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Cryptocurrency

10 terms people use every day for transactions.

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Although Bitcoin was launched back in 2009, it has only recently been possible to turn on the news or browse the internet without encountering cryptocurrencies.

I’ve had so many questions from my national radio readers and listeners that I wrote an e-book on crypto to help. I demystify digital currencies, mining, and how to start trading. Tap or click here to get your copy on Amazon.

Unfortunately, I also hear from people who have been deceived by one or the other crypto scam. Where there is money, criminals wait. Tap or click on five clever crypto scams out now and steps to stay safe.

Before we start, know that this is not financial advice. The crypto world is volatile and you should never risk money that you don’t want to lose. Now let’s take a look at some of the most common jargons:

1. Blockchain

Every cryptocurrency transaction is processed, verified and recorded in a virtual ledger, the so-called blockchain. When someone buys or sells with cryptocurrency, another entry is made in this virtual ledger.

Think of the blockchain as a series of freight cars from a train. When a cryptocurrency transaction is made, another freight car is added to the train.

The blockchain is decentralized. This means that it is not stored on a computer or even on a network. Instead, the blockchain exists on computers around the world that are accessible via the internet.

People and businesses help verify every transaction that is added to the blockchain by using the processing power of their own computer on a decentralized peer-to-peer network. Each transaction is time stamped, individually encrypted and cannot be reversed or changed. Yes, you read that right – crypto transactions are irreversible.

Would you rather listen than read? Tap or click for an episode of my podcast Kim Komando Explains About All Crypto. You will also hear firsthand from a crypto miner.

2. Fiat

I know what you’re thinking, “I thought a fiat was a car.” Not in crypto-land. Fiat money is a government issued currency. If you are in the United States, it means the US dollar.

Cryptocurrency, on the other hand, is virtual money.

Cryptocurrencies are not endorsed by governments or any other standards used with traditional currencies. Each “token” represents the amount you own.

How much each token is worth depends on the current market value. One day the time will come; down the next day. With cryptocurrency, the price fluctuations can happen much faster and are more extreme – both positive and negative. A good source to check current prices is CoinMarketCap.

3. Altcoin

Here is an easy one to remember. A Altcoin is a digital currency that is not Bitcoin. There are thousands of cryptocurrencies out there, and new ones are being added all the time.

At the time of this writing, these are the top five currencies Market capitalizations. (That’s the total market value of the circulating supply.) Because crypto moves so quickly, this list may have changed by the time you read it.

• Bitcoin

• ether

• Binance coin

• tether

• Solana

4. Exchange

To buy cryptocurrency you need to start with one exchange. Think of an exchange like a crypto middleman. It is an online service that allows you to exchange your fiat for crypto or convert crypto to fiat.

If you are familiar with traditional investments, a crypto exchange acts as a brokerage. You can deposit funds by bank transfer, wire transfer, debit card, and other standard deposit methods. Most transactions will entail fees.

You can also buy crypto through apps you may already be using, such as Venmo, Robinhood, or Cash App.

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5. Purse

Basically a Cryptocurrency wallet is an app or physical storage device that allows you to store and access your digital currency. Wallets can contain multiple cryptocurrencies, so you are not limited to Bitcoin, for example.

Regardless of whether you are using an app or a physical wallet, it is important to note that the currency itself is not stored there. Instead, wallets store the location of your currency on the blockchain.

Wallets are divided into two main categories: hot and cold. A hot wallet is connected to the internet by definition. The safest way to store your cryptocurrency is with a cold wallet – one that is not connected to the internet.

Physical wallets come in different designs, but are usually specially developed USB drives that store your cryptocurrency directly for later use. Physical wallets offer you the greatest protection against hackers.

Two popular cold wallets are the Ledger Nano X and the Trezor Model One. Of the two, I prefer the Ledger Nano X because it supports 23 different types of cryptocurrencies and has additional features.

Data protection tip: Which browser you use is important if you are concerned about privacy. I’ve arranged them here for you. Did your choice make the list?

6. Mining

You have probably heard this term in connection with Bitcoin, used by. is created Mining. Computers win coins by solving complex math problems. The more powerful the computer, the faster it can “think”.

