THE entire cryptocurrency market exploded in 2021, but experts predict that 2022 will bring even more excitement to the industry, and particularly Bitcoin.
This increased attention will also bring more risks and regulations to the cryptomarket.
Crypto experts testified before the House Financial Services Committee in December to weigh in on standards in the crypto market.
The cryptocurrency company executives weighed in on stablecoins and the banking industry, how taxes should impact cryptocurrency and what regulation for the market looks like going forward, according to CNET.
Stablecoins will also become a focal point in 2022, the outlet reported, as using cryptocurrency to complete everyday purchases becomes commonplace.
That’s simply not possible with more volatile coins, like Bitcoin or so-called “mem coins,” that aren’t tied to an underlying asset.
“People should start paying attention to trends in stablecoins both as a medium of payments and as a dollar digital currency,” Rachel Mayer, a vice president of product at Circle, told the outlet via email.
Buyers beware, though, because a bigger market means bigger risks, especially from hackers and cybercriminals using hard-to-trace crypto payments for ransomware attacks.
Digital currency users should pay extra attention to their at-home cybersecurity, and not risk being subjected to hackers demanding Bitcoin, Solana or Ethereum ransoms.
Read our cryptocurrency live blog for the latest news and updates…
What is Hbar crypto?
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 theHedera Hashgraph.
The company itself explains: HBAR is the native, energy-efficient cryptocurrency of the Hedera public network.
Major meme coins, part 2
Another dog meme that has picked up traction this year has beenSaitama inu, whose logo appears to feature a wolf surrounding a human face.
Tokens like Shiba Inu, Dogecoin and newest gainer Saitama are all a part of the evolution of digital finance in their own unique way, Chris Kline, chief operating officer and co-founder of Bitcoin IRA, recently told The Sun.
Separately,Tiger Kingis a meme coin that has picked up strong momentum off the past month, which is based on the popular Netflix series.
The major meme coins
The surge of the meme coins this year all started withDogecoin.
That was then followed byShiba Inu, which both feature the same dog breed in their logos.
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.
Both Shiba and Dogecoin have been popular dog meme coins this year.
What are meme coins?
Ameme cointypically gains off a social media or an internet-based joke.
It all started with GameStop and AMC earlier this year, when aReddit mob trolled short-sellers by driving up the prices of those stocks.
The memes then spread over tocryptocurrencies and there are now a few major ones today.
What is the Metaverse? continued
Metas VR boss Andrew Bosworth said: Themetaverseis a set of virtual 3D spaces where you can share immersive experiences with each other when you cant be together.
What comes after the internet? Instead of looking at a screen, you get to be in the experiences.
You dont have to experience it in VR. Most people initially will experience it on screens they already have.
Facebooks Mark Zuckerberg called it the next version of the internet, and predicted the true metaverse will be ready within the decade.
What is the Metaverse?
The Metaverse has abroad definition. It is an internet, but it is immersive so you live within it.
The platform will have games, social networks, videos, shopping, health and fitness and more.
Risks of investing in cryptos, part five
Finally, the truth inmarketing materialsis a risk in investing in cryptos.
Firms may overstate the returns of products or understate the risks involved.
Risks of investing in cryptos, part four
Another risk of investing are thecharges and fees.
Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
Risks of investing in cryptos, part three
A third risk of investing in cryptocurrencies isproduct 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.
Risks of investing in cryptos, part two
Another risk of investing isprice volatility.
Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
Risks of investing in cryptocurrencies
Investing in cryptocurrencies means taking on a number of different risks.
The first isConsumer protection.
Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
What are Altcoins, continued
Simon Peters, crypto-asset analyst at eToro, said: They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.
Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.
What are Altcoins?
Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions.
Altcoin is a category of cryptocurrencyrather than a currency itself, and there are more than 900 different altcoins available.
Play-to-earn gaming, part two
The new play-to-earn gaming model that rewards gamers withcryptocurrencyfor playing isnt technically free.
Gamers could have to spend $1,000 or more in order to start earning in the Axie Infinity universe, according toForbes.
The popular platform for play-to-earn gaming requires beginners to have three Axies, which are available for purchase on the gamesMarketplace Dashboard.
