The coronavirus pandemic continues to affect all walks of life, with everyone struggling to cope with what this means for what we think of as a normal way of life. Schools are suspended, most businesses closed until further notice, and governments all around the world are looking to both mitigate the spread while also lessening the fallout from the disease.

Within the financial world, Yahoo! Finance reports that insiders expect the global stock market to enter into a deep recession. This means that some are now looking to cryptocurrency as an alternative trading method, however crypto remains as volatile as ever. News outlets have either been praising cryptocurrencies rise or predicting its fall, and this news seems to change by the hour.

The rise of cryptocurrency

As of March 24, CNBC reports that the crypto prices have risento over 12 billion, which means their total value now amounts to about 155 billion. Bitcoin was up over 10%, while other cryptocurrencies such as Ethereum and XRP also rose. Cryptocurrency exchange expert Vijay Ayyar told the news outlet that investors are seeing this bullish rise as a positive, with investors gaining confidence and potentially seeing cryptocurrency as a safe haven amidst all the global stock market fears.

This rise comes hot on the heels of cryptocurrencys rough patch earlier this month. Just 11 days prior to this rise, cryptocurrency prices tanked as investors were trying to quickly sell off their stocks due to the coronavirus panic. Financial insiders used this time to bemoan cryptocurrencys role as a safe haven in the face of a global economic downturn, but this recent growth means that cryptocurrency may indeed be the economic haven that traders are searching for.

What this means for traders

The fall and subsequent rise of cryptocurrency at this time thus begs the question: What does this mean for traders? While cryptocurrencys volatility is what makes it exciting, beginner traders who are safely at home can use this time to better monitor its conditions. Plus500s trading platform was built to help mitigate cryptocurrencys extreme volatility by alerting users of any sudden price increases and drops. While no one will ever have a concrete hold on how cryptocurrency stocks move, such tools allow traders to manage their profits and losses. After all, understanding how to manage your risk is an extremely important lesson when it comes to cryptocurrency trading.

In line with this, Forekast News emphasises the growing numberof ordinary people who are now trying their hand at cryptocurrency investments. Tech writer and cryptocurrency trader Sumit Gupta suggests that while cryptocurrency does benefit large financial institutions, its decentralised nature also means that all kinds of traders can get in. This inclusion can then increase the purchasing power of the ordinary citizen.

Our post on decentralised hubs in the Isle of Wight speaks to just how far this tech has the potential to grow. As many people across the globe brace themselves for the virus worst effects, financial insiders will continue to monitor cryptocurrencys growth amidst all the panic.

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THE CORONAVIRUS' EFFECT ON CRYPTOCURRENCY TRADING - Island Echo

The cryptocurrency in India was banned by the Reserve Bank of India(RBI) from April 2018.With no doubt, the ban largely affected the cryptocurrency and activities related to it on a large scale. However, on March 4th, the ban was lifted by the Supreme Court making the transaction open and legal.

Surely, the lifting of the ban is good news to the investors as well as the exchanges as it gives them both a new hope again.

But the question here is, will this work in favor of both?

In order to know, the views of three cryptocurrency experts were taken by Moneycontrol.

Mukul Shrivastava, Partner, Forensic and Integrity Services, Ernst & Young

According to Shrivastava, it is a mixed bag of rewards and risks. Investors having expertise in the field search for benefits by following technological advances. He said that it is equally important to have the necessary qualification and education and be aware of it all in terms of an economy, a crypto-exchange, a trader or a consumer to build a broader ecosystem where innovation is expected, and threats are mitigated.

Cryptocurrencies gained acceptability, but they need to be seen as a double-edged sword in todays probable, risky environment. For instance, there is no central authority to regulate, take ownership or provide security to safeguard crypto assets.

The use and making transactions on a real-time basis are easy with no cross-border limitations. Anonymity is offered, but there is virtually no know-your-customer (KYC) requirement, which makes it worrisome keeping in mind the traceability. One of the major issues is that crypto accounts can be used for purposes that are forbidden by the law which are impossible to track. This makes it a concern. The creation of a crypto wallet requires an internet-enabled device. With limited information technology literacy, this can expose users to high-risk situations and make them potential targets for cybercriminals. The use of cryptocurrencies once again will depend on how the ecosystem can grow while mitigating risks.

Nischal Shetty, Founder & CEO, WazirX

There is a need to initiate dialogue with the Indian policymakers and regulators and work towards creating a crypto regulatory framework in India says, Shetty.

Some time ago, South Korea legalized cryptocurrency while cryptocurrency has a positive response from other countries like Australia and Japan too. Those are not the only countries however and many others are using cryptocurrency. The main thing here is that all countries making use of cryptocurrency have made sure to set up regulations for it. If India successfully regulates cryptocurrency, it will be a positive aspect as doing so will lead to more blockchain-focused startups, more jobs, and more tax revenue for the government.

Crypto is a new age asset and should be not treated like any other random traditional asset.

Currency is just one of the many possible use-cases of crypto. Moreover, the financial action task force (FATF) guidelines clearly state that crypto is not a threat to the global economy, and can be regulated properly. FATF has, in fact, even submitted a crypto standard regulation report to G20 countries, and India is a G20 member. Both crypto and fiat can co-exist and, in fact, crypto can help banks solve the existing problems for millions of unbanked people. A peer to peer (P2P) platform was being used by Indians due to the note ban. However, the banking channel was more successful due to its convenience. Similarly, if Indians start dealing in terms of crypto, it will be an easier option.

Dr Garrick Hileman, Head of Research at Blockchain.com

Hileman stated that the use of cryptocurrency will serve as a foundation for users to be their own banks especially with the trending financial services

Since a long time now, experts have predicted and believed India to be one of the leading countries in terms of adopting and using cryptocurrency and digital assets especially as the economy is on the verge of shifting to cashless. With the Supreme Courts decision a path was created to stabilise and support the investors as well the exchanges that provide them.

Since cryptocurrency is a digital currency that runs on blockchain technology, not only will it increase the use but also make use of new ideas and talents which will be a boon to the blockchain and distributed ledger technology initiatives of India.

Countries that encourage public cryptocurrencies will attract talent and generate domestic technology advantages that will help them win the blockchain technology race. A recent example of this occurred in China, which partially relaxed regulations around cryptocurrency mining following President Xis speech announcing blockchain technology as a national priority.

India has developed a strong position in developing next-generation blockchain and distributed ledger technologies, and this combination of talent and enhanced regulatory clarity together will only help Indian firms develop regional and global leadership positions.

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Cryptocurrency now legal: Is the Indian Economy Favored?

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The cryptocurrency in India was banned by the Reserve Bank of India(RBI) from April 2018. With no doubt, the ban largely affected the cryptocurrency...

