INVESTORS add the highly turbulent SafeMoon cryptocurrency to their wishlists as Bitcoin and Ethereum continue to soar, approaching highs last reached in late spring.
Because SafeMoon is a less established cryptocurrency, purchasing it requires additional steps.
According to Nasdaq, the developer of SafeMoon recommends Trust Wallet as the most secure crypto wallet with which to buy the coin.
After downloading the Trust Wallet app, buy Binance Coin, then go to the Pancake Swap in the app.
There you will be able to exchange Binance Coin for SafeMoon.
Crypto prices have seen some changes after President Biden’s statement calling attention to potential pitfalls in the currency, such as ransomware and other cyber threats.
Joe Biden’s statement said, âCyber ââthreats can affect every American, every business, regardless of size, and every community.
“That’s why my administration is organizing a nationwide effort to deal with cyber threats.”
When Federal Reserve Chairman Jerome Powell announced that there were no plans to ban cryptocurrency in the United States and prices jumped 10%.
Read our live cryptocurrency blog for the latest news and updates …
FINANCIAL RISKS OF BITCOIN ADOPTION, PART THREE
El Salvador’s economy relies heavily on the remittance market, accounting for about 20% of the country’s pound sterling, or about $ 6 billion a year, according to Forbes.
About 95 percent of remittances are sent by Salvadorans working in the United States to their families in their home country.
But the service charges for such transfers can be a significant portion of the portion sent, especially with smaller transfer amounts.
FINANCIAL RISKS OF BITCOIN ADOPTION, CONTINUED
But Bukele argued that adopting Bitcoin will allow more Salvadorans, about 70% of whom do not have bank accounts, to enter the formal economy.
âWho would be against something that helps people and doesn’t hurt? He said of his detractors.
âThey are probably politically motivated. He also claimed that it would be faster and cheaper to receive money from a family living abroad.
FINANCIAL RISKS OF BITCOIN ADOPTION
Supporters of El Salvador’s decision hailed the move as the progressive future of money.
Critics, however, derided it as little more than a Bukele publicity stunt.
More troubling still, they say the move poses substantial financial risks for ordinary Salvadorans and their country, as cryptocurrency is a notoriously volatile market.
THE MOST VALID PARTS
Cryptocurrency prices hit record highs earlier this year amid interest from prominent figures such as Elon Musk and increased institutional investment in the industry.
The most valuable coins are Bitcoin and Ethereum, but there are plenty of alternatives or altcoins aimed at leveraging the value of crypto.
Values ââcan be volatile, however, and regulators have warned investors could lose all of their money.
RISKS OF INVESTING IN CRYPTOS, PART V
Finally, the truth in Promotional material is a risk in investing in cryptos.
Businesses may overestimate product returns or underestimate the risks involved.
RISKS OF INVESTING IN CRYPTOS, PART FOUR
Another investment risk are charges and fees.
Consumers should take into account the impact of fees and charges on their investment, which may be higher than those of regulated investment products.
RISKS OF INVESTING IN CRYPTOS, PART THREE
A third risk of investing in cryptocurrencies is product complexity.
The complexity of some crypto-asset related products and services can prevent consumers from understanding the risks.
There is no guarantee that cryptoassets can be converted back to cash.
The conversion of a crypto-asset into cash depends on the existing demand and supply in the market.
RISKS OF INVESTING IN CRYPTOS, PART II
Another investment risk is price volatility.
The significant price volatility of crypto-assets, combined with the difficulties inherent in a reliable valuation of crypto-assets, puts consumers at high risk of loss.
RISKS OF INVESTING IN CRYPTOs
We have rounded up five risks of investing in cryptocurrencies.
The first is Consumer protection.
Certain investments showing high returns based on crypto assets may not be subject to regulation beyond anti-money laundering requirements.
CASPER ON THE RISE
Cryptocurrency Casper (CSPR) has skyrocketed as people ask how to buy the coin as Bitcoin soars on Coinbase.
As of Monday morning, CSPR crypto had appreciated by 15% in value, according to Investor Place, but crypto sites vary based on price predictions for the currently successful coin.
NO RETURN GUARANTEED
There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns”, they are often scammers.
There is no way to remove the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.
Check out these other ways to spot scammers in the crypto space.
PAYPAL LAUNCHES A CRYPTO SERVICE IN THE UNITED KINGDOM
PayPal launched its cryptocurrency service in the UK.
From September, UK users can now buy, hold and sell digital currencies.
