Category Archives: Cryptocurrency
New Malware Campaign Leveraging Satacom Downloader to Steal Cryptocurrency – The Hacker News
A recent malware campaign has been found to leverage Satacom downloader as a conduit to deploy stealthy malware capable of siphoning cryptocurrency using a rogue extension for Chromium-based browsers.
"The main purpose of the malware that is dropped by the Satacom downloader is to steal BTC from the victim's account by performing web injections into targeted cryptocurrency websites," Kaspersky researchers Haim Zigel and Oleg Kupreev said.
Targets of the campaign include Coinbase, Bybit, KuCoin, Huobi, and Binance users primarily located in Brazil, Algeria, Turkey, Vietnam, Indonesia, India, Egypt, and Mexico.
Satacom downloader, also called Legion Loader, first emerged in 2019 as a dropper for next-stage payloads, including information stealers and cryptocurrency miners.
Infection chains involving the malware begin when users searching for cracked software are redirected to bogus websites that host ZIP archive files containing the malware.
"Various types of websites are used to spread the malware," the researchers explained. "Some of them are malicious websites with a hardcoded download link, while others have the 'Download' button injected through a legitimate ad plugin."
Present within the archive file is an executable called "Setup.exe" that's about 5 MB in size but inflated to roughly 450 MB with null bytes in an attempt to evade analysis and detection.
Launching the binary initiates the malware routine, culminating in the execution of the Satacom downloader that, in turn, uses DNS requests as a command-and-control (C2) method to fetch the URL that hosts the actual malware.
The campaign documented by Kaspersky leads to a PowerShell script, which downloads the browser add-on from a remote third-party server. It also searches for browser shortcut (.LNK) files in the compromised host and modifies the "Target" parameter with the "--load-extension" flag to launch the browser with the downloaded extension.
What's more, the add-on masquerades as a Google Drive extension and employs web injections sent by the C2 server when the victim is visiting one of the targeted cryptocurrency websites to manipulate the content and steal crypto.
The C2 address is concealed within the script and addr fields of the most recent bitcoin transaction associated with an actor-controlled wallet address, employing the same technique as the Glupteba botnet malware to get around domain blockades or takedowns.
"The extension performs various actions on the account in order to remotely control it using the web inject scripts, and eventually the extension tries to withdraw the BTC currency to the threat actors' wallet," the researchers said.
In an additional attempt to conceal its activity, the malicious extension contains scripts to conceal the email confirmation of the fraudulent transaction across Gmail, Hotmail and Yahoo! services by means of an HTML code injection.
A consequence of this injection is that the victim is unaware that an illicit transfer to the threat actors' wallet was made. Another notable aspect of the add-on is its ability to extract system metadata, cookies, browser history, screenshots of opened tabs, and even receive commands from the C2 server.
"The extension can update its functionality due to the technique used to retrieve the C2 server via the last transaction of a specific BTC wallet, which can be modified at any time by making another transaction to this wallet," the researchers said.
"This allows the threat actors to change the domain URL to a different one in case it's banned or blocked by antivirus vendors."
The development comes as several booby-trapped extensions posing as legitimate utilities have been unearthed on the Chrome Web Store with capabilities to spread adware and hijack search results to display sponsored links, paid search results, and potentially malicious links.
The extensions, while offering the promised features, contained obfuscated code that allowed a third-party website to inject arbitrary JavaScript code into all websites that a user visited without their knowledge.
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New Malware Campaign Leveraging Satacom Downloader to Steal Cryptocurrency - The Hacker News
SEC accuses Coinbase cryptocurrency exchange of breaking US regulations – The Guardian
Cryptocurrencies
Securities and Exchange Commission sues platform for allegedly operating as unregistered broker
The US Securities and Exchange Commission has sued Coinbase, the largest American cryptocurrency exchange, for operating as an unregistered broker, exchange and clearing agency in violation of US securities regulations.
The lawsuit follows a similar action against Binance, the worlds largest cryptocurrency exchange, launched by the regulator on Monday.
Since at least 2019, through the Coinbase platform, Coinbase has operated as an unregistered broker an unregistered exchange and an unregistered clearing agency, the SEC said in its complaint.
It added: By collapsing these functions into a single platform and failing to register with the SEC as to any of the three functions, and not having qualified for any applicable exemptions from registration, Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors.
