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Bitcoin Soars As Tesla Purchases 1.5 Billion Dollars Worth Of Cryptocurrency

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Since the last one year, Bitcoin, a crypto currency has constantly been in the news for its unprecedented bull run.  A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography.  This is done in order to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.  Cryptocurrency does not exist in paper or physical form and is not issued by a central authority like banks, which is why it is fast gaining popularity among the masses.  

The crypto currency is based on blockchain technology.  Blockchain contains a growing number of records/databases which contain information in the form of blocks.  Multiple blocks are connected via strong cryptography which means the information is highly secure.  Blockchain is handled by a peer to peer (networking architecture) network adhering to a certain protocol for communication.  Blockchain technology is hailed as an open technology which lets transactions be verified efficiently and in a permanent manner.

ALSO READ: Six Things Tesla Sells Other Than Cars

Bitcoin is the first cryptocurrency to be created and is the oldest among the tens of other currencies which exist currently.  Bitcoin is also the preferred choice of cryptocurrency for retail investors and its popularity is drawing multiple venture capitalists and entrepreneurs to invest in the cryptocurrency.  Elon Musk is the latest tech celebrity to join a long list of investors in Bitcoin.  Elon Musk’s Tesla invested $ 1.5 billion in Bitcoin and also said it would begin accepting payments for its vehicles in Bitcoin.  Tesla’s latest investment saw Bitcoin surging ahead to an all time high value of $ 47,000 per coin.  Bitcoin is designed to have a fixed supply of 21 million coins, underpinned by a digital ledger and distributed across computer networks. 

Bitcoin fell to $ 4000 form $ 10,000 in March 2020 just as the COVID-19 pandemic hit the globe.  However, since August 2020, multiple venture capital firms began investing in Bitcoin as reserve assets.  This led to Bitcoin value growing by leaps and bounds but the best came when Elon Musk updated his Twitter bio with #Bitcoin and tweeted “In retrospect, it was inevitable (sic.)”  In less than a year, Bitcoin grew from below $ 4000 to $ 47,000 and is not going to stop anytime soon as more and more entrepreneurs and retail investors are investing in Bitcoin.  Bitcoin supporters see the backing from the likes of Musk and signs of interest from long term investors as evidence of a durable Bitcoin rally. 

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Elon Musk Tweets About Bitcoin Bull Run And Loses $ 15 Billion 

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Elon Musk Tweets About Bitcoin Bull Run And Loses $ 15 Billion 

Since the last one year, Bitcoin, a crypto currency has constantly been in the news for its unprecedented bull run.  A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography.  This is done in order to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.  Cryptocurrency does not exist in paper or physical form and is not issued by a central authority like banks, which is why it is fast gaining popularity among the masses.  

Bitcoin was in a bull run when news about Elon Musk owned Tesla invested $ 1.5 billion in Bitcoin and also said it would begin accepting payments for its vehicles in Bitcoin.  Tesla’s latest investment saw Bitcoin surging ahead to an all time high value of $ 47,000 per coin on the very day of the investment.  Since the day of Tesla’s investment, Bitcoin crossed the $ 50,000 mark.  

However, just two weeks since the Tesla investment, Elon Musk tweeted about how the prices of Bitcoin and another crypto currency Ethereum seemed high.  Since then Bitcoin prices have begun to fall and Tesla Inc. shares slid 8.6 % on February 23rd, wiping $ 15.2 billion from Elon Musk’s net worth.  Following the reduction is his net worth, Elon Musk dropped to second place on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth $ 183.4 billion.  Amazon founder Jeff Bezos overtook Musk to take the title of the world’s richest man.

Bitcoin is the first cryptocurrency to be created and is the oldest among the tens of other currencies which exist currently.  Bitcoin is also the preferred choice of cryptocurrency for retail investors and its popularity is drawing multiple venture capitalists and entrepreneurs to invest in the cryptocurrency.  However, crypto currency enthusiasts are hopeful the bearish outlook is only temporary and Bitcoin would bounce back.

 

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Daily Basket Creates BBisabully Over Being Sued By Big Basket Over Usage Of Basket

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Daily Basket Creates BBisabully Over Being Sued By Big Basket Over Usage Of Basket,Startup Stories,Ahead Of Tata Deal BigBasket Sues Daily Basket For Trademark Infringement,BigBasket slaps notice on Daily Basket for using Basket in its name,BigBasket sues a bootstrapped startup for using the word basket in its name,BigBasket a bully for sending legal notice over the use of the word basket,Big Basket,Big Basket Latest News

Big Basket is India’s first online shopping platform which revolutionised the way people bought groceries.  It is easy to spot Big Basket’s vehicles and delivery agents all dressed in bright green colours.  The ability to order quality vegetables and groceries and have them delivered at the doorstep was one of the main reasons why it shot to fame.  Since then online grocery shopping has become commonplace with the arrival of Dunzo, Amazon, Flipkart and many other small scale businesses.  

