Category Archives: Cryptocurrency
PayPal’s Cryptocurrency Service Is Expanding Into the UK – Tech.co
As of this week, British PayPal users will be able to buy and sell bitcoin, bitcoin cash, Ethereum and Litecoin through the popular fintech platform.
This marks the first international expansion of PayPal's cryptocurrency feature, which first launched in October 2020 and has been only available in the US up until now.
It's also just the latest sign that the tech world's love affair with cryptocurrencies and the blockchain technology that powers them is continuing to grow.
PayPal's crypto features cover the most popular forms of the decentralized currency, from bitcoin to Ethereum, while also allowing users to view real-time crypto valuations and get other educational content.
In both countries, PayPal is working with the digital currency business Paxos Trust Company to enable the process of buying crypto.
PayPals general manager for blockchain, crypto and digital currencies, Jose Fernandez da Ponte, told CNBC that the service was doing really well in the US and they anticipated the same results in the UK.
The expansion helps PayPal make cryptocurrencies easier for the average joe to use, da Ponte explains:
The tokens and coins have been around for a while but you had to be a relatively sophisticated user to be able to access that. Having that on a platform like ours makes a really good entry point.
Blockchain technology is being used more and more frequently: By halfway through 2021, users with over 70 million blockchain wallets were responsible for 2.58 cryptocurrency transactions every second.
For context, that's up a mere 10.98 million wallets at the end of 2016, and blockchain tech itself was only invented in 2008, so that's a fast adaptation.
Software services have been responding well before PayPal: Support for cryptocurrencies was an accounting trend this year, and a wide range of industries from healthcare to construction have been looking into how the tech can help them.
Check out our in-depth look at the statistics and tech at work within blockchain systems.
That lack of regulation on an all-digital currency comes with plenty of drawbacks. Earlier this month, a hacker stole $600 million in multiple cryptocurrencies, for instance, leaving the decentralized finance platform Poly Network with no recourse except to hope the hacker returned it. Which, weirdly, they did.
Some suspected that the blockchain tech made the stolen funds too difficult to launder, but even if true, that's not much comfort for those who boast of cryptocurrency's security. There's no industry that online security measures can't fail, it seems.
Perhaps a larger issue, however, is the resource use of this new tech. The carbon footprint of a single bitcoin transaction has been estimated as equivalent to that of more than 130,000 hours of watching YouTube. Compared to the carbon footprint of reaching into your wallet and pulling out a twenty dollar bill, that's a problem for those of us who care about keeping our planet's temperature within a livable range.
Granted, more green energy can help. But as PayPal and others grow increasingly reliant on cryptocurrencies, the issue of how many resources blockchain uses is also growing increasingly important.
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PayPal's Cryptocurrency Service Is Expanding Into the UK - Tech.co
More than $90 million in cryptocurrency stolen after a top Japanese exchange is hacked – CNBC
An illustration showing physical bitcoins alongside binary code displayed on a laptop.
Jakub Porzycki | NurPhoto via Getty Images
Japanese cryptocurrency exchange Liquid said Thursday it has been hit by a cyberattack that saw hackers make offwith a reported $97 millionworth of digital coins.
Liquid said some of its digital currency wallets had been "compromised," and that hackers were transferring the assets to four different wallets.
"We are currently investigating and will provide regular updates," Liquid tweeted. "In the meantime deposits and withdrawals will be suspended."
Liquid did not provide an estimate for the loss. It says it is regulated by Japan's Financial Services Agency. The watchdog was not immediately available for comment when contacted by CNBC.
Elliptic, a blockchain analytics company, said its analysis showed that about $97 million in cryptocurrencies have been obtained by the hackers.
Of the total haul, $45 million in tokens were being converted to ethereum through decentralized exchanges blockchain-based platforms that require no intermediaries like Uniswap and SushiSwap, Elliptic said.
"This enables the hacker to avoid having these assets frozen as is possible with many Ethereum tokens," Elliptic said in a blog post.
Liquid ranks among the top 20 crypto exchanges globally by daily trading volumes, processing more than $133 million of transactions in the last 24 hours, according to CoinMarketCap data.
It's the second major crypto heist to take place in little over a week. On Aug. 10, hackers stole more than $600 million of digital tokens from Poly Network, a so-called decentralized finance firm.
In an unusual turn of events, the hackers opened a dialogue with the organization they attacked and gave back nearly all of the funds. However, more than $200 million remains locked in an account that requires a password from the hacker.
