Crypto

Let’s bust 5 biggest myths about cryptocurrency

Published

2 years ago

May 28, 2022

Let’s bust 5 biggest myths about cryptocurrency

In the previous few years, cryptocurrencies have grown in reputation. The crypto market is believed to be worthwhile however is at least a roller-coaster journey. Certainly, many cryptocurrencies have already evaporated with the current crash in costs. However the ingenious know-how underpinning cryptos will remodel the character of cash and finance.

With a lot jargon and different unfamiliar phrases on the planet of crypto, it may be very complicated for amateur traders to grasp the crypto-sphere. In at the moment’s column, we’ll be busting the most typical myths circulating within the crypto-world.

Delusion No 1: Cryptocurrency will probably be extensively used for funds

Cryptocurrencies resembling Bitcoin and Ethereum had been initially designed for making funds with out the necessity for fiat currencies, bank cards, debit playing cards or something that’s ‘centralised’.

The white paper, written by Satoshi Nakomoto, a pseudonymous Bitcoin creator, clearly states that it goals to facilitate transactions between “any two prepared events to transact immediately with one another with out the necessity for a trusted third get together”.

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Whereas we see many eating places globally and even international locations like El Salvador accepting Bitcoin as a mode of cost for purchasing each day necessities, Bitcoin or some other crypto can not virtually be a default mode of cost. However, it’s possible you’ll ask why?

The straightforward cause is that facilitating transactions on crypto comes with a value often known as a ‘transaction charge’ which is far more costly than the present banking techniques. Secondly, It’s excessively sluggish, it may take greater than 10 to fifteen minutes for one transaction to happen, it’s because each transaction must be validated and is subjected to the variety of crypto validators or ‘miners’ on a blockchain. Some cryptos like Ethereum course of transactions sooner, however once more it may be fairly costly.

Thirdly, cryptos are risky, which means they’re subjected to wild swings. So, if in case you have 1 Bitcoin value say Rs 20 lakh at the moment, it’s not obligatory that you’d get the identical worth for it per week later. It may most likely be a lot much less or far more—all relying on the present market and worth charges.

As an illustration, in late April, the value of a Dogecoin was 20 cents. It tripled within the subsequent two weeks after which fell to half that peak worth ten days later. It’s as if a $10 invoice may purchase you only a cup of espresso at some point and a lavish meal at a flowery restaurant only a few weeks later.

Delusion 2: Blockchain and Bitcoin are the identical issues

A quite common notion is that Blockchain and Bitcoin are the identical two issues. Every time somebody talks about blockchain, it’s instantly linked with Bitcoin. Nonetheless, Blockchain is the know-how that’s basically a distributed database recording transactions that happen on it. This know-how has a number of consumer circumstances, one in every of which is cryptocurrencies.

What makes Blockchain know-how highly effective is that it’s immutable, which means it can’t be edited or modified. Cryptocurrencies as talked about are one of many use-cases of Blockchain. These are algorithms that run on the blockchain and maintain some intrinsic worth that may be exchanged for fiat. Additional, cryptocurrencies are secured with cryptography which makes it unimaginable for anybody to vary their worth of it.

Delusion 3: The usage of crypto is just for unlawful or prison actions

Cryptocurrencies usually are not solely used for unlawful actions. It has some legit makes use of resembling buying and selling—shopping for or promoting, facilitating transactions not solely money-related however contractual transactions as nicely. In easier phrases, the Ethereum blockchain has one thing known as a sensible contract that makes each sort of transaction doable on its community. As an illustration, non-fungible tokens (NFTs) function on sensible contracts. It’s basically an algorithmically designed contract that runs robotically when a selected situation is met. An excellent instance could be how NFTs give the appropriate to unique homeowners by way of sensible contracts. Customers can point out their identify on the sensible contract, which once more can by no means be modified, that is what makes crypto particular.

However the truth is that crypto-related crimes have elevated. In 2021, cybercriminals laundered $8.6 billion in crypto, up by 30 per cent from 2020, in line with crypto analytics agency Chainalysis. In consequence, governments globally are placing collectively activity forces to deal particularly with the crypto crime and pushing laws ahead.

Delusion 4: Crypto transactions are nameless

When the phrase crypto is commonly heard, anonymity is what involves a beginner consumer’s thoughts. Whereas crypto presents anonymity, by way of your particulars resembling your identify, deal with, and make contact with data, this isn’t one thing that can’t be tracked down.

Any transaction made on Blockchain is recorded with the sender’s and receivers’ crypto-wallet addresses. All of the transactions coming and going via from this pockets, are recorded on the blockchain, which is of public view. Nonetheless, central authorities have made KYC obligatory with exchanges so ultimately, your pockets deal with will probably be tracked down. Therefore crypto transactions are additionally known as pseudo-anonymous.

Delusion 5: Cryptocurrencies will fade away

Final however not the least, cryptocurrencies are sometimes known as a ‘large bubble’ which can ultimately burst, and stop to exist. This comes as European Central Financial institution President Christine Lagarde lately known as cryptocurrencies “primarily based on nothing”.

