Category Archives: Cryptocurrency

Analytics Insight presents the top 10 current cryptocurrency prices on July 20, 2021

The market of cryptocurrency keeps varying every now and then, it is highly volatile. And so it becomes highly difficult to figure out things for the investors before investing in the cryptocurrency market. But we are here with the top 10 cryptocurrency prices to help you decide and invest better.

Analytics Insight lists the top 10 cryptocurrency prices on July 20, 2021

Bitcoin ( BTC)- US$29,624.38 (down by 6.04%)

Ethereum (ETH)- US$1,732.72 (down by 7.91%)

Tether (USDT)- US$1.00 (down by 0.01%)

Binance Coin (BNB)- US$264.94 (down by 11.48%)

Cardano (ADA)- US$1.04 (down by 18.38%)

USD Coin (USDC)- US$1.00 (down by 0.02%)

XRP (XRP)- US$0.5305 (down by 9.44%)

Dogecoin (DOGE)- US$0.1646 (down by 8.51%)

Binance USD (BUSD)- US$1.00 (down by 0.01%)

Polkadot (DOT)- US$10.70 (down by 12.93%)

According to CoinMarketCap, the global crypto-market cap is US$1.19T with a volume of US$62.78billion over the last 24hours with a 7.34% decrease over the last day.

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Top 10 Cryptocurrency Prices on July 20, 2021 - Analytics Insight

At a time when the Reserve Bank of India (RBI) frowns on private virtual currencies, the proposal of cryptocurrency bank Cashaa to launch banking operations in India for customers of virtual currencies like Bitcoin from August, through the credit co-operative society route, has raised eyebrows in financial circles.

Cashaa says it has launched Unicas, the worlds first crypto-friendly financial institution with physical branches in India in association with the United Multistate Credit Co-operative Society. It allows services for both crypto and fiat (currencies) from a single savings account, Cashaa founder and CEO Kumar Gaurav said.

The bank has ambitious plans to extend loans to buy cryptocurrencies and open savings accounts for customers. The government is also planning to bring in a law to regulate cryptocurrencies.

Asked whether the firm has sought RBIs permission to launch a bank, Gaurav said United is a multistate credit co-operative society which is registered and works under the Registrar of Societies. As we give services to members only, we do not need the RBIs permission for this model. United is also a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd (NAFCUB) vide membership No. 1753 and certified with ISO 9001:2008 for Quality Management Systems, he said in an email reply to a questionnaire from The Indian Express.

A credit co-operative society doesnt deal in banking business, instead it lends money only to its members. This society doesnt come under the RBI. The promoters of the so-called bank are taking the credit co-operative route to avoid strict regulation and monitoring of the RBI. They wont get a banking licence from the RBI. However, this society can lend to its members. It can still create a systemic risk to the financial system, said a banking source.

I think opening a credit co-operative society or providing services through them is an easier route as compared to going through private banking services. I am sure they would have some sort of limitations for customers on the banking side, that would be interesting to watch out for, said Hitesh Malviya, founder, Itsblockchain.com.

The Finance Ministry and the RBI did not respond to queries about the legal position of Cashaas bank.

As Unicas is part of Cashaa, we are working towards the future of banking in India. We are releasing personal accounts in India powered by CAS tokens with features such as saving account for the Indian rupee and crypto as well as lending (loan against crypto and loan to buy crypto), Gaurav said.

Gaurav said he planned to release it during Independence week (in August) as a symbol of the freedom of money. We will start issuing cards to account holders by the end of this year. All these services will be available through our internet banking application as well as in our branches, he said.

He said Cashaa has created a hassle-free banking experience for crypto businesses who are underserved by banks. Today, with more than five banking partners in three continents, we are providing business banking to more than 250-plus crypto companies. With our vast network of partners, Cashaa is leading the way for crypto-friendly global banking services (B2B), Gaurav said.

Before opening Unicas model branches, we have tested the model with three of the existing United branches, and now we are going to open new and modernise all the United branches in the coming months, he said.

The RBI, which is against other virtual cryptocurrencies, has warned people against such currencies several times in the past. It has indicated that it is very much in the game, and getting ready to launch its own digital currency. Central bank digital currency is a work in progress. The RBI team is working on it, technology side and procedural side how it will be launched and rolled out, RBI Governor Shaktikanta Das said recently.