Participants can then earn cryptocurrency for selling potions, breeding rare Axies, and playing various games.
What is play-to-earn gaming?
A unique model called play-to-earn gaming is driving non-fungible token (NFT) andcryptocurrencygrowth,Forbesreported.
Axie Infinity is the most popular platform for play-to-earn gaming at the moment.
It allows users to build a collection of Axies that players can use across its universe of games.
The company then uses Blockchain to reward players for gaming, according to Forbes.
Any digital assets earned by participants can be sold on the platform or traded outside Axie Infinitys universe.
US cities embrace cryptocurrency, part two
The mayor ofMiamiis also working to expandcryptocurrencyoptions in the Florida city.
Mayor Francis Suarez said he would take his paychecks inBitcoinand wants residents to be able to pay fees and taxes in the cryptocurrency.
Miami launched a token earlier this year called MiamiCoin, which generated $30million in revenue over three months, Suarez toldBloomberg News.
US cities embrace cryptocurrency
A Tennessee city hopes to become the first in the nation to offer its employeescryptocurrencyas a payroll conversion option.
TheJackson Sunreports that a request for proposal (RFP) has been opened, allowing third party platforms to apply to be the citys cryptocurrency converter.
We offer our employees a deferred compensation opportunity for their retirement already. Why not add more options? the mayor told the news outlet.
He said the move will diversify ways city employees can receive payment and allow the city to pay contractors inBitcoin.
Dogecoin spiked after Tesla news
Dogecoinsaw a more than 20 percent jump afterElon Muskannounced Tesla would start accepting it as payment.
He said in a Tweet thatTeslawould allow purchases of some merchandise with Dogecoin and see how it goes.
Dogecoin went from a fraction of a penny in worth at the start of 2021 to a record-high price above 74 cents in May,CNBC reported.
Robinhood prepares to launch cryptocurrency wallet
Robinhood announced a new partnership with a blockchain data analytics platform ahead of its plannedcryptocurrencywallet launch.
Robinhood will use Chainalysis data, analytics, and software to meet compliance requirements and provide secure crypto transactions,Motley Foolreported.
The partnership comes ahead of the planned 2022 launch of Robinhoods crypto wallet.
More than 1.6million people are on a waitlist for the new feature, according to Motley Fool.
Can you trade crypto on Robinhood?
Unlike most of its discount rivals, Robinhood offers24/7 crypto tradingthrough its platform.
That means youll have access to trade major cryptocurrencies including,Dogecoin,Ethereum, andBitcoin.
Its crypto investors can buy or sell with a market order, which means its executed at the current market price.
What is Robinhood? Continued
Unlike many discounted brokers, the company does not offer individual retirement accounts.
The bulk of Robinhoods revenue comes from order flow.
What is Robinhood?
The Robinhood platform operates as a discounted brokerage that offers commission-free trading.
Specifically, users can trade exchange-traded funds (ETFs), individual stocks (including American depositary shares), and options.
You can also trade Robinhoods stock thanks to the company recently going public at a $1.2billion valuation.
Risks of Robinhood, part three
In July, the platform was alsoordered to pay nearly $70millionin fines and compensation for misleading customers and outages.
If you are seeking a discount broker and are looking to open anIRA account, you can check out the following platforms: Vanguard, Fidelity,TD Ameritrade, Merrill Edge, among others.
Risks of Robinhood, part two
For investing individual stocks, make sure you check company reports, Securities and Exchange Commission (SEC) filings, broker notes, and press releases so you can make the best decisions for your money.
Another risk when choosingRobinhoodalong with other brokers is that they can restrict trading when theres unusual activity.
In fact, Robinhoodfaced some outrageearlier this year when it restricted trading onmeme stocksincluding GameStop and AMC.
Risks of Robinhood
When it comes to risks, investing alone is one because youre not guaranteed to generate a profit and the value of your assets could fall.
If you chooseRobinhoodto trade stocks andcryptocurrencies then the game gets even riskier.
Cryptocurrencies are not only difficult to understand but even tougher to predict when bearish trends in the market will take place.
For example, cryptocurrency was thriving this year up until Elon Musk said that Tesla washalting the acceptance of payments in Bitcoin.