the same way dogs are taught to sit, stand, roll over and do other tricks. Computer scientists at the John Hopkins University, stated that the robot taught itself to perform tasks that would have normally taken several months, in a few weeks. 

Cryptocurrency could be one of the biggest fintech trends of 2021.

Cryptocurrency like Bitcoin, Ethereum, Ripple
Cryptocurrencies (FLICKR)

The CEO of Token Metrics, Ian Balina, has said that “The most important fintech trends in 2021 will be cryptocurrencies.” Balina says bitcoin will surpass its all-time high of $20,000, and gain massive mainstream attention. With a lot of big players like PayPal, Square, Facebook and Samsung endorsing the currency, it shows that Bitcoin is mature for the mainstream.

Cryptocurrencies you can invest in before the year runs out

It has been a remarkable few weeks in the world of cryptocurrencies. We’ve seen Bitcoin on a rampage, and other currencies like Ethereum, following suit. In light of all the positivity trailing the crypto community, in no particular order, here are some of the currencies that can currently be invested.

Lunch Time Read:

  • When it comes to elections in Africa, the tales carry enough tragedy— from deep electoral malpractices to violence. Jerry Ojumah has one of such tales, and this is why he used his ingenuity and creativity to create an election process that could afford Africa a chance at the limelight.
  • Extended Reality is still a far-fetched technology, in Africa, however, it’s gradually taking a spot in countries like Nigeria.

Have a lovely week!

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Subscribe to “Decentralize Brief” and stay up-to-date on emerging tech from the world of Crypto, Blockchain and AI published Mondays and Fridays.

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