What Is Dogecoin, and Why Isn’t It a Joke Anymore?
In the field of digital currencies, short and long term investors can find a number of options that make big claims but only a few of them can truly help the investor get the desired return over a period. Dogecoin has seen a huge movement in rates these days. Many renowned investors such as Slim Jim, Mark Cuban and Elon Musk have got them.
The cryptocurrency that started as a parody not actually 10 years earlier has been on a wild ride this year as individual monetary benefactors have piled in. Dogecoin, which traded at under 1 penny to start the year, immediately jumped as high as 74 pennies every month prior, as shown by Benzinga, preparing to the “Saturday Night Live” working with a show of Mr. Musk, the big shot CEO of electric-vehicle maker Tesla Inc., on May 8.
At its zenith, this renowned option in cryptocurrency a year-to-date gain of more than 15,000%, according to closing prices of CoinDesk, which is more than fourfold the augmentations on the S&P 500, including benefits, since 1988.
Since Mr. Musk’s SNL appearance, regardless, the fall of this cryptocurrency, actually trading at June 2 at the rate of around 42 cents, a for the most part 43% fallen from its high. As per a tweet from Robinhood Markets Inc. the SNL broadcasted that they face some technical issues with trading in this market.
What is Dogecoin?
Dogecoin is a cryptocurrency that started as a joke in 2013. It is an unexpected commendation to bitcoin, proposed to fill no real need other than several snickers.
It is named after a web picture spun around the image of a canine Shiba Inu with awful spelling penchants—thusly “doge” as opposed to “dog.”Why has dogecoin’s reputation exploded?
On Jan 28, Mr. Musk tweeted a bogus “Dogue” magazine cover. It isn’t clear why or what snatched his eye.
He has since continued tweeting about cryptocurrency. Once, he shared a picture reliant upon the film “The Lion King,” with the Shiba Inu canine superimposed all finished. Later, he expressed, “Who let the Doge out,” and “No highs, no lows, just Doge.” Perhaps with an ultimate objective to be valuable, he moreover tweeted what he portrayed as an instructive video named “D is for Dogecoin.”
Mr. Musk reestablished his benefit in this market in April, tweeting, that “Doge Barking at the Moon.” And after SNL communicated, he also tweeted: “SpaceX dispatching satellite Doge-1 to the moon one year from now,” adding “Mission paid for in Doge,” similarly as “the first crypto in space.”
Conagra Brands Inc. a known brand, jerky goody Slim Jim, jumped aboard with the dogecoin impermanent trend, calling for it on April 13 to “go to the moon.” Other brands have similarly coordinated fixation toward dogecoin, with Mars Inc’s. Laughs picture tweeting “Perhaps we should just #DogecoinToTheMoon” on May 3.
To be sure, even with its fall, dogecoin’s sensible worth of nearly $55 billion really outperforms that of Kraft Heinz Co. likewise, Dollar General Corp.
Altcoins And Stocks Move Higher After Bitcoin Price Rally To $40,000
Good news for all Altcoin holders! As per the latest news, Altcoins and stocks move higher after the Bitcoin’s rally to $40,000. The double-digit rally shows that the bulls are finally running the show.
As per a market review and analysis, it was found that the price of Bitcoins was at an all time high upto $40,000, as on January 7th. The best part about this is that the price has increased by almost $5,000 within a period of 24-hours. The $40,000 mark achieved by Bitcoins who’s that it has achieved the significant milestone of being the top-ranked crypto currency. This claim was made by the head of Global sales at Equus.
Reasons for Bitcoin’s high growth?
The high march by Bitcoin is driven by the fresh capital received from different hedge funds, corporate treasuries, and the high-scale awareness by the investors and general public.
From the moment bitcoin achieved the mark of $40,000, it went through the phase of selling pressure. Thus, it witnessed a price dip back at almost $36,600 even before the buyers came back to get the advantage of the quick drop in price.
The 24-hour volume of bitcoin has led it to reach the new all-time high of $82.4 billion. Many investors and crypto exchanges have experienced significant outages as well as connectivity issues.
How did the stocks and Altcoins see a significant high?
Even the traditional market saw positive growth because of the finalization of the United State’s Presidential elections. Finally, Democrats have controlled the presidency and the house of Congress. Even the government bonds have risen above the mark of 1% at $1.076.
Impact of bitcoin’s rise
The recent surge of Bitcoin above the mark of $40,000 has increased its dominance rate to almost 69.1%. But, this rise has not impacted Altcoin negatively. Even Ether has continued to soar high in 2020 and it has achieved high upto $1,282. Infact, the best part is that Altcoin is at its all time high at $1400.
