A cryptocurrency is, most simply, a digital asset. It is called a currency because it was created to work as a medium of exchange in the same way that we use fiat currencies now.
“What differentiates SafeMoon is that they’re putting this out there in the open for everyone to see, and are not trying to hide the fact that’s how the system works,” he said.
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Dogecoin has added nearly 3 percent over the last day and is priced at $0.28. In the last week, it has climbed over 2 percent.
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Bitcoin is a good indicator of the crypto market in general, because it’s the largest cryptocurrency by market cap and the rest of the market tends to follow its trends.
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Brooks said he was “highly confident” his tenure would last longer at Bitfury, telling the Financial Times he expected to “gel better” with Vavilov than his former employer. Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised. Avalanche Price Analysis: AVAX retests previous high around $81 as support, ready to continue higher? Bitcoin Price Analysis: BTC retests $63,000 as support, strong higher low established?
Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s undergone multiple corrections that take it down by half or more. Other coins are even more volatile – the memecoins bounce back and forth wildly at times – and scams and hacks occur with some frequency.
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SafeMoon is one among the handful of cryptocurrencies that made it to the top 100 crypto-list on its own. SafeMoon did not have the backing of top trading platforms and managed to gain investors’ attention by its projects alone.
Its use as a monetary system is still crypto’s most lucrative feature. It allows users to send cryptocurrencies between parties in exchange for goods and services provided. Because cryptocurrencies are not controlled by any central authority, it has unique advantages. There are usually little to no processing fees. There is less government control and regulation. This means that cryptocurrencies are portable, inflation-resistant, and transparent in their transaction history.
The above prices are as of 01.09 pm IST on November 9 (Data courtesy: coinmarketcap.com).