Cryptocurrency price LIVE – Crypto 2022 predictions as experts say Bitcoin will take spotlight on world stage this year

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.”

What are Altcoins?

Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions. 

Altcoin is a category of cryptocurrency rather than a currency itself, and there are more than 900 different altcoins available.

Play-to-earn gaming, part two

The new play-to-earn gaming model that rewards gamers with cryptocurrency for playing isn’t technically free.

Gamers could have to spend $1,000 or more in order to start earning in the Axie Infinity universe, according to Forbes.

The popular platform for play-to-earn gaming requires beginners to have three “Axies,” which are available for purchase on the game’s Marketplace Dashboard.

Participants can then earn cryptocurrency for selling potions, breeding rare Axies, and playing various games.

What is play-to-earn gaming?

A unique model called play-to-earn gaming is driving non-fungible token (NFT) and cryptocurrency growth, Forbes reported.

Axie Infinity is the most popular platform for play-to-earn gaming at the moment.

It allows users to build a collection of “Axies” that players can use across its universe of games.

The company then uses Blockchain to reward players for gaming, according to Forbes.

Any digital assets earned by participants can be sold on the platform or traded outside Axie Infinity’s universe.

US cities embrace cryptocurrency, part two

The mayor of Miami is also working to expand cryptocurrency options in the Florida city.

Mayor Francis Suarez said he would take his paychecks in Bitcoin and wants residents to be able to pay fees and taxes in the cryptocurrency.

Miami launched a token earlier this year called MiamiCoin, which generated $30million in revenue over three months, Suarez told Bloomberg News.

US cities embrace cryptocurrency

A Tennessee city hopes to become the first in the nation to offer its employees cryptocurrency as a payroll conversion option.

The Jackson Sun reports that a request for proposal (RFP) has been opened, allowing third party platforms to apply to be the city’s cryptocurrency converter.

“We offer our employees a deferred compensation opportunity for their retirement already. Why not add more options?” the mayor told the news outlet.

He said the move will diversify ways city employees can receive payment and allow the city to pay contractors in Bitcoin.

Dogecoin spiked after Tesla news

Dogecoin saw a more than 20 percent jump after Elon Musk announced Tesla would start accepting it as payment.

He said in a Tweet that Tesla would allow purchases of some merchandise with Dogecoin and “see how it goes.”

Dogecoin went from a fraction of a penny in worth at the start of 2021 to a record-high price above 74 cents in May, CNBC reported.

Robinhood prepares to launch cryptocurrency wallet

Robinhood announced a new partnership with a blockchain data analytics platform ahead of its planned cryptocurrency wallet launch.

Robinhood will use Chainalysis’ data, analytics, and software to meet compliance requirements and provide secure crypto transactions, Motley Fool reported.

The partnership comes ahead of the planned 2022 launch of Robinhood’s crypto wallet.

More than 1.6million people are on a waitlist for the new feature, according to Motley Fool.

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.

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.

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.

In fact, Robinhood faced some outrage earlier this year when it restricted trading on meme stocks including GameStop and AMC.

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 choose Robinhood to 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 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.

How to check for blockchain scams

Cryptocurrencies operate on blockchain networks.

Scammers often claim their blockchain is “in development” or “about to be released,” but all legitimate cryptos will have an accompanying website to verify the currency.

Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if it even exists.

Fake websites and crypto

One fairly widespread scamming technique involves websites that appear to be a new cryptocurrency mining operation or investment opportunity.

The sites encourage investors to wire in money, sometimes offering investment “tiers” and promising greater returns.

But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.

Bitcoin milestone, part two

Bitcoin was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto. 

Data from Blockchain.com on Monday showed 18.9 million of the 20,999,999,9769 possible Bitcoins had been mined.

It’s a milestone that took 12 years to reach.

Experts believe the last Bitcoin will be mined in February 2140.

One Bitcoin is currently worth around $47,000.

Value could shoot up as the coins become more scarce, experts said.

Less than 10 percent of Bitcoin left to mine

There is less than 10 percent of Bitcoin left to mine as the cryptocurrency passed a major milestone in December.

Data from Blockchain.com showed 18.9million out of a possible 21million of the virtual coins have been mined.

Bitcoin is the world’s first entirely virtual currency and new currency is created by mining, a complex online process that uses computer code.

It involves using a computer to solve a mathematical problem with a 64-digit solution to create new coins.

For each problem solved, one block of Bitcoin is processed. The miner that is first to solve the problem is rewarded with a new Bitcoin.

These new coins are then stored virtually through an online database called the blockchain.

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 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.

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.”