Category Archives: Cryptocurrency
How is cryptocurrency funding terrorism across the globe – The Financial Express
At a time when the world is going through digital evolution, with currencies too being traded in the form of cryptocurrency, this has led to a rise in concern about insurgents using the same to mobilise terrorism. Case in point, when the Taliban a fundamentalistic Islamic group came into power on August 15, 2021, in Afghanistan, it was perceived that a lot of the money will be routed via cryptocurrency. However, the Taliban regime has banned cryptocurrency and claims to have arrested 16 local exchanges in the city of Herat in the northwest, according to the regional news website ATN-News.
Furthermore, as per a report by the Israeli Anti-money laundering (I-AML) website, in the year (August 2020-August 2021), terror organisations received Ethereum (ETH), ERC20 tokens, and XRP donations.
Fundraising by most active terror funding-related organisation over time.Courtesy: I-AML; Coinbase
Da Afghanistan Financial Institution (the central bank) stated in a letter that the trading of digital currency has caused several problems including fraud and hence it needs to be shut down. Sayed Shah Saadat, the head of the Herat polices counter-crime squad, told ATN-Information, We acted and detained all of the exchangers involved in the business and shut down their shops.
Meanwhile, the United Nations Counter-Terrorism week in June 2021 stated that the Covid-19 pandemic increased the potential for terrorist organisations to obtain money through online sources. The pandemic made an impact on the implementation of (countering the financing of terrorism) CFT legislation and measures, the South Asia Democratic Forum (SADF) report noted.
It is further noted that by the end of 2021, Chainalysis identified a number of terrorist organisations that have attempted to finance through cryptocurrency. In 2019, 2020, Al-Qaeda raised cryptocurrency through Telegram channels and Facebook groups, the report stated.
Share of total terrorism financing activity by organisation (2017-2021). Courtesy: Chainalysis
In the 2021 global crypto adoption index, blockchain analysis company Chainalysis ranked Afghanistan 20th among 154 countries in the 2021 Global Crypto Adoption Index. Furthermore, payment transfer companies such as PayPal and Venmo are not supported by banks in Afghanistan. This is restricting the financial services to the crypto traders.
Meanwhile, Google Trends data shows a greater than 100% increase in interest in the search keywords Bitcoin, crypto, and cryptocurrency, particularly in the provinces of Herat, Kandahar, Kabul, Nangarhar, and Balkh.
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How is cryptocurrency funding terrorism across the globe - The Financial Express
Cryptocurrency Sceptics Look To Bend The Ear Of Regulators – Barron’s
those behind the first Organisers of the Crypto Policy Symposium hope the event will prompt much more 'critical discourse' of the sector Justin TALLIS
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Cryptocurrency critics, including economists and researchers, will gather in London and online this week to get their message across to regulators about the booming but volatile sector.
A number of governments have expressed concerns over cryptocurrencies, but those behind the first Crypto Policy Symposium say they hope the event will prompt much more "critical discourse" of the sector.
"There are so many crypto conferences but they are funded by the crypto industry," said Martin Walker, a co-organiser.
"The goal is to dispel some myths created by the crypto industry and to make policy makers start asking the right questions."
But Walker, a banking IT expert, is quick to reject claims that Monday and Tuesday's event is an "anti-crypto conference".
Instead he says it is a chance to hear the critical voices of specialists in financial bubbles, researchers who have evaluated the industry's carbon footprint and engineers who question the effectiveness of decentralised technologies.
"We've got regulators from all over the world," he said.
About 1,000 people have signed up to watch the conference online and UK officials are expected to attend a live event in London on Tuesday.
The conference comes as the price of bitcoin has plunged from a peak of nearly $69,000 last October to around $20,000.
The risky nature of the ultra-volatile and poorly regulated market for retail investors will be particularly highlighted.
Many central banks and financial market regulators have warned about the dangers posed by cryptocurrencies.
But in the absence of a clear legislative framework, users are rarely informed when making their investments, say crypto critics.
