Cryptocurrency E-News: “News With a Purpose” Thursday, 05/20/2021
While cryptocurrency experienced a decrease in price overall starting with Bitcoin and the alt-coins following, we are able to see an increase in price today. While cryptocurrencies have not been able to recover complete value, they are beginning to increase in value from yesterday’s moderate decrease. There are some positive news that may allow us to see why cryptocurrencies may increase in value even after China and Inner Mongolia have decided to reverse their stances on cryptocurrencies.
There is an increase in adoption of Bitcoin and cryptocurrencies from the traditional sectors. We are able to see banks looking to have cryptocurrency trading desks as well as the ability to use cryptocurrencies either for all customers or only the wealthy customers. This is due to the volatility that exists in the cryptocurrency market. This is also one of the reasons why China may be reversing their stance on cryptocurrency. While China and Inner Mongolia have reversed their previous stances, we know that in the past they have also reversed stances. We are also able to see that there are countries that are cryptofriendly in Asia from South Korea to Japan.
Another sign of adoption of cryptocurrency is Bovada Sportbetting allowing individuals to be able to deposit Ethereum into their accounts in order to allow individuals to use funds for their work. It is important to know the rules and regulations of each country and state prior to creating an account. The important point is manner in which cryptocurrencies are being used as payment options for the buying of goods or the use of services.
On the information of cryptocurrency buying or selling, every cryptocurrency could be taxable based on the state or country that one lives in. There are news concerning the need to document the use of cryptocurrency during tax time in order to allow for the ability for accurate tax deductions or payment of taxes.
On the cryptocurrency news, there is also the discussion concerning if cryptocurrencies should attempt to implement better methods to eliminate electricity misuse. While there are two main camps that either like or hate Bitcoin, it is important to note that there are reasons why some cryptocurrencies can improve their energy uses. Not all cryptocurrencies are like Bitcoin, and even Bitcoin can have a use in cryptocurrency. With newer cryptocurrencies and newer upgrades, it is interesting to see how cryptocurrencies will change. We have seen Ethereum change from a proof-of-work protocol to the protocol that is energy efficient. There are other cryptocurrencies that are able to provide cryptocurrency rewards without using large quantities of energy.