EL SALVADOR’S president wants to make Bitcoin legal tender in the country – as Elon Musk was threatened by online activists Anonymous.
It would become the first country in the world to officially adopt cryptocurrency as mainstream payment and would be used alongside the US dollar, El Salvador’s official currency.
Bitcoin, Ethereum, and Cardano are enjoying a period of relative stability after shifting by less than 1 per cent in price since Friday.
Meanwhile, Twitter co-founder Jack Dorsey threw his weight behind the future of Bitcoin has he backed the importance of the cryptocurrency.
“Bitcoin changes absolutely everything,” Dorsey said at the Bitcoin 2021 Conference this weekend. “I don’t think there is anything more important in my lifetime to work on. If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”
It comes after Elon Musk said he “misses” Bitcoin after the market’s recent comeback stalled yesterday as several major coins took a tumble.
The Tesla CEO posted a meme about a couple breaking up over excessive quoting of Linkin Park lyrics. Mr Musk shared the meme with “#Bitcoin” and a heartbreak emoji.
Read our Bitcoin live blog below for the latest updates…
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WHAT IS BITCOIN?
Bitcoin got you baffled? Here’s what you need to know:
- Bitcoin is a virtual currency
- It’s traded between people without the help of a bank
- Every transaction is recorded in a public ledger, or “blockchain”
- Bitcoin is created by ‘mining’
- Mining involves solving difficult maths problems using computer processors
- Bitcoin can be traded anonymously, which can make it a popular way of funding illegal activities
- The value of Bitcoin fluctuates wildly
- Bitcoin is one of many different cryptocurrencies, but by far the most popula
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MORE ON EL SALVADOR ADOPTING BITCOIN
According to Bukele, bitcoin represented “the fastest growing way to transfer” those billions of dollars in remittances and to prevent millions from being lost to intermediaries.
“Thanks to the use of bitcoin, the amount received by more than a million low-income families increases by several billion dollars every year,” said the president.
“This improves life and the future of millions of people.”
The cryptocurrency market grew to more than $2.5 trillion in mid-May 2020, according to the Coinmarketcap page, driven by interest from increasingly serious investors from Wall Street to Silicon Valley.
But the volatility of bitcoin — currently priced at $36,127 — and its murky legal status has raised questions about whether it could ever replace fiat currency in day-to-day transactions.
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ELON MUSK SENDS BITCOIN, DOGECOIN AND ETHERIUM VALUES PLUNGING WITH LINKIN PARK MEME TWEET ABOUT ‘THE END’
ELON Musk sent Bitcoin’s value into free fall after he posted a meme about Linkin Park with the hashtag #Bitcoin and a broken heart emoji.
The CEO of SpaceX and Tesla tweeted a meme of a split couple discussing lyrics from Linkin Park’s hit In the End suggesting a breakup – like the billionaire’s relationship with Bitcoin.
“Her: I know I said it would be over between us if you quoted another Linkin Park song but I’ve found someone else,” the meme read. “Him: So in the end it didn’t even matter?”
Accompanying the meme, which showed a man and a woman distantly sitting next to each other on a couch, was the hashtag #Bitcoin and a broken heart emoji.
The billionaire’s tweeting caused Bitcoin’s value to decrease by six percent, while other cryptocurrencies like Ethereum (by seven percent) and Dogecoin (by eight percent) also nosedived.
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CAN YOU USE BITCOIN IN EL SALVADOR?
The US dollar is El Salvador’s official currency.
But, people are already using Bitcoin.
Surfers’ paradise El Zonte – a 3,000-strong village in El Salvador – has a Bitcoin economy.
Forbes explains that “an anonymous donor with a fondness for El Zonte discovered a forgotten thumb drive loaded with Bitcoin”.
In 2019, this beach-loving philanthropist decided to allocate a multi-year six-figure donation to El Zonte.
Dubbed the ‘Bitcoin Beach initiative’, a localized Bitcoin economy was created in El Zonte, with most businesses now accepting Bitcoin in daily transactions.
About 500 locals use the cryptocurrency to buy everything from haircuts, cleaning and hygiene products, to food, surf lessons, and even water service.
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EXPLAINED: WHAT IS CHAINLINK?
Chainlink is a cryptocurrency that was created in 2014 but launched on the market in 2017.
It was founded by Sergey Nazarov, a 32-year-old entrepreneur, who had previously set up tech platform Smartcontract.com. Chainlink is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.
A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit. This ledger is the foundation of any cryptocurrency transaction.
The cryptocurrency allows people to trade currency or assets digitally outside of any government or bank.
But Chainlink also aims create a “link” between blockchain and real world applications to open up possibilities for the technology to be used more widely.
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MAYWEATHER ‘PRIDE DENTED’ AFTER CRYPTO-SPONSORED BOXING MATCH
Johnny Nelson said Floyd Mayweather had a ‘reality check’ and his ‘pride dented’ against Logan Paul and will NOT fight the brother Jake.
