- 15:30 ET, Dec 23 2021
- Updated: 15:30 ET, Dec 23 2021
A NEW crypto coin has the market buzzing after a big announcement this week.
In the 24 hours following the announcement, Coti’s volume skyrocketed by more than 500 percent, and price of the coin was up almost 30 percent as of Thursday morning.
Shina Inu’s value was down about 2 percent as of 11am on Thursday morning, according to CoinBase.
Bitcoin had dipped slightly by about 1 percent at the same time, according to CoinBase.
Read our cryptocurrency live blog for the latest news and updates…
Man loses $1.6million in scam
A man says he lost his life savings in a scheme dubbed the “Pig Butchering Scam.”
The 52-year-old told Denver ABC affiliate KMGH-TV that he met a woman on a dating app who appeared to have similar interests to him.
The conversation turned to cryptocurrency, something he’d made about $70,000 on in a few years.
The man told the news outlet that the woman he fell for online convinced him to invest on a mobile and web app that seemed legitimate to the software engineer.
Why is Bitcoin bad for the environment?
The problem surrounds the amount of energy used to mine a single Bitcoin.
Computers are needed for complex mathematical calculations to put a new Bitcoin into circulation online.
This process is also known as mining.
A lot of energy is needed for Bitcoin mining and some experts are concerned that vast amounts of fossil fuels are being used to create this energy.
Real estate brokers paid in crypto
A finance firm is offering brokers commission payments in the form of cryptocurrency.
RLTY Capital is the first to roll out crypto payments for real estate brokers, according to Yahoo Finance.
The CEO of the firm told the news outlet that crypto can help agents cut out intermediaries and avoid payment processing fees.
Crypto losses and tax benefits
Investors can claim deductions on cryptocurrency losses that can lessen tax liabilities or result in a refund, according to Coindesk.
Any losses can be used to offset capital gains, and if you have no gains, you can claim a deduction.
The article explains the IRS code and other ways to put cryptocurrency losses to work.
Apple plans for crypto
Cook continued by saying that although Apple was looking at cryptocurrency technology, it’s “not something we have immediate plans to do.”
An Apple Pay executive said in 2019 that the company sees “long-term potential” in cryptocurrency.
But it seems like crypto fans shouldn’t get excited, because even if Apple does introduce cryptocurrency products or services in the future, it doesn’t seem like it will happen anytime soon.
Apple CEO Tim Cook owns crypto
Apple CEO Tim Cook recently revealed he owns cryptocurrency.
“I’m not giving anyone investment advice by the way,” he noted.
Donating with cryptocurrency
Churches are starting to see more donations made using cryptocurrency, according to Christianity Today.
James Lawrence told the news organization that donations made on his platform Engiven using the virtual currency were slow in 2019 and 2020.
By fall of 2021, the platform had processed cryptocurrency donations for more than 700 nonprofits.
The list of recipients includes well-known organizations like The Salvation Army and Ronald McDonald House Charities.
Up to 400 recipients were churches, Lawrence said, as more congregations move to accept the digital currency.
Crypto investor death mystery, continued
Cotton took with him to the grave the keys that allowed access to a digital vault containing cash investors ploughed into Quadriga CX.
Jilted investors have demanded his corpse be exhumed and tests run to confirm its his body.
Criminal probes continue by the Royal Canadian Mounted Police and the FBI as leading digital investing publication Coindesk branded his death as “crypto’s biggest mystery”.
Crypto investor death mystery
A new documentary on rogue crypto trader Gerald Cotton, who took up to $215million in Bitcoin and other digital currencies to his grave, has sparked rumors he may have faked his death.
Cotton’s sudden death from complications of Crohn’s disease at age 30 shocked the crypto world – but many believe it may have been an elaborate “exit scam”.
One source in the documentary goes as far as to claim Cotton may have used a substance known as “Haitian zombie powder” to fake his death.
UK regulator bans two football club ads
The Advertising Standards Authority, the UK’s advertising regulator, has banned two “fan token” promotions by Arsenal Football Club.
The ASA said the club was “taking advantage of consumers’ inexperience or credulity, trivialising investment in crypto assets, misleading consumers over the risk of investment and not making it clear the ‘token’ was a crypto asset,” The Guardian reported.
Arsenal told the news outlet that it would seek an independent review of the ruling “to seek greater clarity on the ASA’s current position”.
What is Cardano?
Cardano (ADA) is a cryptocurrency that uses blockchain, making it difficult to be hacked.
It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.
Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.
Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.
The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.
It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.
Crypto wealth and luxury goods
Cryptocurrency wealth is leading to a new generation of luxury consumers in the United States, according to Markets Insider.
The news organization pointed to a report from investment bank Jeffries, which found young buyers are spending crypto winnings on expensive jewelry, apparel, and accessories.
The group, comprised of people under 35, is said to be increasingly buying artwork such as non-fungible tokens (NFTs), in addition to luxury brands.
