New cryptocurrency<\/h1>\n

In February, Tesla purchased $1.5 billion in bitcoin, helping send prices to a then-record high. Tesla then sold about 10 percent of it \u2014 to the tune of $101 million \u2014 according to its first-quarter earnings report. https:\/\/illuminateaustralia.com\/life-death-and-when-is-the-best-time-to-play-slot-machines-in-casinos\/<\/a> The sale made it possible for Tesla to turn a record profit. Indeed, Tesla made more selling bitcoin than cars. Musk has since tweeted that the company only sold bitcoin to \u201cconfirm BTC could be liquidated easily without moving market.\u201d<\/p>\n

In 2018, the SEC dinged Musk and Tesla $20 million each after his tweet that he had \u201cfunding secured\u201d to take Tesla private at a much higher share price sent the stock soaring. Funding hadn\u2019t been secured. The settlement required Musk to run market-moving Tesla tweets by the company lawyers \u2014 something he hasn\u2019t been doing.<\/p>\n

Now, as even JPMorgan’s bitcoin-skeptic chief executive Jamie Dimon begins to warm up to bitcoin, Elon Musk has teased the possibility of buying Tesla cars with his favorite meme-based bitcoin rival dogecoin\u2014declaring “dogecoin to the moon” despite revealing what he thinks is the “true currency” last month.<\/p>\n

Shares of companies that provide trading platforms for Bitcoin and the technology to mine the cryptocurrency have surged in China, South Korea and Australia, and big computer chip-making firms such as SK Hynix also rose.<\/p>\n

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Shiba is a digital currency that emerged in 2020, drawing inspiration from the popular meme coin trend. It is designed as a decentralized ecosystem, emphasizing community involvement and democratization of currency. The ecosystem is built around two primary tokens: the SHIBAI, which possesses deflationary characteristics, encouraging holding and staking for passive income, and the SHICOD token, which plays a role in rewards and governance within the ecosystem.<\/p>\n

Other coins\u2019 teams tried the same thing, and SHIB has certainly had its share of copycats, including BitShiba, Shiba Fantom, Shibalana, King Shiba, SHIBAVAX, Captain Shibarrow, SHIBA2K22, SpookyShiba, and many others.<\/p>\n

SHIB tokens can be purchased directly on Binance with a credit or debit card. You can also trade other cryptocurrencies for SHIB on the Binance Exchange. Read our How to Buy SHIB guide for more instructions.<\/p>\n

October 2021 was another period of surge for Shiba Inu, highlighting the volatile nature of meme coins and their susceptibility to rapid changes in market sentiment. This period of increased speculative activity underscored the community’s enthusiasm and speculative interest in SHIB futures.<\/p>\n

The project has also been recognized outside of the traditional crypto spaces, being listed on Forbes’ “30 Under 30” list, which showcases its growing influence and the attention it’s garnering from broader audiences.<\/p>\n

What is cryptocurrency<\/h2>\n

At present, India neither prohibits nor allows investment in the cryptocurrency market. In 2020, the Supreme Court of India had lifted the ban on cryptocurrency, which was imposed by the Reserve Bank of India. Since then, an investment in cryptocurrency is considered legitimate, though there is still ambiguity about the issues regarding the extent and payment of tax on the income accrued thereupon and also its regulatory regime. But it is being contemplated that the Indian Parliament will soon pass a specific law to either ban or regulate the cryptocurrency market in India. Expressing his public policy opinion on the Indian cryptocurrency market to a well-known online publication, a leading public policy lawyer and Vice President of SAARCLAW (South Asian Association for Regional Co-operation in Law) Hemant Batra has said that the “cryptocurrency market has now become very big with involvement of billions of dollars in the market hence, it is now unattainable and irreconcilable for the government to completely ban all sorts of cryptocurrency and its trading and investment”. He mooted regulating the cryptocurrency market rather than completely banning it. He favoured following IMF and FATF guidelines in this regard.<\/p>\n

After the early innovation of bitcoin in 2008 and the early network effect gained by bitcoin, tokens, cryptocurrencies, and other digital assets that were not bitcoin became collectively known during the 2010s as alternative cryptocurrencies, or, “altcoins”. Sometimes the term “alt coins” was used, or disparagingly, “shitcoins”. Paul Vigna of The Wall Street Journal described altcoins in 2020 as “alternative versions of Bitcoin” given its role as the model protocol for cryptocurrency designers. A Polytechnic University of Catalonia thesis in 2021 used a broader description, including not only alternative versions of bitcoin but every cryptocurrency other than bitcoin. “As of early 2020, there were more than 5,000 cryptocurrencies. Altcoin is the combination of two words “alt” and “coin” and includes all alternatives to bitcoin.” : 14<\/p>\n

The market capitalization of a cryptocurrency is calculated by multiplying the price by the number of coins in circulation. The total cryptocurrency market cap has historically been dominated by bitcoin accounting for at least 50% of the market cap value where altcoins have increased and decreased in market cap value in relation to bitcoin. Bitcoin’s value is largely determined by speculation among other technological limiting factors known as blockchain rewards coded into the architecture technology of bitcoin itself. The cryptocurrency market cap follows a trend known as the “halving”, which is when the block rewards received from bitcoin are halved due to technological mandated limited factors instilled into bitcoin which in turn limits the supply of bitcoin. As the date reaches near of a halving (twice thus far historically) the cryptocurrency market cap increases, followed by a downtrend.<\/p>\n

Crypto marketplaces do not guarantee that an investor is completing a purchase or trade at the optimal price. As a result, as of 2020, it was possible to arbitrage to find the difference in price across several markets.<\/p>\n

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At present, India neither prohibits nor allows investment in the cryptocurrency market. In 2020, the Supreme Court of India had lifted the ban on cryptocurrency, which was imposed by the Reserve Bank of India. Since then, an investment in cryptocurrency is considered legitimate, though there is still ambiguity about the issues regarding the extent and payment of tax on the income accrued thereupon and also its regulatory regime. But it is being contemplated that the Indian Parliament will soon pass a specific law to either ban or regulate the cryptocurrency market in India. Expressing his public policy opinion on the Indian cryptocurrency market to a well-known online publication, a leading public policy lawyer and Vice President of SAARCLAW (South Asian Association for Regional Co-operation in Law) Hemant Batra has said that the “cryptocurrency market has now become very big with involvement of billions of dollars in the market hence, it is now unattainable and irreconcilable for the government to completely ban all sorts of cryptocurrency and its trading and investment”. He mooted regulating the cryptocurrency market rather than completely banning it. He favoured following IMF and FATF guidelines in this regard.<\/p>\n

After the early innovation of bitcoin in 2008 and the early network effect gained by bitcoin, tokens, cryptocurrencies, and other digital assets that were not bitcoin became collectively known during the 2010s as alternative cryptocurrencies, or, “altcoins”. Sometimes the term “alt coins” was used, or disparagingly, “shitcoins”. Paul Vigna of The Wall Street Journal described altcoins in 2020 as “alternative versions of Bitcoin” given its role as the model protocol for cryptocurrency designers. A Polytechnic University of Catalonia thesis in 2021 used a broader description, including not only alternative versions of bitcoin but every cryptocurrency other than bitcoin. “As of early 2020, there were more than 5,000 cryptocurrencies. Altcoin is the combination of two words “alt” and “coin” and includes all alternatives to bitcoin.” : 14<\/p>\n