THE US Federal Reserve revealed Monday that all federal banks are going to use the ISO 20022 system for Fedwire Funds Service, and rumors ran rampant the Robinhood may start listing Shiba Inu coin.

“The Fed Board asks the public to comment on its plan to enable the FFS to start running on ISO 20022,” U.Today reported.

Meanwhile, Shiba Inu coin saw more gains today after unconfirmed rumors that Robinhood might begin listing it spread, according to Stockhead.

Federal Reserve chair Jerome Powell also announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.

Meanwhile, in El Salvador, the country has made its first forays into Bitcoin mining using power generated by a volcano, according to a video released by state-owned geothermal electric company, LaGeo SA de CV.

The first Bitcoin mining rigs have been installed in an energy factory there, where weeks ago, President Nayib Bukele made the cryptocurrency legal tender.

Plus, Bitcoin and Ethereum are going to be traded on Wall Street and Coinbase is now allowing deposits in its accounts from users.

Read our cryptocurrency live blog for the latest news and updates…

  • WHAT IS A DIGITAL WALLET?

    A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.

    They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.

    In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.

    The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.

  • WHAT IS LOGAN PAUL’S CRYPTOZOO PROJECT?

    Logan Paul has described his new project, Cryptozoo, as an autonomous ecosystem where zoo owners can breed, collect, and trade exotic hybrid animals as NFTs (non-fungible tokens).

    Cryptozoo claims that it will allow its users to make hybrid NFT animals that can yield tokens and in return, yield them profit. 

    Users can use the crytocurrency’s native token, $ZOO, and wETH to purchase “NFT eggs” needed for breeding new animals, which would be considered the NFts.

    Paul says he and his team have invested $1million to ensure its success.

  • PAYPAL LAUNCHES CRYPTO SERVICE IN UK

    PayPal recently launched its cryptocurrency service in the UK.

    UK users are now able to buy, hold and sell digital currencies.

    Crypto operations began in the US last October.

  • PREDICTING ETHEREUM PRICE CHANGES

    How the price of Ethereum will change in the future is impossible to know for certain, but experts and investors have still made predictions.

    According to a panel of 42 cryptocurrency experts by comparison site Finder, Ethereum could be worth $4,596 by the end of 2021.

    It could then soar above $10,000 later on to hit $17,810 by the end of 2025 and $71,763 by the end of 2030.

  • WILL ETHEREUM OVERTAKE BITCOIN?

    It’s difficult to say for certain, but it’s possible Ethereum one day overtakes Bitcoin as the dominant crypto, according to Goldman Sachs.

    Last month, the bank said Ether “looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications,” reports Business Insider.

    Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, added to The Sun: “Bitcoin may boast the strongest brand in the crypto world but it doesn’t provide the same opportunities as a launch pad for decentralised apps.”

  • ETHEREUM UPGRADE

    Ethereum (ETH) was released in 2015 and is currently the second-largest cryptocurrency behind Bitcoin, which launched in 2009.

    As well as being used as a cryptocurrency, developers can also build applications and run smart contracts on Ethereum.

    The upgrade is technically called Ethereum Improvement Protocol 1559, or EIP-1559, but it has also been named the “London hard fork.”

  • WHERE DOES COINBASE REVENUE COME FROM?

    The majority of Coinbase’s revenues come from Bitcoin and Ether on the Ethereum blockchain.

    They are currently the number one and number two cryptocurrencies on the market, according to MarketWatch.

  • NFT’S CONTINUED

    Crypto commentator Jonathan Marriott said NFTs provide a legitimate way of verifying ownership and tracking the origins of an item.

    He said: “An NFT lets you record where and when something is made and track the whole process to verify that it is legitimate.

    “The public blockchain element makes it irrefutable. No-one can fake it.”

  • WHAT IS AN NFT?

    An NFT is an asset purchased with online cryptocurrency.

    Owning an NFT means possessing an original work posted to the internet, which can include memes, art, or photos.

    NFTs digitize a piece of work and get stored on the blockchain.

    That means it cannot be replicated and is unique to whoever owns it

  • RISKY BUSINESS

    Remember that buying cryptocurrencies is always a risky business, and you should only invest what you can afford to lose.

    They are extremely volatile, and your cash can fall as well as rise in the blink of an eye.

    It’s important to only invest in things you understand, and some products and cryptocurrency services can be very complex.

    Before investing you should do your research as cryptocurrency firms aren’t regulated like other financial companies.

    This means that you won’t have any protection if things go wrong and you could lose all of your money.

  • FACEBOOK LAUNCH CONTINUED

    “In theory, Novi could launch before Diem,” Marcus told The Information.

    “But it would mean launching without Diem and that’s not necessarily something that we want to do.

    “It all depends on how long it’s going to take for Diem to actually go live and that’s not something I’m personally looking after.”

  • FACEBOOK LAUNCHING VIRTUAL CRYPTO WALLET

    In an interview with The Information, David Marcus said that company leaders “feel pretty committed” to launch the tool called Novi this year.

    Marcus, head of Facebook’s crypto unit, said he would have preferred to release the digital wallet alongside Diem.

