While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future. It’ll likely be much longer before it’ll be a smart financial decision to spend Bitcoin on goods or services, but further institutional adoption could bring about more use-cases for everyday users, and in turn, have an impact on crypto prices. Nothing is guaranteed, but if you buy cryptocurrency as a long-term store of value, the more “real world” uses it has, the more likely demand and value will increase.
However, cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam.
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As a result of the relationship between supply and demand, the price of a cryptocurrency can be manipulated to an extent. A concerted effort to match all the open orders on a particular crypto across several exchanges will create an artificial shortage.
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After a proposed acquisition of Pinterest (NYSE: PINS) for $45 billion by PayPal Holdings (NASDAQ: PYPL) fell through, both companies have taken the spotlight. Jamie Louko (Pinterest): If you're looking for an established company that still has the potential to grow multiples bigger than its current size, Pinterest might be a good place to park cash. Pinterest is a social media company that helps drive inspiration and creativity in people.
FTX's Sam Bankman-Fried said solana was one of the few blockchains with a roadmap to scale million of transactions.
In the past 24 hours, the cryptocurrency has surged 93%. It's currently trading at less than $0.000000000001, according to CoinMarketCap.
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It hasn't yet been recognised by the major cryptocurrency sites such as Coinbase but why did it get so popular?
Business News › Markets › Cryptocurrency › Top cryptocurrency prices today: Cardano, Polkadot, Dogecoin shed up to 5%
Ripple also put heavy investments into non-fungible token projects using the XRP ledger – a public blockchain. Many experts claim that this investment puts Ripple in the position to be an “Ethereum killer.”
Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”
One investor who wasn’t deterred was Barstool Sports Inc. founder Dave Portnoy. In May, he announced to his 2.6 million followers on Twitter that he’d bought $40,000 worth, despite saying that SafeMoon could be a Ponzi scheme, a scam in which early investors’ returns are paid with funds coming from later buyers that collapses when new deposits dry up or too many people try to cash out.
QUIZ: Do you everything that brands are doing to drive awareness about cryptocurrencies?
Several other regulators, including from Hong Kong, Germany, Japan, Italy, and Thailand, followed with various warnings, with the Netherlands the latest to do so this week. Hong Kong initially raised the alarm over crypto derivatives related to listed stocks which Binance stopped offering last month. In late July, Binance said it would cease to offer all derivative products in Germany, Italy and the Netherlands. Does Twitter’s new crypto leader signal end to Dorsey’s Bitcoin maximalism? Stablecoin issuer Circle launches venture fund, invests in JPYC Ripple launches new crypto solution Liquidity Hub, beyond XRP Ex SEC Chair Jay Clayton to advise crypto custody firm Fireblocks
Wallets used by cryptocurrency exchanges are somewhat vulnerable to hacking. For instance, Japan-based Bitcoin exchange Mt. Gox shut down and declared bankruptcy a few years back after hackers systematically relieved it of more than $450 million in Bitcoin exchanged over its servers.