Getting to know the technology

Those who follow the technology that is related to CryptoCurrencies are convinced that the technology of blockchain will change the world and remain with us forever. Its significance is often compared to that of the internet itself - the technology, they say, will provide and endless number of second layer applications that use the network of Bitcoin. In the early days, the internet was thought to be the same as e-mail only; now, of course, we know that it was the foundation of solutions that turned our previous world and economy upside down.

In order to buy CryptoCurrency, you need to, at least on a basic level, become familar with how the stock exchange works and what the roles of the brokers are. Unless you have someone you trust with up-to-date, working knowledge of this topic, you should take the time and get to know this topic as well in order to use it successfully.

Since this is a new area, many frauds try to make money on people gullibility and greed. It is essential to be able to differentiate between a legitimate crypto-project and a simple con. Therefore, we need to know some basic concepts and be able to use the tools that rank CryptoCurrencies according to their different features. Also, you need to recognize when someone wants to scam you before investing in a project. If the people that want to do business with you are rarely available and you find no information on them, their introductory materials are full of empty phrases without any substance.

While this is not closely related to the technology itself, this may be one of the most crucial elements of your knowledge. When do people buy? When do they sell? What is it like when the market panics, how do you recognize when it is happening?

Does who have prior experience with stock exchange definitely have and advantage - no wonder that many veterans of the exchange switched to dealing with CryptoCurrencies in the past years. Also, it is worth mentioning that although CryptoCurrencies and the way the move have many common features with the classic stock exchange, dealing with CryptoCurrency is still a completely new are and it is hard to see in advance what will happen in a few years' time.

The first time people buy Bitcoin they usually do it with the aim of leaving their investment alone for a couple of years. They later realize, that no matter where the market moves, they can't not deal with their investment, since more often than not, they put more into it than they should have. Basically, you should never put more into it than what you don't care if you lose, without getting worked up about it.

You can buy CryptoCurrencies from different platforms, brokers and exchanges. You can store them in a specialized electronic wallets or on paper. - we are dealing with how to buy and store them later.

Using the shifting of the exchange rates, most beginners start with this area with altcoins (everything other than Bitcoin). Due to the (seemingly) easy profit, they jump into different deals without thinking them over. Trading goes through CryptoCurrency exchanges like the traditional Forex platform, but we trade with CryptoCurrency instead of USD or EUR. Some exchanges allow you to trade with USD as well, like Kraken. Getting profit from the shifting of exchange ratio is an interesting question - our portfolio might shrink in dollar value, but grow in BTC.

When you decide to buy CryptoCurrencies, you need to create an account on a site that makes buying and selling them possible. Whether its a simple broker or a stock exchange, due to security concerns you will need to go through a somewhat thorough authentication procedure. There are pages where you only need an email address, but on other sites (like, e.g., Coinbase) you may need one of the following:

If they require a photo that is older than six month, they usually provide the means to take a photo with your computer's webcam.

It is important to adhere to the security measures of the site and use two-factor authentication (2FA). You'll get a code in text message to your phone when you want to login to the site. Your login will only be successful if you provide the right code.

If you already have access to the exchange or broker, you need to select which CryptoCurrency you want to buy from. As a rule of thumb, you should buy when it is low or going down and not when it is high or rising. Choosing the CryptoCurrency you want to buy is always a complex process, so you need to decide first whether you are in for the long run or want to trade. If you want to trade, you'll need to dive into the specifics of trading.

If you "only" wish to buy it and at some point in the future, sell it, and realize some profit, you need to examine the following.

Read the rest here:
Beginner's Guide | CryptoCurrency.org

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Cryptocurrency Latest News | Breaking News on Cryptocurrency ...

Billionaire investor Charlie Munger still isn't a fan of cryptocurrency.

"I wish they'd never been invented," Munger said at the Sohn conference in Sydney on Friday, according to The Australian Financial Review.

"I admire the Chinese, I think they made the correct decision, which was to simply ban them," Munger added.

This year, interest in digital assets surged, with the cryptocurrency market briefly surpassing a market value of $3 trillion in November and top coins, like bitcoin, hitting record highs.