Who are the other performers?
Other top performers include Nano and Yearn. Market for these crypto currencies has increased by 77.33% and 20.93% respectively.
Although this new all time high for Bitcoin is considered as a big achievement, investors are advised to not move towards heavy investment. People need to use their wisdom before making any heavy investment.
Bitpay Launches Mass Crypto Payments For Businesses
BitPay is a revolutionary payment app that helps deliver mass crypto payments around the world. Unlike other payment apps, BitPay doesn’t hold back any crypto, which makes it the best, easier, and concept for usage to many crypto traders.
Crypto installment administrations supplier BitPay has dispatched BitPay Send, another blockchain-fueled mass-payout stage for organizations.
BitPay Send permits associations who would prefer not to deal with or own crypto themselves to measure crypto payments as a huge mob. It tends to be utilized to finish finance installments, pay temporary workers or subsidiaries, and cycle client cashback and rewards programs. Accessible in 225 nations, all beneficiaries require to pass the Know Your Customer technique and have a cryptographic money wallet.
BitPay claims the stage slices preparing time from days to minutes
As per Yahoo The administration has just been received by promoting stage AdGate Media to pay associates the world over. AdGate president Dan Sapozhnikov clarified that a considerable lot of their partners are situated outside of North America and Europe, where admittance to financial balances can be troublesome, so they need “to be paid in Bitcoin.” But he said that the firm “didn’t have any desire to purchase and hold crypto,” adding:
When BitPay Send was oiled, it had to deal with the dangers. With BitPay Send, we can get our offshoots paid surprisingly fast and not days.”
BitPay CEO Stephen Pair said the simplicity of sending worldwide exchanges through crypto is a major fascination for organizations:
Techniques of conventional global installments are uncomfortable, presumptuous, and mediocre. With BitPay Send, organizations can make mass payouts without purchasing, possess or oversee crypto, and their beneficiaries get installments snappier and at a lower cost.”
BitPay is a U.S.- based organization that dispatched in 2011. It handled just about 100,000 exchanges for each month in 2020, most of them being in Bitcoin (BTC). The firm is upheld by numerous speculation firms, including Founders Fund, Virgin Group, Index Ventures, and Aquiline Technology Growth, having raised more than $70 million in subsidizing.
Paxful Breaks Ground On Nigerian School In #builtwithbitcoin Initiative
There has been a great initiative that has risen to a significant extent right now. It is the #BuiltWithBitcoin initiative that we are talking about. This has transformed approximately 100 schools already and has set foot in Nigeria’s school on September 17 as announced by peer-to-peer cryptocurrency marketplace Paxful.
Thisinittiave began in the year 2017 with a collaboration with a humanitarian organization, Zam Zam water. The first two schools were based in Rwanda and completed in 2017a and 2018, respectively. The third one was built in Kenya in the year 2020. And the list goes on.
The school is basically located in the Ankara Nandu community and belongs to the Sanga Local. It serves an estimated 100-120 children that are at the age of three to six years. It also acts as an education center for adults during the evenings. Thus, this one school is providing education to all the students residing in the entire city, which can sometimes result in inefficient teaching. Thus, the company focused on better school facilities.
Why this city even? This is because currently, 4000 people are residing in this city and are underdeveloped. It consists of just one school that provides both primary and secondary education to the students, as mentioned by the CEO of Paxful. They have a lack of the necessary supplements and resources and have a limited school infrastructure. They are in the real need of quality learning resources. Thus, investing and transforming lives with bitcoins is surely an excellent option to serve society by enhancing education.
Furthermore, the schools will have solar panels that will save up from the electricity expenses and even take care of the frequent fluctuations. They have even focused on providing the students with filtered water to keep the students’ health safe and sound. The filtered water is sold at a reasonable price to provide them with the feasibility to afford them easily.
They also cover the entire fees involved with the whole school’s entire processesses, including the staff salaries, bills, supplies, etc. They finance even the uniforms of the students. Great, right? Such great contributions to society are surely something to rave about!
They’ve even expanded and have raised funds for the relief against the pandemic in Africa. They have reached an amount of a whopping $35,000 already!
Thus, this is undoubtedly an excellent initiative taken by Paxful for the betterment of society as a whole. Education is a complete necessity. Underprivileged and underdeveloped cities need the attention to upgrade their infrastructure so that they can provide at least a decent education to their students. Furthermore, Bitcoin’s use is undoubtedly the most innovative deal here since this will raise awareness about cryptocurrencies among the students.
