Crypto

[Finterest] What is cryptocurrency, and what's with the hype?

Published

10 months ago

March 14, 2024

[Finterest] What is cryptocurrency, and what's with the hype?

MANILA, Philippines – Since the first Bitcoin was mined more than 15 years ago, cryptocurrencies have burst into the mainstream.

Large sums of money are currently being invested in Bitcoin by some of the largest investment firms in the world, such as BlackRock, demonstrating that even conventional financial organizations are getting into cryptocurrencies. And you can see that in the price as well. Bitcoin recently rallied to new highs, hitting a record $73,000 to 1 BTC. Five years ago, that rate was less than $4,000 to 1 BTC.

Filipinos are taking note too. In 2023, the Philippines ranked 6th out of 155 countries in terms of crypto adoption, according to American blockchain analysis firm Chainalysis.

So what’s fueling all this hype? We spoke with the team at Coins.ph – the Philippines’ largest cryptocurrency exchange – to find out more about this disruptive digital asset once dismissed as a fad.

Crypto, explained

Let’s start with what crypto is, and what it isn’t.

Crypto is the “money of the internet,” as Coins.ph country manager Jen Bilango puts it. But unlike the fiat currencies (think, a dollar or peso) that most of us are familiar with, crypto is not issued by a state or government. Despite what its name might suggest, cryptocurrencies are not usually used as money to settle payments.

“It’s a digitally native asset class that’s now diverging depending on the use case and the utility of a particular token,” Bilango told Rappler.

Different cryptocurrencies can fall under different general categories. The biggest, most popular ones like Bitcoin, Ethereum, and Solana are called “blue chip cryptocurrencies” – ones that have become generally accepted and trusted by people and financial institutions. Like the blue chip stocks of the stock market, the price of these tokens are more stable.

On the other end of the spectrum, you have highly speculative tokens whose prices are much more volatile. These “memecoins” lean into the humorous side of Internet culture, with names like Dogecoin, Shiba Ina, and Pepe.

“There’s no inherent or innate value to it, but people like the speculative nature of it. Predominantly, you can see people trading based on that merit because in any asset class, there will always be people who would like to put money in and get money out – not just on the utility side of it,” Bilango told Rappler.

There are also gamified tokens where cryptocurrencies are used in the context of a game. Although this may sound like a niche use case, this is actually what kickstarted the crypto craze in the Philippines, with the meteoric rise of play-to-earn game Axie Infinity.

In games like Axie, players can earn cryptocurrencies called smooth love potions, which can then be exchanged for other fiat currencies. But remember that the value of tokens like these are a function of their utility within the game’s ecosystem – in other words, the demand and value for the token goes up and down depending on how many players there are. If the game declines in popularity, that can burn players.

Which brings us to what crypto isn’t. Crypto should not be treated like a get-rich-quick scheme. There are no guaranteed gains in crypto, just as there aren’t any in other asset classes like stocks. People can be easily misled by what is promised and what returns are delivered.

Practical uses of crypto

But what can crypto actually be used for? Coins.ph global marketing director Katrina Gonzalez said it can “democratize access to financial instruments and services.”

This concept of decentralized finance, or DeFi, removes banks, clearance houses, settlement houses, and other financial intermediaries, allowing people to directly transact with each other using cryptocurrency. The vision is to use the security of crypto’s blockchain to allow peer-to-peer financial transactions – for instance, directly making a loan to your friend with interest and collateral terms that you set.

“The core concept of decentralized finance is that you don’t need to go to one institution to be able to access financial services. You can do things peer-to-peer, you can lend, you can contribute to a pool, and then you can earn from that,” Gonzalez told Rappler.

Crypto has long touted itself as a slayer of the middle man in finance – big financial institutions, like banks and remittance centers. Another example is how overseas Filipino workers have used crypto to remit money, circumventing banking hours and the expensive fees of “pera padala” centers.

“In crypto, in blockchain, that all happens simultaneously. So we remove all the fat in the financial ecosystem. Using stablecoins, you can transfer money via blockchain instantaneously, in real time, because you don’t have to rely on intermediaries to validate a particular transaction,” Bilango told Rappler.

Crypto remittances are often done through stablecoins, a type of cryptocurrency that are protected from the price volatility often associated with crypto. Stablecoins have a constant exchange rate with fiat currencies, such as being pegged 1:1 with the US dollar.

