Cryptocurrency price LIVE – Bitcoin rises 70% in past year as controversial NFT project ‘F-Bomb’ drops

Man loses $1.6million, part two

The man said he successfully deposited funds into the account, including money from his retirement accounts.

He was reportedly able to withdraw cryptocurrency too, until he attempted to take out more.

A “customer service agent” with the app told him “you need to repay the loan before you can withdraw cash from your account,” KMGH-TV reported.

Man loses $1.6million in scam

A man says he lost his life savings in a scheme dubbed the “Pig Butchering Scam.”

The 52-year-old told Denver ABC affiliate KMGH-TV that he met a woman on a dating app who appeared to have similar interests to him.

The conversation turned to cryptocurrency, something he’d made about $70,000 on in a few years.

The man told the news outlet that the woman he fell for online convinced him to invest on a mobile and web app that seemed legitimate to the software engineer.

Fake websites and crypto

One fairly widespread scamming technique involves websites that appear to be a new cryptocurrency mining operation or investment opportunity.

The sites encourage investors to wire in money, sometimes offering investment “tiers” and promising greater returns.

But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.

Crypto scams and dating apps

Some cryptocurrency scam operations have started using dating apps to reel in potential targets.

In some reports, scammers pose as a long-distance love interest sharing a hot new cryptocurrency opportunity.

About 20 percent of the money lost through dating scams in the last year reportedly involved cryptocurrency.

How to check for blockchain scams

Cryptocurrencies operate on blockchain networks.

Scammers often claim their blockchain is “in development” or “about to be released,” but all legitimate cryptos will have an accompanying website to verify the currency.

Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if it even exists.

What is a blockchain?

A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit.

This ledger is the foundation of any cryptocurrency transaction.

The cryptocurrency allows people to trade currency or assets digitally outside of any government or bank.

Risks of investing in cryptos, part five

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

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

Risks of investing in cryptos, part four

Another risk of investing are the charges and fees.

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

Risks of investing in cryptos, part three

A third risk of investing in cryptocurrencies is product complexity.

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

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

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

Risks of investing in cryptos, part two

Another risk of investing is price volatility.

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

Risks of investing in cryptocurrencies

We rounded up five risks of investing in cryptocurrencies.

The first is Consumer protection.

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

NFT sold way under intended price

The owner of a Bored Ape non-fungible token (NFT) accidentally sold the virtual art for $3,000 instead of $300,000.

The NFT was initially purchased by an automated account that instantly put it back up for sale for nearly $250,000.

The seller told CNet that he meant to list the price at 75 Ethereum (ETH), the preferred cryptocurrency for making NFT transactions.

After making many online trades that day, he said he suffered from a “lapse of concentration” which caused him to type in “0.75 ETH.”

“I instantly saw the error as my finger clicked the mouse but… it was instantly sniped before I could click ‘Cancel’ – and just like that, $250,000 was gone,” he said.

What is a crypto ‘fan token’?

Fan tokens are a cryptocurrency that is sweeping the football landscape.

They’ve been launched or are under consideration by 24 football clubs across the five major European leagues, according to BBC News.

Some involve real-world perks for the buyer, like a say in which slogans appear on a trophy or what song should be played for a team’s entrance.

Critics say the benefits are insignificant, and the value of fan tokens rises and falls based on supply and demand.

Arsenal, Barcelona, Juventus, Inter Milan, Real Madrid, Manchester City, and PSG have all jumped on board with the craze.

Crypto wealth and luxury goods

Cryptocurrency wealth is leading to a new generation of luxury consumers in the United States, according to Markets Insider.

The news organization pointed to a report from investment bank Jeffries, which found young buyers are spending crypto winnings on expensive jewelry, apparel, and accessories.

The group, comprised of people under 35, is said to be increasingly buying artwork such as non-fungible tokens (NFTs), in addition to luxury brands.

While Chinese consumers are still the major force in luxury spending worldwide, the report said American buyers are set to propel luxury sales beyond pre-pandemic levels.

Bitcoin milestone, part two

Bitcoin was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto. 

Data from Blockchain.com on Monday showed 18.9 million of the 20,999,999,9769 possible Bitcoins had been mined.

It’s a milestone that took 12 years to reach.

Experts believe the last Bitcoin will be mined in February 2140.

