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Crypto 101: What is a consensus mechanism?

A blockchain consensus mechanism is a type of automated system that aims to accomplish two objectives: Provide a distributed, leaderless way to unanimously agree on data stored on a blockchain ledger. Make sure all network validators follow the rules of the protocol and perform their roles honestly. While it may be tempting to trust a…

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Announcing the 2022 Kraken Transparency Report

In an effort to lead the industry in trust and transparency on our mission to accelerate the adoption of cryptocurrency, we are excited to release our 2022 Transparency Report. The 2022 Transparency Report provides a summary of how we protect our client privacy and financial freedom while complying with the legal requests we regularly receive from…

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Crypto 101: What is the blockchain trilemma

Life is full of tradeoffs. Oftentimes, we can only maximize one outcome by sacrificing another. Sometimes these tradeoffs are not exactly 1:1 tradeoffs but are part of a more complex relationship. What are some examples of a trilemma? Realtors might say: a big house, great location, affordable price – pick two Chefs might say: big…

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Can bitcoin be used for cross-border payments?

In 2008, an anonymous researcher (or team of researchers) called Satoshi Nakamoto published a nine-page research paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.” The document, known as the Bitcoin white paper, presented a new type of digital currency that users could use to transact without relying on financial intermediaries. Soon, people around the world discovered that blockchain…

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Kraken’s 2022 year in review

There has never been a dull moment in crypto, and this year was no exception.  In 2022, Kraken celebrated 11 years of our mission to accelerate the adoption of cryptocurrency so that you and the rest of the world can achieve financial freedom and inclusion. It’s been quite a ride. Our singular focus on this…

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Bitcoin Taproot address now supported on Kraken

December 19, 2022 | News, Product We’re thrilled to announce that Kraken now supports withdrawals to Taproot (Bech32m) Bitcoin addresses! Taproot is an upgrade to the Bitcoin protocol that aims to improve the privacy and efficiency of the world’s first and largest cryptocurrency.  Taproot included three proposals — Schnorr, Taproot, and Tapscript — which delivered…

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Busting Crypto Myths: “Bitcoin is a Ponzi Scheme”

Over the last decade, countless critics have pointed the finger at Bitcoin as being nothing more than an intelligently-orchestrated Ponzi scheme. Detractors like Brazilian computer scientist Jorge Stolfi argue that the leading decentralized cryptocurrency bears all the hallmarks of a scam named after Italian swindler Charles Ponzi. The question whether or not cryptocurrency in general…

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Self-custody best practices

Self-custody in crypto is the process of storing your own cryptocurrency using a digital or physical wallet, thereby removing it completely from any exchange or custodial partner. A self-custody wallet, also known as a non-custodial wallet, ensures that you and only you have access to your cryptocurrency. Self-custody also means you are responsible for your…