This isn't a new stance for the 97-year-old vice chairman of Berkshire Hathaway. In May, during a Q&A session at Berkshire's annual shareholder meeting, Munger said that his dislike for bitcoin increased amid the Covid-19 pandemic.

"Of course I hate the bitcoin success," he said."I don't welcome a currency that's so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air."

"I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization," Munger added.

Of course, bitcoin supporters would disagree with Munger. They believe bitcoin is a store of value that can be used to hedge against inflation. They'd argue that bitcoin is a sound peer-to-peer financial system.

But Munger has consistently criticized bitcoin for its extreme volatility.

"It's really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin," Munger said at the annualshareholders meeting for the Daily Journal in February. "Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable."

Bitcoin is currently trading at around $56,085, according to Coin Metrics, with a market value of over $1 trillion.

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Don't miss: This 32-year-old has spent over $125,000 on NFTs to display in the metaverse

Continued here:
Charlie Munger says he wishes cryptocurrencies had 'never been invented' and admires China for banning them - CNBC

The latest centralised-exchange hack may be among the most devastating to date as Bitmart has lost $196 million in various cryptocurrencies. A tweet from security analysis firm Peckshield first called attention to the alleged hackon December 4night. One of Bitmartsaddressescurrently shows steady outflows of entire token balances, some worth tens of millions of dollars, to an address currently labelled by Etherscan as the Bitmart Hacker. Read morehere.

Bitcoin Buzz

Bitcoin market dominance sinks Over weekend as Ethereum's grows

Amid this weekend'scrypto crash, Bitcoin's market dominance dipped to nearly its lowest level ever. The market dominance of the first and largest cryptocurrency by market cap was just 38.32 percent on December 4, before paringafter the tumble. Read morehere.

Expert Take

China made the correct decision to ban cryptocurrencies: Charlie Munger

International Take

TIME s betting big on crypto and NFTs - here is why

When theNFTmarketexploded in Marchand broughtWeb3into the mainstream, a 98-year-old print magazine and news organization generated one of the most surprising headlines in the space.TIMElaunched Ethereum NFTsbased on its iconic red-bordered magazine covers andgenerated $446,000 worth of ETHin the process. Notably, the organization is betting big on crypto and NFTs. Read morehere.

Originally posted here:
Top cryptocurrency news of the day: Major stories on blockchain, crypto legislation and more - Moneycontrol.com

The value of Bitcoin (BTC) has exceeded the threshold of 66,895 dollars for the first time in his history.

Chesnot | Getty Images

Bitcoin and other cryptocurrencies surged Monday after a sharp sell-off at the end of last week.

The price of bitcoin climbed back above $58,000, rising 5.8% to $58,136.63, according to Coin Metrics data.

Other digital assets also rose, with ether jumping nearly 7% to $4,419.63 and XRP up 6% at around 99 cents.

Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, said early reports that the new, heavily-mutated omicron Covid variant came with milder symptoms was giving the market a boost.

"We're seeing news of the variant being potentially weakerin terms of symptoms in early analysis, which has bolstered the market comeback," Ayyar said via email. "Hence, smart investors have probably bought this dip."

Bitcoin last week sank as low as $53,549, its lowest level since early October, amid a broader sell-off in stocks and other riskier assets on the back of fears over the new coronavirus variant.

The world's largest digital currency was briefly down more than 20% from its recent all-time high of nearly $69,000, officially entering bear market territory. Bear markets are typically defined by a decline of 20% of more from recent highs.

The new Covid variant, first identified in South Africa, has spread to multiple countries including the U.K., Germany and Italy.

The U.S., U.K. and other nations have restricted travel with some African countries in response. Britain has also introduced new measures to tackle the new virus mutation, including mandatory mask wearing in shops and public transport in England.

On Sunday, Dr. Angelique Coetzee, the South African doctor who first spotted the omicron variant, described its symptoms as "extremely mild," soothing fears of a potential return of lockdown restrictions during the holidays.

"The global environmentdid add to the uncertaintyacross all risk asset classes as we saw last week, but the bounce back alwaysshows us how strong the uptrend is, which is what we're seeing here," Ayyar said.