Mayweather failed to knock out YouTuber Logan after eight exhibition rounds in Miami.
Nelson said it is a sign the boxing legend should hang up the gloves for good having been unable to stop his much larger yet inexperienced opponent.
And he reckons Mayweather will avoid a fight with Logan’s younger brother Jake, who is 3-0 all by knockout in his own career.
Nelson, 54, said on Sky Box Office: “I don’t think Floyd would.
“I think he’s had a reality check today, saying, ‘You know what, I’ve rinsed this as much as I can’
“I think probably his pride’s been dented a little bit by not getting rid of him.”
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WHAT ARE THE RISKS OF INVESTING IN CRYPTOCURRENCY?
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.
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WHICH CELEBRITIES BACK DOGECOIN?
Dogecoin has received backing from celebrities including Elon Musk and Snoop Dog, pushing up the price.
But Musk’s appearance on Saturday Night Live in the US saw the the price of Dogecoin plummet for a brief period of time.
Dogecoin’s price was over $0.70 on the Saturday of the show, but shortly after Musk’s mention of the cryptocurrency, the price fell, hitting $0.47.
Dogecoin then hit its lowest at around $0.25 on May 23.
But the cryptocurrency is currently valued at around $0.37 according to Coindesk, and is slowly making its way back up in price.
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EXPLAINED: HOW TO SPOT CRYPTO SCAMS
CRYPTO scams are popping up all over the internet. We explain how to spot them.
- Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
- Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
- Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
- Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
- Do your research – Check reviews online and Reddit threads to see what other people think.
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ELON MUSK TARGETED BY ANONYMOUS HACKING GROUP THAT THREATENS TO EXPOSE HIM WHILE BRANDING CEO A ‘NARCISSISTIC RICH DUDE’
ELON Musk appears to have been targeted by Anonymous as the hacking group released a menacing video threatening to expose the Tesla CEO
The group of hackers who use the V for Vendetta mask as their logo reportedly targeted Musk claiming that the power he has over the cryptocurrency markets has gone far enough, TMZ reported.
They warned the Tesla CEO saying “you may think you are the smartest person in the room, but now you have met your match. We are Anonymous! We are legion. Expect us.”
Anonymous was responsible for some of the world’s largest cyber attacks. The group is understood to have carried out some of the largest digital breaches that impacted PayPal and the Church of Scientology, among others.
“For the past several years you have enjoyed one of the most favorable reputations of anyone in the billionaire class because you have tapped into the desire that many of us have to live in a world with electric cars and space exploration,” the group said in the video.
“But recently your carefully created public image is being exposed and people are beginning to see you as nothing more than another narcissistic rich dude who is desperate for attention,” they added, according to the Daily Mail.
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MORE ON EL SALVADOR ADOPTING BITCOIN
According to Bukele, bitcoin represented “the fastest growing way to transfer” those billions of dollars in remittances and to prevent millions from being lost to intermediaries.
“Thanks to the use of bitcoin, the amount received by more than a million low-income families increases by several billion dollars every year,” said the president.
“This improves life and the future of millions of people.”
The cryptocurrency market grew to more than $2.5 trillion in mid-May 2020, according to the Coinmarketcap page, driven by interest from increasingly serious investors from Wall Street to Silicon Valley.
But the volatility of bitcoin — currently priced at $36,127 — and its murky legal status has raised questions about whether it could ever replace fiat currency in day-to-day transactions.
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EL SALVADOR’S BUKELE TO PROPOSE MAKING BITCOIN LEGAL TENDER
El Salvador may become the first country to make bitcoin legal tender, President Nayid Bukele announced Saturday, saying he would soon propose a bill that could transform the remittance-dependent economy.
The move would make the Central American nation the first in the world to formally accept the cryptocurrency as legal money and would “allow the financial inclusion of thousands of people who are outside the legal economy,” Bukele said.
“Next week, I will send to Congress a bill that makes Bitcoin legal money,” the populist leader said during a video message to the Bitcoin 2021 conference in Miami, Florida.
The bill aims to create jobs, he said, in a country where “70 percent of the population does not have a bank account and works in the informal economy.”
The El Salvador government is yet to give details of the bill, which will require approval from a parliament dominated by the president’s allies.
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WHAT NORTON 360’s ETHEREUM MINING INTERFACE WILL LOOK LIKE
Credit: NORTON -
NORTON 360 TO OFFER CUSTOMERS ETHEREUM MINING ACCESS IN COMING WEEKS
Norton 360 customers will have access to an Ethereum mining feature in the “coming weeks”, the company said.
Cryptocurrency “mining” works by using a computer’s hardware to do complex calculations in exchange for a reward.
It is not clear what the business model for Norton Crypto is, or if Norton will take a cut of earnings.