The collapse of cryptocurrency investment platform Celsius left customers in despair and unable to recover investments that sometimes included life savings.
The firm faced mounting troubles until it froze withdrawals in mid-June and a court filing showed it owed $4.7 billion to its users.
"People didn't understand that their money wasn't secure and they still don't understand why they can't get it back," said Amy Castor, a respected freelance journalist who is among the most vocal of cryptocurrency critics.
"We wanted to have our voices heard because it's important for regulators to understand the risks, how crypto-currencies work, the scam inherent in it, so that they can do more to protect retail investors (and) the public," she said.
Castor, who used to work for cryptocurrency media outlets, became known during the 2017 price surge and subsequent crash for her criticism of the so-called "stablecoin" Tether.
Tether's price is pegged to the US dollar but its cash flow remains murky.
"The problem is that crypto-currency has become so big that now there is a lot of money going into lobbying... to support politicians," Castor added.
In the United States some elected officials have proudly shown support for the sector, especially at the local level.
The mayors of Miami and New York have said they want to make their cities cryptocurrency capitals, and there are municipality-specific currency projects in various stages of development.
"Officials are making broad statements about the good of cryptocurrencies," said Tonantzin Carmona, a researcher at the Brookings Institution.
"They focus on what good could come from that tech and they ignore the real risks."
In March, Carmona published a research paper on the potential danger posed by the mayors' enthusiasm for cryptocurrencies.
She feared being attacked on social networks but instead says her arguments found favour with the small community of crypto-sceptics, who helped her see that she was not a lone voice.
"There's a difference between being a hater and being critical," she said.
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Cryptocurrency Sceptics Look To Bend The Ear Of Regulators - Barron's
Cryptocurrency Ethereum is about to cut its emissions by 99 per cent a huge shake-up that will challenge Bitcoin – ABC News
Amid the continuous noise about cryptocurrencies, it's often hard to pick out what really matters.
However this month, if all goes to plan, the energy-hungry digital sector will undergo its biggest shake-up in years.
Ethereum, the world's second largest cryptocurrency, is tomorrowexpectedto start a technology changeover which, once complete, should cause its carbon emissions toplummet by 99 per cent.
The rapid growth in cryptocurrencies in recent years has been staggering. Unfortunately, so too has been their contribution to climate change, due to the enormous amount of electricity used by computers that manage the buying and selling of crypto coins.
Take, for example, the world's biggest cryptocurrency, Bitcoin. At a time when the world is desperately trying to reduce energy consumption, Bitcoin uses more energy each year than medium-sized nations such asArgentina. If the Ethereum switch succeeds, Bitcoin and other cryptocurrencies will be under immense pressure to deal with this problem.
Cryptocurrencies are digital currency systems in which people make direct online payments to each other.
Unlike traditional currencies, cryptocurrencies are not managed from a single location such as a central bank. Instead, they're managed by a "blockchain": a decentralised global network of high-powered computers. These computers are known as "miners".
The Reserve Bank of Australiaprovidesthis simple explanation of how it all works (edited for brevity):
Suppose Alice wants to transfer one unit of cryptocurrency to Bob. Alice starts the transaction by sending an electronic message with her instructions to the network, where all users can see the message.
The transaction sits with a group of other recent transactions waiting to be compiled into a block (or group) of the most recent transactions. The information from the block is turned into a cryptographic code and miners compete to solve the code to add the new block of transactions to the blockchain.
Once a miner successfully solves the code, other users of the network check the solution and reach an agreement that it's valid. The new block of transactions is added to the end of the blockchain, and Alice's transaction is confirmed.
This process, used by most cryptocurrencies, is termed "proof-of-work mining". The central design feature is the use of calculations which require a lot of computer time and huge amounts of electricity to perform.
Bitcoin alone consumes around150 terawatt-hoursof electricity each year. Producing that energy emits some 65 million tonnes of carbon dioxide into the atmosphere annually about the same emissions as Greece.
