Day: September 13, 2024

This post was originally published on this site

Worldcoin, a rising player in the decentralized identity space, recently made headlines with a significant expansion of its World ID feature to the Solana blockchain through the Wormhole interoperability platform. This development, announced on September 13, comes as part of the Worldcoin Foundation’s efforts to extend its decentralized identity verification system across multiple blockchains.

Worldcoin Solana Integration: What You Need to Know

The expansion of Worldcoin’s World ID feature to Solana is the result of a grant from the Worldcoin Foundation aimed at broadening the reach of its identity solution. The World ID feature is designed to verify human identity using advanced biometric technology, specifically eye scans, to create unique IrisCodes. These codes are then used to generate World IDs, which are crucial for verifying human identities and combating the growing issue of bots in digital environments.

Although the integration has been announced, World ID is not yet active on Solana. The project’s smart contracts are currently undergoing a rigorous security audit, expected to be completed in the coming weeks. Despite this, the market reacted positively to the news, with WLD tokens surging by 10% to reach $1.61 before settling at around $1.51, according to CryptoSlate.

The Role of Wormhole in Worldcoin’s Expansion

At the heart of this integration is Wormhole, a leading cross-chain platform that facilitates interoperability between different blockchain ecosystems. Wormhole allows tokens, data, and smart contracts to move seamlessly across multiple blockchains, enabling developers to create applications that transcend a single network.

Through this integration, Solana developers will now have the opportunity to build decentralized applications (dApps) that prioritize human verification via World ID, while leveraging Solana’s speed and efficiency. Wormhole will facilitate this by enabling Solana-based protocols to authenticate World IDs that were originally verified on Ethereum, where World ID was first deployed.

Robinson Burkey, co-founder of the Wormhole Foundation, stated, “Bringing World ID to Solana is a big step forward for identity verification. With the integration of World ID and Wormhole Queries, developers can now easily build applications that prioritize real users across chains, improving trust in decentralized ecosystems.”

World ID and the Fight Against Bots

Worldcoin’s mission, centered around the World ID, aims to tackle one of the most pressing challenges in the digital age: verifying human identity in an increasingly automated world. Bots have become a widespread problem across various online platforms, often engaging in activities like spamming, fraudulent transactions, and manipulating online voting or feedback systems.

World ID uses Orb devices to scan users’ irises, generating a unique IrisCode that acts as proof of their identity. This biometric verification ensures that the person interacting with decentralized applications or digital services is a real human, helping to build trust in decentralized systems.

By expanding this capability to Solana, Worldcoin hopes to empower developers on the Solana network to build applications that can differentiate between real users and bots. This move could enhance the quality of decentralized finance (DeFi) platforms, non-fungible token (NFT) marketplaces, and other dApps by ensuring that interactions within these ecosystems are genuine.

Solana’s Growing Role in Decentralized Identity

Solana has long been praised for its high-speed transactions and low fees, making it one of the top blockchain networks for DeFi, NFTs, and gaming applications. The integration of Worldcoin Solana identity verification through World ID is expected to add a new layer of trust and security to the network.

With the introduction of World ID, Solana developers will be able to create applications that require identity verification, opening up new possibilities for use cases such as voting systems, fair NFT drops, and more secure financial transactions. Moreover, by utilizing the Wormhole platform, these applications can tap into cross-chain functionality, potentially enabling a new level of interoperability for identity verification across blockchain networks.

The Broader Implications for Blockchain and Digital Identity

The integration of World ID into the Solana ecosystem represents a broader shift toward decentralized identity solutions in the blockchain space. As the world becomes more digitally connected, the need for secure, verifiable, and decentralized ways to prove one’s identity will only grow.

With the addition of Solana, Worldcoin is making strides in positioning itself as a key player in this emerging sector, offering a solution that could be widely adopted across various blockchains and applications.

