Tag: Crypto

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Crypto Market Analysis

Daily Crypto Review, August 14 – ETH Price Skyrocketing; BitMEX Implementing KYC Procedures

The cryptocurrency market had mad a slight rally in the past 24 hours, with Ethereum leading the way with a price gain of almost 8%. Bitcoin is currently trading for $11,723, which represents an increase of 1.33% on the day. Meanwhile, Ethereum gained 7.61% on the day, while XRP gained 4.96%.

The cryptocurrency market had mad a slight rally in the past 24 hours, with Ethereum leading the way with a price gain of almost 8%. Bitcoin is currently trading for $11,723, which represents an increase of 1.33% on the day. Meanwhile, Ethereum gained 7.61% on the day, while XRP gained 4.96%.

The cryptocurrency market had mad a slight rally in the past 24 hours, with Ethereum leading the way with a price gain of almost 8%. Bitcoin is currently trading for $11,723, which represents an increase of 1.33% on the day. Meanwhile, Ethereum gained 7.61% on the day, while XRP gained 4.96%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Waves gained 36.29% on the day, making it the most prominent daily gainer. Algorand (34.02%) and Reserve Rights (25.27%) also did great. On the other hand, Ampleforth lost 14.74%, making it the most prominent daily loser. It is followed by Aragon’s loss of 12.46% and yearn.finance’s drop of 11.04%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly since we last reported, with its value currently at 60.08%. This value represents a 0.76% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced an increase in value since we last reported. Its current value is $368.07 billion, which represents an increase of $9.15 billion when compared to yesterday’s value.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

Bitcoin spent the day trying to get back near $12,000 after a day of consolidation. Its price made a sharp move towards the upside and broke the $11,630 resistance level, but stopped at $11,850 and then started to retrace. This retracement is most likely a test of the newly-passed resistance (now support). If Bitcoin’s price holds up above it, there is a good chance that we can see another move towards the $12,000 mark in the near term.

BTC traders should look for an opportunity when BTC spikes after the confirmation of its position.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA and its 21-period EMA
  • Price is above its middle B.B
  • RSI is neutral (54.81)
  • Volume is decreasing
Key levels to the upside          Key levels to the downside

1: $12,000                                1: $11,630

2: $12,300                                2: $11,460

                                                 3: $11,090

Ethereum

Ethereum is the star of the day, as its price has skyrocketed over the course of the last 24 hours. The second-largest cryptocurrency by market cap saw a massive increase in volume while its price went from below-$400 levels all the way up to $432. Ethereum is now consolidating at around $420 and trying to test the $415 support level.

Traders should look for a trade when Ethereum confirms its position above $415 (or fails to do so).

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period and its 50-period EMA
  • Price is above its top B.B.
  • RSI is overbought (71.94)
  • Volume is average (one-candle spike)
Key levels to the upside          Key levels to the downside

1: $415                                     1: $$400

2: $496                                     2: $361

                                                  3: $340

Ripple

XRP had a great day and outperformed Bitcoin as well. The third-largest cryptocurrency by market cap ended up gaining almost 5% on the day after breaking above the $0.285 resistance level. As we noted in our previous report, breaking this level is key to pushing further towards the upside, and XRP’s future moves towards $0.31 are a bit more realistic now. However, for the time being, the current progress got stopped by the top B.B. at $0.3, and XRP started consolidating and (possibly) testing $0.285 as support.

Traders can look for an opportunity right after XRP increases in volume and heads towards $0.31.

XRP/USD 4-hour Chart

Technical factors:
  • Price is above the 21-period and 50-period EMA
  • Price is between its middle and top B.B.
  • RSI is neutral (57.75)
  • Low volume
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285  

2: $0.32                                     2: $0.266

3: $0.245

 

Categories
Crypto Guides

What Is Crypto Arbitrage Trading?

Introduction Arbitrage is known as ARB, and this trading technique is used to facilitate the purchase and sale of similar assets simultaneously. This offers traders the opportunity to gain profits from different price levels. This form of trade acquires profit by leverage market inefficiencies. So if there is a price difference between identical securities in various […]

Introduction Arbitrage is known as ARB, and this trading technique is used to facilitate the purchase and sale of similar assets simultaneously. This offers traders the opportunity to gain profits from different price levels. This form of trade acquires profit by leverage market inefficiencies. So if there is a price difference between identical securities in various […]

Introduction

Arbitrage is known as ARB, and this trading technique is used to facilitate the purchase and sale of similar assets simultaneously. This offers traders the opportunity to gain profits from different price levels. This form of trade acquires profit by leverage market inefficiencies. So if there is a price difference between identical securities in various markets, we get winning opportunities. This is a great method to gain risk-free profit from discrepancies in prices. While this method comes to determining the ideal arbitrage opportunities and implementing it efficiently is quite challenging.

There are two types of crypto arbitrage:

Regular Arbitrage

It refers to purchasing and buying the same digital assets on various exchanges with considerable price differences.

Triangular Arbitrage

It encompasses price differences between three currencies on the same exchange. Traders to leverage the price difference through various conversions.

Although both approaches can be highly profitable, there are more challenges to identify opportunities for triangular arbitrage. Moreover, a large volume of trading on a similar exchange may qualify the trader for competitive fees, resulting in a positive impact on the profits.

Arbitrage Trading in the Crypto Market

While the concept remains the same, it involves different assets. There are hundreds of exchanges operating across the globe that allow people to purchase cryptocurrencies. Cryptocurrency prices are constantly changing across different exchanges. There are many social, political, and economic reasons that contribute to these changes. Arbitrage trading in this landscape is quite straightforward and depends on determining profitable paths.

Identifying the Right Path in Arbitrage Trading Paths

Arbitrage trading is extremely sensitive to time. Variations in the prices are temporary in nature. Potential trading profits generally stand between 1% and 6% per transaction. Therefore, traders need to leverage the right arbitrage software and tools to scan and monitor the market in real-time.

The opportunity for the cryptocurrency is calculated by determining the overlap between the lowest ask prices and the highest bid prices. So when the price of the bid is higher in one exchange than the asking price on another crypto exchange, this is designed as an arbitrage opportunity. Similar to any other method of crypto trading, there are certain risks associated with it. But people have created different strategies to mitigate the risks as much as possible.

Advantages of Crypto Arbitrage Trading

💰 With the right profit, it is a credible way to boost the capital. Similarly, it is all about speed, and you will make money quicker with regular trades.

💰 Most exchanges do not share and operate on their own. Typically, cryptocurrencies experience many rapid rises and sudden falls, resulting in price disparities and profitable arbitrage potentials.

💰 There are over 200 exchanges where you can purchase and sell cryptocurrencies. This means there are tons of profitable arbitrage opportunities.

Contrary to the market speculations, crypto arbitrage has witnessed massive success. It has proven a way to make some extra money without putting much effort. Considering that digital money is not subjected to social influences, and no-one controls them, people are highly inclined towards their potentials to increase in value in the near future.

Categories
Crypto Videos

Binance Confirms Crypto Debit Cards Are Shipping Out! Get Yours!

UPDATE – Binance Confirms: Crypto Debit Cards Now Shipping to Europe Binance has confirmed that the shipping of its crypto debit cards to European countries following a tweet from Changpeng Zhao, the CEO Binance. Zhao, also known as CZ, posted a tweet announcing that Binance has begun with shipping a limited quantity of Binance crypto cards […]

UPDATE – Binance Confirms: Crypto Debit Cards Now Shipping to Europe Binance has confirmed that the shipping of its crypto debit cards to European countries following a tweet from Changpeng Zhao, the CEO Binance. Zhao, also known as CZ, posted a tweet announcing that Binance has begun with shipping a limited quantity of Binance crypto cards […]

UPDATE – Binance Confirms: Crypto Debit Cards Now Shipping to Europe

Binance has confirmed that the shipping of its crypto debit cards to European countries following a tweet from Changpeng Zhao, the CEO Binance. Zhao, also known as CZ, posted a tweet announcing that Binance has begun with shipping a limited quantity of Binance crypto cards on July 24. He added that the cards are, for the time being, only being shipped to users in the European Economic Area.
CZ’s social media post regarding the card shipments.


While most companies would issue a press release boasting about the card shipments, CZ did this in quite an unorthodox way: by tweeting the news out unofficially on July 25.
“They started shipping in limited quantities as of yesterday. That’s what I heard,” the Binance exchange CEO said, referring to the Binance Card.
Binance made an announcement regarding the issuance of the card in April 2020, right after the company’s acquisition of Swipe, a company specializing in digital asset debit cards.
Binance future crypto card plans


The crypto exchange platform giant noted that the card would soon expand its reach out of just Europe. A Binance representative confirmed that the Binance Card would be available to order in the UK shortly.
The representative did not give any specific details on the card’s geographic expansion, but he did confirm that compatibility for additional countries will come as time passes.
While most businesses struggled during the worldwide economic uncertainty, Binance continues its growth in 2020, with its crypto debit card holding as one area of expansion.

Categories
Cryptocurrencies

eToro Wallet Review: How It Works, Key Features, & Supported Currencies

eToro is one of the safest and most popular cryptocurrency wallets. It is availed freely to all eToro trading account holders and is specially designed to hold several crypto coins. It also facilitates the transfer or redemption of crypto coins on different crypto trading platforms and exchanges. Some of the key factors contributing to its rich reputation include its exceptional security, sophisticated design that supports multiple cryptocurrencies, its highly competitive charges, and the fact that that it has the backing of the most reputable online trading platform.

eToro is one of the safest and most popular cryptocurrency wallets. It is availed freely to all eToro trading account holders and is specially designed to hold several crypto coins. It also facilitates the transfer or redemption of crypto coins on different crypto trading platforms and exchanges. Some of the key factors contributing to its rich reputation include its exceptional security, sophisticated design that supports multiple cryptocurrencies, its highly competitive charges, and the fact that that it has the backing of the most reputable online trading platform.

eToro is one of the safest and most popular cryptocurrency wallets. It is availed freely to all eToro trading account holders and is specially designed to hold several crypto coins. It also facilitates the transfer or redemption of crypto coins on different crypto trading platforms and exchanges. Some of the key factors contributing to its rich reputation include its exceptional security, sophisticated design that supports multiple cryptocurrencies, its highly competitive charges, and the fact that that it has the backing of the most reputable online trading platform.

In this eToro wallet review, we will be detailing these factors and highlighting more that make this wallet unique. We will explore the security measures that the online crypto wallet has put in place, provide you with a step-by-step guide on how to interact with the wallet, and compare its efficiency with that of leading hardware and software wallets.

Here is everything you need to know about the eToro crypto wallet:

Key Features

OS compatibility: eToro mobile wallet is highly versatile and compatible with multiple operating systems including Android and iOS.

Multicurrency support: The eToro online wallet supports 100+ cryptocurrencies and tokens. These include the all-popular crypto coins like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BTCH), Litecoin (LTC), and the ERC-20 Tokens.

Multi-lingual support: eToro is a global brand and both their trading platforms and crypto wallets are available to individuals in 100+ countries across the world. Both the website and wallet are also available in over 20 international languages.

Inbuilt exchange: While the eToro wallet doesn’t let you send cryptocurrencies to the eToro trading platform, it features an inbuilt-exchange. This Allows any eToro wallet user to convert one crypto for another without going through the eToro trading platform. It also makes it possible for you to easily receive or send cryptocurrencies to other wallets and crypto exchanges.

Payment cards integration: You can also link the eToro wallet with either your debit or credit cards. This means that you can buy cryptos or withdraw earnings directly to your debit/credit card.

Easy to use wallet: eToro mobile is also easy to use. For instance, the wallet has a relatively straightforward onboarding process. The process of sending and receiving coins into the wallet is also easy.

A large number of trading pairs: In addition to the more than 120 cryptocurrencies and tokens supported by the eToro and its inbuilt exchange, the mobile wallet users are exposed to more than 500 crypto trading pairs.

eToro Security Features

Password: Like most crypto wallets, the eToro wallet app has a password as its primary security measure. You set this unique multi-character password when installing the mobile app.

Two-factor authentication: This security feature provides an added layer of safety by tying your crypto wallet to your phone number, effectively eliminating the possibility of remote hackers gaining access to your digital assets. The two-step verification becomes necessary when logging into the wallet and when transferring crypto to other wallets or exchanges.

High-grade encryption: eToro has introduced the high-grade encryption used on its trading platform to the eToro mobile wallets. Here, the crypto wallet employs different levels of encryption that cover every aspect of the mobile wallet, from the storage of private keys to the wallet’s communications with third parties service providers including payment processing platforms like debit card and credit card companies.

No access to your private keys: eToro doesn’t give you access to your private keys. Rather, it stores them in an encrypted format within the wallet addresses. This further minimizes the chances of unauthorized persona gaining access to your digital assets.

Password recovery: When installing and activating your eToro wallet, you will be provided with a unique and private recovery key. You will need it to recover your private keys should you forget your wallet password or lose the mobile device holding your wallet.

On-Chain address: In addition to keeping the private keys on your behalf, the eToro crypto wallet creates a unique and private on-chain address for you. This is unique, and allows you to send, receive, and store your digital assets anywhere on the blockchain.

Setup and Configuration

Setting up your eToro wallet account is easy and straightforward. And it starts with downloading the free mobile wallet app and registering a new account. We have broken down this registration process. Here’s a step-by-step guide on how to go about it:

Step 1: Download and install the mobile wallet app

You can download the eToro mobile app for free from the official eToro website, Google Play Store (Android version), or App Store (iOS version).

Step 2: Create an account

Creating an account is quite easy. You only need to click on “join” at the top left-hand corner of the page and follow the prompts. Here, you will be required to enter a valid email address, password, and country of residence. Ensure you tick that you have read the terms and conditions before proceeding to the next step.