Getting started

For most people who want to dabble in crypto, the easiest entry point would be through a crypto exchange. Using the familiar interface of an app, a user could easily exchange their pesos into Bitcoin tokens.

Those who are just getting into crypto may want to first stick with blue chip cryptocurrencies, like Bitcoin or Etherium, since these have been around for a longer time.

“Bitcoin is like digital gold. It’s your hedge, it’s a store of value,” Bilango told Rappler. “It will sustain its value because there’s only a finite amount of Bitcoin. It’s only going to be 21 million Bitcoin in existence, ever.”

Once you’ve bought your tokens, the next decision to make is when to sell. You could either do a simple buy and simple, or use more sophisticated stop-limit orders that allow you to buy or sell crypto when the price hits a certain level. But if investing in crypto isn’t what you want to do, there are still other ways you can get into the space.

“Different people will have different use cases for it. It can be for remittances using stablecoins. It can be because you go play a game, and you want to play and earn from the games you play, or you want to be able to access NFTs,” Gonzales told Rappler.

“Maybe you’re into NFTs and into the Solana ecosystem, and that’s great. Maybe you’re super excited about what’s happening in Bitcoin from an asset class perspective…. Or maybe you see opportunities in DeFi, and you’re just a trader that just looks at the charts, like technical analysis, and you see an opportunity there. It’s really not one-size-fits-all. It’s a very vibrant ecosystem,” she added.

Is crypto safe?

But before you jump head first into crypto, let’s make sure that it’s safe. Over the years, crypto has had scandals and scams mar its reputation. In 2022, the world’s second largest cryptocurrency exchange – FTX – filed for bankruptcy after its chief executive officer was convicted in a multi-billion dollar fraud case. A year later, the CEO of the world’s biggest cryptocurrency exchange – Binance – pleaded guilty to breaking anti-money laundering laws.

Is that something we should still be concerned about?

Bilango acknowledged these issues, but said that it actually proved the resilience of cryptocurrency as an industry.

“The cryptocurrency industry as a whole has been battle-tested several times. One of the biggest exchanges blew up. One of the biggest hedge funds that put money into crypto also blew up. But we’re still here,” she told Rappler.

The Coins.ph team also noted that the concerns regarding scams and fraud mostly happens on unregulated exchanges.

In contrast, local cryptocurrency exchanges that are licensed and regulated by the Bangko Sentral ng Pilipinas (BSP) – such as Coins.ph and PDAX – must comply with regulations. The central bank reviews the exchanges’ technology for vulnerabilities, checks their compliance with anti-money laundering guidelines, and ensures they have enough capital.

“BSP ensures that when you put money in [Coins.ph], that your assets are backed one is to one, so we’re not doing any hanky-panky stuff on the side,” Bilango told Rappler.

Ultimately, Bilango said that avoiding the pitfalls that newbie crypto investors fall into is all about knowing your risk appetite and being smart about where you put your money.

“Do your own research. Only invest the money you’re willing to lose. And only transact in platforms that are regulated and are monitored by your license to do that type of transaction in your country,” she said. – Rappler.com

Finterest is Rappler’s series that demystifies the world of money and gives practical advice on how to manage your personal finance.

Crypto

Illegal Cryptocurrency Mixers Targeted: Operators Charged with Money Laundering – Regtechtimes

Published

3 hours ago

January 11, 2025

Press Room

Illegal Cryptocurrency Mixers Targeted: Operators Charged with Money Laundering – Regtechtimes

A federal grand jury in Georgia recently indicted three Russian nationals for their involvement in running illegal cryptocurrency mixer services that helped criminals launder money. The indictment, announced on January 7, 2025, involves Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachslavovich Tarasov. These individuals are accused of operating two online services called Blender.io and Sinbad.io, which helped criminals hide the source of their illegal funds.

A cryptocurrency mixer is a tool used to mix cryptocurrencies like Bitcoin, making it harder for authorities to trace the origin of digital money. These services are attractive to criminals involved in activities such as ransomware attacks and fraud, as they allow them to send funds anonymously.

Ostapenko and Oleynik were arrested in December 2024, while Tarasov is still on the run. The three men face serious charges related to money laundering and operating unlicensed financial businesses. If convicted, they could face up to 20 years in prison for laundering money and up to five years for running an unlicensed business. The indictment follows the earlier shutdown of the Sinbad.io service after it was seized by law enforcement in 2023.