As the security audit of the smart contracts is finalized and World ID becomes fully operational on Solana, the true impact of this integration will be seen. For now, the positive market reaction suggests that investors and developers alike are optimistic about the potential of Worldcoin’s vision for decentralized identity.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

Former U.S. President Donald Trump has faced a steep decline in his cryptocurrency portfolio, shedding $19.27 million in value over the last three months. This downturn, confirmed by blockchain intelligence firm Arkham, underscores the volatility of the cryptocurrency market and the risks associated with digital assets.

Major Losses in Donald Trump’s Cryptocurrency Holdings

As of September 13, Donald Trump’s cryptocurrency portfolio is valued at $5.87 million, a sharp decline from its peak of $25.16 million on June 6. This represents a staggering 76.6% loss in value. The losses are spread across a range of digital assets, with some tokens experiencing particularly significant devaluations. Among his holdings, the TRUMP/USD token, created as part of the Maga Memecoin project, is now worth $1.41 million, while Ethereum (ETH/USD) has dropped to $1.19 million.

Other digital assets in Trump’s portfolio include Wrapped Ethereum (WETH/USD), GUA/USD, TROG/USD, USD Coin (USDC/USD), and MAGAA/USD. However, the largest losses came from TROG, which plummeted by 95.73%, and the TRUMP token itself, which fell by 79.24%. Even more established cryptocurrencies like Ethereum and Wrapped Ethereum saw significant declines, losing around 35-36% of their value.

What’s Behind the Decline?

The steep drop in Donald Trump’s cryptocurrency portfolio can be attributed to the highly speculative nature of the assets he holds. While the overall cryptocurrency market has seen a downturn, certain coins in his portfolio, such as TROG and TRUMP, are particularly vulnerable to large price swings given their relatively niche status.

This level of volatility is common in the cryptocurrency world, where market sentiment can drastically change within a short period. The broader market’s downturn, exacerbated by regulatory concerns in the U.S., may have contributed to this steep decline in value across Trump’s assets.

Trump’s Crypto Project: World Liberty Financial

Despite the significant losses in his portfolio, Trump has doubled down on his involvement in the cryptocurrency space. On September 16, Trump and his family are set to launch a new cryptocurrency initiative, World Liberty Financial. This project has already stirred up discussions in both political and financial circles, with supporters and critics alike debating the potential implications.

Announced on Trump’s social media platform, the project promises to challenge traditional financial systems. In a video statement, Trump emphasized the revolutionary potential of cryptocurrency, claiming that “we’re embracing the future with crypto and leaving the slow and outdated big banks behind.”

This statement signals a significant shift in Trump’s position on cryptocurrency. Previously, Trump had been an outspoken critic of digital currencies, famously calling Bitcoin a “scam” and a “disaster waiting to happen.” His newfound support for digital assets is a clear attempt to reframe his approach, positioning himself as a forward-thinking leader in the rapidly evolving financial landscape.

Shifting Views on Cryptocurrency

Trump’s evolving stance on digital currencies may reflect his strategic ambitions to keep the U.S. competitive in this sector. Earlier this year, Trump warned that the United States risks falling behind China in the race to dominate the cryptocurrency market. He stressed that the U.S. must embrace digital currencies “made in the USA” to counteract China’s growing influence in the space.

This rhetoric, while politically charged, highlights a growing concern among many in the tech and finance industries about the future of cryptocurrency. With China making significant strides in developing a digital yuan and advancing blockchain technologies, Trump’s newfound support for U.S.-backed digital currencies aligns with his broader strategy to assert U.S. leadership in the field of emerging technologies.

Future Implications for Trump and Cryptocurrency

Despite the heavy losses in his cryptocurrency portfolio, Trump’s focus on digital assets and their potential role in reshaping the financial landscape is clear. His involvement in World Liberty Financial and his calls for U.S. leadership in cryptocurrency suggest that he sees digital assets as a vital component of future economic growth.

Whether Trump’s crypto portfolio will recover remains uncertain, but his recent moves demonstrate a commitment to staying at the forefront of the cryptocurrency movement. As this space continues to evolve, both his supporters and critics will be closely watching to see how Trump navigates the volatile world of digital currencies.

