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BREAKING: Nomic Introduces Revolutionary New Way to Move Bitcoins Around Without Actually Using a Bank or Exchange… But There’s Still Trust Involved

BitcoinCrypto NewsEthereum Doug Martinez September 16, 2024

A comic illustration of two figures standing back-to-back with their arms around each other's waists, symbolizing trust and security. One figure is holding a Bitcoin (represented as a shield) while the other holds an Ethereum token. In the background, a cityscape represents decentralized finance, with various chains and protocols connected through Inter-Blockchain Communication lines.

Just when you thought the world of cryptocurrency couldn’t get any more confusing, along comes Nomic with its ‘decentralized Bitcoin custody engine’ that supports Ethereum. Because what we really needed was another way to move our Bitcoins around without actually using a bank or an exchange (gasp!). And just in case anyone gets too excited about this innovation, let’s not forget it’s all still based on the trust-minimized nBTC token backed by Nomic’s decentralized BTC reserves – because nothing says ‘trust’ like some anonymous company promising to keep your money safe. Meanwhile, back in reality, we have Ethereum Virtual Machine (EVM)-based chains and Inter-Blockchain Communication protocols that sound about as exciting as a meeting of the Cosmos fan club.

Source: cointelegraph

Nomic introduces Ethereum support for decentralized Bitcoin custody
https://cointelegraph.com/news/nomic-ethereum-support-decentralized-bitcoin-custody-testnet
Layer-1 blockchain Nomic will begin supporting Ethereum on its decentralized Bitcoin custody engine on a testnet launched Sept. 12. This will allow Nomic users to on- and off-ramp Bitcoin (BTC) on Ethereum without a third-party, centralized custodian. Thus, Nomic’s native nBTC can be used in place of Wrapped Bitcoin (WBTC), which is backed by BTC held in reserve by a custodian. nBTC provides a trust-minimized solution for using Bitcoin in […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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