Uncertainty over the legal status of cryptocurrencies is unnerving Indian investors who, according to unofficial estimates, hold around $1.5 billion (Rs 10,000 crore) in digital currencies. The government, which plans a law to ban private digital currencies, favours a digital currency backed by the Reserve Bank of India.

While existing investors could get an exit route in the event of a ban on trading, mining and holding cryptos, the proposed legal structure may seek declarations of holdings and transactions retrospectively from investors and traders.

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Cryptocurrency bank plans India operations, takes cooperative route to get around RBI rules - The Indian Express

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HODL. DApp. Ethereum.

No, these are not words from a newly-discovered alien language. Theyre among the many new and key terms in the language of cryptocurrency.

Cryptocurrency isnt just a novel investment option, and in many ways represents a different world altogether compared to traditional stocks and bonds. Between unfamiliar acronyms, emerging technologies, and keeping up with memes and tweets, just learning the basics takes time, even for seasoned traditional investors.

As with any investment, its important to understand exactly what youre investing in before you start. Thats especially true when it comes to a speculative and still evolving asset like crypto.

There are a few prerequisites we recommend before you buy into crypto, like stocking your emergency fund, paying down high-interest debts, and securing a traditional retirement plan. And, like weve said before, you should only ever put into crypto what youre willing to lose, and experts recommend dedicating no more than 5% of your portfolio to these digital assets.

But another item you should add to your checklist is at least a beginners understanding of what youre getting into, including how crypto differs from other investment strategies, and the different factors that can affect a cryptocurrencys market value.

Here are some of the terms and phrases that will help beginners better understand the world of crypto investing.

Any coin thats not Bitcoin. Altcoins can be anything from the second-most popular coin, Ethereum, to any of the thousands of coins with very minimal market value. Experts say you should largely stick to the bigger, more mainstream cryptocurrencies as an investment.

[RELATED]: Follow These Personal Finance Experts if Youre Curious About Crypto

The first and most valuable cryptocurrency, launched on Jan. 3, 2009. While its value has climbed steadily since then, it has seen wild fluctuations. In the past months alone, the price of Bitcoin has fluctuated from a record high of $60,000 to below $30,000.

A peer-to-peer electronic cash system that formed from a fork of the original Bitcoin. Where Bitcoin is widely accepted as too volatile to be useful as a currency, Bitcoin Cash is designed to be better optimized for transactions.

[RELATED]: Bitcoin The First Cryptocurrency

Groups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell coins. Each block can hold only a certain amount of information. Once it reaches that limit, a new block is formed to continue the chain.

A digital form of record keeping, and the underlying technology behind cryptocurrencies. A blockchain is the result of sequential blocks that build upon one another, creating a permanent and unchangeable ledger of transactions (or other data).

A representative store of digital value that lives on a given blockchain or cryptocurrency network. Some blockchains have the same name for both the network and the coin, like Bitcoin. Others can have different names for each, like the Stellar blockchain, which has a native coin called Lumen.

A popular centralized cryptocurrency exchange. Coinbase made history recently as the first cryptocurrency exchange to go public on the Nasdaq.

A secure method of storing your cryptocurrency completely offline. Many cold wallets (also called hardware wallets) are physical devices that look similar to a USB drive. This kind of wallet can help protect your crypto from hacking and theft, though it also comes with its own risks like losing it, along with your crypto.

[RELATED] A Crypto Wallet Can Help Keep Your Coins Safe. Heres How to Decide if You Need One

A type of currency thats digital and decentralized. Cryptocurrency can be used to buy and sell things, or as a long-term store of value.

The principle of distributing power away from a central point. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority.

Financial activities conducted without the involvement of an intermediary, like a bank, government, or other financial institution.

Applications designed by developers and deployed on a blockchain to carry out actions without intermediaries. Decentralized finance activities are often completed using decentralized apps. Ethereum is the main network supporting activities in decentralized finance.

Experts sometimes compare specific cryptocurrencies to real gold based on the way it can store and increase in value. Bitcoin is commonly referred to as digital gold.

The second largest cryptocurrency by trade volume, Ethereum is a crypto network and software platform that developers can use to create new applications, and has an associated currency called ether.

A digital marketplace where you can buy and sell cryptocurrency.

When a blockchains users make changes to its rules. These changes to the protocol of a blockchain often result in two new paths one that follows the old rules, and a new blockchain that splits off from the previous one. (Example: a fork of Bitcoin resulted in Bitcoin Cash).

