WHAT IS XRP?

XRP is form of digital currency that can be used on the Ripple network.

It can either be transferred between individuals or banks.

For example, if you need to send euros to someone who uses dollars, the Ripple network would convert this into XRP.

The key difference between the two is that XRP is a coin, while Ripple is a network that allows the transfer of money.

The founders of Ripple created XPR before the company Ripple existed.

WHAT IS THE VALUE OF BITCOIN AND ETHEREUM TODAY, MAY 21 – CRYPTOCURRENCY VALUE IN USD AND GDP

BITCOIN RESUMES SELLOFF AFTER CHINA CRACKS DOWN ON MINING

Bitcoin resumed its selloff after China warned that it intends to crack down on cryptocurrency mining.

Earlier in the week, China warned that financial institutions weren’t allowed to accept payment for bitcoin and other crypto tokens.

China has long expressed its displeasure with the anonymity provided by cryptocurrencies.

HOW DOES BITCOIN WORK?

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

There are currently about 21million Bitcoin tokens in existence. To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox.

These addresses are in turn stored in Bitcoin wallets, which are used to manage savings. The bulk of Bitcoin “mining” is done in China, where energy costs are cheaper than in places like the UK or US.

IRAN USES CRYPTO MINING TO LESSEN IMPACT OF SANCTIONS, STUDY FINDS

Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies that can be used to buy imports and lessen the impact of sanctions, a new study has found.

At its current level of mining, Iran’s bitcoin production would amount to revenues close to $1 billion a year, according to figures from blockchain analytics firm Elliptic.

The United States imposes an almost total economic embargo on Iran, including a ban on all imports including those from the country’s oil, banking and shipping sectors.

The process is energy intensive, often relying electricity generated by fossil fuels which Iran is rich in.

IRAN USES CRYPTO MINING TO LESSEN IMPACT OF SANCTIONS, STUDY FINDS

Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies that can be used to buy imports and lessen the impact of sanctions, a new study has found.

At its current level of mining, Iran’s bitcoin production would amount to revenues close to $1 billion a year, according to figures from blockchain analytics firm Elliptic.

The United States imposes an almost total economic embargo on Iran, including a ban on all imports including those from the country’s oil, banking and shipping sectors.

The process is energy intensive, often relying electricity generated by fossil fuels which Iran is rich in.

VALUE OF HUMMINGBIRD

The value of Hummingbird Finance has fallen compared to earlier this week.

MAN RECEIVES £185,000 OF BITCOIN BY MISTAKE (CONTINUED…)

He was one of hundreds of clients from around the world that had taken part in BlockFi’s promotion and received incorrect sums.

One Twitter users said they had been sent 700BTC, worth £21 million, from the US-based cryptocurrency lender.

In an email to Steve, BlockFi said: “Failure to return the erroneously received assets constitutes a crime and will result in BlockFi taking legal action.”

The Doncaster-based investor consulted with lawyers over the payment and eventually decided to send the money back in return for £3,500 compensation.

He said: “Cryptocurrency is a very murky world. It was quite exciting, potentially they would have no recourse to the funds. After a few days of sitting on it, I’ve made a bit of money. There’s still the thought in the back of my mind that what if I’d held onto the Bitcoin.”

NOVICE CRYPTO INVESTOR GOT £185,000 OF BITCOIN IN HIS ACCOUNT – BY MISTAKE

A NOVICE crypto investor has mistakenly received £185,000 worth of Bitcoin after trading platform BlockFi sent hundreds of users incorrect promotional payments.

Crypto lender and trading platform BlockFi has admitted it made incorrect transfers to around 100 investors and has asked for the money back.

Steve Brooks had only been trading with BlockFi for a month but took part in a promotion that paid users free Bitcoins (BTC) if they made trades during March.

The 38-year-old consultant had only £60 worth of cryptos in his account before the promotion but was shocked when he logged in this month to see he had been sent 5.3 (BTC) worth $261,000 as a “reward” from BlockFi.

Steve said: “I had no idea what was going on.”

He successfully transferred the Bitcoin into another cryptocurrency wallet so he could verify that it was real, adding: “I could have done anything with it at that point – changed it into another currency or withdrawn it into my bank account.”

WHAT IS XRP?

XRP is form of digital currency that can be used on the Ripple network.

It can either be transferred between individuals or banks.

For example, if you need to send euros to someone who uses dollars, the Ripple network would convert this into XRP.

The key difference between the two is that XRP is a coin, while Ripple is a network that allows the transfer of money.

The founders of Ripple created XPR before the company Ripple existed.

COINING IT IN

A novice crypto investor has mistakenly received £185,000 worth of Bitcoin after trading platform BlockFi sent hundreds of users incorrect promotional payments.

Crypto lender and trading platform BlockFi has admitted it made incorrect transfers to around 100 investors and has asked for the money back.

Cryptocurrencies have soared in value in recent months due to institutional and high-profile backing for virtual coins such as Bitcoin.

There are lots of risks associated with cryptocurrency trading though as trading platforms where the coins can be bought and sold are only regulated for anti-money laundering.

