You can buy more things than ever with cryptocurrency these days, from video games to new furniture. But should you?

“I wouldn’t,” says Kiana Danial, author of “Cryptocurrency Investing for Dummies” and the personality behind @Investdiva on Instagram. While there are a few circumstances where it can make sense, the practical answer for most people is no. 

Cryptocurrency markets are notoriously volatile, and the price you pay for an item today may not be what your purchase is worth tomorrow. Plus, many companies experimenting with crypto payments only accept Bitcoin, which experts say is one of the worst cryptos you could choose to pay for something. 

Nevertheless, people are interested in how crypto might work as a payment method. Nearly 20% of all U.S. adults say they’re likely to make a purchase using crypto, according to a recent report by PYMNTS.com, a news and research platform for payments and commerce. But before you cash in your Bitcoin to top up the balance on your Starbucks app, here’s what experts have to say about purchasing with crypto:Don’t Pay With Bitcoin

Bitcoin, the first cryptocurrency, was originally intended to be used exactly like money. Its white paper dubbed it a “peer-to-peer electronic cash system.” But Bitcoin’s frequent and volatile price fluctuations make that unrealistic in practice. 

“The price volatility kind of makes it useless as an electronic cash system,” says Ollie Leech, learn editor at CoinDesk, a leading cryptocurrency news outlet. “No person in their right mind would want to buy a coffee with Bitcoin. Say you pay $3 for the coffee, and tomorrow your Bitcoin could be worth $30. That’s a loss.” 

Just one year ago, in June 2020, Bitcoin’s value was under $10,000. Since then, it reached a high of more than $64,000 and, despite a recent price drop, remains close to $40,000. Imagine a video game that cost $50 worth of Bitcoin last June. If you waited until today to buy it instead, the same price in Bitcoin today would now cost you $200. 

People buy Bitcoin “not because they expect to be able to go to the store and spend it, but because they expect it to hold its value,” says Galen Moore, director of data and indexes at CoinDesk.

What About Other Cryptos?

Bitcoin has failed at its intended mission to become a new currency, but experts say there are other cryptocurrencies better for transacting. “Every one of them are optimized for certain things. For example, you wouldn’t go to the store and pay for groceries with gold,” says Danial — in the same way you shouldn’t spend Bitcoin on your morning latte. 

Some popular cryptos specifically designed to work better for spending include Dash, Manero, and XRP, according to Danial. Stablecoins, like Tether or USD coin, can also make better alternatives for purchasing, since their prices are tied to existing currencies. 

“There are coins that are more like cash,” says Pat White, co-founder and CEO of Bitwave, a company that helps businesses with crypto tax reporting. These coins are a better choice for spending, in theory, thanks to faster processing and lower fees. “They are designed to be spent and used very quickly.”

But in reality, there’s still a downside to using crypto developed to mimic cash to make payments. Take Bitcoin Cash (BCH), for example. BCH came about after the original Bitcoin proved itself too volatile to be used as a new kind of internet money. A group of creators decided to split off from the original crypto and create Bitcoin Cash, which was designed as a more stable version to be used for transactions.  But in practice, Bitcoin Cash is still highly volatile. In the last year its price has run from around $250 per coin to over $1,500, highlighting the risk of using it to buy something at the wrong time.

Taxes are another complication. While you don’t need to report your crypto purchases to the IRS, you do need to report when trading a cryptocurrency for goods or services. Each time you make a purchase using crypto, you need to track your cost basis, or the fair market value of the crypto when you bought it versus when you used to transact, and report that capital gain or loss.

Are There Other Real-World Uses For Crypto?

For American citizens in America, “There’s probably not going to be a good reason to buy things in crypto,” Danial says.  

That’s because the U.S. dollar fluctuates less than the vast majority of cryptocurrencies out there. However, when you consider a currency that’s less safe and stable than the U.S. dollar, the case for cryptocurrency payments increases, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group.

Take a volatile currency like the Iranian Rial. “It loses value every single day,” Danial says. “I’m Iranian, my parents are as well, and whenever they go to Iran they try to never convert any money to Rial, because it just goes down.”

Would You Ever Buy Things With Crypto?

While it’s not the wisest financial decision, crypto payments can provide an alternative transaction method for those who don’t have the necessary requirements for opening a bank account, or can’t access traditional financing in a certain place. For example, unbanked people can transfer money to others, even internationally, using their crypto wallets, or make purchases using crypto with participating merchants using apps like BitPay, all without the need to go through traditional financial institutions.

Some people may also choose to buy goods with crypto to capitalize upon the speed of transaction. Globally, “a lot of deals are being made with crypto,” Danial says. “Like, maybe a prince in Dubai wants to buy a Lamborghini from Italy, and wants it immediately and doesn’t want to wait for deposits and bank information and everything, so they purchase it using crypto.”

Crypto transactions are also relatively anonymous — which is why they have a reputation as being used by criminals to buy and sell on online black markets. Crypto’s prevalence as a form of payment for illegal trades persists. It played a role in recovering the Colonial Pipeline — a key gas line servicing the U.S. Gulf and East Coasts — last month, after hackers shut down its computer systems until they were paid $4.4 million in Bitcoin. The U.S. government has since seized back $2.3 million of that ransom fee (most of what was originally paid, since the price of Bitcoin has dipped recently). 

As for businesses willing to accept payment in crypto, expect to see more as Bitcoin and other cryptocurrencies grow in popularity. Some companies may be looking to cash in on the latest craze, or take part in the novelty of a new payment form, while others believe cryptocurrency is the way of the future. A bullish perspective on the future of crypto was behind Tesla’s recent decision to begin offering the option to pay with Bitcoin, although the company declared it would stop accepting Bitcoin payments for cars last month, citing concerns about its environmental impact. 

There may be a future in which digital currencies become more commonplace forms of payments, but for the average American crypto investor considering paying for groceries in crypto, “I think we are not there yet,” says Danial. 

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What do Vladimir Putin and Burger King have in common? 

For starters, they both have a cryptocurrency named after them. Actually, PutinCoin and Whoppercoin might be the only thing they have in common. But their namesake cryptocurrencies are among the thousands of different virtual currencies making up a growing marketplace grabbing investors’ attention.

Cryptocurrencies like Bitcoin and Ethereum have a growing track record of holding and increasing in value over time, though recent dips have wracked the market, while lesser-known cryptos are considered much more speculative and unpredictable. And while PutinCoin and Whoppercoin belong to a category of cryptocurrencies marked more for their absurdity than their potential as either an investment or cryptocurrency, they show just how unique different types of cryptocurrencies can be.