Featured Image: Freepik

Please See Disclaimer

This post was originally published on this site

SINGAPORE, Sept. 12, 2024 /PRNewswire/ — Alchemy Pay, the world-leading fiat-crypto payment gateway, has announced its official support for the BNB ecosystem. With this support, Alchemy Pay’s On & Off- Ramp now supports popular tokens on BNB Chain, including its native token BNB and stablecoins like USDC and USDT. This integration highlights Alchemy Pay’s expanded support for the BNB ecosystem, facilitating seamless fiat-crypto transactions for users.

By leveraging Alchemy Pay’s extensive network, which spans over 300 fiat payment channels across 173 countries with 50+ fiat currencies supported, including traditional payment methods like Visa and Mastercard, local mobile wallets and domestic bank transfers, users worldwide can effortlessly purchase and sell mentioned tokens on BNB Chain using their preferred payment methods, significantly enhancing the accessibility and reach of the BNB Chain.

BNB Chain is a leading blockchain ecosystem designed to support the growing demands of Web3. Offering a unique combination of speed, scalability, and affordability, BNB Chain has become a popular choice for developers building DApps and for users seeking to participate in the world of DeFi.

Through Alchemy Pay’s support, popular tokens on BNB Chain extend their global reach and strengthen BNB Chain’s position in the cryptocurrency market. By integrating with a globally recognized fiat-crypto payment gateway, these tokens gain increased visibility and ease of use, making them more attractive to both new and existing users. This integration further underscores Alchemy Pay’s commitment to advancing the adoption of digital currencies, lowering entry barriers for global users, making cryptocurrency more accessible to a broader audience and actively contributing to the growth of the emerging crypto market.

This further solidifies Alchemy Pay’s position as a pioneer in seamless crypto adoption. Building upon collaborations with leading networks and platforms like Polygon, TON, Arbitrum, ICP, Linea, Celo, Neo, Binance Pay, OKX, Bitget, and Lido, this latest alliance marks a pivotal step in Alchemy Pay’s mission to bridge the divide between fiat and crypto, paving the way for a more inclusive and accessible financial future.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

• BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
• opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
• BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.

For more, follow BNB Chain on X or start exploring via our Dapp library.

About Alchemy Pay

Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its offerings including On & Off Ramp, Crypto Card, Web3 Digital Bank, Crypto Payments and NFT Checkout, Alchemy Pay supports payments in 173 countries.

The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. Additionally, our Web3 Digital Bank supports Web3 enterprises by providing multi-fiat accounts and instant fiat-crypto conversion capabilities. The crypto payment solution enables merchants to accept crypto payments globally, while allowing users to conveniently spend their crypto assets for everyday purchases. ACH is the Alchemy Pay network token on the Ethereum blockchain.

Website Twitter LinkedIn Medium YouTube Telegram Discord

View original content to download multimedia:https://www.prnewswire.com/news-releases/alchemy-pay-announces-official-support-for-bnb-chain-and-its-ecosystem-302247400.html

SOURCE Alchemy Pay

Featured Image: depositphotos @ stevanovicigor

Disclaimer

This post was originally published on this site

SEOUL, South Korea, Sept. 12, 2024 /PRNewswire/ — HYBE announced today that its subsidiary BINARY KOREA (hereafter “BINARY”) has signed a memorandum of understanding (MOU) with Coinbase, the world’s most reputable cryptocurrency company, to work together on developing BINARY’s Onchain Engagement Protocol that aims to revolutionize the creator economy through blockchain technology.

BINARY, HYBE’s arm dedicated to prioritizing Web3 user experience in building a new entertainment ecosystem, is partnering with Coinbase to launch the Onchain Engagement Protocol, an innovative creator enablement platform that harnesses the power of AI and blockchain technology. This technology will help connect creators with resources needed to help facilitate payments between fans and creators. Set to launch in 2025, this platform will be integrated into BINARY’s creator fandom platform, THEUS, enhancing the overall experience for creators and their fans.

