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…
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WHAT IS HBAR CRYPTO?
Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.
The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.
HBAR is the cryptocurrency of the Hedera Hashgraph.
The company itself expalins: “HBAR is the native, energy-efficient cryptocurrency of the Hedera public network.”
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SOLANA SCALABILITY, CONTINUED
Myron Jobson, personal finance campaigner at Interactive Investor, told The Sun: “The collection of 10,000 artworks reported sold out in under 10 minutes. Each piece was ‘minted’ using the SOL token.”
He added that “there’s a sentiment among crypto evangelist that Solana has strengthened its status as credible challenger to Ethereum as the blockchain of choice for building decentralized applications”.
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‘MILESTONE SCABILITY TEST’
Solana is on the rise following a “milestone scalability test” last month.
It hosted the “Degenerate Ape Academy”, a collection of digital artworks (NFT) on Solanart, a marketplace on the Solana network.
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CRYPTO VALUES HIT HIGH THIS YEAR
Cryptocurrency prices hit record highs earlier this year amid interest from high profile individuals such as Elon Musk and more institutional investment in the sector.
The most valuable coins are Bitcoin and Ethereum but there are lots of alternatives or altcoins aiming to benefit from crypto interest.
Values can be volatile though and regulators have warned that investors could lose all their money.
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LITECOIN VS. BITCOIN
Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.
Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”
The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.
Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.
While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.
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CRYPTO AUDIO STREAMING
Audius is a crypto-powered music streaming platform.
It’s owned and controlled by token holders – and tokens are called Audio.
According to Audius, over 5.3million people have used the platform this month.
Audio has been listed on CoinMarketCap since October 2020, and has rocketed in value following a deal with Chinese-owned social media giant TikTok.
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DOGECOIN PRICE PREDICTIONS
According to Wallet Investor, the price of Dogecoin is expected to reach $0.476 at this time in 2022.
Meanwhile, Coin Price Forecast sees the price of Dogecoin rising to just $0.29 at the end of 2022.
We’ve previously revealed a price prediction for Dogecoin.
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DOGECOIN CAN BE A RISKY CRYPTOCURRENCY
All cryptocurrencies come with risks including Dogecoin.
This is because of the complexity and heavy volatility in the industry, but the heavy volatility is especially true to Dogecoin.
For instance, Dogecoin hit an all-time high of $0.737567 in May.
But Dogecoin hasn’t traded above 30 cents since early September.
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DOGECOIN AND THE ‘MUSK’ EFFECT
Because it has mainly been a joke, the rapid price increase in 2021 of Dogecoin can be attributed to retail investors and billionaire Elon Musk.
Musk has plenty of influence on Dogecoin. All it seemingly takes is a simple tweet from him to either tank or drive up the price.
Dogecoin can be thought of as a meme coin – because it isn’t really gaining on its fundamentals.
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WHAT IS DOGECOIN?
Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer.
The cryptocurrency started as a joke, having the Shiba Inu dog as its logo.
The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow.”
Dogecoin has some notable features including its cheap price, unlimited supply, and script algorithm.
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VOLATILE PRICES AND DEMAND
Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun: “It is difficult to predict the price of a something that has an intrinsic value of zero.”
“All it takes is a tweet from high-profile individuals who have significant influence on sentiment to cryptos to drive up demand.”
“But greater regulatory scrutiny on cryptos threatens to hamper the growth potential of the Shiba Inu.”
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EXPERTS DIFFER PREDICTING SHIBA INU’S VALUE
Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed.
For example, crypto website Wallet Investor expects a value of up to $0.000018 in a year’s time.
Meanwhile, Coin Price Forecast expects it to hit a value of $0.00002336 by the middle of next year.
It then expects it to end the year at a slightly higher level of $0.00003037.
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HACKERS STEAL $600MILLION
Hackers recently stole $600 million in a daring cryptocurrency heist after spotting a “vulnerability” in a blockchain site.
In one of the world’s biggest ever thefts, the cyber criminals exploited a weakness in Poly Network, a platform that looks to connect different blockchains so that they can work together.
The site said the hackers have taken thousands of digital tokens such as Ether.
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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.”
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TEZOS’ DIFFERENCES
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.
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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.
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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.
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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.
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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.
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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.”
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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.
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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.
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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.
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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.”
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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.