Step 3: Account verification

eToro clients are subjected to the standard KYC and AML protocols. First, the eToro Wallet team will send you a confirmation email where you need to verify your email. Next, you will be required to verify identity. It starts with an extended registration form that captures such personal details as your name, date of birth, physical address, and mobile phone number.

You then have to verify these details by providing the team with a photo of a government-issued identification document (ID/passport/driving license).

According to eToro, these are verified manually to ensure that only legitimate crypto traders have access to trading wallets, which goes a long way in curbing fraudulent crypto activities as well as eliminating cases of scams.

Step 4: Activate the app and start trading

Once verified, the app directs you to the user dashboard. Start depositing cash, buying, and selling crypto.

How to send cryptocurrencies to another wallet 

Step 1: Log into your eToro wallet via iOS or Android mobile application.

Step 2: Click on balance and select the cryptocurrency you wish to send.

Step 3: Select “Send” and enter the amount you would like to send as well as the recipient’s public address. Here, you have the option of keying in the wallet address or scanning their QR code.

Step 4: Confirm that the recipient’s address is correct and click “send.”

Step 5: You should receive an SMS with a verification code. Copy the code and click on “verify” to complete your transaction.

Step 6: You can check the status of your transaction by clicking on the “transactions” screen.

How to receive currencies from another wallet

Step 1: Start by logging into your eToro mobile wallet

Step 2: Head over to the “Balance” section and click on the digital currency you wish to receive.

Step 3: The app displays the wallet address corresponding to that coin. Copy and forward it to the parties from whom you wish to receive the cryptos.

Supported currencies

eToro operates in over 100 countries and supports over 120 different currencies and tokens. Some of the most popular ones include:

  • Litecoin (LTC)
  • Ethereum (ETH)
  • Bitcoin (BTC)
  • Stellar (XLM)
  • Tether (USDT)
  • Ox (ZRX)
  • Bitcoin Cash (BCH)

You can interact with the above currencies in crypto casinos such as Zet, True Flip, and CasinoFair.

eToro mobile wallet fees

eToro doesn’t charge you for downloading and installing their crypto mobile app. Neither do they charge subscription fees for using it. You will, however, be charged transaction fees every time you transfer cryptocurrencies out to other wallets and crypto exchanges.

This transaction fee varies based on such factors as the crypto coin involved and the amount of crypto transferred. Note that these blockchain fees aren’t imposed by eToro but by the individual cryptocurrency networks in which they are transfered, and collected by the blockchain miners responsible for verifying the different crypto transactions.

Your credit and debit card providers will also charge payment processing fees every time you buy crypto directly using a debit or credit card.

Additionally, eToro maintains Fiat-to-crypto conversion limits whereby a single transaction must have a minimum value of $125 and not exceeding $10,000. Further, verified retail crypto traders can only convert a maximum of $20,000 per day and a maximum of $50,000 per month. The crypto-to-crypto exchange limits, on the other hand, are set at $50,000 (crypto equivalent) per transaction and $200,000 (crypto equivalent) per day.

eToro wallet will also charge a 0.1% fee for in-app crypto-to-crypto conversions with the conversion rates set based on the market rates. Note also that the direct crypto purchase via debit/credit cards is yet to roll out worldwide and you might, therefore, (based on your country of residence) be forced to use third-party platforms like Simplex for your fiat-to-crypto conversions that charge a standard fee of 4% of the transaction amounts.

How does eToro compare with other wallets?

eToro wallet vs CoolWallet S

Besides the fact that both are mobile cryptocurrency wallets, CoolWallet S is a bit expensive. It retails at around $99. However, its high price might be because it is a mobile hardware wallet. And while they both are considered relatively safe, CoolWallet S boasts several premium security features – including the recovery seed. eToro on the other hand upbeats CoolWallet S in the number of supported currencies. eToro gives its wallet holders access to over 120 cryptocurrencies while CoolWallet Swallet only features 22 crypto coins.

eToro wallet vs. Ledger Nano S

Ledger Nano S is one of the most popular and one of the safest crypto hardware wallets. It can hold 1,000+ cryptocurrencies and tokens compared to the eToro wallet’s 120. It also features more security features including the storage of private keys in an offline environment. But while eToro mobile wallet is free, Ledger Nano S currently retails at $59 (exclusive of tax and shipping fees). Ledger Nano S also gives you absolute control over your coins. eToro’s inbuilt exchange and support for direct crypto purchases via debit and credit cards, however, make the crypto mobile app more versatile.

Customer Support

eToro mobile wallet’s customer supports start with their highly elaborative FAQs page on their website. It highlights and provides solutions to all the common challenges faced by different users when interacting with the crypto wallet app.

There are also several avenues through which eToro wallet users can request and access customer support. You can start by raising a support ticket on the website’s Help Center. Additionally, you may raise your queries by messaging eToro wallet support through such social media pages as Twitter, Facebook, and Telegram.

Pros and Cons of eToro Wallet

Pros

  • Easy-to-use and is suitable for new and expert traders
  • Has a trusted reputation for security and reliability
  • Supports fiat currencies and fiat-to-crypto conversions
  • Popular currencies include Ethereum, Bitcoin, and Litecoin
  • No need to memorize public and private keys

Cons

  • Can only be used on mobile devices
  • One may consider the number of cryptocurrencies and crypto pairs supported by eToro mobile wallet limited
  • eToro crypto wallet app is not available to US residents

Final Verdict: Is eToro Wallet safe?

eToro crypto wallet app has taken adequate security measures aimed at keeping their client’s digital assets safe. These include an optional 2-factor verification protocol, high-grade encryption of all the app’s communications with other wallets and third-party service providers as well as control over access to the private keys.

Other factors that may endear it to most users include the fact that it is free, allows for direct crypto purchases via credit/debit cards, and its ease of use. The only downside to the mobile crypto wallet is that the mobile wallet app has no desktop app alternatives.

Categories
Crypto Market Analysis

Daily Crypto Review, August 13 – Crypto Loans Entering the Market; Bitcoin Temporarily Stuck at $11,600

The cryptocurrency market had a day where almost no cryptocurrencies ended up in the red. Even though the gains were mostly small, only five cryptocurrencies lost in the past 24 hours. Bitcoin is currently trading for $11,582, which represents an increase of 1.88% on the day. Meanwhile, Ethereum gained 4.37% on the day, while XRP gained 1.11%.

The cryptocurrency market had a day where almost no cryptocurrencies ended up in the red. Even though the gains were mostly small, only five cryptocurrencies lost in the past 24 hours. Bitcoin is currently trading for $11,582, which represents an increase of 1.88% on the day. Meanwhile, Ethereum gained 4.37% on the day, while XRP gained 1.11%.

The cryptocurrency market had a day where almost no cryptocurrencies ended up in the red. Even though the gains were mostly small, only five cryptocurrencies lost in the past 24 hours. Bitcoin is currently trading for $11,582, which represents an increase of 1.88% on the day. Meanwhile, Ethereum gained 4.37% on the day, while XRP gained 1.11%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Numeraire gained 161.01% on the day, making it the most prominent daily gainer. Aragon (90.43%) and BitShares (41.67%) also did great. On the other hand, Divi lost 4.38%, making it the most prominent daily loser. It is followed by Compound’s loss of 2.5% and Aave’s loss of 1.85%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly since we last reported, with its value currently at 60.84%. This value represents a 0.53% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a major increase in value since we last reported. Its current value is $358.92 billion, which represents an increase of $13.32 billion when compared to yesterday’s value.

_______________________________________________________________________

What happened in the past 24 hours?

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_______________________________________________________________________

Technical analysis

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Bitcoin

After a day of sharp decline, Bitcoin spent the day trying to restore the lost value. However, while the largest cryptocurrency by market cap did gain a few percent and rose to $11,600 levels, the $11,630 resistance seems to be holding the price in place quite well. Bitcoin will need to pass this level confidently (and soon), or BTC bears will consider this the start of a bear move.

BTC traders should look for an opportunity when BTC crosses $11,630.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently below its 50-period EMA but above its 21-period EMA
  • Price is slightly above its middle B.B
  • RSI is neutral (48.49)
  • Volume is decreasing
Key levels to the upside          Key levels to the downside

1: $11,630                                 1: $11,460

2: $12,000                                 2: $11,090

3: $12,300                                  3: $10,850

Ethereum

Ethereum had a slightly better day than its rival Bitcoin in terms of gains, as it returned to the level it was on the night before the selloff. However, the $400 level seems like it has great resistance, and it is yet unknown whether ETH will be able to break it. The move that will break $400 needs to be extremely strong, and it will most likely be caused by BTC’s move to the upside.

Traders should look for an opportunity when Ethereum breaks $400 or collapses after failing to do so.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is between its middle and top B.B.
  • RSI is elevated (58.91)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $400                                     1: $361

2: $415                                     2: $340

3: $496                                      3: $302

Ripple

Unlike Bitcoin and Ethereum, XRP did not have such a good day today. The third-largest cryptocurrency by market cap did end up in the green on the day, but it failed to break the $0.285 level. Breaking this level is key to pushing further towards the upside, but the 21-period and 50-period moving average are also above the price and very near $0.285, making it incredibly difficult for XRP to move towards the upside.

Traders can look for an opportunity right after XRP breaks $0.285.

XRP/USD 4-hour Chart

Technical factors:
  • Price is below its 21-period and 50-period EMA
  • Price is slightly below its B.B.
  • RSI is neutral (42.19)
  • Low volume
Key levels to the upside          Key levels to the downside

1: $0.285                                    1: $0.266  

2: $0.31                                     2: $0.245

3: $0.32                                    3: $0.235

 

Categories
Cryptocurrencies

Citowise Crypto Wallet Review: Features, Safety, Pros and Cons?

If you are looking for a free and secure cryptocurrency wallet/payment solution provider, consider Citowise. This multi-currency crypto wallet premiered as a free digital wallet software and supported various platforms that allow easy use of cryptocurrencies. Citowise is also regarded as very secure, providing a transparent payment method for e-commerce. Citowise crypto wallet is designed […]

Citowise crypto wallet

If you are looking for a free and secure cryptocurrency wallet/payment solution provider, consider Citowise. This multi-currency crypto wallet premiered as a free digital wallet software and supported various platforms that allow easy use of cryptocurrencies. Citowise is also regarded as very secure, providing a transparent payment method for e-commerce. Citowise crypto wallet is designed […]

If you are looking for a free and secure cryptocurrency wallet/payment solution provider, consider Citowise. This multi-currency crypto wallet premiered as a free digital wallet software and supported various platforms that allow easy use of cryptocurrencies. Citowise is also regarded as very secure, providing a transparent payment method for e-commerce.

Citowise crypto wallet is designed to offer private and business customers an easy way to empower the mainstream adoption of cryptocurrency. It is beginner-friendly and requires no technical knowledge to operate. Simply download your wallet, set up your account, and begin using existing platforms to sell and purchase supported cryptocurrencies.

The wallet was launched back in 2016 with one mission in mind: to create a secure blockchain infrastructure and ensure ordinary users understand the technology. One of the founders fell victim to a crypto hack while the other wasn’t awarded deserved coins after participating in an ICO. The third founder encountered problems sending crypto to a relative—the three set their sight on creating a solution that covered these and more challenges crypto users face daily.

Key Features:

Multiplatform:

Citowise provides free crypto wallets for both Android and iOS platforms, which are the most popular phones in the market. It is also compatible with Linux and Mac platforms and provides full support for Ledger cold storages and TREZOR.

Export/backup:

You can export or backup your digital wallet, which is recommended for security purposes. To do this, open your Citowise wallet through your phone or PC and navigate to the Wallet screen. Click on the wallet and select Export from the menu that comes up. Follow the remaining prompts to finish exporting your wallet.

Import wallet:

You can import your wallet back to Citowise and continue from where you left. Go to your Citowise wallet and navigate to the Wallet screen. Click on the button with a + sign appearing on the bottom right corner and follow the remaining prompts to import your wallet.

Integrated exchange:

Citowise provides a user-friendly interface that allows you to convert one crypto to another within the wallet. You get to pick your preferred integrated exchange, and the platform supports quite a number. Citowise can also transfer all your ERC20 tokens out-of-the-box.

Buy Cryptocurrency:

Within the Citowise simple user interface, there’s a feature for purchasing cryptos at the lowest market prices, directly from the wallet. This complements the integrated exchanges you pick for your crypto transactions. You don’t need any technical knowledge about blockchain networks to buy cryptocurrencies.

ICO:

This section offers a unique experience for users that want to claim coins from ICO campaigns. It comes with its set of features and possibilities.

Security features:

i) Password: Citowise requires each wallet owner to use a strong password that is hard to guess. Without a strong password, people with access to your devices can export the wallet and access the funds using another device. You can use the recommended Citowise password or create one with a variety of characters.

ii) Encrypted channels: Data processed by Citowise use encrypted channels to prevent external breaches. This ensures transactions are secure and accurate. The platform uses the latest cryptography technologies and security algorithms to keep hackers at bay. No history of a breach has been reported since launch. SSL certificates and regular scans also add a layer of security.

iii) Ad-Hoc payments: Citowise dispenses payments on a discretionary basis, ensuring investor and trader confidence. Ad-Hoc payments also guarantee privacy. However, users must ensure safe practices to prevent others from accessing their details and passwords.

iv) Instant notifications: Users will get timely information for any changes that occur in the network, so you can react quickly in case of anything. You can also request a report on your statement for personal audits.

v) Encrypted hardware: The Citowise hardware wallet features the latest encryption technology to keep hackers at bay. All you need to do is set up a strong password for your account.

Citowise user-friendly interface:

Citowise employs advanced technologies to provide a sleek, user-friendly interface with all the features you need within a click’s reach. The simple design appeals to both new users and older folks with little to no background in crypto wallets. Wallet users have total monetary control and can enjoy fast transactions and customer service. The site also includes links to various resources with more insights regarding the wallet. The hardware wallet is also secured using advanced encryption and very easy to use.

