Cryptocurrencies are capable of achieving world trade and business at the snap of a finger – digital trade is expedient in ways once deemed impossible in the days of analogue dollars.
Digital money is superior for climbing over the barriers separating physical, government-issued pounds, dollars, euros, dinars and shekels.
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Bitcoin once had the reputation of being the preferred currency for the purveyors of the Dark Web, who were buying and selling prohibitive items without government interference. Now, cryptocurrency has acquired mainstream approval from investors and the business world in general in 2020.
The convenience and speed of cryptocurrency sets this form of currency apart from traditional, pre-digital cash.
Investors or purchasers can send Canadian dollars to Europe, have them converted into euros then have the funds deposited into the accounts of their choice instantly and anonymously at competitive exchange rates. Often, cryptocurrency investors pay only a couple of dollars or less in fees.
Bitcoin – the most familiar cryptocurrency – was invented in 2008 by an unknown person (or persons) with the anonymous name of Satoshi Nakamoto. Bitcoin entered the world markets in 2009, when this digital-based currency was released as open-source software.
Bitcoin used peer-to-peer technology. Central authorities never manage digital transactions using Bitcoin or other cryptocurrencies.
Banks and governments don’t own or control Bitcoin, since this digital currency is designated as being open-source, otherwise known as software derived from the original source code, becoming available for redistribution – sometimes featuring modifications with fees attached.
Cryptocurrency is used for quick peer-to-peer transactions and worldwide payments on a growing footing. The practicality, anonymity and low processing fees attached to Bitcoin, Ethereum and thousands of other cryptocurrencies are making them hot items on international markets.
Investors are advised to have diverse portfolios if they invest in cryptocurrencies, in case the prices of their investments crash. Bitcoin is one of the most successful digital assets, reportedly with a market capitalization of close to $180 billion as of September 2019. This cryptocurrency effectively created several millionaires since being launched in 2009.
With financial success comes criminal ingenuity.
Cryptocurrency scammers arrived on the scene as digital-led economy grew, hoping to produce marks out of novice investors who didn’t realize the differences between their Tethers and Chainlinks.
Writing for COINTELEGRAPH, Joseph Young reported on a story from Sept. 27 about an unknown hacker behind the KuCoin breach, who was trying to unload stolen ERC-20 tokens on Uniswap – a decentralized exchange network opened in November 2018 and intended for cryptocurrency traders and investors.
However, blockchain technology has assisted investigators in tracing Ethereum and other cryptocurrencies, meaning digital money can’t be laundered or stolen as easily as the online thieves and hustlers might think.
If proper enquiries into the origins of stolen or laundered digital funds are followed through, online crimes involving cryptocurrency can be rectified through studying the blockchain links. A blockchain represents a list of records linked to secure communications, such as cryptocurrency transactions. Blockchains contain timestamps and transaction data and are purposed to add security to digital funds.
Aside from attempts at blatant theft and laundering, phone and online scams are used to trick people into making false cryptocurrency investments.
Tim Falk in the online magazine Finder offered advice on detecting crypto scams in an article written on May 26, 2020.
Non-legitimate cryptocurrency websites have addresses beginning with http instead of https – the data sent to these websites isn’t secure.
The word “Secure” or a padlock image should appear on the website’s address bar.
Search for spelling and grammar mistakes on the website, along with awkward phasing.
If the website promises unrealistic returns, consider this a scammer’s opportunity lying in wait.
Search for an “About Us” page to discover the story behind each website for investors who are seeking to extend their portfolios.
Search for reviews. Study other investment pages and see what the cryptocurrency community is saying about them prior to investing. Find who the registered owners of the domains or websites are. Avoid websites who lure others with celebrity endorsements. Finally, unsolicited messages sent through emails or social media regarding cryptocurrency investments should be binned and the senders should be reported and blocked.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
