SHIBA Inu coin is up on Coinbase on Tuesday, as is Bitcoin after Square CEO Jack Dorsey revealed the company is looking to get into crypto mining with that currency.
“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” CEO Dorsey said in a tweet on Friday.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
Bitcoin’s price hit a six-month-high of $62,000 after the tweet, Business Insider reported.
Plus, crypto prices saw some changes after President Biden’s statement drawing attention to potential pitfalls of the currency, such as ransomware and other cyber threats.
The statement from Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community. That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”
Read our cryptocurrency live blog for the latest news and updates…
RISKS OF INVESTING IN CRYPTOS, PART THREE
A third risk of investing in cryptocurrencies is product complexity.
The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks.
There is no guarantee that cryptoassets can be converted back into cash.
Converting a cryptoasset back to cash depends on demand and supply existing in the market.
RISKS OF INVESTING IN CRYPTOS, PART TWO
Another risk of investing is price volatility.
Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
RISKS OF INVESTING IN CRYPTOS
We rounded up five risks of investing in cryptocurrencies.
The first is Consumer protection.
Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
PAYPAL LAUNCHES CRYPTO SERVICE IN UK
PayPal has launched its cryptocurrency service in the UK.
Beginning in September, UK users are now able to buy, hold and sell digital currencies.
Crypto operations began in the US last October.
WHAT IS NUCYPHER? CONTINUED
This allows users to share private data with a number of others in a secure way.
Holders of its token NU can stake their tokens through the network to run a node, which is responsible for creating and sending information.
Interestingly, NuCypher token is an ERC-20, which means it is built on Ethereum.
WHAT IS NUCYPHER?
NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it wasn’t until 2019 when the public testnet for NuCypher’s network launched.
NuCypher specifically operates as a decentralized key management system that uses blockchain technology.
CAN BITCOIN HIT $70,000, CONTINUED
A year from now, Wallet Investor sees the price of Bitcoin surpassing $86,000.
In five years, the price is expected to skyrocket to $209,033.
Meanwhile, Economy Watch predicts the price of Bitcoin will return to its heights in April of $64,000 at the end of the year.
Then, at the beginning of 2022, Economy Watch notes Bitcoin will “be heading towards the $70,000 mark.”
CAN BITCOIN HIT $70,000?
To reach $70,000, Bitcoin would have to climb by 23 percent in the remaining days of the year.
And the way things are trending, Bitcoin might break $70,000 at the end of the year.
At the end of 2021, Coin Price Forecast sees the price surging to $79,576. By mid-2023, it is expected to hit $71,386.
WHEN WILL SHIBA INU RELEASE SHIBOSHI NFTs?
On October 5, 2021, the company announced it will release 10,000 digitalized “lovable creatures” for sale, 10,000 digitalized “lovable creatures.”
The post explained that the 10,000 digitalized “lovable creatures” will be set for sale 10,000 digitalized “lovable creatures.”
The company vowed to provide a “heads up” before the official launch.
WHAT ARE SHIBOSHI NFTs?
Shiboshi NFTs are non-fungible tokens representing various “lovable creatures.”
The NFT holders will also be able to name the Shiboshis for an additional $100.
The Shiboshis will come with generic names like 00001.
The post states: “It’s important to name your Shiboshi because names are unique and can only exist once in the Shib Oshiverse.
“With the expansions, we are planning, this could potentially make your Shiboshi more valuable.”
RISKS OF ROBINHOOD, PART THREE
In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
RISKS OF ROBINHOOD, PART TWO
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.
RISKS OF ROBINHOOD
When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.
If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.
Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.
For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.
Since then, the crypto spaced has endured volatility.
WHAT IS ROBINHOOD? CONTINUED
Unlike many discounted brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
WHAT IS ROBINHOOD?
The Robinhood platform operates as a discounted brokerage that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.
You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.
LOGAN PAUL’S CRYPTOZOO PROJECT, CONTINUED
Users can use the crytocurrency’s native token, $ZOO, and wETH to purchase “NFT eggs” needed for breeding new animals, which would be considered the NFts.
Paul says he and his team have invested $1million to ensure its success.
WHAT IS LOGAN PAUL’S CRYPTOZOO PROJECT?
Logan Paul has described his new project, Cryptozoo, as an autonomous ecosystem where zoo owners can breed, collect, and trade exotic hybrid animals as NFTs (non-fungible tokens).
Cryptozoo claims that it will allow its users to make hybrid NFT animals that can yield tokens and in return, yield them profit.
BE WARY OF HOT TIPS FROM ‘FRIENDS’
Multi-level marketing scammers will often use the language of cryptocurrencies to entice people to join as “members.”
Cryptocurrencies do not have members, they have investors.
Avoid taking investing tips from friends and family; instead turn to price-tracking websites like CoinMarketCap, CoinGecko, or CoinPaprika, and always do your research before investing.
HACKERS STEAL $600MILLION
Hackers recently stole $600 million in a daring cryptocurrency heist after spotting a “vulnerability” in a blockchain site.
In one of the world’s biggest ever thefts, the cyber criminals exploited a weakness in Poly Network, a platform that looks to connect different blockchains so that they can work together.
The site said the hackers have taken thousands of digital tokens such as Ether.
EL SALVADOR ADOPTS BITCOIN CONTINUED
However, those who do not have access to technologies that can carry out Bitcoin are excluded from being required to accept it.
The US dollar and Bitcoin are now the country’s official currencies.
It’s the first time Bitcoin has been adopted as a legal tender in a sovereign nation.
EL SALVADOR ADOPTS BITCOIN
The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.
Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”
STEVEN SEAGAL’S BITCOIN SCANDAL
Under Siege and Half Past Dead hardman Seagal was paid to promote “Bitcoiin2Gen” (B2G) which saw 500 investors left out of pocket in cash and other cryptocurrencies as he unwittingly ended up backing the scam.
Seagal reportedly had been offered $250,000 along with £750,000 worth of B2G for appearing in promotional materials for the con artists.
He appeared in a press release for them and “wholeheartedly” endorsed the scheme in a post to his 7million followers on Facebook.
Tezos makes itself distinct from other major cryptocurrencies including Bitcoin and Ethereum, which uses proof-of-work blockchain in a few key ways.
According to Tezos, its proof-of-stake algorithm not only costs less but is also more eco-friendly.