Big Basket found itself in a bit of news which it would have liked to avoid.  News about a small two man bootstrapped startup named Daily Basket being sent a cease and desist order by Big Basket began doing the rounds on social media platforms.  The whole issue began when Big Basket said Daily Basket was copying their app, user interface and their name.  Big Basket claimed they came across a filing named Daily Basket when checking the trademark registry and felt it was a combination of the registered trademarks bigbasket and bbdaily.  

The bootstrapped startup Daily Basket has no means to mount a legal battle against the six year old unicorn Big Basket.  So, Ramesh Vel, one of the founders of Daily Basket, began a website named BBisabully to call out Big Basket’ bullying.  The website gives a brief overview of Daily Basket which says they are an online grocery delivery platform based only in Coimbatore.  The Big Basket notice contains the following points according to Daily Basket:

  • Stop using the domain name dailybasket.com.
  • Discontinue the mobile apps.
  • Stop all the operations immediately.
  • Transfer our domain name dailybasket.com (Which is premium btw, and costs a little fortune) to them immediately with free of cost.
  • Pay their legal team of 2 lakh rupees to cover the legal notice.
  • Do not use a similar domain containing “basket” as a prominent feature ever again.

ALSO READ: Big Basket Founding Story And Its Recipe For Success

The website BBisabully also lists out reasons and visual evidence as to why Daily Basket is completely different from Big Basket and how the former is not copying the latter.  There are many brands in the market which have the word ‘basket’ in their names like Milk Basket and Nature’s Basket by Godrej.  If going by the logic of Big Basket that Daily Basket copied their name, then Nature’s Basket predates Big Basket by six years meaning Nature’s Basket could unleash the same claims on Big Basket.

 

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Bike Rental Startup Bounce Goes For A Second Round Of Layoffs Amidst Operations Scale Down

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Bike Rental Startup Bounce Goes For A Second Round Of Layoffs Amidst Operations Scale Down,Bounce Lays Off 200 More Employees As Demand Stays Low,Startup Stories,Bounce,Bike Rental Startup,Bike Rental Startup Bounce,layoffs in indian startups,Scooter Rental Startup Bounce Lays Off 120 Employees Amid Coronavirus Scare,Exclusive: Bounce lays off 120 employees to conserve capital

Bounce is a bike rental startup which was quite the rage amongst the IT industry crowd as their bike rentals made daily office commute quite easy.  Owning a four wheeler in a metropolitan city is quite a bread ache owning to endless traffic snarls.  This was where Bounce fit in perfectly as it offered a faster and hassle free commute.  All a person had to do was open the Bounce app, book the nearest available bike and drop it off at their desired location.  The app was easy to use, bikes were in great condition and the prices were extremely affordable and attractive.

However, Bounce was affected due to the COVID-19 pandemic both directly and indirectly.  When the COVID-19 pandemic arrived on the Indian shores, the Central Government announced a strict nationwide lockdown which was extended till almost 6 months.  The lockdown meant the public were working from home as offices were closed.  This meant there were no commuters and meant there were no takers for Bounce.  As demand continued to plummet, Bounce laid off 130 workers from its 600 strong workforce in June 2020.  The total number of daily rides after the lifting of the lockwon is around 20,000, compared to around 130,000-140,000 a day prior to the lockdown in March 2020.

ALSO READ: Bounce – How The Bike Rental Startup Is Changing The Way We Commute

As the lockdown was lifted, Bounce hoped to see its demand increase but with multiple companies realising the higher productivity levels of remote work are not in a hurry to recall their employees to offices anytime soon.  Therefore demand levels continued to be low and this meant a second round of layoffs at Bounce.  In the most recent layoffs, around 200 employees have been laid off along with receiving a severance package of three months salary and medical insurance for one year.

According to a popular news daily, Bounce is working with the employees who were laid off to forward their resumes and get them placed in other organisations.   Moreover, with the failing demand Bounce had sold off all their petrol bikes and shuttered their operations in all major cities except Bengaluru.  Bounce is now planning to launch a fleet of electric vehicles  as the operating costs are cheaper compared to fuel based vehicles.  This includes an electric scooter developed in house which will become available on their platform.  A top executive at Bounce said the company still has around $ 70 million in cash from its previous fundraise and would utilise that capital to grow the EV business.

 

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