Assets

The decentralized nature of the cryptocurrency ecosystem makes it extremely difficult for newbies in the system to purchase or sell their assets.

It seems that cryptocurrency and bitcoin debit cards are becoming popular worldwide. Visa Inc. a giant payment and financial services company with $81 billion in total assets, has launched a bitcoin debit card in Australia and it is expected to go live in September.

As cryptocurrency prices take a deep plunge in the market, the community seems to have lost interest in the asset. According to data published by Arbor Data Science, search activity related to the word "crypto" is decreasing in the United States.

India is leading the way in cryptocurrency investment over the past 12 months, despite tough regulatory threats in the country. Investment in digital currencies began to rise in the middle of last year (2020) as the Kovid 19 pandemic spread at a rapid pace.

Iran has long been known as a crypto-friendly nation, but in the recent past it has changed its view towards this emerging industry. Currently, authorities in Iran are in the process of arresting bitcoin and cryptocurrency miners on a large scale. The move is a threat to the entire cryptocurrency industry as it cripples its planned growth.

Ever since Bitcoin experienced one of its largest pullbacks in May this year, critics have once again used this volatility to attack Bitcoin, saying it is not a good store of value because its price can fall 40% in a week. While that argument sounds logical at first, my own deeper analysis delivers a rather alarming result.

As the month-long skyrocketing of the digital currency market continues, Elon Musk the CEO of Tesla and SpaceX has come out to refute claims that he is a person behind the current bitcoin pump-and-dump scheme in early 2021.

The cryptocurrency market has lost over $849 billion in the past month but this has not threatened some of the investors. About 81% of the cryptocurrency investors have remained more sanguine despite this dramatic market downtrend.

There has been a significant increase in the use of digital currencies ever since Covid-19 pandemic started. However, scammers have taken advantage of the pandemic to scam cryptocurrency users, investors and other innocent people. Last week alone, an investor in the UK lost more than $283,200 through a cryptocurrency scam.