Death isnt a happy topic to discuss, but its important to plan every scenario in advance, especially inheritance planning, also known as Estate planning to ensure that all your assets physical, financial and online are inherited and transferred to your loved ones, after your demise.

Whether it is gold, cash or a house, typically someone inherits it after it was put somewhere in a will by the deceased. But, what happens to crypto-assets after a person dies? The answer to that is not as simple.

With cryptocurrencies, the risk of losing assets or misplacing them is higher than with traditional assets. In this weeks column, we explain what happens to your crypto and non-fungible-tokens (NFTs) when you die, and how to set up your digital wallets so your loved ones can access them securely.

About 4 million Bitcoins have been out of circulation forever, as a result of people dying and not revealing their private keys. A private key is like a password. It is a string of letters and numbers that give you access to your crypto walletwhere your crypto coins and NFTs are stored securely.

Billions of dollars worth of cryptocurrencies have been lost forever, due to the owners dying and their family members or close ones not being able to retrieve the crypto assets from their wallets.

In 2018, Matthew Mellon, a Ripple investor who held $1 billion worth of XRP died and it was lost forever. In 2019, Gerald cotton, the CEO of a Canadian exchange QuadrigaCX, died and he was the only one that had access to $190 million worth of Aetherium.

The bottom line is, in both of these cases, only the deceased had access to the cryptocurrency, and with them, their assets are lost forever.

Cryptocurrencies are stored in your crypto wallets built on blockchain technology that stores digital assets cryptographically, making it impossible for someone to hack your private keys.

Without the private keys, you cannot claim ownership to any crypto assets. Court orders or any other legal document wont be worth it, if you dont have private keys.

Before we delve into the details of securing your crypto assets, its important to plan whom you give access to your digital assets.

Remember, choosing the right person to give access to your crypto wallet is not just about trust, its about choosing someone who is technologically savvy and understands how to retrieve a crypto wallet.

For instance, say Raj has 2 Bitcoins that he wishes to leave for his brother Sham, in the unfortunate event he dies. However, Sham has no idea how to use a cryptocurrency wallet or an exchange. In this scenario, Sham would most likely employ someone to help him access the cryptocurrency and then liquidate it. This can pose a significant risk. The employed person could transfer all the funds in their walletand we are familiar that such crypto scams are quite prevalent in the crypto universe.

This is only one such scenario. Even if Sham learns how to use crypto-wallets, there are other risks associated: sending crypto to the wrong address, getting locked out of devices or withdrawing assets using the wrong token standards.

Another factor to consider is how much information should you give out? Obviously, youd have to give out your private keys, but can you trust only one person with your crypto assets or could you divide the information among several people.

It is a safe bet to divide your bets across a group of people, although it has its pros and cons. An individual would not be able to withdraw your assets or steal your assets, but the drawback of listing multiple parties is that the whole system collapses if one person mislays any piece of the information.

The first thing to do before making a will is to transfer all your crypto assets to a hardware wallet. While online wallets are the easiest to set up and use but are also the most susceptible to cyber-attacks. One way to secure your cryptocurrency is to use a hardware wallet instead of an online wallet.

A hardware wallet stores private keys in a secure physical device, it is one of the best ways to protect your cryptocurrency. Moreover, they are immune to computer viruses, making it virtually impossible for hackers to steal your coins.

Make it easier for your loved ones to find and gain access to your crypto wallet. Write a step-by-step guide that explains how to access your cryptocurrency. Ensure that the provided information is stored somewhere on a password encrypted hard disk so that it doesnt go in the wrong hands.

When writing the instructions, assume that your beneficiary knows nothing about cryptocurrency. Here is a sample of the instructions that could be given.

#Name of the exchange that hosts your cryptocurrency. (WazirX, Binance, etc)

#Steps to log in: Username and password

#For physical wallets: Private wallet keys

#For account recovery a 12- or 24-word secret seed phrase

#In case you have two-factor authentication (2FA) switched on, provide either the location and password of the device where the Authenticator app is stored.