Here’s Where to Start:10 Most Popular CryptocurrenciesDecentralized FinanceDigital GoldDigital Cash or Internet MoneySoftware Platforms Stablecoin or Digital FiatMemecoins, and Other Strange Cryptocurrencies

In general, cryptocurrencies can be grouped by utility: What is the purpose of the cryptocurrency? What is its value proposition? What is it for?

“They all have different utilities, they all have different founders who have different visions for where that cryptocurrency is going,” says Mike Uehlein, founder and financial planner of WealthU advisors. Uehlein regularly talks to clients about investing in cryptocurrency. 

10 Most Popular Cryptocurrencies

There are thousands of cryptocurrencies, most with very little value and unclear potential. Many advisors recommend investors stick to Bitcoin and Ethereum — if any — and pass on the smaller cryptos. 

Leading cryptocurrency news outlet CoinDesk maintains a Coindesk 20 list of the most popular cryptocurrencies currently being bought and sold. This list includes cryptocurrency assets and networks by their most common names. Some, like Bitcoin (BTC), have one name for both the blockchain network and the cryptocurrency. Others, like Ethereum, are named for the broader blockchain network, but have a different name for their associated native cryptocurrency (Ether, or ETC, in the case of Ethereum).

Updated quarterly, the list ranks cryptocurrencies based on dollar volume and other data from third-party cryptocurrency exchanges, where people can buy and sell different iswapPolkadotUSD Coin

Note: This top 10 list was last updated — using the Coindesk 20 — on May 26, 2021. 

Bitcoin

As the first cryptocurrency, Bitcoin (BTC) is also the most popular and highly valued, despite high volatility over the course of its history. Bitcoin was initially created to be used as a digital payment system, but experts say it is still too volatile to be used for that.Ethereum

Ether (ETH) is the cryptocurrency of the Ethereum network, an open-source blockchain upon which developers can build apps and other cryptocurrencies. It’s also the second largest cryptocurrency by market cap, behind Bitcoin. Ether’s value has risen sharply since its creation in 2013, to nearly $3,000 for one token as of late May, but still lags well behind Bitcoin’s value of nearly $40,000 per coin. 

XRP

XRP is the cryptocurrency of the Ripple digital payment network. Built for digital payments, XRP touts itself as a faster and more efficient way to power global payments. Ripple and XRP also allow for third-party development on other uses for XRP.

Tether

Tether (USDT) is a fiat currency tied to the U.S. dollar. This keeps its value more stable, allowing Tether to present itself as a stable cryptocurrency alternative to cash deposits and withdrawals. Amid high volatility with other cryptocurrencies, Tether’s value hovers around $1 on account of its tie to the U.S. dollar.

Cardano

Cardano (ADA) uses a technology called Ouroboros, a peer-reviewed blockchain protocol. It describes itself as a more secure and scalable way to maintain decentralization.

Stellar

Stellar’s native cryptocurrency is the Lumen (XLM). Stellar is designed as an “open network for storing and moving money” that allows people to create, send, and trade digital money. It’s designed to sell and trade all digital monies, not just Stellar’s own associated cryptocurrency, the Lumen — although you’ll need to own some Lumen to make transactions.

Chainlink

Chainlink (LINK) uses “real-world data and off-chain computation while maintaining security and reliability,” according to its website.

Uniswap

Uniswap (UNI) is a decentralized crypto exchange that operates on Ethereum’s blockchain. Its developers promise to get rid of unnecessary intermediaries, which it says gives users more control.

Polkadot

Polkadot (DOT) says its mission includes allowing different blockchains to exchange information and transactions with one another. Its website plays up data and identity security and users being in control.

USD Coin

USD Coin (USDC) describes itself as “the world’s digital dollar.” Created by a global financial firm called Circle, USDC is the result of work that has been invested in by Goldman Sachs, Baidu, and IDG Capital, among others. USD Coin is tied to the U.S. Dollar, which makes its price much more stable than other cryptocurrencies. That stability lends itself more toward digital payments, while other cryptocurrencies have more potential to increase in value as investments (along with more risk of losing value, of course).

Bitcoin Cash 

Bitcoin Cash is a peer-to-peer electronic cash system, which was the original intention of Bitcoin. The currency allows you to send money anywhere for very low fees.

While each of these top cryptocurrencies is unique in its own way, they all tie into an underlying principle called  decentralized finance (DeFi). 

Decentralized Finance 

In its simplest terms, decentralized finance refers to financial activities conducted without the involvement of a traditional bank. 

Think about all of the activities in which you’d normally use a bank or some other financial institution — getting a loan, insurance, investing, even using a credit card. “All of these [activities] are traditional-finance based and have intermediary companies,” says Ollie Leech, learn editor at CoinDesk. “Now people are creating these products in a completely autonomous way with [cryptocurrencies].”

It can seem counterintuitive — where else would you go for a loan, if not an established lender? But that’s one of the appeals to DeFi, says Leech. 

In the same way people have increasingly brought “smart” technology into their homes, proponents say cryptocurrency has potential to automate and digitize more and more aspects of the financial system. The appeal of this happening outside the conventional — or centralized — finance system depends on who you ask. 

Many Americans may not understand the appeal of a finance system that operates beyond government control. But things can be very different in countries with less financial stability, says Roger Aliaga-Díaz, principal and senior economist with Vanguard Investment Strategy Group. If cryptocurrencies offer as much or more stability as a given national currency, it’s an entirely different equation than if your national currency is the safe and stable U.S. dollar.

Just like there are different types of accounts and tools in conventional finance — from savings accounts to investment accounts to credit cards — that are used for different purposes, different cryptocurrencies can have similarly unique uses in this emerging decentralized finance system.

Instead of going to a bank to draw out a loan, you might “go to a decentralized application that’s not owned or operated by anyone in particular,” says Leech. 

Where conventional loans involve humans at a bank who take part in processing, reviewing, and approving loans, a DeFi loan — with funding in the form of cryptocurrency — could run via app on a network like Ethereum with an algorithm processing it. The borrower would put up some cryptocurrency as collateral, which they’d get back minus interest when they repay the loan.

“The code runs autonomously using smart contracts,” Leech says. “So once the developers release the data they’re pretty much hands-off, and everything runs automatically so there’s no intermediary.” 

Ethereum’s website offers a comparison chart contrasting decentralized from traditional finance. Along with these technical differences, a big consideration to keep in mind is that the conventional financial system is regulated to serve the interests of everyday customers, while cryptocurrency and decentralized financial systems are largely unregulated, and subject to governance and oversight only by their creators/users.