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Cryptocurrency now legal: Is the Indian Economy Favored? - Coinpedia

March24, 20205 min read

Opinions expressed by Entrepreneur contributors are their own.

If youre a cannabis entrepreneur, you already know that banking and payment processing are major issues in the cannabis industry.

There are limited payment options if you sell CBD.It is magnitudes more difficult if you are selling THC-centered products.

RELATED:How To Guerilla Market Your Cannabis Brand

Last year, banking issues in the cannabis industry reached the national spotlight when NPR published the aptly-titled article Bags Of Cash, Armed Guards And Wary Banks: The Edgy Life Of A Cannabis Company CFO.

Once (or if) you can find a bank to work with, your bank account runs the risk of being shut down at a moments notice.

Then, you face the challenge of payment processing. Its more difficult for startups with no payment processing history to obtain one. And if a payment processor decides to ban you, your business will be left temporarily unable to accept credit cards.

On top of that, processing fees in the cannabis industry are significantly higher when compared to traditional commerce. We are talking between 4 percent and 6 percent, triple the average of other industries.

A solution is on the horizon.

An emerging, immature, and often misunderstood Bitcoin cryptocurrencytechnology was unleashed on the world in 2009.11 years later, it hascome a longway. Bitcoin can be bought and sold in every country. Mainstream financial channels like CNBC and Bloomberg have teams dedicated to Bitcointechnology.

The promise is appealing. You can be your own bank. No more frozen funds. Transactions cant be censored and the fees cost next to nothing. Plus, payment processing cannot be shut off, unlike traditional banking.

RELATED:Coronavirus Spikes Demand For Cannabis Delivery As People Stockpile Products

Cryptocurrencies like Bitcoin, Bitcoin Cash, and Ethereum intend to solve the problems faced by high-risk banking industries. Its worth noting that on a dark web marketplace known as the Silk Road,thenumber oneproduct sold (by far) was marijuana. The Silk Road is now defunct, but when it was still functioning back in 2011, it showed that Bitcoin has a role to play as a digital currency.

Is cryptocurrency a viable payment solution for your cannabis business?

Like many new technologies, cryptocurrency is not easy to understand. The complexity is where most people lose interest.

Heres something to think about:Most of us do not know how the internet works.Transferring data via "packets," the interaction of protocols like TCP, SMTP, and HTTPS, its all quite detailed under the hood. But this does not prevent you from shopping online, sending an email, or reading this article.

Our company hadprior experience with cryptocurrency, so it made the decision easier than it would be for other cannabis entrepreneurs.

Now that you want to enable the payment option, you have to get set up.

To acceptonline payments, we used the free tool Coinbase Commerce, which integrates with Shopify, WooCommerce and most major platforms. It took us about 30 minutes from signing up to having it live.

We were set up and ready to go, except for one thing: customers.

If you spend even 15 minutes interacting with the cryptocurrency community on Twitter, Reddit, or anywhere else, youll quickly see they are a passionate, enthusiastic (albeit tribal) group.

By sharing a few links on Reddit channels, we received cryptocurrency orders on the first day.

The most interesting and effective part was our charity initiative. By using cryptocurrency to cross borders and feed people in Venezuela and South Sudan, two countries with extremely limited banking options, it showed a fundamental advantage cryptocurrency holds over traditional banking.

RELATED:Cryptocurrency and the Allure of a Cashless Cannabis Industry

It sparked some sales and press for our startup. A few CBD stores reached out to us asking how they could accept cryptocurrency.Even our coffee supplier is open to receiving Bitcoin.There is a lot of underlying interest in the cannabis industry, but they are primarily spectators who arent sure how to participate.

After a few months of time has passed using cryptocurrency, it has been a positive experience. We think all cannabis companies should consider accepting Bitcoin at their business. Keep in mind, cryptocurrency orders are only a small fraction of our total orders. Thatshould be expected at any cannabis company. Your dollars will not turn into Bitcoin overnight.

Thats not to say there arent some drawbacks to consider. First off, if you use Coinbase Commerce, youll have to manually convert your cryptocurrency back into U.S. Dollars. There are services like GoCoin that do this for you for a 1 percentfee (still a lot cheaper than credit card processing).

Second, if you have storefront locations, the cashiers will have to know how to accept payments. AnyPay offers a free POS app, but like any software, it still takes some time to learn.

In the coming years, cryptocurrency has the potential for exponential growth, and there are perks to being an early adopter.Id encourage you to be skeptical of experts who dismiss cryptocurrency in its early days.Remember, Paul Krugman, the Nobel Prize-winning economist, once predicted: "By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.

Cryptocurrency will not be a magic bullet for your business. But in an industry that has an uncertain banking future, why not offer your customers an additional payment method and get some free press in the process?

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We Implemented Cryptocurrency In Our Cannabis Business. Here's What We Found. - Green Entrepreneur

Mar 25, 2020 at 10:15 // News

The Central Bank of Russia (BoR) has shared some important statements about proposed cryptocurrency legalisation, especially on their issuance and circulation.

The new amendments to the draft of the bill on digital financial assets prepared by the Central Bank indicate that the issuance and opening of cryptocurrency selling businesses in Russia have unjustified risk. The bill provides for a prohibition on the issuing and selling of bitcoin and any other form of altcoin in the Russian Federation and brings liability for infringement of the veto.

According to this new bill, specific guidelines explain how the banking institutions can apply the presumed 375-P protocol to address illicit activities associated with digital currencies, especially money laundering. The list of rules includes 100 signs which will enable banking institutions to regard cryptoassets activities as suspicious.

The drafting of the document has not yet been completed but that wont stop the Russian banks from prohibiting any form of transactions they mark suspicious or even close particular accounts of cryptoasset operators in the country in a lawful manner, as per the forexnewsnow report.

As revealed by Alexei Guznov, head of the legal dept of the BoR, the bank has reached an accord with other government agencies and market participants that take part in the debate. That agreement might be that nobody is going to forbid owning cryptoassets including Bitcoin.

Alexei Guznov stated:

Now weve approached consensus with other government bodies and market players that participate in the discussion. That consensus might be that nobody is going to ban owning cryptocurrencies.

Guznov further noted that no one will forbid cryptocurrency calling that absurd. But the bill is more likely to negatively affect the issuance of cryptoasset as these cause an unjustified risk.

A draft law on digital financial assets was issued by the Ministry of Finances on January 20, 2018, and then brought in the State Duma on March 20, the same year. Cryptocurrencies are categorised in the bill as property and are not regarded as legal tender. The bill doesnt authorise the exchange of digital assets for Rubles or other foreign money in Russia. But the exchange of cryptocurrencies for Rubles and foreign currency is actually allowed but if and only if is done via a licensed operator(s), according to an article from the Library of Congress. Moreover, it notes that cryptocurrency holders can actually trade in jurisdictions of the countries that allow cryptocurrency trading.