Supported currencies and countries

Citowise supports numerous cryptocurrencies and tokens than most crypto wallets. The platform accommodates all the 55,000+ tokens compatible with ERC20 standards. The most popular coins include BTC, ETH, LTC, BCH, VEN, EOS, TRX, and OMG.

Citowise also supports more than 1000 ETC coins and is available as a mobile app. The platform has offered financial solutions for 23 million+ companies in over 200 countries. All countries in the Eurozone are supported, and the number of currencies keeps growing, so it is advisable to check the information on the official site.

Citowise cost and fees

Setting up your Citowise wallet won’t cost a cent as the platform is free. No fee is charged for installing the wallet or using any integrated feature. Citowise is generally considered one of the budget-friendly digital wallets and charge the lowest fees in the market. The platform also scans all exchanges to minimize transaction costs.

While Citowise is free to use, network miners that verify and confirm transactions have their fees based on the network, transaction volume, speed of confirmation, and other factors. For instance, if you want speedy transactions from a system known to provide swift confirmations, you may pay a higher fee. The networks also have other restrictions, including limits on maximum and minimum transactions.

Customer support

Citowise offers various customer support channels to assist users in navigating all challenges they encounter using the wallet. A resourceful FAQ section provides insights concerning common questions, and the contact tab allows you to send an email describing your issue. Response time is fast compared to other wallets, and you can also reach the support team via social networks.

Setting up the Citowise crypto wallet

Step 1: Download and Install the Citowise app

To use Citowise, you need to download and install the wallet on your device. Citowise comes as a mobile app you can install on Android and iOS platforms. Head to the respective stores (Google Play and App Store) to download the wallet. They are also available on the homepage.

Step 2: Set up the wallet

Once you have the app installed on your device, launch it to set up your wallet. Like most crypto wallets, Citowise will require a unique wallet name and password. Enter and follow the prompts to create a wallet. You will be asked to back up the wallet, but this is optional, and you can do it later. However, it takes less than a minute to complete the backup.

Step 3: Enjoy Citowise

Once created, your Citowise wallet is ready for use. You can buy/sell cryptocurrencies, send and receive funds, and enjoy all the functionalities provided in the app. Citowise gives you total monetary control, so there’s a lot you can do with your account.

How to send currencies with Citowise

Step 1: Launch your Citowise app and log in. Click on balance on the bottom of the screen to see how much crypto you have.

Step 2: Click on the crypto balance you have and then Send Payments. Clicking on the Send icon that’s beside the Balance icon will also take you to the same page.

Step 3: Choose the recipient of the funds you are sending. You can do this by clicking on a contact list, using a QR code, or typing the wallet URL. Click Proceed.

Step 4: Enter the amount you wish to transfer in the To Pay section and click Proceed.

Step 5: Check if everything is okay and click the blue Send Payment button to send cryptocurrency. If you entered the wrong amount or address, click the back arrow to correct before submitting it.

How to receive currencies with Citowise

Step 1: Launch your Citowise mobile app and log in. Click on the Request icon on the bottom of the screen.

Step 2: In the request payment window, enter the amount you want to receive. You can change the cryptocurrency by clicking on the small arrow beside the current crypto. Converter and Setup Hint buttons also offer extra functionality on the window. Fill the description section for the request and input the wallet URL (the wallet you are requesting payments from). You can also request using QR code or sharing your URL.

Step 3: Check if all details are correct and click on Request Payment to ask for funds. Once the request is sent, the recipient will get a prompt notification on their app, and funds are added automatically when they pay.

Citowise supported currencies

Citowise supports various cryptocurrencies, but you will only have a few options to choose from during the account setup. The popular currencies supported include:

  • Bitcoin
  • Litecoin
  • Ethereum Classic
  • Ether
  • Bitcoin Cash
  • POA
  • Citowise Token

The wallet also supported various fiat currencies, including the Dollar (Canadian, Australian, and the US), Euro, British Pound, Swiss Franc, Chinese Yuan, Japanese Yen, Indian Rupee, Korean Won, and Russian Ruble.

Buying and selling crypto with Citowise

Citowise allows users to buy and sell cryptocurrencies, taking advantage of the best rates in the market. To buy and sell crypto, simply click on the three-row lines appearing on the top right corner and select Buy/Sell Crypto. This will open a service page where you can choose the preferred option. Some providers buy crypto while others sell, so choose accordingly. Specify the amount you want to buy or sell and trigger the request following the prompts given. Ensure you select the correct currency before buying or selling crypto.

How does Citowise compare with other wallets?

Citowise vs. eToro

Both Citowise and eToro are great crypto wallets you can use to accomplish various transactions. Citowise offers a simple interface and navigation. They also provide impressive ICO campaigns. Concerning features and functionality, Citowise and eToro don’t reflect much difference. However, eToro supports 120 different cryptos, which is way above the seven options available on Citowise. The wallets are both secure and relatively cheap, compared to other top-rated options.

Citowise vs CoolWallet S

CoolWallet S is a premium crypto wallet with advanced security features. Like Citowise, a hardware wallet is available for interested users. This obviously comes at a fee, but you get to enjoy top-notch security. CoolWallet S supports 22 cryptocurrencies, which is still above Citowise. However, this is nothing compared to wallets such as Ledger Nano S, which supports more than 1000 cryptos.

Pros and Cons of Citowise crypto wallet

Pros

  • Free secure crypto wallet available for mobile users
  • No transaction charges or subscriptions
  • Participate in ICO campaigns
  • Send, receive, buy or sell crypto easily
  • Choose from a wide variety of exchanges
  • Supports FIAT currency and in-app conversions
  • User-friendly interface appealing to both beginner and experienced crypto-traders

Cons

  • Supports fewer cryptocurrencies than most wallets
  • Very few service providers in the Buy/Sell Crypto section
  • Only available for mobile platforms

Final words

Citowise is an excellent mobile wallet you can use to facilitate various transactions. It allows you to exchange and convert cryptocurrencies and permits buying and selling of the same. You can also access popular FIAT currencies, pay for goods and services, or request invoice payments.

As a payment method, Citowise is safe and convenient to use, boasting a sleek interface with beginner-friendly navigation. Every important feature is within a click’s reach, and the mobile app is light on your device. If you are looking for a reliable, secure mobile crypto wallet, Citowise is worth a try. However, the platform could do better with support for more cryptocurrencies. Currently, users can only access a few popular options.

Categories
Forex Videos

Ethereum’s Adoption Rate Exceeding Bitcoin!

Ethereum’s Adoption Rate Exceeds Bitcoin’s Rate After 5 Years   One key metric suggests that Ethereum has enjoyed a much faster adoption rate as well as the growth rate in the first five years of its existence than Bitcoin. When comparing the total number of addresses created in the first five years on both Ethereum […]

Ethereum’s Adoption Rate Exceeds Bitcoin’s Rate After 5 Years   One key metric suggests that Ethereum has enjoyed a much faster adoption rate as well as the growth rate in the first five years of its existence than Bitcoin. When comparing the total number of addresses created in the first five years on both Ethereum […]

Ethereum’s Adoption Rate Exceeds Bitcoin’s Rate After 5 Years

 

One key metric suggests that Ethereum has enjoyed a much faster adoption rate as well as the growth rate in the first five years of its existence than Bitcoin.
When comparing the total number of addresses created in the first five years on both Ethereum and Bitcoin, it’s easy to see that the second-largest cryptocurrency by market capitalization takes the win.

However, while the number of addresses could be considered a good gauge of the adoption rate, it may not be as perfect as it sounds. One reason for that is that the accounting systems are different.

Key differences


The growth rate for both BTC and ETH networks is quite similar in the first 600 days. However, by mid-2017, Ethereum’s curve became much steeper as a result of the ICO boom and the creation of thousands of ERC20 tokens on the Ethereum protocol.
Another advantage that Ethereum had over Bitcoin from the beginning is that, while Bitcoin was the tech that introduced crypto to the world, Ethereum walked an already walked path. Bitcoin’s adoption was rather slow and gradual at first as almost no one even know what crypto could bring. The slope of its curve never had an uplift similar to Ethereum’s curve during the ICO boom.

Categories
Cryptocurrencies

BTC.Com Wallet Review: What Makes This Crypto Wallet App Unique?

Developed and maintained by Bitmain, BTC.com is a crypto wallet app and web wallet that seeks to provide users with the most secure yet easy to use crypto storage. This online wallet has made it relatively easy to earn, store, and spend your Bitcoin without having to worry about the insecurities that come with storing your crypto in an exchange or the complicated interfaces of the hardware wallets.

Developed and maintained by Bitmain, BTC.com is a crypto wallet app and web wallet that seeks to provide users with the most secure yet easy to use crypto storage. This online wallet has made it relatively easy to earn, store, and spend your Bitcoin without having to worry about the insecurities that come with storing your crypto in an exchange or the complicated interfaces of the hardware wallets.

Developed and maintained by Bitmain, BTC.com is a crypto wallet app and web wallet that seeks to provide users with the most secure yet easy to use crypto storage. This online wallet has made it relatively easy to earn, store, and spend your Bitcoin without having to worry about the insecurities that come with storing your crypto in an exchange or the complicated interfaces of the hardware wallets.

Unlike most of its competitors with shadowy reputations, BTC.com has the solid backing of Bitmain. This is a Bitcoin-focused technology company that’s best known for pioneering and popularizing antminer rigs, running two of the largest bitcoin mining pools, and developing other bitcoin-related products. The company introduced the BTC.com wallet to the crypto industry in 2016, and it has gone on to become the favorite wallet for most Bitcoin miners, traders, and investors.

In this BTC.com wallet review, we look at the factors that help the Bitmain-sponsored crypto wallet app stand out. We detail its key operational and security features, its ease of use and level of customer support, highlight its pros and cons, and compare its efficiency with that offered by similar crypto wallets.

Key features:

Highly reputable:

One of BTC.com wallet’s strengths and biggest selling point is that it is maintained by the highly reputable and security-conscious Bitmain company. This, plus the fact that it has never suffered a significant security breach, endears it to most users.

Multiplatform:

There are two primary versions of the BTC.com wallet – the mobile app and internet-based wallet. Both are versatile and work well with the two main mobile operating systems and popular internet browsers.

Straightforward setup:

We also like the BTC.com wallet’s user-friendliness highlighted by its quick and straightforward user account set up process. This aligns with BTC.com’s commitment to being the most secure yet highly secure crypto wallet.

Integration with mining pools:

The BTC.com wallet also gives you access to the mining pools operated by Bitmain. And if you contributed your RAM to either of the pools, your portion of earnings will be automatically deposited to the BTC.com wallet from which you can sell them at an exchange.

Hardware wallet integration:

In addition to the wallet’s close ties with Bitmain Bitcoin mining pools, BTC.com also integrates with some of the leading hardware wallets. This provides it with an added layer of security and makes it possible for you to hold more than just two (BTC + BCH) cryptocurrencies.

Phone contacts synchronization:

This revolutionary BTC.com feature ensures that you don’t always have to key in the complex wallet addresses when sending cryptos. You can give the wallet app permission to access your phone book and send cryptos to your contacts without necessarily having to copy or import their wallet address.

BTC.com wallet security features:

Password:

When installing the BTC.com wallet app and creating your user account, you will be required to set a highly unique password. This becomes the central-most form of protection for your crypto wallet and its contents.

Two-factor authentication:

You can reinforce the effectiveness of the wallet password in deterring illegal access to your private keys by activating two-factor authentication. You can activate this using your mobile phone number whereby you receive calls or SMS verification codes or via the Google authenticator app.

Non-custodial:

BTC.com wallet app is a non-custodial wallet – implying that the wallet developers don’t store your private keys in central servers. Rather, they are stored in your phone when using an app and on your computer if you are using the chrome browser extension. This essentially means that you have absolute control over your digital assets.

Hierarchically deterministic:

The BTC.com wallet will auto-generate a new wallet address every time you initiate a bitcoin/bitcoin cash transaction. This ensures that you rarely get to share your real wallet address with the public, which then minimizes the chances of third parties tracking your bitcoin expenditure or crypto activity.

Open-sourced code:

The BTC.com wallet is built on an open-sourced technology, effectively providing a guarantee of safety and transparency. The fact that it is open-sourced means that it has been subjected to a lot of scrutiny and vetting by experienced industry experts who have found it safe for public use.

Multi-signature:

The BTC.com wallet also supports multi-signature transactions that require the authorization of two or more third parties. This makes it ideal for copay and organizational use as it requires 2-of-3 signatures for a transaction to be validated.

Replay protection:

The replay protection feature that applies to Bitcoin and its forks are ideally meant to cushion you and your funds from the risk of double payments if you ever initiate a Bitcoin payment at a time when a Bitcoin hard fork is being generated. BTC.com wallet developers announced that they are taking measures to prevent this from happening.

How to set up the BTC.com crypto wallet app:

Step 1: Start by downloading the BTC.com mobile wallet app from Google play store or Apple’s app store. The app and the browser extension can also be downloaded from BTC.com official website.

Step 2: Install the crypto app and also key fill in the account registration form that captures your email address.

Step 3: Create a password for your wallet address and agree to the wallet app’s terms of service.

Step 4: Download the wallet’s recovery datasheet. This is availed in PDF Format and captures your wallet’s recovery seed.

Step 5: Access your user account dashboard and click on ‘Create New Wallet’ to generate your primary wallet address.

Step 6: You can start adding Bitcoin and bitcoin cash to your wallet, trading or investing

How to add/receive crypto into your BTC.com wallet

Step 1: Log in to your BTC.com bitcoin wallet

Step 2: On the MyWallet section, click on Bitcoin or Bitcoin cash to reveal the wallet address for the crypt you wish to receive

Step 3: Copy the wallet address or the QR code and send them to the party from who you wish to receive the coins.