Unlike the money kept in a bank account, money you have in crypto may not be FDIC insured. Some exchanges offer this insurance while others don’t — something you’ll want to look into before buying crypto from one or another. For exchanges that don’t offer this insurance, there’s no guarantee you will be repaid if there is a hack or the exchange goes out of business.

You hold your moneyMoney held by financial institutions Transfers happen in minutesPayments can take days to processTransactions are pseudonymous Financial activity is coupled to your identity (social security number, name, address, etc.)Market is always openMarket closes Built on transparency – anyone can inspect the systemFinancial institutions are closed books.comparison-table tr td:nth-child(){border-left: 10px solid #5bffb1;border-right: 10px solid #5bffb1;}.comparison-table tr:first-child td:nth-child(){border-top: 10px solid #5bffb1}.comparison-table tr:last-child td:nth-child(){border-bottom: 10px solid #5bffb1}

With that in mind, here are some of the broad categories of cryptocurrencies that tend to organize the market.

Digital Gold

Digital gold refers to cryptocurrency comparable to real gold in its ability to store and increase in value. There’s a limited amount of gold on earth, in the same way that digital gold cryptocurrencies have a limited supply. 

“People buy gold not because they expect to be able to go to the store and spend it, but because they expect it to hold its value and maybe, probably, increase in value over time,” says Galen Moore, director of data and indexes at CoinDesk. 

The primary example of a digital gold cryptocurrency is Bitcoin, though that was not its original intention. Bitcoin was originally put forth as an electronic peer-to-peer cash system, but its volatility, among other things, limited its potential for that purpose. 

In use, such digital gold cryptocurrencies are bought and held, “for the same reason people would have diamonds, or some $100 bills, or some gold coins in a safe,” says Moore. Litecoin is another example — it’s been described as silver to Bitcoin’s gold.

Digital Cash or Internet Money

Internet money is exactly what it sounds like — you use it to buy things over the internet. 

Bitcoin was originally intended to be digital cash, but speculation led to the creation of another cryptocurrency, Bitcoin Cash (a variation of Bitcoin). Bitcoin’s price was too volatile for it to be a suitable currency, which proponents for Bitcoin Cash argued was the entire point of the currency to begin with. 

“There was a big debate about what the future of Bitcoin was going to be. Was it gold or was it cash? The people who wanted it to be more like gold won out,” says Moore. The decision was a “turning point for Bitcoin where it really went down to be digital gold.” 

But the group that wanted Bitcoin to remain internet money split off — or forked, in crypto parlance — the currency and created Bitcoin Cash. The network is devoted to digital payments (with faster processing and lower fees). In these ways, Bitcoin Cash is “meant to be cash. That’s the value proposition,” says Moore.

Though Bitcoin Cash is designed and intended for transactions, its price is still volatile and probably not your best option for making or receiving payments. 

Software Platforms  

Ethereum represents another type of cryptocurrency: It operates as a cryptocurrency network and along with its native cryptocurrency, Ether, offers a programmable crypto environment for developers. Similar to how smartphones allow third-party apps to be downloaded and used, Ethereum allows developers to create “dapps” — Ethereum-based apps that tap into the network. 

Investors can buy Ether just like they can buy Bitcoin, hoping it increases in value. Ethereum’s programmable network allows for other, more customizable uses. One example is the creation of NFTs — nonfungible tokens — that caught the attention of people far beyond the cryptocurrency community this year. NFTs are Ethereum-based digital assets, which hold value based on demand and supply on the Ethereum network.  

Stablecoin or Digital Fiat

A stablecoin pegs its value to some other currency or commodity. A digital fiat represents a fiat, or government-backed, currency on the blockchain, says Moore. One of the most popular examples of a digital fiat is Tether, a cryptocurrency whose value is pegged to the U.S. dollar. 

Tether is a system that enables you to have a cash-like currency that is always worth $1 — but only on cryptocurrency exchanges. A digital fiat like Tether comes in handy when you want to quickly move your assets within a cryptocurrency exchange. For example, if you think the market for smaller, more unpredictable coins is going to crash, you might put your money in a stablecoin like Tether, and then buy back at a lower price after the crash, says Moore. 

Stablecoins enable the exchange to flow better, says Moore. Taking the previous example, you could theoretically cash out your smaller coins for actual dollars, and then reinvest those dollars after the crash, but it could take days to convert your coins into dollars and back again, says Moore. 

Memecoins, and Other Strange Cryptocurrencies

There are thousands of cryptocurrencies available. Many of them have little to no value, and no discernable value proposition, which lands them in the category of memecoins. Experts recommend avoiding investing in this category of coins and sticking with more well-known options like Bitcoin or Ethereum, if you decide to invest in crypto at all. 

Whoppercoin and PutinCoin fall into this category of cryptocurrencies, as does another famous memecoin of recent fame: Dogecoin. While Dogecoin has seen a rise in demand — and thus value — in recent weeks, it still is highly volatile, as evidenced by its drop in value when Tesla CEO Elon Musk made it the subject of a joke on a recent episode of “Saturday Night Live.”

Any cryptocurrency that’s not Bitcoin is referred to as an “altcoin.”

Bitcoin, Litecoin

Bitcoin Cash, XRP

Ethereum, Cardano, Polkadot

Tether, USD Coin

Dogecoin, PutinCoin, Whoppercoin

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By Richard Eisenberg, <strong 101/">Next Avenue Editor

Until now, we've never published a Next Avenue article about cryptocurrency or Bitcoin or the blockchain and, as the editor of our Money channel, I'm the reason why.

Frankly, I've felt that the Bitcoin digital currency and other cryptocurrencies were, at best, extremely volatile and risky investments (did I mention the price of a Bitcoin coin went from $10,764 in September 2020 to $64,829 in April 2021 and is now down to $40,000?) and, at worst, sometimes sketchy. I figured the cryptocurrency craze would fade. I was wrong about that last part.

So, here are the basics on the blockchain and Bitcoin and how to invest (just a little!) in cryptocurrencies, pulled from the new episode of the "Friends Talk Money" podcast I co-host with personal finance writer Terry Savage and public media's MoneyTrack host and Wealthramp.com founder Pam Krueger. (You can download the podcast from your favorite podcast distributor.)

Fact is, lots of smart financial analysts — like Ark Invest's Cathie Wood — have become big believers in cryptocurrency.

Some have come around to become, if not crypto fans, then at least no longer deniers. In 2018, legendary investor Warren Buffett called Bitcoin "probably rat poison squared." But his company recently put $500 million into Nubank, the parent company of the digital bank selling cryptocurrency products.

And why should you care about Bitcoin and the blockchain?

