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Content:
- The brutal truth about Bitcoin
- Bitcoin is, for now, worst of all financial worlds
- r/BitcoinMarkets
- Cryptocurrencies – a return to money being a commodity?
- Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke
- Bitcoin falls by 29% as $2.5 billion of crypto liquidated. What caused the plunge this time?
- Day trading in crypto keeps young Indians busy at night
- Everything you need to know about Crypto Trading Bots
- Bitcoin’s gold rush was always an illusion
The brutal truth about Bitcoin
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. The Biden administration is taking a more hands-on approach to the highly volatile, little understood, and barely regulated cryptocurrency industry.
Cryptocurrencies are decentralized digital currencies secured by blockchain technology. Bitcoin, ethereum, and other cryptocurrencies have become almost as accessible as government-issued currency in recent years, but the government offers few consumer protections for them.
The Securities and Exchange Commission SEC — led by Gary Gensler, who taught a class on cryptocurrency at MIT — is trying to make the case that it can and will regulate whatever cryptocurrency investment schemes it decides fall under its purview. The relative newness and rapid expansion of the cryptocurrency industry have put it in a regulatory gray area.
The SEC appears to have decided that an upcoming offering from Coinbase, the largest cryptocurrency exchange in the United States, meets its definition of a security. Cryptocurrency exchanges allow people to buy and sell crypto. Coinbase is one of the biggest in the world and recently went public. In exchange, lenders would receive 4 percent interest on the loan — a far higher rate than traditional banks currently offer on their savings accounts.
The SEC has not officially commented yet, though some people think this tweet qualifies as a response. What exactly are bonds and how do they work? As the New York Times recently explained , cryptocurrency is moving into the banking sector, offering services that are usually reserved for traditional banks, whose services are backed by government-issued currency the dollar, for example and have operated under consumer protection laws and regulations that go back decades.
For example, some crypto companies now offer interest-bearing crypto accounts, debit cards, and credit cards with cryptocurrency rewards. The SEC has previously shown an interest in cracking down on crypto. It launched a crypto regulation initiative in , which became a standalone office within the agency last December.
But Coinbase is bigger and more high-profile than those companies. Those rules might be bulked up in the near future as the Biden administration and lawmakers work to address the regulatory gaps cryptocurrency falls into.
Adding to this — or perhaps exacerbating it — is concern over how cryptocurrency can be used to facilitate criminal activities; ransomware attacks often demand payment in bitcoin due to the difficulty in tracing those payments. Crypto regulations are coming. The question now is whether the slow process of creating rules and passing laws will be able to keep up with the rapidly evolving world of cryptocurrency.
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By choosing I Accept , you consent to our use of cookies and other tracking technologies. Financial gifts from readers help keep Vox free. Please consider making a contribution today. Reddit Pocket Flipboard Email. More people are investing in crypto like bitcoin — and the government is stepping up to regulate it.
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Bitcoin is, for now, worst of all financial worlds
Cryptocurrencies are described by their fans as a people-powered revolution, digital banking unchained from the interests of the wealthy and powerful. This may well have been the original intention. But the modern reality is that almost all Bitcoin investors own less than one per cent of one Bitcoin. The top Bitcoin accounts own more of the currency than the bottom 38 million.
r/BitcoinMarkets
Erica Pimentel and Nathaniel Loh do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment. For one, new crypto applications like non-fungible tokens NFTs gained ground, with sales of these digital assets setting new records at major auction houses. Secondly, Bitcoin made strides towards mainstream acceptance with major websites like Expedia and Microsoft accepting the coin as a means of exchange. Third, in September, El Salvador became the first country in the world to accept bitcoin as legal tender. There are many more examples of how the market for cryptocurrencies has expanded just in the last year. We believe there are three main areas where cryptocurrencies will gain steam in the next year: greater acceptance of Bitcoin as a means of payment, increased regulatory scrutiny and a rise in NFT activity. Understanding what motivates individuals to adopt Bitcoin has been a challenge for researchers. Other studies have added more nuances to this argument by considering gender , age and educational level as equally important factors. The conditions in the crypto space have made it increasingly likely that Bitcoin will become mainstream in the near future.
