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What Business Leaders Should Know About Cryptocurrency

what business leaders should know about cryptocurrency

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ALISON BEARD:  Welcome to the HBR IdeaCast from Harvard Business Review.  I’m Alison Beard.
How do you, as a company or individual, figure out when it’s time to start paying attention to a new technology?  How do you tell whether it’s a flash in the pan or something that will actually go mainstream?  How do you learn about it?  When do you invest resources?  And how do you predict the impact it will have on your business? For many of us there’s a temptation to dismiss the latest thing.  It’s too niche or a passing fad.  But as anyone who studies business knows, those who ignore innovation tend to get trampled by them. Companies can reach a point of no return, where their unwillingness to adapt spells disaster.
Today’s guest says that cryptocurrency might just be one of those key developments that we all need to embrace and understand, as soon as possible, because it and the block chain technology behind it will fundamentally change the way we do business.  Jeff Roberts is the author of the new book, Kings of Crypto, One Startup’s Quest To Take Cryptocurrency Out of Silicon Valley and …

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Bitcoin hit the $19,800 mark. What the IRS wants to know about your holdings

bitcoin hit the $19,800 mark. what the irs wants to know about your holdings

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If you’re cashing in some of your Bitcoin this year, the IRS wants to know about it.On Monday, the cryptocurrency’s value hit new heights, surging beyond $19,800 for a unit of Bitcoin. The asset’s appreciation has skyrocketed this year, rising by 160% in 2020.Understand that if you want to take a few of those holdings off the table, you’ll need to share that information when you file your individual income tax return next spring.More from Smart Tax Planning:Got a scary letter from the IRS? How to dealFive steps business owners can take to trim their taxesSpend down these tax-advantaged dollars or lose themIn fact, the IRS gets right to the point, asking on the first page of the income tax return, or Form 1040, “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”You’ll have to check yes or no.”The first thing with cryptocurrency is that, if you have crypto transactions, you’ll need to report them,” said Andy Phillips, director of the Tax Institute at H&R Block.”The question is front and center — the first thing that they touch on Form 1040,” he said.Checking the “yes” boxPeople …

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Cryptocurrency rising in value as economy prepares for rebound

cryptocurrency rising in value as economy prepares for rebound

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HOUSTON, Texas (KTRK) — With the stock market taking off and the economy set for a rebound, one investment is outshining them all — cryptocurrency.I’ve been watching Bitcoin for years. Not long ago it was at an all-time high, then it went way down. Right now, it’s worth more than $19,000 per coin, making it close to a new record.You are probably hearing a lot about Bitcoin, and as it climbs in value you are going to hear much more about it. You might even consider investing in it.There are a couple of things to keep in mind. Bitcoin is just one of the cryptocurrencies on the market.It is the most valuable and potential losses could be big if it goes down again. One crypto investor told us he would not put any money into the currencies that he was not prepared to lose.Right now may not be the best time to buy in, as the values are rising fast. But this is a good chance to learn about cryptocurrency and then buy in at a lower value.You can buy various cryptocurrencies using an internet-based exchange. The money is virtual, but every year it is …

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Rapper Lil Yachty Dives Into $500 Billion Global Cryptocurrency Market With New Coin

rapper lil yachty dives into $500 billion global cryptocurrency market with new coin

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LOS ANGELES, CALIFORNIA – DECEMBER 15: Rapper Lil Yachty performs onstage during day 2 of the … [+] Rolling Loud Festival at Banc of California Stadium on December 15, 2019 in Los Angeles, California. (Photo by Scott Dudelson/Getty Images)

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Grammy nominated rapper Lil Yachty is dipping his toes into the cryptocurrency water by tokenizing himself with his own “YachtyCoin” to cash in on the $509.5 billion global crypto market. The “social token” arena Yachty will be participating in has become very popular with cryptocurrencies bearing influencer’s names trading on centralized exchanges. As music fans seek digital alternatives to accessing their favorite performers, and desperate for alternatives to traditional investment vehicles, is this setting the stage for the mainstream adoption of digital assets?
The Breakdown You Need To Know:
Yachty’s Ethereum-based token will debut on the swiss-based platform Fyooz. These new social tokens are all the rage recently, since it allows rappers and influencers alike to accept these coins as currency, redeemable for goods and services. Yachty is one of the most followed social influencers today, followed by 9.8 million followers on Instagram, 4.2 million on twitter, 5.2 million followers on Tik Tok and 10 million plus listeners on Spotify. Ownership of a token can effectively give …

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2020’s worst cryptocurrency breaches, thefts, and exit scams

2020’s worst cryptocurrency breaches, thefts, and exit scams

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2020 has been a year few of us will forget any time soon, and as businesses clamor to either stay afloat or weather the storm the COVID-19 pandemic has caused — let alone everything else that’s happened over the past 12 months — in the criminal underground, business is booming. 

Of particular interest to cyberattackers over the past few years is cryptocurrency. An alternative to traditional, bank-controlled fiat currency, cryptocurrency has evolved from the Wild West in speculative trading to something more akin to a stable financial structure, projects of which are supported by blockchain technologies, an area now being explored by tech giants including IBM, Google, and Microsoft.  However, many blockchain and cryptocurrency-related technologies are still experimental and speculative; vulnerabilities can lead to wallets — and the crypto stored within — becoming compromised, and there are still cases of exit scams and fraudulent coin launches, known as Initial Coin Offerings (ICOs).  Cases of data breaches, theft, and investor losses are still very much in existence. Below are the worst recorded incidents, month by month, over the course of 2020.  January: Poloniex: Poloniex disclosed a data breach and forced a mass password reset for users after credentials were leaked across social media.  February: …

