Category Archives: Cryptocurrency

The Commonwealth Bank will allow its customers to buy and sell cryptocurrency through its app, in the first move of its kind by a major Australian bank.

Australias largest bank announced on Wednesday it had partnered with US-based crypto exchange Gemini and blockchain analysis firm Chainalysis to offer the service to its 6.5m CommBank app users.

Customers will be able to buy up to 10 crypto assets including bitcoin, Ethereum and Litecoin.

The bank will conduct a pilot in the next few weeks, ahead of a wider launch in 2022.

We believe we can play an important role in crypto to address whats clearly a growing customer need and provide capability, security and confidence in a crypto trading platform, CBAs chief executive Matt Comyn said in a statement.

The bank said research on its customers found many had either expressed interest in crypto assets, or were already trading crypto through exchanges.

Customers have expressed concern regarding some of the crypto services in the market today, including the friction of using third party exchanges, the risk of fraud, and the lack of trust in some new providers. This is why we see this as an opportunity to bring a trusted and secure experience for our customers, Comyn said.

Dr Dimitrios Salampasis, a lecturer of fintech leadership and entrepreneurship at Swinburne Business School, said he was not surprised CBA had entered the cryptocurrency field.

He said the bank was trying to get first mover advantage in Australia, and hoped it would bring more legitimacy to the cryptocurrency space.

Having this coming from a systemic and the biggest bank in Australia, its definitely a move that will change a lot, he said.

And it will hopefully bring legitimacy, bring further harmonisation, push further regulation and also minimise debanking, which has been a massive pain for all cryptocurrency startups in particular.

Debanking is where financial institutions refuse to offer services to businesses in Australia.

A Senate select committee report on fintech services in Australia, tabled this month, cited several cryto businesses that had been rejected by dozens of financial institutions in Australia, such as the exchange Bitcoin Babe.

The committee, chaired by Liberal senator Andrew Bragg, recommended the government regulate the sector to allow it to fully operate in Australia, including a market licensing regime for digital currency exchanges, and for the government to develop a clear process for businesses to deal with debanking.

Salampasis said the committees report, along with CBAs gradual move into the sector, would likely foster regulation of cryptocurrency in Australia.

There has to be regulation, there has to be provisions, especially in relation to custody, especially in relation to licensing, he said.

I do believe that Australia has a once-in-a-lifetime opportunity to become a leader in the space and really drive a complete regulatory framework around cryptocurrencies.

Bragg welcomed the announcement from CBA.

For too long, banks have cast aside cryptocurrency as an illegitimate fringe pursuit. I am pleased the tide is turning, as digital assets are mainstreamed, he said.

Now banks are adopting cryptocurrency, they should stop debanking hardworking Australians.

CBA told the committee that it does not have a policy around debanking due to competitive or market factors but when making a decision on lending to new customers, we take a range of risk considerations into account including the terms and conditions of any loan documentation and possible security provisions provided.

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Commonwealth Bank to offer cryptocurrency trading in first for Australias big four - The Guardian Australia

It is important to understand the nuances of cryptocurrency as an investment tool

Cryptocurrency such as Bitcoins, Ethereum and others, is a form of decentralised digital money. They function on the principle of blockchain technology connected to a network of computers. People around the globe are taking interest in cryptocurrency. If you are one of those interested in cryptocurrencies, you need to understand the various aspects of it. And the question of how cryptocurrencies can attract tax is as much valid if you are looking at investing. So, have you ever thought about how the government can tax your cryptocurrency investment? Find out the various ways in which it can be done.

Concerned authorities around the world are planning to design standard rules of taxation for cryptocurrencies. There is no escape from paying tax on the gains from cryptocurrencies.

As far as India is concerned, in 2018, the Reserve Bank of India (RBI) had banned banks and other financial institutions from facilitating cryptocurrency transactions. In 2020, the Supreme Court reversed the order. Since then, though trading is allowed on these virtual coins, they have not yet received the status of a legal tender. However, that doesn't spare anyone from paying tax on cryptocurrency trades.

In India, there are no specific guidelines on the taxation of cryptocurrency in the Income-Tax Act, 1961. But taxpayers need to report transactions if they have invested in cryptocurrencies and gained from those investments.

Earlier this year, in March, Minister of State for Finance, Mr. Anurag Singh Thakur said in response to a question the Rajya Sabha that the gains resulting from the transfer of cryptocurrencies/assets are subject to tax under the head of income, depending upon the nature of holding of the same.

