What is cryptocurrency and how it works?
A cryptocurrency (or “crypto”) is a form of payment that can circulate without the need for a central monetary authority such as a government or bank. Instead, cryptocurrencies are created using cryptographic techniques that enable people to buy, sell or trade them securely.
Here’s a look at some of my favorite Crypto reads this week:
NFTs look ready to rule 2022, and the recent pivot toward NFT utility in P2E gaming could make blockchain gaming this year’s sector darling.
Siraj Raval has tried just about every way there is to mine for cryptocurrencies from his 2018 Tesla Model 3.
He’s run free bitcoin mining software on his Apple Mac mini M1 and powered the computer by plugging an inverter into the 12-volt power socket located in the center console of his car.
‘High highs, and low lows’ has seemingly been the theme of the week in crypto, and NFTs were no exception. As we kick off the first full week of 2022, there was plenty of action in the NFT landscape to review.
We’re ringing in 2022 in a similar style as 2021 – a hefty dose of NFT news from throughout the week. Let’s put it all in a digestible format with this week’s Nutshell.
The Bank aims to provide efficient settlement solutions. The adoption of blockchain technology has increased in Bahrain over the last 12 months.
Illicit addresses received nearly $14 billion last year. Crypto-based unlawful transfers represented 0.15% of overall volume.
China’s leading messaging application – WeChat Pay – will reportedly begin supporting the e-CNY. The app has more than one billion users, meaning the initiative could significantly boost the distribution of the digital yuan.
Amidst another red weekend, Bitcoin is facing its most critical support area in the mid-term. So far, despite 2022’s first day, the new year has recorded seven consecutive daily red candles (keeping in mind there are a few more hours until today’s candle close).
Andreessen Horowitz – a leading venture capital firm and a prominent investor in the cryptocurrency space – has raised a fresh $9 billion to further its involvement in the growing industry.
The Chainlink ecosystem continues growing at a rapid pace, as the protocol expands support for additional blockchain environments.
Cryptocurrency and Bitcoin investors spread to almost every sector and among different personalities. With the increase in the adoption of digital assets, most people are joining the investment train to reap enormous potential growth. Celebrities and government officials from both past and present governments globally are not left behind.
The former US first lady, Melania Trump, just gave her congratulatory message to Bitcoin on its 13th birthday. A little after launching her personal ‘nonfungible token (NFT)’ in December 2021.
Looking for the latest and hottest crypto news and updates? Check out today’s selection of News, Education, Resources and more!
Let’s Talk about Crypto Scams:
- Cryptocurrency Fraud – “Cryptocurrencies such as Bitcoin, Ethereum, Dogecoin and hundreds more are a hot commodity in online trading, and it’s possible for a smart investor to make a big profit. But the prospect of quick riches can blind some people to the risks and enable crooks to lure them into scams.What is cryptocurrency? According to the U.S. Commodity Futures Trading Commission (CFTC), it’s a digital representation of value that isn’t backed by any government or central bank. Even so, this virtual money can be used to make purchases, and it can be exchanged for U.S. dollars or other conventional currencies. But unlike government-backed money, the value of virtual currencies is driven entirely by supply and demand. That can create wild swings that produce big gains for investors, or big losses. And cryptocurrency investments are subject to far less regulatory protection than traditional financial products like stocks, bonds and mutual funds.”
Hamilton teen accused of stealing $46M worth of cryptocurrency, buying ‘rare’ online gaming name – “An Ontario teenager has been arrested after allegedly stealing $46 million from one person in a massive cryptocurrency scam in the United States. Hamilton police announced the arrest on Wednesday after a joint investigation with the Federal Bureau of Investigations (FBI) and the United States Secret Service Electronic Crimes Task Force that began in March 2020.”
How to Avoid Cryptocurrency Scams – “If you know what you’re doing, crypto can be a lucrative endeavor, but it’s also ripe with scams. Don’t get duped. Here’s what to look out for before you load up on virtual currency.”
Cryptocurrency Fraud Soars, Spurring State Action – “Has “Elon Musk” asked you to send him bitcoins, offering to double your money? Did you get an official-looking solicitation from the Texas firm “Peters Wealth Management” to buy cryptocurrency? How about someone on a dating app touting a “great new investment?” All of these are scams involving the latest buzz-worthy investment—cryptocurrency. While legitimate currencies such as Bitcoin can offer good, if often volatile, returns, scam artists are proficient at separating unwise investors from their money.”