The Role of Blender.io and Sinbad.io

Blender.io and Sinbad.io were both cryptocurrency mixers, meaning they offered a way to send digital money anonymously. For a fee, these services allowed criminals to send their funds without revealing where the money came from. This feature made these mixers attractive to those who wanted to hide stolen funds or profits from illegal activities, such as ransomware attacks, fraud, and even theft of virtual currencies.

Extradited for Fraud: Do Kwon Faces Justice After $40B Crypto Crash

Blender.io operated from 2018 to 2022 and was known for its promise of anonymity. It advertised a “No Logs Policy,” meaning it claimed to have no records of transactions. The site also reassured users that no personal details were needed to use the service. This allowed criminals to send and receive Bitcoin without leaving a trace of their identity.

After Blender.io was shut down in 2022, the defendants launched Sinbad.io, which offered similar services. This service continued until law enforcement authorities took it down in November 2023, marking a significant victory in the fight against cybercrime. The shutdowns of both services were the result of coordinated efforts by authorities from several countries, including the U.S., the Netherlands, Finland, and Australia.

Both Blender.io and Sinbad.io were not only used by ordinary criminals but were also linked to state-sponsored hacking groups. For instance, Blender.io was used by North Korean hackers to launder funds stolen through cyberattacks. Similarly, Sinbad.io had connections to cybercriminals who targeted businesses and individuals. These cryptocurrency mixers served as a vital tool in helping these criminals profit from their illegal activities, making it harder for authorities to trace the stolen money back to its original source.

Crypto-currency Scam Wipes Out $425,000 from Ohio Man’s Retirement Fund

International Cooperation in Combating Cybercrime

The investigation into Blender.io and Sinbad.io showcases the power of international cooperation in tackling cybercrime. The indictment was made possible by the joint efforts of law enforcement agencies from different countries, including the U.S. Department of Justice, the FBI, the Netherlands’ Financial Intelligence Service, and Finland’s National Bureau of Investigation. Their collaboration helped track down the operators of these illegal services and ultimately led to their takedown.

In addition to the U.S. authorities, international agencies like the Australian Federal Police and Finland’s National Bureau of Investigation played key roles in the investigation. Their contributions were essential in identifying the people responsible for running these cryptocurrency mixers and disrupting their illegal activities.

The importance of international cooperation cannot be overstated. Cybercrime often crosses national borders, and without the efforts of multiple countries working together, it would be much harder to stop these crimes. The arrests of Ostapenko and Oleynik, along with the ongoing search for Tarasov, send a strong message to cybercriminals around the world: law enforcement agencies are committed to identifying and holding accountable those who operate illicit financial networks.

This case highlights how dangerous these cryptocurrency mixers can be in enabling serious criminal activities. By breaking down these networks, authorities are making it harder for criminals to profit from their wrongdoing, while also protecting public safety and national security.

To read the original order please visit DOJ website

Crypto

US Rep. Bryan Steil to chair House cryptocurrency subcommittee

Published

15 hours ago

January 10, 2025

Press Room

US Rep. Bryan Steil to chair House cryptocurrency subcommittee

A Wisconsin congressman will head the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.

Bryan Steil, a Republican representing the 1st Congressional District in southeast Wisconsin, was appointed to the role Thursday.

His subcommittee’s jurisdiction includes things like mobile banking and non-fungible tokens, or NFTs. It’ll also be the first stop for legislation on cryptocurrency.

Stay informed on the latest news

Digital currencies have a murky federal regulatory status. That allowed President Joe Biden’s Securities and Exchange Commission Chair Gary Gensler to go after the crypto industry.

The industry responded by spending over $130 million in 2024’s election cycle through its PAC, Fairshake.

It spent $764,206 to independently help re-elect Steil, according to campaign finance database OpenSecrets.

In a statement, Steil said “technologies like financial apps, digital assets, and machine learning revolutionize our economy,” adding that he looks forward to continuing “to provide the rules of the road to move our economy into the future.”

Steil was appointed to his new role by House Financial Services Chair French Hill, R-Arkansas. Hill’s top campaign contributors include the CEOs of the crypto exchange platform Coinbase and the Charles Schwab Corporation.

One of his legislative priorities has been a bill that would set up clearer, crypto-friendly federal financial regulations, which passed the House with bipartisan support in May. He called Steil “instrumental” in passing that bill, and in overturning an SEC rule requiring crypto exchanges to list their digital assets as liabilities on their balance sheets.