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More than $90 million in cryptocurrency stolen after a top Japanese exchange is hacked - CNBC
What you need to know about cryptocurrency and taxes – RochesterFirst
ROCHESTER, N.Y. (WROC) The IRS has a warning for people dealing in cryptocurrency pay your taxes!
CPA Dave Young discussed the emerging currency and what the IRS is doing to make sure people who deal in crypto pay their fair share Monday during News 8 at Sunrise.
The IRS is taking a keen eye on it, Young said of cryptocurrency. They have a very big interest if you have cryptocurrency. As a matter of fact, on the front page of your Form 1040 in 2020 the IRS is specifically asking at any time in 2020 did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency. The fact of the matter is if you have the virtual currency youll likely need to report it. Some exchanges are actually going to be sending the IRS a form and sending you a Form 1099-K saying hey, these are the transactions that you had.
Young explained what you need to know about reporting cryptocurrency transactions and profits or losses. Its going to come in a couple of different buckets. The IRS is going to treat it just as if youre basically selling a capital asset like a stock. So if you bought a cryptocurrency and held it for more than a year youre going to report it as a long-term capital gain. So your tax rate could be as low as zero percent or up to 20 percent depending upon your tax bracket. If its held less than a year its going to be a short-term capital gain. So its really important for people to realize you can trigger this by selling your crypto for cash. So you had crypto and you converted it to fiat currency cash thats going to be a taxable event. If you exchanged it from one cryptocurrency to another thats another taxable event. What we see a lot is people will take their cryptocurrency and buy something. If you took your crypto and you bought a good or service, youve just triggered a taxable event. So those three things could trigger you having to file short or long-term capital gains. Be very, very careful because in the background the IRS is getting this report and theyre not going to look too kindly on you if you did not report this transaction on your taxes.
Young noted that many people are getting into mining and there are considerations there too. So mining is going to have possibly two transactions A, the income you receive from mining the cryptocurrency. Thats going to be income. As a sidebar note, the expenses that you have related to mining will be deductible but when you sell that cryptocurrency after you mine it were back to triggering a capital gain, short-term or long-term. Also, what you see often is businesses are accepting crypto as a form of payment. So its no different than if someone pays you on a credit card or cash. Its income so you need to report that. Sometimes your currency will hit a hard fork. If youre into crypto youre going to know what a hard fork is. And airdrop is kind of like a free giveaway or winning the lottery, so you might get that or even getting crypto rewards. Those are just some examples of other transactions where you need to report that. The bottom line is the IRS is taking a very hard look. So if you have crypto you want to make sure youre reporting it and look at your 1040, page one, there should be no excuse for missing this. The IRS put it right there in plain sight. Youve got to make sure youre recording your cryptocurrency transactions or you will have a significant problem with the IRS.
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What you need to know about cryptocurrency and taxes - RochesterFirst
Cryptocurrency Trading Platform Cryptex Expanded the List of Countries for Cash Withdrawals – PRNewswire
MOSCOW, Aug. 25, 2021 /PRNewswire/ --Cryptex, a fast-growing Bitcoin exchange, was designed to provide crypto owners and investors with a simple and lucrative service for exchanging their digital assets with electronic currencies that they can use in real life. Cryptex Bitcoin Exchange allows users to implement the most complicated tasks and provide users with the opportunity to become completely independent from conventional financial systems.
Cryptex added the option of cash withdrawal in threenew countries: Estonia, Lithuania and Latvia. The total number of locations where it is possible to get cash for cryptocurrency now includes more than 12 countries in Europe and the CIS.
"We wanted to create a crypto exchange that values the privacy of its users. That is why we do not ask to pass KYC procedures if you wish to exchange your fiat to crypto and vice versa. But if we are talking about bank transfers, some information still has to be provided, as there is no way to avoid it in conventional financial institutions," said Mikhail Nalilovich, the cryptocurrency platform representative. He also added that"Despite the fact that the company does not require verification to perform transactions, AML remains an integral part of our business."
About company
On Cryptex online exchange, users can buy and sell Bitcoin or other main cryptocurrencies in a matter of minutes without limits and restrictions. Cash deposits and withdrawals are available along with bank transfers and electronic payment systems.