Paul Grewal, the chief legal officer and general counsel of Coinbase, said: The SECs reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting Americas economic competitiveness and companies like Coinbase that have a demonstrated commitment to compliance.
The solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation. In the meantime, well continue to operate our business as usual.
The regulators main case relies on an argument that the crypto tokens that Coinbase trades are fundamentally securities, the trade of which is strictly regulated under US law.
But it also attacks a specific Coinbase product for being directly in breach of securities regulations: the companys staking-as-a-service program, which allows customers to earn profits from the proof of stake mechanisms of certain blockchains and Coinbases efforts, is a direct security in its own right, the SEC argues.
At root is the application of the Howey test, a standard in US law for determining whether or not something is regulated security. The test, from a 1946 court case, defines a security as a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.
In its complaint, the SEC says that while paying lip service to its desire to comply with applicable laws, Coinbase has for years made available for trading crypto assets that are investment contracts under the Howey test and well-established principles of the federal securities laws.
On Monday, the SEC launched a similar case against Binance, accusing it of mixing billions of dollars and secretly sending them to a separate company, while deliberately subverting its own controls to allow US investors to trade on the unregulated international website.
Previously the SEC and Coinbase had a close working relationship. The crypto exchange set out to contrast itself from competitors by working with regulators, rather than trying to fight or evade them. In recent years, that relationship has frozen over, and in April Coinbase sued the SEC to try to force the regulator explicitly to legalise crypto securities.
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SEC accuses Coinbase cryptocurrency exchange of breaking US regulations - The Guardian
Pros and Cons of Crypto Trading Bots: A Guide for Beginners – Analytics Insight
Here is a Comprehensive Guide for Beginners explaining the pros and cons of crypto trading bots
Crypto trading bots have gained popularity in the world of cryptocurrency trading. These automated software programs aim to capitalize on market opportunities and execute trades on behalf of traders. If youre a beginner interested in crypto trading bots, its important to understand their pros and cons. This guide will provide you with an overview of the advantages and disadvantages of using trading bots in the cryptocurrency market.
Efficiency and Speed: Trading bots can execute trades at a much faster pace compared to manual trading. They can analyze market data, identify trading signals, and execute trades instantly, taking advantage of even small price fluctuations that human traders may miss.
Emotion-Free Trading: Emotions can often cloud judgment and lead to irrational trading decisions. Trading bots operate based on predefined rules and strategies, eliminating emotional biases from the trading process. They stick to the strategy without fear or greed, potentially improving consistency and discipline in trading.
24/7 Market Monitoring: Cryptocurrency markets operate 24/7, which can be challenging for human traders to keep up with. Trading bots can continuously monitor the markets, even during sleeping hours, ensuring that trading opportunities are not missed.
Backtesting and Strategy Optimization: Many trading bots offer backtesting capabilities, allowing traders to test their strategies using historical data. This helps in evaluating the performance of a strategy before risking real capital. Bots also provide options for strategy optimization to refine and improve trading strategies over time.
Diversification and Multitasking: Crypto trading bots can simultaneously monitor and trade across multiple cryptocurrencies and exchanges. This enables traders to diversify their portfolios and take advantage of various market opportunities, all without the need for manual monitoring.
Technical Complexity: Setting up and configuring trading bots can be technically challenging, especially for beginners. It requires knowledge of trading strategies, API integrations with exchanges, and an understanding of various indicators and parameters.
Dependence on Market Conditions: Trading bots are designed to follow specific rules and strategies. However, they can struggle in certain market conditions or during unexpected events, leading to potential losses. Market volatility or sudden shifts can result in bots executing trades that may not align with the current market sentiment.
Lack of Human Intuition: While trading bots excel at executing predefined strategies, they cannot interpret broader market trends, news events, or the impact of social sentiment. Human traders can often make intuitive decisions based on their experience and market understanding, which bots may not possess.
Risk of Technical Issues: Trading bots are software programs, and like any technology, they can experience technical glitches, system failures, or connectivity issues. These issues can disrupt trading operations or lead to unintended trading outcomes.
Over-Optimization and Curve Fitting: While strategy optimization is beneficial, there is a risk of over-optimizing a strategy based on historical data. This can lead to curve fitting, where the strategy performs well in the past but fails to adapt to changing market conditions.