By utilizing the Coinbase Developer Platform and Base blockchain, this initiative aims to equip creators with essential tools for secure exchanges of rewards, donations, and incentives, fostering deeper connections within their communities. The Onchain Engagement Protocol highlights BINARY’s commitment to revolutionizing the creator economy and building a dynamic new entertainment ecosystem that empowers creators and enriches fan engagement.

Anticipated features of the Onchain Engagement Protocol include:

• AI-Powered Influencer Discovery: Advanced models to identify emerging influencers and connect them with supporters.
• Autonomous Engagement Management: AI agents that manage fan interactions and automate the distribution of digital rewards.
• Integrated Token Economy: An intuitive system for easy donations between fans and creators, integrated with Coinbase wallets on the Base blockchain.

Sungmin Kim, CEO of BINARY, stated, “We have always been committed to fostering a more meaningful and enjoyable creator economy tailored to the needs of an IP-centric landscape, going beyond the traditional business model. In partnership with Coinbase, we believe that the new Onchain Engagement Protocol will significantly enhance engagement between creators and fans by promoting active user participation within THEUS and other communities to be involved.”

“We are truly excited to partner with BINARY on this innovative platform,” said Dan Kim, VP of Business Development at Coinbase. “The Onchain Engagement Protocol empowers creators to deepen their connections with fans and get paid directly for their work, aligning with our mission of increasing economic freedom in the world. By leveraging blockchain and AI technology, we aim to provide creators with the tools they need to build engaged communities and support the future of creative expression.”

As part of this partnership, BINARY will leverage tools provided by the Coinbase Developer Platform that will help creators easily accept donations onchain and build onchain functionality into their platforms. These tools include access to Coinbase Wallet, with transactions powered by the Base network, allowing for faster and cheaper payments that alleviate costs for fans and influencers.

Meanwhile, BINARY’s creator platform THEUS, which launched earlier this year, has already surpassed 50,000 user signups and features an impressive roster of over 35 creators including Dotty, SISTERYELL, and Cheezefilm.

About HYBE
HYBE Corp. (HYBE), rebranded from Big Hit Entertainment in March 2021, is a global entertainment lifestyle platform company that seeks boundless expansion in order to innovate the music industry. Ever since, HYBE has been expanding its multi-label system including BIGHIT MUSIC, BELIFT LAB, SOURCE MUSIC, PLEDIS Entertainment, KOZ ENTERTAINMENT, ADOR, HYBE LABELS JAPAN, NAECO, while HYBE AMERICA also manages its affiliate labels including Big Machine Label Group and Quality Control. In addition to the music business, HYBE established an integrated structure with its tech-driven future growth initiatives that creates concert, video content, game, original story and retail, as well as a platform business through Weverse, a global superfan platform. Composed of its global offices based in Korea, Japan, the US, and Mexico, the company works towards bringing innovative change throughout the global music industry.

About BINARY KOREA
BINARY KOREA is a subsidiary of HYBE that provides new services through the integration of entertainment and technology, aiming to enhance user experience. The company introduced South Korea’s first creator-fandom platform, THEUS, which expands the boundaries for creators while also encouraging meaningful communication between creators and fans under its company slogan, ‘CREATOR AND FAN, WE BECOME ONE.’

Media Inquiries
HYBE
Global Corporate Communications: globalcpr@hybecorp.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/binary-partners-with-coinbase-to-redefine-the-global-creator-economy-with-ai-and-web3-technology-302247299.html

SOURCE HYBE

Featured Image: Unplash @ Kanchanara

Disclaimer

This post was originally published on this site

SINGAPORE, Sept. 12, 2024 /PRNewswire/ — HTX Ventures, the global investment division of HTX, today released its latest research analysing Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). The report, titled Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability, aims to help readers understand the BTCFI sector better, by exploring the evolutionary path of Bitcoin programming, delving into how Bitcoin programming can support various BTCFI applications, showcasing the current real-world BTCFI implementation scenarios, and explaining the underlying logic of BTCFI’s future growth and adoption.

HTX Ventures has been contributing to BTCFI for a long time. As stated in its 2024 Half-Year Investment Report, BTCFI is highlighted as one of HTX Ventures’ six key investment directions in 2024. Some of HTX Ventures’ portfolio companies in the BTCFI sector include Babylon, BounceBit, COREx, and more.

