BEIJING (AP) — China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.
Even if this were the case, and Safemoon coin was to increase in price dramatically before an instant fall, it would still represent a good investment for purely speculative investors. For example, if Safemoon were to simply return to the all-time high experienced on April 20th, then that would represent an incredible 921% return from today’s price!
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Among the cryptocurrencies that could disrupt Safemoon is the Bitrise coin, which is the fastest growing crypto at the time of writing. The coin was launched at the end of July. Shiba Inu is another piece that has been doing very well since its launch in August. However, experts have pitted Safemoon against Bitrise, which is now billed as the next “Safemoon”.
Ripple is also more easily converted than other cryptocurrencies with an in-house currency exchange that can convert Ripple units into U.S. dollars, yen, euros, and other common currencies.
“You can’t ever determine how long or how far up a speculative investment can go, and you tend to be very shocked at how much it falls,” she said.
The decision by Tesla, and announced by Musk, was seen by some as a slight on the credibility of cryptos to become a viable method of payment against physical currencies.
Yield farming involves lending cryptocurrency in exchange for interest payments and other rewards - but it comes with a high degree of risk.
All the signs, however, were there. Like previous bubbles, people were basing their belief in the cryptocurrency on their emotions, not any intrinsic value. Then there was the FOMO element, which only compounded things. Essentially, bitcoin became an international fever. Random companies were “pivoting to blockchain” for no apparent reason other than that it seemed like a way to create buzz. But when the bubble bursts, FOMO turns into fear of losing, which makes for an especially rapid plunge.
There are quite a few speculations going forward for SafeMoon. Especially keeping in perspective the technological announcements and booming sectors of progress the corporate has designs on, there are assumptions its price may reach $0.0000171. The favor is done by majorly security and scalability features. The exciting promotional ventures may do the rest, making the buyers/sellers harvest the gains.
In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.
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Bitcoin’s surge continued overnight on Monday as the cryptocurrency soared to $68,568.85 in value in the early hours of Tuesday morning, according to Coinbase.
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.
Regulation in any financial arena can be a complex minefield, and cryptocurrency is no exception. Allow Coin Rivet to steer you through the murky waters of what it all means. It’s the role of the regulators to create the rules and guidelines – but it’s our job to make sense of it for you…
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