The recent lawsuit the US Securities and Exchanges Commission has brought against Ripple raises an important question – how do you safely invest in cryptocurrency?
The SEC vs. Ripple lawsuit has been raging on for quite some time now, and recently Ripple CEO took to Twitter to address security concerns about the XRP token.
The tweet was in response to a scam detective who asked if the moment Ripple open-sourced the XRPL server code was the moment when XRP ceased being called a security.
“I think the server code becoming open source was the point where people no longer had to rely on Ripple to maintain the ledger,” Schwartz replied.
What is SEC vs. Ripple All About?
In 2020, the US Securities and Exchanges Commission argued that Ripple Labs, the creator of the XRP cryptocurrency, raised $1.3 billion through an illegal coin offering.
Ripple, in turn, says that XRP should not be considered a security. The outcome of this court case could determine the future of cryptocurrency as we know it.
If Ripple loses, it could tighten regulations in the crypto industry. However, Pro-Ripple lawyer John Deaton remains optimistic.
He says that if SEC wins, there isn’t going to be much of a downside for XRP, and if Ripple wins, it will be clear that XRP is not a security.
How Do You Safely Invest in Cryptocurrency?
The SEC vs. Ripple lawsuit has forced crypto exchanges like Coinbase to unlist XRP, leading to significant price drops and losses to investors.
Cryptocurrencies are notoriously volatile, and investing in them always carries the risk of serious financial casualties.
That being said, if you follow these tips, you can invest in crypto with fewer headaches.
- Ask yourself why you want to invest in the first place. Always expect to suffer some losses along the way.
- Certain crypto exchanges have had a history of attacks from hackers, so make sure you choose one with strong security measures.
- Protect your crypto wallet with strong passwords and two-factor authentication.
- Research the cryptocurrency before you invest in it. Read the token’s whitepaper (basically an in-depth report on the crypt’s use cases and plans for the future) and join crypto forums.
- Plan out a budget and never invest more than you can lose.
The Mysterious Signuptoken.com: A Win/Win Solution?
While presales precede new cryptocurrencies to hype them up, Signuptoken.com has taken a completely different approach.
It uses a sign-up system to get investors on board with the token. Once Signuptoken.com reaches its goal of one million email sign-ups, it will launch on the Uniswap platform.
Only subscribers will receive the news of the coin’s launch, giving it an exclusive, ‘members-only’ feel. Unlike presale coins, investors do not have to fork over any of their cash.
All they have to do is wait for the exciting e-mail in their inbox.
There is no loss if the coin ends up being unsuccessful, and there are only wins if it ends up rising in value.
This new ‘sign-up’ system from Signuptoken.com could change the entire crypto landscape as we know it, and it’s possible other currencies might follow suit.
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