Crypto trading bots offer several advantages such as efficiency, emotion-free trading, and 24/7 market monitoring. They provide opportunities for backtesting, optimization, and diversification. However, they also come with challenges, including technical complexity, dependence on market conditions, and the absence of human intuition. Its essential for beginners to carefully evaluate the pros and cons, understand the limitations, and consider their risk tolerance before using crypto trading bots in their trading strategies. Balancing automated trading with human judgment can potentially lead to better trading outcomes and improved decision-making in the dynamic cryptocurrency market.
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Pros and Cons of Crypto Trading Bots: A Guide for Beginners - Analytics Insight
9 benefits of cryptocurrency in business – TechTarget
It's becoming increasingly clear that cryptocurrency usage is not a short-term fad and is likely to be a technology trend that will continue to provide benefits for business into the future.
For the uninitiated, cryptocurrency is a form of digital currencies that differs in many ways from the traditional fiat currency individuals worldwide have been using for centuries. Unlike fiat currency, cryptocurrency isn't issued and managed by any one central national government. Cryptocurrency is distributed and runs on blockchain technology that provides an immutable ledger for tracking transactions.
There are many different cryptocurrencies, with Bitcoin perhaps the most well-known, though not the only, cryptocurrency in popular usage. Other commonly used cryptocurrencies used by businesses include Ethereum, which is widely used in support of Web 3.0 applications. Here are some of the many benefits of cryptocurrency for businesses.
Unlike all fiat money, there's no paper version of cryptocurrency. Many transactions with fiat currency are digital, but they come with an underlying foundation of physical money. Businesses accepting cryptocurrency don't risk dealing with physical currency that can easily be mishandled.
Cryptocurrency has the potential to help a business raise new funds and improve financial liquidity. A business could potentially be loaned cryptocurrency without being subject to the same limitations that might be associated with getting a loan of fiat money from a traditional bank. Cryptocurrency is also often at the center of decentralized finance, which can potentially help a business with financial liquidity.
In the early days of cryptocurrency, funds also were often raised via an initial coin offering (ICO). A new cryptocurrency is first minted and offered on an exchange much like an initial public offering when a company offers shares for sale for the first time. But the practical utility of ICOs as a vehicle for fundraising has diminished due to the crypto market's maturation.
By supporting cryptocurrency, a business can offer consumers and business partners a broader range of payment options, instead of being limited to fiat currency alone.
Every business accepts fiat money, but not every business accepts cryptocurrency. That differentiation can potentially attract new customers and different demographic groups beyond what a business can serve with fiat currency alone. An October 2022 report found that a growing number of businesses in the U.S. and worldwide are accepting cryptocurrency.
Cryptocurrency is a gateway for organizations to enter and be part of the Web 3.0 universe. Web 3.0 technologies rely on blockchain and tend to require cryptocurrency as a method of payment during transactions. There are many different Web 3.0 use cases and examples that can benefit a business. One method is participating in the decentralized applications (dApps) space to build or sell services, though it's not quite as comprehensive as it once was. There's also a market for businesses with nonfungible tokens.
Cryptocurrency is based on blockchain, which provides an immutable ledger -- a tamperproof, cryptographically assured record of transactions. The ledger's high degree of auditability enables a business to track audit transactions. The ledger also enables transparency to identify if a transaction occurs, potentially boosting accountability as well.
While the blockchain on which cryptocurrencies exist provides transparency into each transaction, it also helps protect user privacy. Blockchain and cryptocurrency, unlike fiat forms of payment like a credit card or bank account, don't associate with any personally identifiable information. A cryptocurrency transaction relies on public key cryptography that involves a public and private key, which individuals can use and store in a crypto wallet.
Even in the modern era of technology, businesses often encounter barriers when selling their products globally because of issues related to handling fiat money payments. Cryptocurrency offers an alternative, enabling businesses to buy and sell products without engaging a bank or payment processor that might charge additional fees for an international trade.
While the value of cryptocurrency can and does fluctuate, the prevailing value is consistent worldwide. This global consistency for cryptocurrencies like Bitcoin eliminates the complexities of currency conversions and associated transaction fees, while the absence of intermediaries can potentially foster faster and more cost-effective transactions.
