You can’t go anywhere nowadays without hearing the words Dogecoin, Robinhood, and Bitcoin all three associated with Cryptocurrency. Something that is popular but not many knows what cryptocurrency is. Google defines Cryptocurrency as a form of payment used for goods and services, just like money, but not exactly. Unlike the U.S. Dollar, Cryptocurrency is not backed by any government or a financial intuition and solely traded online. The allure of trading Cryptocurrency has drawn many with the promises of fast money, riches, and financial freedom.
Though the details about crypto are vague this is not stopping new and seasoned investors alike from taking every dollar they can to invest in a virtual coin of their choice. With came with a slew of scammers promising to help investors make money with Crypto finding people via social media, email, and even text message with promises of making millions investing in Cryptocurrency. The FTC has recognized that many unsuspecting consumers have fallen for the bait and created a consumer information page to inform consumers. Even the coins themselves aren’t safe from scammers according to Forbes in 2014 Bitcoin exchange Mt. Gox went offline and the investors lost their Biotins with no regulations over $850,000 in Bitcoins were lost with no explanation. The Robinhood app was invented just a year earlier this along with Coinbase would eventually have extra security.
States are recognizing the implications that Virtual Currency either modifying bills or introducing bill to include Crypto and Virtual Currency to various bills. Arizona passed bill HB2544H on February 23rd created a study committee on Virtual Currency. New Jersey introduced the Digital Asset and Blockchain Technology Act to attempt to regulate Virtual Currency. Last but not least Missouri modifies Bill 2532H.01 adding the words virtual currency to prepare for possible virtual money laundering.
Trading Crypto has looks to have been an issue as well. According to Verge.com Robinhood found itself in hot water on May 4th as many users took to Twitter in frustration as the app crashed during a Dogecoin spike preventing traders from buying or selling. According to the article, this was the second time that the app experienced trouble. April 16th Robinhood experienced sporadic outages during a spike in cryptocurrencies causing users to have issues trading on the platform. Trading crypto, especially Dogecoin, does not appear to be slowing down anytime soon. Investor.com reported on May 6th that Mark Cuban predicted that Dogecoin will $1 and stay there, creating a buzz and hyping investors to invest in the coin as quickly as possible. Despite Mark Cubin’s prediction Dogecoin price fell to .44 cents from .73 during Elon Musk’s appearance on SNL according to CNN.com.