    Diem is a digital currency tied to the dollar that the California company is also developing.

    Marcus said the controversial crypto’s timing was uncertain, leading Facebook to launch Novi separately.

  • MORE POSITIVES

    “El Salvador’s adoption of Bitcoin has brought concern from officials in developed nations as well as from international NGOs who often describe Bitcoin as having few redeeming public interest attributes.”

    Despite the risks, a number of nations have already hinted that they too may soon open doors to crypto and deviate from the cautious approach to the e-currency taken by many of the world’s central banks.

  • POSITIVES OF ADOPTING BITCOIN

    Maggie Wu, the CEO of blockchain venture capital firm Krypital Group, says challenges in Bitcoin adoption do exist, however told Forbes she’s optimistic about its future.

    “I believe that Bitcoin adoption is conceivable, especially in the relatively small developing countries with inadequate monetary systems where the recognition of digital currencies there is relatively high,” she said.

    “The blockchain-related infrastructure that can carry digital currencies in most Central and South American countries and regions is not complete, including wallets, exchanges, etc. This is also the direction of our investment focus. We think there is huge potential and value here for fostering crypto adoption throughout the region.

  • FINANCIAL RISKS PART 3

    El Salvador’s economy relies heavily on the remittance market, representing around 20 percent of the nation’s GBP, or around $6 billion annually, according to Forbes.

    Around 95 percent of remittances are sent from Salvadorans working in the US to their families back in their native country.

    But service charge fees for such transfers can make up a significant chunk of the portion sent, particularly with smaller transfer amounts.

  • FINANCIAL RISKS PART 2

    But Bukele has argued that adopting Bitcoin will allow more Salvadorians, about 70 percent of whom don’t have bank accounts, into the formal economy. 

    “Who’d be against something that helps the people and doesn’t do any harm?” he said of his critics.

    “They’re probably politically motivated.”He also argued that it would make it faster and cheaper to receive money from family living abroad.

  • FINANCIAL RISKS OF ADOPTING BITCOIN

    Proponents of El Salvador’s decision have hailed the move as the progressive future of money.

    Critics, however, have derided it as little more than a publicity stunt by Bukele.

    More troublingly, they say the move poses substantial financial risks to ordinary Salvadorians and their country, as cryptocurrency is an infamously volatile market.

    Indeed, the nation’s cryptocurrency rollout got off to a rocky start yesterday with Bitcoin plunging more than 10 percent, seeing its value drop from $52,5000 to $44,000, on its first day as El Salvador’s official currency.

  • EL SALVADOR ADOPTS BITCOIN CONTINUED

    However, those who do not have access to technologies that can carry out Bitcoin are excluded from being required to accept it.

    The US dollar and Bitcoin are now the country’s official currencies.

    It’s the first time Bitcoin has been adopted as a legal tender in a sovereign nation.

  • EL SALVADOR ADOPTS BITCOIN

    The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.

    The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.

    Under the new law, El Salvador will “promote necessary training and mechanisms so that the population can access [Bitcoin] transactions.”

  • ENERGY EFFICIENT CONTINUED

    “Proof-of-stake blockchains like Hedra inherently consumes energy to function – there is no getting around it.

    “The effectiveness of carbon offset is difficult for the lay investor to gauge based on the publicly available information.

    Mt Jobson adds: “Hedera Hashgraph still has a long way to go in proving its concept. The usual warnings over risk and volatility applies here.”

  • ENERGY EFFICIENT

    Myron Jobson, Personal Finance Campaigner, interactive investor, says that one of Hedra’s unique selling points is its purported energy efficiency credentials.

    He told The Sun: “Unlike the Bitcoin network which uses more in one year as the country of Argentina, analysis by Cambridge University suggests, Hedra claims to be a low carbon footprint public ledger.”

    “It is part of the InterWork Alliance’s (IWA) Sustainability Business Working Group which aims to aid global efforts on sustainability in the crypto space by in a number of ways, including standardizing carbon offsets.

  • RISKY BUSINESS

    Remember that buying cryptocurrencies is always a risky business, and you should only invest what you can afford to lose.

    They are extremely volatile, and your cash can fall as well as rise in the blink of an eye.

    It’s important to only invest in things you understand, and some products and cryptocurrency services can be very complex.

    Before investing you should do your research as cryptocurrency firms aren’t regulated like other financial companies.

    This means that you won’t have any protection if things go wrong and you could lose all of your money.

  • WHAT IS HASHGRAPH?

    Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.

    The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.

    HBAR is the cryptocurrency of the Hedera Hashgraph.

  • WHAT WILL SHIBA INU BE WORTH IN 2022, CONTINUED

    Meanwhile, Coin Price Forecast expects Shiba Inu to hit a value of $0.00002336 by the middle of next year.

    It then expects it to end the year at a slightly higher level of $0.00003037.

  • WHAT WILL SHIBA INU BE WORTH IN 2022?

    Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as those guesses are nowhere near guaranteed.

    For example, crypto website Wallet Investor expects a value of up to $0.000018 in a year’s time.

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