Cryptocurrency usage can help reduce the risk of chargeback fraud by introducing irreversible transactions. Unlike traditional payment systems like credit cards in which customers can initiate chargebacks, cryptocurrency transactions recorded on the blockchain are permanent and can't be reversed due to the immutable ledger.
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9 benefits of cryptocurrency in business - TechTarget
My Best Cryptocurrency to Buy Right Now – The Motley Fool
Cryptocurrency investors should be used to volatile prices by now. The market for digital coins and tokens rose from $17 billion to $820 billion in 2017, fell back to $100 billion over the next two years, then nearly touched the $3 trillion mark in November 2021. An inflation-inspired dip took the crypto market back below $800 billion six months ago, and now there's another upswing going on with a total crypto-market value of $1.1 trillion.
There are no guarantees in investing, and especially not in the unpredictable crypto sector. However, I see much more upside than downside to picking up some Bitcoin right about now.
There are thousands of cryptocurrencies on the market. Many are either fun little toys or outright jokes, but several dozen names look like serious investment ideas.
However, Bitcoin remains the leader of the pack. It's not only the oldest name on the list and the largest in terms of current market value, but also a battle-tested juggernaut that continues to write the rule book for other cryptos to follow.
There will never be more than 21 million Bitcoins in circulation, and 19.4 million of these tokens have already been minted. It's far from the only crypto that limits inflation by technical means, but the sheer scale of Bitcoin makes it incredibly expensive and nearly impossible to change this policy.
In the best of all possible worlds, Bitcoin eventually will become the default global currency with massive institutional investor holdings and billions of real-world payment transactions every year. In the worst case imaginable, Bitcoin falls to zero in the long run for some reason -- better solutions emerge, every government bans cryptocurrencies, the code turns out to have catastrophic security flaws, and so on. Both of these extremes are about equally improbable.
Instead, I expect Bitcoin to work its way through this period of regulatory uncertainty and limited mass-market adoption for a few more years. In the end, many blockchain tokens should emerge as big winners in an increasingly digital global economy -- and Bitcoin will probably hold on to its dominant market footprint.
The current crypto winter won't last forever, and Bitcoin looks like the most robust long-term investment idea in the crypto sector. Other names will follow along, but none of them can match Grandpa Bitcoin's rock-solid value proposition.
In other words, smaller names can be fun but are completely optional. And when it comes to Bitcoin, make sure you have some in your digital pocket before the next bull run starts.
I see several reasons to take action on cryptocurrency investments right now, and particularly for Bitcoin:
Past performance is no guarantee of future market moves, of course, but the crypto market has been strongly cyclical so far and the next upswing should be right around the corner. I recommend taking a closer look at crypto investments in June 2023, with a strong focus on the Bitcoin opportunity.
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My Best Cryptocurrency to Buy Right Now - The Motley Fool
Lanistar Launches Cryptocurrency Integration in Brazil Through … – FinanceFeeds
As part of its 2023 growth plan, fintech company Lanistar has introduced its first stage of crypto integration to its app, allowing users to directly buy and sell cryptocurrencies.
Lanistar, the renowned fintech startup known for its social media presence, has introduced a groundbreaking update to its mobile payment app, enabling Brazilian users to seamlessly buy and sell a wide range of cryptocurrencies, including Bitcoin and Ethereum, directly from the Lanistar app.
As part of its unwavering commitment to revolutionizing the future of finance, Lanistar has adopted a modern, innovative approach to money management. This includes eliminating physical plastic cards to reduce waste and advocating for cryptocurrency as a viable financial solution for underserved populations.
Merton Smith, the Chief Commercial Officer at Lanistar, explained the significance of their virtual cards, stating, The plastic-free virtual cards, it gives us that flexibility that were not simply bolted to a table like a terminal in a fixed format: were virtual. So wherever users go, the virtual goes too.
Smith continued, So, you know, were embracing crypto, and crypto is an example where theres no- you know, its definite, its defined, its there. I think that we serve the underbanked, the underserved people who dont feel like they are represented by these traditional banking institutions. And I think crypto is one of the things that people have turned to as an alternative to these systems.
Cryptocurrency emerged as a significant topic in the financial landscape in 2009, with Bitcoins creation in response to the preceding financial crisis. In recent years, this technology, along with its associated virtual currencies, has gained widespread public acceptance. Endorsements by influential figures like Elon Musk, as well as support from well-known brands such as Gucci and Starbucks, have propelled cryptocurrency into various everyday transactions.
