Category Archives: Cryptocurrency

Uber users will eventually be able to pay for rides using cryptocurrency, CEO Dara Khosrowshahi told Bloomberg. However, the company is essentially taking the same tack as Tesla by waiting for changes that will lower transaction fees and make it more environmentally friendly.

"Is Uber going to accept crypto in the future? Absolutely, at some point," Khosrowshahi said. "As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more."

If Uber does jump onto the crypto train, it would be joining a number of firms that already accept Bitcoin, most notably Microsoft, AT&T and Wikipedia. Other major companies have been more reluctant, however, as cryptocurrencies along with related products like NFTs have been under fire for using massive amounts of energy generated in part by burning fossil fuels.

Tesla was the highest-profile company to accept Bitcoin as payment for its EVs, but it suspended the practice, saying it would only use it again "as mining transitions to more sustainable energy." However, the company recently started accepting Dogecoin payments for some of its merch like the Cyberquad for Kids, with CEO Elon Musk tweeting that it's "better suited for transactions."

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Uber CEO says you'll eventually be able to pay with cryptocurrency - Engadget

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Police said it's a massive increase compared to 21 occurrences in 2021 with a loss of $270,000 and 2019 where just four incidents were reported with a loss of $84,000

Some Edmontonians looking for love last year are collectively down more than $5 million after being victimized by cryptocurrency investment scams, police said.

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Edmonton Police Service (EPS) is warning residents of cryptocurrency investment scams due to the crimes rapid rise in the city.

In 2021, the EPS cybercrime investigations unit identified 87 cryptocurrency investment complaints with a monetary loss of over $5.29 million. Police said its a massive increase compared to 21 occurrences in 2020 with a loss of $270,000 and 2019 where just four incidents were reported with a loss of $84,000.

EPS cybercrime units Det. Dana Gehring said a number of the investment scams started on an online dating platform.

We know online dating is extremely common, so we want to ensure Edmontonians know the signs of a potential romance investment scam and understand that dating sites and social media should not be where you find cryptocurrency investment tips, said Gehring.

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EPS said a fraudster would approach the victim on a dating or social media platform and claim to live in Canada, with many saying they lived near Edmonton but were currently out of town. Geographical separation is a common romance scam tactic, said police.

Police added a fraudster would move the conversation off the dating platform onto a messaging app as soon as possible and then delete their dating profile. These fraudsters also keep communication to the messaging apps, no video calls or in-person meetings.

Victims were initially told to send their cryptocurrency to a legitimate trading platform, but after trust had been built with the fraudster, they would be directed to a new investment website, which was fraudulent and controlled by scammers, EPS said.

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We quickly trust strangers online, especially if we feel an emotional connection to them, so if that potential partner appears to be an expert and guarantees quick, high returns, it sounds perfect, said Gehring. That should be the first red flag investments arent perfect.

EPS encourages Edmontonians to conduct online searches for the phone number or address given by the person they are speaking with online, to call them and have video chats, research the websites and apps associated with the investment and meet them in person. Police said do not send personal documents or money without meeting someone first.

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Edmonton police issue warning about cryptocurrency investment scams on dating platforms - Edmonton Journal

Bitcoin was the first cryptocurrency to become famous around the world. Cryptocurrency has revolutionized the way people conduct business. Bitcoin is legitimate digital money that provides many benefits and is a secure way to transact. Every day, people invest in bitcoins to gain a considerable amount of profit. The ability for anyone to make a transaction with complete independence is one of the reasons for investing in bitcoin. This is because a traditional currency has so many limitations. You must stay inside these limits to complete a transaction. Therefore, it provides fantastic benefits and services to people worldwide. According to current trends in the crypto trading market, particularly with bitcoin, billions of investors and traders have profited handsomely from investments that have grown dramatically in a short period. Millions of people are investing and profiting in unbelievable amounts. Bitcoins exchange rate in the market has jumped from 200 to 500 per cent due to its immense popularity. On crypto trading platforms, Bitcoin is presently seen as an irreplaceable asset, allowing traders to keep their money safe and profit.