#If your accounts are set up to receive OTP on mobile phones, include details of the location and password of your current mobile device.

#Password or pin to your hard-disk.

After finalising the list, a complete walkthrough of these instructions will ensure that you included all the information your loved ones need to access your cryptocurrency.

Now that you have secured your crypto assets for your descendants, call up a lawyer and draft a will clearly stating who owns the access to your crypto assets, after you pass away.

In case you dont list crypto in your will, it falls into the residue of your will. Residue or remainder is a list of everything you own that isnt accounted for in your will. This includes your clothing, subscriptions, any personal items, etc.

Lastly, in the will, make sure to mention where to find your cryptocurrency. Bequeathing cryptocurrency to your loved ones requires way more planning and effort than any other traditional assets. It is better to start off as early as possible, before its too late.

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What happens to your cryptocurrency and NFTs when you die? Preplan or lose it forever - The Indian Express

Microsoft confirms its Xbox division is currently investigating new fledgling tech like NFTs and cryptocurrency.

After microtransactions and live services, NFTs are gaming's latest craze. In fact, it's possible NFTs could radically change the video games business. Major publishers like Square Enix and SEGA are interested in NFTs, whereas Ubisoft and Konami have already released NFTs (to varying success).

Now Microsoft could be experimenting with NFTs and crypto at its Xbox R&D teams. An Xbox representative recently told Bloomberg that the division is "aware and looking into NFTs, cryptocurrency and other emerging technologies, but don't yet have anything to share."

Microsoft will be very careful with any potential NFT rollout.

Xbox gaming president Phil Spencer had commented on NFTs back in 2021, saying that he believes the current landscape more exploitative than it is innovative.

"What I'd say today on NFT, all up, is I think there's a lot of speculation and experimentation that's happening, and that some of the creative that I see today feels more exploitive than about entertainment," Spencer told Axios at the time.

"I don't think it necessitates that every NFT game is exploitive. I just think we're kind of in that journey of people figuring it out.

"And I can understand that early on you see a lot of things that probably are not things you want to have in your store."

"I think anything that we looked at in our storefront that we said is exploitive would be something that we would, you know, take action on. We don't want that kind of content."

Microsoft has also confirmed it will bring Xbox to the metaverse. Although details were very sparse, the announcement suggests that Microsoft may create an all-in-one ecosystem/platform for its wide breadth of wholly-owned IPs including Halo, Minecraft, and Flight Simulator.

"Yeah, absolutely, you should expect to see [the metaverse] expand into gaming]," Microsoft CEO Satya Nadella said in 2021.

"The way I think of it...we're a platform company and we always build the core intrinsics first and then build it into our first-party applications. So you absolutely can expect us to do things in gaming."

"If you take Halo as a game, it is a metaverse. Minecraft is a metaverse and so is Flight Sim. In some sense they are 2D today, but the question is 'can you now take that to a full 3D world?' We absolutely plan to do so."

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Microsoft says it is 'looking into NFTs and cryptocurrency' - TweakTown

Crypto investors may be in the game for a variety of reasons. Some simply focus on the life-changing returns crypto can provide. Indeed, many of the charts investors watch have seen incredible growth over the past year alone. Others prefer to trade these tokens based on momentum. And still others may be enticed by the innovation and utility being created by some top projects out there.

Among projects creating real utility right now, Avalanche( AVAX 1.70% ) remains a top-10 cryptocurrency by market capitalization.

Here's why Avalanche's recent outperformance may be just the beginning for long-term crypto investors.

Since the launch of Ethereum, a wide range of Layer-1 networks have popped up, looking to take market share away from this leading crypto ecosystem. Ethereum's success has been due, in part, to being the first major blockchain network to incorporate smart contracts into its protocol. Additionally, Ethereum has been working (for years, mind you) on shifting toward a less energy-intensive proof-of-stake (PoS) consensus mechanism to validate transactions. The upcoming "Ethereum merge," which will bring this goal to reality, is expected to be completed in the coming months.

Accordingly, the rise of a number of Layer-1 networks with smart contract capabilities and PoS consensus mechanisms have popped up. Avalanche is thus one of many, in this regard.