Well, the GlobalData analytics company just predicted that revenue from blockchain platforms and services will soar from $4 billion in 2020 to $199 billion by 2030. According to a survey by Motley Fool's service The Ascent, 21 million Americans — 14% of adults — own Bitcoin, which has been around since 2009; half of them bought it during the last 12 months. And, for what it's worth, El Salvador just became the first country to adopt Bitcoin as legal tender, and the payment app Venmo now lets customers buy or sell cryptocurrencies.

"I see the blockchain technology on which cryptocurrency is built as being transformative," Krueger said on the podcast. Some compare the impact of Bitcoin on the financial world with the way the internet disrupted music and publishing.

Krueger said that a year ago, when she asked Wealthramp's 250 fee-only advisers whether they'd recommend clients invest in cryptocurrencies, "almost all of them said, 'Not yet.'" But she surveyed them in June 2021 "and I would say that there's a shift in the mindset of the whole group." In other words, they now think their clients should consider owning a little crypto if they're interested.

For a primer on all this, let me try to make crypto less cryptic by offering a few questions that may be on your mind and answers to them.

What is the blockchain, what is Bitcoin and what is cryptocurrency?

Here's how Savage explained them on the "Friends Talk Money" podcast:

"The blockchain ledger is a computer program. Think of it as the behind-the-scenes backbone where all [financial] transactions are securely recorded without any intermediaries in a ledger that every participant can see, but no one can change unless by an authorized transaction recorded on this blockchain," said Savage.

Savage conceded that definition might sound "clear as mud," so she offered an analogy that might help.

"When you buy a house, you get title insurance to make sure that no one else has filed a claim to the property. And that's why we have title insurance companies and we pay a fee to them," Savage noted. "But if all the title changes were recorded on the blockchain, there would be no need for this insurance or for the title insurance companies… The registration would be immutable and visible on the blockchain ledger."

With the blockchain's peer-to-peer transactions, she said, you don't need a financial intermediary, a bank, a currency exchange or even a government. "Think about the implications of that kind of medium of exchange," said Savage.

And what does this have to do with Bitcoin, Dogecoin (a meme-inspired crypto), Ethereum (billionaire investor and "Shark Tank" star Mark Cuban is a fan) and other cryptocurrencies?

Savage said: "You could use this blockchain ledger technology as a basis for all kinds of completely secure transactions, like property transactions. But the most popular use is with the so-called cryptocurrencies like Bitcoin." Bitcoin records transactions in the blockchain.

There are thousands of other cryptocurrencies, Savage added, but "many of those are started by complete scammers." Consumers lost almost $82 million in crypto scams during the fourth quarter of 2020 and the first quarter of 2021, according to the Federal Trade Commission.

So, how do you buy cryptocurrencies — if you dare?

Savage's first rule: "If you're going to buy a cryptocurrency, stick with the best-known ones [like Bitcoin]. That doesn't mean you won't lose money on the price fluctuations, but it means you're not just throwing your money into a black hole."

And that led to another of Savage's rules: Buy cryptocurrency on a legitimate crypto exchange like Coinbase or Kraken, or through an ATM that sells it — though ATM fees to do so are steep. (Coinbase isn't that machine in supermarkets where you exchange your loose change for bills, I joked on the podcast; that's Coinstar.)

Alternatively, you could invest in a blockchain Exchange Traded Fund (ETF) that either invests in companies involved in blockchain technology or invests in futures or options pegged to the performance of cryptocurrencies like Bitcoin or crypto investment products from asset managers.

Is buying Bitcoin investing or speculating?

It's a speculation, since there's no intrinsic correct value for it. Bitcoin is worth what people decide it's worth each day.

But there seems to be strong long-term potential for a rise in Bitcoin's value, since businesses like banks, Microsoft MSFT and Tesla TSLA accept it (CEO Elon Musk's musings on Bitcoin often lead to wild fluctuations) and it looks like more will, over time. And, as Savage noted, the Federal Reserve is studying developing a digital currency.

How big a portion of my investment portfolio should I put into Bitcoin or other cryptocurrencies or businesses related to them?

Here's what Kraken.com Chief Product Officer Jeremy Wells told the "Friends Talk Money" hosts: "I just generally encourage everyone to kind of explore the space a little bit. There's no need to put an entire paycheck into cryptocurrency."

So, the "Friends Talk Money" co-hosts said, maybe you might put 3% of your total portfolio into crypto; maybe less. I'm starting to think of it as a new way to diversify your investment portfolio, the way you might do with your stocks by buying international stocks of companies in countries with emerging economies.

Incidentally, you don't have to buy an entire Bitcoin. Crypto exchanges let you purchase a fraction — even as little as $5 or $10 worth.

But think of this type of investment as money you can lose — and very well might. Mad money meet mad crypto.

Dennis Chookazian, a futurist and longtime cryptocurrency analyst, told "Friends Talk Money" that Bitcoin and its ilk are "entertainment assets" that provide "psychic income."

His advice: "You shouldn't buy it with any money that you need for your children's education or something like that…You should not buy cryptocurrencies with money that you absolutely can't afford to lose."

Krueger calls investing in cryptocurrencies "emotional gambling," adding that "anytime you put money into something based on your emotions, it's the fastest way to lose money."

But, she noted, "it's kind of fun to learn about." And, Krueger said, she owns some Bitcoin and digital tokens Ethereum and Cardano.

Next Avenue is public media’s first and only national journalism service for America’s booming older population. Our daily content delivers vital ideas, context and

Next Avenue is public media’s first and only national journalism service for America’s booming older population. Our daily content delivers vital ideas, context and perspectives on issues that matter most as we age.

Bitcoin, the original cryptocurrency, was launched in 2009. Today, there are thousands of cryptocurrencies with a total value of about $2 trillion. The surge in their prices earlier this year minted tens of thousands of cryptocurrency millionaires—at least on paper. Cryptocurrencies might turn out to be a massive speculative bubble that ends up hurting many naive investors. Indeed, many cryptocurrency fortunes have already evaporated with the recent plunge in prices. But whatever their ultimate fate, the ingenious technological innovations underpinning them will transform the nature of money and finance. Eswar Prasad Senior Fellow - Global Economy and Development Twitter EswarSPrasad

Cryptocurrencies such as bitcoin and Ethereum were designed as a way to make payments without relying on traditional modes such as currency notes, debit cards, credit cards or checks. The bitcoin white paper, which set off the cryptocurrency revolution, envisions an electronic payment system that allows “any two willing parties to transact directly with each other without the need for a trusted third party,” cutting governments and banks out of the financial loop. The website Pymnts claims, “Blockchain IS the future of the payments industry,” a reference to the computational technology that undergirds cryptocurrencies.