Because it provides a quick and safe way to make payments, the use of digital money is on the rise. This guy is blown away by educational systems that have adopted Bitcoin to pay for childrens annual fees. It is critical to discuss the underlying forces underpinning Bitcoin, ensuring that every function and procedure runs smoothly and efficiently. There are so many opportunities open for trading with bitcoin nowadays.

Why is it different from other cryptocurrencies?

When it comes to volatility, Bitcoin is no different from other cryptocurrencies. It follows in the footsteps of previous digital currencies. The price fluctuates regularly, so its always a good idea to brush up on skills that will help you get more familiar with the platform. You can visit profit builder to know more.

They are in charge of ensuring. Bitcoin transactions are done with the help of that app. Satoshi Nakamoto, known as the founder of Bitcoin, introduced this step to keep a good and honest relationship with Bitcoin users. 1 Miners can help you prevent the double-spending problem by confirming transactions you make through your device. If a Bitcoin owner spends the same bitcoin twice in any other way, it is double-spending. There is a possibility where some bitcoin holders take other digital coins to clone the digital token. Those digital tokens are given to a merchant or another party who is unaware of that process.

Why is Bitcoin the most wanted cryptocurrency?

People mainly get attracted by seeing the unpredictable price of bitcoin. As it increases day by day, it is easy to invest in bitcoin. The intriguing thing about Bitcoin was that it was a sculpting medium of exchange accepted in several places of the world. The majority of business people use cryptocurrencies as a payment option. Furthermore, most teenagers believe that utilizing digital money for all transactions is safer and more beneficial.

There are numerous things to which you should pay attention. First, there are many faces of bitcoin exchange. There are a variety of currencies available on the market, each with its own distinct and good reputation. People who want to create a registered account on a platform with a good reputation in the industry and free of scams should look into the internet platform. You can learn about the various possibilities for charging customers a cheaper fee.

Final word

After going through the articles, you must have known how to invest or start your business with bitcoin. If you do not select the appropriate platform for purchasing bitcoin, you are more likely to lose all of your savings that you intend to invest in bitcoin; this is an essential factor to consider when dealing with electronic money. It makes no difference if youre a newcomer to the bitcoin market or a seasoned pro. It would be advantageous if you remembered some market rules and regulations at all times.

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Bitcoin as the Most Selling Cryptocurrency - UrbanMatter

Crypto.com Coins (CRYPTO: CRO) price has decreased 6.43% over the past 24 hours to $0.47, continuing its downward trend over the past week of -3.0%, moving from $0.49 to its current price.

The chart below compares the price movement and volatility for Crypto.com Coin 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.

Crypto.com Coins trading volume has climbed 30.0% over the past week along with the circulating supply of the coin, which has increased 0.02%. This brings the circulating supply to 25.26 billion. According to our data, the current market cap ranking for CRO is #15 at 12.05 billion.

If you are interested in purchasing Crypto.com Coin and want to know the best cryptocurrency exchanges, follow this link to Benzinga Money.

Do you want to learn more about trading and be able to analyze your own portfolio of stocks or cryptocurrencies? Consider signing up for Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy. You can follow the link here to visit.

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Cryptocurrency Crypto.com Coin Decreases More Than 6% Within 24 hours - Benzinga - Benzinga

The Spanish parliament has introduced an amendment to the tax model 720 used to declare cryptocurrency and other holdings abroad, softening some of the penalties associated with it. The modification, which has not yet been approved, changes some of the harsher penalties that were declared illegal by the Court of Justice of the European Union last month.

An amendment of the tax model 720, which forced taxpayers to disclose crypto and other kinds of asset holdings outside of the country, was introduced in the Spanish Parliament on February 10th. The antifraud law which was approved last June dictates that cryptocurrencies abroad would have to be declared using this model.

The proposed amendment seeks to eliminate certain penalties in the previous model 720 that were declared illegal by the Court of Justice of the European Union last month. According to the old structure, debtors could pay up to 150% of their holdings abroad depending on the circumstances. Also, taxpayers had to pay fines of 5,000 euros ($5,675) for giving inexact, fake, or incomplete data in the digital currency tax statement. These tax debts never became prescribed, meaning that even after years the debtors would have to pay the accumulated debt.