Researchsuggests Bitcoin last year produced emissions responsible for around 19,000 future deaths.
The proof-of-work approach intentionally wastes energy. The data in a blockchain has no inherent meaning. Its sole purpose is to record difficult, but pointless, calculations which provide a basis for allocating new crypto coins.
Cryptocurrency advocates have given a variety of excuses for the monstrous energy consumption, but none stand up to scrutiny.
Some, for example, seek to justify cryptocurrency's carbon footprint by saying some miners use renewable energy. That may be true, but in doing so they candisplaceother potential energy users some of whom will have to use coal- or gas-fired power.
But now, the most successful of Bitcoin's rivals, Ethereum, is changing tack. This month it promises to switch its computing technology to something far less polluting.
Ethereum's project involves ditching the "proof of work" model for a new one called "proof of stake".
Under this model, crypto transactions are validated by users, who stake substantial quantities of blockchain tokens (in this case, Ethereum coins) as collateral. If the users act dishonestly, they lose their stake.
Importantly, it will mean the vast network of supercomputers currently used to check transactions will no longer be required, because users themselves are doing the checking a relatively easy task. Doing away with the computer "miners" will lead to an estimated 99 per centdrop in Ethereum's electricity use.
Some smaller cryptocurrencies such as the Ada coin traded on the Cardano platform use "proof of stake" but it's been confined to the margins to date.
For the past year, Ethereum has beenrunningthe new model on experimental blockchains. But this month, the model will be merged into the main platform.
So what does all this mean? The Ethereum experiment could fail if, say, some stakeholders find ways to manipulate the system. But if the switch does succeed, Bitcoin and other cryptocurrencies will be under pressure to abandon the proof-of-work model, or else shut down.
This pressure has already begun. Tesla founder Elon Musk'slast year announcedhis company would no longer accept Bitcoin payment for its electric cars, due to the currency's carbon footprint.
The New York state legislature in Junepassed a billto ban some Bitcoin operations that use carbon-based power. (However, the decision requires sign off from New York's governor and may be vetoed).
And in March this year, the European parliament voted on a proposal to ban the proof-of-work model. The proposal wasdefeated. But as Europe heads into the cooler months, and grapples with an energy crisis triggered by sanctions on Russian gas supplies, energy-guzzling cryptocurrencies will remain in the firing line.
One thing is clear: as the need to slash global emissions becomes ever more pressing, cryptocurrencies will run out of excuses for their egregious energy use.
John Quiggin is a professor in the School of Economics at The University of Queensland. This piece first appeared on The Conversation.
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Cryptocurrency Ethereum is about to cut its emissions by 99 per cent a huge shake-up that will challenge Bitcoin - ABC News
US Congressman Brad Sherman on how a cryptocurrency ban wont have any effects – The Financial Express
Through an interview, Brad Sherman, congressman, United States, and a cryptocurrency skeptic has made the claim that cryptocurrency ban cant be considered as an option currently, as reported by Cointelegraph.
On the basis of information by Cointelegraph, going by a statement to LA Times, the Northridge-area democrat said that the cryptocurrency sector has become developed over the years, adding that the high capital donations to the politicians and cryptocurrency lobbying cant make it possible for them to impose a blanket ban.
We didnt ban it at the beginning because we didnt realise it was important, and we didnt ban it now because theres money and power behind it, Sherman explained.
According to Cointelegraph, the democratic representative has been known for his reputation for a demanding a cryptocurrency ban since 2019. Around three years later, Sherman has changed his stance about a ban and now advocates for cryptocurrency market-based regulations. The US Congressman has expressed concerns around small and retail investors who are victimised due to scams, but accepted that judiciarys efforts to protect investors wont matter until they keep investing in cryptocurrencies such as meme coins. It is hard to be running the subcommittee dedicated to investor protection in a country in which people want to wager on [meme coins], Sherman added.
