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Crypto hashtags used on Twitter are different from those used on other social media platforms. Twitter is one of the most popular social media platforms for cryptocurrency fans and the crypto curious to discover, explore and learn about the latest news from the digital asset market. Crypto hashtags used on Twitter are different from those used on other social media platforms, Twitter is a much more versatile platform that allows you to reach a lot more people, which means knowing all the right hashtags to use will guarantee you a voice in the conversation. Fortunately, CoinCulture has listed the top 10 to follow.
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- Shiba Inu update: Ethereum whales are buying more of this digital asset
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- MAS Issues Guidelines to Discourage Cryptocurrency Trading by General Public
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- Cryptocurrency platform Wormhole restores funds after suffering $320 million hack
Shiba Inu update: Ethereum whales are buying more of this digital asset
Facebook's parent and its partners are getting out of the troubled cryptocurrency project. It's the end of the day for Diem, Meta's troubled cryptocurrency.
Facebook parent Meta and its partners in the Diem Association pulled the plug on the yet-to-launch cryptocurrency project amid growing resistance from regulators. Bloomberg had earlier reported that the association, which oversees the digital currency, was considering a sale of the project in order to return capital to its members.
Meta owns about a third of the project, according to Bloomberg, with the remainder in the hands of a variety of investors, including Uber, Shopify and Union Square Ventures. The sale is hardly unexpected. Diem has been scaled back since it was first pitched as Libra in by Facebook as a global stablecoin.
Like Facebook, the cryptocurrency rebranded, adopting the Diem name in December as concerns mounted. The project faced more trouble when David Marcus, one of the executives behind Meta's push into cryptocurrencies, said last year that he would leave the company to pursue entrepreneurial projects. Diem hasn't gotten much love in its brief history. Partners have bolted from the project , details have shifted , and legislators have criticized the plans.
Meta's launch of a cryptocurrency wallet called Novi prompted a backlash, with a group of five Democratic senators urging Meta CEO Mark Zuckerberg to stop the Diem project. Diem wasn't actually Facebook's cryptocurrency. It was a project of the Diem Association, which Facebook originally co-founded as the Libra Association. The association would've served as its monetary authority. The project was designed to "empower billions of people," and organizers cited 1.
Of course, Facebook had its own interest in digital cash, which predates Diem. The social network ran a virtual currency , called Credits, for about four years as a way to make payments on games played within Facebook. Zuckerberg has said sending money online should be as simple as sending photos. Diem was designed to make it easier and cheaper for people to transfer money online, which might also attract new users to the social network.
Zuckerberg has acknowledged that having people use cryptocurrency would likely benefit Facebook by making advertising on the social network more desirable and, therefore, more expensive. Meta's Novi subsidiary ran a wallet for holding and using the digital currency. Meta was one of the members of the Diem Association. Meta's membership is through Novi.
Each member had the same vote in the association, so Meta didn't technically have any more say over the association's decisions than any other member. Some of the bigger founding members appeared to get cold feet. A quarter of the 28 founding members dropped out before the association's inaugural meeting in Geneva.
The departures were big losses because those members brought expertise in payments and transfers technology. Let's start with how it looked like other cryptocurrencies, such as bitcoin and ether. Like them, Diem, would've existed entirely in digital form. No physical notes or coins. And like other cryptocurrencies, Diem transactions were to be recorded in a software ledger, known as blockchain. Diem was to be pegged to the US dollar, a format widely known as a stablecoin.
That contrasts with bitcoin, ether and some other cryptocurrencies that aren't backed by anything and swing wildly in response to speculation. Initially, the plan was to use a basket of assets to anchor the cryptocurrency's value.
The association didn't say what those assets would've been but indicated they'd be denominated in major global currencies, like the dollar and the euro, which don't fluctuate intensely day to day. The association would've bought more of the underlying assets to create, or "mint," new Diem when people wanted more of the cryptocurrency. When people cashed out, the association would've sold those assets and "burned" Diem. Backing a currency with an asset isn't anything new. In fact, it used to be common.
