SHIBA INU COIN: 5 THINGS TO KNOW ABOUT THE NEW CRYPTOCURRENCY

SHIBA Inu coins are one of the latest cryptocurrencies to hit the market – we round up five things you need to know.

It comes as crypto fans are on the hunt for the next success story to follow Bitcoin.

Read more here.

EXPLAINED: WHAT IS BITCOIN

Bitcoin got you baffled? Here’s what you need to know:

• Bitcoin is a virtual currency
• It’s traded between people without the help of a bank
• Every transaction is recorded in a public ledger, or “blockchain”
• Bitcoin is created by mining
• Mining involves solving difficult maths problems using computer processors
• Bitcoin can be traded anonymously, which can make it a popular way of funding illegal activities
• The value of Bitcoin fluctuates wildly
• Bitcoin is one of many different cryptocurrencies but by far the most popular

WATCH: MOMENT CYBER COPS SWOOP ON CRIME BOSS AND HACKER GRANT WEST SEIZING HALF A MILLION POUNDS WORTH OF BITCOIN

COINBASE SAYS DOGECOIN TRADING WILL ARRIVE IN THE COMING WEEKS

In the first question asked after its first ever results, Coinbase has said that dogecoin trading will be arriving on its platform in the next “six to eight weeks”.

Even as the cryptocurrency has shot up both in prominence and price, it has been practically difficult to buy. The new announcement could help change that.

MUSKS’S BITCOIN TURAROUND PLEASES SOME TESLA INVESTORS

Elon Musk’s decision to stop accepting bitcoin as payment over environmental concerns has been well-received by some of Tesla Inc’s investors, offering a warning to corporate peers mulling a dabble with the cryptocurrency.

The Tesla boss’ tweets, which had helped drive some of the gains in bitcoin in recent months, this week triggered a 17% slide in the value of the cryptocurrency when he said his company’s customers would no longer be able to use bitcoin to buy its cars.

Driving the decision, Musk said, was concern over the amount of energy it takes to “mine” bitcoin, with much of it done in China using cheap, climate-destroying thermal coal. Tesla could revisit the decision if the situation changes, he added.

Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process.

More than half a dozen investors in the electric vehicle maker contacted by Reuters said they were happy with Musk’s decision on bitcoin.

THE SUN EXPLAINS: WHAT IS CARDANO?

Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.

It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation. The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.

It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

WHAT’S THE VALUE OF TETHER?

The value of Tether is currently sitting at 71p ($1), according to CoinMarketCap.

It’s remained at this level in the past 24 hours, in comparison to larger plunges in the wider cryptocurrency markets today.

Tether dropped to its lowest level ever on April 27, 2017, when it fell to a value of 65p ($0.92).

A month later, Tether then hit its record peak of 79p ($1.11) on May 27, 2017.

Its market cap is currently £41.1billion ($57.7billion), according to CoinMarketCap.

TEACHER LOSES HOUSE DEPOSIT IN FAKE ‘ELON MUSK’ BITCOIN SCAM

A teacher broke down in tears after losing her house deposit in a fake ‘Elon Musk’ Bitcoin scam.

Julie Bushnell said she felt ashamed and embarrassed after falling victim to the cryptocurrency con that cost her £9,000.

The scam was posted on a fraudulent website made to look like the BBC.

It used the name of entrepreneur billionaire Tesla and SpaceX CEO Elon Musk to suggest she could double her money in a Bitcoin giveaway.

Julie, from Brighton, East Sussex, forked out $12,650 (£9,007) which she had saved for a deposit on her first home.

More on the story here.

THE SUN EXPLAINS: WHAT IS TETHER?

Tether (USDT) was originally launched as Realcoin in 2014, but has since changed its name and been updated over the years.

It’s described as a “stablecoin”, which is a type of cryptocurrency that aims to keep crypto values stable. Tether aims to do this by pegging the price to a regular “fiat” currency, like US dollars, Euros or the Chinese yuan.

British pounds aren’t currently available, according to its website. By using blockchain technology, Tether users are said to be able to store, send and receive digital tokens mirrored against their chosen currency.

Tether claims to keep values steady by holding reserves in that currency in a bank, Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun.

However, she added: “Tether has still witnessed spikes and sharp falls in price.

JACK DORSEY’S SQUARE HAS NO MORE PLANS TO BUY BITCOIN AFTER 20M LOSS

Fintech company Square, owned by Twitter CEO Jack Dorsey, said it has no more plans to buy Bitcoin for its corporate treasuries after losing $20million in its investment in the last quarter.

“We don’t have any plans at this point to make further purchases,” Square’s chief financial officer Amrita Ahuja told Financial News.

“There’s no plans at this point to re-evaluate where we are from a treasury standpoint.”

RISKS OF CRYPTOCURRENCY

THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

• Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
• Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
• Product 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. 
• Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

WATCH: WHAT IS THE CRYPTOCURRENCY DOGECOIN?

DOGE FIGHT

One of Dogecoin’s co-creators has reportedly labelled Elon Musk a “self-absorbed grifter” after Tesla stopped taking bitcoin for its electric cars.

In tweets seen by the Independent, Jackson Palmer hit out at the billionaire entrepreneur, who has nicknamed himself The Dogefather.