Image source: Getty Images.

However, Avalanche is different. This is a heterogenous network of interoperable blockchains, utilizing custom validator sets to achieve scale. In layman's terms, this means Avalanche has found a way to create unique and independent blockchain solutions (via subnets), each supported by its own staking system.

Subnets, short for subnetworks, are Avalanche's solution to the interoperability problem plaguing the crypto world. Essentially, due to the siloed nature of most blockchains, projects created on one blockchain have trouble talking to others. That's somewhat by design -- the security of these projects often requires siloing.

However, Avalanche's subnets, really secondary networks on Avalanche's primary network, allow for developers to build projects on its own network, with its own set of validators (stakers) and even its own tokens. Avalanche's AVAXtoken is still used to stake the mainnet, which is necessary for the proper functioning of all subnets. However, the unique autonomy with which these projects can operate is something many developers prefer.

This has led to developer growth on Avalanche's network outpacing many of its peers. Customizable blockchains supporting the trading of digital assets, or simply as a way to transfer value in a decentralized way, remain in high demand. Accordingly, investors looking at Avalanche as a way to play this growth have a lot to like right now.

Just how impressive has Avalanche's growth been?

Well, looking at total value locked (TVL), a key metric in the crypto world, Avalanche is becoming a leader in the decentralized finance (DeFi) market. Ethereum still takes the No. 1 spot, by a country mile. However, Avalanche's TVL has skyrocketed of late, pushing this network into the No. 4 spot among all projects.

As a measure of ecosystem growth, TVL basically allows investors to see how much value is being locked within specific networks. Typically, investors won't put their hard-earned money into projects they think are sketchy, or may fail. TVL is also a solid predictor of future network growth, as the compounding effect of locking in value tends to create longer-term, growth-oriented projects.

There are many reasons why developers choose Avalanche over other Layer-1 networks to build their projects. However, among the key reasons is time to finality (how long it takes for a transaction to be accepted, confirmed, and finalized). In Avalanche's case, this is less than one second. Other leading networks such as Bitcoin and Etheruem take roughly 30 minutes and six minutes, respectively, for the same process. Even Solana, one of the fastest networks out there, has a five-second time-to-finality.

Bottom line: Avalanche is fast.

Avalanche isn't only fast, this blockchain network is scalable, and is seeing faster growth than most other networks based on most available metrics. Indeed, it appears to me that Avalanche has found a way to create immense value by constructing a rather sophisticated system from the ground up.

Now, with sophistication comes complexity, and this is certainly true with Avalanche. Understanding the technical elements underpinning this network is difficult. Accordingly, many early investors who jumped on Avalanche early appear to have been more technically inclined, and could see the value that Avalanche could, or would, create.

The good news is that Avalanche has built a strong track record of performance for today's investor to base an investment decision on. Even more, the world-class team behind this project is still intact, providing more reason for investors to get excited about Avalanche's growth prospects.

Overall, I think Avalanche is a top crypto project worth considering right now. And it's not too late in the game for investors looking at this token for the first time. Indeed, I think the growth this network has seen may only be starting.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis even one of our own helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Here's My Top Cryptocurrency to Buy Before May - The Motley Fool

The U.S. Department of Labor (DOL) last month issued Compliance Assistance Release No. 2022-1 - 401(k) Plan Investments in Cryptocurrencies (the Release) in which it strongly cautions ERISA plan fiduciaries to use extreme care before considering the inclusion of a cryptocurrency or other related option as a choice on a self-directed 401(k) plans menu of investment choices. In the Release, the Department noted that it had become aware that certain firms were marketing cryptocurrency-type investments as potential options for 401(k) plans.

The DOL reiterated that under ERISA, plan fiduciaries must act solely in the financial interests of plan participants and comply with ERISAs demanding standard of care, and that a breach of these standards could result in personal liability for plan losses. Regarding participant-directed 401(k) plans, the DOL further noted that fiduciaries responsible for the investment options have an ongoing duty to ensure the prudence of such options.