A fee that developers have to pay to the Ethereum network in order to use the system. Gas is paid in ether, the native cryptocurrency of Ethereum.

The first block of a cryptocurrency ever mined.

Stands for Hold On for Dear Life though the term originated from a user typo on a Bitcoin forum in 2013. It refers to a passive investment strategy in which people buy and hold onto cryptocurrency instead of trading it in the hopes that it increases in value.

[RELATED]: The Price of Bitcoin Continues to Fall. Heres How Worried Investors Should Be, According to Experts

A feature written into Bitcoins code in which after a certain number of blocks are mined (typically every four years) the amount of new Bitcoin entering circulation gets halved. The halving can have an impact on Bitcoins price.

A unique string of numbers and letters that identify blocks and are tied to crypto buyers and sellers.

A software-based cryptocurrency wallet connected to the Internet. While more convenient for quickly accessing your crypto, these wallets are a bit more susceptible to hacking and cybersecurity attacks than offline wallets just as files you store in the cloud may be more easily hacked than those locked in a safe in your home.

A way that funds are raised for a new cryptocurrency project. ICOs are similar to Initial Public Offerings (IPOs) of stocks.

For cryptocurrency, market cap refers to the total value of all the coins that have been mined. You can calculate a cryptos market cap by multiplying the current number of coins by the current value of the coins.

The process whereby new cryptocurrency coins are made available and the log of transactions between users is maintained.

A computer that connects to a blockchain network.

Non-fungible tokens are units of value used to represent the ownership of unique digital items like art or collectibles. NFTs are most often held on the Ethereum blockchain.

[RELATED] Ethereum: What You Should Know Before You Invest

Two users interacting directly without a third party or intermediary.

Your wallets address, which is similar to your bank account number. You can share your public wallet key with people or institutions so they can send you money or take money from your account when you authorize it.

The encrypted code that allows direct access to your cryptocurrency. Like your bank account password, you should never share your private key.

The pseudonymous creator of Bitcoin. No one knows the true identity of Nakomoto or if its more than one person.

An algorithmic program that enacts the terms of a contract automatically based on its code. One of the main value propositions of the Ethereum network is its ability to execute smart contracts.

A stablecoin pegs its value to some other non-digital currency or commodity. A digital fiat represents a fiat, or government-backed currency on the blockchain. (Example: Tether, which is pegged to the U.S. dollar)

[RELATED]: The 10 Most Popular Cryptocurrencies, and What You Should Know About Each Before You Invest

A unit of value on a blockchain that usually has some other value proposition besides just a transfer of value (like a coin).

Programmer who invented Ethereum in 2015.

A place to store your cryptocurrency holdings. Many exchanges offer digital wallets. Wallets may be hot (online, software-based) or cold (offline, usually on a device).

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Cryptocurrency Terms to Know Before You Invest: A Beginners Guide - NextAdvisor

Some celebrity endorsements of cryptocurrencies have run into trouble. In 2017, the Securities and Exchange Commission cautioned that some famous people were hyping the virtual currency sales known as initial coin offerings without disclosing that they had been paid to promote them. The commission has since settled charges against the boxer Floyd Mayweather Jr., the music producer DJ Khaled and the actor Steven Seagal.

Social media influencers and e-sports stars have also been linked to shady cryptocurrency schemes, accused of pumping up coins just before their value crashes.

Coin Clouds chief marketing officer, Amondo Redmond, said he hoped Mr. Lees stature would help elevate the industry by delivering something more than just cool creative, but that is really at the forefront of digital currency becoming mainstream.

Its more than just adding a celebrity face, he said.

Mr. Lee, who won an Oscar in 2019 in the best adapted screenplay category for BlacKkKlansman, has worked on ads for Capital One, Uber and, most famously, Nike. In the 1980s and 1990s, he directed and starred in commercials for Air Jordans, playing his cinematic alter ego Mars Blackmon opposite Michael Jordan.

That was lightning in a bottle, Mr. Lee said from a flight bound for the Cannes Film Festival, where he is the first Black person to lead the festival jury.

He declined to say how much he had been paid for the Coin Cloud commercial, but noted that if anyones known my body of work over the last four decades, you kind of know about the way I see the world, and when they approached me, it fit in line.