If bitcoin loses $48,000 to $50,000 on a daily or weekly basis, "that would definitely imply bearishness," he added. But for now, Ayyar says "we're still in bull market territory."

Continued here:
Bitcoin climbs back above $58,000 as cryptocurrencies rebound from sell-off - CNBC

Facebook chief Mark Zuckerberg on Thursday announced the parent company's name is being changed to "Meta" to represent a future beyond just its troubled social network.

Chris Delmas | AFP | Getty Images

Facebook on Wednesday announced its decision to reverse long-standing policy that prevented most cryptocurrency companies from running ads on its services.

The move comes after the company, which is now called Meta, tried and failed to launch a cryptocurrency that could be used to send money online to anyone in the world via Facebook products. The head of Facebook's cryptocurrency efforts, David Marcus, announced on Tuesday that he will be leaving the company at the end of the year.

Previously, the company said advertisers could submit an application and include information including any licenses they obtained, whether they were traded on a public stock exchange or other relevant public background on their business.

Going forward, the company is expanding the number of regulatory licenses it accepts to 27 from 3.

"We're doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry," the company said in a statement.

The company banned cryptocurrency ads in January 2018 but scaled back that ban slightly in May 2019. The ban had prevented start-ups in the cryptocurrency and blockchain fields to promote their work and reach potential customers on Facebook and Instagram.

Henry Love, a former employee on Facebook's small business team, said the company's new policy is huge for the crypto industry and will allow more retail investors to access cryptocurrencies than ever before.

"With more openness and transparency for what crypto companies can do, we will see more adoption for the cryptocurrency industry and the metaverse than ever before," said Love, managing partner of Fundamental Labs, which has invested $500 million in the cryptocurrency industry since 2016. "This is a game changer for mass adoption."

Emad Hasan, another former Facebook employee, said the new policy will also be a boon for start-ups working on blockchain, which is the technology used to make cryptocurrencies work.

"These companies had been in a spot where they couldn't advertise on Facebook. They couldn't drive people to convert fiat currency into cryptocurrency," said Hasan, CEO of Retina AI, a start-up that helps brands target high-value customers on social media. "This will enable the average day-to-day person to do this."

Facebook has scaled back its own ambitions in cryptocurrency significantly over the last year. After outlining plans for a currency and a digital wallet in 2019, Facebook faced stiff backlash from lawmakers and regulators worldwide. The company finallyreleased its digital walletproduct, Novi, in October. But the digital currency, which is now named Diem and is run by an independent association, remains unreleased to the public.

Clarification: After publication, a company spokesperson noted thatFacebookwill continue to reject cryptocurrency ads from companies that do not submit one of the 27 regulatory licenses the company is accepting.

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Facebook retreats from crypto ad ban - CNBC

Ethereum (ETH-USD) is defying broad underperformance in cryptocurrencies, with its recent price gains reflecting a surge of interest in smart contract platforms that are being rapidly co-opted by the nonfungible token (NFT) boom.

Amid newfound investor interest, the digital coin's performance has even eclipsed Bitcoins (BTC-USD), which has languished for over a month after setting a new record high near $68,000.

Currently trading around $4,400, Ethereum is the second largest cryptocurrency by market capitalization. Like Bitcoin, ETH has morphed into something of a reserve currency of its own for crypto investors. That also might mean headwinds for the asset over the longer term, not to mention an opportunity for competing blockchains.

Unlike BTC, which is most often used as speculative store of value like gold, ether's primary use is to provide fuel or gas for transactions across the Ethereum blockchain.

As the price has gone up, it's gotten very expensive to get any [transaction] space on a block on the Ethereum blockchain, Aaron Lammer, a decentralized finance (DeFi) specialist at the crypto-focused quantitative hedge fund, Radkl, told Yahoo Finance.

There's still a huge number of people waiting to be on-ramped into DeFi and NFTs, we might see the price of Ether go even higher, and really only become available to people who are using it in a large-scale institutional way, Lammer added.