Cryptocurrencies – a return to money being a commodity?
The bad news just keeps piling up for bitcoin. Reddit, which was among the biggest platforms to allow bitcoin payments, has stopped accepting the cryptocurrency on its platform. According to news reports, users of the site can no longer use bitcoin to upgrade to Reddit Gold, a feature that enables them to block ads and highlight their comments. See also: How Reddit Makes Money. Reddit is the latest among large online platforms to shut its doors on cryptocurrencies.
Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke
Cloud mining allows regular investors without expensive hardware to mine cryptocurrencies After the success and skyrocketing demand of Bitcoin, several new cryptocurrencies have been mushrooming across the globe. Ever since its launch, controversy has not left Bitcoin's site. It has fuelled hundreds of rags-to-riches stories, but at the same time, it has enabled scammers to earn millions from unsuspecting buyers and investors. The biggest challenge with the Bitcoin industry across the globe is regulation. There is still a long way for Bitcoin to become part of the common man's general investment portfolio. Ashish Agarwal, Founder at Bitbuddy a Bitcoin marketplace startup said, " The governments themself have a lot of complexity in regulating Bitcoin but they can regulate the exchanges and other crypto service providers.
Bitcoin falls by 29% as $2.5 billion of crypto liquidated. What caused the plunge this time?
He shared the horror story as a cautionary tale to others to protect their millions as cryptocurrency hits its latest volatile patch. It is a cautionary tale of what can go wrong when you invest in the highly volatile and unregulated crypto market. The user — TomokoSlankard — posted that the seed phrase he used to keep his bitcoin locked away was stolen. He claimed that hackers got into the server which he stored the code on — with the criminals then making off with his 33 bitcoin. His own tragic tale of loss was how he mined one million Dogecoin back in — only to them have his hard drive break.
Day trading in crypto keeps young Indians busy at night
Meanwhile, from the point of view of statistical analyses, more and more seems to suggest that the cryptocurrency market is becoming mature and can be an alternative to investments in other financial markets. Statistical analyses conducted by researchers from the Institute of Nuclear Physics of the Polish Academy of Sciences IFJ PAN in Cracow clearly suggest that the global market created by several dozen of the most important cryptocurrencies is maturing before our eyes. It is interesting to note that the cryptocurrencies which comprise this market are more and more often treated by interested parties in a manner that refers to the original function of money as a universal commodity of measurable value, which can be exchanged by anyone with anyone, at any time.
Everything you need to know about Crypto Trading Bots
RELATED VIDEO: People Who Invested In BitCoin Why Did you Invest? Ask RedditUnder new rules the industry's self-regulatory body is weighing, crypto exchanges would be allowed to list more than a dozen coins in one go without a lengthy screening process, said the people. Until recently, any token listing had to go through a screening that takes six months or longer, they added. The existing system makes it harder for new entrants to gain market share by offering a wider selection of tokens, according to the people. Coinbase, which started trading services in Japan in August through a local subsidiary, offers just five coins there, compared with more than in the United States. Tokyo-based Coincheck and GMO Coin, that were founded in and respectively, feature the biggest selection with 17 tokens listed.
Bitcoin’s gold rush was always an illusion
We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel. With the second largest cryptocurrency, Ethereum , also preparing to shift away from proof-of-work to proof-of-stake, this latest bitcoin drop could mark a potential decoupling in the cryptocurrency market. Source: TradingView. While the panic selling seems to have finished, the next few weeks will define whether this was just another dip to buy, or the beginning of a steeper decline. Hosting the Olympics is an honor that comes with great financial responsibility.
This op-ed was originally published by The New York Times. Bitcoin, the original cryptocurrency, has been on a wild ride since its creation in Then it fell to half that value in just a few weeks. Are cryptocurrencies the wave of the future and should you be using and investing in them?
there are some rules.
Sorry, but this doesn't suit me. There are other options?