As the coronavirus pandemic continues to highlight financial disadvantages for people of color, Mr. Lee hopes to promote cryptocurrency as neutral to race, gender, age and other identifying characteristics.

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Cryptocurrency Seeks the Spotlight, With Spike Lees Help - The New York Times

The Tether price displayed on cryptocurrency exchange Kraken's website.

Tiffany Hagler | Bloomberg via Getty Images

Tether is the third-biggest cryptocurrency in the world by market value. And it's got some economists including an official at the U.S. Federal Reserve worried.

Last month, Boston Fed President Eric Rosengren raised the alarm about tether, calling it a potential financial stability risk. Meanwhile, some investors believe a loss of confidence in tether could be crypto's "black swan," an unpredictable event that would severely impact the market.

The issues surrounding tether hold significant implications for the nascent cryptocurrency world. And economists increasingly fear that it could also impact markets beyond digital currencies. Here's what you need to know:

Chances are you've heard a thing or two about bitcoin. But what about tether?

Like bitcoin, tether is a cryptocurrency. In fact, it's the world's third-biggest digital coin by market value. But it's very different from bitcoin and other virtual currencies.

Tether is what's known as a stablecoin. These are digital currencies that are tied to real-world assets the U.S. dollar, for example to maintain a stable value, unlike most cryptocurrencies which are known to be volatile. Bitcoin, for example, rose to an all-time high of nearly $65,000 in April and has since almost halved in value.

Tether was designed to be pegged to the dollar. While other cryptocurrencies often fluctuate in value, tether's price is usually equivalent to $1. This isn't always the case though, and wobbles in the value of tether have spooked investors in the past.

Crypto traders often use tether to buy cryptocurrencies, as an alternative to the greenback. This essentially provides them with a way to seek safety in a more stable asset during times of sharp volatility in the crypto market.

However, crypto isn't regulated, and many banks avoid doing business with digital currency exchanges due to the level of risk involved. That's where stablecoins tend to come in.

Some investors and economists are worried tether's issuer doesn't have enough dollar reserves to justify its dollar peg.

In May, Tether broke down the reserves for its stablecoin. The firm revealed that only a fraction of its holdings 2.9%, to be exact were in cash, while the vast majority was in commercial paper, a form of unsecured, short-term debt.

That would place Tether in the top 10 biggest holders of commercial paper in the world, according to JPMorgan. Tether has been compared to traditional money-market funds but without any regulation.

With more than $60 billion worth of tokens in circulation, Tether has more deposits than that of many U.S. banks.

There have long been concerns about whether tether is being used to manipulate bitcoin prices, with one study claiming the token was used to prop up bitcoin during key price declines in its monster 2017 rally.

Earlier this year, the New York attorney general's office reached a settlement with Tether and Bitfinex, an affiliated digital currency exchange.

The state's top law enforcement official had accused the firms of moving hundreds of millions of dollars to cover up $850 million of losses.

Tether and Bitfinex agreed to pay $18.5 million in the settlement and were barred from operating in New York state, however the companies didn't admit to any wrongdoing.

Analysts at JPMorgan have previously warned that a sudden loss of confidence in tether could result in a "severe liquidity shock to the broader cryptocurrency market."

But there are also concerns that a sudden increase of tether withdrawals could lead to a potential market contagion, affecting assets beyond crypto.

In June, Rosengren mentioned tether and other stablecoins as one of several potential risks to financial stability.

"These stablecoins are becoming more popular," he said during a presentation.

"A future crisis could easily be triggered as these become a more important sector of the financial market, unless we start regulating them and making sure that there's actually a lot more stable stability to what's being marketed to the general public as a stablecoin," Rosengren added.

Last week, Fitch Ratings warned a sudden mass redemption of tether tokens could destabilize short-term credit markets.

"Fewer risks are posed by coins that are fully backed by safe, highly liquid assets, although authorities may still be concerned if the footprint is potentially global or systemic," the U.S. credit rating agency said.

"Whereas stablecoins that use fractional reserves or adopt higher-risk asset allocation may face a greater run risk."

Tether isn't the only stablecoin out there, but it's by far the biggest and most popular one. Others include USD Coin and Binance USD.

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Why tether, the worlds third-biggest cryptocurrency, has got economists worried - CNBC

Coinbase launched its own debit card in an effort to promote the use of cryptocurrencies in payments as well as investing.