Despite long research and promises to ban cryptocurrency-related businesses, so far there is no exact definition on cryptocurrency in laws or guiding books in Russia.

According to the Russian Constitution - the Ruble is the only legal means of payment in the country. And the Federal Law on the BoR of 2002 indicates that Ruble is the only recognized national currency. Thus the issuance of any other means of payment can be considered prohibited.

So far, according to the report, legalizing the issuing, selling and trading of altcoins brings an irrational risk, and that is one of the reasons why the law is trying to put an embargo on supplying and arranging cryptocurrency-related business, and also sets the penalty for breaching the restrictions.

Cryptocurrency regulation has been a major topic that has been largely discussed by financial authorities, governments and other players in the cryptocurrency industry each and every year since the advent of bitcoin.

The BoR is still pro digital financial assets and blockchain technology implementation but against cryptocurrency businesses. In December 2019 it even carried out a pilot tokenization initiative in its regulatory sandbox.

Authorities in Russia are not trying to obstruct the creation and implementation of new innovative technologies such as blockchain, internet of things, cryptocurrency, smart contracts, artificial intelligence and others. So, the bill stands more chance of being embraced by different authorities.

Back in September 2018, as Coinidol reported, Dmitry Peskov, Vladimir Putins Special Representative on Digital and Technological Development revealed the issuing and circulating of cryptocurrencies cannot yet be allowed because it conflicts with the fundamental functions of government.

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Central Bank of Russia Reveals New Amendments to Bill on Cryptocurrency - Coin Idol

Bitcoin and other cryptocurrencies can often be used to support charitable events. During the novel coronavirus outbreak, Italys Red Cross is accepting Bitcoin donations for an advanced medical post.

It is evident that a lot of countries will need help to keep the novel coronavirus in check.

In Italy, the situation has spiraled out of control completely in the past week.

With so many patients awaiting treatment, new solutions need to be found.

One campaign on HelperBit was designed to achieve funding for an advanced medical post for pre-triage.

A goal of 10,000 Euro was set, which was reached on March 15th.

Following the success, the campaign was extended to complete core infrastructure with necessary accessories.

At the time of this campaigns creation, the number of confirmed cases and deaths was much lower compared to today.

These developments only highlight the need for medical supplies in Italy as of right now.

What makes the campaign so interesting is how all of the funding can be done through cryptocurrencies.

Both Bitcoin and various altcoins are accepted under the current circumstances.

It is a great way for cryptocurrency enthusiasts to contribute to the greater cause.

More efforts like these may need to be launched in the near future, as the coronavirus crisis is far from over.

Excerpt from:

Cryptocurrency Donations Bring an Advanced Medical Post for Coronavirus Victims to Italy - The Merkle Hash

William Mougayar, a CoinDesk columnist, is the author of The Business Blockchain, producer of the Token Summit and a venture investor and adviser.

We should stop trying to define or classify cryptocurrency as if it were a beast from another planet. Rather, we just need to accept it as the future of money. It is a currency, not a security, and it shouldn't be governed by securities laws. The dollar, euro, yuan, pound are not regulated by securities authorities.

There is little value in attempting to define, box-in, segment or categorize cryptocurrency as something that needs to be continuously examined, questioned and analyzed. Instead, lets focus on promoting cryptocurrencys adoption because it is here to flourish and stay.

At a recent DLD 2020 panel, entitled "Virtual Currencies & the Global Financial System," the first question from the moderator consisted of defining cryptocurrencies. Each of the three panelists (painfully) took a shot at suggesting their own definitions. Another panel from Davos 2020, "From Token Assets to a Token Economy," discussed tokens as a type of cryptocurrency. In both panels, the definitions tried to depict tokens and cryptocurrency as a new type of animal.

Is there a point trying to classify the various types of cryptocurrencies, really?

Cryptocurrency is just like any currency, except with more powerful properties. It is that degree of power that is scaring incumbents while exciting new participants.

Over the long term and in the end-state, cryptocurrency is going to be as pervasively used as todays currency, but with a rivaling variety. Today we see cryptocurrency as the future of money, but tomorrow it will be an integral part of money.

Email was new until it wasnt.E-commerce was a novelty until it no longer was. Filing taxes electronically or renewing licenses online was a rarity until it became routine and sometimes the only option. Online banking was innovative until it became routine. Meeting friends online was extraordinary until it became very common. Reading online news was a parallel activity to printed newspapers until it became the norm for billions of people.

Today, cryptocurrency is an anomaly whose usage and understanding are in the hands of the few. Soon enough, it will permeate our society, habits, business, government, and become second nature.

The rabbit hole of classifications

If you go down the rabbit hole of classifications, you quickly realize the resulting madness and confusion from the nomenclature jargon: stablecoins, staked currency, utility tokens, security tokens, native coins, digital rights tokens, non-fungible tokens, etc.

There are stablecoins and market-driven coins. Stablecoins, like the name implies are coins with less volatility (supported by algorithmic or asset-backing stability), whereas non-stablecoins are subject to market supply/demand price fluctuations.

Cryptocurrency can be government or non-government backed. Government-backed cryptocurrency is still a rarity, and the subject of more discussion than action. As an aside, it will end up as a centrally controlled digital currency rather than being decentralized, programmable and native to a given blockchain.

Sadly, we have invented many of these classifications to please regulators.

We also have tokens that are in essence cryptocurrencies with a purpose. Then we enter the legal sphere, where tokens get labeled a utility, or security, based on how they were initially created, who received them and their ultimate functionality. For most tokens, there is a blurred line in demarcating the distinction between exclusive utility and their security-like properties of tokens.

Somewhere between a utility and security, we also have non-fungible tokens (NFTs) that are representations of unique ownership of a digital asset that has no physical equivalent (such as a CryptoKitty or a games related artifact like a special tank or sword.)

Sadly, we have invented many of these classifications to please regulators. With tokens, regulators and governments get agitated because companies can now issue tokens as currency, whereas issuing money used to be the sole right of sovereign governments. But companies have been issuing stock for decades. A stock is another form of value that cryptographic tokens mimic when they function as a security.

Then, we enter discussions about the functionality of these tokens: can they be earned? Sold? Bought? Spent? Awarded? Are they a payment unit? Or a right to a privileged action (like voting or getting access to information). Will their value increase if you dont use them and just store them? Are they native to a blockchain network, or grafted on top of an existing platform or singular application?

The above classifications are what we currently see, and there may be new representations we havent seen yet. While some of these functions are distinct from one another, many of them overlap with each other. That is why classifying cryptocurrency is not that useful, because we are still in the formation stages.

Reality check. Stop defining.

Time for a reality check. Do we still attempt to define the internet? Not anymore. But in its early days, we diduntil we didnt anymore.