Of greater significance, however, is cryptocurrencys appeal to individuals worldwide who have lost faith in their national banking systems. The immutable security offered by blockchain technology has captivated these individuals, prompting them to seek an alternative solution. Lanistar recognizes this need and aims to make cryptocurrency as accessible as possible.
Jeremy Baber, CEO of Lanistar, discussed the user-friendly design of the Lanistar crypto exchange, emphasizing the simplicity and straightforwardness of the layout. He stated, The layout is simple, straightforward. Some exchanges, they fill the screen with information, its overwhelming, and that can make new investors nervous. With Lanistar, our goal is to make something that anyone can use. Where users can just log on, tap a few buttons, and their chosen crypto is there, in their account. Thats the goal.
The Lanistar app, along with its current crypto functionalities, is currently available in Brazil. The app is expected to expand to the UK and other LATAM regions later this year. Additional features, including a comprehensive crypto exchange with send and receive capabilities, will be introduced later this summer, providing a complete AnyMoney solution.
For more information, visit:
Website: https://www.lanistar.com Instagram: https://www.instagram.com/lanistar/ Download For Apple or Android
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Lanistar Launches Cryptocurrency Integration in Brazil Through ... - FinanceFeeds
The Implications of Growing Cryptocurrency Acceptance for Major Retailers and Companies – Finance Magnates
Major merchantsand businesses are now accepting digital currencies as a genuine paymentoption, demonstrating how quickly cryptocurrencies have acquired recognition asa payment mechanism. This change will have a big impact on how business willoperate in the future and how widely cryptocurrency will be used.
This articleexamines the effects of big businesses and stores accepting cryptocurrenciesmore and more. We can better comprehend how cryptocurrencies are changing thetraditional payment landscape by looking at the advantages, difficulties, andpotential repercussions of this development.
Major merchantsand businesses have dramatically increased their use of cryptocurrency as apayment mechanism in recent years. This rising tendency is attributed to anumber of factors:
Retailers andbusinesses profit from cryptocurrency' expanding acceptability in a number ofways:
Keep Reading
Althoughaccepting cryptocurrency has many advantages, it is not without difficulties.Think about the following elements:
The future ofcryptocurrency payments is bright as big businesses and merchants continue toaccept cryptocurrencies as a form of payment. The following are some potentialresults and patterns to look out for:
The rise ofcryptocurrencies has brought exciting possibilities for digital transactions,but their inherent volatility poses significant challenges for merchants. Toaddress this issue, merchants should consider supporting Central Bank DigitalCurrencies (CBDCs) as a more stable and reliable form of digital payment.
Cryptocurrencies are known for their pricevolatility, which presents risks for merchants. CBDCs, on the other hand, arebacked by central banks and maintain a stable value tied to the nationalcurrency. By accepting CBDCs, merchants can avoid the uncertainties associatedwith crypto's price fluctuations. This stability allows for more accuratepricing, eliminates the need for frequent price adjustments, and provides aconsistent value for goods and services.
Cryptocurrencies operate outsidetraditional financial systems and lack regulatory oversight, raising concernsabout security, money laundering, and illicit activities. CBDCs, however, areissued and regulated by central banks, offering a level of trust and compliancewith existing financial regulations. Merchants can benefit from this trustfactor by accepting CBDCs, as it reassures customers that their transactionsare backed by reputable financial institutions, reducing fraud risks andensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering(AML) regulations.
Cryptocurrencies often require additionalsteps for users to convert them into traditional currencies, making the paymentprocess cumbersome. CBDCs, on the other hand, can seamlessly integrate withexisting payment infrastructures, providing a familiar and convenient paymentexperience for both merchants and customers. CBDCs can be easily used throughmobile wallets, payment apps, or even contactless payment cards, streamliningthe transaction process and encouraging wider adoption among merchants andconsumers.
Cryptocurrency transactions can beassociated with high transaction fees and lengthy settlement times, leading tofinancial burdens and operational inefficiencies for merchants. CBDCs, designedwith efficiency in mind, offer cost-effective and swift transactions. Merchantscan benefit from reduced transaction costs and faster settlement times,enabling more streamlined cash flow management, quicker reconciliation, andimproved overall financial operations.