Coinbase

Visa said Wednesday that more than $1 billion worth of cryptocurrency was spent by consumers globally on goods and services through their crypto-linked cards in the first six months of the year.

By comparison, Visa estimated crypto spending at only a fraction of that amount in the same periods last year and in 2019. The payments giant did not release exact numbers.

"We are doing a lot to create an ecosystem that makes crypto currency more usable and more like any other currency," Visa CFO Vasant Prabhu told CNBC. "People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for." He added, "There are lots of issues in terms of volatility, etc. But that's up to the owners of cryptocurrencies to manage and track."

According to recent research from Visa rival Mastercard, 93% of North American consumers plan to use cryptocurrency or other emerging payment technology, such as biometrics, contactless, or QR code systems, in the next year. The study also showed that 75% of millennials would use crypto currency if they understood it better.

"We see a lot of volume on our [network] of people buying crypto currencies at these various regulated exchanges and as far as we can see that trend continues," Prabhu said.

This summer, Mastercard will launch a card with crypto exchange Gemini, co-founded by billionaires Cameron and Tyler Winklevoss. The card will allow consumers to earn cryptocurrency as a reward. However, cardholders will not be allowed to access their digital wallet on the site.

Visa also announced Wednesday the FTX cryptocurrency platform, founded by billionaire Sam Bankman-Fried, would be added to its Fintech Fast Track Program, focused in part on making cryptocurrency more practical for consumer and business spending.

Circle, BlockFi and Coinbase, which went public in April on the Nasdaq, are current Visa partners that allow cardholders to spend from their cryptocurrency wallet at more than 70 million merchants globally. Visa estimated crypto-linked cards and other emerging payments including biometrics and QR code have the potential to disrupt the $18 trillion spent every year with cash and checks globally.

Bitcoin's market cap topped $1 trillion for the fist time in February and hit an all-time high near $65,000 per unit in April due to retail investor enthusiasm during the coronavirus pandemic as a store of value and an inflation hedge. However, bitcoin has fallen roughly 45% since then and last month, it plunged briefly below $29,000 where it started the year.

Prahbu said Visa has no near-term plans to add any cryptocurrency to its balance sheet like Tesla, MicroStrategy and other companies have done recently.

"We don't hold crypto currencies on our balance sheet today. We hold currencies on our balance sheet that we need to run our business. We hold currencies that we get paid in or we pay people in. That tends to be the dollar, euro, pound. So we don't have plans to hold crypto currency because it's not typically the way we get paid or the way we pay people," he said.

Visa is set to report quarterly earnings on July 27.

Correction: Visa is scheduled to report quarterly earnings on July 27. An earlier version misstated the date.

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Visa says crypto-linked card usage tops $1 billion in first half of 2021 - CNBC

Glauber Contessoto took a big risk on dogecoin, a meme-inspired cryptocurrency that began as a joke, earlier this year.

Between his savings and borrowed funds, Contessoto says that heinvested over $250,000 in dogecoinon February 5 when it was priced at about 4.5 cents. About two months later, on April 15, he says he became a dogecoin millionaire on paper.

Since, Contessoto has refused to sell, despite dogecoin's ups and downs. He plans to buy more of the digital coin and "hodl" for the long haul.

Contessoto believes in dogecoin so much that he now requests to be paid in it whenever he works with crypto brands on social media promotions.

Contessoto will earn a total of $25,000 for an upcoming partnership between his YouTube channel and blockchain project Acria Network, he tells CNBC Make It. When finalizing the deal, the company asked if he'd prefer to be paid in U.S. dollars or crypto.

"Of course, I said dogecoin," he says. "So, they literally paid me in dogecoin. They gave me half upfront, and the other half when I deliver the video."

To keep up with his growing "dogecoin millionaire" brand online, Contessoto also quit his day job at a music company in Los Angeles in June. "I had no idea how I was going to make money moving forward," he says.

He earns a little bit of money from selling merch on his website, but his main focus is developing his social media presence.

In one month, he has made $28,000 from social media ads and promotions, which was primarily paid out in dogecoin. "That's about six months salary at my old job," Contessoto says.

After covering all of his bills, including rent, food and other expenses, Contessoto plans to continue to invest as much as he can in dogecoin. Though experts warn against it, "[I'm] all invested in doge," Contessoto says. "Doge is my savings account."

As of around 12:00 p.m. EST on Tuesday, his dogecoin holdings are worth around $931,689.