The company pitched the idea as a safe and easy way to get into mining, an “important part of our customers’ lives”.
In a press release, Norton LifeLock – once called Symantec – said: “For years, many coin miners have had to take risks in their quest for cryptocurrency, disabling their security in order to run coin mining.”
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BITCOIN STORY ROUND UP: THE HIGHS AND LOWS OF CRYPTO
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WHY IS THE PRICE OF ETHEREUMMAX GOING UP?
The value of EthereumMax is currently sitting at $0.0000002907, up by 21% over the past 24 hours, according to CoinMarketCap.
A few weeks ago, EthereumMax claimed to be the only cryptocurrency that can be used to buy official tickets for the pay-per-view boxing fight between boxer Floyd Mayweather and YouTube star Logan Paul.
This is set to take place on Sunday, June 6 in Florida.
Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun: “The creators of EthereumMax will hope that the tie up with the star-studded boxing event will help propel the profile of the coin, which is still incredibly new having only launched last month, to new heights.”
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GRAPHIC: WHAT IS THE PRICE OF CRYPTO?
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EXPLAINED: WHAT IS DOGECOIN?
Dogecoin is a cryptocurrency and was first launched back in 2013. Dogecoin has the image of a Shiba Inu dog as its logo.
The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow”.
Software engineers Jackson Palmer and Billy Markus originally created Dogecoin as a joke based on this meme.
It has been marketed as the “fun” version of bitcoin but has gained in value and attracted more serious interest since then. Two weeks after it first launched, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia.
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NEW CRYPTO COINS – A WARNING
EXPERTS warn investors should ace with “extreme caution
The price swings can be wild and there is a real risk investors could get burned.
This is due to the lack of data in which you can base your investment risk on and the increased possibility of scams.
Cryptocurrency firms aren’t regulated in the way that other financial firms are. This means that you won’t have any protection if things go wrong]
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ELON MUSK SENDS BITCOIN, DOGECOIN AND ETHERIUM VALUES PLUNGING WITH LINKIN PARK MEME TWEET ABOUT ‘THE END’
ELON Musk sent Bitcoin’s value into free fall after he posted a meme about Linkin Park with the hashtag #Bitcoin and a broken heart emoji.
The CEO of SpaceX and Tesla tweeted a meme of a split couple discussing lyrics from Linkin Park’s hit In the End suggesting a breakup – like the billionaire’s relationship with Bitcoin.
“Her: I know I said it would be over between us if you quoted another Linkin Park song but I’ve found someone else,” the meme read. “Him: So in the end it didn’t even matter?”
Accompanying the meme, which showed a man and a woman distantly sitting next to each other on a couch, was the hashtag #Bitcoin and a broken heart emoji.
The billionaire’s tweeting caused Bitcoin’s value to decrease by six percent, while other cryptocurrencies like Ethereum (by seven percent) and Dogecoin (by eight percent) also nosedived.
-
HOW TO SPOT CRYPTO SCAMS
CRYPTO scams are popping up all over the internet. We explain how to spot them.
- Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
- Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
- Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
- Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
- Do your research – Check reviews online and Reddit threads to see what other people think.
-
EXPLAINED: WHAT IS CHAINLINK?
Chainlink is a cryptocurrency that was created in 2014 but launched on the market in 2017.
It was founded by Sergey Nazarov, a 32-year-old entrepreneur, who had previously set up tech platform Smartcontract.com. Chainlink is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.
A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit. This ledger is the foundation of any cryptocurrency transaction.
The cryptocurrency allows people to trade currency or assets digitally outside of any government or bank.
But Chainlink also aims create a “link” between blockchain and real world applications to open up possibilities for the technology to be used more widely.
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BITCOIN BOMBS
The price of Bitcoin has dropped once again today, after Tesla and SpaceX boss Elon Musk’s cryptic “breakup” tweets.
Musk shared a meme on Twitter featuring a breakup on Thursday evening, showing an unhappy looking couple.
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CRYPTO COINS
DOGECOIN is slowly rising in value, as interest in the “joke” cryptocurrency grows.
The crypto coin took a significant drop in May, at one stage hitting below $0.3, but has recently recovered, so why is the cryptocurrency going up?
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EXPLAINED: HOW TO SPOT CRYPTO SCAMS
CRYPTO scams are popping up all over the internet. We explain how to spot them.
- Promises of a high or guaranteed return – Does the offer look realistic? Scammers often attract money by making fake promises.
- Heavy marketing and promotional offers – If they are using marketing tricks to con customers you should beware.
- Unamed or non-existent team members – Just like any business you should be easily able to find out who is running it.
- Check the whitepaper – Every crypto firm should have a white paper. This should explain how it plans to grow and make money. If this doesn’t make sense, then it could be because the founders are trying to confuse you.
- Do your research – Check reviews online and Reddit threads to see what other people think.