Step 4: Wait for the cryptos to reflect in your BTC.com wallet.

How to send crypto into your BTC.com crypto wallet:

Step 1: Log in to your BTC.com Bitcoin wallet, and on My Wallet section, click ‘Send.’

Step 2: Click on the crypto you wish to send – Bitcoin or Bitcoin cash.

Step 3: On the popup window that appears, key in the recipient’s wallet address or scan their QR code. Alternatively, use the app’s contact connect feature to send cryptos to saved contacts on your phone.

Step 4: Confirm that the wallet address and amounts you wish to send are correct and click send.

BTC.com ease of use:

According to the BTC.com website, the Bitcoin wallet app has security and ease of use as its key driving pillars. Both the mobile crypto app and the web wallet feature decongested and highly intuitive interfaces. The app is also infused with a wide range of features that make it easy to use.

It, for instance, has the contacts-synchronization feature that gives the app permission to access your phone contacts, which eliminates the need to memorize the wallet address. Similarly, the downloadable recovery seed option minimizes the common errors most crypto users face when copying the backup phrases. Further, it gives you the option of saving the seed as an electronic copy, printing it, or both.

Unlike most other Bitcoin wallets that can be considered opaque, both the BTC.com mobile app and web wallet allow you to view your crypto transaction history.

BTC.com supported currencies

BTC.com is a Bitcoin-biased wallet and will only support the legacy crypto coin Bitcoin and its Bitcoin Cash hard fork.

The wallet app is nonetheless highly versatile and can easily integrate with some of the most popular hardware wallets like Ledger Nano S. Anyone looking to add a security layer to the app or increase their digital assets portfolio without losing access to the Bitcoin mining pools connected wallet, should consider integrating it with their hardware wallet.

BTC.com cost and fees:

The BTC.com wallet is free. You will not be charged to download or install the crypto app. Neither will you incur any fees for storing your Bitcoins or Bitcoin Cash.

When sending Bitcoins to other wallets or exchanges, however, the bitcoin blockchain network may impose transaction charges. These are highly variable and largely dependent on the Crypto transaction volume.

Additionally, the bitcoin trading platform further adopts a highly dynamic fee structure. This allows you to chose from a three-tier fee system where low-fees translate to low transaction processing, moderate charges equal medium transaction speeds, and high transaction fees result in near-instant transaction processing.

BTC.com customer support:

BTC.com features an extensively elaborated FAQ page as well as a highly informative Blog. They both address some of the common challenges you might face during installation and when using the app.

You are also advised to join the BTC.com online community forum. Here, you get to interact with numerous BTC.com users – both newbie and experienced BTC.com clients – as well as the crypto wallet developers. The forum allows anyone to contribute by way of asking questions and providing solutions to common challenges faced by wallet users. You get to learn the tips and tricks of using the app and get help from developers.

More personalized queries regarding the use of the app can be directed to BTC.com’s customer support team by raising a support ticket, email, or through a call. Alternatively, you can message them on their different social media pages that include Twitter, Reddit, and Facebook.

What are the pros and cons of the BTC.com crypto wallet app?

Pros:

  • The fact that the BTC.com wallet doesn’t store the entire blockchain on your device makes transaction processing relatively fast and doesn’t eat up your phone’s RAM.
  • The wallet features a highly responsive customer support team that is available via social media, community forums, and even on the phone.
  • The Bitcoin wallet has the backing of one of the most reputable crypto industry players.
  • The bitcoin wallet features a wide range of security features, including the fact that it is hierarchically deterministic, open-sourced, and supports two-factor authentication.
  • Installing and using the app is quite straightforward.
  • Your private keys are stored in your device, giving you absolute control of your funds.

Cons:

  • The crypto wallet will only support two cryptocurrencies – Bitcoin and Bitcoin cash.
  • It doesn’t feature an in-built wallet, and neither does it allow for direct bitcoin purchases using fiat currencies.
  • While it has the backing of a reputable company, it still is an unregulated crypto wallet.
  • Its online nature exposes it to the inherent risks associated with online crypto-wallets.

Comparing BTC.com wallet with other crypto wallets

Comparing BTC.com to eToro

BTC.com can be said to have more security features than the eToro crypto wallet, including the fact it is developed on an open-sourced technology. eToro crypto can, on the other hand, be considered more convenient and easy to use. It, for instance, has an inbuilt exchange and supports both crypto-to-crypto and fiat-to-crypto conversions.

Unlike BTC.com that only supports two bitcoin-related cryptos, eToro supports 10+ cryptocurrencies and numerous fiat currencies. And while they both have the backing of highly popular technology companies, eToro is considered more reputable as it is also highly regulated.

Verdict? Is the BTC.com wallet safe?

Well, the BTC.com wallet has adopted some highly innovative security protocols that are aimed at keeping your private keys truly private. Its non-custodial nature, for instance, eliminates a possible central point of attack by storing your private keys in the device hoisting the wallet and not the company’s servers. Other features that endear BTC.com wallet to its users include its ease of use, compatibility with other wallets, and the fact that it is highly customizable.

We nevertheless believe that BTC.com could be even more popular within the crypto industry circles if it were regulated, supported more crypto coins and tokens, and featured an inbuilt crypto trading or exchange platform.

Categories
Crypto Market Analysis

Daily Crypto Review, August 12 – Crypto Selloff Brings Bitcoin to $11,000 Mark; What’s Next?

The cryptocurrency market was in the red in the past 24 hours, with most altcoins’ prices falling down over 5%. Bitcoin is currently trading for $11,375, which represents a decrease of 4.05% on the day. Meanwhile, Ethereum lost 4.84% on the day, while XRP lost 7.59%.

The cryptocurrency market was in the red in the past 24 hours, with most altcoins’ prices falling down over 5%. Bitcoin is currently trading for $11,375, which represents a decrease of 4.05% on the day. Meanwhile, Ethereum lost 4.84% on the day, while XRP lost 7.59%.

The cryptocurrency market was in the red in the past 24 hours, with most altcoins’ prices falling down over 5%. Bitcoin is currently trading for $11,375, which represents a decrease of 4.05% on the day. Meanwhile, Ethereum lost 4.84% on the day, while XRP lost 7.59%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Compound gained 31.08% on the day, making it the most prominent daily gainer. Swipe (16.13%) and Maker (12.37%) also did great. On the other hand, Band Protocol lost 16.42%, making it the most prominent daily loser. It is followed by yearn.finance’s loss of 14.86% and Nervos Network’s loss of 14.41%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly since we last reported, with its value currently at 61.39%. This value represents a 0.17% difference to the upside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap experienced a major decrease in value since we last reported. Its current value is $345.60 billion, which represents an increase of $7.98 billion when compared to yesterday’s value.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

Bitcoin experienced a large selloff as a result of bulls failing to successfully break the $12,000 mark. The largest cryptocurrency by market cap fell to $11,090 support level before rallying slightly to $11,400 levels. However, Bitcoin might have another bullish move as the RSI is dangerously close to the oversold territory while the volume is high, and since the $11,090 support level held up nicely, Bitcoin confirmed it almost certainly will not go below.

BTC traders should look for an opportunity when BTC makes another move towards the upside and breaks $11,460.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently below its 50-period EMA, as well as its 21-period EMA
  • Price is above its lower B.B
  • RSI is near the oversold territory (35.52)
  • Volume is decreasing from above-average levels
Key levels to the upside          Key levels to the downside

1: $11,460                                 1: $11,090

2: $11,630                                 2: $10,850

3: $12,000                                  3: $10,500

Ethereum

Ethereum also experienced a selloff, partly because of not being able to go past $400 and partly because of Bitcoin’s move towards the downside. The price broke the triangle formation to the downside (as we said in the previous article) as there was not enough pressure for it to get past the $415 mark. The second-largest cryptocurrency by market cap tested the $361 support, which held up nicely and did not let ETH fall below. Ethereum is now at the $375 mark and is showing no signs of dropping further below.

Traders should look for a trade opportunity when Ethereum makes a bounce towards the upside or falls below $361.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is below its 21-period EMA and its 50-period EMA
  • Price is at its bottom B.B.
  • RSI is near the oversold territory (33.99)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $400                                     1: $361

2: $415                                     2: $340

3: $496                                      3: $302

Ripple

XRP was no different than Bitcoin and Ethereum in terms of the direction of its movement throughout the day, but it did differ in terms of intensity of the move. The third-largest cryptocurrency by market cap lost over 8% of its value at one point, as bears took over the market when XRP couldn’t break $0.31. The price fell to as low as $0.266 but quickly recovered to its current position ($0.278).

Traders can look for an opportunity to trade after XRP breaks $0.285.

XRP/USD 4-hour Chart

Technical factors:
  • Price is below its 21-period and 50-period EMA
  • Price is slightly above its bottom B.B.
  • RSI is near the oversold territory (35.64)
  • Low volume (slightly increased)
Key levels to the upside          Key levels to the downside

1: $0.285                                    1: $0.266  

2: $0.31                                     2: $0.245

3: $0.32                                    3: $0.235

 

Categories
Cryptocurrencies

Stargazer – A Rookie-Friendly Crypto Wallet

Is Stargazer a good wallet? Is it secure? Is it easy to use? Well, read on to find out.

Is Stargazer a good wallet? Is it secure? Is it easy to use? Well, read on to find out.

Is Stargazer a good wallet? Is it secure? Is it easy to use? Well, read on to find out.

Stargazer is a wallet that you can use to store Stellar lumens. In case you are wondering what Stellar is, it is one of the several cryptocurrency networks available. Stargazer has features that some will find interesting while others will dislike. As a heads up, the wallet is simple to set up and operate but lacks advanced features. In this post, we will review the once-popular Stellar wallet and find out whether it is still worth considering when transacting lumens. 

Background

The Stargazer wallet project began in 2016 as a rookie-friendly crypto wallet. It is used to access the Stellar network, which allows you to send and receive lumens – another cryptocurrency just like Bitcoin. The wallet is an open-source project, meaning its application code is available to the public. The public is also free to contribute to the functioning of the application.  According to its GitHub page, it was last updated in April 2019 – does this tell you something about its maintenance and support? The project and the wallet are quite simple, and that should be enough introduction. There is a ton of both good and bad things to talk about this wallet, but, first, let’s focus on its positive side.

Key Features

  • Open-source
  • Support for both personal and shared accounts
  • Support for importing existing accounts

Support for redeeming, trading, sending and receiving coins

Security

The security of a crypto wallet is paramount. Imagine losing access to your hard-earned coins, wouldn’t that send you wishing you stuck to your traditional bank? As we will see later in the post, Stargazer’s users are complaining about everything except the wallet’s security, but we will not take their word for it. 

Beyond the security advantages provided by the blockchain technology, Stargazer benefits from the scrutiny of open source development. Some say being open source makes it more trustworthy but not more secure, but let’s not pursue that academic discourse.

Additionally, the wallet has a unique feature for retrieving your account should something go wrong. Remember the security verification check you complete during registration? Well, that is meant to assist you in retrieving your account if you mysteriously lose access. The check is basically a list of twenty-four words that are arranged in a fixed order. As long as you have this information written somewhere, you can always access your funds. For many wallets, if you forget your password or whatever you use to access your account, forget about your precious coins.

Setting up Stargazer

You can choose to install Stargazer on PC – be it Windows, Linux, or Mac OS X – or Android (no luck for iOS folks).

For the desktop versions, download the installation file from getstargazer.com. If you are an advanced user, you can download the sources from https://github.com/future-tense/stargazer and build it yourself.

For the Android app, search the “Stargazer Stellar Wallet.” Due to its low ratings on the PlayStore, it may not be the first result, and you get several similar recommendations. If you are confused over which one to choose, find the one authored by “Johan Stén.”

Setting up Stargazer is a breeze, and the setup process is similar on all platforms. After installation, you read the end-user license agreement, then proceed to create a personal account. You can also import from a secret key or seed phrase, but let’s say you choose to create an account because that’s what a beginner would do. All you will need to do to finish setting it up is to create your account name and complete a security verification check. Basically, the process is pretty straightforward.

By the way, if you already have a Stargazer account, setting up the desktop application is even easier – you can import that from a QR code generated from your other application.

Once the account is set up, you need to send it 1 XLM to make it active. This part might be a little tricky. You will need to find an exchange that can change dollars or another currency to lumens because that is what your Stargazer wallet will accept.

Once your account is up and running, you need to maintain a minimum balance of 20 XLM. This should not be a problem since you are allowed to withdraw up to a balance of 1 XLM. Nonetheless, if you are enthusiastic about transacting lumens and have a little determination, the Stargazer wallet will get you going in no time.

Sending and Receiving Coins

To send coins, you need to have them first, obviously. If your wallet is empty, the send button will be greyed out. However, some users have found this button greyed out, even with their wallets loaded with XLM. Assuming it works well for you, just click on this button and enter the address or QR code of the receiving wallet and the amount and press “Send.” A successful transfer is not guaranteed, but when it goes through without glitches, it’s pretty fast.

To receive funds, tap on “Receive” at the bottom right of the screen. You will see a QR code and a long string of characters titled “Account ID.” You can send either of these two to your sender. It’s worth noting that the sender can send you coins from any wallet connected to the Stellar network.

Supported Currencies

Stargazer is a lumens-exclusive wallet. Sad to say, but there are no plans to support other currencies in the future.

Customer Care

On a scale of 1 to 10, Stargazer’s customer support will effortlessly score 1 – the wallet has virtually no customer support. If you have a pressing issue, you might need to shoot an email directly to the author. 

This might discourage you even before you start. If you want to get a clearer picture of the state of Stargazer’s customer support, head to the comments section of the application’s page on PlayStore. As you will find out, this page has no shortage of ranting from frustrated users who have unsuccessfully tried to reach customer care. 