Glauber Contessoto's dogecoin holdings on Robinhood as of around 12:00 p.m. EST on Tuesday, July 6.

Dogecoin is trading at around 23 cents as of 4:00 p.m. EST on Tuesday, according to CoinMarketCap. But, "if it drops below 20 cents next week, I'll buy the dip again," Contessoto says. After hitting a record high on May 8 of around 73 cents, the digital coin fell to around 47 cents on May 9, and Contessoto invested another $17,500, he previously said.

However, financial experts are highly skeptical of dogecoin, as well as other cryptocurrencies. Their extreme volatility is one reason why experts warn that it's a risky, speculative investment.

And somewarn to be especially cautious when investing in dogecoin in particular, since itlacks the scarcity and technological developmentthat bitcoin has, for example. Investorscould get burned, and in turn, should only invest what they can afford to lose.

"You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN andCNBC contributor, previously told CNBC Make It. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up."

Still, Contessoto's outlook on dogecoin remains extremely bullish. Depending on what happens in the coming months, he believes the price could rise. He's hopeful it will hit $1 by the end of the year.

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This 33-year-old 'dogecoin millionaire' is now being paid in the meme-inspired cryptocurrencyand continues to buy the dips - CNBC

Finance Minister Nirmala Sitharaman gave hints about the status of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 during an interview. The Finance Minister said that the Cabinet note is ready for the bill but it is up to the Cabinet to take it up.

We have done a lot of work on it. We have taken stakeholders inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it, she said in an interview to The Hindu last week.

The minister said, From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available, further adding that the Cabinet will have to take a decision.

While there is no clarity, the bill could be taken up for discussion in the Monsoon session of the parliament. It must be mentioned that the bill was listed for the Budget session of the parliament but was eventually not tabled. The Budget session was cut short due to the second COVID-19 wave.

Government is yet to clarify its stance on digital currencies. The Reserve Bank of India in 2018 had issued a circular to banks asking them not to engage in cryptocurrency services. The RBI, on May 31, said that its 2018 circular was no longer valid and barred banks from citing it. "Such references to the above circular by banks or regulated entities are not in order as this circular was set aside by the Hon'ble Supreme Court on March 04, 2020," it said.

On Wednesday, Bitcoin fell 0.15 per cent from Tuesday at $34,779, while Ethereum was down 2.83 per cent at $2,388 at 12:30 pm.

Also read: Hike in GST collection in recent months should be 'new normal': FM SitharamanAlso read: Explore PPP mode for viable projects, Sitharaman tells ministries

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Cryptocurrency bill to be passed soon? Heres what Nirmala Sitharaman has to say - Business Today

Cyberattacks using ransomware are increasing in frequency, and ransom payments made to the hackers are swelling as well. Cryptocurrency and the exchanges where digital currency can be traded anonymously have emerged as key tools for the cyber extortionists. The vast sums being paid by corporations to regain control of their computers would have been near-impossible to move in any other legitimate currency market, experts say.

How is crypto used in cybercrime?

A typical ransomware attack on a company or organisation might proceed like this: Executives realise their business website is down or systems inaccessible, and administrator overrides dont work. A ransom demand arrives via email, providing a Bitcoin address where the payment must go if the company wants its systems operational again, along with a deadline. The victim calls up the Bitcoin address, which is 26 to 34 characters in length, when signing onto a cryptocurrency exchange to make the deposit.

What makes crypto attractive to criminals?

The anonymity built into the digital ledger system known as blockchain, which forms the foundation of cybercurrencies, can be leveraged through a variety of maneuvers. A ransom paid in Bitcoin can be swiftly run through a so-called cryptocurrency mixer, which obscures the trail of ownership by pooling it with other peoples holdings. (While the practice itself is not considered illegal, mixer operators can get into trouble if found to have laundered illegally gotten money.) Another option is to convert the ransom payment to a different cryptocurrency via a crypto exchange. So-called money mules can be recruited on dark web forums and directed to withdraw Bitcoins out of certain accounts.

How much has been stolen this way?

Ransomware attacks took off in 2020, when victims paid more than $406 million in cryptocurrency to attackers, according to blockchain analysis firm Chainanalysis Inc. This year, groups had taken at least $81 million from victims as of May, the firm said. Cybersecurity firms say companies have paid many millions of dollars more in ransoms that have been kept quiet. Being insured against cybercrime may make victims more willing to pay ransoms if they are covered under the insurance policy. Hackers who specialise in ransomware are said to be actively seeking out targets that have insurance.

