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Cryptocurrency E-News: “News With a Purpose” Tuesday 05/18/2021

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China Does Not Want Bitcoin in Banks and Businesses For Now

Based on BusinessInsider.com, China has decided to reverse their stance on cryptocurrencies, businesses, and bank collaboration. While individuals are able to keep their cryptocurrency coins, China is deciding to possibly not allow businesses and banks to hold and use cryptocurrencies.

There is still positive news since individuals are still able to keep their cryptocurrencies. While there may be concerns about the cryptocurrency values and volatility of the recent weeks, it is important to note that some cryptocurrency holdings have been able to hold value. With multiple news affecting cryptocurrency, it is important for individuals to learn about cryptocurrency prior to buying, investing, or working with a cryptocurrency project.

While price volatility is one of the points that affect cryptocurrencies, there have also been a rise in cryptocurrency fraudulent activity. It is important for individuals to pay attention when they buy, invest, or work with cryptocurrency projects. Individuals should know that they should not send cryptocurrencies to advertisements or links. If any advertisement promises a return of cryptocurrency by sending cryptocurrency, it is probably not legitimate. Cryptocurrencies can only be created by mining and staking and also by holding on an exchange for the exchange to mine or stake.

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China and Banks

“Bitcoin fell as much as 7% from its intraday high on Tuesday after a Reuters report said China is banning financial institutions and payment companies from the cryptocurrency business.”

“China has not restricted individuals from holding cryptocurrencies, but did warn about their speculative nature.”

Gold and Cryptocurrency

Cryptocurrencies can be used to store value among the multiple uses that exist. While gold and silver have been able to hold value in a safer manner, they have not returned the return on investment that some cryptocurrency coins have been able to create. Depending on the volatility of a cryptocurrency, gold and silver may be great options to have aside from cryptocurrencies.

If someone wants to buy gold and silver, there are methods of keeping their investments in coins or other shapes and sizes. For cryptocurrency, there are also methods of keeping their investments online or offline. It is important to note that cryptocurrencies can also be kept offline through a cold wallet. To keep them online does not require too much learning, but to get a cold wallet requires the buying of a cold wallet and learning about how to store the cryptocurrencies on these wallets.

While cryptocurrency can potentially offer a larger return on investment, it is important to learn about cryptocurrencies and how they work. Learn about the cryptocurrency projects prior to investing and make sure to be able to know how cryptocurrencies can be sent or received. Understand that each cryptocurrency wallet is specific for each cryptocurrency and sending Ethereum to a Bitcoin wallet can cause you to lose your investment. For this and other reasons, gold and silver may also be an option if an individual does not want to learn about cryptocurrencies just yet.

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Bitcoin or Gold and Silver

“Like gold, bitcoin is finite, Sherman explains. But bitcoin is just the best-known cryptocurrency, and it isn t necessarily the best one of them or may not be the best one down the road. The number of potential alt-currencies is technically infinite. There s likely to be serious competition ahead, possibly diluting the value of the currently established cryptocurrencies. That just doesn t happen with gold.”

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