This is certainly for a golden cause. They have aimed to build and upgrade many such schools in the upcoming years to improve the quality of education in the entire world. And why not? Aren’t these children basically the future of this world? Initiatives like these should be supported and given adequate encouragement for an overall increment of society, which is pretty essential right now provided such cities’ scenarios.
The Emergence Of Cryptocurrency Hedge Funds
Risk-averse investors have always believed in hedge funds and analysts to guide their money in the right direction under all market conditions. With the rise of cryptocurrencies like Bitcoin, analysts have found a new edge in hedge funds. However, timing is an important player. Even under extreme stress scenarios, the huge growth of Bitcoins has increased the investor’s faith in cryptocurrency.
Accessible infrastructure makes transactions via block chain easy and makes it possible for investors to exchange crypto with fiat currency, enabling the big fishes to swim in the new found waters. With the creation of a perfect entry for hedge funds, the small volume asset like Bitcoin, which recently touched the $100 billion market capitalization benchmark and the ever interested population of investors, have taken the plunge. Though there has been both dismay and accolades in the crypto community, one thing is for sure – The returns so far have been excellent.
What is a Cryptocurrency Hedge fund?
A Cryptocurrency Hedge fund, unlike a Cryptocurrency Index fund, is a way for an investor to invest in a large group of underlying securities. Expert analysts manage these funds, re-balance as and when required, and continuously analyze. This manoeuvring helps investors in garnering profits.
Cryptocurrency Hedge funds are of two types at present. One has portfolios containing exclusively cryptocurrency, and the other has mixed cryptocurrency with different asset types.
The first type of cryptocurrency hedge fund seeks to maximize profits by adding newly offered coins to the mix. In contrast, the second type of cryptocurrency hedge funds is more risk averse and produces lesser profits.
Asset under Management.
A recent survey by PWC and Elwood Asset Management Services Ltd, titled “2020 Crypto Hedge Fund Report,” has shown that the cryptocurrency hedge funds’ assets under management have significantly risen to $2 billion at the end of last year. This industry is expected to grow more along with the price of Bitcoins.
The 2020 report states that there are around 150 active crypto hedge funds. Two-third of which were launched in 2018 or 2019.
Most cryptocurrencies surveyed traded BTC at 97%, followed by ETC at 67%, XRP at 38%, LTC at 38%, BCH at 31%, and EOS at 25%. The price increase of cryptocurrencies, like Bitcoin that increased from $3872 on Jan 1, 2019, to $7174 on Dec 31, 2019, is also considered to be a factor in the increase of AUM.
Several analysts have predicted that the interest in cryptocurrencies from institutional investors will increase post the COVID -19 pandemic.
The vast majority of investors in cryptocurrency hedge funds are either family offices or high net worth individuals. A growing number of funds have been investing in cryptocurrency hedge funds, causing the whole ecosystem to emerge massively.
Wall Street has also become more open to BTC (Bitcoin) as a new asset class. With more and more talent shifting from the traditional hedge funds to the digital assets proves that cryptocurrency is here to stay.
Bulgarian Police Arrested 2 Bitcoin Farmers As They Were Caught Stealing 1.5 Million USD In Electricity
This news contains everything about two citizens of Bulgaria who were accused of robbing approximately 1.5 million USD in electricity utilized for running cryptocurrency mining farms in an illicit way.
Those two men are already arrested by the Bulgarian authorities for stealing more than 1.5 million USD. On the basis of a report made on Bulgaria Today, it says that the police detained them in a small Bulgarian town called Kyustendil.
Details on the News
All the representatives from the CEZ Electro Bulgaria and the ODMVR, the acronym for “Oblast-Directorate-of-the-Ministry-of-Interior-Affairs” made their statements at a conference. They said that the two inhabitants of Bulgaria, both from Sofia aged 38 & 31 respectively, were caught red-handed while they were funneling power to two illicit crypto mining farmsteads for 3 to 6 months. Nonetheless, the proofs say that the mining tool was present at the robbing site for over one year.
Philip Yordanov, the Deputy Director of CEZ, said that this incident is the biggest robbery of electricity that was ever detected. They stole so much power from the facility, it was enough to provide electricity to the neighboring township for approximately one month.
Before the two criminals were released to await trial, they were detained by the police for 24 hours.
Similar Incidents
There are numerous unethical cryptocurrency miners who have attempted to do similar kinds of crimes in many countries as those criminals gradually learned the profit they can have through these illicit approaches.
In China
One such incident also took place in China where 22 suspects were taken under police custody in July 2019 and are still considered to be one biggest theft in the crypto-realm. They were put in the main suspect list as they were involved in an unlawful mining farm making the usage of 3 million USD in robbed electric power. Police have impounded 4000 mining rigs at 9 respected factories.