Moreover, Cointelegraph noted that Sherman wanted cryptocurrency to be brought under the jurisdiction of the Securities and Exchange Commission (SEC), which he had criticised in July for not going after certain cryptocurrency exchanges. US lawmakers have asked for US regulatory bodies to bring the cryptocurrency market under law. However, opinions have differed regarding how cryptocurrency markets should be regulated. Lawmakers, including Sherman, have been in support of regulatory policies for cryptocurrencies to break decentralisation norms. On the other hand, US lawmakers such as Hester Peirce and Cynthia Lummis have been advocating for pro-cryptocurrency regulations for a period of time.
(With insights from Cointelegraph)
Also Read: Unocoin launches its referral programme for current users to earn
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1 Cryptocurrency to Buy and Hold Forever – The Motley Fool
What was once just a market of one is now flooded with other options for cryptocurrency investors. The arrival of meme coins that seem to create millionaires overnight makes it easy to believe that cryptocurrency investments are meant only for the short term. But despite a crowded field, there is one cryptocurrency investors should count on never selling -- Ethereum (ETH 0.28%).
Like Bitcoin (BTC -0.54%), Ethereum is a cryptocurrency that changed our thinking about finance in the digital age, but for different reasons. Ethereum is unique from Bitcoin in myriad ways. But one, in particular, is responsible for what is possibly the greatest innovation to result from blockchain and cryptocurrency technologies -- decentralized finance, better known as DeFi.
The traditional financial world relies on centralized authorities like banks, notaries, brokers, exchanges, and other middlemen who manage and process financial services. Traditional financial processes, such as applying for a loan or purchasing a stock, require some sort of intermediary to conduct the transaction.
But because of Ethereum and its innovative smart-contract technology, these traditional financial processes are becoming increasingly obsolete. Smart contracts are the backbone of DeFi and are what make Ethereum so unique. Before its creation in 2014, no other cryptocurrency had smart-contract capabilities. The creation of smart contracts allows blockchain developers to customize conditions and criteria for executing particular actions.
For example, smart contracts could oversee loan agreements and release collateral upon full repayment. Since smart contracts can integrate with other data, they could also regulate agricultural drought insurance policies by automatically paying out if agreed amounts of rainfall occur.
In addition to their seemingly infinite customization and potential, smart contracts and DeFi could completely upend what we believe traditional institutions' roles are in the financial world.
One of the most appealing aspects of DeFi is its inclusivity. If you want to utilize a DeFi financial product, all you need is an internet connection. There are no credit bureaus, no brokers, and no loan officers. As long as a crypto wallet is set up, users can trade and move assets anytime and anywhere.
In addition, all transactions are in real-time and completely transparent. There is no need for banks or brokers to process transactions since they occur near instantaneously on the blockchain. The other perk of the blockchain is that once a transaction is added, anyone with an internet connection can view activity on the network. It doesn't hurt that just about any possibility of tampering or malfeasance is eliminated due to the blockchain's high level of security.
Arguably, the greatest benefit of DeFi is that it is constantly evolving. Applications and projects built on Ethereum are all open-source. That means developers can integrate multiple DeFi apps to create financial products to meet new user demands as they arise.
Since Ethereum was the first blockchain to possess smart-contract functionality, it holds most of the market share that makes up the DeFi sector. Despite new competitors like Tron (TRX -0.99%), Binance Coin (BNB -1.55%), and Avalanche (AVAX -2.25%) arriving to grab some of the market, they face an uphill battle because Ethereum's grasp on the DeFi economy is unbelievably disproportionate.
We can look at a statistic called Total Value Locked (TVL) to compare the collective value of a blockchain's DeFi ecosystem. Think of it like the market cap of a company.
Out of the $62.5 billion invested across DeFi as of this writing, nearly $36 billion is on Ethereum's blockchain. The next-closest competitor is Tron, and this blockchain only supports about $9 billion of value. It's not even close.
The potential long-term value DeFi presents should be heavily weighed by investors, especially considering it's only in its infancy. Those who are optimistic that DeFi can usurp traditional finance should count on Ethereum continuing to dominate for the foreseeable future.