The US dollar was backed by gold until The value of the Hong Kong dollar is pegged to the US dollar and managed by a currency board , which can issue new notes only if it has enough in reserves. The US dollar is tried and true and pretty much accepted anywhere in the world. Some countries like the dollar so much that they use it instead of their own money. Dollars earn interest, though at current rates that won't add up to very much.
Of course, the dollar has weaknesses. Using dollars, particularly across borders, can be expensive because banks take a cut to convert them into local currencies. If you're using dollars on a prepaid card, the credit card company is probably charging the merchant a portion of your purchase.
If the US government prints too many dollars, inflation could follow. Despite the hype, cryptocurrencies aren't widely used yet. Try buying a cup of coffee with ether. Yes, it's possible , but not practical. Cryptocurrencies can make it easy to send money directly to someone. Bitcoin transactions aren't actually untraceable, though they can be very difficult to trace. Similarly, bitcoin use isn't absolutely anonymous. It's pseudonymous, meaning that your bitcoin address is recorded even though your identity isn't.
Some cryptocurrencies, notably bitcoin, have a cap on the number of coins that can be minted, meaning that owners of existing coins don't have to worry about the arbitrary creation of new ones, though that could create other issues in the future. We hear you. Meta and its Facebook social network don't have great reputations for privacy protection. The social network said not to worry. What else would you expect? When the plans were first unveiled, Meta took pains to point out its wallet was housed in a subsidiary of the social network.
The arrangement was designed to allow the wallet company to be regulated by authorities and prevent money laundering and other financial crimes. The company also said it would keep financial data separate from Facebook's social data. Be respectful, keep it civil and stay on topic.
We delete comments that violate our policy , which we encourage you to read. Discussion threads can be closed at any time at our discretion. End of the day for Meta's Diem cryptocurrency: What you need to know Facebook's parent and its partners are getting out of the troubled cryptocurrency project.
Andrew Morse. Alas, poor Diem! Getty Images It's the end of the day for Diem, Meta's troubled cryptocurrency. Delivered on weekdays. Now playing: Watch this: Is Facebook spying on you? Discuss: End of the day for Meta's Diem cryptocurrency: What you need to know.
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Home » cryptocurrency News. Will cryptocurrency be a legal tender in India? Finance Secretary clears the air Fri, Feb 04, Finance Secretary TV Somanathan on Thursday cleared the air on the legality of private digital currencies in the market. The announcement was made by her during her third Union Budget speech. Dalal Street Voice: We expect Rs 1. A non-fungible token is a unique and non-interchangeable unit of data stored on a blockchain and can be associated with reproducible digital files such as photos, videos, and audios etc. Many Indian celebs have also entered the world of NFT and are going gaga over it. From Sunny Leone to Yuvraj Singh, everyone is launching their collections online. Here is the list of celebs who did it in
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MAS Issues Guidelines to Discourage Cryptocurrency Trading by General Public
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Bitcoin prices rose significantly today. The cryptocurrency market was trading in the green on Saturday. On the other hand, Binance Coin was also up more than a 7. The decentralised finance DeFi accounted for On the other hand, stable coins accounted for Cryptocurrency will never be a legal tender, Indian Finance Secretary T V Somanathan had said on Thursday clearing the air on the legality of private digital currencies in the market. The Budget has given a clarity on taxation of virtual digital assets and proposed to impose a 30 per cent tax on gains made on such trades, besides subjecting crypto transactions, beyond a threshold, to 1 per cent TDS. Check Latest Crypto Rates.
Cryptocurrency platform Wormhole restores funds after suffering $320 million hack
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In a world-first case in Australia, Andrew Forrest takes aim at scam ads that used his image. It is the latest major economy to announce its own virtual currency, as China trials the digital yuan. Assets of the cryptocurrency project, launched two-and-a-half years ago as Libra, are sold. Last year Kazakhstan became the second biggest crypto-currency mining country in the world.
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