Should you classify cryptocurrencies as currency' or asset'?

When you talk about cryptocurrencies, there's still a lot of ambiguity as far as rules and regulations around the same are concerned. If your cryptocurrencies are held for more than 36 months, your gain will be categorised as long-term capital gains. But your gains from a shorter period of time will be categorised as short-term capital gains. These gains are taxable at different rates. The long-term gains are subject to tax at a rate of 20 percent. The others, however, including the ones where gains are received during a shorter period of time, are subject to tax at the applicable personal taxation rates.

Can crypto-trading can be classified as a business activity?

If a trader carries out cryptocurrency transactions often, any profit from there on would be taxable as business income. If cryptocurrencies are held as stock-in-trade,' the income arising from there will also attract tax.

Therefore, while you are continuously trading in cryptocurrencies, you must know that the profits you gain will be taxable as business income.

So, while dealing with cryptocurrency, remember that you need to pay your tax if you have generated an income. Secondly, you must maintain a record of all your transactions. Most importantly, take the help of a taxation expert to guide you through.

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How Can The Government Tax Your Cryptocurrency Investments? - NDTV Profit

PHILADELPHIA, PA / ACCESSWIRE / November 4, 2021 / Pennexx Foods (OTC PINK:PNNX) in its long-standing commitment to bringing cryptocurrency solutions to consumers, merchants and enterprises, Pennexx has launched features to reward consumers in Bitcoin (BTC) each time an offer is redeemed.

Entering the cryptocurrency market creates immediate value for the company. Consumers can now receive Bitcoin (BTC) for utilizing the companies offers, discounts, rewards and coupons by shopping online and instore.

Rewarding customers in cryptocurrency creates a tremendous and exciting opportunity to use the currency in a unique and powerful way. The way is works in the merchant signs up for the YourSocialOffers.com (YSO) platform and selects rewarding customers through cryptocurrency. Each time the merchant redeems one of these offers the consumer receives cryptocurrency to their digital wallet. This reward is as good or even better than cash as cryptocurrency value has been increasing.

The company plans to release a number of cryptocurrency products and intends to be releasing more news in this arena over the next 30 days. Vincent Risalvato, CEO of Pennexx said, "I am extremely excited to open door to the cryptocurrency world. We believe that cryptocurrency, savings and rewards are a perfect fit. We will be innovating in this area to bring terrific value to consumers, merchants and enterprises."

This is the company's first product in the cryptocurrency market which according to CNBC https://www.cnbc.com/2021/04/06/cryptocurrency-market-cap-tops-2-trillion-for-the-first-time.html topped $2 trillion dollars.

This is the first step for the company to becoming a source for cryptocurrency technology.

As far as the company knows, there is no other discounts or rewards site which currently offers cryptocurrency as a reward to consumers through coupons the in the manner that YSO does.

This puts the company in a unique position. It also puts its consumers and clients in a unique position to offer a new, exciting compelling product.

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For More Information

Pennexx will do its best to openly and publicly answer your questions and concerns via social media on Twitter https://twitter.com/pennexx @pennexx, or you may email info@pennexx.net.

About Pennexx Foods Inc. (PNNX: OTCMKTS US). Pennexx, through its wholly-owned subsidiaries, is a holding company within the Software/Internet Industry that focuses on social media, prepaid debit cards, cryptocurrency, artificial intelligence, targeted marketing, and consumer rewards.

Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made according to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.

For additional information, visit our website at http://www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.

SOURCE: Pennexx Foods, Inc.

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Pennexx's Your Social Offers Platform Enters the Trillion-dollar Cryptocurrency Industry by Offering Rewards to Consumers in the Form of Bitcoin (BTC)...

MIAMI, Nov. 4, 2021 /PRNewswire/ -- Next-gen digital banking platform innovator Technisys announces a new partnership with Okcoin, a global cryptocurrency exchange serving 190 countries, to help traditional banks support bitcoin and cryptocurrency services to new and existing customers enabling banks to elevate the customer experience and uncover new revenue streams.

(PRNewsfoto/Technisys)

As mainstream consumer adoption of cryptocurrency continues to rise, traditional banks are challenged with providing solutions to meet this new market demand. Through this partnership with Okcoin, Technisys will empower banks to adopt and support bitcoin and other cryptocurrency services, while continuing to offer a seamless, end-to-end, digital customer experience.