As Lammer explained, one consequence of high fees is that projects and users have a financial incentive to drop Ethereum for less expensive smart contract-enabled blockchain alternatives such as Solana, Avalanche and Terra.

By no coincidence, the tokens for these competing chains behind smaller digital coins like Terra (LUNA1-USD), Avalanche (AVAX-USD) and Solana (SOL1-USD) have also performed well over the last month.

Terra token has doubled in the last week, surpassing Shiba Inu coin (SHIB-USD) as the 12th largest cryptocurrency with a market capitalization of $25 billion.

Story continues

Similar to Ripple (XRP), the token's creator, Terra Labs, is also at the center of U.S. Securities and Exchange Commissions investigation working to determine whether some of the world's top cryptocurrencies are, in fact, securities. At least for the moment, ETH isn't suffering from similar regulatory uncertainty.

However, ETH's developer team has initiated a coin supply burn in its August upgrade, which will continue to exacerbate transaction costs and potentially cause its value proposition to better fit large institutions who can afford to pay the fees.

"Applications, like within DeFi, are competing for institutional capital, which is less concerned about high fees due to the more nominal sums of money they transact," explained Mason Nystrom, a research analyst with Messari.

Data tracked at watchtheburn.com, a project supported by the Ethereum Foundation, shows the rate at which burnt ETH has risen since Ethereum's upgrade. The net supply (block rewards issued - burned ETH) has dropped 80% from August through November.

The stakes of DeFi

As Lammer pointed out, another reason for Ethers rising price can be attributed to investor interest in DeFi. The emerging sector lets investors reap lending yields that are making regulators nervous, and causing Wall Street to salivate over how to tap the market.

A lot of DeFi is based on the idea of individual investors supplying capital into decentralized marketplaces, Lammer explained.

Except when you make a swap, you're actually in a pool that people have contributed money to, and therefore get rewarded in tokens. Other services are lending platforms, where you could lend your Bitcoin, or Ethereum, or all sorts of tokens in exchange for a percentage paid in APR [annual percentage rate], he added.

Such financial apps might seem harrowing to some investors, but the yields for lending assets within DeFi exchanges and protocols, range anywhere from 15% to 45% annual percentage rate (APR). For context, that's exponentially higher than what Americans can earn for holding U.S. dollars in a savings account (0.04% according to the FDIC).

In October, Securities and Exchange Commission Chair Gary Gensler told Yahoo Finance that DeFi is "going to end poorly" unless protections are bolstered for those who invest. The agency has already acted on the premise that lending products from centralized crypto companies also need to be registered as securities.

Meanwhile, attackers have stolen more than $700 million dollars in this year alone, with the latest exploit coming at the expense of DeFi autonomous organization (DAO), also known as BadgerDAO. The crypto hack may cost the organization $120 million, according to one of its members.

David Hollerith covers cryptocurrency for Yahoo Finance. Follow him @dshollers.

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Ethereum outshines Bitcoin in cryptocurrency horse race, price may have further to run - Yahoo Money

Dogecoin a meme-based cryptocurrency might not be so good for the crypto token market, according to Ripple CEO Brad Garlinghouse.

Dogecoin is a cryptocurrency coin that earned a lot of its support through social media, relying on memes tied to the shiba inu dog (it later spawned a spin-off cryptocurrency based around the dog, called Shiba Inu coin).

Garlinghouse, the CEO of global payment company Ripple, said the cryptocurrency market has boomed recently because of inflation, but hes not sold on every coin.

Garlinghouse said Dogecoin relies too much on hype to prove successful.

Johnny Lyu, the CEO of the worlds third-largest crypto exchange KuCoin, has made the case, though, that meme-based cryptocurrencies can be good long-term investments, as I wrote for the Deseret News.

Lyu said that meme-based cryptocurrencies are sparked by young investors, which might be a way theyll succeed in the long haul.

Originally posted here:
Dogecoin news: Is it a good investment? Does it work long-term? - Deseret News

Shiba Inus European avatar ESHIB witnessed a massive 25,000 percent surge in the last 24 hours. The little-known token generated in Spain describes itself as the eco version of Shiba Inu.

