Cryptocurrency price live – Pi Network allows users to mine crypto on phone as Bitcoin tumbles following China news

PI Network claims to be the first and only digital currency that you can mine on your phone as Bitcoin tumbles following China’s new regulations.

Through a complex computer program, Pi Network instead uses a series of votes and exchanges of data to verify transactions, allowing users to mine the currency through the mobile app “without draining their phone battery.”

This makes the process available to anybody, in theory, Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun.

Bitcoin and other cryptocurrencies continue to dip after China’s central bank announced that all cryptocurrency trading is illegal in the country and mining the tokens is banned.

Bitcoin fell by as much as 5.5 percent and Ethereum plunged by around six percent on Friday, according to Coinmarketcap.

Read our cryptocurrency live blog for the latest news and updates…

  • DATING APP SCAMS AND CRYPTO

    Some cryptocurrency scam operations have started using dating apps to reel in potential targets.

    In some reports, scammers would pose as a long-distance love interest sharing a hot new cryptocurrency opportunity.

    About 20 percent of the money reportedly lost through dating scams in around the last year involved cryptocurrency.

  • EXPERTS PREDICT POLYGON’S GROWTH

    How the price of Ethereum will change in the future is impossible to know for certain.

    However, experts and investors have made some predictions.

    Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”

    “It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”

  • WHAT IS POLYGON?

    Polygon is an Ethereum token that powers the Polygon Network, which aims to provide faster transactions on the Ethereum blockchain.

    It was originally known as the Matic Network when it first launched back in 2017.

    Polygon hit its highest ever level on May 18 when it rocketed to $2.4544.

    The price has soared by around 9,200% this year – up from $0.01781 on January 1.

  • CRYPTOCURRENCY GIVEAWAY SCAMS

    In giveaway scams, scammers often pose as celebrities or well-known figures and ask victims to send Bitcoin, promising to send back a much larger amount.

    Many giveaway scams are marketed over social media, attempting to connect through Facebook, Twitter, or Instagram.

    For instance, victims reported sending more than $2million to scammers impersonating Elon Musk.

  • ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN, PART THREE

    “I’ve never been more excited about the potential of the Internet,” Ohanian added.

    “And that’s largely thanks to Vitalik Buterin.”

    Buterin is the co-founder of Ethereum and also co-founded Bitcoin Magazine in 2011.

  • ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN, CONTINUED

    “No one person could’ve possibly come up with all of the uses for Ethereum, but it did take one person’s idea to get it started,” Ohanian added about Buterin.

    “From there, a new world has opened up, and given rise to new ways of leveraging blockchain technology—some of which I’ve invested in.”

    “Whether it’s startups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”

  • ALEXIS OHANIAN ON CO-FOUNDER OF ETHEREUM, VITALIK BUTERIN

    “Thanks to Reddit’s r/Ethereum community, I’ve had the privilege of following Vitalik Buterin’s career from early on, which is why I’ve taken a certain pride in watching his legacy grow,” Ohanian wrote of the programmer.

    “Sure, we can talk about the value he’s created as the platform’s co-founder, including Ethereum’s impressive market cap of around $400 billion, the dazzling world of decentralized apps and this year’s boom in the trading of NFTs.”

    “What makes Vitalik so special, though, is that he is a builder’s builder.”

  • ONE OF THE CO-FOUNDERS OF ETHEREUM NAMED A TIME 100 MOST INFLUENTIAL PERSON

    One of the co-founders of Ethereum, Vitalik Buterin, was named one of Time magazine’s 100 Most Influential People of 2021.

    Former executive chair of Reddit Alexis Ohanian praised him in a write-up for the piece.

  • CHINA’S CRACKDOWN ON CRYPTO IS ‘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.

  • LITECOIN VS. BITCOIN

    Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.

    Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”

    The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.

    Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.

    While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.

  • STEVEN SEAGAL’S BITCOIN SCANDAL

    Under Siege and Half Past Dead hardman Seagal was paid to promote “Bitcoiin2Gen” (B2G) which saw 500 investors left out of pocket in cash and other cryptocurrencies as he unwittingly ended up backing the scam.

    Seagal reportedly had been offered $250,000 along with £750,000 worth of B2G for appearing in promotional materials for the con artists.

    He appeared in a press release for them and “wholeheartedly” endorsed the scheme in a post to his 7million followers on Facebook.

  • WILL CHAINLINK RISE TO $35?

    Crypto investor Justin Bennett sees Chainlink rising to $35.

