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So the product rewards people who hold onto it instead of trading it. By doing this, it implements a 10 percent penalty tax fee.
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It comes after the cryptocurrency dipped by approximately after surging to $67,700 in late October as traders appeared to pull back in anticipation of another price pump.
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@thebearablebull it’s time to switch to a digital currency. Fiat is dirty and is cause for the spread of the corona virus. Could this be the catalyst that advances utility of XRP???
SafeMoon captured attention from the get-go. Its name evokes a prudent form of the “to the moon” mantra embraced by crypto crowds looking for prices to burst straight up.
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That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
Danial says there have been plenty of huge spikes followed by pullbacks in Bitcoin’s price since 2011. “What I expect from Bitcoin is volatility short-term and growth long-term.”
China’s crackdown has delivered a windfall to international groups that mint digital tokens
He added: "You’re simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed."
More broadly, the U.S. has been slow to issue regulatory guidance for cryptocurrency businesses. The industry has generally appreciated regulators' care and caution to avoid hampering innovation or overregulating something so misunderstood, but the lack of clarity has also become restrictive for many looking to operate, develop, and grow their products and services. But Zhao appears to be undaunted by that.
The Biden Administration Wants New Legislation to Regulate Stablecoins. Here’s What That Means for Investors
Early cryptocurrency proponents shared the goal of applying cutting-edge mathematical and computer science principles to solve what they perceived as practical and political shortcomings of “traditional” fiat currencies.
You can also buy Safemoon from a centralized exchange like BitLink that lists Safemoon for sale.