One Bitcoin is currently worth around $47,000.

Value could shoot up as the coins become more scarce, experts said.

Less than 10 percent of Bitcoin left to mine

There is less than 10 percent of Bitcoin left to mine as the cryptocurrency passed a major milestone in December.

Data from Blockchain.com showed 18.9million out of a possible 21million of the virtual coins have been mined.

Bitcoin is the world’s first entirely virtual currency and new currency is created by mining, a complex online process that uses computer code.

It involves using a computer to solve a mathematical problem with a 64-digit solution to create new coins.

For each problem solved, one block of Bitcoin is processed. The miner that is first to solve the problem is rewarded with a new Bitcoin.

These new coins are then stored virtually through an online database called the blockchain.

How to create, buy and sell NFTs, part three

Buying an NFT, like any collectible, is a risky bet on the value going up.

If there is no demand for the NFT you buy, then you could end up paying a large amount for something that declines in value or that you cannot sell.

NFTs are still a new market so there is unlikely to be the same demand you will find for other physical items such as trading cards, art, or classic cars.

You could also create your own NFT but there is no guarantee of a buyer and you could end up wasting your time and money.

Like Bitcoin, you can buy and sell NFTs on specialized online marketplaces.

How to create, buy and sell NFTs, part two

If you’ve chosen Ethereum as your blockchain, here’s what you’ll need to mint your NFT.

First sellers will need an Ethereum wallet, such as MetaMask, Trust Wallet or Coinbase Wallet.

Next you will need around $50-$100 in ether.

Once you have these, you can connect your wallet and upload the music, image, or file that you want to turn into an NFT.

How to create, buy and sell NFTs

NFTs are tradable, unique items that have taken the internet by storm in recent months.

Some of the virtual assets have sold for millions of dollars, but most people still have no clue what they are – or where you can buy and sell them.

To create an NFT, you need to choose what to create — from artwork, music, collectibles, digital trading cards, movies, video footage, and more.

Then choose which blockchain you want to issue your NFT on and get ready to sell.

Elon Musk says Dogecoin is best for transactions

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

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

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

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

Dogecoin spikes after Tesla news

Dogecoin saw a more than 20 percent jump after Elon Musk announced Tesla would start accepting it as payment.

He said in a Tweet that Tesla would allow purchases of some merchandise with Dogecoin and “see how it goes.”

Dogecoin went from a fraction of a penny in worth at the start of 2021 to a record-high price above 74 cents in May, CNBC reported.

US cities embrace cryptocurrency, part two

The mayor of Miami is also working to expand cryptocurrency options in the Florida city.

Mayor Francis Suarez said he would take his paychecks in Bitcoin and wants residents to be able to pay fees and taxes in the cryptocurrency.

Miami launched a token earlier this year called MiamiCoin, which generated $30million in revenue over three months, Suarez told Bloomberg News.

US cities embrace cryptocurrency

A Tennessee city hopes to become the first in the nation to offer its employees cryptocurrency as a payroll conversion option.

The Jackson Sun reports that a request for proposal (RFP) has been opened, allowing third party platforms to apply to be the city’s cryptocurrency converter.

“We offer our employees a deferred compensation opportunity for their retirement already. Why not add more options?” the mayor told the news outlet.

He said the move will diversify ways city employees can receive payment and allow the city to pay contractors in Bitcoin.

Play-to-earn gaming, part two

The new play-to-earn gaming model that rewards gamers with cryptocurrency for playing isn’t technically free.

Gamers could have to spend $1,000 or more in order to start earning in the Axie Infinity universe, according to Forbes.

The popular platform for play-to-earn gaming requires beginners to have three “Axies,” which are available for purchase on the game’s Marketplace Dashboard.

Participants can then earn cryptocurrency for selling potions, breeding rare Axies, and playing various games.

What is play-to-earn gaming?

A unique model called play-to-earn gaming is driving non-fungible token (NFT) and cryptocurrency growth, Forbes reported.

Axie Infinity is the most popular platform for play-to-earn gaming at the moment.

It allows users to build a collection of “Axies” that players can use across its universe of games.

The company then uses Blockchain to reward players for gaming, according to Forbes.

Any digital assets earned by participants can be sold on the platform or traded outside Axie Infinity’s universe.