While Okcoin's cryptocurrency exchange supports millions of people who buy and sell bitcoin and more than 30 other crypto assets daily, Technisys will enable banks and fintechs to integrate a new set of cryptocurrency services into their existing digital offerings enabling banks to better meet changing customer needs and demands for more safe, secure and regulated cryptocurrency banking solutions.

"As consumer behavior shifts and bitcoin adoption increases, Technisys is committed to helping our digital and core banking clients to adapt and flex as market demands dictate," said Mike Santos, CEO of Technisys. "Enabling these capabilities for all financial institutions brings opportunity and growth in new ways - via a next-gen digital banking platform - that were simply not possible before."

"Okcoin is committed to making crypto investing easily accessible to everyone around the world, as well as partnering with top fintech companies to provide a seamless user experience" said Hong Fang, CEO of Okcoin. "We're pleased to be working with Technisys to broaden the next generation of tools Okcoin customers can use to engage with the crypto market, and we look forward to driving greater adoption through this partnership."

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With Technisys headquartered in Miami, where the city's mayor, Francis Suarez, has inspired action to transform Miami into the latest innovation hub, the Technisys and Okcoin partnership is timely, and representative of the flourishing technological ecosystem in this city. It is indicative of the growing momentum - with technology innovation at the center - to support new ways of working, engaging and living for banks, businesses and consumers.

About TechnisysTechnisys is the next-gen digital and core banking platform that redefines the customer experience. As a best-in-class technology platform, Technisys uniquely delivers differentiation in two key ways. By empowering financial institutions to dynamically create tailored financial products at the speed of commerce. And, by offering meaningful recommendations to customers at point of need. How are we different? We use data-driven insights and integrate them with our unique technology that enables structural flexibility. A flexibility that allows financial institutions to create and tailor any financial product - in seconds - to deliver a seamless digital experience at every customer touchpoint whether online, on the phone, or at a branch. Giving banks and fintechs the agility to tailor offerings that become integral to a customer's lifestyle in new and profound ways, down to the segment of one. https://www.technisys.com/

About OkcoinEstablished in 2013, Okcoin is one of the world's fastest-growing cryptocurrency platforms, operating in over 190 countries more than any other US-based exchange. Okcoin is building a more inclusive future of finance by making it easy for anyone in the world to buy, trade, and earn cryptocurrency with industry-low fees. The platform supports millions of retail and institutional customers, enabling them to take advantage of unique opportunities in decentralized finance (DeFi), such as staking, and providing access to bitcoin, ether, and over 25 other crypto assets. Okcoin is headquartered in San Francisco with offices in Miami, Hong Kong, Singapore, Malta, and Japan. Follow the company at @Okcoin and visit okcoin.com to learn more.

MEDIA CONTACT:

Corey Goldman, on behalf ofTechnisysPhone: 1.416.322.2863Email: technisys@fullyvested.com

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Technisys Partners With Okcoin To Bring Cryptocurrency Integrations To Digital Banking - Yahoo Finance

A new scam has come to light, where cybercriminals are using Google Ads to steal cryptocurrency wallets. Scammers are placing ads at the top of Google Search that imitates popular wallet brands, such as Phantom and MetaMask, to trick users into giving up their crypto wallet passphrase and private key, research by Check Point Research (CPR) reveals.

CPR, in its blogpost notes that to lure their victims, scammers placed Google Ads at the top of Google Search that imitated popular wallets and platforms. The company estimates that over $500k worth of crypto was stolen in a matter of days.

Scammer implants a Google Ad to appear first on a search query related to a crypto wallet. After the victim clicks on the malicious link that appeared as Google Ads, the victim is navigated to a phishing website that looks identical to the original wallet website.

The fake website now attempts to steal your passphrase, if you already have a wallet; or will provide you with a new passphrase for your newly created wallet. In both ways, the scammer gains access to your wallet and can proceed to steal all your cryptocurrency.

A passphrase creates an extra layer of security for your accounts and works like two-factor authentication for crypto-wallets. But if you hand it over to the cybercriminals, then your account gets compromised.

Oded Vanunu, Head of Products Vulnerabilities Research at Check Point, in a statement, said, I believe were at the advent of a new cybercrime trend, where scammers will use Google Search as a primary attack vector to reach crypto wallets, instead of traditionally phishing through email. In our observation, each advertisement had careful messaging and keyword selection, in order to stand out in search results. The phishing websites where victims were directed to reflected meticulous copying and imitation of wallet brand messaging. And whats most alarming is that multiple scammer groups are bidding for keywords on Google Ads, which is likely a signal of the success of these new phishing campaigns that are geared to heist crypto wallets.

