Shiba Inu and Metaverse prices revealed as Matt Damon stars in crypto ad

Trader details their cryptocurrency losses

An investor revealed online how they lost a fortune after buying cryptocurrency based on rumors — three times.

The anonymous trader described the losses on Reddit, saying their first loss on Cardano hurt the most.

“Everything about the announcement seemed legit: It’s not a sh**coin, Smart contracts are a thing and there was a lot of hype,” the trader said.

The trader said as soon as Cardano went live, its price tanked leaving the trader at a huge loss.

Sending cryptocurrency on WhatsApp

WhatsApp, a popular messaging app, is testing a cryptocurrency payment feature for some users in the US.

Meta, formerly known as Facebook, owns WhatsApp and is letting some users send and receive Pax Dollars.

Pax currency is deemed a “stablecoin” because it’s connected to the US dollar.

The feature is powered by Novi, Meta’s digital wallet.

According to Novi, making payments will be easy, like sending other kinds of attachments in WhatsApp.

There’s no word on when the cryptocurrency payment feature might roll out to more users and countries.

Why is Bitcoin bad for the environment?

The problem surrounds the amount of energy used to mine a single Bitcoin.

Ethereum is a cryptocurrency that was released in 2015. It’s the second largest after Bitcoin.

In fact, some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.

It was founded by eight people, one of which is 27-year-old cryptocurrency “celebrity” Vitalik Buterin.

He recently became the world’s youngest crypto billionaire as Ethereum soared in value.

Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

China stopped its crypto exchanges

In 2017, China shut down its local cryptocurrency exchanges.

Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.

China’s crackdown ‘big opportunity’ for US

China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.

This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.

China’s crackdowns on crypto

While crypto creation and trading have been illegal in China since 2019, further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country’s vast network of Bitcoin miners.

The previous statement by the central bank sent the strongest yet signal that China is closed to crypto.

China’s statement, continued

Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.

The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.

China’s statement on cryptocurrency

The PBOC said it will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people’s properties and maintain economic, financial and social order”.

It said that trading of virtual currencies had become “widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.”

Risks of investing in cryptos, part five

Finally, the truth in marketing materials is a risk in investing in cryptos.

Firms may overstate the returns of products or understate the risks involved.

Risks of investing in cryptos, part four

Another risk of investing are the charges and fees.

Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.

Risks of investing in cryptos, part three

A third risk of investing in cryptocurrencies is product complexity.

The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks.

There is no guarantee that cryptoassets can be converted back into cash.

Converting a cryptoasset back to cash depends on demand and supply existing in the market.

Risks of investing in cryptos, part two

Another risk of investing is price volatility.

Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.

Risks of investing in cryptocurrencies

Investing in cryptocurrencies is one strategy for making money, but it comes with a lot of associated risks.

The first is consumer protection.

Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.

What is the Metaverse, continued

Meta’s VR boss Andrew Bosworth said: “The metaverse is a set of virtual 3D spaces where you can share immersive experiences with each other when you can’t be together.”

“What comes after the internet? Instead of looking at a screen, you get to be in the experiences.

“You don’t have to experience it in VR. Most people initially will experience it on screens they already have.”

Facebook’s Mark Zuckerberg called it “the next version of the internet,” and predicted the true metaverse will be ready within the decade.

What is the Metaverse?

The Metaverse has a broad definition. It is an internet, but it is immersive – so users live within it.

The platform will have games, social networks, videos, shopping, health and fitness and more.

Elon Musk says Dogecoin is best for transactions

The CEO of Tesla and SpaceX says Dogecoin is the best cryptocurrency for transactions.

Elon Musk told Time Magazine that the meme coin is better suited to transact with over Bitcoin for two reasons.

He said the transaction volume of Bitcoin is low and the cost per transaction is high.

Musk said he believes Bitcoin is more suitable as a store of value while Dogecoin “encourages people to spend, rather than sort of hoard.”

Russia considers crypto ban, part two

The proposed ban on cryptocurrency investments comes as Russia was said to be working on its own ruble-backed digital currency.

Roughly $5billion in crypto transactions take place in the country annually, and nearly 12 percent of the population may already own crypto, according to Fortune.

That was compared with a little more than 8 percent of the US population that owns crypto.

Russia also reportedly invested in crypto in 2019 to limit the impact of sanctions over meddling in the 2016 US Election, Fortune reported.

Russia considers crypto investing ban

Russia’s central bank is reportedly looking to ban cryptocurrency investments amid its longtime skepticism of digital currency.

The ban by the country’s financial authority would prevent future transactions, Fortune reported, but it wouldn’t require current holders to divest their portfolio.

The central bank gave digital currencies legal status in 2020 but did not authorize their use as a means of payment, according to Fortune.

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…