Cryptocurrencies are still relatively nicheand may have limited adoption among consumers due to their volatility andcomplexity. By embracing CBDCs, merchants align themselves with widelyrecognized and accepted payment instruments, enhancing consumer confidence andencouraging broader adoption of digital payments. CBDCs have the potential tobring new customers into the digital payment ecosystem, expanding the marketfor merchants and driving overall economic growth.
Major merchantsand businesses are increasingly accepting cryptocurrency as a form of payment,signaling a big change from the past. Cryptocurrencies are a desirable optionfor businesses due to the advantages of higher sales, quicker transactions,decreased fraud, and improved innovation. But there are issues that must beresolved, including price volatility, regulatory issues, and the requirementfor a strong technology foundation. Future prospects for cryptocurrenciesinclude widespread adoption, integration with established payment systems, andthe creation of stablecoins and CBDCs as they continue to gain recognition.Businesses and consumers may anticipate more flexible, safe, and convenientpayment choices as the bitcoin payment ecosystem develops.
Major merchantsand businesses are now accepting digital currencies as a genuine paymentoption, demonstrating how quickly cryptocurrencies have acquired recognition asa payment mechanism. This change will have a big impact on how business willoperate in the future and how widely cryptocurrency will be used.
This articleexamines the effects of big businesses and stores accepting cryptocurrenciesmore and more. We can better comprehend how cryptocurrencies are changing thetraditional payment landscape by looking at the advantages, difficulties, andpotential repercussions of this development.
Major merchantsand businesses have dramatically increased their use of cryptocurrency as apayment mechanism in recent years. This rising tendency is attributed to anumber of factors:
Retailers andbusinesses profit from cryptocurrency' expanding acceptability in a number ofways:
Keep Reading
Althoughaccepting cryptocurrency has many advantages, it is not without difficulties.Think about the following elements:
The future ofcryptocurrency payments is bright as big businesses and merchants continue toaccept cryptocurrencies as a form of payment. The following are some potentialresults and patterns to look out for:
The rise ofcryptocurrencies has brought exciting possibilities for digital transactions,but their inherent volatility poses significant challenges for merchants. Toaddress this issue, merchants should consider supporting Central Bank DigitalCurrencies (CBDCs) as a more stable and reliable form of digital payment.
Cryptocurrencies are known for their pricevolatility, which presents risks for merchants. CBDCs, on the other hand, arebacked by central banks and maintain a stable value tied to the nationalcurrency. By accepting CBDCs, merchants can avoid the uncertainties associatedwith crypto's price fluctuations. This stability allows for more accuratepricing, eliminates the need for frequent price adjustments, and provides aconsistent value for goods and services.
Cryptocurrencies operate outsidetraditional financial systems and lack regulatory oversight, raising concernsabout security, money laundering, and illicit activities. CBDCs, however, areissued and regulated by central banks, offering a level of trust and compliancewith existing financial regulations. Merchants can benefit from this trustfactor by accepting CBDCs, as it reassures customers that their transactionsare backed by reputable financial institutions, reducing fraud risks andensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering(AML) regulations.
Cryptocurrencies often require additionalsteps for users to convert them into traditional currencies, making the paymentprocess cumbersome. CBDCs, on the other hand, can seamlessly integrate withexisting payment infrastructures, providing a familiar and convenient paymentexperience for both merchants and customers. CBDCs can be easily used throughmobile wallets, payment apps, or even contactless payment cards, streamliningthe transaction process and encouraging wider adoption among merchants andconsumers.
Cryptocurrency transactions can beassociated with high transaction fees and lengthy settlement times, leading tofinancial burdens and operational inefficiencies for merchants. CBDCs, designedwith efficiency in mind, offer cost-effective and swift transactions. Merchantscan benefit from reduced transaction costs and faster settlement times,enabling more streamlined cash flow management, quicker reconciliation, andimproved overall financial operations.
Cryptocurrencies are still relatively nicheand may have limited adoption among consumers due to their volatility andcomplexity. By embracing CBDCs, merchants align themselves with widelyrecognized and accepted payment instruments, enhancing consumer confidence andencouraging broader adoption of digital payments. CBDCs have the potential tobring new customers into the digital payment ecosystem, expanding the marketfor merchants and driving overall economic growth.
