- 14:30 ET, Oct 12 2021
- Updated: 14:30 ET, Oct 12 2021
SHIBA Inu and Bitcoin are down today after President Biden statement drawing attention to potential pitfalls of the currency such as ransomware and other cyber threats.
The statement from Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.
“That’s why my administration is marshalling a whole-of-nation effort to confront cyber threats.”
The White House also signaled that the US will gather 30 other countries, including NATO and G7 allies, to discuss responses to cybercrime.
“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” it read.
Federal Reserve chair Jerome Powell also announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.
Read our cryptocurrency live blog for the latest news and updates…
TEZOS’ DIFFERENCES, CONTINUED
“The apparent growth of non-fungible tokens (NFTs) has helped to propel cryptos like Tezos from the niches of the cryptocurrency space,” Myron Jobson, a personal finance campaigner, and interactive investor told The Sun.
He adds that “more some investors have turned to other less established players like Tezos to experiment at lower costs.”
Tezos makes itself distinct from other major cryptocurrencies including Bitcoin and Ethereum, which uses proof-of-work blockchain in a few key ways.
According to Tezos, its proof-of-stake algorithm not only costs less but is also more eco-friendly.
COINBASE BRINGING IN ASSETS
According to MarketWatch, Coinbase has been attempting to increase activity and trading revenue by bringing on assets like cryptocurrency Shiba Inu.
The platform only recently added Dogecoin as well.
The moves come after a number of competing exchange platforms added the popular cryptocurrencies to their rosters.
WHERE DOES COINBASE REVENUE COME FROM?
The majority of Coinbase’s revenues come from Bitcoin and Ether on the Ethereum blockchain.
They are currently the number one and number two cryptocurrencies on the market, according to MarketWatch.
PAYPAL LAUNCHES CRYPTO SERVICE IN UK
PayPal has launched its cryptocurrency service in the UK.
Beginning in September, UK users are now able to buy, hold and sell digital currencies.
Crypto operations began in the US last October.
STEVEN SEAGAL’S BITCOIN SCANDAL
Under Siege and Half Past Dead hardman Seagal was paid to promote “Bitcoiin2Gen” (B2G) which saw 500 investors left out of pocket in cash and other cryptocurrencies as he unwittingly ended up backing the scam.
Seagal reportedly had been offered $250,000 along with £750,000 worth of B2G for appearing in promotional materials for the con artists.
He appeared in a press release for them and “wholeheartedly” endorsed the scheme in a post to his 7million followers on Facebook.
COINBASE LETS USERS DEPOSIT PAYCHECKS INTO ONLINE ACCOUNTS
Coinbase will let users deposit their paychecks directly into their online accounts, according to CNBC.
“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, vice president of product at Coinbase, revealed in a blog post.
“We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.”
NO GUARANTEED RETURNS
There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns,” they are often scammers.
There is no way to eliminate the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.
Check out these other ways to spot scammers in the crypto space.
BE WARY OF HOT TIPS FROM ‘FRIENDS’
Multi-level marketing scammers will often use the language of cryptocurrencies to entice people to join as “members.”
Cryptocurrencies do not have members, they have investors.
Avoid taking investing tips from friends and family; instead turn to price-tracking websites like CoinMarketCap, CoinGecko, or CoinPaprika, and always do your research before investing.
AUDIUS VALUE SOARS
After a deal with TikTok, the price of Audius soared by 109 percent one day in late September, according to CoinMarketCap.
In March, Audio spiked to $4.18, up from $2.50 just a day before as the platform’s profile began to build.
However, it plummeted soon after, and despite a rise in May, had previously fallen since the end of July.
DIGITAL WALLET, CONTINUED
As with other cryptocurrencies, people will be able to buy and sell libras on exchanges for traditional currencies.
Facebook said that its alternative currency paves the way for smoother transactions and payments online.
The project however faced regulatory resistance over concerns about security and reliability.
In December 2020, Libra changed its name to Diem and moved its operations from Switzerland to the US as part of a “strategic shift.”
WHAT IS A DIGITAL WALLET?
A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.
They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.
In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.
The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.
ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN, CONCLUSION
“I’ve never been more excited about the potential of the Internet,” Ohanian added.
“And that’s largely thanks to Vitalik Buterin.”
Buterin is the co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.
ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN, CONTINUED
“No one person could’ve possibly come up with all of the uses for Ethereum, but it did take one person’s idea to get it started,” Ohanian added about Buterin.
“From there, a new world has opened up, and given rise to new ways of leveraging blockchain technology—some of which I’ve invested in.”
“Whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”
ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN
“Thanks to Reddit’s r/Ethereum community, I’ve had the privilege of following Vitalik Buterin’s career from early on, which is why I’ve taken a certain pride in watching his legacy grow,” Ohanian wrote of the programmer.
“Sure, we can talk about the value he’s created as the platform’s co-founder, including Ethereum’s impressive market cap of around $400 billion, the dazzling world of decentralized apps and this year’s boom in the trading of NFTs.”
“What makes Vitalik so special, though, is that he is a builder’s builder.”
CASPER ON THE RISE
Casper (CSPR) cryptocurrency has skyrocketed as people ask how to buy the coin while Bitcoin soars on Coinbase.
As of Monday morning, CSPR crypto had appreciated 15 percent in value, according to Investor Place, but crypto sites vary on price predictions for the currently successful coin.
WHO FOUNDED ALCHEMY PAY?
The cryptocurrency was co-founded by payments industry veterans Molly Zheng, Shawn Shi and John Tan.
Trading for Alchemy Pay first began in September 2020.
According to Alchemy Pay, it is the “world’s first” hybrid crypto and fiat payment gateway.
Through Alchemy Pay, users are allowed to receive payments in the local currency of their choice, regardless of how it is sent.
RISKS OF INVESTING IN CRYPTOS, PART FIVE
Finally, the truth in marketing materials is a risk in investing in cryptos.
Firms may overstate the returns of products or understate the risks involved.
RISKS OF INVESTING IN CRYPTOS, PART FOUR
Another risk of investing are the charges and fees.
Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
RISKS OF INVESTING IN CRYPTOS, PART THREE
A third risk of investing in cryptocurrencies is product complexity.
The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks.
There is no guarantee that cryptoassets can be converted back into cash.
Converting a cryptoasset back to cash depends on demand and supply existing in the market.
RISKS OF INVESTING IN CRYPTOS, PART TWO
Another risk of investing is price volatility.
Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
RISKS OF INVESTING IN CRYPTOS
We rounded up five risks of investing in cryptocurrencies.
The first is Consumer protection.
Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
LITECOIN PRICE PREDICTIONS CONTINUED
In 12 months’ time, the price of Litecoin could trade around $250, according to Wallet Investor.
It isn’t until the end of 2026 when the price is predicted to break $500.
Then there are more bearish cases from others such as LongForecast, which projects the price of Litecoin to range from just $85 to $106 at the end of 2024.
LITECOIN PRICE, CONTINUED
The most bullish forecast comes from PrimeXBT, which made a bold prediction in July for 2021: “If support can hold, after some sideways price action Litecoin could explode to around $3,000 per coin.”
But others aren’t as sanguine on the cryptocurrency surpassing the $500 mark by the end of 2021.