Pros and Cons

Pros

i) Support for lumens (XLM)

One of the learner-friendly features of this wallet is that it supports lumens. How is that an advantage to novices? Well, first, lumens have the lowest dollar-exchange rate among the top ten cryptocurrencies (https://www.cryptocompare.com). This means that those who are just starting out on crypto can trade without the fear of losing much. To activate your Stargazer wallet, you only need to send 1 XLM (equivalent to 0.1015 USD at the time of this writing) to your account. So, you see, there is virtually no risk in starting out with Stargazer!

Lumens also don’t seem to be as volatile as other currencies – cryptocurrencies are inherently volatile. However, if you look at the XLM’s value trend over the last few months, you might be tempted to think that it is a traditional currency.

ii) Available on multiple platforms.

On mobile, it is available on Android while on desktop, Linux and Mac OS X versions exist. Linux applications are notorious for lacking graphical user interfaces, but Stargazer’s Linux app has one! 

This might come as a disappointment to some, but the wallet is not available on iOS yet, and there is no indication that it will be available in the future as the project seems abandoned. iOS’s application development restrictions might be blamed for that. Nonetheless, we must admit that the device you don’t own cannot be an excuse for not trying out Stargazer. 

iii) Supports small payments

Looking to send 2 USD? That’s not a problem with Stargazer. The Stellar network was developed with financial inclusivity in mind. This explains why it supports bitcoins, dollars, euros, ethers, and most other currencies. The stargazer wallet extends this inclusivity by supporting low-value transactions. As mentioned earlier, lumens have the least dollar-exchange rate among the top ten currencies. This allows you to send or receive relatively small amounts that would probably not work with other wallets.

Other benefits include:

  • Easy to set up and use
  • Secure

Now, let’s look at some of the not-so-fascinating aspects of the wallet. 

i) Dull interface 

Without sounding mean, Stargazer’s mobile app design is rudimentary, at best. The user interface is particularly uninteresting – a few tiny buttons spread on the peripheries, a mono-color design, and a block layout. If the designer wanted to stay true to the wallet’s philosophy of simplicity, they probably overdid it. Nevertheless, the interface will allow you to access sending and receiving functions plus account overview. Beyond that, there is nothing else visible other than general account settings. 

The Windows desktop, Linux, and Mac OS X versions of the application are similar to their Android counterpart. Download and installation procedures may differ depending on the operating system. However, once you open the application, everything looks the same. 

It is not fair to dismiss the app’s design as dull without considering those who love simplicity or really don’t care about fancy interfaces. If you are one of those folks, chances are you will either like its interface or not be bothered by it.  

ii) Unreliability

The Stargazer wallet has also had a fair share of criticism related to bugs in the application. It is common for transactions to fail even when there is no apparent reason. An online search for Stargazer wallet reviews will lead you to the conclusion that this wallet is not the most reliable. There is also limited information available about the project and its owner, which may make users lack confidence in the project. At one point, the website www.getstargazer.com was offline, and someone, apparently its owner, explained that the domain had expired while they were on vacation. If you are not familiar with how crypto networks and the underlying blockchain work, that explanation can send you chills, although it is no cause for alarm. The good news is, although there are several complaints online regarding the reliability of the wallet, there are none about it being insecure. All in all, let’s just say, if you’re looking for a reliable wallet to use for your XLM transactions, then Stargazer may not be your best bet.

iii) Supports only one currency

Another downside of this wallet is that it supports only one currency. Well, many other wallets do the same, but that doesn’t make it convenient, anyway. Sticking to once currency might be good for a start, but you cannot be a beginner forever. Once you feel comfortable transacting crypto, you are likely to want to move up the currency ladder. Even if you don’t, you might be forced to, particularly if you find that the recipient of a transaction only accepts a certain currency. Considering that lumens are not among the top three most exchanged currencies, you are sooner or later likely to run into inconveniences. It is unclear whether the wallet’s author wanted to keep it simple by avoiding other currencies or support for other currencies would be added later. Whatever the case, it is worth noting that the Stellar network supports virtually all currencies, including pesos! Therefore, should support for other currencies be added to Stargazer, the upgrade is unlikely to disrupt your current activity on the network. 

Concluding Remarks 

We have looked at the main features of the Stargazer wallet – now it’s time to make a verdict. Undeniably, simplicity is the most outstanding feature of the wallet. The uncomplicated design and low minimum balance allow you to quickly set up the wallet and start transacting. The wallet is also secure and guarantees you access to your coins through an additional security verification check. The main challenges with the wallet are the dull user interface, lack of support for multiple currencies, and unreliability. The wallet also performs dismally on customer support. Overall, one would say it is a suitable option for beginners and anyone looking to perform low-value transactions, but when reliability and customer service are key concerns, steer clear of the wallet.

Categories
Cryptocurrencies

CoinPayments Crypto Wallet Review: Features, Safety, Pros and Cons?

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

CoinPayments claims to be the best wallet cum payment gateway for cryptocurrencies and has integrated a wide range of both operational and security features that back up this claim. Whether you are looking to pay for goods and services using crypto, want to invest in digital assets, or simply exchange one crypto for another, CoinPayments is designed to meet these needs. It supports numerous cryptocurrencies, including all the ERC20 tokens.

As a fully-fledged cryptocurrency payment platform, CoinPayments is more than a wallet. It provides POS features, crypto conversions, mobile applications, and other functionalities that support the efficient use of cryptocurrencies. Plus, the site offers secure payment processing and swift confirmations.

CoinPayments was launched back in 2013, becoming one of the earliest cryptoprocessors to support altcoins. It is also one of the largest altcoin platforms and supports over 1925 coins and tokens, including Bitcoin, Ethereum, and Litecoin. Note that, at the time of launch, all platforms only supported bitcoin. CoinPayments seized the opportunity to provide a secure processing platform that supports a broader collection of cryptocurrencies. It is one of the most reputable multi-currency wallets available for both PC and mobile users.

Key Features:

Multiplatform:

CoinPayments is available in the form of a desktop app and compatible with all popular operating systems like Linux, macOS, and Windows. The crypto wallet is also available as a mobile app for both Android and iOS devices. You can access your wallet any time, provided you have an internet connection.

Auto coin conversion:

CoinPayments offers auto conversions for some of their altcoins, where you can exchange one coin for another inexpensively and without leaving the site. This feature covers popular coins, including Bitcoin, Ethereum, and Litecoin.

Impressive POS:

CoinPayments wallet app has a feature-rich and highly intuitive design. All the crucial features are within reach and require little to no help to use. The platform is beginner-friendly, and so are mobile apps. There’s also an option to store your coins in CoinPayments secure online wallets.

GAP600 integrated for Swift conversions:

Most wallets rely on third-party software for swift crypto payment processing and swaps. These service providers aren’t always safe or reliable and come at a steep cost. CoinPayments, on the other hand, integrates GAP600 technology that provides for instant Bitcoin payments and deposits as well as real-time crypto transfer to exchanges or other wallets.

Inbuilt exchange:

Coinpayments wallet app inbuilt exchange makes it possible for you to purchase various cryptocurrencies without leaving the wallet. Users can also accept payments in cryptocurrency, making the platform a complete payment processor for both personal and business use.

PayByName:

You can also give the Coinpayments wallet app access to your phone book and activate the PayByName feature. This allows you to send crypto to your phonebook contacts without necessarily copying or importing their wallet address. The feature further boosts the efficiency of the Coinpayments app by eliminating the need to memorize the wallet address.

Security features:

i) Password: Like most crypto wallets and processors, CoinPayments requires users to create a unique password for their accounts during registration. The password has to be at least ten characters and distributed between numbers, letters, and special characters. You can copy and use the recommended password, which is usually very strong and secure, or create one you can easily remember.

ii) Crypto vaults: CoinPayments cryptocurrency vaults are the highlight of the platform’s security. Users can lock cryptos in these vaults for a specified period within which no withdrawals will be permitted. If someone tries to access the vaults before the due date, the system will flag and review the activity, but all your crypto will remain safely locked.

iii) Data encryption: CoinPayments is protected by SSL certificates, regular scanning, and advanced security algorithms that ensure all the information stored within the crypto app – including your personal details and private keys are highly encrypted.

iv) Instant transaction notifications: Users will receive notifications for all activity in their wallet, including deposits, withdrawals, exchanges, and other transactions via email. If the action is suspicious, you can reach the customer support team directly to investigate or cancel.

CoinPayments ease of use:

Coinpayments wallet isn’t just one of the oldest crypto wallets in the market but also has one of the most user-friendly user interfaces. Their web wallet has a simple, yet charming blue and white theme with all the important features neatly arranged within the wallet’s dashboard. It employs a classic menu bar with all the essential tools you will use regularly.

You can also scroll down to find resourceful information about the platform and its features. Both the desktop app and mobile apps are user-friendly and suitable for everyone, including newbies. They load fast and are light, effectively providing you with a swift payment processing experience.

Supported currencies and countries

CoinPayments is one of the most inclusive cryptocurrency wallets in the market, with support for 1925 altcoins, including Bitcoin and Bitcoin Cash, Ethereum Classic, Ether, Litecoin, POA Network Coins, Litecoin, and Ripple.

All the ERC20 token coins are also supported, and you can purchase different types of cryptos on this platform. CoinPayments currently has over 2.2 million users across 182 countries, making it one of the largest crypto wallets you will ever encounter.

CoinPayments cost and fees

If you plan to use CoinPayments for non-commercial applications, the platform is free. Simply sign up and proceed to swap cryptos for free. CoinPayments will prompt new users to create either a personal or business account.

If you create a business wallet, you will be subject to an incoming transaction fee of 0.5%, imposed on merchants using APIs and checkout systems. Users will also pay added fees imposed by network miners that offer transaction verification and confirmation when transferring cryptocurrencies out to exchanges and other wallets.

Customer support

CoinPayments customer support team can be accessed via several channels where you can seek solutions to common and technical issues regarding your account or transactions. If you are experiencing problems with your account, you can reach the support desk by training a support ticket on the company website.

Simply go to the Contact Us page and click on the support wizard link to create a unique code which you will then open in Fresh Desk. An online form is also available if you want to reach support via email. Alternatively, contact them via their different social media pages.

Setting up the CoinPayments crypto wallet

How to set the CoinPayments crypto wallet:

Step 1: Sign up or download the CoinPayments app

To use CoinPayments, you must create a user account. Simply click on the Sign-Up button on the top right of the site’s homepage to begin the registration process.

For mobile users, scroll to the bottom of the site and find respective links to the app in Google Play Store (Android) and App Store (iOS). Once downloaded, install the app and launch it. You can then access the Sign Up section for registration.

Step 2: Complete registration

On the registration window, you will be required to pick a personal or business account, input a username, first and second name, email address, password, country, and time zone. Make sure you provide accurate information and agree to the terms and conditions.

You will also be required to input a capture image text. Upon registration, a confirmation email will be sent, and you must verify ownership by clicking on the link in the email to start using the wallet.

Step 3: Process payments using CoinPayments

CoinPayments allows you to accept payments in cryptocurrency, purchase crypto, and process all kinds of crypto transactions once your account is verified. You can access your wallet using the PC website or mobile app as information is synced between the two. You can also purchase gift cards or integrate shopping cart plugins from popular vendors.

How to receive currencies with CoinPayments

Step 1: Log into your CoinPayments account. Navigate to Your Wallet on the dashboard and click on the respective cryptocurrency options in the command section. The process to this point is similar to sending payments.

Step 2: Click on Deposit/Receive to open a new window. You will be required to fill in your wallet address. Simply copy the address and paste it on the space provided. You can also accept cryptocurrency payments using the PayByName.

Step 3: Click on Deposit to add the crypto to your wallet. Deposits are processed within 1 to 2 hours. When other people send money to your wallet address, the amount is automatically added to your account.

How to send currencies with CoinPayments

Step 1: Log into your CoinPayments account. If you are a newly registered user, the dashboard will open to an account setup wizard. You can click on the wallet to send and receive payments or Merchant to receive payments for goods and services. However, it is important to finish configuring the merchant account if you plan to use CoinPayments as a payment method for your site.

Step 2: To send cryptocurrency, click on Your Wallet on the dashboard to open a window containing all your balances. Each currency is in a row, including the balance and command you wish to apply. Click on the respective crypto options button (like BTC Options for bitcoin) and select Send/Withdraw from the drop-down list.

Step 3: In the new window, input the amount you want to send and the recipient’s address. You can enter the amount in your preferred (supported) FIAT currency, and the system will automatically convert it to the crypto.

Step 4: Click on Request Withdrawal to send the crypto. CoinPayments will send you a confirmation email you must click on to confirm the withdrawal, so head to your email and finish the process.

CoinPayments supported currencies

CoinPayments has the largest support for altcoins and currently accepts Bitcoin, Ethereum, Litecoin, Velas, Apollo, and Badcoin.  The platform supports up to 1925+ altcoins, and the number continues to grow as merchants are allowed to add new coins.

You will also find support for several FIAT currencies, including the Dollar, Euro, Pound, Franc, and Yuan. Currently, the wallet supports 60+ FIAT currencies, which is above any other wallet.

Pros and Cons of CoinPayments crypto wallet

Pros

  • Safe and secure cryptocurrency transactions
  • Supports all popular coins and FIAT currencies
  • Buy, Send, receive, sell, convert cryptocurrency
  • Provides swift confirmations and instant withdrawals
  • Simple beginner-friendly navigation

Cons

  • Charges fee of 0.5% on incoming merchant transactions
  • Long registration process
  • Support tickets are time-consuming to generate

How does CoinPayments compare with other wallets?

