Android.web.id – Hello friends, how are you, on this occasion the admin will give you information about bitcoin, if you use bitcoin, you will pass 5 bitcoin challenges when you enter semester 2, let’s see below the lists of 5 challenges.
Bitcoin accelerated earlier this year, breaking its high of $65,000. However, this well-known highly volatile asset did not survive and at the end of the first half it was down 47% from its peak. Entering the second semester, here are five risks that bitcoin must face,
And here below are 5 bitcoin challenges when you enter semester 2
5 Bitcoin Challenges Entering Semester 2
Countries begin to tighten industrycryptocurrency, from the US to China. China has closed crypto mining facilities and banned banking and financial companies from serving crypto transactions. CompanytradingBitcoin renown Binance was also recently banned from activity in the UK.
US Treasury Secretary Janet Yellen also recently issued a warning that cryptocurrencies could be used for illegal transactions. Last year, former US President Donald Trump proposed an anti-money-laundering bill under which people who make crypto transactions above $3,000 are required to have their identities checked.
Simon Yu, co-founder of crypto start-up StormX, is positively welcomingcrackdownbitcoins in China. According to him, this could lead to decentralization. He also said over-regulation in the US could be a problem.
“Too many departments in the US regulate crypto. Is crypto a security, commodity or property? Until now, the US did not understand how to regulate this industry, so sometimes the decisions made made crypto difficult,” he said.
The volatility of bitcoin is extreme. It touched US$ 64,829 in April, along with Coinbase’s IPO, then fell to US$ 28,911 in June, even negative. Currently, it has returned to the range of US$ 34,000.
Those who are optimistic about bitcoin (bitcoinbulls) considers bitcoin as “digital gold” where bitcoin investment can provide huge returns in the midst of economic turbulence.
Ross Middleton, CFO of DeversiFi, said that volatility can attract investors, because with a small allocation of funds can get big profits. However, a steady movement of US$ 30,000-US$ 40,000 can serve as a price base, thereby attracting new capital to the crypto market.
3. Environmental Issues
Bitcoin mining activity wastes a huge amount of energy. Energy consumption goes up in direct proportion to the increase in the price of bitcoin.
Tesla CEO Elon Musk had bought bitcoin for US $ 1.5 billion and accepted bitcoin as a means of payment. However, Musk later reversed course and stopped dealing with bitcoin for environmental reasons.
4. Stablecoin Monitoring
Stablecoinsis a type of coin whose valuation follows a real-world asset, such as the US dollar. Last week, Boston Federal Reserve President Eric Rosengren said tether,stablecoinswhich follows a 1:1 dollar exchange rate, is a threat to the financial system.
Crypto investors often use tether to buy crypto assets, but some investors are starting to worry that tether doesn’t have enough dollar reserves to justify tether’s exchange rate against the dollar.
Tether tokens reach US$60 billion in circulation, more than most US banks. Concerns have also arisen over allegations that tether was used to manipulate bitcoin prices.
5. Meme Coins and Scams
Dogecoin, a coin that was originally just for fun, suddenly went up so fast that at one point, the valuation of the entire coin was more expensive than Ford and other major US companies. The rise of Doge due to “pompom” or “fried” by Elon Musk. The price of Doge has now depreciated significantly.
Separately, a crypto coin named titan plummeted to nothing. One of the titan holders is the conglomerate owner of the Dallas Mavericks basketball club.
Simon Yu said more and morescamcrypto related. Regarding meme coins, many investors are stuckpump and dump, where the price of the coin rises high because it is “fried” or injected with massive purchases, then plummets after the “fryer” makes a profit.