The Australian, who created Dogecoin in 2013 with Billy Markus, wrote: “Reminder: Elon Musk is and always will be a self-absorbed grifter.”

RISKS OF CRYPTOCURRENCY

THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

• Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
• Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
• Product 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. 
• Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

BITCOIN CHANGES ‘EVERYTHING FOR THE BETTER’ SAYS TWITTER’S JACK DORSEY

Jack Dorsey tweeted today that bitcoin “changes everything for the better”.

He added: “And we will forever work to make bitcoin better”.

It comes after the news that Dorsey’s company Square would no longer be buying in the cryptocurrency for its corporate treasuries following a $20million loss.

MUSKS’S BITCOIN TURAROUND PLEASES SOME TESLA INVESTORS

Elon Musk’s decision to stop accepting bitcoin as payment over environmental concerns has been well-received by some of Tesla Inc’s investors, offering a warning to corporate peers mulling a dabble with the cryptocurrency.

The Tesla boss’ tweets, which had helped drive some of the gains in bitcoin in recent months, this week triggered a 17% slide in the value of the cryptocurrency when he said his company’s customers would no longer be able to use bitcoin to buy its cars.

Driving the decision, Musk said, was concern over the amount of energy it takes to “mine” bitcoin, with much of it done in China using cheap, climate-destroying thermal coal. Tesla could revisit the decision if the situation changes, he added.

Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process.

More than half a dozen investors in the electric vehicle maker contacted by Reuters said they were happy with Musk’s decision on bitcoin.

WHAT IS CARDANO?

Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.

It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.

Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.

The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.

It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.

ELON MUSK LOSES $20BILLION FOLLOWING SATURDAY NIGHT LIVE

Elon Musk’s net worth has taken a $20billion hit since the Tesla and SpaceX CEO hosted Saturday Night Live over the weekend.

While the eccentric billionaire hosting the comedy sketch show was controversial, it was not the reason behind his net worth plunge.

Forbes reported Musk’s drop in wealth on Thursday, attributing the hit to cryptocurrencies, like Bitcoin and Dogecoin, and Tesla losing value.

However, he is still worth around $145.5billion, making him the world’s second-richest man.

Bitcoin shares have taken a big hit in recent days after Musk announced on May 12 that Tesla would no longer accept it as payment for its electric vehicles.

TEACHER LOSES HOUSE DEPOSIT IN FAKE ‘ELON MUSK’ BITCOIN SCAM

A teacher broke down in tears after losing her house deposit in a fake ‘Elon Musk’ Bitcoin scam.

Julie Bushnell said she felt ashamed and embarrassed after falling victim to the cryptocurrency con that cost her £9,000.

The scam was posted on a fraudulent website made to look like the BBC.

It used the name of entrepreneur billionaire Tesla and SpaceX CEO Elon Musk to suggest she could double her money in a Bitcoin giveaway.

Julie, from Brighton, East Sussex, forked out $12,650 (£9,007) which she had saved for a deposit on her first home.

More on the story here.

HOW RISKY IS KISHU INU?

All cryptocurrencies are risky.

The pricing is volatile and you could lose all your money.

There is no regulation of individual coins so you are not protected if something goes wrong or if you have been scammed.

Newer coins such as Kishu Inu can also be more risky as they don’t have a long track record so it can be harder to verify their value and performance.

It is harder and can take longer compared with regulated investments to get your cash out, especially if you are dealing with a smaller exchange.

Many coins may also appear popular but could be part of pyramid schemes.

JACK DORSEY’S SQUARE HAS NO MORE PLANS TO BUY BITCOIN AFTER 20M LOSS

Fintech company Square, owned by Twitter CEO Jack Dorsey, said it has no more plans to buy Bitcoin for its corporate treasuries after losing $20million in its investment in the last quarter.

“We don’t have any plans at this point to make further purchases,” Square’s chief financial officer Amrita Ahuja told Financial News.

“There’s no plans at this point to re-evaluate where we are from a treasury standpoint.”

RISKS OF CRYPTOCURRENCY

THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

• Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
• Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
• Product 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. 
• Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

DOGE FIGHT

One of Dogecoin’s co-creators has reportedly labelled Elon Musk a “self-absorbed grifter” after Tesla stopped taking bitcoin for its electric cars.

In tweets seen by the Independent, Jackson Palmer hit out at the billionaire entrepreneur, who has nicknamed himself The Dogefather.

The Australian, who created Dogecoin in 2013 with Billy Markus, wrote: “Reminder: Elon Musk is and always will be a self-absorbed grifter.”

RISKS OF CRYPTOCURRENCY

THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

• Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. 
• Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
• Product 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. 
• Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.  
• Marketing materials: Firms may overstate the returns of products or understate the risks involved.

BITCOIN CHANGES ‘EVERYTHING FOR THE BETTER’ SAYS TWITTER’S JACK DORSEY

Jack Dorsey tweeted today that bitcoin “changes everything for the better”.

He added: “And we will forever work to make bitcoin better”.

It comes after the news that Dorsey’s company Square would no longer be buying in the cryptocurrency for its corporate treasuries following a $20million loss.