CoinPayments vs. Citowise

CoinPayments is in a league of its own when it comes to cryptocurrency processing. The site supports numerous coins and offers on-site conversions and POS features you can integrate into your eCommerce. Unlike Citowise, which is fundamentally a crypto wallet for mobile users, CoinPayments is a crypto payment solution that includes a wallet for both desktop and mobile users. It has a lot more features for merchants and sits among the top crypto processing systems available online.

CoinPayments vs eToro

eToro is more like Citowise and supports a few cryptos for users seeking to transact popular coins. However, it is nothing compared to CoinPayments, which provides a comprehensive payment processing solution and wallet. The only downside is merchants are charged a 0.5% fee on incoming transactions. eToro is free for both personal and business applications, although the app is only available for mobile users.

Final words

CoinPayments is one of the best cryptocurrency processing platforms you will encounter. The payment processor was the first to support coins other than Bitcoin and currently has the largest coin support online. You can transact with all the popular options or even add a new currency. Concerning platform features, CoinPayments allows you to own a personal or business wallet with various functionalities.

You can send crypto, deposit funds to your account, receive crypto payments, and use the auto conversion feature to convert currencies in the middle of a transaction instantly. CoinPayments is available for both PC and mobile users, distinguishing itself from other app wallets. It is also very secure, boasting a growing reputation among users.

Categories
Crypto Market Analysis

Daily Crypto Review, August 11 – yEarn Finance Token Explodes After Binance Listing; BTC Hashrate Unaffected by the Price Upswing

The cryptocurrency market tried to catch up to Bitcoin after it pushed up yesterday. Bitcoin is currently trading for $11,938, which represents an increase of 1.26% on the day. Meanwhile, Ethereum gained 1.27% on the day, while XRP lost 4.73%.

The cryptocurrency market tried to catch up to Bitcoin after it pushed up yesterday. Bitcoin is currently trading for $11,938, which represents an increase of 1.26% on the day. Meanwhile, Ethereum gained 1.27% on the day, while XRP lost 4.73%.

The cryptocurrency market tried to catch up to Bitcoin after it pushed up yesterday. Bitcoin is currently trading for $11,938, which represents an increase of 1.26% on the day. Meanwhile, Ethereum gained 1.27% on the day, while XRP lost 4.73%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, yearn.finance gained 50.03% on the day, making it the most prominent daily gainer. JUST (39.71%) and Terra (28.27%) also did great. On the other hand, Balancer lost 13.90%, making it the most prominent daily loser. It is followed by Band Protocol’s loss of 9.52% and iExec RLC’s loss of 6.35%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased slightly since we last reported, with its value currently at 61.22%. This value represents a 0.56% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market cap has increased since we last reported. Its current value is $363.58 billion, which represents an increase of $0.89 billion when compared to yesterday’s value.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

Bitcoin has spent the day trying to regain what’s been lost after the failed attempt to break the $12,000 mark. However, the price doesn’t seem like it will be able to push past this level unless a surge in volume and bull pressure happens. Meanwhile, Bitcoin is locked between $11,630 and $12,000. When it comes to moves towards the downside, Bitcoin is well protected by the 21-period and 50-period moving averages.

BTC traders should look for an opportunity when BTC makes another push and breaks $12,000.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA, as well as its 21-period EMA
  • Price between its middle B.B (20-period SMA) and its top B.B.
  • RSI is neutral (56.12)
  • Volume is decreasing
Key levels to the upside          Key levels to the downside

1: $12,000                                 1: $11,630

2: $12,330                                 2: $11,460

3: $13180                                   3: $11,090

Ethereum

Ethereum was quite stable in the past 24 hours, making small gains in an attempt to catch up to Bitcoin’s gains that happened yesterday. However, if we take a look at this month’s price movement, we can interpret the moves as a triangle formation, which will make a breakout very soon. It is more likely that the second-largest cryptocurrency by market cap will break the triangle formation towards the downside unless Bitcoin’s move pushes it up.

Traders should look for a trade opportunity when Ethereum breaks the formation.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is slightly below its top B.B.
  • RSI is neutral (56.42)
  • Volume decreasing
Key levels to the upside          Key levels to the downside

1: $400                                     1: $361

2: $415                                     2: $340

3: $496                                      3: $302

Ripple

XRP is the cryptocurrency that gained the most in the past 24 hours (when compared to Bitcoin and Ethereum) as its price increased close to 5% on the day. The third-largest cryptocurrency by market cap made another push towards the $0.31 resistance level, but the move failed to even reach the level, let alone break it.

Traders can look for an opportunity to trade XRP within the range it is currently in.

XRP/USD 4-hour Chart

Technical factors:
  • Price is above its 21-period and 50-period EMA
  • Price is above its top B.B.
  • RSI is slightly elevated (58.52)
  • Low volume (slightly increased)
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285  

2: $0.32                                     2: $0.266

3: $0.3328                                3: $0.245

 

Categories
Cryptocurrencies

Copay Bitcoin Wallet Review: How Does It Work And Is It Secure?

Copay was developed by BitPay Inc. and introduced to the crypto industry in 2015. Its aim? To provide Bitcoin traders and enthusiasts with a single wallet that gives them absolute control over their funds. It is free and developed using open-sourced technology and is highly versatile. Key features that make this crypto wallet highly unique include its versatility and support for multiple operating systems, the fact that it is Bitcoin-specific, light, and highly transparent.

Copay was developed by BitPay Inc. and introduced to the crypto industry in 2015. Its aim? To provide Bitcoin traders and enthusiasts with a single wallet that gives them absolute control over their funds. It is free and developed using open-sourced technology and is highly versatile. Key features that make this crypto wallet highly unique include its versatility and support for multiple operating systems, the fact that it is Bitcoin-specific, light, and highly transparent.

Copay was developed by BitPay Inc. and introduced to the crypto industry in 2015. Its aim? To provide Bitcoin traders and enthusiasts with a single wallet that gives them absolute control over their funds. It is free and developed using open-sourced technology and is highly versatile. Key features that make this crypto wallet highly unique include its versatility and support for multiple operating systems, the fact that it is Bitcoin-specific, light, and highly transparent.

In this Copay Bitcoin wallet review, we will be explaining these features in detail, highlighting its security features, its pros and cons, and comparing it with equally popular wallets. We will also provide you with a step-by-step guide on how to install and activate the wallet, as well as how to send and receive Bitcoin.

Here is the detailed Copay wallet review:

Copay wallet key features

i) OS compatibility: Copay wallet is highly versatile and compatible with virtually any operating system. There is both a desktop and mobile app version of the wallet that is now compatible with all popular operating systems, including Windows, Linux, macOS, Android, and iOS.

ii) Bitcoin-specific: Unlike most other wallets that host hundreds of cryptocurrencies and altcoins, Copay is Bitcoin-specific. This implies that you can only deposit Bitcoin and its hard fork Bitcoin Cash into your Copay Wallet.

iii) Multiple accounts: There is no limit to the number of Bitcoin and Bitcoin Cash addresses you can host on the Copay wallet. This means that, unlike most other wallets that will only host one wallet address for each cryptocurrency or altcoin, you can hold as many private keys as you wish on the Copay Wallet.

iv) Compatible with hardware wallets: Copay bitcoin wallet is also compatible with several highly-secure crypto wallets, including Trezor and Ledger Nano S.. Such integration ensures that you get to enjoy the security aspects of an offline hardware wallet and the convenience of a mobile app wallet.

Security Features 

Password:

Like any other cryptocurrency wallet, Copay is secured with a multi-character password. You get to set this password when installing the wallet.

Recovery seed:

During the Copay wallet installation and activation process, you will be provided with a 12-word recovery seed. Record it on a piece of paper and store it in a secure environment. Note that the seed will be needed to reset the wallet password or recover your private keys should you lose the device holding the wallet.

Hierarchically deterministic:

The Copay Bitcoin wallet is hierarchically deterministic. This means that the wallet automatically generates new public and private addresses for every transaction, which makes it hard for hackers and other third parties to track your Bitcoin transactions.

Bitcoin Payment Protocol (BIP):

This feature is designed to guide users when making payments and prevent sending cryptocurrency to the wrong address. Technically, addresses are just a long line of numbers and letters, and often crypto users get them wrong.  BIP ensures you are sending it to the right address by helping you verify the wallet address before sending bitcoins.

Open source:

A Copay Bitcoin wallet is developed on an open-sourced technology. This guarantees its transparency as it is subjected to a lot of scrutiny and vetting by the crypto and blockchain industry experts. That further enhances its security.

Multi-signature:

Copay wallet allows multiple users to use one wallet. You can think of it as a joint account where 2 of 3 parties must sign to authorize the execution of a transaction.

Copay bitcoin wallet ease of use

Copay Bitcoin wallet has one of the friendliest user interfaces. The wallet is also highly customizable and allows you to tweak such aspects as the background themes and wallet name. Both the desktop and mobile wallet apps are also multi-lingual and currently supports seven of the world’s most popular languages, including English, French, Latin, Bahasa, Portuguese, Russian, and Turkish.

In addition to the highly interactive user interface, the Copay Crypto wallet also keeps you up to date with your digital asset balances and spending. The wallet app will, for instance, send you push notifications about your crypto balances to your phone’s display. And every time you spend or transfer cryptocurrencies, the wallet automatically sends you transaction receipt on your email.

In the case of shared or group payments, Copay Bitcoin wallet will present you with an easy to understand proposal on how to split the pay.

The multi-wallet feature also comes in handy when budgeting as it lets you organize your crypto balances and allocate funds to different types of expenditures/savings. You can, for example, create a family savings wallet, personal expenses wallet, end-year vacation savings wallet, retirement savings wallet, or even the Birthday in Las Vegas wallet. This feature comes in handy for budget-conscious individuals looking to have better control over their financial life.

Supported currencies 

Interestingly, the Copay wallet is specially designed to only support Bitcoin and Bitcoin Cash. There, however, is no limit to the number of BTC or BCH private keys you can store in the wallet or the number of wallets (partitions) you can create on Copay.

If you wish to hold, trade, or invest in other Altcoins like Ripple, Ethereum, Litecoin, or Dogecoin without letting go of Copay Bitcoin wallet, we suggest that you acquire a Hardware wallet and integrate it with the Copay crypto mobile app.

Copay bitcoin wallet costs and fees

BCopay Bitcoin is free. You will not be charged when you download, install, or store coins into the crypto wallet app. You can download the app from both Android and iOS app stores, on the official BitPay website or GitHub.

You will nonetheless, be charged network transaction fees every time you transfer Bitcoins and Bitcoin Cash out. These charges will vary according to the transaction volume and are collected by network administrators and not Copay.

When transacting via the Copay Wallet, you also have the choice of determining the transaction fees charged per transaction. The wallet has the ‘Super Economy’ as well as the ‘Urgently’ payment options.

Like the name suggests, ‘Super Economy’ is denoted from friendly transaction fees for slow transactions while the ‘Urgently’ pay plan involves higher transaction fees for faster (near real-time) transaction processing.

Copay bitcoin wallet customer support

Copay Bitcoin Wallet’s customer supports starts with an elaborate explanation of everything you need to know about the wallet on GitHub. On this page, you will also have access to the wallet’s updated version of both desktop and mobile apps, guidance on how to use and interact with the wallet app, and also learn everything there is to know about Copay.

For more personalized assistance, contact the Copay Bitcoin wallet team through their official handles on the different social media platforms.

How to activate a Copay Wallet

Step 1: Go to the official website and click on “Get Copay.”

Depending on the platform you intend to use, the first step should be to register your details with the site.

Step 2: Choose the Copay App version.

After clicking on “Get Copay,” you will be automatically redirected to GitHub, where you can select your desired app to install. Select the most recent app that corresponds with your device (mobile or desktop OS) from the list and download it.

Step 3: Click “Get started” after the download process completes

This opens the “Copay Installers” that provide you with all the important information about your Copay Bitcoin Wallet. It also hosts the registration process that captures such basic data as your name and email address.

Step 4: Back up your 12-word seed phrase.

The installer will also provide you with 12 random phrases known as the recovery seed that backs up your wallet app. Write them down on a piece of paper and keep them safe. You will need them to reset the app password or recover your private keys.

Step 5: Verify that you have captured the seed words correctly.

Confirm that you have correctly captured the recovery seed phrases.

Step 6: Add Bitcoin/Bitcoin Cash and start transacting

Your Copay Bitcoin wallet is now set. You can now add Bitcoin and Bitcoin Cash crypto coins and start transacting.

How to add/receive Bitcoins to your Copay wallet

Step 1: Start by launching the app and clicking on the ‘Receive’ icon on the app dashboard. This will reveal your copay wallet address in the form of letters and a QR Code.

Step 2: Copy the wallet address and send it to the party from whom you wish to receive Bitcoins or have them scan your app’s QR code.

Step 3: Wait for the crypto to reflect on your wallet. How long the coins take to reflect largely depends on the state of the Bitcoin network.

How to send Bitcoin or Bitcoin Cash via your Copay bitcoin wallet

Step 1: Start by launching your Copay wallet app. Click on the send icon and chose the crypto you wish to send. (Note that the send icon will only appear if you enough crypto to transfer)

Step 2: Enter the fund recipient’s wallet address or scan their QR Code.

Step 3: Enter the amounts of Bitcoins or Bitcoin Cash you wish to send

Step 4: Confirm that the number of Bitcoins or Bitcoin Cash and the recipient’s wallet address are okay before hitting send.

Copay Wallet Pros and Cons

Pros:

  • It has a user-friendly interface with customizable background and wallet names
  • Features multi-signature settings and is hierarchically deterministic
  • It is built around an open-sourced and highly vetted blockchain technology
  • Copay wallet is highly versatile and compatible with different operating systems
  • The Copay wallet app can be linked to an external hardware wallet
  • Uses Bitcoin Payment Protocol (BIP) to protect users from sending funds to wrong addresses

Cons:

  • It uses third-party servers to access Bitcoin Network data
  • it only supports Bitcoin and Bitcoin Cash
  • The app doesn’t support more secure technologies like two-factor authentication

Copay Wallet vs. Other Wallets- How Does it Compare?

