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Top 10 Cryptocurrencies To Buy Before 2023 To Get Rich

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Top 10 Cryptocurrencies To Buy Before 2023 To Get Rich

It is possible to get filthy rich by investing in cryptocurrencies before 2023 begins, check out how

A couple of weeks in the recent past have not really worked in favor of the cryptocurrency market, what serves to be a ray of hope is the bounce-back of the cryptocurrencies, though slow but steady. It’s possible to get filthy rich by investing in cryptocurrencies before 2023 begins but you could also lose all of your money. Investing in crypto assets is risky but also potentially extremely profitable. Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency. While Bitcoin continues to dominate the crypto sector, other promising altcoins are also making headlines as they are attracting many crypto investors lately. So obviously, Bitcoin is not the only crypto option to invest in. This article features the top 10 cryptocurrencies to buy before 2023 to get rich.

Binance Coin

The future of BNB is dependent on the growth of the Binance Exchange platform. And as per the current scenario, Binance Coin’s future looks bright which could pump prices to new highs. And hence as per the BNB price prediction, the BNB price might cross US$610 by the end of 2023. Hence, it is one of the best cryptocurrencies to buy before June to get rich.

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Tether

Tether is a blockchain-based cryptocurrency that is backed by the U.S. dollar. This means there are actual dollars in reserves at financial institutions to serve as collateral. Stablecoins, when fully backed by the dollar, have a 1:1 relationship with USD. You can expect stablecoin prices to stay stable, as the name suggests, unlike popular cryptocurrency counterparts Bitcoin and Ethereum.

USD Coin

USD Coin has a set value of US$1 per coin, and each USD Coin is backed by a US dollar in a separate bank account. This makes USD Coin a popular choice for crypto investors who want to avoid the volatility and price risk associated with big currencies like Bitcoin and Ethereum. It is one of the best cryptocurrencies to buy before June to get rich.

Polygon

Polygon introduced its version of the Ethereum Hardfork, which makes its pricing more predictable, eventually making MATIC deflationary by burning coins. Its purpose is to avoid over-flooding the market with token circulation, eventually improving the overall value of the token.

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Terra

Terra (LUNA) brings a lot of benefits to the market. Its decentralized and permissionless nature makes it ideal for the digital economy. The network offers competitive programmable payments, logistics, and an infrastructure designed to simplify Dapp and stablecoin development.

XRP

Ripple XRP is part of the rapidly-growing cryptocurrency universe that has enjoyed remarkable growth in fortunes over the past year – and continues to make headlines. Because of its consensus protocol, XRP is able to process transactions in seconds at a low cost and with minimal energy. This makes it one of the more environmentally friendly cryptocurrencies. Bitcoin transactions, on the other hand, aren’t efficient. It is one of the best cryptocurrencies to buy before June to get rich.

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Solana

Solana matches up well with Ethereum in two critical areas for development, speed, and low transaction costs. Ethereum’s structure limits transactions per second to 15-30 on its network, creating the bottleneck that results in high gas fees. It has attracted many crypto investors due to its revolutionary qualities.

Cardano

Cardano is a third-generation crypto. Its characteristics offer the best combinations of first and second-generation cryptos, such as Bitcoin and Ethereum. It uses Proof of Stake (PoS) instead of Proof of Work (PoW), improving its sustainability compared to other cryptosystems. Experts recommend investing in Cardano.

Avalanche

Avalanche is one of the few blockchains that can scale without sacrificing decentralization. Its potential for interoperability with many blockchains is limitless. Avalanche blockchains alter consensus algorithms based on the use case, and the network has more validators than other networks. It is one of the best cryptocurrencies to buy before June to get rich.

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Bitcoin

Cash Bitcoin Cash’s supply is capped at 21 million coins. It also reduces the rate of mining by almost 50% every four years, which indicates that its circulating supply also keeps decreasing. Due to coin burns, its market value has witnessed a price hike.

