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.
SafeMoon burst on to the cryptocurrency market place earlier this year – and now the digital coin is seeing further gains.
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Some teams have no issue with leveraging the power of social media by paying influencers to promote their coins. With a few heavy hitters on your side, you can spread rumours nearly instantly. If people are talking about your project, you win.
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Bitcoin is widely regarded as the first modern cryptocurrency — the first publicly used means of exchange to combine decentralized control, user anonymity, record-keeping via a blockchain, and built-in scarcity.
It was first outlined in a 2008 white paper published by Satoshi Nakamoto, a pseudonymous person or group.
As far as payment for assets goes, platforms offer crypto purchases via bank transfers, crypto transfers, or credit cards, depending on the platform. Buying crypto with cash in a person-to-person fashion is also possible. Availability for buying and selling crypto on any given platform, however, can vary from region to region.
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The country will be the first to recognise the crypto-currency as legal tender from September 7.
SafeMoon technically isn't a cryptocurrency but a DeFi token, according to its website.
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Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.
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.
It should be noted that crypto prices also started rising more quickly when Donald Trump lost the presidential election, so we should probably have a think about the notion that Trump might actually be Satoshi, and that now with more free time on his hands he is focusing on pumping the market. After all it is highly likely that he is a Japanese-trained quantum physicist (do make sure you get to 2:09 in this for proof of his knowledge of thermodynamics, and to 2:45 for evidence of his reading Japanese):
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Musk reaffirmed his belief that cryptocurrency has a “promising future” but that it “cannot come at great cost to the environment”, in his Twitter post.