Do we define money by its use cases, like something you buy groceries or pay a toll with? Or do we, rather, define money by its properties?

Moneys key properties consist of being a unit and a store of value that is transferable, fungible, verifiable, divisible and scarce.

Cryptocurrency inherits all these properties, in addition to adding unique functions that money doesnt have: its immutability is digital (the physical is gone), it can be fungible or non-fungible, its policy governance doesnt need to be centralized, it has very powerful programmable capabilities with imbedded logic (if-this-then-that), and its transferability is peer-to-peer (without central intermediaries). In essence, cryptocurrency is money on steroids.

Let us start using cryptocurrency according to its most common features first, the ones that it shares with the money we know. Then we can evolve from there. Just like early websites were glorified brochures on a screen, then we evolved way beyond that monochromatic use case into e-commerce, e-business, two-way communications, social interactions and much more.

Using cryptocurrency hasnt been easy for the average person, and thats a valid challenge. But it is getting better.

It is time to give cryptocurrency the place it deserves. If it is to claim a position as the new money, then we need to increase its usage, starting with the easier use cases and gradually increasing the variety and complexity.

We need to bring cryptocurrencies to the fore and make them as popular as regular currency and web are.

Let us stop defining and segmenting cryptocurrency in ways that limit it. Rather, lets start using it in ways that open up the possibilities and allow it to cement itself in our lives and businesses so it is accepted, welcomed and not feared.

Cryptocurrency is the new money and the new currency. It is time it enters the bloodstream of the mainstream.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Defining Cryptocurrency Is the Best Way to Kill It - CoinDesk - Coindesk

Bitcoin and cryptocurrency prices have crashed in the face of the global market rout sparked by the spreading coronavirus.

But one new bitcoin-rival, created by a group of mostly unknown cryptocurrency developers last month and styling itself as "the world's first crypto backed by death," allows traders to bet on the coronavirus epidemicwith the token's value rising as more people fall ill or die.

The World Health Organization has said more than 70% of those infected with coronavirus in China ... [+] have recovered but the virus is still spreading around the world, bringing global stock markets and commodities, as well as bitcoin and major cryptocurrencies, to their knees.

Coronacoin, which is currently being priced at less than $0.01 according to its developer's website, will see its supply fall every two days based on the rate of new cases and the number of people the virus has killed.

There is a fixed supply of the coronavirus-fueled token based on the world's human population: just over 7.6 billion.

"Some people speculate a large portion of the supply will be burned due to the spread of the virus, so they invest," said Sunny Kemp, who was named as one of the developers of the morbid bitcoin-alternative by Reuters, adding: "There are currently active pandemic bonds issued by the World Health Organisation. How is that different?"

The coronacoin team currently counts seven developers, mostly in Europe, according to Reuters, with Kemp indicating more are about to come on board.

Coronacoin is being traded on the allegedly decentralized cryptocurrency exchange Saturn Network, with coronacoin making up almost 60% of its meager volume.

An investigation by cryptocurrency news and analysis website Decrypt found Saturn Network to fall well short of common standards and recommended against using it.

Coronacoin claims that as tokens are burnt when the number of people infected with the coronavirus ... [+] or killed by it rises means it is likely the token will increase in value.

The number of coronavirus infections worldwide is now more than 111,000, with about 3,890 deaths, however the spread of the virus appears to be slowing in China, where it originated.

Italy yesterday extended its coronavirus quarantine measures, which include a ban on public gatherings, to the entire country, while in the U.S. the number of confirmed cases now exceeds 500.

The World Health Organization (WHO) has warned that the threat of a pandemic is "very real."

Despite the virus spreading around the world in recent weeks, governments are working hard to contain and minimize it.

Coronacoin is a macabre gimmick, designed to make its developers a quick bucknot to serve as a long-term store of value.

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Bitcoin And Crypto Investors: Avoid This New Cryptocurrency Like The Plague - Forbes

KRAKOW, POLAND - 2018/12/25: Bitcoin stock market value is seen on a mobile phone. (Photo by Omar ... [+] Marques/SOPA Images/LightRocket via Getty Images)

The crypto market experienced one of its worst days in history with a nearly 50% one-day drop in the price of bitcoin. Economic uncertainties from the coronavirus pandemic and liquidity crunches have caused massive selloffs of bitcoin and other cryptocurrencies. Alt coins and DeFi platforms are experiencing similar issues as well. Not all hope is lost however. A downturn like this presents unique tax saving opportunities, especially in the cryptocurrency space. A brief lesson in the tax code could help you save thousands or more when you file your 2020 taxes.

It is extremely important to know that, claiming losses for tax purposes is different than having a loss in your portfolio. In most cases, the tax code only allows you to deduct realized losses.

It is likely that most of your cryptocurrency positions are in the red. For tax purposes, you can not deduct mere decrease in market value of your positions because they are unrealized. When you sell your position, these losses become realized and you can deduct the losses on your taxes.

For example, lets say David bought 1 bitcoin (BTC) at $10,000 on January 15, 2020. On March 11, 2020, the price of BTC drops to $3,000. In financial terms, he has lost $7,000 worth of value. However, from tax point of view, even though he has lost $7,000 worth of value, he has not realized this loss because he has not sold the position yet. If he were to keep this position without selling, he would NOT be able to deduct any losses for tax purposes despite having a financial loss.

Converting unrealized losses into realized losses allows David to get a deduction when he files his 2020 taxes. In order to realize his losses, he simply has to sell his positions that are at a loss. He also has an option to buy back into the same positions at a much lower price (without compromising the ability deduct losses) because wash sale rules are not applicable to cryptocurrencies under current guidance. Some crypto tax software helps you harvest tax losses.

Realizing some of your losses is super important to offset unexpected capital gains arising from margin liquidations. If you are a margin trader, it is likely that your initial margin has been liquidated due to large swings in prices. If you are trading on high leverage, even slight market fluctuations can trigger liquidations, and may result in capital gains taxes.

For example, assume Jennet deposited 1 BTC into her margin account on February 10, 2020, when the price of BTC was $9,000. She originally obtained this BTC in 2010 at a price of $1,000. She sets the leverage to be 5X so her notional buying power is 5 BTC (1 BTC x 5) or $45,000 ($9,000 x 5). Lets say Jennet goes long on ether with her full notional value of $45,000. At 5X leverage, if the $45,000 position goes down by 20% (notional value down to $36,000) her initial 1 BTC deposit will be liquidated by the exchange.

Assuming the BTC price is $9,000 at the time of the liquidation, she would end up having to pay taxes on $8,000 ($9,000 - $1,000) of capital gains. This is a tricky situation where Jennet actually owes capital gains taxes despite losing her investment.