What did cyber thieves do before Bitcoin?

There have always been myriad ways to launder money that is, to obscure its roots in illegal activity. In the past, ransomware payments were delivered by money transfers through services like Western Union, prepaid gift cards, wiring of funds into above-board bank accounts that are quickly transfered out by the criminals, even cash in duffle bags left at designated areas for pickup.

Can payments made in cryptocurrency be traced?

Yes, at least at first. All Bitcoin transactions, while anonymous, are available for anyone to see, so someone tracking a particular Bitcoin wallet can observe when cash arrives. But accessing the money inside the wallet requires a private key, essentially a password, and thats something ransomware groups do not normally share with anyone outside their operation.

Have any ransomware payments been foiled?

Yes. The US Federal Bureau of Investigation managed to recoup 63.7 of the 75 Bitcoins paid by Colonial Pipeline Co, operator of the biggest US gasoline pipeline, to a Russian-linked ransomware operation because it was able to track the money as it went through over a dozen transactions, and importantly, came into possession of the private key the hackers had used. (The 63.7 Bitcoins were worth about $2.3 million at the time of the FBI action.) In the warrant it issued to seize funds, the FBI did not say how its agents acquired the private key.

Can anything else be done?

Regulation may be coming. In April, the Ransomware Task Force, a private-public partnership created by the Institute for Security and Technology, published an 81-page report with recommendations for how governments can protect against and deal with ransomware attacks. The group urged governments to extend Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) requirements which national and international authorities enforce against banks around the world to crypto exchanges, kiosks (cryptos version of automated teller machines) and over-the-counter trading desks. Calls to ban Bitcoin altogether have been quieted by the currencys gradual acceptance by the financial industry.

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Explained: How cryptocurrency turbocharged the cybercrime racket - Business Standard

There are 2.9 million Aussies already trading cryptocurrency from their phones with many believing that bitcoin will become a currency that can be spent in everyday life.

New research revealed that one in three Australians believe bitcoin will eventually be transacted more than traditional currency, according to comparison website Finder.

But the Finder survey also found three in four Aussies think bitcoin is a bubble that will eventually burst, particularly among Baby Boomers.

Gen Z (those born between the mid to late 1990s and the early 2010s) are the most likely to believe bitcoin will outstrip centralised currency in popularity, followed by Millennials.

Recent research from Binance found about one third of Aussies surveyed derive income from crypto and for 6 per cent its a primary source, while 29 per cent use it to top up their earnings.

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Binance Australia chief operating officer Sam Teoh said Australian crypto users tend to be subversive types people who have lost faith in old systems.

In fact, Australian investors are among the most sceptical in the world, with less institutional trust than countries like the Philippines, India and Nigeria, he said.

Down under theres a big appetite for bitcoin. Australians were among the earliest and most enthusiastic investors, but now they tend to take a more vanilla, conservative approach to their trade portfolio. Over 70 per cent say theyre invested as part long-term saving strategy, which is 16 per cent more than the global average.

A bubble set to burst

But the Finder survey also found three in four Aussies think Bitcoin is a bubble that will eventually burst, particularly among Baby Boomers.

Respondents were split down the middle as to the legitimacy of bitcoin, with 50 per cent agreeing bitcoin is a worthy investment.

Yet, nearly two-thirds think bitcoin is purely speculative.

The majority of Aussies are still on the fence about cryptocurrency, and yet more than a third agree bitcoin will one day become more popular than traditional currency, said Finder money expert Kate Browne.

Despite only 17 per cent of Aussies owning cryptocurrency, more than double that amount believe cryptocurrency has a major role to play in the future of currency.

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According to the research, 15 per cent of Australians have an app that lets them trade cryptocurrency, and a further 12 per cent intend to get one, which is the equivalent of 2.9 million people.

Men are twice as likely as women to be using a cryptocurrency trading app.

Cryptocurrency trading apps are appealing because they are easy to use and a simple way to buy and sell coins without needing to be an expert, added Ms Browne.

Around 62 per cent of Aussies consider crypto a hobby, compared to just 14 per cent of people globally, according to the Binance Australia research.

Excerpt from:
Millions of Australians trading cryptocurrency on their phones - NEWS.com.au