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It’s a happy day for over 70 million customers using the Venmo application from PayPal. Investors can now buy cryptocurrencies using this mainstream gateway. Where they can use digital currencies and wallets to purchase crypto. This becomes a massive step by Venmo to offer a gateway to digital trading. It is currently supporting Bitcoin, Ethereum, and Litecoin to current clients.
Additional Features
The brand’s new feature came to the market arena on Wednesday. The new feature came with several video tutorials. The tutorials showcased users how to purchase digital currencies. The company
made sure there are enough guides on the App. Where all the videos will explain and answer the frequently asked questions. These videos will also clear myths evolving around digital currencies.
Buying and Processing Cryptocurrencies
From digital wallets, customers can now buy digital currencies using their balance. According to a statement, users can buy via finances connected to their bank accounts. Venmo also announced how they would process these requests. All their digital purchases would go via Paxos Trust, located in New York, for processing.
The Cryptocurrencies Performance
Digital currencies have been performing well since some weeks ago. The industry has become a hotspot for digital trading and investments. The shares and market values are volatile but increase every week. Coinbase had increasing shares flying from 60 percent to nearly 400 dollars. Their stock danced nearly at 328 dollars with all sales recorded. This allowed Coinbase to scoop a market value of around $86 Billion.
How Much is the Crypto on Venmo
The Coronavirus pandemic doesn’t seem to be a hindrance to the booming business any longer. Any prospective customer of PayPal can purchase digital currencies. It can be from as low as 1 dollar. A statement came on Wednesday. It stated that users could click on the menu to navigate through the option “Crypto.” Upon clicking on the “Crypto button,” users should see the opportunity for the purchase.
The Digital Trade Trends
Numbers
can tell that the cryptocurrency trade has now become a gold mine. Due to the digital trade performance, we can see big companies talking about crypto. Visa is actively aiding their clients to get crypto trades with financial packages. There is a felt high demand curve due to the increasing numbers of clients interested.
Cryptocurrencies like Bitcoin were trading at nearly $11,000 in October. Which was standing at almost $55,000 this month. Soon, we may see Bitcoin in the mainstream market arena due to this curve and performance.
Regardless of the outstanding achievements by Bitcoin and Coinbase. Several miners are not convinced about cryptocurrencies due to their “volatile” characteristics. This volatility is typically geared by speculations to gain from the skyrocketing prices. The absence of tangible valuations also catalyzes this doubt. As “zero assets” leads to unfair valuations.
In March 2021, the financial watchdog in South Korea brought forth a draft. This draft will see enforce proposed measures in April. These new rules have the Korean Financial Service Commission (FSC) approval. The primary purpose of these is to deal with illegal cryptocurrency transactions. This proposal led to numerous bans of individual accounts. Particularly for those who came from countries “blacklisted” by FSC. Among the countries affected by the move include Iran, Iceland, and N. Korea.
The New Law Comes to Effect
Early in April, the senior government officers and other economists initiated a meeting. It was for discussing more regulations and procedures to track illegal crypto business. Later on,
the implementation came to effect on 10th April 2021. This will ensure money laundering and fraudulent financial activities comes to a stop.
Furthermore, the crypto laws have come with rigid guidelines. These rules will ensure investors have remitted their returns after accumulating turnovers. Including their investments in Bitcoin business ventures. The FSC requested all crypto-oriented businesses and corporations to exercise a quality exercise. The reason behind this proposal was to monitor illegal money laundering. Now, the new guidelines are much stricter. Firms will have to disclose illegal crypto ventures and other crimes. These reports will assist the Korean intelligence unit in further investigations. This will help decrease the number of fraudulent acts happening in this sector.
Make Careful and Sound Decisions
Gu Yoon-Cheol is the head of the Office for Government Policy Coordination. He also urged all individuals to avoid carelessness. Especially when making decisions related to all digital currencies. He went further to show the public how crypto assets lack intrinsic value.
As the South Korean government continues to face more rigid financial guidelines. The Financial Supervisory Service went ahead to focus on the cryptocurrency – Bitcoin. The meeting discovered that Bitcoin had a pricing gap. Particularly when comparing the crypto exchange globally and the businesses in South Korea. The exchange in Korea is maintaining a gap of 10 % while selling Bitcoins.
Violations, Fines, and Imprisonment
The new
law also comes with a brand new “punishment procedure.” This will apply to service providers to comply with KYC and AML guidelines. It will also help regulate violations & negligence of responsibilities by the stakeholders.
Also, the client’s reports should reveal all crypto transactions that occurred. This report will minimize the acts of financial crimes. The failure to comply with the newly established guidelines may attract huge fines.
Tax Resolution for 2022
We can witness a 20 % of taxation the next year. This will also apply to digital currency turnovers. The implementation will be to a given threshold on gains.
April has been good so far for most of the crypto assets. Bitcoin and Ethereum were the go-getters with the most surge in the top 10 segments. However, the last few days didn’t turn out to be profitable for these two cryptos. Where we witnessed correction in the prices of both these big-shots. Assets like BND, LINK, BAT were also some of the crypto coins corrected in the market. Surprisingly where all the assets are in the red zone. There is one coin that is passing expectations, Dogecoin.