The new report once again shows HTX Ventures’ interest in BTCFI. It begins with the foundations of the Bitcoin contracts, which were laid fourteen years ago by Satoshi. Understanding the basics of Bitcoin programming involves several concepts, including Transaction Outputs (TXO), Unspent Transaction Output (UTXO), scriptSig, and Opcodes. “Bitcoin script programming is about programming money and enabling a specific amount of money to respond to particular input data. By designing the scriptPubKey, opcodes, and the interaction process between users, we can offer cryptographic guarantees for the key state transitions of Bitcoin contracts, ensuring the contracts’ proper execution,” the report points out.

There are some mechanisms to be used to enable the implementation of different types of transactions, including MultiSig, Timelocks, Hashlocks, Flow Control, and SIGHASH. The report explains, “the basic model of Bitcoin programming is where UTXO locking scripts specify verification conditions, unlocking scripts provide data, and opcodes in locking scripts indicate the verification program. The funds can be spent once the verification program is passed.”

There are some core limitations, however, such as only a few verification programs being available, Bitcoin scripts having no computational power, and UTXO unlocking conditions being completely independent.

Unlike the computation-based Ethereum contracts, Bitcoin contracts are verification-based, which has brought many challenges in developing BTCFI products. Despite the difficulties,  “over the ten years of developing Bitcoin contracts, the ingenious use of cryptographic algorithms and signatures has significantly enhanced privacy, efficiency, and decentralization, making BTCFI products possible,” the report states, and starts introducing Bitcoin programming milestones. Innovative tools, such as the Discreet Log Contract (DLC), Partially Signed Bitcoin Transactions (PSBT), and MuSig2 bring new solutions to the problems in Bitcoin programming, driving the development of BTCFI.

The Taproot upgrade activated in November 2021 was revolutionary for the Bitcoin ecosystem, allowing Bitcoin to hold in custody large-scale smart contracts with tens of thousands of signatories while concealing all participants and maintaining the size of a single-signature transaction. This makes more complex on-chain BTCFI operations possible and significantly improves privacy and transaction efficiency.

Such technological innovations pave the way for BTCFI’s further development. Then in January 2023, Ordinals were proposed, which aimed to assign each sat a unique identifier and attribute, so as to transform it into a unique NFT. The creation and trading of Bitcoin NFTs were realized, not only expanding the uses of Bitcoin but also allowing users to directly create and trade digital assets on the Bitcoin blockchain. This led to the introduction of BRC-20, a token system for on-chain recording and off-chain processing that uses JSON data’s ordinal inscriptions to deploy token contracts, mint tokens, and transfer them.

The naissance of Ordinals and BRC-20 created trading demand and blue-chip assets for BTCFI. More importantly, they offered many BTCFI projects new ideas based on indexer programming that enhanced Bitcoin’s contract capabilities.

Bitcoin’s programmability has come a long way and made great progress, forming a thriving BTCFI ecosystem with more and more application scenarios of BTCFI arising. The report lastly lists some notable BTCFI implementations, including BTC staking provider Babylon, asset issuance platforms Unisat and Magic Eden, lending protocol Liquidium, BTCFI scaling solution Fractal Bitcoin, and more.

The emergence of BTCFI applications indicates that its market potential is becoming evident. With Bitcoin becoming more and more mainstream, the market demand for BTCFI use cases will also increase, fostering a new financial ecosystem centered around Bitcoin. “The formation of this ecosystem will propel Bitcoin further beyond the ‘digital gold’ narrative, establishing it as an indispensable decentralized financial infrastructure in the global economic system,” the report concludes.

To read the full report, please visit: https://square.htx.com/htx-ventures-exploring-the-btcfi-rabbit-hole-from-the-perspective-of-bitcoins-programmability/

About HTX Ventures

HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With more than a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.

