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The value of cryptocurrency is also driven by scarcity. This alludes to the cryptocurrency’s finite mechanism. The Bitcoin protocol sets the maximum amount of BTC that can be mined at 21 million. Therefore, as more people enter the crypto space, Bitcoin’s scarcity will inevitably increase, causing its price to increase. Some coins also use the burning mechanism to increase their value by destroying a portion of the supply.
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Tokens have been created to use smart contracts or tokens as a form of currency. They do not have a blockchain and are used on decentralized applications (dApps).
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In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
Gold has historically always held value. The precious metal isn’t just used as a component of decorative jewellery: it has often been used as a currency and as an investment. Gold-backed cryptocurrencies essentially bring gold to the blockchain.
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.
Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity.
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Ultimately, Brooks served as the comptroller less than a year, from May 2020 to January 2021. At the OCC, Brooks established a reputation as a crypto-currency-friendly regulator, earning the nickname "CryptoComptroller."