In Russia
Russian officials have also tried to make stricter rules against Bitcoin miners robbing electric power. In June 2020, police arrested a man of 30. He was charged for looting almost 500000 USD in electricity from the state power network.
In March, another man was arrested along with his 9 assistants for getting involved in a similar crime where they stole around 200000 USD in electricity per month to mine cryptocurrency.
Huobi Links With Japan STO Association Besides MUFG And Other 10 Players
Houbi has finally become a part of the regional self-regulatory organization that acts as a pillar to the evolution of offerings of security tokens.
The Japanese branch of Huobi has linked with JSTOA, which stands for the Japan-Security-Token-Offering-Association. It joined the association in the form of a supporting member besides FXCoin, Zaif, and other 8 regional cryptocurrency players. This info is completely based on a report published earlier on the 3rd of August, 2020.
Chen’s Declaration
Haiteng Chen, the CEO of Huobi’s Japanese branch made a clarification through the statement saying that a complete member needs to be a securities company that would be possessing a Finance 1 license.
The CEO also added that for not having this particular license, they would not be capable of applying for a complete membership. The Japanese branch puts its focus on streamlining the security tokens’ transactions tracking this specific self-regulatory body.
JSTOA’s Main Task
The Japan-Security-Token-Offering-Association(JSTOA) came into being in 2019’s October. It was started by six leading brokerages of Japan including Rakuten Securities and SBI Securities.
The main duty of the Japan-Security-Token-Offering-Association(JSTOA) is to act as a strong backbone to the evolution of the offerings of security tokens in such an approach that makes sure that there is the protection of the investors along with lawful compliance. In the month of April 2020, the JSTOA came up with a set of guidelines that says everything about how to divide electronic record transfer rights from customer assets.
Japan Stands Out
The report says that Houbi’s CEO Mr. Chen also stated that the JSTOA team agrees with the principles and they have quoted the motto of the association which is ‘to promote and popularize security token to revive the financial and capital market’, for fostering developed industry and for carrying on the international competing nature. This is the comment that made the CEO of crypto exchange say that Japan is the one nation of very few nations that lead and initiate an obedience system for digital assets.
Japan is Keeping Pace with Cryptocurrency
For the time being, the FSA, also known as the Financial Services Agency, has declared that Ryozo Himino is its current chief. He is considered to be very much optimistic regarding the crypto real. Concurrently, Kazushige Kamiyama was elected as the leader of a research team of CBDC by the Bank of Japan.
Major Twitter Hack Ropes In Elon Musk, Bill Gates, and Kanye West
On the 15th of July, 2020, Twitter fans frenzied over hacked accounts of Elon Musk, Bill Gates, and Kanye West, among others. The attackers were Bitcoin thieves who tried to target cryptocurrency owners and steal their Bitcoins.
Elon Musk’s tweet read, “I’m feeling generous because of Covid-19. I’ll double any BTC payment sent to my BTC address for the next one hour. Good luck, and stay safe out there!”
Whereas, Bill Gates’ hacked tweet said, “Everyone is asking me to give back, and now is the time. I’m doubling all payments sent to my BTC address in the next 30 minutes. You send $1,000, I send you back $2,000. Only going on for 30 minutes! Enjoy!”
Such tweets were seen across Twitter. They would appear and then vanish after some time, only to reappear moments later. Other Twitter handles such as @Bitcoin Twitter, Binance, Apple, Gemini, Uber, and Coinbase also were among the accounts that were hacked. Barack Obama was also among the many politicians, celebrities, and executives whose accounts were hacked.
Bill Gates’ team gave a statement refuting the tweet saying, “We can confirm that this tweet was not sent by Bill Gates. This appears to be part of a larger issue that Twitter is facing. Twitter is aware and working to restore the account.”
Twitter, on the other hand, called this hack a “coordinated social engineering attack.” The investigation into the same is ongoing, although the manner of the attack and the reason was rather clear.
Twitter sent out a tweet in response to the attack saying, “We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools.”
This wide-scale hack raised questions on what Twitter was doing to save accounts of the people using this social media networking site. Twitter has previously had such cryptocurrency attacks; however, none were on such a massive extent.
An earlier attack in 2018 had compromised the Twitter accounts of Google’s G Suit and Target in a similar cryptocurrency racket. In 2019, the CEO of Twitter, Jack Dorsey’s account was hacked where the hackers sent out racist, anti-Semitic, and sexist tweets. Despite such attacks, it seems like Twitter has failed to provide a better security system for the millions of users currently using their site.