The amendment for the new model 720 includes fixes for these items. One of the most important changes is that tax debts now become prescribed in four years, meaning that taxpayers will only be liable for the debts of the last four tax periods. Another of the significant changes that are proposed is the change in the fines that will be applied to taxpayers. From the aforementioned fines, the new sanctions go in line with what the current General Tax Law describes, ranging from 150 to 250 euros.

Also, the established 150% penalties disappear, something that the Court of Justice of the European Union had described as giving the model 720 an extremely repressive character. However, some things are maintained. The taxpayers have the obligation to report the cryptocurrency holdings they have abroad, and citizens that hide these assets in foreign lands will have to pay fines.

This soft model 720 will be used for declaring these taxes before March, when the period for presenting tax statements closes. It is unknown if the government will maintain this model for the future or if it will design a new model for the next year.

What do you think about the new tax model 720 and its softened penalties? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Spain Modifies Tax Model 720, Used to Declare Cryptocurrency Holdings Abroad Regulation Bitcoin News - Bitcoin News

A member of the Sotheby's auction house team holds the "Enigma" black diamond on February 04, 2022 in London, England. Photo by Leon Neal/Getty ImagesPhoto by Leon Neal/Getty Images

Sotheby's sold a billion-year-old black diamond from space for $4.3 million worth of cryptocurrency.

Named the Enigma, the diamond is 555.55 carats with 55 facets, aka flat surfaces.

The diamond was found near the Earth's surface where it may have formed from meteoric impacts.

A billion-year-old diamond from space sold at auction for $4.3 million worth of cryptocurrency.

Sotheby's announced Wednesday that the Enigma an extremely rare, black 555.55-carat diamond sold to an unidentified buyer who paid in cryptocurrency. The Enigma, according to the Guinness World Record Book, is the largest cut diamond in the world.

While most diamonds are uncovered deep within the Earth, the Enigma is an "extremely rare carbonado," which is a type of diamond discovered near the Earth's surface and believed to have extraterrestrial origins, the London-based auction house said.

"It is thought that this specific type of black diamond was created either from meteoric impacts producing natural chemical vapor deposition or an extraterrestrial origin - from supernovae explosions that formed diamond-bearing asteroids which ultimately collided with the Earth," Sotheby's said.

On Twitter, crypto entrepreneur Richard Heart made a video claiming he was the buyer of the rare space diamond. He said once the payment goes through, he'll rename the item the HEX.com diamond, a reference to a crypto platform he's part of.

In its rough original form, the diamond weighed more than 800 carats. It took three years to get it into its current form with 55 facets, aka flat surfaces, weighing exactly 555.55-carats and having a high degree of polish, Sotheby's said. The Enigma's chosen shape is a Hamsa, a Middle Eastern palm symbol representing protection, blessings, power, and strength.

The nearly 300-year-old auction house has been diving into the crypto world. Last year, it began accepting cryptocurrencies as a form of payment in an effort to expand its client base and has been auctioning digital collectibles known as NFTs.

Crypto enthusiasts have a propensity for big items. The Wall Street Journal in its report said the auction house sold a 100-carat diamond for $12.3 million in crypto in July. Also last year, crypto Twitter rallied around tiny cubes of Tungsten that are extremely dense. They even bid for the opportunity to touch a 2,000-pound Tungsten cube once a year.

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An unknown buyer used $4.3 million in cryptocurrency to buy a billion-year-old space diamond from Sotheby's - Yahoo Tech

A cryptocurrency or crypto, is a virtual currency secured by cryptography. It is designed to work as a medium of exchange, where individual ownership records are stored in a computerised database.

The defining trait of a cryptocurrency is that they are not issued by the government agency of any country making them immune against any interference and manipulation from them.

Latest Developments regarding Cryptocurrency in India The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is likely to be introduced in the winter session of the Parliament. It is a bill that would regulate Cryptocurrency in India. On December 7 2021, Finance minister Nirmala Sitharaman asserted that the the proposed Central Bank Digital Currency will not boost cryptocurrency in India.

This article will further discuss the details of cryptocurrency within the context of the Civil Services Examination.

