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Ripple and XRP Mentioned During US Congressional Hearing: How It Happened

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Thu, 01/30/2020 - 19:11
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  • US lawmakers discuss XRP and other cryptocurrencies during a congressional hearing that was set to decide the fate of cash

Cover image via www.123rf.com
Contents

XRP, the third-largest cryptocurrency, has been mentioned during a recent congressional hearing called ‘Is Cash Still King?' 

Rep. Tom Emmer [R-MN6] asked Christina Tetreault, senior policy counsel for Consumer Reports, whether she was familiar with some of the top cryptocurrencies. She had no problem recognizing both Ripple and XRP. 

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Protecting cash

More and more American businesses are ditching cash in favor of digital payments that are way more convenient to deal with.   

The Financial Technology Task Force discussed whether the US Dollar is still a viable option for payments.

The Payment Choice Act of 2019, which was sponsored by Rep. Donald Payne [D-NJ10], would prohibit companies to stop accepting cash. This would prevent the financial discrimination of Americans who don't have bank accounts.

About 25 percent of US households remain unbanked.   

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Bullish for crypto

The bill also highlights the necessity for decentralized payment options. Blockchain lawyer Gabriel Shapiro told Forbes that it could be "extremely bullish" for Bitcoin. 

"The idea that cash is necessary in society is extremely bullish for Bitcoin...This is a huge opportunity for Bitcoin and any other truly decentralized cryptocurrencies," said Shapiro. 

However, as reported by U.Today, Ripple CEO Brad Garlinghouse opined that BTC was not suitable for micropayments because of its scalability issues.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Sun, 03/29/2020 - 19:38
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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

Cover image via stock.adobe.com
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Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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