The token says it aims to improve peoples quality of life as well as raise awareness about climate change, according to Coinmarketcap. ESHIB further claims to reward its owners with 5 percent of each transaction this goes to donations in the event of natural disasters and educating youth to improve the environment.

Euro Shiba Inu (ESHIB) has hit a high of $0.000000000076 from $0.000000000003 on Thursday. However, the token gave up the majority of its gains on Thursday. At the time of writing this article, ESHIB is trading at $0.000000003161.

Hitesh Malviya, founder, itsblockchain.com, believes that greed, strong community engagement are some of the reasons behind this huge surge in ESHIBs price. At the end of the day ESHIB Remains a meme coin, it doesnt offer any fundamentals for long-term growth. And investors should avoid any limb term position in any meme coin, advised Malviya.

It should be noted that the Spanish meme coin gained momentum only because its original avatar SHIB gained a massive spike, after tech billionaire Elon Musk, tweeted a photograph of the SHIB coin going to the Moon on October 18.

the developers of the dog meme coin have created a blockchain ecosystem with the Shibaswap platform Shibarium, where transaction cost will be close to 0. Additionally, tech e-tailer Newegg has decided to accept the coin as a payment method soon, thus increasing investors confidence in both SHIB and ESHIB coins, asserted Nitish Sharma, Global CEO at TP Global FX.

We dont know whether the ESHIB project has any malicious intent such as the SQUID token case when millions of dollars vanished in a matter of minutes after investors piled into a new cryptocurrency inspired by Squid Game, the popular Netflix survival series, only to watch its value plunge to nearly zero in a few short hours. It was a potential rug pull case.

Currently, there are way too many crypto coins in the market with questionable use case scenarios, that are playing off the success of other viable coins. Anirudh A Damani, managing partner at Artha Venture Fund believes that this has spurted the need for strong regulations. We look forward to the government guidelines that will protect investors from any such market manipulation.

Earlier last week, a relatively unknown cryptocurrency called Omicron (OMIC), which shares its name with the new COVID-19 variant, spiked more than 900 percent in the span of 48 hours. OMIC token was selling at just over $50 on November 26, but after the news of the new COVID, variant surfaced. The token hit an all-time high of $689 on November 29 morning.

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Heres whats fuelling cryptocurrency Euro Shiba Inus 25,000 percent surge - The Indian Express

Facebook cryptocurrency chief David Marcus announced today that hes leaving the company. The former PayPal executive joined Facebook in 2014 to run Messenger but eventually took over plans to launch a new cryptocurrency and wallet, known at the time as Libra and Calibra, respectively.

After some pre-Meta name changes, the digital wallet launched with a small pilot in October under the name Novi but only in two countries (the US and Guatemala) and support for a single form of crypto, the Paxos stablecoin. The currency that spurred so much ire from regulators and politicians around the world, now called Diem, has yet to appear.

In posts on his Facebook page and Twitter, Marcus says, While theres still so much to do right on the heels of hitting an important milestone with Novi launching and I remain as passionate as ever about the need for change in our payments and financial systems my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it. He announced that Novi VP of product Stephane Kasriel, previously an early PayPal employee and the CEO of Upwork, will take over the leadership of the team.

Meta CEO Mark Zuckerberg commented on the Facebook post, saying, Ive learned so much working with you and Im so grateful for everything youve done for this place. We wouldnt have taken such a big swing at Diem without your leadership and Im grateful youve made Meta a place where we make those big bets. Youve built a great team, and while Ill miss working with you, Im looking forward to working with Stephane to lead the team going forward.

As recently as October, politicians were openly calling for Facebook to drop its cryptocurrency plans. At that time, Marcus said, I do want to be clear that our support for Diem hasnt changed and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability and we want to do it right.

What his departure means for the project overall is unclear, as well as how it fits in with Zuckerbergs metaverse vision for the future. His departure also comes one day after fellow cryptocurrency proponent Jack Dorsey stepped down from his position as the CEO of Twitter. It seems unlikely that either one will be done with Web3 projects any time soon.

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The leader of Facebooks stalled cryptocurrency project is leaving the company - The Verge