To know more, visit https://cryptex.net/
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Cryptocurrency Trading Platform Cryptex Expanded the List of Countries for Cash Withdrawals - PRNewswire
The World Of Cryptocurrency Wallets And Exchanges: A Deep Dive – NDTV Profit
A cryptocurrency exchange is a platform that helps a user to buy and sell tokens
If the discourse around and about cryptocurrency has encouraged you to venture into the market of digital tokens, it's important that you understand the various components of it. And before you take a deep dive into this ecosystem, make sure you know enough about what makes the world of digital tokens function, where they are stored, and how safe they are. And when we speak of storing cryptocurrency, two significant but different components come to mind. Cryptocurrency wallets and cryptocurrency exchange.
Just as you don't always carry your cash in hand and instead store it in your wallet, a cryptocurrency wallet is similar in many ways. It stores your digital tokens and keeps them safe just as your bank keeps your savings safe. Besides, a crypto wallet also facilitates sending and receiving digital currencies. Since cryptocurrencies are not tangible or in a physical form, these wallets store them and a user or owner of the wallet can make use of them as per his need.
There is another significant aspect of your crypto wallet and they are the keys. Your wallet has private and public keys that help you control as well as make your wallet function. The private keys help you sign a transaction, meaning they are similar to passwords when it comes to spending your digital tokens. And that's why you have to ensure they remain safe. If anyone gets access to your private keys, you might lose all your balance.
The public keys, on the other hand, act similar to your username on a payment app and help you receive crypto tokens from other users.
As the name itself suggests, a cryptocurrency exchange is a platform that helpsa user to buy and sell tokens. The exchange can be accessed on the internet as well as through an app. Not only does it facilitate buying and selling crypto tokens but also allows you to convert your money in fiat currency into digital tokens of your liking. The major difference between a wallet and an exchange is that the purpose of the former is primarily storage while the latter facilitates transactions as well as the conversion of currency into cash and vice-versa.
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The World Of Cryptocurrency Wallets And Exchanges: A Deep Dive - NDTV Profit
Hacker Returns Stolen Cryptocurrency in Heist Reversal – The Wall Street Journal
The hacker or hackers who plundered more than $600 million of cryptocurrency assets from a decentralized finance platform finished returning almost all of the money Friday, marking a surprise conclusion to a heist that rattled the crypto industry.
The assets were transferred back to blockchain addresses controlled by Poly Network on Friday, according to an emailed statement from the company. All that remains outstanding are $33 million of tether tokens, frozen by the company Tether in the effort to recover the stolen goods.
Poly Network is still waiting for the hacker to provide access, known as the final key, to the wallet containing the returned crypto, the company said.
The incident highlights the risks of trading in crypto markets. Securities and Exchange Commission Chairman Gary Gensler said recently that the area is rife with fraud, scams and abuse and in need of investor protections and regulation.
When I look at DeFi projects, this stuff is not tried-and-true-tested, said Halsey Huth, head of growth at MoonPay, a cryptocurrencies payments platform, referring to companies that provide financial services using blockchain technology. Everyone interacting with this stuff knows theres always a chance theres going to be a bug or an exploit.
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Hacker Returns Stolen Cryptocurrency in Heist Reversal - The Wall Street Journal
What Makes The Cryptocurrency Market So Volatile? Find Out – NDTV Profit
In December 2020, Bitcoin was trading around $20,000 (roughly Rs. 14.85 lakh). In January this year, it crossed $40,000 (roughly Rs. 29.70 lakh). Continuing its bull run, it reached an all-time high of $65,000 (roughly Rs. 48.27 lakh) by April. Then in May, it crashed and throughout June it remained below $30,000 (roughly Rs. 22.28 lakh). The coin began rallying again around July 20 and surpassed $45,000 (roughly Rs. 33.42 lakh) last week for the first time in almost three months. Similarly, most other popular cryptocurrency coins have behaved over the past few months. While this has resulted in a windfall for some, some others may have also lost a part of their investments due to the high volatility in the cryptocurrency market.
The one question most troubling to a majority of investors is: Why is cryptocurrency so volatile? The cryptocurrency market has been volatile from the beginning but the last few months have been particularly a wild ride. There are a few factors that determine the trajectory of this market.
Emerging Market
Cryptocurrency is still an emerging market, gaining rapid popularity as well fuelling quick disenchantment among investors. Despite all the media attention, this market is still minuscule when compared to traditional currencies, or even gold. This means even smaller forces a group of people holding large amounts of crypto coins can influence the trade. Even if they sell only Bitcoins, it would be enough to crash the whole market.