In fact, it has become very expensive and slow to conduct transactions using cryptocurrencies. It takes about 10 minutes for a bitcoin transaction to be validated, and the average fee for just one transaction was recently about $20. Ethereum, the second-largest cryptocurrency, processes transactions slightly faster but also has high fees.

Moreover, wild swings in the values of most cryptocurrencies make them unreliable as a means of payment. In late April, the price of a Dogecoin was 20 cents. It tripled in the next two weeks and then fell to half that peak value ten days later. It is as though a $10 bill could buy you just a cup of coffee one day and a lavish meal at a fancy restaurant just a few weeks later. Even on a calmer, more typical day, the value of a major cryptocurrency such as Ethereum might fluctuate by 10 percent or more, making it too unstable to be practical. Recently, Elon Musk announced that Tesla would no longer accept bitcoin as a form of payment, reversing a policy it had implemented earlier in the year. The value of a single coin almost immediately plummeted. A Chinese crackdown on cryptocurrencies then briefly took another one-third off the price in just one day.

Investment funds in bitcoin and other cryptocurrencies have proliferated. Even major banks such as Goldman Sachs and Morgan Stanley are getting into the game. And you would certainly have made a fantastic return if you had bought any of the major cryptocurrencies last year. A typical article in the Motley Fool debates not whether cryptocurrencies are a good investment but “which one is right for you.” The website Business Mole claims: “Even with adjustments made, Bitcoin and Ethereum are very profitable. It’s simple.”

But beware. Part of the allure seems to be that, like gold, the supply of most cryptocurrencies is tightly controlled (by the computer programs that manage them). For instance, about 18.5 million bitcoin have been created so far, and there will eventually be a maximum of 21 million bitcoin. This is a cap set by the computer program that manages the supply of the currency.

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Scarcity by itself is not, however, enough to create value—there has to be demand. Since cryptocurrencies cannot easily be used to make most payments and have no other intrinsic uses, the only reason they have value is because many people seem to think they are good investments. If that changed, their value could quickly drop to nothing.

Bitcoin is now seen as the granddaddy of cryptocurrencies, and investors (or speculators, more precisely) are piling into other cryptocurrencies such as Dogecoin. In 2019, Investopedia claimed that bitcoin was “losing its power as the driving force of the cryptocurrency world.” “Bitcoin And Ethereum Are Being Left In The Dust By Dogecoin,” reads a recent Forbes headline.

Dogecoin and other such cryptocurrencies, which are simply built around memes (Dogecoin, with its Shiba Inu dog mascot, references the “doge” meme), don’t even make a pretense of being usable in financial transactions. And there is no clear constraint on the supply of these coins, so their prices surge or crash on random events such as tweets from Musk. The valuations of meme currencies seem to be based entirely on the “greater fool” theory—all you need to do to profit from your investment is to find an even greater fool willing to pay a higher price than you paid for the digital coins.

Bitcoin’s technology does seem outdated compared with some of the newer cryptocurrencies that enable greater anonymity for users, faster transaction processing and more sophisticated technical features that facilitate automatic processing of complex financial transactions. For all its flaws, however, bitcoin remains dominant: It accounts for nearly half of the total value of all cryptocurrencies.

Morgan Stanley’s chief global strategist, Ruchir Sharma, has argued that bitcoin could end the dollar’s reign—or at least that the “digital currency poses a significant threat to [the] greenback’s supremacy.” A Financial Times headline proposes, even more ominously, that “Bitcoin’s rise reflects America’s decline.”

Cryptocurrencies are not backed by anything other than the faith of the people who own them. The dollar, by contrast, is backed by the U.S. government. Investors still trust the dollar, even in hard times. As one illustration, domestic and foreign investors continue to eagerly snap up trillions of dollars in U.S. Treasury securities even at low interest rates.

New cryptocurrencies called stablecoins aim to have stable values and therefore make it easier to conduct digital payments. Facebook plans to issue its own cryptocurrency, called Diem, that will be backed one for one with U.S. dollars, giving it a stable value. But the value of stablecoins comes precisely from their backing by government-issued currencies. So while dollars might become less important in making payments, the primacy of the U.S. dollar as a store of value will not be challenged.

Warren Buffett has compared cryptocurrencies to the 17th-century Dutch tulip craze, while Bank of England Governor Andrew Bailey cautioned, “Buy them only if you’re prepared to lose all your money.” Economist Nouriel Roubini called bitcoin “the mother or father of all scams” and even criticized its underlying technology.

Cryptocurrencies may or may not persevere as speculative investment vehicles, but they are triggering transformative changes to money and finance. As the technology matures, stablecoins will hasten the ascendance of digital payments, ushering out paper currency. The prospect of competition from such private currencies has prodded central banks around the world to design digital versions of their currencies. The Bahamas has already rolled out a central bank digital currency, while countries like China, Japan and Sweden are conducting experiments with their own official digital money. The dollar bills in your wallet—if you still have any—could soon become relics.

Even transactions such as buying a car or a house could soon be managed through computer programs run on cryptocurrency platforms. Digital tokens representing money and other assets could ease electronic transactions that involve transfers of assets and payments, often without trusted third parties such as real estate settlement attorneys. Governments will still be needed to enforce contractual obligations and property rights, but software could someday take the place of other intermediaries, including bankers, accountants and lawyers.

Editor's note: China has been tightening its regulation over cryptocurrencies. A recent move has been its ban on financial institutions, including banks and online payment channels, from providing services related to cryptocurrency transactions. What does China's crackdown mean for crypto in the country? Why has China tightened its regulation of cryptocurrency? How might China's ban affect the world cryptocurrency market? Tsai Wei-Tek, a blockchain expert, a professor from Beihang University shared his views.The views expressed in the video are his own and not necessarily those of CGTN.  

CGTN: What does China's crackdown mean for crypto in the country？

Tsai: The announcement means that China is trying to significantly reduce the relevant activities in the country. And this includes any crypto transactions and mining. So practically, it shuts down the whole industry.

CGTN: Why has China tightened its regulation of cryptocurrency?

Tsai: At this time not only China, but a lot of other countries are also trying to ban these cryptos.There are several reasons that governments would like to ban these cryptocurrencies. One of the reasons goes to the volatility of them. The second is that these cryptocurrencies' market cap has gone up so much which is bigger than their largest bank in the country. So they will have a lot of economic influence on the country.

One needs to remember that these digital currencies are not national currencies, but international currencies. Therefore, if a significant portion of the economic activities belong to the international activities, this country will be under severe international influence.

And many countries may not want that.

The International Monetary Fund has published a report in October 2020 that said that these cryptocurrencies are international activities and many countries will be under stress or influence of them.

