Blink and you might just miss it. Innovation moves at a startling pace. Cryptocurrency and blockchain technology are making a serious impact on the global economy. As innovators look for ways to implement this budding technology, regulators are scrambling to keep up. The result is a quickly evolving landscape. The informed investor needs to do more legwork than before just to stay up to date on current events.
Luckily for you, Jordan Lindsey, the founder of the Bitcoin Growth Bot and longtime FOREX investor, stays tuned into all things crypto and blockchain. With help from his YouTube channel, we bring you relevant news. Here are some of the latest happenings in the cryptocurrency sphere:
South Korean Bitcoin Scheme Scams People Out of $20 Million
Two South Korean men were ordered to pay 15 and 8 million dollars respectively for their role in a Bitcoin pyramid scheme. The men were able to cheat people out of 20 million dollars, or 20 billion Korean Won. The two men began their scheme in 2015 and had a multi-level system that claimed investors would see big returns.
Cryptocurrency certainly has a bit of a reputation problem. The rapid development of this new market has led to many people taking advantage of novice investors. The growth and mainstream acceptance of cryptocurrency may be tied to the ability of regulators stopping illicit use of crypto. Reputation matters, especially when it comes to currency. People want to have absolute confidence in the currency they are using.
The tricky part is maintaining decentralization while providing a safe environment for investors. The design of Bitcoin doesn’t lend itself to stealing from people. It is just that novice investors are flocking to cryptocurrency because of all the excitement. These people make extremely easy targets and predators are taking advantage. Regulation could help to stop people from misusing Bitcoin. This, in turn, could help with the reputation of cryptocurrency and help it gain more mainstream acceptance.
Of course, regulations can only go so far. People must self-educate themselves as well. That’s why it’s important to follow trusted sources of advice, like Jordan Lindsey, to gain the knowledge you need to be successful as a cryptocurrency investor.
Walmart Investigating Ways to Use Blockchain Tech
Walmart has recently filed for a patent looking to use blockchain in payment data storage. Walmart would use a digital ledger to allow customers to see where their payments are going. The technology would be closed off to outsiders, making it a private blockchain.
One of the patents said:
“In one aspect, provided is a vendor payment sharing system, [which would] automatically process payment for a total amount due for the products and services related to obtaining and delivering the products; automatically dividing the payment between parties that provided services related to obtaining and delivering the products; and encrypt the payment and the division of the payment with a blockchain.”
It’s pretty clear that Walmart wants to be on the cutting edge when it comes to blockchain technology. This is just one application of blockchain technology that can enhance business worldwide.
We are in a time similar to the period right after the creation of the internet. Everyone can agree that blockchain and cryptocurrency are big, we just don’t know exactly how they will be used yet. There are so many potential applications of blockchain technology that it will be a long time before we get a better picture of how it will change global business. It will be very interesting to monitor any other patent filings from large companies in the coming months as businesses strive to stay ahead of the game.
Bitcoin Declared Permissible in Islamic Law
An Islamic Scholar conducted a study to determine whether cryptocurrency was permissible under Islamic Law. The good news for the over one billion Muslim people worldwide is that this Islamic Scholar concluded that Bitcoin was indeed permissible.
Now Bitcoin is looking at another possible influx of investors. Recent price surges in Bitcoin and other cryptocurrencies have analysts wondering what caused the spike. It is likely that positive news in the cryptocurrency sphere have driven the price up.
Worldwide, the interest in Bitcoin and other cryptocurrencies is only growing. It wasn’t so long ago that you would have been met by a blank stare when you began talking about cryptocurrencies. Now it’s tough to find someone who hasn’t heard of them.
Cryptocurrencies are Bouncing Back
While cryptocurrencies have seen a sharp decline in price from their stunning highs late last year, they are finally beginning to bounce back. Bitcoin, Ethereum, and other major cryptocurrencies have seen a surge in price in recent days.
Analysts like Jordan Lindsey are attributing the bounce back partially to the end of tax season and partially to the positive environment surrounding cryptocurrencies. Many Americans might have liquidated their crypto investments in order to help them pay taxes. Many traders, including Jordan Lindsey, feel that things are going well in the cryptocurrency market and that we may be switching from a bear market to a bull market.
Of course, only time will tell if Bitcoin and other cryptocurrencies will climb back and beyond their previous heights. The important thing as an investor in cryptocurrency is to make sure you plan on being invested for the long haul. Trying to time the market is a game which very few people win. The smart investor invests for the long haul, regardless of market fluctuations. An investment in cryptocurrency should be based on confidence that digital currency could revolutionize finance as we know it.
Another Co-Founder of Centra Facing Charges of Fraud
The DOJ has charged another co-founder of Centra with fraud. This news comes after two Centra founders have already been arrested and charged. The main charge for them is securities fraud. The Deputy US Attorney said that while investing in digital currency is legal, intentionally lying to deceive investors is not legal.
While early adopters of cryptocurrency may not be fans of regulation, it is hard to argue that this kind of regulation is bad for the market. People trying to take advantage of others, regardless of the medium they use, must be held accountable. The DOJ is sending a message that even those in the digital currency will be held accountable.
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