Under the tax code, you can claim a maximum of $3,000 of capital losses on your tax return. However, the good news is that losses in excess of $3,000 can be carried forward indefinitely to future years. These losses can be used to offset future gains arising from crypto and stock transactions. To get advantage of this provision you need to realize your losses as explained above.

Knowing these simple tricks and executing them before the end of the year can help you get significant tax relief when you file for taxes. For the most part, the tax code only cares about your realized losses, not your real world loss in economic value. Use this to your advantage to reduce your taxes.

Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.

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How To Make Money When The Cryptocurrency Market Is Tanking - Forbes

Bitcoin-- probably the most iconic name in cryptocurrencies -- is proving it's not immune to the coronavirus crisis. But it could end up benefiting as a delayed side effect of the outbreak if inflation and tracking measures, in China especially, turn people to cryptocurrencies.

Right now, the problem for Bitcoin is that China, the world's second-largest economy, is a large participant of Bitcoin mining. As the nation is deeply caught up in one of the worst pandemics in recent history, it's taking a toll on Bitcoin, because major mining equipment makers had to delay production due to government imposed quarantines and mining farms were shut down. This has no doubt affected the level of Developer Behavior of the cryptocurrency, as Chinese mining pools control most of the Bitcoin network due to the countrys extremely cheap electricity.

Further, a slight drop in User Activity can be attributed to Bitcoin remaining a highly speculative cryptocurrency, where current investors are easily spooked by an expected drop in price. The fact that the search term bitcoin coronavirus has recently overtaken bitcoin halving on Google Trends is telling of the volatility many people are expecting to see with the spread of the contamination.

Created in 2008, Bitcoin (BTC) is considered the first cryptocurrency to be mined and traded on a decentralized peer-to-peer network. Rather than relying on a central authority to transact money, a decentralized network of nodes all verify transactions. The process of adding verified transactions to the public ledger and unlocking new bitcoins as rewards is called mining, and involves using computer power to solve complex mathematical puzzles, or hash functions.

But the Bitcoin blockchain suffers from important design limitations that make mining very expensive; slow down transaction throughput; and cause high volatility in price. Since the release of bitcoin, over 6,000 "altcoins" -- or alternative variants of bitcoin and other cryptocurrencies -- have been created so as to improve the platforms scalability, security and speed.

Bitcoins FCAS has dropped 11-points (-1.23%) since mid-February, driven by an 18-point (-2.13%) decrease in Developer Behavior and 6-point (-0.62%) decline in User Activity. Market Maturity has also dropped 14-points (-1.68%) in the same timeframe.

TheStreet

While current investors might be turning away from Bitcoin, it seems likely that new buyers will start using the token as a safe haven. Right now in China, people are being quarantined based on surveillance of their spending, and punished for spreading news of the contamination. In this environment, and considering Bitcoins widespread use in the country, we can expect the token to gain traction as citizens aim to resist government control.

The Chinese central bank has also ramped up measures to sanitize old money, and plans to inject some $173.8 billion to calm people and markets as coronavirus fears worsen. The inflationary pressure this will cause is likely to drive demand for crypto assets globally, as other nations take similar measures to boost their economy. It will be interesting to see the level of demand Bitcoin will gain in comparison to other tokens.

The FCAS Tracker provides institutional and sophisticated retail investors a top-down approach to tracking 500+ cryptocurrencies fundamentals. FCAS Tracker is currently free to a select group of new users as we continue to develop the product. Visit us here to gain access to Flipside Analytics.

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Cryptocurrency in Focus: Outbreak Takes Toll on Bitcoin - TheStreet

Bitcoin prices fell sharply amid the global sell-off in equities.

Luke MacGregor | Bloomberg | Getty Images

Cryptocurrencies took a battering following a global sell-off in stocks, with bitcoin seeing a near 40% plunge.

The market capitalization, or total value of the entire cryptocurrency market plummeted around $93.5 billion in the space of 24 hours as of 10:07 a.m. Singapore time, according to data from Coinmarketcap.com.

Bitcoin was down 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60, according to data from Coindesk.

The fall in cryptocurrency markets comes amid a broader sell-off in equities as governments worldwide continue to grapple with the new coronavirus that's spreading rapidly across the world. The number of global cases has now exceeded 128,000, according to data compiled by Johns Hopkins University.

In the U.S., theDow Jones Industrial Averageclosed 2,352.60 points lower, or 9.99%, its worst drop since the 1987 "Black Monday" market crash. That selling spilled over into Asiaon Friday morning, where stock markets in Japan, South Korea and Hong Kong saw heavy losses.

Investors are concerned about the global economic fallout from the coronavirus as businesses are disrupted and cities are locked down. Countries have taken different approaches with Italy, one of the worst hit-nations, shuttingdown shops and restaurants, and the U.S. canceling sporting events. Across the world, schools have been shut and people made to work from home.

Over the past few years, bitcoin has been likened to "digital gold" and has been seen by some as a safe haven asset to park money when markets are facing turmoil. But bitcoin, which has now erased all of its gains for the year and is in negative territory, is behaving more like a risk asset such as an equity.

And action by central banks has done little to soothe investors' concerns. This includes a recent emergency interest rate cute from the Federal Reserve and the Bank of Englandas well as further easing measures by the European Central Bank.

Other cryptocurrencies suffered similar drops on Friday. Ethereum tanked 49% at 10:24 a.m. Singapore time while XRP was down over 42%.

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Cryptocurrencies see $93.5 billion wiped off value in 24 hours as bitcoin plunges 48% - CNBC

Some members of the Libra Association are now backing a rival project called Celo, which has its own blockchain and cryptocurrency. Over 50 major companies have pledged their support, each pursuing a diverse set of use cases. The project claims that the combined reach of all members exceeds 400 million people.

Also read: Bitcoin Legal in India Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency

The Celo Foundation announced on Wednesday 50 founding members of the Celo Alliance for Prosperity. Celo is an open platform that makes financial tools accessible to anyone with a mobile phone, its website describes. The project offers a way for developers to build mobile apps based on Celos Ethereum-based blockchain with a stablecoin.

The effort is designed to deliver humanitarian aid, facilitate payments and enable microlending through a cryptocurrency called the Celo Dollar, which is scheduled to launch in April, Bloomberg reported. Chuck Kimble, who heads the Alliance for Prosperity, said in a phone interview with the publication:

The value of the Celo Dollar will be pegged to the U.S. dollar and backed by a reserve of other cryptocurrencies It will be available in the U.S., but the alliances focus is on Latin America, Africa, and Southeast Asia.

Citing that Today less than .5% of global citizens benefit from the speed, transparency, utility, and low cost of using blockchain technology, the foundation detailed, The Alliance members have a plan to change that and are committed to leveraging the power of Celos innovative blockchain technology to create solutions that work across devices, carriers, and countries.