The DOL indicated that, at this current stage in the history of digital assets, it has serious reservations regarding the prudence of exposing 401(k) plan participants to cryptocurrencies or products whose value is tied to cryptocurrencies. According to the DOL, these investment options can pose significant risks (including those associated with fraud, theft and loss) and challenges for participant-directed retirement plans for the following reasons:

Importantly, the DOL not only sets forth the foregoing concerns, but goes on to provide that, based on these and related considerations, it expects to engage in an investigative program focusing on participant-directed plans that offer on their investment menus cryptocurrency and related products, and to take appropriate action to protect the interests of plan participants and beneficiaries with respect to these investments.

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DOL Warns Sponsors against Permitting Cryptocurrency-Related Investments on 401(k) Plan Investment Menus - JD Supra

Spring Break goers define cryptocurrency to Fox News for those who don't understand how it works

Spring break goers on Miami Beach gave Fox News their definitions of cryptocurrency, saying its "the future of the financial system."

"Cryptocurrency is like a digital universal currency thats used online," a Canadian resident visiting Miami told Fox News. "Its kind of like stocks. It can go up or down. They fluctuate with the market, I guess, depending on the current trend."

Cryptocurrency, otherwise known as "crypto," is any form of currency that only exists digitally where transactions are secured through cryptography.

Fox News Digital asked young men and women on spring break to explain crypto for those who dont understand how it works.

Kent State University students speak to Fox News about cryptocurrency (Matt Leach/Fox Digital / Fox News)

A student from Kent State University told Fox News Digital crypto is "not real money" and that it is "confusing to a lot of people."

"You can't just go to the store," and spend ten Shiba Inu, he added.

BARSTOOL'S DAVE PORTNOY: BITCOIN, CRYPTO TOO BIG TO FAIL NOW

Theres a difference between "what the mass media wants you to go for and what actual crypto is," a University of Delaware student said. "Its kind of like the difference between the S&P 500 and buying a regular stock in the stock market."

Cryptocurrency is "reverse inflation," another student from the University of Delaware said, adding that it is "taking out the banks," and giving "more money for the people."

University of Delaware student told Fox News crypto is "the future of the financial system." (Matt Leach/Fox Digital / Fox News)

A Canadian resident visiting Miami said he thinks its "OK to have a lot of mystery around" crypto."

I understand the bitcoin and stuff like that, but when you get into the NFTs and all that area I dont really understand that.

"I dont see how a picture of a monkey can sell for half a million dollars," he added.

PETER THIEL: CRYPTO WILL NEVER BE' CONTROLLED BY GOVERNMENT, UNLIKE WOKE COMPANIES'

The students expressed their opinions on the specific currencies offered under crypto.

A Kent State University student told Fox News he invested in Shiba Inu and has "probably gained about a grand from it."

"I started about a year ago. It fluctuates a lot," he said. "Im not really invested in bitcoin. I dont have that much money, so I invest in the really cheap stuff."

"I think that Dogecoin represents the power of the people taking the power from the people that are abusing it," a University of Delaware student told Fox News. "Dogecoin started as a joke, and now it has real financial value based on its demands."

However, another University of Delaware student said he "doesnt really trust things like Doge coin" because its "made up."

"Just this morning I actually made $150 dollars on crypto," he added. "Ethereum is going to the moon right now."

Wisconsin resident on spring break in Miami Beach speaks to Fox News (Matt Leach/Fox Digital / Fox News)

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A Kent State University student said he really likes crypto because it "has a lot of unknowns," which he lives for. "I have about $400 dollars invested into it, but I have over a million shares of it. So if I lose $400 dollars, I lose $400 dollars. Im in college [so] Im really not too worried about it."

A Wisconsin resident visiting Miami told Fox News, "its going to take a long time for [crypto] to become normal, and once it does, everyones going to be using it."