It is one of the most loved coins by the community, with fans across the globe. We saw an
unexpected surge in the Doge market where the coin made one of the wildest runs. But the community has other plans for this coin. They are promoting 20th April as a holiday and naming it the “Doge Day.” A coin that was never taken seriously is now targeted to reach $1 on its day.
What is Doge Day?
20th April is presumably given as the date for doge day by its ever-growing community. People are already hyped about this. They are posting on various social media platforms about buying dogecoin on the 20th.
Dogecoin has already riled up to unexpected territories. Therefore, we can safely say that it achieved significant financial landmarks. No one expected this at the start of 2021 that dogecoin will hit 50 billion in valuation. This valuation has made it even more prominent. More so than massive companies like ford and Marriott. But, if it by any chance achieves the given target on 20th April. It will become even more extensive than some of the blue-chip companies in the market.
What are the chances of this?
It surprised most of us to see when the entire market corrected itself; Doge was not ready to budge. Eventually, we saw a drop from $0.45 to $0.24, but it was not as big as we expected. After hiking by almost 3
times, its slow-paced drop is a clear sign of resistance. Research also says that around 64K address bought doge between $0.25-0.31. It also reveals the buying of about 16 billion Doge.
It also says that they were willing to buy more but couldn’t due to less money. Therefore, this resulted in its resistance. We can witness a doge rally on the sentiments of its supporters. As there are thousands of people on Twitter claiming to be Dogecoiners. All of these supporters are coming together to push this token on 4/20 above $1.
What does the Market study say?
Before one week, if someone were to say DOGE will hit $1 on 4/20, people will take it as a joke. Today, if we look at the current price trend and the grip of dogecoin exceeds fundamentals. However, nobody is recommending investing in this. People are assuming to invest by witnessing crazy social support for the coin. It will be exciting to see how Dogecoin performs on 4/20.
When it comes to digital coins mainly crypto, safety is the biggest concern. The main reason for this is hackers and fishing websites everywhere. Due to which people are now inclined to use hardware wallets and store their holdings. Hardware wallets are devices embedded with private keys. You can use this to keep their crypto assets.
These devices are safer than phone wallets as they are not directly synced with the internet. So, in this article, we make a list of hardware wallets. Below are the 5 best hardware wallets which you can use to store your holdings.
1. LEDGER NANO X
Developed by a Paris-based company called Ledger. Its production houses are present France.
Whereas, the company operates through its offices in San Francisco. Ledger Nano X is probably the best hardware wallet available in the market as of now.
Price- Currently, you will have to pay $119 for owning this wallet.
Features-
- The weight of this product is 34g, and the size is 72mm × 18.6mm × 11.75mm.
- The body of this device is stainless steel and plastic.
- It contains a 100 mAh battery.
- It supports Bluetooth connectivity. Therefore, this device is easily connected to your smartphone and pc without any wire.
- It supports multiple cryptocurrency storage.
- The package of this product comes with few accessories. It has 1 USB C cable, 3 recovery sheets, a keychain for this device, and Ledger stickers along with the device.
Coins Supported- Bitcoin, Bitcoin Cash, Binance Coin, Litecoin, Ethereum, Ripple, Monero, Neo.
2. TREZOR T
This is another high-end model from Trezor and is which offers much more features.
Price- $159, which is a bit high.
Features-
- All features are the same as Trezor’s one. Along with that, it also comes with a touchscreen instead of buttons. The device also supports more coins than the cheaper model.
- It package comes with a seal over the connector. The box also comes with one Type C USB cable. You also get a recovery seed card and stickers along with the device. It also comes with a magnetic dock.
Supported coins- It supports Cardano, Monero, Tezos, Ripple. Also, coins supported by Trezor One.
3. LEDGER NANO S
This
device is also from Ledger company and very popular in the hardware wallet industry.
Price- The price of this product is $59, which is pretty affordable.
Features-
- The size of this product is 39 × 13 × 4 mm, and the weight is only 5.9g.
- You get support for multiple software wallets.
- It supports 18 installable apps.
- The package comes with similar accessories. It comes with 1 micro-USB cable, one keychain along with keyring. You also get one lanyard. The box also comes with a recovery sheet.
Supported coins- This device supports 1184 coins in total. This includes Bitcoin, Litecoin, Monero, Ripple, Stellar, Dogecoin, Eos, Ethereum, etc.
4. KEEPKEY
Keepkey might be the last hardware wallet on our list, but it is nothing less than the others.
Price- The product costs around $99.
Features-
- This device comes with an OLED display and is aluminum-made.
- There’s a KeepKeey hardware wallet in the package. You also get a USB cable, and, Warranty card. It also has a recovery card which you can use to write down hints.
Supported coins- The wallet supports most of the ERC20 tokens. It supports major coins like Bitcoin, DASH, Litecoin, Ethereum, Dogecoin, etc.
5. TREZOR ONE
Another best pick for hardware wallets is the Trezor One. It offers many amazing features and benefits to users.
Price- It costs around $99.
Features-
The device is very sleek in design and looks great.
You can use this device with Mac OS x, Windows, and Linux.
Supported coins- The wallet supports 1064 coins in total. This list includes Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Tether, Stellar, etc.