Crypto operations began in the United States last October.
VOLATILE PRICE AND DEMAND
Myron Jobson, personal finance activist at Interactive Investor, told The Sun: âIt is difficult to predict the price of an item that has an intrinsic value of zero.
“All it takes is a tweet from leading individuals who have a significant influence on sentiment for cryptos to increase demand.”
“But increased regulatory control over cryptos threatens to hamper the growth potential of the Shiba Inu.”
WHAT IS NUCYPHER? CONTINUED
This allows users to share private data with a number of other people in a secure manner.
Holders of its NU token can stake their tokens through the network to operate a node, which is responsible for creating and sending information.
Interestingly, the NuCypher token is an ERC-20, which means it’s built on Ethereum.
WHAT IS NUCYPHER?
NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it was not until 2019 that the public test network for the NuCypher network was launched.
NuCypher works specifically as a decentralized key management system that uses blockchain technology.
NuCypher exploded at one point by more than 1,100% on Friday to hit a new high of $ 3.5819.
Gains cooled a bit on Friday morning, but the cryptocurrency was still up 400% to $ 1.52, according to CoinMarketCap.
WHAT IS THE CRYPTO HBAR?
Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.
The Hedera Hashgraph System is a distributed ledger built on Hashgraph and was created by Baird with Mance Harmon.
HBAR is the cryptocurrency of the Hedera Hashgraph.
The company itself explains, âHBAR is the native and energy efficient cryptocurrency of the Hedera public grid. “
In other words, don’t invest more than what you can afford to lose or in something that you don’t understand.
Cryptocurrencies are also particularly volatile and their values ââcan fluctuate significantly without notice.
There is little regulation for crypto companies, so you will find yourself without protection if and when things go wrong.
PUSHING FOR MEXICO TO FOLLOW EL SALVADOR
In early October, Grupo Elektra, a leading banking and retail company in Mexico, supported Bitcoin by introducing the Bitcoin Lightning Network as a payment method.
But Mexico’s central bank quickly rejected the plans, warning: “Financial institutions in the country are not allowed to conduct and offer transactions with virtual assets, such as Bitcoin, Ether, XRP, to the public.”
Many lawmakers across the country remain opposed to Bitcoin, despite high inflation rates due to the continued devaluation of its currency.
EXPERT FEEDBACK ON THE VALUE OF TETHER
Despite its claim to be a stable coin, Tether has always seen price spikes and falls, noted in May Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
She told The Sun: “It has also been criticized for its lack of transparency, has had to settle lawsuits in the United States, and trading in the currency is prohibited in New York State.”
WHAT IS TETER?
The Tether cryptocurrency, also known as USDT, was officially launched as Realcoin in 2014, but has since changed its name.
It is described as a ‘stablecoin’, which is a type of cryptocurrency that aims to keep crypto values ââstable.
Tether aims to do this by pricing a regular “fiat” currency, such as the US dollar, euro, or Chinese yuan.
Tether claims to keep values ââstable by holding reserves in this currency in a bank.
HAMSTER CRYPTO-TRADING, CONTINUED
The four-legged financial demon does not carry out transactions on his own, of course.
Instead, Goxx’s business decisions are made inside an âofficeâ equipped with a camera and strapped to its usual cage.
Each day when he walks into the office, a feed is started on Twitch and a tweet is sent to his followers to let them know that trading has started.
The hamster then operates on an “intention wheel” which chooses one of 30 different cryptocurrencies to trade.
A HAMSTER CRYPTO-TRADING MARKET OUTPUTS THE MARKET
A hamster in Germany trades cryptocurrencies and has consistently outperformed the S&P 500.
The furry animal, called Mr Goxx, has been working since June, thanks to a specially adapted cage.
He determines which currencies to buy or sell by running on his wheel or walking through one of the two tunnels.
Mr. Goxx began trading on June 12 of this year.
The site states that the page is for fun and does not offer financial advice.
CHINA PREVIOUSLY CLOSED TRADE IN CRYPTO, PART II
While the creation and trading of crypto has been illegal in China since 2019, new crackdowns this year by Beijing have warned banks to suspend related transactions and shut down much of the country’s vast network of bitcoin miners.
Thursday’s statement from the central bank sent the strongest signal yet that China is closed to crypto.
CHINA PREVIOUSLY CLOSED TRADE IN CRYPTO
This isn’t Beijing’s first step against digital currency – in 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines fuel nearly 80% of the global cryptocurrency trade.