In simplistic terms, Cryptocurrency is a digitised asset spread through multiple computers in a shared network. The decentralised nature of this network shields them from any control from government regulatory bodies.

The term cryptocurrency in itself is derived from the encryption techniques used to secure the network.

As per computer experts, any system that falls under the category of cryptocurrency must meet the following requirements.:

Get the latest information on Cryptocurrency at 8:58 minutes on the video provided below

The first type of crypto currency was Bitcoin, which to this day remains the most-used, valuable and popular. Along with Bitcoin, other alternative cryptocurrencies with varying degrees of functions and specifications have been created. Some are iterations of bitcoin while others have been created from the ground up

Bitcoin was launched in 2009 by an individual or group known by the pseudonym Satoshi Nakamoto. As of March 2021, there were over 18.6 million bitcoins in circulation with a total market cap of around $927 billion.

The competing cryptocurrencies that were created as a result of Bitcoins success are known as altcoins. Some of the well known altcoins are as follows:

Today, the aggregate value of all the cryptocurrencies in existence is around $1.5 trillionBitcoin currently represents more than 60% of the total value.3.

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Cryptocurrency has the following advantages

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Cryptocurrencies have the following disadvantages.

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Cryptocurrency: Definition, Advantages & Disadvantages

State legislatures for the past few years have been exploring ways to regulate and take advantage of the growing interest in cryptocurrencies. This year, two states in the West have captured national attention for proposals that would allow tax payments in digital currencies.

A bill before the Arizona Legislature would amend state law to include Bitcoin as legal tender to pay debts, public charges, taxes and dues. And a proposal in Wyoming isnt limited to a specific currency, but it would only apply to payment of local sales and use taxes.

Both proposals face potential legal and political hurdles. But Wyoming has gone further than any other state in passing laws to accommodate cryptocurrency adoption, and backers of the proposal there believe it will be the first state to take a significant step in the realm of tax payments, Politico reported.

A National Conference of State Legislatures summary shows 33 states considered proposals last year dealing with digital currency. And Wyoming has been on the forefront in establishing the groundwork to take advantage of digital currencys growing popularity and potential.

For the last four years, Wyoming has done profound legislation that has achieved global attention with its groundbreaking concepts, state Sen. Tara Nethercott, R-Cheyenne, who sits on the states Select Committee on Blockchain, Financial Technology and Digital Innovation Technology, told the Wyoming Business Report.

The states Republican U.S. Sen. Cynthia Lummis, one of the more vocal crypto champions in Congress, plans to introduce a comprehensive bill this year that would cover everything from how digital assets are taxed and categorized to consumer protections, Bloomberg recently reported.

Colorado is also trying to stake its claim in the cryptocurrency industry. Nasdaq.com reported last year that Gov. Jared Polis, a Democrat, told a gathering of digital currency supporters that his state would be thrilled to be the first state to let you pay your taxes in a variety of cryptos.

Colorado is and will be the center for blockchain innovation in the United States, attracting investments and good jobs and innovators in infrastructure, digital identity, (and) individual data security in the private and public sector, he said, without giving details on how that ambitious plan would roll out.

Local leaders around the country are also looking for opportunities to cash in to create jobs and finance public projects, according to The New York Times.

Cryptocurrencies are decentralized digital currencies that can be used to buy and sell products. Owners often have a digital wallet that allows them to buy or sell coins through digital exchanges. The wallets are often online, or theyre stored offline on a hard drive.

While some retailers accept virtual currencies and support state efforts to help the innovation grow, no states currently allow for taxes to be paid in crypto. Ohio was the first to announce businesses could use Bitcoin to pay tax bills in 2018. But the service lasted less than a year before it was declared illegal and shut down.

And some observers see the efforts in Wyoming and Arizona as little more than symbolic stunts to push volatile digital currencies into mainstream acceptance.

The Arizona bill declaring Bitcoin as legal tender has a particularly high hurdle to clear as the Constitution restricts the power of states to issue their own money.

Arizona could certainly pass a law like this and the state government could choose to accept Bitcoin as payment for Arizona taxes, but this would not change the legal treatment of Bitcoin as property from a federal tax perspective, Preston Byrne, a Washington, D.C.-based attorney who specializes in the blockchain technology used by digital currencies, told gobankingrates.com.

