The difference between a digital currency and a cryptocurrency is that the latter is decentralised, meaning it is not issued or backed by a central authority such as a central bank or government. Instead, cryptocurrencies run across a network of computers. Digital currencies have all the characteristics of traditional currencies but exist only in the digital world. They are issued by a central authority.
Savvy cryptocurrency users are therefore maniacally protective of their private keys, typically storing them in multiple digital locations — although generally not Internet-connected, for security purposes — and on paper or in other physical form.
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The most popular cryptocurrencies are currently Bitcoin, Ethereum and Litecoin. These dominate the cryptocurrency market and are highly popular among traders and investors.
In an interview from his home in the U.K., John Karony, SafeMoon’s 25-year-old chief executive officer, emphatically denied that his token is a Ponzi scheme. “I put everything, my identity and my credibility, on the line for SafeMoon,” he said.
WASHINGTON (AP) — The Justice Department has recovered most of a multimillion-dollar ransom payment made to hackers after a cyberattack that caused the operator of the nation's largest fuel pipeline to halt its operations last month, officials said Monday.
The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin.
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China announced in September that all cryptocurrency transactions in the country are illegal, effectively putting the brakes on any crypto-related activities within Chinese borders. In the U.S., things are less clear. Federal Reserve Chair Jerome Powell said recently that he has “no intention” of banning cryptocurrency in the U.S while Security and Exchange Commission Chairman Gary Gensler has consistently commented on both his own agency’s and the Commodity Futures Trading Commission’s role in policing the industry.
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SafeMoon price struggles to establish a clear floor after pulling back nearly 50% from the all-time highs it established in late October. Last Friday showed some evidence that a continuation move higher may occur, but that quickly fizzled out.
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Polygon is an Ethereum token that powers the Polygon Network, which aims to provide faster transactions on the Ethereum blockchain.
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Miners serve as record-keepers for cryptocurrency communities, and indirect arbiters of the currencies’ value.
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“Some people just didn’t like it, and I understand that,” Karony said in the interview. “The points that I wanted to come across, we just weren’t able to actually tell people in a structured manner.”