Alliance members are pursuing a diverse set of use cases, including powering mobile and online work, enabling faster and affordable remittances, reducing the operational complexities of delivering humanitarian aid, facilitating payments, and enabling microlending, the foundations announcement explains. Their combined reach is over 400 million people.

The project is dubbed by some as a rival to Facebooks Libra project, which has been scrutinized by regulators worldwide since it was first announced. The Libra project is currently considering redesigning as several key members have left the project, including Paypal, Visa, Mastercard, Stripe, Mercado Pago, Ebay, and Vodafone.

Kimble claims that There are some similarities [with Libra] in terms of mission, which is why there are some people who have joined both alliances. Some Celo Alliance for Prosperity members that are also Libra supporters include Anchorage, Bison Trails Co., Coinbase Ventures, Andreessen Horowitz and Mercy Corps. However, the Celo project does not have the massive userbase that Facebook has.

Payments in the Celo Dollar stablecoin can be sent to peoples phone numbers rather than complicated addresses, Tech Crunch noted, asserting that The goal is to make delivering utility via blockchain easier by building a flexible network of applications that doesnt scare regulators like Libra has.

Kimble claims, We have met with governments around the globe as well as central banks, we are continually engaging with governments in the many countries which we hope to serve. Diogo Monica, president of Anchorage, which is a part of both the Libra project and the Celo Alliance for Prosperity, said in a statement:

Celo and Libra each have unique focuses and approaches, but they share a goal that Anchorage strongly believes in: banking the unbanked.

What do you think of the Celo project? Do you think regulators worldwide will have a problem with it like they do Facebooks cryptocurrency? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock and the Celo Foundation.

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A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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50 Companies Back New Cryptocurrency Project Competing With Facebook's Libra - Bitcoin News

A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.

Jordan Mansfield | Getty Images News | Getty Images

Cryptocurrency markets plunged following a plummet in oil prices and further sell-off in stocks.

The market capitalization or entire value of cryptocurrencies was down $26.43 billion from a day earlier at around 1:17 p.m. Singapore time, according to data from Coinmarketcap.com. The sell-off worsened as the day went on.

Bitcoin, the biggest cryptocurrency by value, fell over 10% in 24 hours at around the same time.

The violent sell-off in the cryptocurrency market comes after international oil benchmarkBrent crudefutures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. That was sparked by Saudi Arabia slashing its official selling prices for oil after OPEC failed to agree a deal on production cuts. This has led to fears of an oil price war. Brent has since pared some of its losses.

Meanwhile, stock markets in Japan and Hong Kong fell sharplywhile U.S. stocks are set for a steep drop at start of trading on Monday.

The other big digital coins ethereum, XRP and bitcoin cash, posted double-digit percentage point losses.

Despite the losses posted Monday, bitcoin is up around 9% year-to-date.

Huge moves in cryptocurrency prices are not unusual and these digital coins are known for their volatility. Market players however said this could be an opportunity to buy some bitcoin.

"For those who have long term investment horizons, bitcoin is absolutely a buy during these dips," Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups toldCNBC. "We can expect more of this volatility sparked by macro health and financial shocks, but ultimately long term investments in the digital future and it's key asset Bitcoin will be a winning strategy"

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Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge - CNBC

A new cryptocurrency bill is being floated in front of congress this week. The proposed cryptocurrency act of 2020 intends to split cryptocurrencies into three distinctions: Commodity, Security, and Currency.

According to Marshall Hayner, founder and CEO of crypto payments firm Metal Pay, the bill will "fundamentally restructure" cryptocurrencies in the States.

Along with Rep. Paul Gosar, Hayner is cited as one of the founders of the bill and introduced it in congress on Monday. A day after he explained the proposal to all 541 members of the legislature, Hayner took to Twitter and produced a compressive tweetstorm on the subject.

Per Hayner's thread, the bill seeks to split cryptocurrencies up into three separate classifications: crypto-commodities, crypto-securities, and crypto-currencies.

The first, crypto-commodities, are defined as tradeable, fungible digital assets that exist on the blockchain. These can also represent contracts, utilities, or commodities in the physical world. These would likely include Bitcoin, Ethereum, and other such tokens.

The second, crypto-securities, represent a "security-like instrument." According to Hayner, these too exist on a blockchain but often derive their value from external assets. These may pertain to real-world tokenization on the blockchain.

As reported by Decrypt, fast-food chain Fatburger recently issued securities on the Ethereum blockchain. It's likely that such assets would fall under this category.

The third and final classification is cryptocurrency, but as Hayner describes them, it seems to refer to stablecoinscryptocurrencies pegged to fiat currencies. These include Tether, USDC, and the Paxos Standard.

The bill cites them as "basic tools of a digital, global economy," built to resist counterfeiting, money-laundering, and manipulation.

Further, the bill proposes that the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and the Securities and Exchange Commission (SEC) provide appropriate oversight for each classification.

While the proposed act intends to bring some clarity and order to the cryptocurrency regulation, it's already been the victim of considerable community backlash.

Jerry Brito, executive director of Coin Center, argued that since the bill concerns multiple regulatory jurisdictions, it would need assent from two committeeswhich would be almost impossible. This, in Brito's view, is made even more challenging by the fact that the bill's co-founder, Rep. Paul Gosar, is not a member of either of the considering committees.

Further, Alex Gladstein, CSO for both the Human Rights Foundation and the Oslo Freedom Forum, raised an issue with the act.

Per the bill, any individual transacting cryptocurrencies with a business will have their information shared with the relevant regulatory agencies. He argued this would be an infringement on everyones financial privacy. Not that blockchains have much privacy anyway.

Link:

The unlikely cryptocurrency bill that went to Congress - Decrypt

According to DomainTools senior security engineer Tarik Saleh, the number of coronavirus-themed domain registrations increased following reports of the first cases of COVID-19, and many of these are allegedly scams.

One particular platform, coronavirusapp[.]site, is prompting users to install an Android application for real-time updates on the pandemic. Instead, the app comes bundled with a ransomware aptly called CovidLock.

CovidLock asks for permission to access the lock screen. It then employs a technique known as screen-lock attack, which holds the phone hostage by blocking user access.

The ransomware threatens to erase contacts, pictures and videos on the infected device, as well as leak the victims social media account information and wipe all phone data unless a ransom of $100 is paid in Bitcoin within 48 hours.

Saleh says phones running on the latest Android versions should be fine if the user set a password to unlock the screen.

Since Android Nougat has rolled out, there is protection in place against this type of attack. However, it only works if you have set a password. If you havent set a password on your phone to unlock the screen, youre still vulnerable to the CovidLock ransomware.

DomainTools researchers say theyve already reverse-engineered the decryption key and plan to share it publicly. They are also monitoring the transactions in the Bitcoin wallet used by the ransomware.

