How to make money trading cryptocurrency reddit
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What To Know About Cryptocurrency and Scams
UK-based cryptocurrency venture Save Planet Earth has convinced investors it can make them rich and fix the climate, but its tree-planting vision is a long way from reality.
Why would anyone pay such a huge premium? To find answers, Climate Home News dived into a community of cryptocurrency investors, connecting on messaging apps Telegram and Discord. The aim? An investigation by Climate Home, drawing on interviews with government officials and experts in those countries, suggests this claim is vastly inflated. SPE was established in April by year-old Imran Ali, a project manager from the northern British city of Bradford, who previously worked in the waste and renewable energy sectors.
The company is part of a recent boom in cryptocurrency initiatives to overhaul carbon trading. These involve taking carbon credits out of the existing market and putting them on a blockchain where they can be bought with cryptocurrency, allowing traders to speculate on the price of a tonne of carbon. Growing demand for offsets is expected to push up prices. The buzz around cryptocurrencies provided him with a vehicle to fund carbon saving projects and raise awareness about the climate crisis, he explained.
SPE says it has attracted more than 80, investors. While Climate Home could not verify the figure, supporters of the venture exchange hundreds of messages every day on its Telegram channel.
Ali said SPE was in talks with fossil fuel and mining companies interested in using its carbon credits to offset their emissions. Cryptocurrencies are an alternative way to make payments. The technology behind it allows virtual money to be sent directly to others without using a centralised system, bypassing governments and financial watchdogs. Each transaction of crypto assets is registered and verified on a blockchain, a computer-based system that uses digital keys to prove to the network who owns what.
This makes blockchain networks transparent and difficult to cheat. Not necessarily. Blockchains used to support cryptocurrencies like Bitcoin are extremely energy-intensive. New generations of blockchain use a different security test that uses just 0. Blockchain applications for global carbon accounting are being explored. The international community of investors backing SPE coordinate on Telegram to generate hype around the company, sharing memes and motivational chats with newcomers.
Climate Home spoke to half a dozen SPE investors. Nearly all of them had previously invested in cryptocurrency. None knew much about the carbon market. They trusted Ali to generate carbon credits that would increase in value and make them money.
For most, saving the planet was secondary. In practice, carbon pricing is not the only tool of climate policy. Want climate news in your inbox? Sign up for free to get our weekly newsletter and occasional extra bulletins.
Nine months after its launch, SPE said it had contracts to plant 1. These boasts were, at best, premature. In a follow-up email, Ali changed his story. He said SPE did not have permission to generate carbon credits on public land in Pakistan but agreements had been reached with private landowners, which he would not disclose. In fact, while SPE says it has planted 25,, trees to date, none have been used to generate carbon credits. This was done without the involvement or knowledge of the environment ministry.
Land for tree-planting is scarce. But Welikannage told Climate Home that while the agency had supported SPE in planting some trees on Earth Day , it was no longer in contact with the initiative. The choice of fruit trees raised an eyebrow for Meredith Martins, assistant professor at the North Carolina State University, who has studied agroforestry systems in Sri Lanka. That requires clear agreements with stakeholders, land owners and authorities. SPE is one of a flurry of crypto ventures to have seized on surging demand for carbon offsets.
Toucan, a nonprofit crypto initiative based in Switzerland, says its technology has allowed more than 18 million tonnes of carbon offsets to be tied to digital cryptocurrency tokens. Supporters say this will make the carbon market more transparent, verifiable and easier to access for individuals and companies seeking to offset their emissions. Trading carbon credits the traditional way requires an account with a dedicated registry, putting it out of the reach of small buyers. Carbon market experts are open to the idea in principle, sceptical in practice.
Many are growing concerned about a proliferation of poor quality digital credits on the market. A key concern is that by putting credits on a blockchain, it removes it from the control of the carbon standard that issued it. Standard Verra has distanced itself from the trend of tokenising its credits, warning that once they are traded on a blockchain, it can no longer vouch for their environmental benefits. Comment: Why I refuse to collude with polluters in the carbon offsetting lie.
The use of carbon credits to offset emissions from burning fossil fuels is controversial, regardless of how transactions are carried out. There is a long history of forest carbon projects not delivering the claimed climate benefits — and a certification process to try and address these flaws. Trading carbon credits on a blockchain does not make them any better for the climate, argued Gilles Dufrasne , policy officer at Carbon Market Watch.