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German Crypto Exchange Nuri Files For Insolvency

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German Crypto Exchange Nuri Files For Insolvency

Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year for startups in the industry. Customer access to the platform’s services and their funds will not be affected, the company assured.

Crypto Exchange Cites ‘Lasting Strain on Liquidity’ as Reason for Insolvency Filing

Berlin-based crypto exchange Nuri, formerly Bitwala, has filed for bankruptcy with a court in the German capital. The company made the move on Tuesday, Aug. 9, after unsuccessful attempts to secure a new financing round, the business newspaper Handelsblatt reported, noting that Nuri is the first German fintech to file for insolvency due to the latest crypto market slump.

In a statement, the exchange remarked that 2022 has been a challenging year for startups, especially those working with financial technologies, due to the effects of the Covid-19 pandemic, political uncertainties and most recently, Russia’s military invasion of Ukraine.

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In addition, negative developments in the crypto space, including major sell-offs, the implosion of the Terra/Luna protocol, and the insolvency of Celsius and other crypto funds have led to a bear market, Nuri said, explaining:

We proceeded with the filling in due time to stay ahead of a lasting strain on the liquidity of our business.

Nuri Clients to Deposit and Withdraw Without Restrictions

The coin trading platform insisted that the filing will not affect its products and services, clients’ funds or investments. Customers will continue to have unimpeded access to their accounts and be able to deposit or withdraw all funds at any time, thanks to a partnership with Solarisbank. This applies to both cryptocurrency holdings and euro deposits.

The crypto exchange also emphasized it remains confident that the temporary insolvency proceedings offer a basis for developing and implementing a long-term restructuring plan. Nuri launched in 2015 and for a few years, until the rebranding in 2021, operated under the name Bitwala.

“This step became necessary to ensure the safest path forward for all our customers,” the company reiterated, and promised its team will do everything possible to ensure that its products and services continue to serve present and future customers.

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Bankruptcy, Bitwala, Crypto, crypto exchange, crypto market, Cryptocurrencies, Cryptocurrency, downturn, Exchange, filing, german, Germany, Insolvency, market, Nuri, Slump, trading platform

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Do you expect other German crypto companies to file for insolvency? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, P365

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Kazakhstan Investigates Crypto Mining Hotel Allegedly Operating As Ponzi Scheme

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Kazakhstan Investigates Crypto Mining Hotel Allegedly Operating As Ponzi Scheme

Authorities in Kazakhstan have launched an investigation into a mining hotel business suspected of being a crypto pyramid as part of an ongoing crackdown on illegal activities linked to cryptocurrencies. The platform, called Bincloud, lured investors through popular messaging apps.

Bincloud Operators Kept 16% of Investors’ Funds for Themselves

Amid intensified efforts to fight crypto-related fraud, Kazakhstan’s Financial Monitoring Agency has initiated a pre-trial investigation into a crypto mining business allegedly working as a financial pyramid scheme. It’s led by the watchdog’s department in the West Kazakhstan region, the FMA announced, quoted by Russian crypto media.

The people behind the Bincloud mining hotel were recruiting investors through the Whatsapp and Telegram messengers, convincing them to put money into the project offering mining equipment rental. As a reward, they were promised to get back 5 to 6% of the invested amount daily.

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The fraudsters withheld 16% of the hotel users’ income, a press release detailed. Kazakhstan’s financial regulators are urging victims of the suspected Ponzi scheme to contact the regional departments of the Financial Monitoring Agency and report about their cases.

The Bincloud investigation comes as part of a government offensive against crime involving cryptocurrencies. Kazakhstan’s police recently busted a gang, the members of which allegedly forced IT specialists to run underground crypto farms on their behalf.

The illegal mining operation brought its organizers an estimated half a million U.S. dollars in monthly income. Media reports have suggested that, just like other, similar undertakings, the crime group could not have acted without protection or some affiliation with high-ranking officials or businessmen.

