Cryptocurrency is going mainstream — and becoming increasingly difficult for investors to ignore.
The surge in Bitcoin’s value in recent weeks follows the much anticipated first Bitcoin ETF debuting on the New York Stock Exchange, and a record-breaking October for the stock market in general.
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Chief among them was PayPal, which made Tesla founder and noted cryptocurrency advocate Elon Musk’s first fortune and proved to be a harbinger of today’s mobile payment technologies that have exploded in popularity over the past 10 years.
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Safemoon is a cryptocurrency token that was launched in March 2021. The token is housed on the Binance Smart Chain (BSC), a blockchain developed by Binance that runs parallel to the traditional Binance Chain (BC). The difference between the two is that Binance Smart Chain has smart contract functionality, opening up many avenues for decentralised applications (dApps) to be constructed.
The next phase in the crypto mining process is to compile a list of all transactions, which is subsequently included in a new unconfirmed data block. It avoids “double spending” of any cryptocurrency and keeps a permanent and public record by adding their transaction to the blockchain, once the verification procedure is complete. The record is immutable, which means it can never be changed or corrupted.
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That 90-day period ends September 12, so that’s effectively the deadline for Binance to launch its new U.S. exchange if it is to avoid impacting its American user base.
Crypto data aggregation platform, CoinMarketCap, recorded an increase in Bitcoin’s trading volume of almost 21% over the last 24 hours as of 2.25pm, with the cryptocurrency’s trading volume reaching $41,758,072,990.
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— Michelle Anderson is now head of marketing and development at ROKK Solutions. She’d been a senior adviser for the public affairs firm since April 2020.
Recent proposed legislation could make it easier for the IRS to find cases of tax evasion when it comes to crypto, though investors should already keep records of any capital gains or losses on their crypto assets. But the new rules may also make it easier for investors to properly report crypto transactions.
And while proponents tout cryptocurrencies as potentially lucrative alternative investments, few serious financial professionals view most coins — with the important exception of Bitcoin and a few others — as suitable for anything other than pure speculation.
While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
The scope of the operation is not unlike the search for new prime numbers, which also requires tremendous amounts of computing power.