Speculation
The cryptocurrency market thrives on speculation. Investors bet that the prices would go up or go down to make profits. These speculative bets cause a sudden influx of money or a sudden outgo, leading to high volatility.
Purely Digital Asset
Most cryptocurrencies, including Bitcoin and Ether, are purely digital assets with no backing of any physical commodity or currency. Which means their price is determined entirely by the laws of supply and demand. In absence of any other stabilising factor, like government backing, any number of reasons may lead to a fluctuation in demand or supply.
Developing Technology
The blockchain or other alternative technologies on which these coins function are still evolving. It has only been a decade since the Bitcoin idea was first proposed. There is the scalability problem, when a smart contract is not validated with the timeframe expected, creating sudden downward pressure.
Fragile Investors
Unlike real estate or the stock market, this market is not seen as needing expertise. So mostly part-timers are investing in it. They come with a hope of making quick gains but sometimes when that does not happen, they lose patience and withdraw from it. This frequent involvement and withdrawal also lead to volatility.
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What Makes The Cryptocurrency Market So Volatile? Find Out - NDTV Profit
Mark Cuban says dogecoin is the ‘strongest’ cryptocurrency as a medium of exchange – CNBC
Since starting to accept dogecoin as payment for merchandise in March, the Dallas Mavericks organization has seen substantial sales made with the meme-inspired cryptocurrency, according to team owner Mark Cuban. In an effort to continue this push, Cuban announced Thursday that the organization will offer "special pricing" for those paying with dogecoin during the Mavericks' summer sale.
Though dogecoin was created as a joke and its creators never intended for it to be taken seriously, Cuban says it has a unique use case over other cryptocurrencies.
"It's a medium that can be used for the acquisition of goods and services," Cuban tells CNBC Make It. "The community for doge is the strongest when it comes to using it as a medium of exchange."
In April, Cuban tweeted that dogecoin is the "one coin" that people actually use for transactions, though he has previously said that ether is used as digital currency too.
"Ethereumis a digital version of a currency," Cuban told Ellen DeGeneres in April. "And then you got dogecoin, which is just fun. But the weird part about it [is that] it went from being a cryptocurrency joke to now becoming something that's becoming a digital currency."
Cuban sees bitcoin, the largest cryptocurrency by market value, more as a "digital version of gold" than a currency, he told DeGeneres. That's because bitcoiners typically hold their stake long-term and view it as an asset that will appreciate.
But that doesn't mean that bitcoin and ether aren't used as currency as well. In June, El Salvador became the first country to adoptbitcoinas legal tender, and it can now be used to pay for goods and services there. The bitcoin community foresees global adoption for the cryptocurrency as well, but critics say it is far too risky and volatile to be used as a currency.
Ether is also widely used for payment of digital assets, such as NFTs, or nonfungible tokens, which are now a multibillion-dollar industry.
However, financial experts are highly skeptical of cryptocurrencies as a whole due to their speculative nature and warn that people should only invest what they can afford to lose. Some expertssay to be especially cautious when investing in dogecoinin particular, since itlacks the scarcity and technological developmentthat bitcoin has, for example.
In the past, Cuban has also admitted that dogecoin isn't the best investment, despite his bullish outlook. Nonetheless, Cuban owns dogecoin with his 11-year-old son, Jake, along with bitcoin and altcoins such as ether.
Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."
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Mark Cuban says dogecoin is the 'strongest' cryptocurrency as a medium of exchange - CNBC
Overwhelmed By the Concept of Bitcoin, Other Cryptocurrencies? Here’s Quick Explainer – NBC10 Boston
You may be comfortable shopping online and sending money via Venmo. But are you ready to dive into the world of cryptocurrency?
Many people cant grasp the concept of digital currency. It seems complicated and overwhelming.
The most famous one is obviously Bitcoin, but there is Etherium and that gets into whats called smart contracts, says Anurag Wakhlu, a Bentley University Finance professor who teaches fintech and cryptocurrency.
It can sound like Wakhlu is talking a foreign language when hes discussing cryptocurrency, so if you cant wrap your head around it, heres a quick explainer. Its digital money that can be used to buy goods or services, but it isnt managed or governed by any central authority.
Mike Proulx, Research Director at Forrester, talks about buying the rights of digital assets.
There are more than ten thousand cryptocurrencies being traded.
They work using a technology called blockchain which is a digital ledger which manages and records transactions across many computers.
In my opinion, blockchain is as revolutionary in tech as the internet was lets say thirty years ago, says Wakhlu.