    He told The Daily Hodl: “The $27.50 area could attract a few sellers as it’s the 50% retracement of the correction.

    “That said, a daily close above $25 should flip the area to support.

    “If Chainlink can get above the $27.50 area, there isn’t much stopping a run at $35.”

  • WHAT IS HASHGRAPH?

    Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.

    The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.

    HBAR is the cryptocurrency of the Hedera Hashgraph.

  • NO GUARANTEED RETURNS

    There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns,” they are often scammers.

    There is no way to eliminate the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.

    Check out these other ways to spot scammers in the crypto space.

  • HOT TIPS FROM ‘FRIENDS’

    Multi-level marketing scammers will often use the language of cryptocurrencies to entice people to join as “members.”

    Cryptocurrencies do not have members, they have investors.

    Avoid taking investing tips from friends and family; instead turn to price-tracking websites like CoinMarketCap, CoinGecko, or CoinPaprika, and always do your research before investing.

  • BLOCKCHAIN SCAMS

    Cryptocurrencies operate on blockchain networks.

    Scammers often claim their blockchain is “in development” or “about to be released,” but all legitimate cryptos will have an accompanying website to verify the currency.

    Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if it exists.

  • DATING APP SCAMS

    Some scam operations have started using dating apps to reel in potential targets.

    In some reports, scammers would pose as a long-distance love interest sharing a hot new cryptocurrency opportunity.

    About 20 percent of the money reportedly lost through dating scams in around the last year involved cryptocurrency.

  • EXPERTS WEIGH IN ON ALCHEMY PAY AND BINANCE

    Shaun Heng, vice president of growth and operations at CoinMarketCap told The Sun that it’s challenging to assess the risk of many crypto projects like Alchemy Pay.

    And while he isn’t a fan of Alchemy Pay’s crypto-linked cards, he did tout one of its partners, Binance, which is the largest crypto exchange by trading volume globally.

    “The partnership with Binance is most definitely a good sign of validation for the project,” Heng said.

  • LITECOIN VS. BITCOIN

    Litecoin, which was established in 2011 by Google engineer Charlie Lee, operates similarly to Bitcoin.

    Mr Lee on occasions refers to Litecoin as the “silver to Bitcoin’s gold.”

    The two cryptocurrencies act similarly in how their global payment operations are set up. Both are not controlled by financial institutions.

    Like most cryptocurrencies, Litecoin uses blockchain technology for processing and recording transactions.

    While Litecoin is smaller, it is a quicker and cheaper alternative when compared to Bitcoin.

  • WHAT WILL SHIBA INU BE WORTH IN 2022?

    Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed.

    For example, crypto website Wallet Investor expects a value of up to $0.000018 in a year’s time.

    Meanwhile, Coin Price Forecast expects it to hit a value of $0.00002336 by the middle of next year.

    It then expects it to end the year at a slightly higher level of $0.00003037.

  • WHERE DOES COINBASE REVENUE COME FROM?

    The majority of Coinbase’s revenues come from Bitcoin and Ether on the Ethereum blockchain.

    They are currently the number one and number two cryptocurrencies on the market, according to MarketWatch.

  • POSING AS AN AGENCY OR BUSINESS

    As noted by Inverse, many phishing scams will attempt to impersonate a government agency or business to get your attention.

    Some reports to the FTC said victims were contacted by scammers pretending to be the Social Security Administration and asked to deposit money into Bitcoin ATMs.

    Other victims lost money to scammers posing as the cryptocurrency company Coinbase.

  • CRYPTO SCAMS

    While the growth of Bitcoin has skyrocketed in some bank accounts, it’s also fueled the growth of crypto-related fraud operations.

    The FTC reported that since October of 2020, nearly 7,000 people have reported losses of more than $80million in the US due to cryptocurrency scams.

    That number is around 12 times, or 1,000 per cent more than reported losses from the period a year earlier.

  • EXPERTS PREDICT POLYGON’S GROWTH

    How the price of Ethereum will change in the future is impossible to know for certain.

    However, experts and investors have made some predictions.

    Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”

    “It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”

  • CHINA MAKES CRYPTO TRADING ILLEGAL

    China‘s central bank announced that all cryptocurrency trading is illegal in the country and mining the tokens is banned.

    The People’s Bank of China (PBOC) said: “Virtual currency-related business activities are illegal financial activities.”

    The country previously banned financial institutions from offering crypto related transactions, and warned investors against speculative trading in them.

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