- 11:01, 28 Dec 2021
- Updated: 11:01, 28 Dec 2021
BITCOIN’s value increased by 70 percent in the past year and the Shiba Inu cryptocurrency surged after Dehub crypto launched a token platform.
Bitcoin has remained the most dominant cryptocurrency in the world, adding more than 70percent to its value in 2021.
The coin went into this year trading at $32,000 per coin, and it surpassed $64,000 by April.
Despite the coin taking a hit from May until September, Bitcoin recovered and reached a new high of $69,044 in November 2021.
After booming this year, Bitcoin, Shiba Inu, and Ethereum are up as of Monday morning.
Shiba Inu’s surge comes after DeHub — which calls itself “the world’s first all-in-one decentralised multimedia entertainment hub” — launched tokenomics.
Read our cryptocurrency live blog for the latest news and updates…
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.
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.”
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.”
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.
Robinhood prepares to launch cryptocurrency wallet
Robinhood announced a new partnership with a blockchain data analytics platform ahead of its planned cryptocurrency wallet launch.
Robinhood will use Chainalysis’ data, analytics, and software to meet compliance requirements and provide secure crypto transactions, Motley Fool reported.
The partnership comes ahead of the planned 2022 launch of Robinhood’s crypto wallet.
More than 1.6million people are on a waitlist for the new feature, according to Motley Fool.
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.
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.
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 choose Robinhood to 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.
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.
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.
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.
China’s crackdown ‘big opportunity’ for US
China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.
This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.
China’s crackdowns on crypto
While crypto creation and trading have been illegal in China since 2019, further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country’s vast network of Bitcoin miners.
The previous statement by the central bank sent the strongest yet signal that China is closed to crypto.
China’s statement, continued
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.
The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.
China’s statement on cryptocurrency
The PBOC said it will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people’s properties and maintain economic, financial and social order”.
It said that trading of virtual currencies had become “widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.”
China stopped its crypto exchanges
In 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.
Russia considers crypto ban, part two
The proposed ban on cryptocurrency investments comes as Russia was said to be working on its own ruble-backed digital currency.
Roughly $5billion in crypto transactions take place in the country annually, and nearly 12 percent of the population may already own crypto, according to Fortune.
That was compared with a little more than 8 percent of the US population that owns crypto.
Russia also reportedly invested in crypto in 2019 to limit the impact of sanctions over meddling in the 2016 US Election, Fortune reported.
Russia considers crypto investing ban
Russia’s central bank is reportedly looking to ban cryptocurrency investments amid its longtime skepticism of digital currency.
The ban by the country’s financial authority would prevent future transactions, Fortune reported, but it wouldn’t require current holders to divest their portfolio.
The central bank gave digital currencies legal status in 2020 but did not authorize their use as a means of payment, according to Fortune.
What is fiat?
If you’ve ever seen the word fiat used in the cryptocurrency world, know that it was not in relation to the car brand.
Fiat is a term used to refer to government-issued currency.
Cryptocurrency, or virtual money like Bitcoin, is not backed by governments or standards typically associated with fiat, which is why investors warn of crypto’s volatility.
Man loses $1.6million, part three
The app demanded $1.5million from the victim and threatened to freeze his account if he didn’t pay.
“I go look on the FBI site and lo and behold, there’s this public alert about this type of scam,” he told the news outlet. “I’m 52, my entire life savings, gone in a matter of a month.”
The common scam, which involves meeting someone on a dating app, depositing money into a fake investment app (which is constantly changed, renamed or deleted) then losing it all, is called the “Pig Butchering Scam,” KMGH-TV detailed.
Man loses $1.6million, part two
The man said he successfully deposited funds into the account, including money from his retirement accounts.
He was reportedly able to withdraw cryptocurrency too, until he attempted to take out more.
A “customer service agent” with the app told him “you need to repay the loan before you can withdraw cash from your account,” KMGH-TV reported.
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.