Competing interests: The authors have declared that no competing interests exist.
However, cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam.
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NFTs can be anything digital, and are commonly being used as a way to buy and sell digital art.
Worldcoin project reveals its ‘orb’ scanner as it aims to distribute cryptocurrency to 1bn people
The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.
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SafeMoon was created by Karony and two of his fellow developers from TANO, a Provo, Utah-based video game studio with a bare-bones website. It launched in March with a big social media push, including a giveaway of 100 billion tokens (then trading for less than $0.00000001 each) for “lucky winners” who followed @safemoon, liked and retweeted then tagged three friends.
The global crypto market cap fell more than 2 per cent to $2.82 trillion mark compared to the last day. However, the total crypto market volume jumped over 31 per cent to $176.91 billion.
Cryptocurrencies work using a technology called blockchain. They are tokens that can be used as a form of payment in exchange for online goods and services. They carry a pre-determined store value of their own, just like any other fiat currency like the US dollar or the Indian rupee. Cryptocurrencies are digitally mined, where very sophisticated computers solve extremely complex computational mathematics problems. Their mining is painstaking, costly and only sporadically rewarding.
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Amid rising inflation, the Federal Reserve and the Biden administration continue to message that the situation is “under control,” but equities markets reacted negatively to the news.
Cryptocurrencies are digital currencies that are not managed by the government or any central system but are built on blockchain technology. In the last decade, cryptocurrencies have gained traction, have become more popular, and are becoming more of an option for individuals and organizations to invest in.