RJ Fulton has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Avalanche, Bitcoin, and Ethereum. The Motley Fool has a disclosure policy.
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1 Cryptocurrency to Buy and Hold Forever - The Motley Fool
Cryptocurrency’s gender diversity problem drawing increased focus from Congress, others – Pensions & Investments
Women also don't invest in cryptocurrencies as much as men do, said Ms. Hume, who cited risk aversion as one reason.
"It's been well established in research that women engage with investment risks differently than men," Ms. Hume said. "And financial advisers, in particular, have observed that when investment risks are unknown, women are more likely to take money off the table and pass on the opportunity. And what we have with crypto is an asset class that, at this point, the risks are still mostly unknowns."
According to a report released this year from Gemini Trust Co. LLC, a cryptocurrency exchange, 32% of crypto owners in the U.S. are female. Data released in February by eToro USA LLC, a trading platform for cryptocurrency and other exchanges, indicates that 41% of female investors in the U.S. have crypto holdings, and 41% plan to increase them.
Lule Demmissie, U.S. CEO of eToro based in New York, said while she thinks crypto has a "very diverse consumer base," there needs to be an increase in the diversity of crypto creators.
"Unless any innovation has a diverse set of people creating it, by definition, it cannot become an equitable product over time," Ms. Demmissie said.
Adoption of Digital Currency (Cryptocurrency) Market By Product Type, By Application, By Region and Forecast 2022 to 2030 – Taiwan News
Market Overview
The comprehensive analyses of the most recent trends, growth prospects, and market growth drivers are offered to readers of the global market research reports. The COVID-19 effects on the Adoption of Digital Currency (Cryptocurrency) Market are also discussed in detail in the research, along with the markets predicted compound annual growth rate (CAGR) from 2022 to 2030.
The research also provides a market analysis using various analytical techniques, including Porters Five Forces Analysis and PESTEL Analysis. These tools provide an in-depth analysis of the micro- and macro-environmental elements that influence the markets expansion during the forecast period.
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Cryptocurrency is an encrypted and decentralized virtual currency. There are two types of cryptocurrencies, public and private cryptocurrency. There are approximately 41 cryptocurrencies used in India. Bitcoin, Ripple, Altcoin, and Eherteum are some of the popular forms of cryptocurrencies used in the country.
Adoption of cryptocurrency in India:
India is one of the biggest markets for cryptocurrency exchange in Asia with the second highest adoption rate across the globe. On the Global Crypto Adoption Index, Indias index score had been 0.37 in 2021, after Vietnam, which had the highest adoption index score of 1. Cryptocurrency adoption has grown by ~595.26% in India, during the 2020 2021 period. The country currently has ~15 million people holding cryptocurrency assets. In spite of the several risks those cryptocurrency transactions accompany, like that of investors risks, market threats, cybercrime issues, and increase in tax burden, people made huge investments on the platform.
However, with several appeals made by the Reserve Bank of India (RBI) to ban cryptocurrencies; especially the private cryptocurrencies, the current exponential growth rate of the sector is expected to hamper.
Impact of COVID-19:
The onset of the pandemic followed by the multiple lockdowns have led to an economic distress in the country. People suffered from job loss and economic crisis. As an impact, people started to look for alternate earning avenues, including trading. Currently, cryptocurrency is one of Indias fastest growing sectors and trading opportunity for the common mass. Therefore, investment on cryptocurrency skyrocketed by ~612% in 2020, during the pandemic period. India cryptocurrency market witnessed an exponential growth since the outburst of the pandemic.
Cryptocurrency exchanges:
BitbnsCoinDCXCoinSwitch KuberUnocoinWazirX
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Adoption of Digital Currency (Cryptocurrency) Market By Product Type, By Application, By Region and Forecast 2022 to 2030 - Taiwan News
What To Know About Cryptocurrency and Scams | Consumer Advice
Confused about cryptocurrencies, like bitcoin or Ether (associated with Ethereum)? Youre not alone. Before you use or invest in cryptocurrency, know what makes it different from cash and other payment methods, and how to spot cryptocurrency scams or detect cryptocurrency accounts that may be compromised.