Major merchantsand businesses are increasingly accepting cryptocurrency as a form of payment,signaling a big change from the past. Cryptocurrencies are a desirable optionfor businesses due to the advantages of higher sales, quicker transactions,decreased fraud, and improved innovation. But there are issues that must beresolved, including price volatility, regulatory issues, and the requirementfor a strong technology foundation. Future prospects for cryptocurrenciesinclude widespread adoption, integration with established payment systems, andthe creation of stablecoins and CBDCs as they continue to gain recognition.Businesses and consumers may anticipate more flexible, safe, and convenientpayment choices as the bitcoin payment ecosystem develops.
See the article here:
The Implications of Growing Cryptocurrency Acceptance for Major Retailers and Companies - Finance Magnates
House of Representatives Unveils Cryptocurrency Regulation Bill – ETF Trends
Even as the cryptocurrency market recovers from 2022, proposed regulation is starting to trickle into 2023. This time, its from the House of Representatives.
Bloomberg delved into a new bill introduced in Congress that would allow the crypto market to come under the same regulatory framework that oversees commodities. The bill comes after the 2022 bearish run in the cryptocurrencies saw exchanges like FTX collapse. This disaster amplified the call for more regulation.
Republican chairs of two key House committees released a draft bill that would offer a pathway for digital assets that begin as securities to eventually be regulated as commodities, Bloomberg reported.
The introduction of the bill sets the foundation for Congress to discuss how best to regulate the crypto market. From the government to the private sector, its a solid foundation on which to build potential regulation.
The draft legislation was unveiled Friday by House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn Thompson, the report said further. The bill on market structure is meant to act as a jumping off point for discussions between Republicans and Democrats on the two committees, as well as with the Senate, regulators and the private sector, senior staff familiar with the drafting of the proposal said.
In the meantime, more regulatory pressure isnt hurting bitcoins bull run thus far this year. The leading cryptocurrency is up over 60%, easily trouncing the S&P 500s 12% year-to-date gain.
Bitcoins 2023 bull run has also been fed by speculation that the dollar cannot remain the worlds reserve currency. The spate of bank rescues this year challenged the stability of the financial system. This provided economists with enough fodder to postulate on whether the dollar still reigns.
A recent Bitcoin Magazine article, for instance, pointed out that other countries are starting to strike deals for settling trades in fiat currencies other than the dollar. For example, French president Emmanuel Macron suggested that Europe reduce its dependence on the U.S. dollar.
The yuan is now the most-traded currency in Russia while China and Brazil recently struck an agreement to settle trades in the yuan and real instead of in dollars, Bitcoin Magazine said. Meanwhile, Malaysia is making similar deals with both India and China.
For more news, information, and analysis, visit theCrypto Channel.
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House of Representatives Unveils Cryptocurrency Regulation Bill - ETF Trends
How a College Dropout Turned $200 into $2 Million with Cryptocurrency: Learn His Shocking Trick | – Bitcoinist
Remarkable stories of individuals achieving extraordinary wealth through cryptocurrency investments have captured the imagination of people worldwide. Among these tales, the narrative of a college dropout who transformed a mere $200 into an astonishing $2 million with cryptocurrency stands out as both intriguing and inspiring. This extraordinary feat has sparked curiosity and led many to wonder about the secret behind his success.
This narrative stresses the underlying factors that contribute to the individuals success. The students astute market analysis, timing, risk management techniques, and shrewd investment decisions propelled him to such extraordinary heights. All these tasks require an automated strategy that helps in round-the-clock monitoring. The journey of this college dropout-turned-millionaire serves as a source of inspiration for investors to navigate the highly volatile and inherently risky market with the help of AI. Avorak unravels valuable nsights and lessons that guide and inspire those venturing into this dynamic and rapidly evolving financial landscape.
Trading algorithms, also referred to as automated trading systems or trading bots, help traders profit by automating the execution of trades. Avorak Trade Bot can monitor multiple markets simultaneously and execute trades without emotional biases, which can be advantageous in fast-paced trading environments. The Avorak trade bot operates around the clock, taking advantage of opportunities even when traders are not actively monitoring the market. It eliminates constant manual monitoring during non-trading hours. Avorak trade bots can backtest strategies using historical market data to assess their potential profitability. The success of a trading bot heavily relies on the strategy it is programmed to follow.
