Cryptocurrency
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This anonymous cryptocurrency, launched just a month and a half ago, is driven by shl0ms, an abstract artist whose only “vision” is, well, nothing. Its whitepaper contains just one word: nothing. No team, no roadmap, no product. Just nothing. Yet, surprisingly, the community has been drawn to this blank concept.
To A.A.’s big credit he pushed for this to happen and the more responsible parts of the industry have responded and improved a bit. But it’s still a bleak picture overall, with lots of people trusting CEXes and getting burned even in 2024.
The question is: Can a coin with no purpose continue to grow, or is it just another bubble waiting to pop? One thing is clear—it challenges the traditional concepts of what a cryptocurrency really needs to be successful.
Types of cryptocurrency
Bitcoin is still the most popular cryptocurrency, but its introduction in 2009 spawned a host of imitators, alternatives, and new technologies based on its blockchain and many of the theories behind it.
With more people entering the world of virtual currency, generating hashes for validation has become more complex over time, forcing miners to invest increasingly large sums of money to improve computing performance. Consequently, the reward for finding a hash has diminished and often does not justify the investment in equipment and cooling facilities (to mitigate the heat the equipment produces) and the electricity required to run them. Popular regions for mining include those with inexpensive electricity, a cold climate, and jurisdictions with clear and conducive regulations. By July 2019, bitcoin’s electricity consumption was estimated to be approximately 7 gigawatts, around 0.2% of the global total, or equivalent to the energy consumed nationally by Switzerland.
For Ethereum, transaction fees differ by computational complexity, bandwidth use, and storage needs, while bitcoin transaction fees differ by transaction size and whether the transaction uses SegWit. In February 2023, the median transaction fee for Ether corresponded to $2.2845, while for bitcoin it corresponded to $0.659.
The European Commission published a digital finance strategy in September 2020. This included a draft regulation on Markets in Crypto-Assets (MiCA), which aimed to provide a comprehensive regulatory framework for digital assets in the EU.
A portmanteau of “alternative” and “coin”, any cryptocurrency other than Bitcoin (and some say Ether as well) is technically considered an altcoin. Altcoins first came on the scene in 2011 with Namecoin and the far more popular Litecoin, which later became known as “digital silver” to Bitcoin’s gold. Both sought to improve upon certain aspects of Bitcoin, which to that point was still the only crypto in existence. The earliest altcoins were directly based on Bitcoin’s underlying technology, and designed to fulfill a similar purpose as decentralized peer-to-peer payments networks. However each came about to address a perceived shortcoming of the market leader, from slow transaction times to a lack of privacy. Some of the best known altcoins today include Litecoin (LTC) and XRP (XRP)..
Cryptocurrency prices
Whether investing in low or high-priced cryptos, thorough research is vital before making any investment decisions. Read the project’s whitepaper, explore community engagement, partnerships, and learn more.
The pricing data and asset descriptions are for general informational purposes only and are not investment advice. Buying, selling, and trading cryptocurrency involves risks. Past performance is not a reliable indicator of future results. Full returns are not guaranteed; excluding trading fees and changes in currency fluctuations, values change frequently, and past performance may not be repeated. For tokens not supported for trading on the Gemini Exchange, pricing data is provided by CoinGecko, a third party data provider, with no affiliation to Gemini. For tokens that are supported for trading on the Gemini Exchange, the prices quoted are provided directly by Gemini. Trading fees vary by product and order size. Please see our fee schedules .css-x52z4 .css-x52z4:hover here.
Cryptocurrency charts may look like abstract art to the untrained eye, but they’re an essential tool for anyone trading cryptocurrencies. Whether you’re an expert or new to crypto investment we’re here to help you make sense of these seemingly imposing and complex prices charts.
Technological Developments: In the fast-paced tech industry, innovations and upgrades can have a big impact on the appeal of a cryptocurrency. For example, if there’s a software update that makes a crypto more secure or efficient then these types of technological advancements can draw more interest, pushing up the price.
Whether investing in low or high-priced cryptos, thorough research is vital before making any investment decisions. Read the project’s whitepaper, explore community engagement, partnerships, and learn more.
The pricing data and asset descriptions are for general informational purposes only and are not investment advice. Buying, selling, and trading cryptocurrency involves risks. Past performance is not a reliable indicator of future results. Full returns are not guaranteed; excluding trading fees and changes in currency fluctuations, values change frequently, and past performance may not be repeated. For tokens not supported for trading on the Gemini Exchange, pricing data is provided by CoinGecko, a third party data provider, with no affiliation to Gemini. For tokens that are supported for trading on the Gemini Exchange, the prices quoted are provided directly by Gemini. Trading fees vary by product and order size. Please see our fee schedules .css-x52z4 .css-x52z4:hover here.
Cryptocurrency elon musk cryptocurrency
Gizmodo filed a Freedom of Information Act (FOIA) request with the FTC to get complaints sent to the federal agency about crypto scams that pretend to be affiliated with Musk. We obtained 247 complaints, all filed between Feb. and Oct. of this year, and they’re filled with stories of people who believed they were watching ads for authentic crypto investments sanctioned by Musk on social media.
Musk has also been a vocal supporter of Dogecoin, often tweeting about it and causing price fluctuations. He has confirmed owning Bitcoin, Ethereum, and Dogecoin personally, stating he plans to hold Bitcoin long-term despite his criticisms.
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Major financial institutions are increasingly embracing cryptocurrencies, recognizing their potential as investment assets and technological innovations. This shift has led to new products, services, and strategic partnerships in the crypto space.
Tesla’s Bitcoin holdings and transactions have also affected market sentiment. The company’s $1.5 billion investment boosted confidence, while its subsequent partial sale raised concerns among some investors.