Cryptocurrency is a type of digital currency that generally exists only electronically. You usually use your phone, computer, or a cryptocurrency ATM to buy cryptocurrency. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrencies, and new ones keep being created.
People use cryptocurrency for many reasons quick payments, to avoid transaction fees that traditional banks charge, or because it offers some anonymity. Others hold cryptocurrency as an investment, hoping the value goes up.
You can buy cryptocurrency through an exchange, an app, a website, or a cryptocurrency ATM. Some people earn cryptocurrency through a complex process called mining, which requires advanced computer equipment to solve highly complicated math puzzles.
Cryptocurrency is stored in a digital wallet, which can be online, on your computer, or on an external hard drive. A digital wallet has a wallet address, which is usually a long string of numbers and letters. If something happens to your wallet or your cryptocurrency funds like your online exchange platform goes out of business, you send cryptocurrency to the wrong person, you lose the password to your digital wallet, or your digital wallet is stolen or compromised youre likely to find that no one can step in to help you recover your funds.
Because cryptocurrency exists only online, there are important differences between cryptocurrency and traditional currency, like U.S. dollars.
There are many ways that paying with cryptocurrency is different from paying with a credit card or other traditional payment methods.
Scammers are always finding new ways to steal your money using cryptocurrency. To steer clear of a crypto con, here are some things to know.
Spot crypto-related scamsScammers are using some tried and true scam tactics only now theyre demanding payment in cryptocurrency. Investment scams are one of the top ways scammers trick you into buying cryptocurrency and sending it on to scammers. But scammers are also impersonating businesses, government agencies, and a love interest, among other tactics.
Investment scamsInvestment scams often promise you can "make lots of money" with "zero risk," and often start on social media or online dating apps or sites. These scams can, of course, start with an unexpected text, email, or call, too. And, with investment scams, crypto is central in two ways: it can be both the investment and the payment.
Here are some common investment scams, and how to spot them.
Before you invest in crypto, search online for the name of the company or person and the cryptocurrency name, plus words like review, scam, or complaint. See what others are saying. And read more about other common investment scams.
Business, government, and job impersonators
In a business, government, or job impersonator scam, the scammer pretends to be someone you trust to convince you to send them money by buying and sending cryptocurrency.
To avoid business, government, and job impersonators, know that
Blackmail scamsScammers might send emails or U.S. mail to your home saying they have embarrassing or compromising photos, videos, or personal information about you. Then, they threaten to make it public unless you pay them in cryptocurrency. Dont do it. This is blackmail and a criminal extortion attempt. Report it to the FBI immediately.
Report fraud and other suspicious activity involving cryptocurrency to
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What To Know About Cryptocurrency and Scams | Consumer Advice
Will Regulations Benefit The Cryptocurrency Market in The Long-Run – The Coin Republic
The crypto market exhibits a wide spectrum of opportunities for everyone including the investors and the regulators. Crypto market is an ecosystem in itself pertaining to centralized and decentralized financial systems. Decentralized Finance (DeFi) allows market participants to work freely without any hindrance from single-control authorities. Whereas centralized finance is a circle where there is a single entity keeping an eye over everything.
The crypto market is no less than an ocean with millions of opportunities connecting various ends such Cryptocoins, NFT, altcoins, metaverse, and even Web3. But the question is what will happen if this ocean goes unseen, unregulated, untouched? Possibilities are, it will give rise to various illicit activities.
Crypto market is probably similar. When taking DeFi into the picture, the transactions are not regulated by any single entity. This creates a small but a harmful gap in the industry for the bad actors to slip in. However, like its wisely said, every coin has two sides. Centralized finance is the other side of the coin which offers a centralized space for the users. This helps the market entrants to understand the market flow and how transactions take place.