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Spring break goers on Miami Beach say the 'mystery' of cryptocurrency is the 'future of the financial system' - Fox Business

As tax day approaches, crypto investors are dealing with the tax implications of their maneuvers Credit - Getty Images

Tax Day is almost upon AmericaApril 18thand if you havent filed your taxes yet, you might be wondering if the government will get a cut of the Bitcoin you bought several months ago. The IRS mostly treats cryptocurrency as property, meaning you might have to pay taxes on your holdings. But theres a lot of fine print, and its important to wade through it all, because the agency has stepped up its enforcement to nail tax dodgers. This is an area where the IRS is looking heavily to audit, because I think they see it as a high revenue raiser, says Taylor Weinstein, counsel at Pryor Cashman LLP, where she is a member of the companys tax and investment management groups. Its important to keep as detailed records as you can.

Of course, an accountant might be able to help you sort through it all, as will one of the many crypto tax software packages that have emerged in the last few years. But to get you started, heres a brief primer on how to declare your digital assets.

If you only bought crypto as opposed to selling it, then youre in the clear. The IRS only becomes interested after you take some sort of action upon the crypto youve bought. Bitcoin thats just sitting in your Coinbase account or Metamask wallet, no matter how much it appreciates, is tax-free.

On the very first page of 2022 tax returns, the IRS has signaled the importance of crypto by asking: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any virtual currency?

If you simply bought crypto with fiat currency and took no later action upon it (other than moving it to another crypto wallet), then you can safely choose no. If you did anything elseincluding buying NFT or a product online, staking your crypto, or converting it back into cashthen you should choose yes.

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The IRS treats the selling of crypto like selling shares of stock, which necessitates reporting your capital loss or gain. If you bought $500 worth of Bitcoin and then sold it for $800, for example, youd need to report a $300 capital gain.

How that $300 gain is taxed depends on how long youve held your Bitcoin. If you bought it more than a year before selling it, youll pay a lower rate (according to long-term capital gains rates). If you bought it within the year, it can carry a tax rate of up to 37%, depending on how much you made on the sale.

Every time you sell crypto is considered a separate taxable event that youll need to keep track of. Some crypto exchanges have started issuing a tax form called the 1099-K for their most active traders (i.e. those that have exceeded $20,000 in gross payments and 200 separate transactions). This is the IRSs number one line of defense right now, because those 1099-Ks are filed with the IRS at the same time as they are delivered to the recipient, Weinstein says. It is going to be the IRSs weapon in finding taxable crypto transactions.

But even that form is incomplete in terms of the information that the IRS wants from you. Its important to keep track of every transaction, and enter them into IRSs Form 8949 in order to reconcile your capital gains and losses. All that information then should be reported on your Form 1040 tax return using Schedule D.

Dont panic: you can offset up to $3,000 of your taxable income each year. Any excess losses beyond that can be rolled forward to future tax years, as offsets to future gains.

Thats a taxable event. If you bought Ethereum for $500, watched it appreciate to $1000, and then sold it for Solana, youd report a $500 capital gain that youd have to pay taxes on.

Each of those is considered taxable income, which should be reported on your tax return on Schedule 1, as Other Income. The value you must report is from the day and time you earned the cryptocurrency (as opposed to the day you filed the taxes). This IRS FAQ has additional information on reporting virtual currency income in more specific cases.

Sorry these count as taxable events. Youll need to report each transaction, just as if you were selling stocks. For this reason, its extra important to keep track of all the crypto leaving your wallet, and the type of currency youre using. You can look up your own blockchain transactions via websites like Etherscan and blockchain.com/explorer.

While the IRS hasnt released any specific tax guidance on NFTs, experts agree that most transactions involving NFTs are taxable if they involve crypto. If an artist mints an NFT, for example, they have a capital gain or loss on the crypto that they exchanged in the minting process. Likewise, they also would have to pay capital gains tax when that NFT is sold.

If youre a professional NFT creator, then you can deduct certain business expenses, just as you would for any other type of business.

Every transaction bought with cryptocurrency, including NFTs, is subject to capital gains tax. Same rules apply as before: The amount you owe depends on how long you held the NFT and whether you made a profit. You can claim losses on NFTs in your taxes.

