THE value of Bitcoin has surged, as experts are predicting that successful new crypto coins will be released next year.
While the meme coin Shiba Inu has baffled experts this year with its growth, experts predict other cryptocurrencies will perform better in 2022.
Avalanche, Stellar and Qtum are all expected to do well, according to Nasdaq.
Meanwhile, Bitcoin, Shuba Inu, and Ethereum are up at the end of Christmas week, after booming this past year.
According to Coinbase, Shiba Inu is up over 22 percent, Ethereum is up almost three percent, and Bitcoin is up over seven percent.
Read our cryptocurrency live blog for the latest news and updates…
- Jennifer Korn
El Salvador adopts Bitcoin, continued
However, those who do not have access to technologies that can carry out Bitcoin are excluded from being required to accept it.
The US dollar and Bitcoin are now the country’s official currencies.
It’s the first time Bitcoin has been adopted as a legal tender in a sovereign nation.
- Jennifer Korn
El Salvador adopts Bitcoin
The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.
Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”
- Jennifer Korn
What is fantom?
Fantom is a blockchain platform that was founded by a South Korean computer scientist in 2018.
The platform has programs, called small contracts, which allow blockchains to run more advanced transactions than just sending cryptocurrency from one person to another.
Fantom is considered to be a competitor of Ethereum, which also offers small contracts.
- Jennifer Korn
What is a 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.”
- Jennifer Korn
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.
It allows 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 tech titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.
- Jennifer Korn
What does Elon Musk's Twitter name mean?
Musk has renamed himself Lord Edge on Twitter.
Dictionary.com defines an edgelord as “someone on an internet forum who deliberately talks about controversial, offensive, taboo, or nihilistic subjects in order to shock other users in an effort to appear cool, or edgy”.
Meanwhile, the Urban Dictionary states to be edgy is “taking coolness to its extreme and generally beyond the realm of actual possibility, while at the same time seemingly unaware of how ridiculous it is”.
- Jennifer Korn
Crypto audio streaming
Audius is a crypto-powered music streaming platform.
It’s owned and controlled by token holders – and tokens are called Audio.
Audio has been listed on CoinMarketCap since October 2020, and has rocketed in value following a deal with Chinese-owned social media giant TikTok.
- Jennifer Korn
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.
- Jennifer Korn
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.”
- Jennifer Korn
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.”
- Jennifer Korn
Co-founder of Ethereum named a TIME100 most influential person
One of the co-founders of Ethereum, Vitalik Buterin, was named one of Time magazine’s 100 Most Influential People of 2021.
Former executive chair of Reddit Alexis Ohanian praised him in a write-up for the piece.
- Jennifer Korn
Can you trade crypto on Robinhood?
Unlike most of its discount rivals, Robinhood offers 24/7 crypto trading through its platform.
That means you’ll have access to trade major cryptocurrencies including, Dogecoin, Ethereum, and Bitcoin.
Its crypto investors can buy or sell with a market order, which means it’s executed at the current market price.
- Jennifer Korn
Risks of Robinhood, part three
In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
- Jennifer Korn
Risks of Robinhood, part two
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.
In fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.
- Jennifer Korn
Risks of Robinhood
When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.
If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.
Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.
For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.
- Jennifer Korn
What is Robinhood?Continued
Unlike many discounted brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
- Jennifer Korn
What is Robinhood?
The Robinhood platform operates as a discounted brokerage that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.
You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.
- Jennifer Korn
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.”
- Jennifer Korn
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.
- Jennifer Korn
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.
- Jennifer Korn
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.
- Jennifer Korn
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.
- Jennifer Korn
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.
- Jennifer Korn
Risks of investing in cryptocurrencies
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.
- Jennifer Korn
US to stem ‘illicit use’
A recent statement from President Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.”
“That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”
The White House signaled that the US will gather 30 other countries 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,” the previous statement read.
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