Most of the early adopters in the crypto currency market feel that Bitcoin and other cryptocurrencies will turn the tables around. The Crypto currency market will shift the financial control from bank to the masses. The user will have subtle control over the market and the financial transactions.
Amid a meteoric hike in the Crypto market back in 2017, watch dogs forecasted that Bitcoin will reach pinnacle, however things are getting totally opposite. The Bitcoin drastically crashed during the CryptoWinters and fell down to $20,000 in late August, 2022.
Now the question is: is there a need for regulations in the crypto industry? If yes, what regulations can be passed across?
According to recent studies 46 Million US citizens own a share of Bitcoin. Market experts and analysts have seemingly forecasted that the global blockchain market will reach 39.17 Billion USD by 2025. One of our closest research firms revealed that approximately 16% of the Americans have invested, traded, or used cryptocurrency.
There are certain reasons why we think the crypto market must suffice with serious regulations. Here are five reasons why.
Crypto currency market is filled with such activities which need to be stopped. The only way to do this is to regulate the complete industry. Many government authorities have started to regulate crypto activities and crypto based transactions and serve the users safety. This has always been a crucial topic and surely it must be implemented to make crypto a better place for investors.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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Will Regulations Benefit The Cryptocurrency Market in The Long-Run - The Coin Republic
The 5 Types of Cryptocurrency To Look Out For – Patheos
Cryptocurrency is a form of digital currency that uses encryption to secure transactions. It can be used as a store of value or as an investment asset. Its also known as virtual money, or digital currency, and it could also be considered an asset class. The cryptocurrency was first introduced in 2009 by an anonymous person under the pseudonym of Satoshi Nakamoto. Satoshi designed the currency using cryptographic software and ensured that there would only be a limited amount of them produced to prevent inflation. However, there is no central authority to control the creation of new units. As their popularity increases, they are becoming more similar to real currencies.
There are different types of cryptocurrencies; however, they all have a few things in common.
The blockchain is used to ensure that each transaction is secure and recorded on a public ledger system. Each transaction can be verified by anyone who has access to the network through a specific node which corresponds with your wallet application on your smartphone device or laptop computer.
Bitcoin is a peer-to-peer payment system. Its decentralized, meaning that there is no central authority that oversees transactions and there are no intermediaries. In fact, it operates on a blockchain database, which is a public ledger of bitcoin transactions. Its also the first digital currency that gets exchanged for fiat money by cryptocurrency exchanges.
Dogecoin is an altcoin that was created as a joke. It was derived from the doge meme of Shiba Inu internet pop culture. This cryptocurrency was introduced in 2013 and its founder Jackson Palmer wanted to introduce a digital currency that wasnt too serious. However, this cryptocurrency got the attention of investors and has gained a huge amount of value in a short period. Check Dogecoin stock price atokx.com.
Ethereum was first described in a white paper by Vitalik Buterin, a computer programmer from Toronto, Ontario. It borrows heavily from Bitcoin and aims to do even more. Its like a supercomputer that can support a myriad of applications and services that dont necessarily need to be related to money. In fact, it can automate smart contracts where the terms of an agreement are encoded into lines of code that execute autonomously.
Litecoin was created by former Google employee Charles Lee in 2011. Its a fork of Bitcoin and its considered to be the silver to Bitcoins gold. Its faster than Bitcoin in transaction verification, and it also has a limit on the number of coins that can be mined. The more people adopt litecoin, the more the value rises since the supply is much smaller than Bitcoin.
Monero is a completely anonymous digital currency. All transactions are secured using stealth addresses and ring signatures to cover up the transaction amount and the sender and receiver of funds. Its also considered to be more secure, which makes it ideal for those who have a lot to hide.
Investors are still searching for the holy grail. In fact, there is no way to determine if there is any best. The best cryptocurrency for you may not necessarily be the best for another person. There are many factors to consider, such as your investment goals and risk tolerance. You should also look at the fundamentals of each coin, such as market cap, price volatility, trading volume, and potential applications that can be built on top of them.
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The 5 Types of Cryptocurrency To Look Out For - Patheos