Now, the Janesville native will oversee hearings and votes on new crypto-related legislation.

Crypto

Which Crypto To Buy Right Now? 10 Best Cryptocurrency Coins For 2025

Published

1 day ago

January 10, 2025

Press Room

Which Crypto To Buy Right Now? 10 Best Cryptocurrency Coins For 2025

As Ripple’s XRP ongoing legal troubles continue to keep traders on edge, Polkadot (DOT), Ethereum (ETH), Ethena (ENA), and Cardano (ADA) remain steady. Meanwhile, Injective (INJ), Optimism (OP), Uniswap (UNI), and Tron (TRX) show mixed signals in trading activities. In the middle of all this, whispers of a new market disruptor are growing louder—JetBolt (JBOLT), making headlines with its blazing presale and zero-gas technology. With over 250 million JBOLT tokens already sold, JetBolt’s momentum is undeniable.

With everything from groundbreaking ecosystems to cross-chain powerhouses, the question remains: which crypto to buy right now? Would established crypto coins or rising blockchain superstars dominate 2025? Let’s explore why JetBolt, Polkadot, XRP, Ethereum, Ethena, Optimism, Injective, Uniswap, Cardano, and Tron are the 10 best cryptocurrency coins for 2025.

Which Crypto To Buy Right Now? A Quick List

JetBolt (JBOLT): Surging new altcoin empowering gas-free transactions, AI intelligence and staking.
Ethena (ENA): Redefining stablecoins with decentralized innovation.
Optimism (OP): Scaling Ethereum with lightning-fast rollups.
Injective (INJ): Unlocking limitless decentralized trading possibilities.
Uniswap (UNI): Revolutionizing DeFi through seamless token swaps.

A Deep Dive Into the 10 Best Cryptocurrency Coins For 2025

JetBolt (JBOLT)

JetBolt (JBOLT) is shaking up the crypto world, skyrocketing its way onto traders’ radar as one of the 10 best cryptocurrency coins for 2025 to buy right now. The buzz? Zero gas fees. JetBolt’s game-changing tech, built on the Skale Network, eliminates gas fees entirely, delivering lightning-fast, gas-free transactions that are already turning heads across the crypto space.

This revolutionary feature could also supercharge creativity. Developers can now launch and create dApps, SocialFi platforms, and blockchain gaming ventures without worrying about skyrocketing gas fees holding back innovation.

But that’s not all—JetBolt goes beyond just being another zero-gas token. With an AI-driven crypto tool delivering the latest crypto news and market data straight to its platform, JetBolt is showcasing how blockchain technology and artificial intelligence can go hand-in-hand to add a new functionality to crypto.

Turning it up a notch, JetBolt’s easy-to-earn staking mechanism turns ordinary staking into an electrifying experience. With its sleek, user-friendly Web3 wallet, joining is as effortless as a few clicks. And the twist: staking isn’t just about locking in tokens—it’s about active participation. Engage within the ecosystem and stakers earn even more rewards.

Meanwhile, JetBolt’s presale numbers don’t lie. Over 250 million JBOLT tokens have already been scooped up, with whales diving in to secure their piece of this zero-gas action. In addition, JetBolt’s Alpha Boxes, an exclusive presale perk that boosts batch token purchases by up to 25%, have been flying off the shelves, creating a frenzy that shows no signs of slowing down.

In a world where high gas fees and slow transactions plague most blockchains, JetBolt delivers something truly revolutionary. With every cutting-edge feature thoughtfully designed to resonate with modern and future crypto users, JetBolt quietly sets the bar higher for what blockchain networks can deliver—blending innovation and ease of use into a whole new crypto experience.

Polkadot (DOT)

Polkadot (DOT) has dropped over 5% in the past week to $6.71 amid $1.23 million in long liquidations. Despite the dip, its advanced parachain technology and expanding ecosystem position Polkadot as a key player in 2025’s multichain future, with crypto analysts targeting $20 soon.

Ripple (XRP)

Ripple’s (XRP) price holds at $2.34 with a $134.48 billion market cap. Crypto analysts anticipate a $3 breakout, driven by Ripple’s renewed U.S. expansion amid regulatory optimism under Trump. Its focus on blockchain-based CBDC solutions positions XRP as a key player for 2025.