While Chinese consumers are still the major force in luxury spending worldwide, the report said American buyers are set to propel luxury sales beyond pre-pandemic levels.
What is a crypto ‘fan token’?
Fan tokens are a cryptocurrency that is sweeping the football landscape.
They’ve been launched or are under consideration by 24 football clubs across the five major European leagues, according to BBC News.
Some involve real-world perks for the buyer, like a say in which slogans appear on a trophy or what song should be played for a team’s entrance.
Critics say the benefits are insignificant, and the value of fan tokens rises and falls based on supply and demand.
Arsenal, Barcelona, Juventus, Inter Milan, Real Madrid, Manchester City, and PSG have all jumped on board with the craze.
How to check for blockchain scams
Cryptocurrencies operate on blockchain networks.
Scammers often claim their blockchain is “in development” or “about to be released,” but all legitimate cryptos will have an accompanying website to verify the currency.
Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if it exists.
Fake websites and crypto
One fairly widespread scamming technique involves websites that appear to be a new cryptocurrency mining operation or investment opportunity.
The sites encourage investors to wire in money, sometimes offering investment “tiers” and promising greater returns.
But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.
Crypto scams and dating apps
Some cryptocurrency scam operations have started using dating apps to reel in potential targets.
In some reports, scammers pose as a long-distance love interest sharing a hot new cryptocurrency opportunity.
About 20 percent of the money lost through dating scams in the last year reportedly involved cryptocurrency.
NFT sold way under intended price
The owner of a Bored Ape non-fungible token (NFT) accidentally sold the virtual art for $3,000 instead of $300,000.
The NFT was initially purchased by an automated account that instantly put it back up for sale for nearly $250,000.
After making many online trades that day, he said he suffered from a “lapse of concentration” which caused him to type in “0.75 ETH.”
“I instantly saw the error as my finger clicked the mouse but… it was instantly sniped before I could click ‘Cancel’ – and just like that, $250,000 was gone,” he said.
Bitcoin milestone, part two
Bitcoin was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.
Data from Blockchain.com on Monday showed 18.9 million of the 20,999,999,9769 possible Bitcoins had been mined.
It’s a milestone that took 12 years to reach.
Experts believe the last Bitcoin will be mined in February 2140.
One Bitcoin is currently worth around $47,000.
Value could shoot up as the coins become more scarce, experts said.
Less than 10 percent of Bitcoin left to mine
There is less than 10 percent of Bitcoin left to mine as the cryptocurrency passed a major milestone in December.
Data from Blockchain.com showed 18.9million out of a possible 21million of the virtual coins have been mined.
Bitcoin is the world’s first entirely virtual currency and new currency is created by mining, a complex online process that uses computer code.
It involves using a computer to solve a mathematical problem with a 64-digit solution to create new coins.
For each problem solved, one block of Bitcoin is processed. The miner that is first to solve the problem is rewarded with a new Bitcoin.
These new coins are then stored virtually through an online database called the blockchain.
What are Altcoins, continued
Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”
“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”
What are Altcoins?
Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions.
Altcoin is a category of cryptocurrency rather than a currency itself, and there are more than 900 different altcoins available.
How to create, buy and sell NFTs, part three
Buying an NFT, like any collectible, is a risky bet on the value going up.
If there is no demand for the NFT you buy, then you could end up paying a large amount for something that declines in value or that you cannot sell.
NFTs are still a new market so there is unlikely to be the same demand you will find for other physical items such as trading cards, art, or classic cars.
You could also create your own NFT but there is no guarantee of a buyer and you could end up wasting your time and money.
Like Bitcoin, you can buy and sell NFTs on specialized online marketplaces.
How to create, buy and sell NFTs, part two
First sellers will need an Ethereum wallet, such as MetaMask, Trust Wallet or Coinbase Wallet.
Next you will need around $50-$100 in ether.
Once you have these, you can connect your wallet and upload the music, image, or file that you want to turn into an NFT.
How to create, buy and sell NFTs
NFTs are tradable, unique items that have taken the internet by storm in recent months.
Some of the virtual assets have sold for millions of dollars, but most people still have no clue what they are – or where you can buy and sell them.
To create an NFT, you need to choose what to create — from artwork, music, collectibles, digital trading cards, movies, video footage, and more.
Then choose which blockchain you want to issue your NFT on and get ready to sell.
What is the Metaverse? continued
Meta’s VR boss Andrew Bosworth said: “The metaverse is a set of virtual 3D spaces where you can share immersive experiences with each other when you can’t be together.”
“What comes after the internet? Instead of looking at a screen, you get to be in the experiences.
“You don’t have to experience it in VR. Most people initially will experience it on screens they already have.”
Facebook’s Mark Zuckerberg called it “the next version of the internet,” and predicted the true metaverse will be ready within the decade.