However this isn’t the entire reality. It’s speculative to say whether or not crypto will fade or not however you will need to perceive that it’s a know-how not just a few worth primarily based cash that it’s being in comparison with. It’s triggering transformative modifications to cash and finance.

A specific crypto coin may fade away however not the know-how that it really works on. Nonetheless, the crypto-industry continues to be evolving with newer issues coming into the image just like the current craze about NFTs and metaverse—all fueled by cryptocurrency.

It’s fascinating to see how mainstream firms have taken curiosity in crypto, and in some circumstances, themselves invested in crypto. With smart laws, crypto is usually a win-win for everybody.

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Crypto

PayPal Introduces Cryptocurrency Trading for US Merchants – Brave New Coin

Published

5 hours ago

September 27, 2024

Press Room

PayPal Introduces Cryptocurrency Trading for US Merchants – Brave New Coin

Global payments giant PayPal will allow U.S. business account holders to buy, sell, and hold cryptocurrencies directly from their accounts.

Global payments giant PayPal has unveiled new features allowing U.S. business account holders to buy, sell, and hold cryptocurrencies directly from their accounts.

The move comes as more business clients seek access to crypto services available to consumers. PayPal also intends to expand its cryptocurrency features into regular business operations. According to the statement, this feature will be unavailable in New York State.

PayPal’s peer-to-peer payments app Venmo initially allowed clients to manage cryptocurrency in 2020. Since then, they have “continuously made significant steps to increase cryptocurrency utilization,” the statement read.

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly,” said Jose Fernandez da Ponte, senior VP of blockchain, cryptocurrency, and digital currency at PayPal.

According to PayPal’s statement, the new features of crypto services for business accounts aim to boost crypto’s real-world utility. The company’s latest move is a response to business owners who have been asking for access to crypto services since the platform launched its consumer-level digital currency services.

“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” Fernandez da Ponte added.

PayPal stock has climbed roughly 26% this year, suggesting positive sentiment from investors.

Businesses can Now Transfer Cryptocurrency On-Chain to External Wallets

In addition to the new buying and selling ability, U.S. merchants can now transfer cryptocurrencies to third-party wallets. This new functionality extends the flexibility of digital currency transactions for businesses.

“PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses,” the company mentioned in its statement.

Last month, Crypto.com teamed up with PayPal to allow US users to make purchases through cryptocurrencies. This alliance expands on earlier joint ventures between the two businesses, which included allowing PayPal to recharge Crypto.com Visa Card. Besides Crypto.com, PayPal’s stablecoin is available within selected exchanges including Coinbase, Bitstamp, and Kraken.

PayPal Cuts Fees by Expanding PYUSD to Solana

In 2023, PayPal launched its own US dollar-denominated stablecoin (PYUSD), in August 2023. PYUSD was issued by a US-regulated entity named Paxos Trust Company. Initially, PYUSD was launched as an ERC-20 token through the Ethereum blockchain.

One limitation of Ethereum-based stablecoins is their high transaction fees. PayPal expanded PYUSD to the Solana network in May 2024 to minimize the cost. This move led to a significant fee reduction (sometimes over 90%). These lower transaction rates on Solana made PYUSD more attractive for regular purchases like coffee or groceries, which boosted the demand for PayPal to introduce crypto services to businesses.

“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” said Sheraz Shere, General Manager of Payments at the Solana Foundation. “Continued adoption from industry participants like PayPal helps realize the next generation of fintech innovation.”

According to BraveNewCoin data, PYUSD’s market capitalization has expanded dramatically since its introduction over a year ago, rising from approximately $45 million in September 2023 to around $700 million at the time of writing.

Crypto

Cryptocurrency exchange network accused of helping Russia hit with sanctions

Published

16 hours ago

September 26, 2024

Press Room

WASHINGTON (AP) — A network of people and virtual currency exchanges associated with harboring Russian cybercrime were hit with sanctions on Thursday, in a government-wide crackdown on cybercrime that could assist Russia ahead of President Joe Biden’s meeting with Ukrainian President Volodymyr Zelenskyy.

U.S. Treasury sanctioned alleged Russian hacker Sergey Ivanov and Cryptex — a St. Vincent and Grenadines registered virtual currency exchange operating in Russia. Virtual currency exchanges allow people and businesses to trade cryptocurrencies for other assets, such as conventional dollars or other digital currencies.

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Treasury alleges that Ivanov has laundered hundreds of millions of dollars worth of virtual currency for cyber criminals and darknet marketplace vendors for the last 20 years, including for Timur Shakhmametov, who allegedly created an online marketplace for stolen credit card data and compromised IDs called Joker’s Stash. Ivanov laundered the proceeds from Joker’s Stash, Treasury says.

The State Department is offering a $10 million reward for information that would lead to the arrest and possible conviction of the two men and the U.S. Attorney’s Office in Virginia has unsealed an indictment against them.

