THE ‘world’s first Bitcoin music festival’ and ‘Shark Tank’ are set to be held at the 2022 Miami crypto conference starting TODAY, and the cryptocurrency’s price was down on the event’s first day.
The music festival is called Sound Money Fest, and it will feature several artists, including Logic, Steve Aoki, and Run the Jewels. The festival will close out the conference on April 10.
The Bitcoin conference is being held at the Miami Beach Convention Center from April 6 to April 9.
More than 6,000 industry leaders, 80 different speakers, and more than 4,000 companies are set to take part, according to the conference.
The conference will also feature a “Comedy Hour,” starring Hannibal Buress.
On the event’s first day, the price of Bitcoin was down. Bitcoin saw a price change of -3.66 percent over the past 24 hours as of Wednesday morning and had a price of $44,941.97, according to Coinbase.
Read our Bitcoin 2022 live blog for the latest news and updates…
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Who will speak at the conference?
The extensive list of people who will speak at the conference includes:
- Yeonmi Park
- Nayib Bukele
- Peter Thiel
- Odell Beckham Jr
- Olaoluwa Osuntokun
- Jo Jorgensen
- Aaron Rodgers
- Francis Ngannou
- Senator Cynthia Lummus
And many more notable speakers.
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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.
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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.
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The IRS on cryptocurrency in 2021 taxes
For 2022, 1040 US Individual Income Tax Return form has a question about cryptocurrency which states: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?”
Additionally, the IRS addresses questions on its FAQ page on digital currencies stating: “If your only transactions involving virtual currency during 2020 were purchases of virtual currency with real currency, you are not required to answer yes to the Form 1040 question.”
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How to buy Bitcoin
There are digital currency exchanges such as FTX or Coinbase where Bitcoins can be bought and sold.
When setting up a Coinbase account fro example, it can be linked to your bank account or Paypal account to be able to make a deposit into a virtual wallet. After funding the virtual wallet, traditional currency can be exchanged for Bitcoin.
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What is the difference between a fungible and non-fungible token?
According to The VERGE, the main difference between a fungible and non-fungible token is that a fungible token can be traded, whereas, a non-fungible token cannot be traded.
Thus, a Bitcoin, which is a fungible token, can be traded for another Bitcoin. However, a unique trading card, which is a non-fungible token, cannot be traded because it is a unique, one-of-a-kind asset.
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Why is the value of cryptocurrencies unpredictable? continued
Experts have also warned cryptocurrency traders of the dangers associated with trading.
In an interview with The Sun, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown stated: “Many cryptocurrencies and tokens are heralded as being part of the decentralized finance movement, which aims to disrupt current payment systems.”
She added: “In this murky world, where the use case of cryptocurrencies is far from proven, traders should only dabble with money they can afford to lose.’’
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Why is the value of cryptocurrencies unpredictable?
The value of cryptocurrencies has been unpredictable because of several unrelated factors that have contributed to its depreciation or appreciation in value.
For instance, the value of cryptocurrencies slumped in May 2021 because of a tweet by Elon Musk, where he stated that his company, Tesla, will no longer accept Bitcoin payments because of the negative environmental impacts of mining cryptocurrencies.
Within that same month, the value of cryptocurrencies decreased when the Chinese government banned crypto exchanges within the country.
In stark contrast to the reason given by Elon Musk, the Chinese government stated: “Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”
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Countries that ban cryptocurrency trading, part two
According to the Law Library of Congress, 42 countries have placed an implicit ban on certain cryptocurrency trading activities as of November 2021.
Some of the countries include:
- Bahrain
- Burundi
- Cameroon
- Central African Republic
- Gabon
- Georgia
- Guyana
- Kuwait
- Lesotho
- Libya
- Macao
- Maldives
- Vietnam
- Zimbabwe
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Countries that ban cryptocurrency trading, part one
According to the Law Library of Congress, nine countries have placed an absolute ban on cryptocurrency trading as of November 2021.
The countries include:
- Algeria
- Bangladesh
- China
- Egypt
- Iraq
- Morocco
- Nepal
- Qatar
- Tunisia
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El Salvador builds Bitcoin city
El Salvador is planning to build a coin-shaped city named “Bitcoin City”, on the side of a volcano powered by thermal energy.
The new city will be funded by cryptocurrency, and will look like the crypto coin from the sky when it’s built in the south-eastern region of La Unión.
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Bitcoin as legal tender
In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender.
El Salvador’s president, Nayib Bukele, stated that this decision was made to help citizens abroad to send money back home.
However, Salvadorians protested against this decision by the president due to fears of inflation and instability.
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Risks of Robinhood, part three
In July 2021, the platform was also ordered to pay nearly $70million in fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open an IRA account, you can check out the following platforms: Vanguard, Fidelity, TD Ameritrade, Merrill Edge, among others.
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Risks of Robinhood, part two
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosing Robinhood along with other brokers is that they can restrict trading when there’s unusual activity.
In fact, Robinhood faced some outrage earlier last year when it restricted trading on meme stocks including GameStop and AMC.
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Risks of Robinhood
When it comes to risks, investing alone is one because you’re not guaranteed to generate a profit and the value of your assets could fall.
If you choose Robinhood to trade stocks and cryptocurrencies – then the game gets even riskier.
Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.
For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla was halting the acceptance of payments in Bitcoin.
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What is Robinhood? Continued
Unlike many discounted brokers, the company does not offer individual retirement accounts.
The bulk of Robinhood’s revenue comes from order flow.
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What is Robinhood?
The Robinhood platform operates as a discounted brokerage that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.
You can also trade Robinhood’s stock thanks to the company recently going public at a $1.2billion valuation.
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China’s crackdown ‘big opportunity’ for US
China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.
This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.
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China’s crackdowns on crypto
While crypto creation and trading have been illegal in China since 2019, further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country’s vast network of Bitcoin miners.
The previous statement by the central bank sent the strongest yet signal that China is closed to crypto.
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China’s statement, continued
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.
The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.
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China’s statement, continued
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.
The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.
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China’s statement on cryptocurrency
The PBOC said it will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people’s properties and maintain economic, financial and social order”.
It said that trading of virtual currencies had become “widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.”
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China stopped its crypto exchanges
In 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.
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Crypto investor death mystery, continued
Cotton took with him to the grave the keys that allowed access to a digital vault containing cash investors ploughed into Quadriga CX.
Jilted investors have demanded his corpse be exhumed and tests run to confirm it is his body.
Criminal probes continue by the Royal Canadian Mounted Police and the FBI as leading digital investing publication Coindesk branded his death as “crypto’s biggest mystery”.
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Crypto investor death mystery
A new documentary on rogue crypto trader Gerald Cotton, who took up to $215million in Bitcoin and other digital currencies to his grave, has sparked rumors he may have faked his death.
Cotton’s sudden death from complications of Crohn’s disease at age 30 shocked the crypto world – but some believe it may have been part of an elaborate “exit scam”.
One source in the documentary goes as far as to claim Cotton may have used a substance known as “Haitian zombie powder” to fake his death.