CPR urges the crypto community to stay on high alert and offers safety tips for people on how to stay protected.

1. Check the browser URL, before clicking any link. The padlock symbol needs to be there in the URL.

2. Look for the extension icon. The extension will contain an extension icon near it and a chrome-extension URL. Only the extension should create the passphrase, and to understand if this is an extension or a website always look at the browser URL.

3. Users should never give out their passphrase, no one should ever ask for that. And it should be used again only when installing a new wallet.

4. Skip the ads. If you are looking for wallets or crypto trading and swapping platforms in the crypto space, always look at the first website in your search and not in the ad, as these may mislead you to get scammed by the attackers.

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Cybercriminals used Google Ads to steal $500k worth of cryptocurrency: Heres how to stay safe - The Indian Express

Cryptocurrency prices continue to be in the red on November 1. The global cryptocurrency market cap is Rs 197.08 lakh crores, a 0.56 percent decrease over the last day, while the total crypto market volume over the last 24 hours is Rs 9,982.02 crores, which makes a 7.40 percent decrease.

Bitcoin's price is currently Rs48,45,010 and its dominance is currently 43.98 percent, an decrease of 0.40 percent over the day.

Meme cryptocurrency Shiba Inu tops the WazirX exchange in terms of volume with Tether and Bitcoin trailing behind on second and third respectively.

SHIB, the self-proclaimed "dogecoin killer", which was created in August 2020 by someone who uses the name Ryoshi, is modelled after Dogecoin. It is currently trading at Rs 0.005620, 8.26 percent higher since yesterday.

Apple co-founder Steve Wozniak has joined the list of tech entrepreneurs who are lending their weights behind cryptocurrency. According to Wozniak, the virtual currency offers an "awful lot of promise" and Bitcoin, which is the largest cryptocurrency, is "mathematically pure".

Wozniak, popularly referred to as Woz, has backed the blockchain technology -- that is at the heart of the functioning of cryptocurrencies.

"It has a very trustable format that can't be modified easily," henotedin an interaction withYahoo! Finance Liveon October 29.

The renowned computer programmer said he belongs to the camp which thinks that "crypto will be used effectively".

"Crypto has an awful lot of promise through the blockchain of different things it can do differently than before... right down to elections even," Wozniak added.

Referring to Bitcoin specifically, Wozniak said the largest cryptocurrency maintains anonymity to asignificantextent.

It "doesn't even have a creator that we know of, it isn't run by some company, it's just mathematically pure, and I believe nature over humans always", he said.

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Cryptocurrency Prices Today: Bitcoin, Ethereum fall nearly 2%, Shiba Inu, XRP rise - Moneycontrol.com

The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Monero (XMR) are seen on the display of a cryptocurrency ATM of blockchain payment service provider Bity at the House of Satochi bitcoin and blockchain shop in Zurich, Switzerland March 4, 2021. REUTERS/Arnd Wiegmann

HONG KONG, Oct 29 (Reuters) - Ether , the world's second largest cryptocurrency, hit an all-time high on Friday, a little over a week after larger rival bitcoin set its own record.

As cryptocurrency markets have rallied sharply in recent weeks, ether is up more than 60% since its late September trough.

The token, which underpins the ethereum blockchain network, rose as much as 2.6% to $4,400 in Asian hours, breaching the previous top of $4,380 set on May 12.

"It wouldn't surprise me if we go blasting through in European and U.S. trade," said Chris Weston, research head at Melbourne-based broker Pepperstone. "This is a momentum beast at the moment, and it looks bloody strong."

A recent technical upgrade to the Ethereum network seemed to have helped, he added.

"A lot of the time, with these technological upgrades and bits and pieces, this is news that fuels the beast, it's fodder for people to say, 'This is what we bought in for,' and as soon as it starts moving, it's like a red rag to a bull, people just go and buy."

Bitcoin, which hit its record high of $67,016 on Oct. 20, was last up 1.4% at $61,457, for an increase of about 50% since late September.

Among the biggest recent movers in cryptocurrencies, however, is meme-based cryptocurrency shiba inu, whose price has rocketed about 160% this week, and is the world's eighth largest token.

Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use. read more

Reporting by Alun John in Hong Kong and Kevin Buckland in Tokyo; Editing by Clarence Fernandez

Our Standards: The Thomson Reuters Trust Principles.

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Cryptocurrency ether hits all time high of $4400 - Reuters

Cryptocurrencies are all the rage these days, especially as traders see stories circulating about people making tremendous profits from the tokens. The Winklevoss twins, famous for their involvement in Facebook, made $3 billion each by investing in Bitcoin (CRYPTO:BTC). Michael Saylor and Matthew Rosak, two other early investors in the cryptocurrency, made $2.3 billion and $1.5 billion, respectively. Tales like that make it hard to resist the urge to invest a little money in the trend.

Now, on the one hand, most people don't fill their retirement portfolios with highly volatile investments unless they're both ambitious and have a long time to ride out the crazy swings. On the other hand, even investors in their senior years need to have some exposure to growth assets, and cryptocurrencies have lots of potential to deliver big gains.

To that end, we asked three Motley Fool contributors to share one investment each in the cryptocurrency space that they'd be willing to add to their retirement portfolios. Their picks: Coinbase Global (NASDAQ:COIN), Hut 8 Mining (NASDAQ:HUT), and the Siren Nasdaq NexGen Economy ETF (NASDAQ:BLCN).

Image source: Getty Images.

Eric Volkman(Coinbase Global): One efficient way to play the cryptocurrency trend is by purchasing stock in a company that earns transaction fees from trades of all the major tokens. Say hello to Coinbase Global, operator of one of the most prominent cryptocurrency exchange platforms in the world.

Coinbase's results have been rising along with cryptocurrencies' popularity. Fueled almost entirely by trading revenue, its top line has ballooned from $178 million in Q2 2020 to nearly $500 million in Q4, and then to $2.03 billion in Q2 2021. Its tally of monthly transacting users also rose dramatically across that stretch, from 1.5 million to 8.8 million.

And like other middleman securities-exchange businesses -- which take on little investment risk of their own, if any -- Coinbase has been highly profitable. It keeps posting impressive bottom-line results, and its net margin continues to rise. It earned net income of over $1.6 billion for Q2, its most recently reported period.

Granted, cryptocurrencies are the scorching-hot asset in finance these days, so much of this growth is trend-driven. Additionally, Coinbase remains first and foremost a broker. Since nearly all of its revenue derives from fees, it is heavily dependent on trading volume.

But it's early days for cryptocurrencies and blockchains, and the coming years will bring still more new products and services. Already, Coinbase is looking to capitalize on next-generation offerings related to such assets: It's launching an NFT service called, not all that creatively, Coinbase NFT.

The company describes it as "a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever." As such activities aren't necessarily convenient or easy yet, this is sure to attract customers eager to push into that mushrooming aspect of blockchain technology.

In hunting for new ways to earn coin from Bitcoin and the like, the company is forging important partnerships with top-of-the-line businesses. Earlier this month, it announced that it's partnering with Facebook to provide custodial services for the social media behemoth's Novi digital wallet, which is currently in its pilot phase.

Coinbase clearly has a future, but some investors and analysts are wary about the stock. The average analyst forecast is for dips in both revenue and profitability in 2022; many clearly believe the temperature will drop in the currently hot market for cryptocurrencies. This view has helped keep Coinbase's stock price down from the level of its initial public offering earlier this year.

But savvy investors pounce when sentiment is low. We can expect that cryptocurrencies and blockchains will become increasingly vital parts of the world's financial fabric. As they do, this company will benefit handsomely... and likely for a very long time.

Image source: Getty Images.

Barbara Eisner Bayer (Hut 8 Mining): About eight years ago, I was visiting a 20-something friend who was gushing about Bitcoin and the future of cryptocurrency. He said now was the time to buy and insisted it was going to be the next big thing. I walked away from that conversation rolling my eyes, laughing at his naivete, and believing that this was going to be the next Tulip Mania. I couldn't wait until the day I'd be able to say, "I told you so!"

Fast-forward to today, and guess who's laughing now? In October 2013, one Bitcoin was valued at $196.02; as of Oct. 27, 2021, one Bitcoin was selling for approximately $60,400. My friend has gotten married, had a baby, and -- thanks to his early bets on the trend -- has a healthy savings account.