If your computer solves the problem the fastest, bingo – you win a unit of the cryptocurrency that you mine.

While there are a few cryptocurrencies with an infinite supply, most have a limit. For Bitcoin, this limit is 21 million. The last coin will be mined in 2140 or earlier.

7. DeFi

Here’s another easy one. DeFi is a shortened version of decentralized financing. This term refers to financial transactions that occur without a “middleman” such as the government, bank, or other financial institution.

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8. NFT

You heard about it: non-fungible tokens. That’s a fancy way of saying, “This digital item is unique and irreplaceable.” It applies to anything you can think of, from online artwork to songs, viral videos, articles, text logos, and GIFs.

Some people collect vintage cars, wines, famous works of art, and baseball cards. Now every digital item can also be turned into a collector’s item. They also act as status symbols online. For an example, see Jimmy Fallon’s Twitter profile picture.

The only way to buy an NFT is by using cryptocurrency. You can purchase an NFT through an auction platform, a secondary marketplace, or by participating in a mint. What is it you ask

9. Mint

Embossing is like a file, e.g. B. a JPEG or GIF, is recorded in a blockchain. After an NFT is minted, it can be sold or traded. When you participate in a mint, you will be the first person to buy that work from its creator. You can hold it, sell it, or trade it.

During the minting process, the creator determines the royalty that it will receive from future sales. This acts as a commission if the work changes hands in the future and is a huge draw for artists looking to go digital. Selling an NFT in a secondary marketplace will likely reduce sales as well.

10. HODL

Here is one term you may see on social media. HODL stands for “hold on for dear life”. Some say it originated a long time ago as a typo of the word “hold” on a Bitcoin forum, but now it is commonplace slang.

The idea behind it is simple: If you believe that a project or a currency will gain in value, you can simply “hodl” through market collapses.

Do you want to dive deeper? Pick up “Cryptocurrency 101”. It’s my handy guide to buying, selling, and spending digital currency safely.

Bonus Tip: How Your TV Streaming Apps Are Chasing You

Whether you use Netflix, Hulu, Amazon Prime, Disney +, or Apple TV, your favorite apps are likely to follow you everywhere. In this episode, you will learn the secret risks you take if you cut the cord.

Check out my Kim Komando Explains podcast on Apple, Google Podcasts, or your favorite podcast player.

Listen to the podcast here or wherever you can get your podcasts. Just look for my last name “Komando”.

Learn about the latest technology on the Kim Komando Show, the largest weekend radio talk show in the country. Kim takes calls and offers advice on today’s digital lifestyle, from smartphones and tablets to online privacy and data hacks. For her daily tips, free newsletters, and more, visit her website at Komando.com.

The views and opinions expressed in this column are those of the author and do not necessarily reflect those of USA TODAY.

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Cryptocurrency

Jack Dorsey’s Twitter departure means more time for bitcoin passion

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Jack Dorsey, Co-Founder and CEO of Twitter Inc. and Square Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, USA, on Friday, June 4th, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

The decentralization of power on the Internet is an important personal issue for Dorsey. At Twitter, he led funding for a project called BlueSky, which is a set of openly published standards for social media companies to make it easier for users of different social media networks to communicate with one another. New Twitter CEO Parag Agrawal has played a pivotal role in pursuing this vision, which is a reminder of how the Internet was originally built on common standards.

Dorsey has also been vocal in advocating decentralization of the workplace. Twitter was one of the first to announce the possibility of employees working from home indefinitely in the wake of the Covid-19 pandemic. In addition, Dorsey had discussed moving a part-time job to Africa to “work decentralized,” although he withdrew that plan when the Covid pandemic became more serious.

Tom Lee, the head of research at Fundstrat Global Advisors, told CNBC that the changing of the guard on Twitter was “up for crypto.”

“There is not enough capital available for crypto-innovations, so people like Jack Dorsey really have to concentrate,” said Lee on Monday at CNBC’s “Tech Check”.

Square’s foray into crypto

Square also kicked off its crypto-focused projects this year. With Dorsey now relieved of his responsibility on Twitter, many are excited to see what crypto tasks Square will take on next.

The company started trading bitcoin in 2018 using the Cash app, which allows users to buy and sell bitcoin. In 2019, Square founded Crypto, an independent team dedicated to contributing to bitcoin open source work, and just last year Square founded the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization that aims to Pool patents to fuel crypto innovation.