The intriguing story of a college dropout couldnt be here without trading bots. Trading bots execute trades on behalf of traders based on predefined rules and strategies. The effectiveness of trading bots can vary depending on various factors, and it is important to understand their capabilities and limitations. Avorak Trade Bot is a popular and effective crypto trading bot that can execute trades with great speed, reacting to market conditions and opportunities much faster than human traders. Developing an effective strategy requires comprehensive market knowledge, technical analysis skills, and continuous optimization to adapt to changing market conditions.
Avorak AI is the next big explosion, as demonstrated by its stellar ICO performance. Avorak deploys true utility tools, including content creation. In Beta testing, Avorak tools have gained widespread use due to their unmatched market performance. For example, Avorak Write addresses the challenges of the existing AI tools and introduces more features that simplify tasks.
Avorak AI is doing this through its ICO, currently in phase seven with AVRK at $0.255. Avoraks performance has been extraordinary, having raised considerable sums in a short period and witnessed a 325% value increase since the initial offering. ICO holders get bonuses and privileges and expect to benefit from further price increases. With the expected 10,000% gains, according to experts and analysts, Avorak will make more millionaires.
Achieving substantial gains in the crypto market is no easy task, making the story of this college dropouts meteoric rise all the more remarkable. Avorak AI, with its performance and a portfolio of crypto trading tools, strives to produce more crypto millionaires.
Learn more on Avorak AI here:
Website: https://avorak.aiBuy AVRK: https://invest.avorak.ai/register
Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
How does cryptocurrency mining affect the Texas power grid? – KXAN.com
FILE - An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. Crypto exchange Bittrex was fined $24 million by U.S. authorities on Tuesday, Oct. 11, 2022, for helping clients evade U.S. sanctions in places such as Syria, Iran and Crimea. (AP Photo/Kin Cheung, File)
AUSTIN (KXAN) Everything is bigger in Texas, including cryptocurrency mining operations. Texas is currently home to the largest cryptocurrency mining facility in North America and, of all the facilities in the state, accounts for about 15% of mining worldwide, according to researchers.
Attached to these mining operations is a Texas-sized use of power. In order to mine for cryptocurrency, computers must run computation algorithms to verify transactions. The computers that solve an algorithm get a reward in the form of cryptocurrency such as Bitcoin according to the Texas Comptroller. The more calculations a computer can solve, the higher the chance of receiving the reward, per the Texas Comptroller.
In a nutshell, it is an extremely energy-intensive process to mine a Bitcoin. That is why the scale of these computing demands has reached the point that they can rival the consumption of a citys worth of electricity, said Le Xie, professor in the Department of Electrical and Computer Engineering at Texas A&M University.
The Texas Comptroller estimates that by 2023, cryptocurrency mining facilities in the state could demand as much power as Houston, the fourth-largest city in the U.S. Already, mining facilities in the state are consuming roughly as much energy as Austin, Xie said.
Despite the amount of energy these operations require, Texas political leaders have promoted the state as a destination for mining companies, per reporting in the Texas Tribune. Some rural areas where facilities have moved have welcomed them, reaping economic benefits from the operations.
Professor Le Xie has been studying the impacts these mining facilities have on the Texas grid.
His research has centered on examining mining facilities impact on three areas: grid reliability, carbon dioxide emissions and wholesale energy market prices.
Their impact substantially depends upon the way you model them, Xie said. If they were modeled as sort of a [constant] demand, then there will be a substantial impact on grid reliability because they must be served at all times and would stress the grid
Conversely, if the facilities are flexible meaning they can be turned off in times of grid precarity they can actually be utilized to provide more energy to the Texas grid, Xie said.
Xies teams findings were published in the March issue of the Institute of Electrical and Electronics Engineers Transactions on Energy Markets, Policy and Regulation and the June issue of Advances in Applied Energy.
We are pleased to say that the kind of model and data that we have utilized can be useful not only here in Texas but also around the country for decision-makers to take a look and understand their performances during stressful situations, he said.
Cryptocurrency and crypto mining is still a relatively new industry. Bitcoin the most well-known cryptocurrency has only been around since 2009.
Any kind of demand going beyond certain thresholds would always have to be studied and integrated with careful analysis, Xie said. Thats the reason were doing the study, to understand [crypto mines] characteristics so that we can provide better decision support for the policymakers.
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How does cryptocurrency mining affect the Texas power grid? - KXAN.com