One aspect that the IRS has not resolved is whether they consider NFTs as collectibles, which are a separate category of asset under the tax code. For now, Weinstein says that to categorize your NFTs as collectibles seems like that would be the right approach.

Because stablecoins rarely fluctuate in valueas many of them are pegged to the U.S. dollarits far less likely youd have a capital gain or loss when using them. Nevertheless, using stablecoins to pay for things is still considered a taxable event that you have to report.

You can claim a deduction if you itemize properly (for the value of the crypto on the time and date of the contribution). You dont have to pay capital gains taxes in this instance.

The IRS will be watching you, especially if youre an active trader. The agency has subpoenaed centralized crypto exchanges for information about noncompliant U.S. taxpayers. In 2021, they issued John Doe summonses to crypto exchange operators Kraken and Circle in order to locate individuals who traded $20,000 or more in crypto from 2016 to 2020.

Plenty of crypto tax software solutions have been created to ease this process; they include CoinTracker, TokenTax, CryptoTrader.Tax. Many of those sites are also compatible with regular tax programs like TurboTax or TaxAct. Alternatively, there are a growing number of CPAs that specialize in cryptocurrency.

If you actively traded crypto and/or NFTs in 2021, youll have to pay the taxman in the same way that you would if you traded stocks. If you lost money on crypto due to price fluctuation, you can deduct up to $3,000 in capital losses. The IRS has shown itself to be keenly interested in this space and will likely continue to formulate rules as the space develops. So dont think of this years aggressiveness as a blip, but rather the new normal.

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How to File Taxes If You Used Cryptocurrency in 2021 - Yahoo News

When we talk about cryptocurrencies, Bitcoin dominates the headlines. The harbinger of the crypto-era debuted in 2009 and is still by far the most popular currency. However, there is a dark side to it. Bitcoins energy consumption is off the charts and each transaction consumes more energy than countries like Sweden or the Netherlands. Here are 8 Bitcoin facts that will help you understand why this cryptocurrency is so bad for the environment.

Cryptocurrencies are virtual currencies that can be traded or used to buy goods and services. Bitcoin is the first and currently the worlds largest digital currency and it has triggered the launch of hundreds of other cryptos in its wake. It is decentralised, meaning that it operates free of any central control or the oversight of banks or governments and instead relies on peer-to-peer technology to facilitate instant payments. Transactions are verified by individuals called miners through high-powered computers. An increasing number of more traditional finance firms are investing heavily in the Bitcoin market, acknowledging some of its advantages such as high accessibility and proven security. Despite its popularity, Bitcoin has a dark side: its massive carbon footprint. Here are 8 Bitcoin facts to understand why this cryptocurrency is so bad for the environment.

1. The Value of Cryptos and Bitcoins Has Skyrocketed

Cryptocurrencies became popular in 2019 when pseudonymous developer Satoshi Nakamoto launched Bitcoin, the first decentralised cryptocurrency. Since its debut, the total cryptocurrency market cap has reached over USD$3 trillion. In 2021, the price of Bitcoin has reached an all-time high, exceeding USD$65,000 in value.

Figure 1: Bitcoin Market Price in USD$, 2009-2022

2. Creating Bitcoin is a Very Intricate Process

New Bitcoins are created through a process called mining, which consists of solving mathematical puzzles. As competition for this cryptocurrency grew, these puzzles became increasingly difficult, making it impossible to solve them with normal computers (CPUs). Miners now use much more efficient computers called ASIC systems, which require a substantially higher amount of electricity to work. Bitcoin also uses a software code, known as Proof of Work (PoW), that necessitates the use of massive computer arrays to validate and secure the ever-growing number of transactions worldwide.

3. Bitcoin Data Centres are Huge and Expensive to Run

Bitcoins are created in massive data centres, often referred to as mining farms. They consist of thousands of ASIC servers that cost anywhere from a few hundred dollars up to about USD$10,000. These servers are typically kept running incessantly as they are continually mining for Bitcoins. It is imperative to have massive cooling systems in mining farms to prevent servers from overheating. This, however, significantly increases the electricity costs associated with running these massive data centres.