HTX Ventures currently backs over 300 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active FOF (Fund of Funds) funds, HTX Ventures invests in 30 top global funds and collaborates with leading blockchain funds such as Polychain, Dragonfly, Bankless, Gitcoin, Figment, Nomad, Animoca, and Hack VC to jointly build a blockchain ecosystem. Visit us here.

Feel free to contact us for investment and collaboration at VC@htx-inc.com

Photo – https://megastockalert.com/wp-content/uploads/2024/09/image_838145_58339345.jpg
Logo – https://megastockalert.com/wp-content/uploads/2024/09/image_ID__Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/htx-ventures-bitcoin-scripting-advances-unlock-potential-for-secure-and-scalable-btcfi-302246924.html

Featured Image: depositphotos @ sdecoret

Disclaimer

This post was originally published on this site

Bitcoin experienced a significant drop, falling to $56,000 amid a broader sell-off in the stock market led by Nvidia. The decline in Bitcoin’s value came as Nvidia (NASDAQ:NVDA) saw its shares plummet due to concerns over its future growth prospects and supply chain issues.

The sell-off in Nvidia stocks created a ripple effect across the market, impacting various sectors and leading to a decline in investor confidence. As a result, many investors turned to liquidating their cryptocurrency holdings, including Bitcoin, to cover losses or shift their portfolios to less volatile assets.

Nvidia’s recent quarterly earnings report highlighted several challenges, including supply chain disruptions and increased competition. These factors contributed to the company’s inability to meet market expectations, causing its stock price to drop significantly. Investors, already jittery from inflation concerns and potential interest rate hikes, reacted swiftly, leading to a broader market sell-off.

Bitcoin, often seen as a hedge against traditional market fluctuations, was not immune to the effects of the stock sell-off. The cryptocurrency’s value dropped as investors sought liquidity and stability. Despite this downturn, some market analysts believe that Bitcoin’s long-term prospects remain positive, citing its growing acceptance and integration into mainstream financial systems.

The drop in Bitcoin’s value also reignited debates about the cryptocurrency’s volatility and its role in a diversified investment portfolio. While some investors view Bitcoin as a digital gold, offering protection against economic instability, others are wary of its unpredictable price swings.

Moreover, the correlation between Bitcoin and stock market movements has been a topic of interest among financial experts. The recent sell-off suggests that Bitcoin’s price may be more closely tied to traditional financial markets than previously thought, challenging the notion of its independence as an asset class.

In the wake of the sell-off, several cryptocurrency exchanges reported increased trading volumes as investors scrambled to adjust their positions. This heightened activity underscores the growing influence of cryptocurrencies in the broader financial landscape and the need for robust trading platforms to handle market volatility.

Looking ahead, the market will be closely watching Nvidia’s next moves and any potential recovery in its stock price. Additionally, investors will be monitoring the broader economic indicators, such as inflation rates and central bank policies, which could further impact both traditional and cryptocurrency markets.

In conclusion, the recent drop in Bitcoin to $56,000 amid the Nvidia-driven stock sell-off highlights the interconnectedness of financial markets and the ongoing challenges faced by both traditional and digital assets. While volatility remains a key concern, the evolving dynamics of cryptocurrencies continue to attract attention and interest from a diverse range of investors.

Footnotes:

Featured Image: depositphotos @ kongvector

Disclaimer

This post was originally published on this site

Bitcoin ATM scams have become a significant concern for both regulators and investors, with losses skyrocketing by 10 times in just three years. This alarming trend underscores the increasing sophistication of scammers and the vulnerabilities within the cryptocurrency ecosystem.

A recent report from the Federal Trade Commission (FTC) revealed that Bitcoin ATM scam losses surged from $3 million in 2019 to over $30 million in 2022¹. This dramatic increase in losses is attributed to the growing popularity of Bitcoin ATMs and the lack of robust security measures in place to protect users.

Bitcoin ATMs, which allow users to buy and sell Bitcoin using cash or debit cards, have proliferated across the United States and other countries. However, their convenience comes with significant risks. Scammers have exploited these machines to defraud unsuspecting users, often by posing as legitimate businesses or government agencies.