While I still think cryptocurrencies, in general, are too risky to hold in a retirement portfolio, I have recently been on the lookout for a way to invest in the crypto space. After all, even retirees need to hold assets that can keep growing in value, at least enough to keep up with inflation. And I do like to be forward-looking when it comes to my investments.

Finally, I've found one that I think is a perfect fit for me: Hut 8 Mining.

I like Hut 8 because it's involved with mining Bitcoin, the big daddy of tokens. One of the huge problems with mining most cryptocurrencies is that the process uses a boatload of electricity, which leaves a huge carbon footprint and is bad for the environment. That means that getting involved with it financially doesn't fit well with where I stand philosophically -- in contrast to the many alternative energy stocks I currently own.

But Hut 8, which operates out of Alberta, Canada, spares me the ethical dilemma. Its mining rigs are powered by a combination of natural gas, wind power, and solar energy. It costs the company just $0.022 per kilowatt-hour to do their mining -- one of the least expensive rates among its competitors.

If you're not sure how all that digital business impacts the real world, consider this: A single Bitcoin transaction consumes as much electricity as 1.2 million Visa transactions!

In any event, Hut 8 is an indirect play on Bitcoin itself, as the company mines between eight and 12 tokens a day, which are worth a total of between $500,000 and $800,000 at current token prices. And it also considers the interests of its shareholders. As my colleague Zhiyuan Sun wrote earlier this month:

Right now, it [HUT] owns about 4,450 BTC, valued at about $219.5 million, but unlike other miners, it doesn't plan on simply selling them as soon as possible. To maximize shareholder returns, Hut 8 lends out the BTC it mines. Coin owners can receive as much as 6.20% interest per year from Bitcoin lending, based on current rates.

Finally, Hut 8 is investing in its future by upgrading its systems and adding more power-generating capacity, which will ultimately allow it to operate additional mining rigs, boosting revenue and earnings.

For me, this was the right stock at the right time to add to my retirement portfolio. But if you want to add it to yours, consider that, like all cryptocurrency investments, it's extremely volatile. If you're not comfortable watching your investments rise 5% one day and drop 4% the next, this might not be the choice for you. But if you can stomach some wild price swings, it may be the perfect crypto stock to add to your retirement portfolio.

Image source: Getty Images.

Chuck Saletta: (Siren Nasdaq NexGen Economy ETF): I will be the first to admit that I really don't "get" cryptocurrency. The tokens are too volatile -- and as their massive proliferation demonstrates, they're apparently too easy to create to be a serious currency alternative.

For something to serve as a legitimate currency, it needs to hold its value at least reasonably well vs. a basket of goods. Cryptocurrencies' manic-depressive surges and plummets make it difficult to call them stores of value, even when compared to the gradually diminishing purchasing power of the dollar over time due to inflation.

In addition, while for some individual cryptocurrencies, there are firm limits on the total amount of tokens that can ever be mined, there are more than 6,800 different token types now, and the number keeps increasing. That makes it more challenging to believe that there will really be sufficient scarcity in the concept to enable any given token to hold its value over the long haul.

That's where the Siren Nasdaq NexGen Economy ETF comes in handy. It styles itself as an index fund that invests in companies that use blockchain technologies in their operations. Blockchain is the underlying technology behind cryptocurrencies. If nothing else, the current popularity of cryptocurrencies makes blockchain-focused businesses something of a modern equivalent to buying a "picks and shovels" play during the gold rush.

As an index-focused fund, the Siren Nasdaq NexGen Economy ETF doesn't have to sort out the winners from the losers. Given the uncertainty involved in the space, that's a good thing. It's also what makes it the one cryptocurrency investment I'd consider buying for my portfolio. If I want to invest in something and don't understand it well enough, an index-based investment is my preferred way to get financial exposure without necessarily having to build expertise.

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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Best Cryptocurrency Stocks for a Retirement Portfolio: 3 Experts Pick Their Faves - The Motley Fool

Decentralized finance and artificial intelligence

Crypto finance can sound like science fiction. But this is our reality. Right now, all over the internet, on decentralized finance programs like Uniswap, people are trading, borrowing and lending digital assets on platforms where computer code runs the show. There is now about $235 billion invested in DeFi, by one industry account.

On the DeFi protocol Compound, a recent programming snafu revealed vulnerabilities in systems deliberately designed to eliminate the middlemen regulators traditionally rely on to oversee financial transactions and guarantee consumer protection. After a bug was introduced during a software upgrade, $160 million worth of cryptocurrency was put at risk of improper distribution, and about $90 million of that was actually wrongly paid out, the company said.

