What is a Blockchain? What are NFT's in Crypto? (Non-Fungible Tokens!)
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The Cryptocurrency Crash: By Kate Rockwood
Scandal and failure cloud the future of a new form of money.
Cryptocurrency has gained a lot of buzz since its creation 14 years ago. The novel type of currency - computer code that people treat like money but isn't issued by a government or central bank-dangled many promises: it could protect holders against inflation, speed up financial transfers and create wealth. Bitcoin, the best-known cryptocurrency, went from a value of less than $10 in 2012 to north of $60,000 in late 2021.
But by June of last year, Bitcoin had lost more than two-thirds of its value. Crypto's image was further damaged in November, when FTX, one of the world's largest cryptocurrency exchanges, filed for bankruptcy with a reported $8 Billion shortfall in funds. Funder Sam Bankman-Fried, an industry celebrity who had lobbied to establish cryptocurrency's legitimacy, was later charged with fraud and other alleged crimes.
So what's the future of digital currency? Under proper government regulation, it could be a vehicle for instantaneous low-cost payments, days Merav Ozair, a cryptocurrency consultant.
In the meantime, crypto remains a favorite tool of criminals. If your new online friend or budding long-distance romantic interest offers to teach you how to make big bucks investing in crypto, alarm bells should start going off. You're about to be Scammed!!
Imagine a global, open alternative to every financial service you use today, accessible with little more than a smartphone and internet connection.
Over 7 Trillion worth of Bitcoin has been transferred since 2009 (That's 7 Thousand Billion and 70 Thousand Millions)
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