There is also another scenario. An article in the United States stated that the cryptocurrency such as Bitcoin may become the world reserve currency. If this happened, the whole financial market structure will have to be changed.

It means that we will have a new Bretton Woods. We will have to go back to 1944 and reconstruct the new world financial structure. I'm not sure the world is ready for it. It's too complicated and have too much stress. The world is not ready for any of this.

CGTN: How might China's ban affect the world cryptocurrency market? 

Tsai: If the Chinese government bans mining and then the transactions, it will certainly put a significant damage to the acceleration or the growth of these cryptocurrencies.

This will certainly put a lot of restraints on the cryptocurrency price and volatility. But I'm not sure that the cryptocurrency will be dead by this. There are several reasons for that.

First of all, in 2008, when the U.S. was having a financial crisis which eventually became a global financial crisis, many banks may have failed, or would have failed. But the government said that these banks are too big to fail. If you look at the current bitcoin market cap, it is about double of the JP Morgan market cap. JP Morgan is the largest bank in the U.S. 

So, if Bitcoin market cap becomes zero, practically we have two banks, the two biggest banks in the U.S. completely collapse. And the economic consequence of that is too serious. And it will damage a lot of things. So I do not expect that the crypto world will collapse totally due to this.

(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com.)

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India's predicted move could have a very positive effect on the price of bitcoin as the nation is the world's sixth-largest economy. This could open up a $10trillion economy to bitcoin investment and daily transactions. About the possibility of India following El Salvador's lead, editor at Invezz, Jayson Derrick said: “Encouraging developments in the move towards greater adoption of bitcoin aren’t limited to poorer countries.

"India, a G20 member with a $10trillion economy, is reportedly close to classifying bitcoin as an asset class”.

Referring to the trajectory of mainstream adoption of the world's preeminent cryptocurrency, bitcoin pioneer Max Keiser told Express.co.uk: "India, like all nations, will follow El Salvador and make bitcoin their official currency.

"I can say this with 100 percent certainty because Game Theory is hardcoded into the bitcoin protocol, reckless money printing by central banks is unstoppable, and the best safe-haven asset in the world is bitcoin."

Many Latin American nations such as Mexico, Colombia, Argentina and Brazil, with economies that struggle with inflationary issues, may follow the example set by El Salvadoran lawmakers who made bitcoin legal tender on June 8, 2021.

The text of the law ratified by the El Salvadoran congress stated that “every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service".

Already financial institutions and experts are looking at El Salvador's move as a "historic" precedent.

Avik Roy, president of the Foundation for Research on Equal Opportunity, said the move would “transform El Salvador into one of the world’s most important financial centres, and affect the way people around the globe use digital currencies".

The price of bitcoin jumped by 12 percent today partially in reaction to the announcement that billionaire US investor Paul Tudor Jones would transfer 5 percent of his balance sheet into the cryptocurrency.

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Speaking to CNBC today Mr Jones said: "Bitcoin is math and math has been around for thousands of years, and two plus two is going to equal four, and it always will for the next two thousand years.

"So, I like that idea of investing in something reliable, honest, secure, and 100 percent certain.

"Bitcoin has an appeal to me in being able to invest in certainty."

More news that has helped bolster a renewed positive sentiment in bitcoin is Tesla's announcement it will Tesla accept bitcoin payments once Miners Use 50 percent “clean energy”.

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Tesla CEO Elon Musk was lambasted by Sygnia CEO Magda Wierzycka who said, “what we have seen with bitcoin is price manipulation by one very powerful and influential individual."

Yesterday the Tesla CEO responded with a revealing tweet: "This is inaccurate.

"Tesla only sold 10 percent of holdings to confirm bitcoin could be liquidated easily without moving market.

"When there’s confirmation of reasonable, 50 percent plus, clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions."

Twelve years ago, Hal Finney, one of the most important people in the history of Bitcoin, published the very first tweet related to the world's largest cryptocurrency.

Finney was the first follower of Satoshi Nakamoto, who is famous for receiving the very first Bitcoin transaction on Jan. 12, 2009.

Some of Finney's other famous tweets include the one about adding more anonymity to Bitcoin and reducing the CO2 emission from mining, a problem that is now on many environmentalists' minds.

In October 2009, Finney disclosed that he had been diagnosed with Lou Gehrig's disease, or amyotrophic lateral sclerosis. After a five-year battle with the disease, he passed away on Aug. 28, 2014. There is a ton of speculation as to whether or not Finney himself created the cryptocurrency due to the timing of Satoshi's disappearance and the fact that he lived in the same town as Dorian Nakamoto, the Japanese-American man who was misidentified as the man behind Bitcoin by a Newsweek journalist.

Bitcoinist | Feb 10, 2021 | 10:49

FreeBitco.in, one of the oldest and longest-running Bitcoin gaming sites, respected by the BitcoinTalk and the greater crypto community, has revealed that it is offering exclusive benefits for FUN token holders as part of a new premium program.

Here’s what this exclusive opportunity entails and how it could be an incredible opportunity for users of the platform and investors alike.

Search Google for “free Bitcoin” and among the top results after skipping past Bitcoin Cash faucets posing as the real thing is none other than FreeBitco.in.

FreeBitco.in is a provably fair online Bitcoin game that lets you – as the name implies – win free BTC. The game itself has grown over the years from a daily faucet claim to now include prizes and so much more. The community itself has also exploded.

The massive growth in the online community combined with longevity and dominance in the space has created an opportunity for a cryptocurrency token to be integrated into the core experience and provide a host of user benefits.

And while FreeBitco.in will always offer free BTC, the popular and iconic crypto gaming site is now embracing the cryptocurrency Fun Token as part of a new premium program.

FunFair (FUN) is a token designed to underpin the online gaming ecosystem and is an ideal choice for FreeBitco.in as the seventh-largest online casino in the world, according to SimilarWeb. 

FreeBitco.in and FUN combined bring members of the community a variety of exclusive benefits. The sheer size of the community itself means that FUN will soon be integrated into a $600 million per year iGaming platform and immediately reach over 41 million registered users.

And because FreeBitco.in is leveraging the FUN token, demand for the asset is already rising, making it an unprecedented opportunity for investors to maximize ROI. FUNUSD has already completed a “10x” since the start of 2021 and it is just the beginning.

FunFair is listed on top cryptocurrency exchanges such as Binance, Bitfinex, OKEx, and Uniswap. Free Bitco.in users who buy FUN tokens get up to 1% cashback on certain BTC wagers and games. Holding FUN tokens also lets users earn up to 16 spins on the Wheel of Fortune. Prizes consist of iPhones, a Rolex, or up to $15,000 in free BTC.