One common scam involves fraudsters instructing victims to withdraw cash from their bank accounts and deposit it into a Bitcoin ATM. The scammers then provide a QR code for the victim to scan, which transfers the Bitcoin to the scammer’s wallet. Once the transaction is complete, it is nearly impossible to recover the funds.

The FTC has identified several red flags that can help users avoid falling victim to Bitcoin ATM scams. These include unsolicited calls or messages from individuals claiming to be from a government agency or a well-known company, requests for payment in Bitcoin or other cryptocurrencies, and high-pressure tactics to make immediate payments.

To combat the rise in Bitcoin ATM scams, regulators and industry stakeholders are calling for stricter security measures and better consumer education. This includes implementing Know Your Customer (KYC) protocols, which require users to verify their identity before using a Bitcoin ATM, and enhancing the monitoring and reporting of suspicious transactions.

Moreover, partnerships between law enforcement agencies and cryptocurrency companies are crucial in tracking down and prosecuting scammers. The collaboration between these entities can help in the swift identification and dismantling of fraudulent operations.

Despite the risks, the popularity of Bitcoin ATMs continues to grow. According to Coin ATM Radar, there are over 30,000 Bitcoin ATMs worldwide, with the majority located in the United States. The convenience and accessibility of these machines make them an attractive option for both novice and experienced cryptocurrency users.

However, as the number of Bitcoin ATMs increases, so do the opportunities for scammers. It is essential for users to stay informed about the latest scam tactics and take necessary precautions to protect their investments. This includes being skeptical of unsolicited requests for payment, verifying the identity of individuals or entities before making transactions, and using secure and reputable Bitcoin ATMs.

In conclusion, the surge in Bitcoin ATM scam losses highlights the need for greater vigilance and security in the cryptocurrency market. By implementing stronger safeguards and raising awareness about potential scams, regulators and industry stakeholders can help protect users and maintain the integrity of the Bitcoin ecosystem.

Footnotes:

Featured Image: depositphotos @ timbrk

Disclaimer

This post was originally published on this site

As the financial world braces for the next U.S. jobs report and the Federal Reserve’s interest rate decision, Bitcoin (BTC) traders are keenly watching several critical price levels. These events are expected to significantly influence Bitcoin’s trajectory, potentially leading to heightened volatility in the cryptocurrency market.

The jobs report, scheduled for release shortly, will provide insight into the health of the U.S. labor market. A strong report could bolster the U.S. dollar, putting downward pressure on Bitcoin prices. Conversely, a weaker-than-expected report might weaken the dollar, potentially pushing Bitcoin higher.

Meanwhile, the Federal Reserve’s upcoming decision on interest rates is another pivotal factor. If the Fed signals a more hawkish stance, it could strengthen the dollar and weigh on Bitcoin. Conversely, a dovish tone could support Bitcoin by weakening the dollar and boosting risk assets.

Bitcoin’s current technical setup suggests that traders are eyeing several key levels. On the downside, the $20,000 mark remains a crucial support level. If Bitcoin falls below this level, it could trigger a wave of selling pressure, pushing prices lower. On the upside, the $25,000 level is seen as a significant resistance point. A break above this level could signal a new bullish phase for Bitcoin.

Market sentiment also plays a crucial role. Recent data indicates that institutional investors are increasingly showing interest in Bitcoin. This growing institutional involvement is seen as a positive signal, potentially providing a floor for Bitcoin prices during periods of market turbulence.

Additionally, the broader macroeconomic environment continues to influence Bitcoin. Inflationary pressures, geopolitical tensions, and regulatory developments are all factors that could impact Bitcoin’s price trajectory. Investors are closely monitoring these dynamics as they navigate the uncertain landscape.

In conclusion, the upcoming jobs report and the Federal Reserve’s interest rate decision are poised to be key drivers for Bitcoin in the near term. Traders should keep a close eye on the critical support and resistance levels, as well as broader market sentiment and macroeconomic factors, to make informed decisions in this volatile market.

Footnotes:

Featured Image: Unplash @ traxer

Disclaimer