Copay wallet vs. eToro

When compared to such other online wallets as eToro, Copay carries the day because of its ease of use. The app is highly customizable and allows its users to create partitions (mini wallets) that promote budgeting. It also allows you to tweak the apps theme and background colors as well as change your wallet’s name.  Plus, while Copay will only support two crypto coins, there is no limit to the number of private keys or wallet addresses that Copay can hold.

However, unlike Copay, which only hosts two crypto assets, the eToro wallet app can hold up to 700 cryptocurrencies and tokens. One may also consider eToro relatively safer as it implements more security safeguards on the wallet like two-factor authentication or military-grade encryption. Moreover, the eToro wallet app has the backing of one of the most secure and most popular crypto trading platforms. The same cant be said of Copay’s backer – Bitpay.

Copay wallet vs. Ledger Nano S

Copay Wallet app boasts convenience, ease of use, and its free to acquire as its key strengths when compared to the Ledger Nano S hardware wallet. Unlike Ledger Nano that sells for around $60 and has a rather complicated installation process, Copay is free to download, install, and use. The fact that the app is installed on your phone and still accessible as a chrome browser extension makes it more convenient for regular transactions.

Unlike the Copay crypto app or software wallet, however, the Ledger Nano S hardware wallet is more secure and harder to breach. It stores your private keys offline and is, therefore, more secure against online hacks or viruses that wipe off phone or desktop data. Moreover, Ledger Nano supports more than 1,000 cryptocurrencies and tokens against the two hosted on Copay.

Final Verdict: Is Capay safe?

The Copay Bitcoin wallet is relatively safe and has instituted reasonable security safeguards against unauthorized access to your private keys. They have a password mechanism to prevent, encrypt all data held by the wallet, and provide you with a 12-word backup seed.

In addition to this level of security, we liked the convenience and the versatility of the wallet given that it is compatible with virtually all the popular operating systems and is available on the move via the Copay mobile app and online via the software wallet.

Categories
Crypto Market Analysis

Daily Crypto Review, August 10 – Chainlink Surpasses LTC’s Market Cap Despite Major Bearish Signals

The cryptocurrency market had an interesting weekend, with Bitcoin pushing towards 12,000 and actually passing it at the time of writing. Bitcoin is currently trading for $12,003, which represents an increase of 2.24% on the day. Meanwhile, Ethereum gained 0.18% on the day, while XRP lost 0.11%.

The cryptocurrency market had an interesting weekend, with Bitcoin pushing towards 12,000 and actually passing it at the time of writing. Bitcoin is currently trading for $12,003, which represents an increase of 2.24% on the day. Meanwhile, Ethereum gained 0.18% on the day, while XRP lost 0.11%.

The cryptocurrency market had an interesting weekend, with Bitcoin pushing towards 12,000 and actually passing it at the time of writing. Bitcoin is currently trading for $12,003, which represents an increase of 2.24% on the day. Meanwhile, Ethereum gained 0.18% on the day, while XRP lost 0.11%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Balancer gained 45.17% on the day, making it the most prominent daily gainer. Band Protocol (32.27%) and Nervos Network(26.64%) also did great. On the other hand, Flexacoin lost 16.27%, making it the most prominent daily loser. It is followed by Decentraland’s loss of 9.91% and Elrond’s loss of 6.81%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly since we last reported, with its value currently at 61.78%. This value represents a 0.28% difference to the upside when compared to Friday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization has increased since we last reported. Its current value is $362.67 billion, which represents an increase of $3.77 billion when compared to Friday’s value.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

Bitcoin has spent the weekend pushing towards $12,000 and finally passing it in a major push just a couple of hours ago. However, the price didn’t fully (or at all) establish itself above the major mark. Bitcoin will need to confirm its position above $12,000 (and confidently) before being considered as officially above it. For now, this level is still a resistance level.

BTC traders should look for an opportunity to make a trade when BTC confirms its position above or below $12,000.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA, as well as its 21-period EMA
  • Price above its top B.B.
  • RSI is elevated (65.89)
  • Volume elevated (on the increase)
Key levels to the upside          Key levels to the downside

1: $12,000                                 1: $11,630

2: $12,330                                 2: $11,460

3: $13180                                   3: $11,090

Ethereum

Unlike Bitcoin, Ethereum spent the weekend without much movement towards the upside. However, the second-largest cryptocurrency by market cap did fall back to the $361 level and tested its support, which held up quite nicely. Once the price bounced back to its previous highs, it continued slowly moving towards the upside, but without any real strength. Ethereum still has a way to go before it reaches past $400.

Traders should look for a trade opportunity when Ethereum increases its volume.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is slightly below its top B.B.
  • RSI is elevated (58.51)
  • Volume increasing slightly
Key levels to the upside          Key levels to the downside

1: $400                                     1: $361

2: $415                                     2: $340

3: $496                                      3: $302

Ripple

XRP had quite a turbulent weekend, with its price failing to stay above the previously broken triangle formation levels. This happened as, even though XRP managed to break the triangle formation to the upside, it did not reach past the $0.31 resistance level. Instead, bears stepped into the market and brought the price down to below $0.285 levels (at one point). However, the $0.285 level held up and XRP has confirmed its position above this support.

Traders can look for an opportunity to trade when XRP reaches the $0.31 mark and decides if it will reach above it or fall below once again.

XRP/USD 4-hour Chart

Technical factors:
  • Price is above its 21-period and 50-period EMA
  • Price is slightly above its middle B.B. (20-period SMA)
  • RSI is neutral (51.45)
  • Low volume
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285  

2: $0.32                                     2: $0.266

3: $0.3328                                3: $0.245

 

Categories
Cryptocurrencies

Zcash Wallet: Features, fees Security and more

Let’s be clear –  Zcash is both the name of a cryptocurrency (ZEC) and a wallet. This review is about the wallet.

Let’s be clear –  Zcash is both the name of a cryptocurrency (ZEC) and a wallet. This review is about the wallet.

Let’s be clear –  Zcash is both the name of a cryptocurrency (ZEC) and a wallet. This review is about the wallet.

Zcash Wallet was built to handle ZEC. ZEC was developed from Bitcoin but with the aim of improving the anonymity of users and their transactions.

Zcash Wallet is a free, secure, beginner-friendly mobile wallet for addressing all your ZEC needs. Yes! It can address all your ZEC needs because it even has an onboard cryptocurrency exchange – a rare phenomenon among cryptocurrency wallets.

This review is about the Zcash Wallet, and all that appertains to it. We will look at its security, highlight it’s ease of use, follow through the installation and setup processes, and look at its pros and cons. We’ll also explore tips on getting customer support and resolving common issues. Stay tuned!

Key Features

  • Integrated cryptocurrency converter (onboard cryptocurrency exchange) – You can fund your Zcash Wallet with almost any other cryptocurrency out there; the wallet will convert it to ZEC for you. You can also send your ZECs to almost any altcoin wallet address, and it will surely be converted to the appropriate currency before it’s sent out.
  • Enhanced security – Zcash Wallet integrates some of the most advanced security features available in a cryptocurrency wallet, as will be seen later in this post.
  • Easy to use – you can log in with Facebook, Google, or your mobile number. You can also share your wallet address through these social media platforms.
  • Friendly customer support – Zcash Wallet customer service representatives exhibit rare compassion when addressing users.
  • Available in multiple languages – While you will probably only need to use the app in one language, the availability of the app in multiple languages increases its user base, which means you have more Zcash Wallet users to make free transactions with.
  • Simple and intuitive user interface.

Security

Zcash Wallet’s developers invested some decent efforts into hardening it from actual and perceived crypto-wallet threats. The security of this wallet is best viewed from two dimensions: it’s architecture and configurable features.

Architectural features include the wallet’s use of the hierarchical deterministic (HD) algorithm for generating addresses. HD key generation dramatically simplifies the task of backing up a wallet since the user is not required to generate key backups manually.

Zcash also supports multi-signature (multi-sig) transaction signing.

Multi-sig allows you to sign a transaction by more than one device, thereby addressing the risk of unauthorized transactions in case the primary device is compromised.

In the traditional banking industry, corporate accounts often require more than one signatory to allow movement of funds out of the account. This is pretty close to what multi-sig does to crypto transactions.

Multi-factor Authentication

Perhaps the most outstanding security feature offered by Zcash Wallet is multifactor authentication, also known as MFA.

MFA has recently gained a lot of attention among cybersecurity communities. This technology enhances authentication and identity management by requiring you to provide additional verification after you log in.

It’s simple but super-effective. With Zcash, you need to provide a code sent to an authenticator app of your liking, for example, Google Authenticator or Microsoft Authenticator.

So, even if someone has your password, they need to access your authenticator app as well to log in to your account. You need to note that this is one of the very few wallets out there that implement multi-factor authentication.

Just a word of caution – if you choose to secure your wallet with MFA, proceed with care because if you lose your phone and don’t have the MFA key, there is no way you will access your wallet. This is precisely why the MFA option is not automatically activated when you set up your account.

Shielded Address support

You should also expect to find privacy in the goodies basket that comes with this wallet.

Zcash Wallet provides shielded address support which encrypts addresses and other transaction information such that this information becomes invisible to anyone on the network. This feature makes it more difficult to trace transactions to their origins and is one of the main advantages of ZEC over Bitcoin.

We can go on all day praising this app’s security, but, hey, it’s not an open-source project! There is a certain faith the crypto community places on open-source wallets. So goes their argument:

“Proprietary software is only secure as long as its code has not found its way to the public. But one day, one time, this code will be leaked into the public domain, and reverse engineers and hackers will begin flexing their skills – it will just be a matter of time before they hack their way into the system. But if it is an open-source wallet, this community of reverse engineers and hackers are part of the development team. You get the logic?”

It’s a bit controversial, but we’d rather go with the majority verdict that open-source wallets are more secure.

Even if Zcash has all these security features, you need to treat your wallet as your bank account, and its overall security is your responsibility.

Fees

Zcash brands itself as a secure and free wallet. Let’s focus on the free part of it.

Sending and receiving coins between Zcash wallets is free. However, network fees may creep in if you are sending coins to another ZEC wallet. Exchange fees will also apply if you are sending ZEC but want them to arrive like some other altcoin.

Downloading and Setting up an Account

Zcash Wallet is a mobile-only wallet available on both Android and iOS platforms. Downloading this app from either the Android PlayStore or the iOS AppStore is no different from downloading any other app.

Once downloaded, you can restore a previous account or create a new one. If it’s your first time interesting with ZEC, the easiest way to create a new wallet is by signing in with a social media account.

While setting up an account with other cryptocurrency wallets usually involves a lengthy process where you need to provide passphrases, PINs, and other authentication paraphernalia, this process has been simplified to a single button push, or a few taps at most, with the Zcash Wallet. This wallet gives you several convenient sign-in options, including signing in with Facebook, Google, or your mobile number. It’s incredibly easy to log in, and you need to install the wallet to believe it.

Once you log in, you should tune your preferences and security settings.

Sending Funds

Sending funds with Zcash Wallet is a no-brainer, but let’s look at it anyway.

  • The send button is found on the main screen of the application. Tap on it to initiate a funds transfer.
  • The next option is supplying destination information. The app provides two options: sending funds to other cryptocurrency addresses, or a Zcash Wallet address. We already saw that conversion to other currencies takes place automatically by the inbuilt exchange. They call this feature “Smart Pay.” If you are sending funds to another Zcash Wallet user, select the second option, and provide their User ID or email. If you provide an email, the app will check whether an account with such an email exists. In case it doesn’t, Zcash Wallet will create a new account and send a verification to that email. Next, you will see a summary of the transaction, including network fee and estimated arrival amount.

Receiving Funds

As earlier said, you can receive funds from any wallet, including those that hold other currencies. Receiving funds from another Zcash Wallet is free and instant. But if you are receiving them from a different network, expect the sent amount less than the exchange fees. To receive coins,

  • Tap on the receive icon on the main screen of the application.
  • You will immediately see a ZEC deposit address, a QR code, and your User ID.
  • If the source of the funds is another Zcash Wallet, tap the User ID to copy it. For faster and hassle-free sharing, tap the share button at the top right corner of the screen.
  • If you are receiving funds from another altcoin wallet, tap on the smart address tab to view the list of supported currencies. Since the list is long, you can search directly by typing the name of the currency. The search bar is a bit tiny but look for the magnifying glass icon. Next, select the currency of the sender. At this point, the app will automatically generate a wallet address, QR code, a memo, and any other information needed to receive funds. It will also tell you the minimum amount you can receive. How convenient! As usual, tap to copy or simply push the share button to share using the messaging apps on your phone.

Supported Cryptocurrencies

Since the wallet has an integrated exchange, it can support virtually any currency. However, it can only store ZEC. This is not a problem because if you want to send or receive funds in a different currency, you can always do it.

Customer Care

Zcash delivers customer support primarily through the email [email protected] although [email protected] appears more active.

There seems to be a lot of negative energy on the Interweb flying in the direction of Zcash’s customer support. To be fair, Zcash’s customer care can be described as responsive. Whether that solves your issues or not is beside the point. These folks always respond to individual complaints even on non-official support communication channels such as the app’s download page. So, an 8 out of 10 sounds fair.

Users seem to experience a variety of challenges with the app ranging from failed logins to transactions not reflecting in their accounts, but those are not customer support issues, they are probably technical challenges.