FreeBitco.in users are automatically offered up 4.08% interest on BTC balance, but by holding Fun tokens, users can bolster the APR to as high as 5.10%. 

The premium program launches on March 15, 2021. Anyone interested in taking full advantage of all the “ FUN ” should consider FUN tokens before the demand takes over, and like we’ve seen with other cryptocurrencies, a supply shock leaves late investors wishing they bought sooner.

Investors can be sure that FunFair has long-term value, further improved by the ongoing partnership and premium program with FreeBitco.in. The company saw over $600 million wagered in 2020 alone and a 30% year over year increase. At that rate and the current crypto market growth, Free.Bitco.in could soon be one of the largest websites in the entire world, not just in the online casino or bitcoin gaming space.

To learn more, visit the official website.

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

In another week dominated by events in the crypto sphere, here are the top news stories from the worlds of forex, crypto and fintech in our best of the week segment.

In a popular Finance Magnates analysis, we asked the opinions of leading names such as Rubix Chief Executive, Andrew Hamilton, Investor, Entrepreneur, and Author, Shanka Jayasinha, Brandon Mintz, Chief Executive of Bitcoin Depot and Borys Pikalov, Co-founder of Stobox.io.

No stone was left unturned in looking at the viability of buying Bitcoin now at its record price.

Read more on is it too late to buy Bitcoin here.

Bitcoin price crashed below $30,000 on Monday as the world’s largest cryptocurrency lost $50 billion in market cap within hours. One anonymous Bitcoin user transferred 9,156 BTC worth nearly $300 million just an hour before the crash started.

According to the details provided by Whale Alert, a blockchain tracker and analytics system, an unidentified crypto holder transferred 9,156 Bitcoin on Monday 4 Jan 2021 06:59:39 UTC, barely an hour before the recent dip in the cryptocurrency market which saw losses of up to 15%

Read more on the anonymous bitcoin transfer here.

As Bitcoin recovered from a sharp correction, Coinbase reported its retail and professional-focused platforms were hit by ‘connectivity issues’, with users reporting difficulty trading and logging into their accounts.

According to a company update, Coinbase said the website and mobile apps are not loading, adding that it is “currently investigating the issue,” but no further comment was provided.

Read more on the Coinbase outage here.

Grayscale, the world’s largest crypto asset management firm, announced that it has removed XRP from its investment fund. The company added that it has used the new funds to buy other crypto assets including Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

According to the official announcement, Grayscale Digital Large Cap Fund (DLC Fund) decided to remove XRP in its quarterly review and mentioned that no other digital asset qualified for the inclusion. Additionally, the company outlined the current composition of the fund, which includes Bitcoin (81.6%), Ethereum (15.9%), Litecoin (1.4%) and Bitcoin Cash (1.1%).

Read more on the Grayscale XRP Sales here.

As Finance Magnates covered this week, Ripple CEO, Brad Garlinghouse released a statement in response to some of the uncertainties regarding the recent lawsuit filed by the SEC. He said that 95% of XRP trading is happening outside the US and the company cannot decide where to list the cryptocurrency.

According to a Twitter thread by Garlinghouse, Ripple tried to settle the issues with the SEC in the past but failed to reach a successful agreement. Additionally, he also mentioned that the company will continue its efforts to settle the matter with the new administration to support the XRP community.

Read more on the Ripple statement here.

In a must-read Finance Magnates analysis, we delved deep into the burning questions of the week, What exactly is driving the price of ETH up? And will the rally last?

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With expert insights from Will McCormick, Director of Communications at global cryptocurrency exchange, OKCoin, Maria Stankevich, Chief Business Development Officer at EXMO UK, Jamie Finn, President & Co-Founder of Securitize and Tim Sabanov, the Lead Technical Architect at Zumo, we broke down ETH, its rises and its future.

Read more on the ETH price rises here.

As Finance Magnates exclusively revealed this week, Polish FX brokerage, XTB is seeking a license from the Dubai Financial Services Authority (DFSA) after it has incorporated its new subsidiary, XTB MENA Limited, in the Dubai International Financial Center (DIFC).

The DIFC’s website shows that the registration status of the new spin-off is ‘Active’ while its regulatory application is ‘Pending’ DFSA Authorization.

Read more on the XTB Dubai License move here.

Interactive Brokers LLC (NASDAQ: IBKR) announced this week a new milestone growth, this time with the number of fee-generating trades exceeding 2.3 million in December amid a surge in activity from people stuck at home during the coronavirus pandemic.

This is about three times the number of daily average revenue trades, or DARTS, reported in the same month a year ago.

The US-listed brokerage saw 2.29 million in DARTs last month, which was up 200 per cent year over year from 771,000 transactions in December 2019. This figure, which reflects one of widely followed industry metrics for customer activity, is slightly higher from the previous record set back in November at 2.29 million transactions.

Read more on the Interactive Brokers DARTs record here.

In yet another Finance Magnates exclusive, we revealed intriguing new details on IG’s pursuit of expanding its regulatory footprint in South Africa.

Read more on the IG South Africa Appeal here.

IG Group released a Brexit update this week for its European Economic Area (EEA) clients and asked them to transfer their accounts to IG Europe as the broker recently announced that its UK entity will no longer service clients from the EEA region due to Brexit.

According to the official announcement, the company stated that the process of transfer requires identity verification of clients before 8 January 2021. The broker mentioned that in case of failure of transfer or identity verification, the account will be closed.

Read more on the IG Group Brexit update here.

In a busy week for news, let’s take a look back at the biggest stories from the worlds of forex, fintech and crypto in our best of the week segment.

Monday started with a bang, Tesla, the electric car company headed by billionaire Elon Musk, has become the first Fortune 500 corporation to get Bitcoin exposure to its balance sheet as it bought $1.5 billion in Bitcoin last month.

The company’s latest filing with the Securities and Exchange Commission (SEC) revealed its position in digital currency.

Read more on the Tesla Bitcoin purchase here.

The trading week kicked off with the news that Dogecoin is now the world’s 10th most valuable cryptocurrency after a 40% jump in just 24 hours pushed the total market cap of DOGE to a record high.

Dogecoin’s market cap reached $10 billion on Monday, more than Stellar (XLM) and Bitcoin Cash (BCH).

Tesla CEO, Elon Musk remained outspoken about Dogecoin, though most of the time he made fun of the cryptocurrency with his tweets, it seems like the demand for the cryptocurrency has increased due to his Dogecoin statements.

Read more on the Dogecoin surge here.

Monday also saw a supply crisis for Bitcoin.

As Finance Magnates reported, Bitcoin, the world’s largest cryptocurrency, is undergoing a massive supply crisis as BTC whales transferred their funds from cryptocurrency exchanges to unknown wallets. BTC reserves at digital exchanges reached the lowest level in almost 2.5 years.