Featured Image: Shutterstock/Immersion Imagery

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Cyber Thieves Using Coronavirus Fears to Steal Bitcoin (BTC) and Cryptocurrency - The Daily Hodl

Binance, the worlds largest cryptocurrency exchange by adjusted trading volume, has announced that Binance.US, the trading platforms US-based division, will begin listing Tezos (XTZ) on March 16, 2020 at 9:00 AM EST.

As mentioned on the exchange operators official website, Binance.US will support trading for the XTZ/USD and XTZ/Binance USD (BUSD) trading pairs.

Binance.US may deposit US dollars, BUSD (the exchanges stablecoin), or XTZ tokens to their exchange wallets before trading for the supported pairs goes live on Monday.

The XTZ token is trading at $1.47 at the time of writing.

Founded in 2014 by Arthur and Kathleen Breitman, the Tezos project raised $232 million through an initial coin offering (ICO) back in July 2017. At the time, it was the largest ICO ever conducted, but was later overtaken by Filecoin.

Last month, Tezos XTZ crypto token hit a yearly high of about $3.90, having outperformed most other altcoins.

Binance continues to expand its operations across the globe.

Changpeng Zhao, CEO at Binance, revealed recently that the exchange will introduce a fiat gateway for South African cryptocurrency traders, which will allow them to make deposits in Rands.

The announcement was made during the Blockchain Africa Conference, which is being held in Johannesburg.

Zhao said that South African crypto traders will soon have the option to make Rand deposits on the platform via Binances official website.

Zhao noted:

Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-saharan Africans are listed as unbanked. So instead of trying to bank the unbanked, lets try and Bitcoin the un-Bitcoined.

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Cryptocurrency Exchange Binance to List Tezos (XTZ) on Binance.US, to Support Trades with Binance USD, and US Dollars - Crowdfund Insider

Mumbai-based CoinDCX, a cryptocurrency trading platform and liquidity aggregator, has invested $1.3 million in TryCrypto, its own initiative, which is working to make blockchain and cryptocurrency more accessible to mainstream users.

The funds will be used towards educational initiatives, seminars, online courses, roadshows and awareness campaigning, meetups, community events, community engagement, and to product trials.

Founders Neeraj & Sumit

As part of the initiative, CoinDCX will roll out DCXlearn, a full-fledged crypto learning program, on TryCrypto.

Sumit Gupta, CEO and Co-founder, CoinDCX, says,

According to CoinDCX, its education-led approach is geared towards giving first-time crypto users a sufficient knowledge base to help them navigate the cryptocurrency market safely and securely.

DCXlearn will consist of an online learning program along with massive open online courses (MOOCs). The cryptocurrency exchange is already in conversation with a number of top Indian universities to promote crypto education and the TryCrypto initiative within campuses.

In addition to DCXlearn, CoinDCX will also organise meetup events, educational seminars, and consumer campaigns to encourage large-scale cryptocurrency adoption and awareness targeting Indias 50 largest cities in the first iteration of the TryCrypto campaign.

To ensure the success of the TryCrypto initiative, CoinDCX said it will be working with industry partners, including Inblox Network, Amesten Assets, and Cashaa, to promote greater awareness and understanding of digital assets among mainstream audience. It added that leading Indian online media outlets and cryptocurrency news providers such as Cryptokanoon and CoinCrunch have also dedicated themselves to support the TryCrypto initiative.

CoinDCXs investment in TryCrypto follows the landmark ruling by the Supreme Court of India on March 6, which struck down the Reserve Bank of Indias (RBI) ban on financial institutions providing banking services to cryptocurrency businesses, as well as the announcement that CoinDCX became the first cryptocurrency platform in India to integrate bank account transfers just six hours after the Supreme Court decision was made public.

With one of the youngest populations in the world, India requires solutions which are modern and novel for millennials who are looking for better instruments to manage their finances. Crypto is fast becoming a preferred choice for these young, technologically savvy consumers. However, an initiative like CoinDCX's TryCrypto campaign has the potential to bring the benefits of cryptocurrencies to a larger audience than ever before, said Kashif Raza, Co-founder of CryptoKanoon.

(Edited by Megha Reddy)

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Cryptocurrency exchange CoinDCX invests $1.3M in education initiative 'TryCrypto' - YourStory

By Ateesh TankhaImagine an Indian hotel chain thats mortally afraid of the coronavirus. No cases have yet been reported at any of its properties, but, lacking sufficient information and medical infrastructure, the chain instructs its properties to cancel all guest bookings in line with what hotels abroad have done. A set of disgruntled guests take the hotel to court, claiming that the chain has taken disproportionate action.

Should the law rule be in favour of the guests because the hotel lacks empirical evidence that proves that the properties would have suffered reputational or other damage if the bookings had not been cancelled? A March 4 Supreme Court judgement overturning an earlier 2018 Reserve Bank of India (RBI) ruling on cryptocurrencies seems to suggest as much.

In April 2018, after five years of unregulated trading in cryptocurrencies, RBI issued a ruling to its member banks not to deal in virtual currencies (VCs) or provide services for facilitating any person or entity in dealing with or settling VCs.

Subsequently, a governmental committee urged GoI to ban and criminalise the use of unofficial virtual currencies in India. The reasons for this are neither so outrageous nor so far-fetched.

There are two parts to a cryptocurrency. First, theres the distributed ledger technology (DLT), like blockchain, thats a system of replicating, sharing and synchronising digital data personal details, transactions, etc without the need for a centralised authority or trusted service provider. The many advantages of this technology relate to activities ranging from the efficient collection and authentication of KYC (know your customer) and batch-processing micro-payments, to expediting cross-border payments and sharing defaulter data.

In short, DLT can make many processes in the world of payments and financial services cheaper, faster and more reliable. But then, theres the token, the actual virtual currency. As a store of value and as a medium of exchange, there are a few challenges that exist.

The least of these relates to the creation of technology integration and transaction processing speed. Over time, and with enough investment and innovation, these issues will be overcome. Far greater concerns exist in two principal areas fraud, and money laundering and illegal transactions.

Consumers have been the victims of virtual currency fraud for some time now. Let alone the 2018 Gain Bitcoin scam that defrauded the public of Rs 2,000 crore, there have been scams like OneCoin that make the former look like loose change. Add to this the fact that even legitimate exchanges like Bitpoint and Binance have had tens of millions of dollars stolen by cybercriminals. It is estimated that $4.2 billion was stolen from cryptocurrency users and exchanges in 2019. Its no wonder that RBI wishes to err on the side of caution.

An even greater regulatory and oversight challenge, however, exists when it comes to controlling transactions related to money-laundering and other nefarious activities.

Early on in the cryptocurrency saga in the US, it quickly became apparent that VCs were mainly used for completing transactions related to narcotics. Similarly, thanks to the Dark Web, many regulators have banned, or severely restricted, the use of VCs to control activities like terrorist financing, sanction circumvention, and other forms of illegal trafficking.