Carbon market incumbents have plenty of ideas on how to use blockchain to advance climate action and democratise finance, Hewlett said, but crypto entrepreneurs were not listening to the old hands. And that would be a missed opportunity. Investigative journalism takes time and expertise. With your support, we can dig deeper. Please consider a contribution to our work. Read more on: Carbon markets Carbon markets. The climate crisis - and how we confront it - is THE story of our lifetimes.
At Climate Home News, we believe journalism can make a difference. Our mission is to produce original reporting that informs, engages and inspires action. This takes time and expertise. Support our work today with a donation or by subscribing to our daily newsletter for exclusive extra content. What is a cryptocurrency? What is blockchain? Climate Home.
How to Make Money with NFT
Cryptocurrency is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token. You usually exchange cryptocurrency with someone online, with your phone or computer, without using an intermediary like a bank. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrency brands, and new ones are continuously being created. People use cryptocurrency for quick payments, to avoid transaction fees that regular banks charge, or because it offers some anonymity. Others hold cryptocurrency as an investment, hoping the value goes up. You can buy cryptocurrency through an online exchange platform.
The Basics of Trading Cryptocurrency
Have you ever used the faucets members in the cryptocurrneciesnews community. Hit Like, Share, and Subscribe for more daily cryptocurrency news! Alexander Lorenzo Facebook Share on twitter. And, if you held on and didn't panic sell, you would have more than made up for it. There will most likely be some small micro cap altcoins with thousands of percent returns in Cobo Vault.
Crypto - Learning & Earning
The price of Dogecoin has appreciated dramatically since May see Figure 1 , but it remains a relatively cheap coin with a very large supply. But what exactly is it — and does it have any value? Dogecoin is a cryptocurrency that began as a joke , taking its name and logo from a meme of a Shiba Inu dog that became popular online in It was founded by Jackson Palmer — a software engineer working for Adobe — although he has since walked away from the project.
Day trading in crypto keeps young Indians busy at night
Siblings Ishaan and Aanya Thakur first learnt about cryptocurrencies from their father Manish Raj, a former Wall Street investment banker, who would tell them about alt coins over dinner and at bedtime. The stories piqued their curiosity, leading them to learn more about how to mine digital tokens. Most of the mining work involves the initial set up and fine tuning of computers, says Ishaan, The duo learnt how to mine by watching YouTube videos and reading posts on Reddit. We have hired technicians at a Dallas data centre to help when necessary.
How student lost life savings trading crypto
In recent months, the internet has been rife with tales about young speculators making life-changing money on high-risk markets. These traders usually opt to stay anonymous, veiled behind alphanumeric wallet addresses, burner Reddit accounts, and cartoon avatars. Daniel Maegaard , 30, of Brisbane, Australia, made a fortune not once, but twice : First, by hedging bets on various cryptocurrencies from , then, more recently, by getting in early on the explosion of non-fungible tokens NFTs. Delivered weekdays plus a bonus Sunday feature. Unsubscribe whenever.
Five myths about cryptocurrency
April 21, ET Source: Dbottrading. Anything less can result in missed trading opportunities, signup headaches, or week long delays to receive your funds. Customer service - Cryptocurrency exchange platforms can see a lot of trading, and other back-and-forth scenarios between clients and staff.
MUMBAI AFP - India will introduce a state-backed "digital rupee" and impose a 30 per cent tax on profits from virtual currencies, the government announced on Tuesday Feb 1 while unveiling the next financial year's budget. The plans are a blow to one of the world's fastest-growing cryptocurrency markets, which has remained unregulated despite burgeoning local trading platforms and glitzy celebrity endorsements. They make India the latest major emerging economy to rein in the sector, after China went even further in outlawing all cryptocurrency transactions last September. Profits made from trading cryptocurrencies and other digital assets will be taxed at 30 per cent from April, while any losses from digital transactions will not be granted offsets against other income. A 1 per cent tax will be deducted at the source for all digital asset transactions, including cryptocurrencies and non-fungible tokens, a move that the Finance Minister said would help the government track each trade.
Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. Cryptocurrencies are known for being extremely volatile, and prices fluctuate drastically even in the space of minutes. Investors have the opportunity to participate in cryptocurrency trading around the world and at any time of the day. The combined effect of these factors limits the effectiveness of human cryptocurrency trading in a lot of ways.
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