Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Cryptocurrencies»The US must embrace cryptocurrency to remain an economic powerhouse
    Cryptocurrencies

    The US must embrace cryptocurrency to remain an economic powerhouse

    By Armstrong Williams
    February 23, 2022By See Source Below5 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    In the dark corners of the internet, faceless and nameless individuals whose identities are unknown by the government stare intently at their computer screens as they write thousands of lines of code.

    These anonymous individuals are like the cowboys of old, galloping across a deserted and mostly unregulated land — except, this isn’t land, it’s the internet, and these cowboys aren’t robbing banks, they’re creating money and selling it. This money is known as cryptocurrency.

    Donate to RareHippo Now!

    You might have heard about cryptocurrency before, from Bitcoin’s near $1 trillion market valuation, or as the favored means of payment on the notorious drug and arms website, “Silk Road.”

    At its most basic level, cryptocurrency is a string of computer code that is stored in “blocks” on a decentralized and distributed ledger, the blockchain. There are many blockchains, each with its own set of rules that must be followed by computer code in order to be accepted.

    In essence, the blockchain may be compared to a classic paper-bound ledger that is shared among many individuals. Every transaction is recorded in that ledger, and each transaction preserves a record of the transaction that came before it. When a new transaction is validated by a majority of the ledger’s holders, it is instantly added to everyone’s ledger.

    Now, in reality, this ledger is not kept by “many” individuals; at the time of writing, it is believed that over one million people hold this ledger in just Bitcoin alone.

    Giving just about anybody the ability to create a cryptocurrency can create a situation where bad actors can engage in fraudulent behavior. A “rug pull” is one of the most profitable and complex forms of fraud that takes place.

    Here’s how it works: To begin, an unscrupulous programmer will write code that follows the rules of a certain blockchain network. Because they control the supply, they then surreptitiously move a significant portion of the supply to their own cryptocurrency “wallets.” 

    They next will attempt to develop prominence by enlisting the help of social media influencers and celebrities to unknowingly promote their cryptocurrency scam in order to generate more buzz and gain legitimacy.

    Many of these promoters are compensated in the cryptocurrency that they push, making their work incredibly lucrative because many of these cryptocurrencies climb by 1,000 percent or more as they achieve widespread popularity.

    Finally, when the cryptocurrency’s creators are satisfied with their earnings, they will sell everything they own, potentially resulting in a windfall of millions of dollars while simultaneously driving the price to plummet, leaving its investors with nothing but a useless chunk of computer code. 

    For far too long, lawmakers have acquiesced to this sort of behavior — allowing scams to run rampant and billions of dollars to be stolen. The United States government has failed to intervene in such a way that these sorts of frauds have grown in number and complexity, generating over $2.8 billion in fraudulently obtained profit for scammers engaged in rug pulls in just 2021 alone.

    Some lawsuits have been filed by the federal government, such as one against the cryptocurrency “Ripple” for failing to register as a security. However, using traditional security regulations on cryptocurrencies is ineffective and fails to account for the cryptocurrency’s complex and ever-changing nature.

    Providing a veil of anonymity is not necessarily a bad thing; the benefits of anonymity for anybody willing to engage in a cryptocurrency transaction, according to most experts, significantly outweighs the disadvantages.

    Indeed, it is precisely this anonymity that has the ability to make the economy significantly more secure for all parties involved in every transaction. To begin, in terms of anonymity, the ledger is distributed anonymously in a decentralized network that is held by millions of people around the world, so no single person can be identified simply by engaging in a blockchain transaction — only their wallet number is publicly available, and it cannot be traced to any specific location.

    Second, in terms of security, it is nearly impossible to alter the blockchain and create fake transactions since more than half of the ledger owners must confirm the transactions authenticity. 

    Many experts predict that cryptocurrency will be the currency of the future. While this change may appear difficult to accept, it is not unprecedented — 97 percent of all currency is digital — aka strings of computer code, so simply changing the way we conduct our transactions to be more secure is hardly a venture into another universe, especially considering that each country is likely to adopt its own currency, rather than using popular ones such as Bitcoin and Ethereum.

    As a result of the extensive benefits of cryptocurrency and the United States’s reluctance to embrace the future, our country is at risk of being shut out of the future economy. The European Union, for example, has developed extensive plans for cryptocurrency regulation.

    If the United States does not embrace cryptocurrency as a viable method of payment, a foreseeable scenario might emerge in which a whole sector of the economy switches to cryptocurrency in a deliberate attempt to keep the United States and non-conforming countries out of the economy.

    Armstrong Williams (@ARightSide) is the owner and manager of Howard Stirk Holdings I & II Broadcast Television Stations and the 2016 Multicultural Media Broadcast Owner of the Year. He is the author of “Reawakening Virtues.”

    Crypto news & Views

    Read full story on The Hill

    Cryptocurrencies
    Previous ArticleThree things are driving the latest crypto pullback: expert
    Next Article How Crypto Currency is Bringing Ownership to the People

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Blockchain & Web3

    Blockchain ETFs vs. Bitcoin ETFs: What’s the Difference?

    November 26, 20215 Mins Read

    Even as the cryptocurrency bitcoin has gained traction within the investment community, bitcoin exchange-traded funds…

    Judge orders Terraform Labs to comply with SEC subpoenas

    February 19, 2022

    New committee voting date for European Parliament’s crypto law is next week

    March 8, 2022

    Binance plots M&A spree as regulators scrutinize crypto trading unit

    March 10, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.