Square announced in July that it was launching a new business dedicated to building decentralized financial applications (DeFi) for Bitcoin, which Dorsey described as “an open developer platform with the sole aim of creating untrusted, license-free, and decentralized financial applications simplify”. Services.”

In October, Square’s CEO said the company could get into the bitcoin mining business, and earlier this month the payments company released a whitepaper outlining plans to launch “tbDEX,” its own decentralized exchange for buying and selling Selling cryptocurrencies, will be described in detail.

The payment giant is also building its own hardware wallet to “make Bitcoin custody more mainstream”.

Square added Bitcoin to its balance sheet, attributing the election to an alignment of values. The company recorded a fair value of $ 351.7 million on its Bitcoin investment as of September 30.

“We believe Bitcoin has the potential to be a more ubiquitous currency in the future,” said Amrita Ahuja, Square’s chief financial officer. “As acceptance increases, we intend to learn and participate in a disciplined manner. For a company that develops products that are based on a more inclusive future, this investment is a step on the way.”

Investments like this come at a critical time for the crypto industry.

“I don’t think the place is over-invested yet,” said Lee. “Crypto is the interface between financial services and technology. That is literally 60% of the economy. “

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Cryptocurrency

Cryptocurrency Billionaire Justin Sun Has Bought More Than $100 Million Worth of Art This Year. So What’s He Going to Do With It?

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When Sotheby’s record-breaking Macklowe Collection auction received the winning bid of $ 78.4 million for Giacometti’s Le Nez (1947) earlier this month, curious minds immediately began to speculate who the buyer was. Maybe it was hedge funder Steve Cohen, a longtime collector of the artist’s work? Or maybe the Qatari royal family?

Just a few days after the sale, the real buyer showed up: Justin Sun, the Chinese-born, 31-year-old tech billionaire and founder of the cryptocurrency platform TRON. The news served as positive evidence that at least some of the new crypto rich are putting their money into the arts. So far this year, Sun has spent more than $ 100 million on auctions.

Now the entrepreneur says he’s just beginning to build his art collection – and his appetite includes installations, videos, classic contemporary and more. Although he was unable to attend Art Basel Miami Beach due to travel restrictions, plans to buy through galleries and in the primary market soon, he said, with an eye to emerging talent. These purchases are displayed in the metaverse as the IRL items are loaned to institutions around the world.

Alberto Giacometti, Le Nez. Conceived in 1947; this version was conceived in 1949 and cast in 1965. Courtesy Sotheby’s.

“Because our goal is to build the best and most diverse collection of contemporary art, we’re interested in a variety of art forms and categories such as video, music, installation, and AI art that we don’t already have,” said Sun. “Most of the works of art we own are static and we strive to diversify our collections to enrich our museum in the Metaverse … art that anyone can see and engage in interesting conversations to spark creativity.”

In addition to Le Nez, Sun has acquired a Picasso portrait of Marie-Thérese valued at £ 14.6 million ($ 20 million); a triptych of “Dread Wig” portraits by Andy Warhol for £ 1.4 million ($ 2 million); KAWS Untitled (Kimpsons) (2001) for HK $ 2.5 million ($ 323,647); and Cube by top NFT artist Murat Pak.

Many of these works, acquired from Sun through the APENFT Foundation, are now being digitally assimilated to “see” in the APENFT Virtual Museum on cryptovoxels in the Metaverse, a virtual world powered by the Ethereum blockchain. Those who have the technology – Oculus Quest, Oculus Rift, and HTC Vive – can explore it up close.

“The traditional art world is extremely opaque and buying art is seen as only for the privileged,” Sun said. “Just as blockchain democratizes finance like never before, we want to democratize the art market by registering blue-chip art as NFTs in the blockchain and enabling a creative economy.”

Sun hopes to bridge the gap between the metaverse and the art world universe by loaning some of the physical works to institutions. “We look forward to working with some of the world’s leading museums to further explore this concept and, more importantly, bring its real world application to the art world,” he said.