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Cryptocurrency and Bitcoin Forge Into Mainstream Investment Research

cryptocurrency and bitcoin forge into mainstream investment research

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Today Bitcoin (BTC) passed its record high as certain members of the Economic Moderns Family digest their recent gains.Cryptocurrency as an alternative currency has pushed for widespread acceptance since the launch of the first Bitcoin in 2009. Even more so, it has become a movement for investors who see it as a place to park money long term, with the idea that eventually it will become a highly used and accepted currency across the world. This idea has been reinforced by JPMorgan Chase, who is working to create a stable environment for crypto payments. Along with a growing number of supporting banks, institutional investors have also begun to buy crypto currency.However, our newly adopted family member (BTC or GBTC) still hasn’t lost its surprising amount of volatility as he was trading briefly below 16,500 on Friday the 27th. High volatility has been a key reason institutional investors have stayed away from crypto, yet as it becomes more accepted it could also become more stable in its price movements as today it made a quick recovery back to highs. An article about the WinkleVoss twins came out. You remember them-the ones that sued Zuckerberg for stealing their alleged IP.They …

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Stellar and Ripple stood out as top gainers in the cryptocurrency market bull run

stellar and ripple stood out as top gainers in the cryptocurrency market bull run

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Ripple and Stellar continue to lead other altcoins at the end of the year bull cycle.
Ripple’s immediate upside capped under $0.7 as bulls fight to keep the price above $0.65.
Stellar rallied more than 22% in the last seven days, emerging as the top gainer among major altcoins.

The cryptocurrency market has been on a constant rollup in the last seven days. Stellar (XLM) and Ripple (XRP) emerged as top gainers of the week, posting 8.6% and 22.7% in gains, respectively. On the other hand, Bitcoin recorded a 6% upswing after rallying to new all-time highs.

Ripple and Stellar displayed stability on Thanksgiving Day

Last week the cryptocurrency market was engulfed in mayhem as cryptoassets across the board suffered significant declines. For instance, Bitcoin dived massively to test support at $16,200, as reported, while Ethereum spiraled to the support at $480.

The majority of altcoins suffered decent drawdowns on Thanksgiving Day last week. Bitcoin Cash plunged by 30%, testing the buyer congestion zone at $251. Recovery has already ensued with BCH lilted above $300.

Litecoin saw a 29% pullback from highs above $90 to the support established at $64. Following the bullish wave in the market since the weekend, LTC has resumed the uptrend and is dancing at $90.

Similarly, Chainlink tanked 30% after brushing …

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How to Buy Cryptocurrencies

how to buy cryptocurrencies

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The cryptocurrency market has been on a steady rise since October 2020. As of this writing, stablecoin powerhouse Bitcoin has reached a value of about $19,400 per coin as it steadily approaches its all-time high of $19,665. This price increase has brought value to a wide range of other cryptocurrency options along with it, providing investors with a plethora of affordable coin offerings.

If you’re thinking about investing in the cryptocurrency market, it’s never been easier to make your first crypto purchase. Before you begin, you’ll need to choose which cryptocurrency to buy, where you’d like to invest and where you’d like to store your coins. Our guide will help you get started buying, selling and trading cryptocurrency — no matter which coins you’re interested in. 

Step 1: Open an Account.

Though the cryptocurrency market is decentralized, it’s much easier, faster and safer to purchase cryptocurrencies using a trading platform when compared to purchasing coins directly from other investors or waiting for an initial public offering. A cryptocurrency broker operates in much the same method as a stock brokerage platform. You’ll place orders using your broker’s platform, and your broker will fill them on your behalf, …

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Bitcoin hits an all-time high

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It’s been a wild year for bitcoin, which has soared more than 175 per cent since the end of 2019. Prices plunged below A$5450 in March as markets around the globe plummeted due to the COVID-19 economic crisis. Bitcoin has staged a remarkable recovery despite the downturn in the global economy. (Nine)Payments giants Square and PayPal both now allow their customers to buy and sell bitcoin. Money management giant Fidelity is launching a bitcoin fund for wealthy investors. Bitcoin futures contracts are even trading on the Chicago Mercantile Exchange.Prominent investment managers Paul Tudor Jones, Stanley Druckenmiller and Mike Novogratz are bullish on bitcoin as well.In other words, the days of bitcoin being considered just a fringe investment are over. The cryptocurrency has gone legit.”This rally is driven by smart and institutional money and not built solely on retail over-speculation,” said Guy Hirsch, managing director for the US at eToro, brokerage and trading firm. “So many more individuals and asset managers are now buying in.” The rise of the cryptocurrency Bitcoin is being driven by smart institutional money, experts say. (AAP)The amount of bitcoin currently in circulation is now worth more than A$496 billion.Bitcoin also got a …

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Facebook-Spearheaded Libra Cryptocurrency May Finally Debut in January 2021

facebook-spearheaded libra cryptocurrency may finally debut in january 2021

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The good news for Facebook’s Libra digital currency initiative is that its long-awaited debut appears to be imminent. The bad news is that Libra will likely emerge in a format that is heavily scaled down from its original plans.Hannah Murphy of Financial Times reported this past weekend that Libra will roll out in January, citing three unidentified people involved with the project, but it will debut in the form of one coin based on the U.S. dollar, rather than the initial plan of digital versions of several currencies.Facebook declined to comment on the report.The initial plan, according to the Libra White Paper, was to roll out a multicurrency Libra coin as a complement to existing currencies, and not as a competitor.Concerns over potential interference with monetary sovereignty and policy if the use of Libra reached significant scale promoted the addition of single-currency “stablecoins” tied to currencies including the Euro, the Singapore dollar, the U.K. pound and the U.S. dollar.Murphy reported that the multicurrency coin and the single coins tied to the other currencies were still on the table and would be rolled out at a later point.The debut date for …

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