El Salvador's move to adopt Bitcoin is the first time Bitcoin has been adopted as a legal tender in a sovereign nation.
This article will discuss various concepts of a cryptocurrency to help you understand the novel financial innovation.
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This week, Binance announced it is pairing up with BAM Trading Services — which Coindesk notes is FinCEN-registered and has links to Koi Compliance, which counts Binance as an investor — to launch a U.S. exchange “soon.” That will mean, however a level of disruption for some U.S. customers in the meantime.
Numerous promises were made by the Safemoon team, which haven’t been delivered on. Although the price decreases could be a variety of things, it’s likely a slow burn of investors selling their holdings and depressing the price.
In 2016, this became apparent with the DAO hack. One way to fix the problem was to implement what’s known as a “hard fork,” which would essentially update the Ethereum-based software to fix the technical gaffe that caused the hack to begin with. But DAO users had to agree to this change, and there were dissenters. Though the hard fork was approved, it created two active blockchains with two different sets of rules. Ultimately, this hack–coupled with the inability to deal with it–caused the DAO to end in 2016.
Investors should continue to hold and not worry about the fluctuations, like Danial, who says she’s not “jumping on the hype.”
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And cryptocurrency exchanges are somewhat vulnerable to hacking, representing the most common venue for digital currency theft by hackers and cybercriminals like those responsible for taking down Mt. Gox.
Safemoon members are now joining competing crypto coins, like Bitrise, in thousands, and this could continue if Safemoon team does not address the fundamental issues. However, Safemoon remains as one of the strong crypto coins, but the dominance might be short-lived.
Cardano (ADA) broke and closed above the downtrend line on Nov. 9, indicating that the selling pressure is decreasing. The bears are currently attempting to pull the price back below the breakout level.
But the industry is only in its infancy and constantly evolving. It’s difficult to predict where things are headed long-term, but in the coming months, experts are following themes from regulation to institutional adoption of crypto payments to try and get a better sense of the market.
Bitcoin rose as much as 5.6% on Monday to $66,414, nearing its previous record of about $67,000. Ether advanced as much as 3% to a new high of $4,768.
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Bitcoin had rallied 220% in 4Q 2017 and if history repeats itself, Bitcoin could reach $96,355, which could potentially be this cycle’s top.
Some experts say this is high risk as SafeMoon’s success relies heavily on more and more people buying the currency to keep the price up.
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The blockchain thus prevents double-spending, or the manipulation of cryptocurrency code to allow the same currency units to be duplicated and sent to multiple recipients.