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Cryptocurrency

Cryptocurrencies brace for winter, virtual Adidas and a bitcoin city

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A representation of the virtual cryptocurrency Bitcoin can be seen in this illustration from October 19, 2021. REUTERS / Edgar Su / File Photo

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  • Omicron worries weigh on important cryptocurrencies
  • Ether and other DeFi, Metaverse-Linked Tokens outperform Bitcoin
  • El Salvador wants to build “Bitcoin City”
  • Adidas cooperates with Coinbase

Nov 29 (Reuters) – Cryptocurrencies last week survived one of the biggest market shocks since the early days of the pandemic, with El Salvador being a notable buyer as investors decided not to share Adidas’ excitement over a foray into the busy Metaverse.

El Salvador’s plans to build the world’s first “Bitcoin City” and the entry of Adidas were the bright spots for digital assets in a week in which major cryptocurrencies were overwhelmed by fears about the new Coronavirus variant Omicron.

Bitcoin was down 0.5% on Monday and has lost about 17% of its value in the past 19 days from a record $ 69,000. But competing currency ethers and tokens associated with the metaverse and decentralized financial applications have done better.

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Adidas’ move made waves after the German sporting goods retailer announced a partnership with Coinbase Global Inc (COIN.O) in a tweet, even though the shares of Adidas (ADSGn.DE) did not participate in the celebration.

The company also bought a piece of virtual land called “adiVerse” in the blockchain-based world The Sandbox, with the German company hinting that it would expand it to offer virtual reality products, and comes at a time when it does Best seller warned due to supply chain issues.

“This is something big because it is also an indication of what will hit the fans in the NFT area in a few months: the Adidas sneakers and other virtual branded clothing, shoes and objects,” said Ipek Ozkardeskaya, senior analyst at Swissquote .

The price of SAND, the virtual currency used to buy real estate and other items, rose 90% on the news to $ 7.18, according to CoinGecko, and received a second spike since Facebook in Meta Platforms Inc late last month ( FB.O) was renamed. Continue reading

MANA, the speculative currency used in the leading blockchain-based online world, Decentraland, rose 36% to $ 4.90. Land and other items on Decentraland are sold in the form of non-fungible tokens (NFTs).

In addition to the sell-off sparked by the Omicron news, the biggest headwind for Bitcoin and Ether last week came from an announcement by the Indian government about a law that would restrict most private cryptocurrency transactions by the country’s estimated 15 to 20 million crypto investors would prohibit. Continue reading

‘SURVIVE WINTER’

Bitcoin traded around 4,376,477 Indian rupees ($ 58,296.12) on India’s WazirX exchange, a slight premium to outside of the country prices that reversed from a 15% discount on Tuesday following the announcement.

“When it comes to a blanket ban, in combination with China you are talking about two centers of the world’s population that are effectively frozen out of crypto,” said Simon Peters, crypto analyst at eToro.

Elsewhere, the President of El Salvador announced plans to build the world’s first “Bitcoin City”, which was originally financed by Bitcoin bonds. In September El Salvador introduced Bitcoin as legal tender. Continue reading

Average daily trading volume across all digital asset product types declined an average of 13% through the end of October through November 19, while net inflows averaged $ 203 million, half of October, according to data from CryptoCompare.

It found that assets under management in Bitcoin-related products rose by 9.5% to 48.7 billion in the first three weeks of November.

Decentralized finance-related tokens Solana (SOL) and Litecoin-based products achieved in the 30 days to 19

A piece of virtual real estate in Decentraland was sold for a record $ 2.4 million in cryptocurrency on November 23, the buyer – crypto investor Tokens.com (COIN.NLB) – and Decentraland said. Continue reading

Meanwhile, the upcoming December holiday season could add volatility, while the Fed’s economic slowdown for Bitcoin could be on the decline, analysts said.

“There should be more agnostics focused on the fact that we’re in a bad part of the crypto cycle here – the fixes could be epic,” said Brent Donnelly, president of research firm Spectra Markets.

“Make sure you can survive the winter.”

($ 1 = 75.08 Indian Rupees)

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Reporting by Lisa Pauline Mattackal and Medha Singh in Bengaluru Additional reporting by Tom Westbrook in Sydney Editing by Vidya Ranganathan and

Our Standards: The Thomson Reuters Trust Principles.

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