4. Bitcoin Mining Requires Huge Amounts of Electricity

Bitcoins require massive amounts of energy. Each transaction uses around 2,100 kilowatt-hours, equivalent to what the average US household consumes in two months.

Furthermore, Bitcoin mining uses on average 91 terawatts-hours of electricity annually, a rate nearly seven times higher than that used to power Google searches worldwide and about 0.5% of the worlds electricity. In a year, countries like Finland, Sweden, the Netherlands, and Greece use roughly the same amount of energy. Furthermore, the fragile energy grids of some countries are threatened by crypto mining as they struggle to handle the power-intensive process. Several cities in Iran, Kazakhstan, as well as Kosovo, have often experienced long blackouts due to Bitcoin mining activities.

5. The Environmental Footprint of Bitcoins is Concerning

According to estimates, Bitcoin emits some 57 million tons of carbon dioxide annually, nearly half a ton of CO2 for every transaction. Offsetting such a huge amount of emissions would require planting 300 million trees. Furthermore, a 2018 study published in Nature Climate Change suggested that in 16 to 22 years time, the use of Bitcoin alone could push the world beyond the 2 degree Celsius warming threshold for climate catastrophe.

6. Some Countries Banned Bitcoin or Even Cryptocurrencies Altogether

Nine countries currently have a full ban on cryptocurrencies: Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia. While many governments cited environmental concerns to justify their decision, many believe that these moves come as a way to protect their financial systems. Following Chinas ban on Bitcoin, many operations moved to the US. Kentucky is by far the state that produces more carbon from cryptocurrency mining than any other, currently providing 18.7% of Bitcoins collective computing power for mining, second to New Yorks 19.9%.

7. Most Bitcoin Farms Worldwide Rely on Fossil Fuels

Bitcoin farms are often located in countries that heavily rely on fossil fuels, such as Kazakhstan, Iran, and Kosovo, raising concerns among environmentalists. Here, the already energy-intensive process has an even higher environmental impact than in countries that diversify their energy sources using renewables or even nuclear energy. In the US, Bitcoin miners often revive polluting coal plants that are on the verge of bankruptcy, accounting for a huge rise in emissions and threatening a partial resurrection of coal in the country. Others are using fracked gas, another energy source that is responsible for heating the planet.

8. What Alternatives Do We Have to Bitcoin and Are These Any Better?

The short answer is yes. There are so many better alternatives to the worlds most well-known cryptocurrency. On average, other cryptos use 99% less electricity than Bitcoin. According to a recent campaign launched by Greenpeace with the slogan Change the Code, not the Climate, a simple change in Bitcoins software code could significantly decrease the energy it requires to be created and used. If this were to happen, it would not be the first time: one of Bitcoins main competitors, Ethereum, recently announced its transition to a less energy-intensive code, cutting its electricity usage by 99.9% and drastically reducing its impact on the environment.

You might also like: Environmentally Friendly Cryptocurrency: 5 Leading Cryptos and 3 Ways Others a Follow Suit

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8 Bitcoin Facts: Why is This Cryptocurrency Bad for The Environment? - EARTH.ORG

Over the past 24 hours, Algorand's ALGO/USD price has risen 3.17% to $0.74. This is contrary to its negative trend over the past week where it has experienced a 16.0% loss, moving from $0.88 to its current price. As it stands right now, the coin's all-time high is $3.56.

The chart below compares the price movement and volatility for Algorand over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has decreased 22.0% over the past week, while the overall circulating supply of the coin has increased 0.81% to over 6.71 billion. This puts its current circulating supply at an estimated 67.09% of its max supply, which is 10.00 billion. The current market cap ranking for ALGO is #31 at $4.95 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency Algorand's Price Increased More Than 3% Within 24 hours - Benzinga - Benzinga