Wyomings more narrowly focused proposal would face more of a political than legal battle, said Rohan Grey, research director of the Digital Fiat Currency Institute, a San Francisco-based trade group that represents government bodies and financial institutions.

He told Politico that as the federal government gears up to more extensively regulate cryptocurrencies, Congress could simply pass a law banning the practice.

There is also concern among global financial regulators about displacing a national currency, which could undermine the ability of national governments and central banks to regulate the economy.

While support and skepticism toward digital currency cuts across the political spectrum, partisan lines are appearing in Congress, Slate.com reported. It detailed examples of Republicans in both the House and Senate having a more favorable approach toward innovative digital technology than Democrats and encouraging the Federal Reserve and Treasury Department to take a friendlier stance toward Bitcoin so that China doesnt get ahead in the sector.

Among the broader populace, however, partisan divisions arent so stark on the issue of cryptocurrency, the article noted. A recent Morning Consult poll found that 9 percent of Democrats and 9 percent of Republicans believe that there are too many cryptocurrency regulations. Conversely, 26 percent of Democrats and 19 percent of Republicans believe that there arent enough cryptocurrency regulations, a 7-point gap that Morning Consult characterizes as fairly narrow when it comes to opinions on financial laws.

And some observers say its the support of that broader populace that supporters of the Wyoming and Arizona proposals want to capture, as media reports continue to cast a wary eye on the cryptocurrency craze.

Broad appeal might be difficult to garner in Arizona, where the cryptocurrency legislation is sponsored by Republican state Sen. Wendy Rogers, who was recently singled out by the Anti-Defamation League for her extremist views and racist rhetoric. But Wyomings proposal is backed by the Merchant Advisory Group, a trade group for retailers that includes giants such as Amazon, Walmart, and Home Depot. For retailers, part of the appeal would be convenience, said Wyoming Rep. Ocean Andrew, the sponsor of the bill.

He was quoted on the website Moneyandmarkets.com, where columnist Shawn Ambrosino hopefully writes that debates over the bills like those in Wyoming and Arizona are what the cryptocurrency movement needs to go mainstream.

Just like we saw with the cannabis market, the moment states start accepting these digital currencies as legal tenders, he predicted, it starts catching on like wildfire.

Contributing: Herb Scribner

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Can you pay taxes with cryptocurrency? Where is crypto accepted as payment? - Deseret News

As concerns rise and hearings are held in the US about the cryptocurrency industrys effect on the environment, its time to address blockchains poor sustainability record. The first port of call should be changing how transactions on the blockchain operate a move which could cut its energy usage by 99.99%.

A cryptocurrency is a digital representation of value that, unlike traditional money, isnt issued by any central bank or agency. Cryptocurrencies are powered by blockchain technology, which allows the exchange of virtual coins like bitcoin and ether.

Cryptocurrency mining is the process of creating new coins by solving complex mathematical problems. The mining process also validates transactions on the cryptocurrencys network, proving that theyre genuine.

Crypto transactions are validated in two main ways: using either a proof of work or proof of stake mechanism.

Proof of work requires miners around the world to compete to complete a maths puzzle. The winner is rewarded with a predetermined amount of cryptocurrency and the ability to validate their transaction.

In proof of stake, cryptocurrency owners validate blockchain transactions based on the number of coins they stake. In other words, cryptocurrency owners are required to put up their own cryptocurrency as collateral for the opportunity to successfully approve transactions.

Proof of work is more secure than proof of stake, but its slower and consumes more energy. The mining activities of pioneering blockchains like Bitcoin are based on proof of work and thus use enormous amounts of energy. But switching transactions to proof of stake has the potential to dramatically cut emissions.

Although renewable energy is now being used to power some cryptocurrency activities, that energy could surely be put to better use elsewhere: for example, to power homes or businesses. Instead, if blockchain transactions were verified through proof of stake a move that Ethereum is planning to make their energy consumption could be reduced to 0.01% of its original value.

The estimated power needed to run the Bitcoin network across the world is an extraordinary 7.46 gigawatts (GW) per year. For comparison, in 2020 an average-sized nuclear plant produced around 1GW of electrical power in a year. The energy required for just one bitcoin transaction could power the average US home for more than 70 days.