Which brings us back to RBI. As the official entity that oversees the health of the financial system in India, it is only to be expected that it will take a more conservative approach to enabling and regulating something as protean as cryptocurrency.

Critics complain that RBI does not fully understand the technology, or the power of VCs. This may be true. They also say that the purpose of RBI is to build a regulatory infrastructure around technology so that consumers are not defrauded.

This is true, but easier said than done. The recent debacles with both public and private sector banks should serve as cautionary tales for those advocating less stringent oversight.

And until RBI is comfortable with a way forward, it should not need to show empirical evidence of how its member banks have suffered any loss or adverse effect directly or indirectly on account of enabling VC transactions. There is sufficient global evidence and precedence for the stance taken by RBI.

As with the coronavirus, if you dont know what you dont know, and you are still likely to be held liable for an outbreak, enforcing a quarantine may be the best way to wait and watch developments.

(The writer is former head, partnerships and Citi merchant service, Citibank, US)

Excerpt from:

View: Why it's better for RBI to just wait and watch on cryptocurrency - Economic Times

YouTube is reportedly taking action against a cryptocurrency advertising scam featuring fake endorsements from Elon Musk and Daniel Craig.

The false advertisements were discovered by Business Insider and promised huge returns to investors who bought Bitcoin Era an automated trading app that claims to be backed by high-profile entrepreneurs including Richard Branson, Elon Musk and Bill Gates.

The advertisement purports to be from Blitz News promoting an article called Bond franchise comes to an end. However, when users click the ad, they are redirected to a post with the headline SPECIAL REPORT: Brits are listening to 007s Daniel Craig and theyre raking in millions from home.

The article says readers can take advantage of a wealth loophole that can turn anyone into a millionaire in three to four months.

Crypto scammers have a rich history of targeting celebrities. Since 2017, schemers have created phony accounts designed to look like Elon Musks official profile in an attempt to trick users into giving away their digital assets. Last year, schemers promoted a similar wealth loophole featuring Elon Musk, Kate Winslet, Richard Branson and Bill Gates.

As for this new advertising scam, YouTube has declined to comment. However, a source at the company says the ad has been removed. So far, theres no comment from Musk or Craig.

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Elon Musk and Daniel Craig Featured in Cryptocurrency Scam Promising Massive Returns - The Daily Hodl

In the early days of blockchain, cryptocurrency trading was seen by many as merely exchanging a few dollars for Bitcoins (BTC). The birth of other tokens and the high volatility in cryptocurrencies have led many traders to speculate by buying a few coins through exchanges in hoping the value will increase for the sake of profit.

The decision to switch to floating exchange rates was made in the second half of the last century, when it became clear to financial institutions that they could not provide the right amount of United States currency secured by a gold reserve. Thus, financial regulators abandoned the gold standard by adopting a system of floating exchange rates. This stage is perceived by many as the beginning of the emergence of the forex market.

Related: How to Trade Big Crypto Volumes, Explained

Cryptocurrency trading is the exact opposite of forex and its options for owning an asset. On crypto exchanges, traders buy the desired token and place an order to sell it, exchanging for another coin or fiat. That is, cryptocurrency trading is a real exchange of one cryptocurrency for another.

At the same time, forex exchange rates reflect the state of the economy of countries. Being very stable assets especially compared to cryptocurrencies the value of fiat currencies mainly change within three to five decimal places. Cryptocurrencies change much more noticeably, and can gain as much as 100% against the U.S. dollars within 24 hours.

Cryptocurrency trading, due to its high margin, can generate good income even without leverage, which very often leads to a loss of deposit. Investing in coins at their early stages has proven to be a highly effective trading tool for increasing capital.

Due to the high volatility in the crypto market, many traders begin to seek or return to the traditional trading market. The price stability of many trading pairs puts the market in a state of hibernation, which is why many traders lose money.

Related: Why Is the Cryptocurrency Market So Volatile: Expert Take

In search of a solution, some part of the community pays attention to other types of trading: futures, options, stocks, or the most popular forex. Forex turnover reaches nearly $6.6 trillion per day. At the same time, futures trading volumes are $440 billion and the U.S. stock market shows a value of $257 billion, while the cryptocurrency market volatility is only $4.8 billion a day.

Despite the advantages of trading on cryptocurrency exchanges, the long history of the forex market stands as one of its strong points. For a long time, traders have received several popular platforms, such as MetaTrader 4 and 5, thousands of indicators, and tools for forecasts and technical analysis. Recently, brokers have begun to add an imitation of a cryptocurrency trader to their platforms. But the essence of the market remains the same.

The impact of the forex market can be removed if cryptocurrency companies can improve on their security levels. One of the main reasons why traders have a hard time trusting cryptocurrency exchanges is because user funds can often go missing. A recent example is Binance being hacked in 2019, wherein an estimated $40 million was withdrawn from the exchanges hot wallets.

Related: Most Significant Hacks of 2019 New Record of Twelve in One Year

One of the solutions for reducing the impact of the forex market in crypto is a project based on the Stellar blockchain. Bridge token enables its users to convert from forex to crypto with outstanding trading conditions and transparency.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Oluwatobi Joel is a U.S.-based freelance copywriter, community manager, blockchain expert and serial entrepreneur. He has worked with various blockchain startups as a marketing strategist.

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How Cryptocurrency Trading Has Evolved in Recent Years - Cointelegraph

One of the latest episode of "The Simpsons" aired has just aired featuring Jim Parsons of Big Bang Theory appearing as a guest star to explain cryptocurrencies and how a blockchain works.

In the song and dance predicts cryptocurrency to be the future money, the animated ledger states: "Each day I'm closer, to being the cash of the future. Not in your wallet, I'm in your computer!

At the end of Jims talk, there is a subliminal message on screen. It further explains how cryptocurrencies work, part of which says:

"Using the word "cryptocurrency" repeatedly while defining cryptocurrency makes it seem like we have a novice's understanding of cryptocurrency. Well that is a total pile of cryptocurrency. In this system, rules are defined for the creation of additional units of cryptocurrency. They can be generated by fiat like traditional currency or just thrown around randomly or all given to LeBron."

The crypto community welcomed the episode. Altcoin Daily account has commented:

The Simpsons did it! Cryptocurrency explained to Lisa by the great Jim Parsons on #TheSimpsons! It's the money of the future! Bullish!

Some comments to the tweet also pointed out that the Simpsons has a reputation for predicting the future over the years. Ten years ago it showcased Donald Trump as the president of the U.S., and more recently guessed the Game of Thrones series finale.

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Crypto Appears on Simpsons Where Jim Parsons Explains It's 'Cash of the Future' - Cointelegraph