Crypto Scams Are on the Rise — Here’s How Investors Can Protect Their Coins – “Cryptocurrency has captured America’s attention this year — and “Olympic-level scammers” have taken notice too. With the rise in popularity of crypto and blockchain technology, there will be an influx of unprecedented cryptocurrency scams, according to William E. Quigley, a prominent investor and co-founder of the WAX blockchain. The high-tech nature of crypto will attract sophisticated scammers capable of pulling off “Olympic-level” hacks and schemes, Quigley said during a panel discussion hosted by blockchain firm Light Node Media last month. Consider a recent “Squid Game” scam in which investors allege a new SQUID cryptocurrency token and related immersive online game were actually just an elaborate scam. Investors claim the developers disappeared after the currency skyrocketed in price and seemingly cashed out with more than $3 million.
Two Ontario women speak out after losing more than $100,000 in cryptocurrency scams – “TORONTO — Two Ontario women are speaking out and warning others about cryptocurrency scams after they lost more than $100,000. “I feel devastated. I really don’t know what to do right now,” said Lee”of Toronto, who asked CTV News Toronto not to use her real name. Lee said she was on Facebook when someone reached out to her and said they could teach her how to make easy money investing in cryptocurrencies.”
‘They’re bloodsuckers’: Montreal man says he lost nearly $400,000 in cryptocurrency scam – “MONTREAL — After losing nearly $400,000 in what he believes was a romance cryptocurrency scam, David still has dreams about the people who did this to him getting arrested and facing justice. But he knows it’ll likely never happen in real life. The Montreal resident has been seeing a psychologist ever since he realized that the woman he met on Facebook Dating in February wasn’t who she said she was and coaxed him into slowly emptying out his life savings. “They’re bloodsuckers, they’re real criminals of the highest degrees,” said David.”
Cryptocurrency scams are all over social media. Don’t get duped – “That tweet, live event or ad you see on social media could be fake.”
- Cryptocurrency Scams Are Everywhere: Here’s How To Spot & Avoid Them In 2021 – “How to protect your money”
The FBI has put out a PSA about an interesting crypto scam – “It’s a tech twist on wire transfer fraud”
- Cryptocurrency Fraud – “Cryptocurrencies, often referred to as virtual currencies or tokens, are quite different from typical currencies such as dollars or euros. Instead of being issued and backed by a government or central bank, cryptocurrencies are digital assets secured by cryptography that can be used as a medium of exchange. Their validity is typically provided by a blockchain system with an open, distributed ledger recording transactions. While different forms of cryptocurrencies have been around for years, they became a cultural phenomenon in 2017 when the price of Bitcoin, one of the more established cryptocurrencies, skyrocketed to nearly $20,000, representing an annual gain of over 2000%. While 2018 saw the “Great Crypto Crash,” cryptocurrency remains very popular, with Bitcoin accompanied by other significant cryptocurrencies such as Etherium, Ripple’s XRP, Binance, Tether, and countless others. In addition, cryptocurrency exchanges have also expanded, providing platforms that allow customers to trade cryptocurrencies for other assets, including conventional currency and other digital currencies.”
How to Identify Bitcoin & Cryptocurrency Scams – “The world of cryptocurrency is in many ways still the wild west, it’s a world filled with misinformation with the intention of funneling funds from unsuspecting investors. Our team receives 1 to 5 emails per day asking about various companies or people that they believe are intending to or have successfully fleeced them. All of the examples below are from people who have contacted us. Most of these scams are fairly easy to identify with a little bit of research and due diligence. Below are some ways to easily identify these scams…”
- How to spot and avoid crypto scams – “With a high demand for cryptocurrencies and an evolving space, there has been an increase in related scams. It is important, therefore, for investors to save themselves from fraudulent crypto exchanges and tokens. Every investor or non-investor is a target for fraudsters who are looking to make some easy profits by exploiting individuals who would do anything to get rich instantly.”
If you have other go-to articles, tips and or tricks for our readers, please leave them below!