There is little protection if things go wrong and the price of cryptos is highly speculative and volatile.

More on the story here.

BITCOIN RESUMES SELLOFF AFTER CHINA CRACKS DOWN ON MINING

Bitcoin resumed its selloff after China warned that it intends to crack down on cryptocurrency mining.

Earlier in the week, China warned that financial institutions weren’t allowed to accept payment for bitcoin and other crypto tokens.

China has long expressed its displeasure with the anonymity provided by cryptocurrencies.

PRICE CHECK

Right now, one Bitcoin is worth £26,926.54.

That’s down 10.00 per cent in the last 24 hours.

The lowest in the last day has been £25,925.72, with the highest at £29,768.49.

VALUE OF HUMMINGBIRD

The value of Hummingbird Finance has fallen compared to earlier this week.

IRAN USES CRYPTO MINING TO LESSEN IMPACT OF SANCTIONS, STUDY FINDS

Around 4.5% of all bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies that can be used to buy imports and lessen the impact of sanctions, a new study has found.

At its current level of mining, Iran’s bitcoin production would amount to revenues close to $1 billion a year, according to figures from blockchain analytics firm Elliptic.

The United States imposes an almost total economic embargo on Iran, including a ban on all imports including those from the country’s oil, banking and shipping sectors.

The process is energy intensive, often relying electricity generated by fossil fuels which Iran is rich in.

WHAT IS HUMMINGBIRD FRANCE?

Hummingbird Finance is a new cryptocurrency token, which launched in April 2021. It’s a smart contract, or program, built on the Binance Smart Chain blockchain network.

Blockchain technology is at the heart of most cryptocurrencies, including Bitcoin. It can seem complicated, but it’s a kind of database used to record transactions.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “Hummingbird’s founders promise to use proceeds from the token to help finance charities to protect the species in the wild and spread awareness.

“But this promise can’t easily be verified, and the way the token works rewards holders for not selling their tokens, and taxing those who do.

“That raises suspicions of an aim to simply drive up the price on a wave of speculation and so traders would be wise to treat the token with extreme caution.”

PRICE CHECK

Right now, one Bitcoin is worth £28,611.37.

That’s down 2.73 per cent in the last 24 hours.

The lowest in the last day has been £26,934.34, with the highest at £29,959.71.

WHAT IS POLYGON?

Polygon (MATIC) is an Ethereum token that powers the Polygon Network.

This aims to provide faster and cheaper transactions on the Ethereum blockchain and to make the latter a multi-chain system.

Polygon, originally known as the Matic Network, launched in 2017.

It was founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: “Polygon is a framework for building blockchain networks which are compatible with and potentially a rival to Ethereum.”

RISKS OF CRYPTO INVESTMENTS

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

• Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
• Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
• 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. 
• 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.  
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

WHAT IS XRP?

XRP is form of digital currency that can be used on the Ripple network.

It can either be transferred between individuals or banks.

For example, if you need to send euros to someone who uses dollars, the Ripple network would convert this into XRP.

The key difference between the two is that XRP is a coin, while Ripple is a network that allows the transfer of money.

The founders of Ripple created XPR before the company Ripple existed.

WILL THE CRYPTOMARKET RECOVER?

Cryptocurrency markets went down dramatically wiping billions from their value.

Bitcoin and Ethereum prices plummeted to their lowest since last year after months of record highs for the digital coins, highlighting just how unpredictable they are according to experts.

Read more here.

CRYPTOCURRENCY ENDS UP WITH £185,000 IN BITCOIN AFTER BLUNDER

A cryptocurrency novice ended up with £185,000 in Bitcoin in his account after a blunder. Steve Brooks – who has only been trading for a month – couldn’t believe his eyes when he noticed the bungle transfer.

Cryptocurrency lender BlockFi had sent the 38-year-old an email saying he had won it as part of a promotion. He only had £60 worth in his accounts at the time. So the consultant was shocked when the huge sum of money – 5.23 Bitcoin worth $261,000 showed in his account. “I had no idea what was going on,” Steve said.

“I assumed it must have been legitimate, as it is very hard to scam people with cryptocurrency.” Steve attempted to transfer the Bitcoin into another cryptocurrency wallet – to check the validity of the money.

It went through successfully – and Steve thought he was quids’ in.

“I could have done anything with it at that point – changed it into another currency or withdrawn it into my bank account,” he explained.

HONG KONG TO RESTRICT CRYPTO EXCHANGES TO PROFESSIONAL INVESTORS

Cryptocurrency exchanges operating in Hong Kong will have to be licenced by the city’s markets regulator and will only be allowed to provide services to professional investors, according to government proposals to be presented later this year.

Hong Kong’s Financial Services and the Treasury Bureau, which has been consulting the market on changes to rules for crypto exchanges since last year, intends to table the legislation in the upcoming 2021-22 session of the city’s legislative assembly, it said in a statement today.

HOW DOES BITCOIN WORK?

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

There are currently about 21million Bitcoin tokens in existence.

To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox.

These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.

The bulk of Bitcoin “mining” is done in China, where energy costs are cheaper than in places like the UK or US.