According to the latest data published by crypto research and analytics firm Bloqport, 211 new Bitcoin whale addresses with at least 1,000 BTC were created since the start of 2021, but the supply of the world’s largest digital asset decreased significantly during the same time.

Read more on the Bitcoin Supply Crisis here.

Staying with Bitcoin whales, Finance Magnates covered the story of an anonymous crypto user who moved 2,292 BTC from the crypto exchange, Coinbase to an unknown wallet. The total value of the transaction stands at around $101.8 million.

Additionally, another transaction was reported a few hours later which involved the movement of 1,407 Bitcoin worth nearly $63 million from the crypto exchange, Binance to the digital wallet, Xapo.

BTC whales have accelerated withdrawals from digital exchanges leading to a supply crisis in BTC.

Read more on the Bitcoin whales here.

In an in-depth Finance Magnates analysis, we looked at exactly what the Tesla BTC purchase means for the crypto world as a whole.

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With a host of expert insights, we delved deep into the implications of the $1.5 bn bitcoin purchase for both the crypto world and Tesla.

A must-read analysis, read more on Elon’s big bitcoin bet here.

In a Finance Magnates exclusive, Tickmill, a multi-regulated brokerage platform, revealed its yearly trading metrics for 2020 with Finance Magnates, showing an excellent jump in demand and client activities.

The broker closed the year with an average monthly trading volume of over $142 billion, 14.7 percent higher than the previous year’s $123.8 billion.

According to Tickmill’s figures, over 134,000 new accounts were registered last year, out of which more than 75,000 clients remained active.

Moreover, the brokerage revealed that it executed more than 115 million orders last year. There was a massive 28.6 percent jump in this metric year-over-year with the total executed previous year’s orders at 89.4 million.

Read more on the Tickmill 2020 figures here.

The Ontario Securities Commission has approved a Bitcoin exchange-traded fund, the first such fund to be listed on any North American stock exchange.

Dubbed Purpose Bitcoin ETF, the fund will be managed by Purpose Investments Inc, according to the official documents approved on Thursday, It was filed under the Multilateral Instrument Passport System in several Canadian jurisdictions.

Read more on the first Canadian Bitcoin ETF here.

As Finance Magnates reported on Friday, Grayscale, the world’s largest crypto asset manager, has accelerated its Ethereum accumulation as the firm purchased 52,730 ETH worth more than $93 million in the last 24 hours. The company’s Ethereum Trust now has more than 3.13 million ETH under management with a total value of over $5.5 billion.

According to the latest data published by crypto analytics firm, bybt.com, Grayscale accumulated a total of 111,182 Ethereum in the last 7 days after a significant jump in ETH price.

Read more on the Grayscale Ethereum purchases here.

In an exclusive interview, Finance Magnates sat down with Monica Long, General Manager of RippleX, to discuss sustainability in the blockchain and crypto industry, as well as Ripple’s initiative to become carbon neutral by 2030.

Read, listen or watch the Monica Long interview here.

It’s that time of the week again where we take a look back at the biggest news stories from the worlds of forex, fintech, and crypto in our best of the week segment.

Ripple announced this week that the company is testing a private version of the XRP Ledger to support central banks in the issuance of central bank digital currencies (CBDCs). The company mentioned that the CBDC Private Ledger is built for payments.

According to the official announcement, the CBDC Private Ledger is based on the same blockchain that powers the XRP Ledger.

Read more on the Ripple XRP Private Ledger here.

Staying with Ripple, during an interview with Reuters, Ripple CEO Brad Garlinghouse said that Ripple’s business is growing in Asia and specifically in Japan due to regulatory clarity in the Asian markets. He added that the activity of XRP liquidity has grown significantly outside the United States during the last few months.

Garlinghouse said that despite the lawsuit, the company has not experienced any fallout in its Asia Pacific business.

Read more on the Garlinghouse interview here.

Payments giant PayPal is considering acquiring startup Curv, which offers secure storage for cryptocurrencies, for hundreds of millions of dollars.

Multiple anonymous sources have confirmed to various media outlets  about the possibility of the acquisition deal. However, neither PayPal nor Curv officially made any confirmation.

Sources are divided on the amount which PayPal is offering the crypto startup. While one is outlining that the deal could be closed for anywhere between $200 million and $300 million, another is expecting the offer to be as high as $500 million.

Read more on the PayPal Curv Purchase here.

Dubai-based crypto investment fund FD7 Ventures said it has completed the purchase of $380 million worth of Cardano (ADA) tokens using the funds it collected from selling its Bitcoin holdings.

The news comes shortly after the firm launched a micro-fund that will focus on investments in projects building out on Cardano (ADA) and Polkadot (DOT). Additionally, the investment fund opened a new office in Bengaluru, a city widely regarded to be the IT hub of India.

Read more on the FD7 Ventures Cardano purchase here.

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Bitcoin whales are on the move again as an anonymous user transferred 7,073 BTC to an unknown wallet on 27 February. The move came after Bitcoin crashed from $58,000 to as low as $44,000 in the last few days.

According to the blockchain tracker and crypto analytics platform, Whale Alert, the total value of the transaction stood at around $337 million. The latest transfer was recorded on blockchair.com and the user paid a total of 0.00011920 BTC ($5.65) in transaction fees.

Read more on the Bitcoin Whale movements here.

London-listed Argo Blockchain (LON: ARB), a crypto mining company, announced that its Chief Executive Officer, Peter Wall, will receive his salary in Bitcoin from March 1, 2021.

According to Wednesday’s filing with the London Stock Exchange (LSE), the mining company has made a provision for any of its employees to opt-in for receiving their salaries in Bitcoin.

Read more on the CEO Bitcoin salary here.

AxiCorp, a multi-regulated financial broker, announced this week that the Australian Securities and Investments Commission (ASIC) decided to withdraw the proposed suspension of Axi’s Australian Financial Services License (AFSL) on 15 February 2021.

Axi said that both parties have agreed on license conditions to ensure and maintain a strong compliance culture in the broker.

Read more on the AxiCorp ASIC settlement here.

After a long lull in live events, there is exciting news from Ultimate Fintech. The brand will host its popular iFX EXPO in Dubai this year.

The eagerly anticipated iFX EXPO will take place at the exclusive 5-star Grand Hyatt Hotel, Dubai from 19-20 May 2021 and is set to connect high-level executives in financial services and fintech from around the world.

This will be a live event giving attendees the chance to get back to face-to-face networking in a well-organised and COVID-secure environment.

Read more on the iFX Dubai Expo here.