A New Hampshire woman who had thousands of dollars stolen from a cryptocurrency account is sharing her story to prevent others from being hacked.The woman, who asked to just use her first name, Michelle, said she thought she had done everything she needed to do to stay safe, but her hacking nightmare began with a simple click on her phone."It said, 'Samsung account update,' and I pressed it, and I think that's what it was," she said. "Within probably an hour, my phone went down."Michelle said her cell service provider got her phone working, but when she logged into one of four cryptocurrency accounts, it was empty."It's about $15,000 that's gone, just like that," she said.She asked her provider to restore emails that might have been deleted, and that's when she saw withdrawals."He would know my account screen name, forgot password, they'd email the password, and then he got it and he got in," Michelle said.Michelle said the hacker couldn't get into two other accounts but got access to a third, which is now frozen. He sent her a ransom note, and thousands of dollars more are now in limbo.Experts said Michelle's click likely installed malicious code."And when you do that, you then open up your phone to be available to whoever from wherever for whatever," said James Gorman, of Cyber Defense Media Group. "She got hit by the equivalent of a street thug walking down the street and stealing her purse."Cybercriminals have access to sophisticated tools, Gorman said."You can lease that technology. You can rent that technology. You can create that technology," he said. "It's all out there on what we call the dark web."He said it's important for people to take precautions, including using difficult-to-guess passwords, varying them and using multi-factor authentication whenever possible."You can make yourself harder to hack by thinking before clicking and keeping your software and operating systems up to date," Gorman said."I was like, if they can do this to me, I want to let people know you are never safe," Michelle said.Experts said if credit cards or bank accounts were involved, any lost funds would likely be recoverable. With cryptocurrencies such as bitcoin, the funds could be lost.Anyone who believes they're a victim of an online crime can report it to the FBI.

A New Hampshire woman who had thousands of dollars stolen from a cryptocurrency account is sharing her story to prevent others from being hacked.

The woman, who asked to just use her first name, Michelle, said she thought she had done everything she needed to do to stay safe, but her hacking nightmare began with a simple click on her phone.

"It said, 'Samsung account update,' and I pressed it, and I think that's what it was," she said. "Within probably an hour, my phone went down."

Michelle said her cell service provider got her phone working, but when she logged into one of four cryptocurrency accounts, it was empty.

"It's about $15,000 that's gone, just like that," she said.

She asked her provider to restore emails that might have been deleted, and that's when she saw withdrawals.

"He would know my account screen name, forgot password, they'd email the password, and then he got it and he got in," Michelle said.

Michelle said the hacker couldn't get into two other accounts but got access to a third, which is now frozen. He sent her a ransom note, and thousands of dollars more are now in limbo.

Experts said Michelle's click likely installed malicious code.

"And when you do that, you then open up your phone to be available to whoever from wherever for whatever," said James Gorman, of Cyber Defense Media Group. "She got hit by the equivalent of a street thug walking down the street and stealing her purse."

Cybercriminals have access to sophisticated tools, Gorman said.

"You can lease that technology. You can rent that technology. You can create that technology," he said. "It's all out there on what we call the dark web."

He said it's important for people to take precautions, including using difficult-to-guess passwords, varying them and using multi-factor authentication whenever possible.

"You can make yourself harder to hack by thinking before clicking and keeping your software and operating systems up to date," Gorman said.

"I was like, if they can do this to me, I want to let people know you are never safe," Michelle said.

Experts said if credit cards or bank accounts were involved, any lost funds would likely be recoverable. With cryptocurrencies such as bitcoin, the funds could be lost.

Anyone who believes they're a victim of an online crime can report it to the FBI.

The rest is here:
New Hampshire woman says hacked phone led to theft of thousands of dollars' worth of cryptocurrency - WMUR Manchester

Over the past 24 hours, Shiba Inu's SHIB/USD price has risen 21.35% to $0.000028. This continues its positive trend over the past week where it has experienced a 1.0% gain, moving from $0.000027 to its current price.

The chart below compares the price movement and volatility for Shiba Inu over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has climbed 97.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 2.08%. This brings the circulating supply to 549.15 trillion. According to our data, the current market cap ranking for SHIB is #15 at $15.42 billion.

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Cryptocurrency Shiba Inu's Price Increased More Than 21% Within 24 hours - Benzinga - Benzinga