Business Climate for Crypto Miners in Kazakhstan Is Changing

Maintaining artificially low electricity rates, Kazakhstan became a magnet for crypto mining enterprises when China cracked down on the industry in May, 2021. However, things have changed since then and some companies have already moved their hardware to other mining hotspots.

While the administration of President Kassym-Jomart Tokayev has indicated it wants to develop the country’s crypto industry, the growing energy deficit blamed on the influx of miners influenced its policies in the sector while it also started cracking down on illegal mining.

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In February, Kazakhstan’s head of state emphasized the government in Nur-Sultan is not against crypto mining within the law but insisted that all mining facilities should be identified and inspected by the FMA. The order came as mining companies were facing power cuts during the cold winter months.

In July, Tokayev signed a law which raised the tax burden for registered mining entities. The legislation introduced differentiated tax rates based on the average price of the electricity consumed to mint digital coins, increasing the surcharge enforced in the beginning of the year.

Tags in this story

Crypto, crypto mining, crypto pyramid, Cryptocurrencies, Cryptocurrency, Financial regulators, financial watchdog, Investigation, Kazakhstan, mining hotel, Ponzi Scheme, Pyramid Scheme

Do you expect authorities in Kazakhstan to conduct other investigations in the crypto space? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Artie Medvedev

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Dozen Crypto Companies Await Portugal License Despite Bank Account Closures

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Dozen Crypto Companies Await Portugal License Despite Bank Account Closures

The central bank of Portugal is now reviewing 12 requests from businesses that want to provide crypto-related services in the country. The applications are pending decision amid recent reports that some commercial banks are closing accounts of already approved operators.

Binance Among Cryptocurrency Platforms Seeking Authorization in Portugal

Portugal’s monetary authority is currently evaluating requests submitted by 12 entities that intend to offer Portuguese clients services for virtual assets, Dinheiro Vivo unveiled. The crypto firms need a license from Banco de Portugal (BdP) to work in the country, still considered one of Europe’s most crypto-friendly jurisdictions.

Final decisions on the applications are expected by the end of the year. That’s unless the regulator asks the companies to provide additional information, in which case the deadline could be moved to 2023, the Portugal News English-language portal reported, quoting the business news outlet.

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Among the applicants to enter the Portuguese crypto market is Binance, the world’s largest cryptocurrency exchange by trade volume. The digital currency trading platform has started to recruit talent in the country, having posted six vacancies on its Portuguese page, even though it’s still waiting for a green light from the BdP.

Criptoloja, Mind the Coin, Digital Luso, Utrust, and Bison Digital Assets are the five crypto brokers that are already operating in Portugal. The new requests are an indication that the nation’s crypto industry is developing and is likely to soon grow to a total of 17 registered exchanges.

At the same time, crypto companies are also facing certain challenges. A report recently revealed that major Portuguese banks are closing their accounts or refusing to open new ones, which is hindering normal business activities in the sector.

According to an article published by Jornal de Negócios and quoted by Bloomberg, the banks Caixa Geral de Depósitos, BCP, Santander, Abanca, and BiG are shutting down the accounts of four of the five digital asset managers.

In a statement, the Bank of Portugal said it’s monitoring the problem but also pointed out that its competences, when it comes to crypto assets, do not extend to “areas that go beyond the prevention of money laundering and the financing of terrorism.” The financial authority elaborated:

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The decision to open or maintain bank accounts depends, in these cases, on the risk management policies that each banking institution intends to undertake.

The situation may bring bad publicity to Portugal which had established itself as a crypto-friendly jurisdiction in the past few years. The EU member state attracted many crypto enthusiasts with its zero-percent tax on crypto gains, affordable living costs, and mild Mediterranean climate, especially during the Covid-19 pandemic.

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accounts, authorization, Banco de Portugal, Bank of Portugal, banks, BdP, Binance, Brokers, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Exchanges, License, Portugal, Portuguese

Do you think Portuguese banks will change their attitude towards crypto businesses if Banco de Portugal approves more operators in the sector? Share your thoughts in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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