As the US committee heard, a bitcoin transaction adds around 400kg of CO to the atmosphere (assuming its powered by an energy mix typical of the UK, of which around two-thirds comes from fossil fuel).

Read more: Crypto countries: Nigeria and El Salvador's opposing journeys into digital currencies podcast

Together, Bitcoin and Ethereum mining operations emit more than 70 million tonnes of CO into the atmosphere. Thats the same as the annual exhaust emissions of over 15.5 million cars. One cryptocurrency mining firm is even seeking to restart operations at two coal-fired power plants in Pennsylvania to generate more energy.

The main concern raised by the US committee was that, given the potential for a dramatic increase in cryptocurrencies value, their required energy consumption and environmental impact is likely to keep growing.

This is partly thanks to the boom in related markets like decentralised finance (DeFi) and non-fungible tokens (NFTs), which are largely based on the Ethereum blockchain.

DeFi is a financial system using blockchain technology to let users make transactions and investments without going through a central mediator, while NFTs are unique pieces of digital media stored on the blockchain.

Although DeFi only launched in 2017, its value already hit 85 billion in November 2021. And NFTs total sale value grew from 74 million in 2020 to 29.6 billion in 2021.

Also, since NFTs are most commonly created on the Ethereum blockchain which uses proof of work to verify transactions it takes a lot of energy to create one. And as NFTs feature prominently in the growing metaverse, their energy demand is only set to increase.

Read more: How Covid broke supply chains, and how AI and blockchain could fix them

It sounds contradictory, but adopting blockchain technology could actually have a positive effect on the environment over the long term. This is because it could allow companies to automate many of their complex payment systems, reducing the number of commuting employees and resulting in fewer transport-related emissions.

While the extent of this transformation is very hard to predict, its becoming clear that as blockchain technology grows, its benefits will too. For example, as developments in blockchain continue to break new ground in business and finance, were seeing cryptocurrency accelerate financial inclusion for those whove historically been excluded from participating in formal financial systems.

As more businesses enter the metaverse, governments and regulators should aim to ensure that environmental implications are minimised without stifling innovation. Requiring blockchains to adopt proof of stake would be a good start.

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Cryptocurrency, NFTs and the metaverse threaten an environmental nightmare heres how to avoid it - The Conversation UK

India has the second highest cryptocurrency users in the world, according to a report by Chainanalysis

The popularity of cryptocurrency seems to show no signs of slowing down. Now, data suggests that investors in India also have embraced cryptocurrency. According to a new report by Chainanalysis, the boom in cryptocurrency in India has resulted in a tremendous rise in the number of users in the country. In 2021, India recorded the second-highest number of cryptocurrencies users around the world, the report stated. The report, released in 2021, shows that India is second only to Vietnam in the number of cryptocurrency users.

In addition to the rise in the number of cryptocurrency users, the report by the industry research firm also shows that the country's crypto market grew by 641 per cent in the year. While Pakistan comes third in terms of the number of cryptocurrency users after Vietnam and India, it saw the most growth at 711 per cent. The report also noted here that while India, Vietnam, and Pakistan all have high levels of grassroots cryptocurrency adoption, they're quite different in terms of the raw transaction value.

Additionally, the report cited possible reasons behind the surge in the number of users based on comments by industry experts. For instance, Joel John, Principal at LedgerPrime, said that it could be the ease of crypto investments that has encouraged more people to warm up to it. Investing inequities in India is a long, painful process that requires you to sign lots of documents. It takes about three to four days. Investing in crypto takes less than an hour, Joel John was quoted as saying.

Meanwhile, Krishna Sriram, Managing Director at Quantstamp, was cited in the report as saying, Tons of Indian developers, fund analysts, and independent freelancers working for overseas employers have started requesting to be paid in cryptocurrency.

The rise in the number of cryptocurrency users comes at a time when Finance minister Nirmala Sitharaman has said that the government will bring clarity on formalisation of cryptocurrency soon. In the budget for 2022-23, the government has announced that virtual digital assets would be taxed.

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