Hackers had given out a link in this large-scale attack on the 15th of July for innocent cryptocurrency users to send their Bitcoins. The link had recorded that it received close to 12.30776555 BTC, which is approximately $113,572.
In response to the hack, Twitter immediately blocked verified account users from temporarily tweeting or resetting their passwords. Although users have been given back access to their accounts, Twitter employees are still working towards fixing the problem and providing a more secure system.
Meanwhile, an Instagram account, Crypto For Health, claimed that the attack was made by them. They posted a story on their Instagram profile, which read, “It was a charity attack. Your money will find its way to the right place.” This news is yet to be verified by Twitter and other authorities.
Cryptocurrencies Could Undermine Obsolete Laws, Says Cybersecurity Expert
How many of us hope for a change in our ages-old finance system in a rapidly changing world? I think there are many. However, the change in the current age is more than necessary; it might not satisfy the ruler’s sweet tooth. The same old rules for transactions, taxation, deductions, fees and its high time there’s a change in all these but do you see the process moving ant faster or at all? No, right. Cryptocurrency seems to solve many of these outdated laws. Wondering how? Read through and find out the views of the famous cybersecurity expert Pavol Luptak’s observations and insights on this:
Luptak’s overview of the Crypto market:
According to Luptak, the modern century needs modern laws, and the cryptocurrency can achieve that by abolishing some of the Obsolete laws. Below are some of the spikes from Luptak’s perceptions:
- Free from the clutches of taxes:
Imagine you have a registered firm within your state or country laws and how paying innumerable taxes can be of a burden. Luptak says with the offshore firm management system these days, and you can simply create a hidden firm with crypto assets instead of traditional transactions which are impossible to impose can lead to a significant downfall in the taxes.
- Taking over the decentralized business with crypto transactions:
Many local decentralized businesses that are off the government’s hook have the chance of choosing their own payment methods for transactions. What if the business accepts the anonymous crypto transactions which are off the chart? The business can save some tax amount on transactions, and the client can get the product or service for less price because of no taxation. When there’s a win-win for both sides, wouldn’t it be beneficial?
As the Governments cannot track these transactions, cryptocurrency can give birth to an unidentified and unacknowledged business.
- Virtue & Evil forms of technology:
Decentralizing may be the key to technologically saving money. But there’s always a threat of digital currency fluctuations. Sure, the evolving technology fulfils the needs of future technology, but it always comes with a price to pay with several cyber threats. But well, there isn’t any stable progression without the downfall, and so this goes.
Old is not gold all the time. Pavol Luptak’s views about cryptocurrency’s rise in the outworn rules of the 21st century have brought a different perspective in the financial specialists. The update to old-school rules are awaited enough, and before they fall to the ground, they should be equalized to bring justice to people.
Credit Card Processing: Why Every Business needs it
With so many credit card processing options available today, it can sometimes become difficult to know which one is the best to consider. On the outside, it often seems that all processing companies are the same, but this is simply not the case. Prior to getting involved with a provider, make sure you understand the importance of selecting the right one, and know what you are looking for.
Working with the Right Company
Before setting up credit card processing, it is important to know that you are working with the right company. There are some obvious factors that come into play at this point, but others that may not be as obvious. Prior to entering into any relationship with a provider, consider the following:
- Fee Structure – Make sure that there are no hidden fees in the agreement. Furthermore, make sure you are clear on the specifics and that everything is reasonable.
- Security of Processing – Make sure that the processing company you use has a secure system. The last thing you want is for people’s credit card information to leak as a result of using your service. This can have long-term negative effects on your business and reputation.
- Customer Service – Look for a company that has readily available customer service personnel. If a problem arises with your payment processing, you want to be assured that you can easily reach someone who can help you resolve the issue.
- Experience – This may seem obvious to some, but in many cases goes without consideration. The reality is that a credit card processing company will not be able to survive if it is not trustworthy and easy to work with. Since the market is permeated with these companies, only the strong survive. As a general rule, the longer a credit card processing company has been operating, the more you can trust the service they provide.
Regardless of what industry you are in, the need for accepting credit cards is the same. Make sure that the credit card processing company you plan to work with meets these requirements and that they do not try to conceal any pertinent information.
High Risk Credit Card Processing
For high risk businesses, credit card processing can be a difficult task, typically being paired with excessive fees. It is important to remember that just because your business is considered high risk should not mean that you suffer from poor credit card processing. Instead, make sure to use the indicators above when selecting a company to work with. There are companies like USA Bancard out there that charge overly-reasonable fees; the key is to find them.