- 6:01, 27 Dec 2021
- Updated: 6:01, 27 Dec 2021
THE value of Bitcoin has surged, as experts are predicting that successful new crypto coins will be released next year.
While the meme coin Shiba Inu has baffled experts this year with its growth, experts predict other cryptocurrencies will perform better in 2022.
Avalanche, Stellar and Qtum are all expected to do well, according to Nasdaq.
Meanwhile, Bitcoin, Shuba Inu, and Ethereum are up at the end of Christmas week, after booming this past year.
Read our cryptocurrency live blog for the latest news and updates…
Crypto investments top $30billion
Investors contributed a record $30billion to the cryptocurrency industry in 2021, according to Fortune.
The news outlet cited data from Bloomberg News that reportedly showed $7.2billion came from investors based in the United States.
The $30billion is almost four times the $8billion that investors spent with companies in the crypto industry in 2018, Fortune reported.
Banks embrace crypto, continued
Executives at large banks are beginning to hop on the cryptocurrency train as some invest their time in learning about the new payment method.
Bank of America spokesman Mark Pipitone told the New York Times, “The bank sees potential in blockchain, and we’re currently a leading patent holder in the space with more than 160 patents. But we still haven’t found a use at scale to make the financial lives of customers and clients better.”
Banks embrace crypto
Banks are paying for slowly catching on to the future of cryptocurrency as they struggle to benefit and profit.
As cryptocurrency start-ups explode, they are starting to offer credit cards and loans while banks are left in the dust.
According to the New York Times, “Bank of America’s chief executive, Brian Moynihan, barred the giant company’s wealth managers from putting any client money into cryptocurrency-related investments.”
Melania Trump launches NFT platform
Former First Lady Melania Trump got in on the NFT craze in December.
She launched a platform for fans to purchase NFTs, including a drawing of her eyes, with a portion of proceeds said to be going to children in foster care.
Mrs Trump plans on releasing NFTs in intervals on her website titled “Melania’s Vision” with the project backed by the free-speech social network Parler.
Gifting NFTs and digital assets, part two
Some young investors are looking forward to gifting friends their first digital asset this year.
A domain for the Ethereum blockchain represents an investor’s cryptocurrency address, appearing like “YourName.eth”.
It’s personalized rather than the random string of letters and numbers that typically signifies a user’s wallet.
Gifting NFTs and other digital assets
A 23-year-old from San Antonio, Texas, said she will get her sister and parents an NFT of a digital land lot to share in the metaverse.
She also plans to buy collectible NFTs from projects that aim to empower women, like World of Women and Crypto Coven.
The digital gifts could cost thousands of dollars depending on factors like metaverse game, demand, and size, CNBC reported.
What is a blockchain?
A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit.
This ledger is the foundation of any cryptocurrency transaction.
The cryptocurrency allows people to trade currency or assets digitally outside of any government or bank.
El Salvador adopts Bitcoin, continued
However, those who do not have access to technologies that can carry out Bitcoin are excluded from being required to accept it.
The US dollar and Bitcoin are now the country’s official currencies.
It’s the first time Bitcoin has been adopted as a legal tender in a sovereign nation.
El Salvador adopts Bitcoin
The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
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.
Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”
What is fantom?
Fantom is a blockchain platform that was founded by a South Korean computer scientist in 2018.
The platform has programs, called small contracts, which allow blockchains to run more advanced transactions than just sending cryptocurrency from one person to another.
Fantom is considered to be a competitor of Ethereum, which also offers small contracts.
What is a digital wallet? Continued
As with other cryptocurrencies, people will be able to buy and sell libras on exchanges for traditional currencies.
Facebook said that its alternative currency paves the way for smoother transactions and payments online.
The project however faced regulatory resistance over concerns about security and reliability.
In December 2020, Libra changed its name to Diem and moved its operations from Switzerland to the US as part of a “strategic shift.”
What is a digital wallet?
A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.
It allows users to store cryptocurrencies, make online or in-store purchases, and track their finances.
In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.
The tech titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.
What does Elon Musk’s Twitter name mean?
Musk has renamed himself Lord Edge on Twitter.
Dictionary.com defines an edgelord as “someone on an internet forum who deliberately talks about controversial, offensive, taboo, or nihilistic subjects in order to shock other users in an effort to appear cool, or edgy”.
Meanwhile, the Urban Dictionary states to be edgy is “taking coolness to its extreme and generally beyond the realm of actual possibility, while at the same time seemingly unaware of how ridiculous it is”.
Crypto audio streaming
Audius is a crypto-powered music streaming platform.
It’s owned and controlled by token holders – and tokens are called Audio.
Audio has been listed on CoinMarketCap since October 2020, and has rocketed in value following a deal with Chinese-owned social media giant TikTok.
Alexis Ohanian on co-founder of Ethereum, Vitalik Buterin, Conclusion
“I’ve never been more excited about the potential of the Internet,” Ohanian added.
“And that’s largely thanks to Vitalik Buterin.”
Buterin is the co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.
Alexis Ohanian on co-founder of Ethereum, Vitalik Buterin, Continued
“No one person could’ve possibly come up with all of the uses for Ethereum, but it did take one person’s idea to get it started,” Ohanian added about Buterin.
“From there, a new world has opened up, and given rise to new ways of leveraging blockchain technology—some of which I’ve invested in.”
“Whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”
Alexis Ohanian on co-founder of Ethereum, Vitalik Buterin
“Thanks to Reddit’s r/Ethereum community, I’ve had the privilege of following Vitalik Buterin’s career from early on, which is why I’ve taken a certain pride in watching his legacy grow,” Ohanian wrote of the programmer.
“Sure, we can talk about the value he’s created as the platform’s co-founder, including Ethereum’s impressive market cap of around $400 billion, the dazzling world of decentralized apps and this year’s boom in the trading of NFTs.”
“What makes Vitalik so special, though, is that he is a builder’s builder.”
Can you trade crypto on Robinhood?
Unlike most of its discount rivals, Robinhood offers 24/7 crypto trading through its platform.
That means you’ll have access to trade major cryptocurrencies including, Dogecoin, Ethereum, and Bitcoin.
Its crypto investors can buy or sell with a market order, which means it’s executed at the current market price.
Risks of Robinhood, part three
In July, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
Risks of Robinhood, part two
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.
Risks of Robinhood
When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.
If you’re choosing Robinhood so you can trade stocks and cryptocurrencies – then the game gets even riskier.
Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.
For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.
What is Robinhood? Continued
Unlike many discounted brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
What is Robinhood?
The Robinhood platform operates as a discounted brokerage that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.
You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.
What are Altcoins, continued
Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”
“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”