Technically, Compound is not brokering trades, just programming software for transactions. But its founder, Robert Leshner, conceded in an interview with The New York Times this summer that he has long feared an error could result in major losses. For the first couple of years of Compound, I woke up in a cold sweat every morning, he said.

Started in 2017, the company now claims to have $18 billion worth of cryptocurrency earning interest on its platform. Mr. Leshners recurring nightmare was that somebody would find a flaw in the program, a line of bad code, and steal everything. All it takes is one bug, he said.

A16Z is backing a network called Helium. This decentralized wireless infrastructure company hopes to someday compete with established brands like Verizon or AT&T. Community members create a hotspot in their neighborhood with a special device and earn data and Heliums crypto tokens in exchange for helping to power this group 5G cellular system.

Popularitys value on social networks can now be calculated when you tokenize yourself and create an economy fueled by your own crypto.

On BitClout, every user gets a coin and its value suggests what the internet thinks of them. There is no company behind it its just coins and code, the developers claim. An account with the name Elon Musk is the top-valued token at about $115 dollars. But the projects launch was controversial, with crypto insiders calling out the dystopian social network for relying on data collected by giants like Twitter to calculate reputation, among other critiques. DeSo, short for Decentralized Social, is a blockchain network for developers to build decentralized social media programs.

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How Venture Capitalists Think Cryptocurrency Will Reshape Commerce - The New York Times

Binance started off as a crypto exchange in 2017. Today, it is probably the biggest player in the 2.6 trillion dollar crypto industry. The Binance ecosystem includes multiple crypto exchanges, multiple cryptocurrencies (Binance Coin (BNB), Binance USD (BUSD), Bitcoin BEP2 (BTCB)), the Trust Wallet and its TWT token, a Token Launchpad, and more.

Binance operates two blockchains that run in parallel:

BSC has gained massive traction in 2021 mainly because of Ethereum's slow speeds and high costs. Creating tokens on BSC is simple and cheap. But there is a caveat here validation is done by a small number of validators and this makes it quite centralised.

I also love the Binance cryptos, especially BNB and BUSD.

Binance Coin (BNB) was issued as part of Binance's initial coin offering (ICO). Its first use case was discounted trading fees on the Binance exchange. Did you know that 90 percentof Binance employees earn a portion of their income in BNB?

BNB is the third-largest crypto with a market capitalisation of over $82 billion (roughly Rs. 6,14,414 crore) and a daily trading volume of over $2.6 billion (roughly Rs. 19,481 crore).

BUSD is a US dollar-backed stablecoin issued jointly by Binance and Paxos. BUSD is one of the few stablecoins approved by the New York State Department of Financial Services (NYDFS).

I am also a fan of Trust Wallet, a popular mobile wallet that supports 53 blockchains and more than a million digital assets. It was acquired by Binance in 2018.

Binance has three crypto exchanges:

Of late, I have come to hate the Binance.comcrypto exchange due to its glitches and outages.

In fact, a group of derivative traders are suing Binance for trading losses suffered due to outages of the platform. This case could set a global precedent on the liability of exchanges.

A few days ago Bitcoin prices suddenly plunged 87 percent on Binance's US exchange from $65,000 to $8,200.

Binance is facing legal troubles across the world Canada, Cayman Islands, Italy, Japan, Malaysia, Singapore, South Africa, Thailand, the UK, and the USA.

It's not just problems with regulators. Hundreds of investors are expected to take part in proceedings against Binance, seeking damages for money they lost during a major outage.

Binance says it has no official headquarters. That has made it difficult for investors to figure out how, and where, to take the company to court. Swiss private equity firm Liti Capital has promised to provide a minimum of $5 million in funding for the case.

Binance is probably the most important part of the crypto ecosystem and its legal problems could have a massive negative impact on crypto prices.

Rohas Nagpal is the author of the Future Money Playbook and Chief Blockchain Architect at the Wrapped Asset Project. He is also an amateur boxer and a retired hacker. You can follow himon LinkedIn.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain onOrbital, the Gadgets 360 podcast. Orbital is available onApple Podcasts,Google Podcasts,Spotify,Amazon Musicand wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Binance - What I Hate, Love, and Fear About the Cryptocurrency Exchange - Gadgets 360