Biden said in a statement announcing the sanctions Thursday that the U.S. “will continue to raise the costs on Russia for its war in Ukraine and to deprive the Russian defense industrial base of resources.”

He meets with Zelenskyy Thursday to announce a surge in security assistance for Ukraine and other actions meant to assist the war-torn country as Russia continues to invade.

State Department Spokesman Matthew Miller said, “We will continue to use all our tools and authorities to deter and expose these money laundering networks and impose cost on the cyber criminals and support networks. We reiterate our call that Russia must take concrete steps to prevent cyber criminals from freely operating in its jurisdiction.”

U.S officials have taken several actions against Russian cybercriminals since the start of the invasion in February 2022.

Earlier this year, Treasury’s Office of Foreign Assets Control sanctioned 13 firms — five of which are owned by an already sanctioned person — and two people who have all either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector, “thus enabling potential sanctions evasion,” according to U.S. Treasury.

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Cryptocurrency Prices on September 26: BTC Backtracks To $63K, But WLD Soars 11%

Published

1 day ago

September 26, 2024

Press Room

Cryptocurrency Prices on September 26: BTC Backtracks To K, But WLD Soars 11%

The cryptocurrency prices on September 26 have again raised investor concerns globally as Bitcoin and major altcoins plunged into the red territory. Notably, even the global crypto market cap slipped 1.92% to $2.22 trillion today. Further, the total market volume fell 12.5% to $65.06 billion. However, Worldcoin (WLD) emerged among the day’s top gainers, defying the broader market sentiment.

Here’s a brief report on some of the leading cryptocurrencies by market cap and their price movements today, September 26.

Cryptocurrency Prices Today: BTC, ETH, SOL, & XRP In The Red

While BTC waned to the $63K price level today, ETH price marked a slip below $2,600. Simultaneously, SOL, XRP, and DOGE prices slipped slightly over 1% today, whereas SHIB too defied the broader market trend. So, let’s take a closer look at major coins’ price action today.

Bitcoin Price Today

BTC price traded at $63,450 at press time, up nearly 1.4% in the past 24 hours. The coin’s intraday low and high were $62,669.27 and $64,462.94, underscoring a highly volatile movement for the asset. This volatility comes despite $105.84 million inflows spot Bitcoin ETFs as of September 25. Besides, despite BlackRock’s additional BTC buys, the coin’s trade is turbulent.

Bitcoin’s market cap rested at $1.25 trillion today. Simultaneously, the flagship crypto’s dominance saw a 0.02% decline to 56.24%.

Ethereum Price Today

Whilst, ETH price chart illustrated a nearly 1% dip in value to reach $2,604. The coin’s intraday low and high were recorded as $2,557.72 and $2,646.79, underlining a brief slip below $2,600.

Simultaneously, ETH price dropped despite $43.23 million inflows in spot Ethereum ETFs as of September 25, per Soso value data. Ethereum’s market cap rested at $313.19 billion today. Despite today’s turbulence, the ETH funding rate sparked further bullishness recently, hinting that phenomenal gains loom for the token.

Solana Price Today

The crypto SOL fell over 1.5% in the past 24 hours and is currently trading at $149.18. The coin’s intraday low and high were recorded as $146.87 and $152.89, respectively. Solana’s market cap rested at $69.93 billion today.

XRP Price Today

Simultaneously, against the backdrop of colossal Ripple whale transactions, XRP price today slipped nearly 2% to $0.5819. Its intraday low and high were recorded as $0.5769 and $0.5935, respectively. XRP’s market cap rested at $32.87 billion today.

Meme Coins’ Performance

Dogecoin (DOGE) price fell nearly 1.5% over the past day to reach $0.1089. However, Shiba Inu gained nearly 4% from yesterday to reach $0.00001556.

PEPE and FLOKI prices slipped 3%-4% today, whereas WIF price gained nearly 2%.

Top Cryptocurrency Gainers Prices Today

Worldcoin

WLD price surged 11% in the past 24 hours and is currently trading at $2.06. The crypto’s intraday low and high were recorded as $1.80 and $2.17, respectively.

Injective

INJ price pumped over 4% today and is currently trading at $22.06. The token’s intraday low and high were recorded as $21.25 and $22.86, respectively.

UNUS SED LEO

LEO price jumped 3% over the past day to reach $5.95. The coin’s intraday low and high were $5.68 and $6.01, respectively.

Top Cryptocurrency Losers Prices Today

Fantom

FTM price dipped 7% over the past day to $0.6512. The crypto’s 24-hour low and peak were $0.6416 and $0.6886, respectively.

Conflux

CFX price followed, dropping 7% over the past day to reach $0.1572. The coin’s intraday low and high were $0.1522 and $0.1669, respectively.

Stacks

STX price fell 6% over the past day to reach $1.92. The crypto’s 24-hour low and high were $1.85 and $2.04, respectively.

Besides, the hourly charts sparked further investor speculations on the cryptocurrency prices today, as BTC and ETH gained 0.11% and 0.14%, respectively. Market watchers continue to extensively eye the coins for future price action shifts.