Ethereum (ETH)

Ethereum (ETH) trades at $3,319.97 following a 10% drop after the Foundation’s 100 ETH sale. Key support stands at $3,061, with resistance at $3,500. Despite short-term bearish momentum, Ethereum’s dominance in DeFi, staking, and upcoming Danksharding upgrade makes it a top contender for 2025.

Ethena (ENA)

Ethena (ENA) faces bearish momentum, trading at $0.9295 with a $2.81 billion market cap. The Death Cross and oversold RSI signal risks, though possible rebounds could push Ethena toward $1.01.

Meanwhile, Trump’s World Liberty Financial putting in millions in Ethena has fueled bullish sentiment, signaling growing institutional interest. This strategic move could boost ENA’s credibility and adoption, providing holders possible stability and long-term value.

X posts by Panos highlight Trump’s World Liberty Financial purchasing millions of dollars in Ethena (ENA)

In addition, its unique stablecoin protocol expansion strengthens Ethena’s DeFi appeal, further establishing it as one of the top picks for 2025.

Optimism (OP)

Optimism (OP) trades at $1.79 with a $2.41 billion market cap. Despite recent bearish sentiment, its Bedrock upgrade, reducing transaction costs by 40%, positions Optimism as a key Ethereum Layer 2 solution. Crypto analysts eye $2.20 resistance and possible $3.00 targets for OP.

Injective (INJ)

Injective (INJ) is now priced at $21.18 with key support at $22 and resistance near $26. A breakout from its descending channel hints at possible bullish trajectories. Injective’s unique focus on decentralized derivatives trading and cross-chain liquidity positions it among 2025’s top cryptocurrencies.

Uniswap (UNI)

Uniswap (UNI) struggles with a 0.33% daily dip, trading at $12.99 with a $7.8 billion market cap. Despite bearish trends, its innovative decentralized exchange model and Layer 2 scaling solutions could drive renewed interest, positioning UNI as a top 2025 contender.

Cardano (ADA)

Cardano (ADA) now trades at $0.9286 with a $32.67 billion market cap. Crypto analysts predict a price range of $1.50 to $2.50 in 2025, depending on key support levels and market sentiment. Cardano’s Hydra upgrade pledges scalability, boosting adoption across decentralized applications.

Tron (TRX)

Tron (TRX) is holding just a little above key support at $0.245, currently pinned at $0.2463. A possible breakout above $0.2700 could push TRX’s prices toward $0.40. Recent partnerships and its ISO 20022 integration further position Tron as a top blockchain for institutional adoption.

What is the best crypto to buy right now in 2025?

While nothing in crypto is ever guaranteed, JetBolt (JBOLT) stands out as one of the top choices for the best cryptocurrency coins to buy right now. With its zero-gas technology, crypto-earning staking model, and AI-powered functionality, JetBolt is leading the way in redefining user-friendly blockchain experiences. JetBolt’s ongoing presale success—with whales already snapping up over 250 million JBOLT tokens—also signals growing excitement around its ecosystem.

What are the 10 best cryptocurrency coins for 2025?

Based on recent price movements and market insights, here are the top 10 best cryptocurrency coins for 2025:

Ethereum (ETH)
Cardano (ADA)
JetBolt (JBOLT)
Tron (TRX)
Polkadot (DOT)
Ripple (XRP)
Uniswap (UNI)
Injective (INJ)
Optimism (OP)
Ethena (ENA)

This list of the best cryptocurrencies to buy right now for 2025 include coins with strong ecosystems, utility, and continued development.

In Summary: 10 Best Cryptocurrency Coins to Watch for 2025

Major crypto names like Ethereum (ETH), Ripple’s XRP, Cardano (ADA), and Polkadot (DOT) remain dominant, but breaking news highlights JetBolt’s (JBOLT) presale success and groundbreaking innovations as whale activity surges. Meanwhile, Ethena (ENA), Optimism (OP), Injective (INJ), Uniswap (UNI), and Tron (TRX) also make the list with key developments and strong ecosystems driving interest. Whether through staking rewards, blockchain scalability, or decentralized applications, these cryptocurrency coins deliver unique propositions worth following closely in the coming months.

Explore JetBolt’s game-changing technology and seize the presale excitement by visiting:

JetBolt’s Official Website: https://jetbolt.io/

JetBolt on X: https://x.com/jetboltofficial

Please note that this write-up is not financial advice. Remember that all cryptocurrencies are volatile. Always do your research and consult experts before navigating the unpredictable world of digital assets. No future performance is ever guaranteed, so always exercise caution.