Blockchain allows any two parties in the world to transact with each other without a middle man, middle person, okay, and that is truly revolutionary and that didnt exist before 2009. Why is that revolutionary? If I need to pay you ten dollars, I dont need a bank.
CryptoWendyO is a thirty-something mom and social media influencer who is demystifying crypto for her online followers.
Think of cryptocurrency as digital cash, she says. When were thinking of the different values, think that youre going to go to another country on vacation they have their own currency so when you go to the airport you swap over your USD for the peso or the yuan. thats basically what youre doing with cryptocurrency. These different cryptocurrencies represent different digital currencies. Theyre just not tangible.
Bitcoin and other crypto-currencies are all the rage, but what exactly are they, and how do they work?
There are a few ways to buy bitcoin and other cryptocurrencies, including exchanges and traditional brokers.
And you need a digital wallet, an online app that can hold your currency.
If youre listening and going to dive into it, trade with caution, says Wakhlu. Know what youre doing. I would say that with any investment especially with these crypto investments because they are very, very, very risky and very volatile.
If you are a mom like me or if youre just an average person, understand that you can do this, says CryptoWendyO.
All you need to do is dedicate a little bit of time again if youre at work, instead of watching Netflix on your phone or going on Facebook, maybe take that time and allocate it to educating yourself. And once you kind of understand the power of bitcoin and what these financial markets are doing its going to make you look at other things differently.
There are plenty of online resources to learn more about cryptocurrency and Google is instrumental as you try to navigate the lingo.
Do you know what a non-fungible token is? Me neither, I had to google it!
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Overwhelmed By the Concept of Bitcoin, Other Cryptocurrencies? Here's Quick Explainer - NBC10 Boston
This is the no. 1 skill you need to work in crypto, according to Gemini exchange’s talent director – CNBC
In the hundreds of resumes and cover letters Jonathan Tamblyn scans to fill jobs at Gemini, a popular cryptocurrency exchange, one skill always catches his eye and will almost always guarantee that candidate an interview.
"We're looking for builders," Tamblyn, the firm's director of talent acquisition tells CNBC Make It. "It's really vital that people can prove through their resume or prior experience that they're able to create new products or initiatives and bring them to life."
"Especially in a nascent, exciting market that is rapidly expanding across so many different dimensions simultaneously, like crypto, that entrepreneurial spark is really important."
The cryptocurrency job market has surged alongside investments in the digital asset, which has started to capture the attention of larger companies including Amazon and Apple as well as lawmakers who are debating how to tax cryptocurrencies.
To set themselves apart, Tamblyn recommends applicants to both technical and non-technical roles at cryptocurrency firms emphasize their ability to build solutions through a method he calls "design thinking," which consists of "identifying a problem, understanding it, proposing a solution, then finally solving the problem," he explains. "What resonates more is the process of building the solution, rather than the final product."
Prospective engineers and product managers, for example, might describe on their resume or during an interview how they built a retail user interface in their previous job, while candidates for marketing or communications roles could highlight how they launched a brand through creative campaigns, Tamblyn says.
The recent hiring trends among Fortune 500 companies seeking out experts in cryptocurrency has encouraged more job seekers to recognize cryptocurrency as a viable career path, Tamblyn points out. "It's a massive endorsement about the validity and longevity of cryptocurrency," he says. "Years ago, we saw some trepidation among candidates about making the leap into cryptocurrency, but now, way more candidates see working in the crypto space as a vital career builder and are confident in its future."
Cryptocurrency isn't limited to applicants with engineering expertise or extensive knowledge of Bitcoin, either one of the industry's biggest strengths, Tamblyn adds, is its accessibility. "I've been a recruiter for about 15 years, across a number of different industries, and I've never worked in one that offers as many free learning opportunities and outlets to join conversations [about the latest trends and technologies] as crypto," he says. "So many leaders in crypto are on Twitter, YouTube and other social media platforms sharing their insight, and there are a lot of online communities."
Discord, Reddit and Medium all offer free discussions, blogs and resources about cryptocurrency for those interested in learning more about it. The top piece of advice Tamblyn offers job seekers ready to dive into the world of cryptocurrency is to check these forums out and connect with others working in the space. "Don't be shy!" he says. "Join the conversation, ask questions, and contribute the best you can."
Check out: The interview question that makes a job seeker stand out, according to LinkedIn's VP of global hiring
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This is the no. 1 skill you need to work in crypto, according to Gemini exchange's talent director - CNBC