Wallet’s Pros and Cons

Pros

  • The wallet is remarkably easy to use. Right from installation to sending funds, everything is set to fulfill the desires of the lazy user.
  • User-friendly interface – the interface is not fancy, but it’s very functional. It only has two major parts: all the buttons you need at the top half of the screen, and all the news and tips you need in the remaining half. The news section is exceptionally succinct, and you won’t find irrelevant posts.
  • On-board cryptocurrency exchange – With this feature, you only need one wallet to do all your business in the crypto world.
  • Zcash boasts of some of the best security features in the market – multi-sig, multifactor authentication, HD key generation, and much more. Is there a wallet that can compete with this? One wonders.
  • Provides cold storage – Although cold storage is a security advantage, it’s worth mentioning it separately as some users give it primary consideration when selecting a wallet.
  • It’s easy to restore your wallet from any Android or iOS device if your phone gets lost. Please note that it may take some time before your funds reflect in the new wallet.
  • It provides email notifications for each transaction. So you’re always updated on your account activity. This feature increases your chances of recovering stolen funds.
  • The app is fast and pretty stable.

Cons

Nothing can be perfect, and the wallet isn’t an exception. Some of its outstanding shortcomings include:

  • It only has a mobile option. This might inconvenience some users.
  • It is not open source.

Final Remarks

The Zcash Wallet is a truly outstanding digital solution. From its ease-of-use to secure operation, it only gives you reasons to be loyal.

As we have seen in this review, the app has some of the best security features you can find in a cryptocurrency wallet. It is also among the few wallets that will allow you to send or receive funds from almost any network.

If you ever experience issues with your account and contact their customer care, you will be more than delighted with their hospitality.

Nevertheless, it’s narrow support for platforms, and the lack of open-source scrutiny might be a bother to some. All things considered, this wallet is one of the best ZEC wallets ever built.

Categories
Cryptocurrencies

What’s Aave (LEND)? A Beginner Guide

With blockchain came the concept of finance that’s outside the control of the state and government. Cryptocurrencies have been the rage these past few years. But now a bolder and fresher idea is emerging, and it’s called decentralized finance (DeFi). DeFi is the notion that the people have the power, and they don’t have to trust traditional finance systems to make the calls. 

With blockchain came the concept of finance that’s outside the control of the state and government. Cryptocurrencies have been the rage these past few years. But now a bolder and fresher idea is emerging, and it’s called decentralized finance (DeFi). DeFi is the notion that the people have the power, and they don’t have to trust traditional finance systems to make the calls. 

With blockchain came the concept of finance that’s outside the control of the state and government. Cryptocurrencies have been the rage these past few years. But now a bolder and fresher idea is emerging, and it’s called decentralized finance (DeFi). DeFi is the notion that the people have the power, and they don’t have to trust traditional finance systems to make the calls. 

Aave is a DeFi project that allows users to borrow crypto without depositing collateral. Lenders can also deposit money and start earning interest right away without lifting a finger.

Describing itself as “an open-source and non-custodial protocol enabling the creation of money markets,” Aave introduced the idea of uncollateralized loans, carving out for itself an influential position in DeFi. 

With that, let’s find out more about the project!

What’s Aave?

Launched in 2018, London-based Aave is a DeFi platform running on the Ethereum blockchain that lets you lend and borrow a wide range of cryptocurrencies in a decentralized and peer-to-peer manner. Aave takes its name after the Finnish word for “ghost.” The team chose this name to reflect the constant evolvement and imaginative technology that intrigues users. 

The project brings distinguished features to the DeFi space, such as uncollateralized loans and “rate switching.” Aave utilizes the Aave Protocol to create various types of crypto markets where users can build an investment portfolio. 

Background of Aave

Aave was originally known as ETHLend, a crypto lending platform established in 2017 by Stani Kulechov. The company raised about $600,000 worth of Ether in exchange for 1 billion LEND tokens. 

ETHLend rebranded into 2018 in order to incorporate even more platform features, suiting the current cryptocurrency consumer.  

Aave’s Offerings

Aave offers quite an impressive range of unique collaterals for any DeFi lending protocol. 

#1. Flash Loans 

Flash loans are one of Aave’s biggest selling points, and that’s especially because you don’t need to deposit any collateral to use them. Instead of using collateral to ascertain payments, flash loans use the timing of the loan’s repayment. Flash loans were invented by Aave, and they work this way: 

  • Borrowed and repaid in the same transaction
  • No collateral needed
  • Borrow and return the borrowed amount plus a small interest
  • All this needs to happen at the same time, or the transaction will not be approved

Flash loans can be applied in the following kind of scenarios: 

  • To take advantage of crypto price differences in two or more exchanges without necessarily having the principal amount to do so
  • Debt refinancing, or swapping collateral long positions without having to pay the repay the debt of the loan position

#2. Flexible Rates 

Unlike most lending platforms that use either fixed or variable interest rates, Aave implements a “rate-switching” function that allows borrowers to switch between “stable” and “variable” rates, a very handy feature in the extremely volatile crypto market. For high-interest rates, a borrower can opt for the fixed-rate, but for volatile rates that might likely take a dip, they can go for the variable rate. 

Thanks to this new and exciting option, Aave has witnessed particularly strong growth for stable rates loans after their introduction in May 2020. Note that ‘stable’ here does not imply ‘fixed.’ Rather, Aave’s stable loans are more stable variable interest rates that are resilient against wild price swings. This ability to rate-switch gives users more control over their loans by allowing them to choose the best possible rates. 

How to Lend on Aave

Getting started on Save is fairly simple. Visit https://app.aave.com/ and connect using a web 3.0 wallet such as Walletconnect, Coinbase Wallet, or Fortmatic. You can also connect with the Ledger hardware wallet. 

Depositing is easy. Just select an asset and enter how much you wish to lend. Next, allow Aave to access the asset. Then, you’ll need to sign to approve the transaction. Your deposited funds will go to the lending pool, after which you start monitoring real-time how much interest you’re gaining on the Aave dashboard. 

Aave’s interest-earning tokens are known as aTokens, which are similar to Compound’s cTokens. However, unlike the cTokens, aTokens retain the value of the underlying asset and increase only in amount. On the other hand, cTokens appreciate in value with interest.

The LEND Token

LEND, an ERC20 standard token is the native token of the Aave ecosystem. LEND token holders get the right to make their voice heard on any proposals advanced by the Aave team. Such proposals include interest rates, the addition of new assets, liquid configurations, and so on. 

LEND also is burned so as to prevent inflation and increase its value over time. 80% of platform fees are regularly burned on the open market for this end. 

In the future, Aave plans to increase the staking ability of users who’ll then get to participate in protocol governance as well as have a claim in exchange fees in exchange for helping secure the Aave network against malicious borrowers. 

LEND’s distribution was as follows: 

  • 30% to core developers 
  • 20% reserved for user experience development
  • 20% reserved for management and legal
  • 20% reserved for promotions and marketing
  • 10% result for unexpected costs

Which Assets Does Aave Support?

Aave currently supports a variety of tokens, including but not limited to Basic Attention Token (BAT), Synthetix USD (SUSD), Chainlink (LINK), Synthetix (SNX), Decentraland (MANA), Kyber Network (KNC), Ethereum (ETH), Dai (DAI), Aave (LEND), TrueUSD (TUSD), Tether (USDT), Wrapped BTC (WBTC), 0x (ZRX), USD Coin (USDC), Maker (MKR) and Augur (REP).

Who is the Team Behind Aave?

Aave is the brainchild of CEO Stani Kulechov, who originally founded ETHLend. Jordan Lazaro Gustave is the COO, and Nolvia Serrano is the CMO. Both Gustave and Serrano bring over their experience from ETHLend. All in all, the team is made of 22 members with eclectic skills ranging from blockchain, fintech, Ethereum, smart contracts, lending, payments, custodial services, and gaming. 

Aave: Tokenomics 

As of July 30, 2020, Aave is trading at $0.0324118, and with a market cap of $421, 352, 978, it’s the 30th biggest cryptocurrency in the world. Aave has a 24-hour volume of $64, 663,115, and a circulating and total supply of 1, 299, 999, 942. The token’s all-time high was $0.442615 (Jan 07, 2018), and its all-time low was $0.003353 (Sep 06, 2019).

Where to Buy and Store LEND

You can grab some Aave from any of several exchanges, including Binance, MXC, Bilaxy, Bibox, Gate.io, Poloniex, Alterdice, Uniswap, dex.blue, Eterbase, Fatbtc, and Loopring. 

As an ERC20 token, LEND can be stored in any wallet that supports Ethereum. You will not go wrong with any of these choices: Atomic Wallet, Trust Wallet, and of course, the hardware wallets (and hence ultra-secure) Ledger and Trezor. 

Final Words

Given its constant re-invention, Aave’s ghost reference is fitting. Its uncollateralized loans and rate-switching features are two of its radical innovations to ever be seen in the world of finance. And that’s what DeFi is all about: disrupting norms to deliver real value. 

Categories
Crypto Guides

The Basics of Cryptocurrency Lending And Staking

Introduction

Introduction

Introduction

Crypto trading has become one of the hot topics of the market. With the security of cryptography and interesting rates of the currency, everyone wants to get their share of the pie. That is why more people are looking for opportunities to generate some income with the help of cryptocurrency. Two best methods you can opt for making money through cryptocurrency are lending and staking. Let’s dive into the two techniques and see which one can be beneficial for you.

Crypto Lending

The concept of crypto lending can be understood as a simple cryptocurrency collateralized loan. A borrower can utilize their crypto assets for getting a stablecoin or fiat loan. In exchange for this, the lender gets a fixed (agreed-upon) interest rate. Alternatively, the borrower can also use their stablecoins as collateral for borrowing crypto assets.

The whole process raises the cryptocurrency’s productivity by reallocating it to people who are in immediate need (borrowers) from those who are not (lenders). That is why crypto lending proves to be a powerful financial primitive in the crypto market that traditionally had only two options: trade and HODL.

The only drawback to crypto lending is that you got to have some capital or assets at your disposal to get the loan. That means they are over collateralized and don’t offer all advantages of true credit.

Crypto Staking

You may find people talking about staking as just holding some crypto and earning rewards in exchange for it. However, there is more to this concept. Staking involves the Proof-of-Stake mechanism, where new blocks get produced and verified through staking.

So unlike mining, you don’t need special computers to solve problems here. But you do need to follow some conditions to become a new block validator, such as:

  • Your cryptocurrency wallet must hold a minimum amount.
  • Your wallet must remain online throughout the day and every day.
  • Your wallet should support crypto staking.

Other than these, different blockchains may apply different rules. So you need to check with the blockchain for how you can stake. Plus, staking is not supported by every cryptocurrency, and you have to choose only from the provided options.

In exchange for holding these staking processes, you get a fixed percentage of rewards per year. You can also opt for a pool, where multiple holders keep their coins together. This increases the overall chances of validating a block and getting higher revenues.

Lending vs. Staking: Which One To Opt?

It would be wrong to state that either of them is better than the other. They both have pros and cons. Your choice majorly depends on the type of investor you are. In case you need instant stable coins with the help of assets, lending would be more beneficial for you. On the other hand, you can opt for staking if you want to generate a significant amount of money by holding the crypto coins in your wallet.

The crucial point here is to keep an eye on the blockchain in which you are investing. You need to look through all the aspects before putting money in a particular investment method.

Categories
Cryptocurrencies

Blockstream Green Wallet Review: What Makes This Crypto Wallet App Unique?

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

The Blockstream Green crypto wallet was developed by Lawrence Nahum and Jerzey Kozera of Green Address Inc. It was introduced to the crypto industry in 2013. But would, in 2016, be acquired by Blockstream, yet another blockchain technology company and renamed to Blockstream Green wallet.

Today, it is considered by far the most innovative and secure crypto wallet app, as well as the pioneer of multiple security features. The Blockstream Green wallet was, for instance, among the earliest to integrate multi-signature signing, allow two-factor authentication, introduce hierarchical deterministic wallets, and allow for dynamic Bitcoin processing fees.

In this review, we will be looking at all these features in detail and highlighting everything else you need to know about Blockstream green crypto wallet. We will be factoring in its operational and security features. We’ll also explore its pros and cons, cost and transaction fees and compare its efficiency with other crypto wallets.

We start by looking at its primary features:

Key features:

i) User-friendly: The Blockstream Green crypto wallet has one of the friendliest user interfaces. It features a simplistic design that makes in-app navigations seamless and eases interactions with the portfolio. It also features both basic and advanced settings that appeal to the beginner, intermediate, and experienced crypto enthusiasts.

i) Compatible with multiple OS: The Blockstream Green crypto wallet is also highly versatile and compatible with virtually all operating systems. The wallet desktop and mobile app version as well as a web version – available as a chrome extension.

iii) Hardware wallet integration: The crypto wallets versatility extends with its interactions with hardware crypto wallets. Blockstream Green wallet is, therefore, compatible with all the leading hardware crypto wallets, including Trezor and Ledger Nano models.

iv) Real-time account monitoring: The Blockstream Green crypto wallet allows you to monitor the value of your crypto balances in real-time via the apps and web version. It will also automatically email you a report of your transaction every time you send or receive your crypto.

v) Multiple accounts: While Blockstream Green is a specialist wallet that only supports Bitcoin cryptocurrency, it allows for the creation of multiple user accounts. You can, therefore, create an extra user account/wallet address for separating your digital assets. One wallet can, for instance, hold expense and savings accounts.

Security features:

Password:

Blockstream Green crypto wallet has a password as its primary security feature. You, therefore, will be required to set this 6-digit passcode when installing the crypto wallet app.

24-word recovery seed:

Additionally, the app or web wallet will also present you with 24 random phrases that represent its recovery seed. Write these down and store them in a safe place. They come in handy when recovering your private keys should you lose the wallet or forget the passcode.

Two-factor authentication:

This added layer of security eliminates the possibility of remote hacks. It demands that you attach a phone number to your wallet and receive login and crypto transfer verification codes via SMS or call. You can alternatively use ‘tether the app to your email’ and activate SFA via google authenticator.

Highly encrypted:

According to the Blockstream, Green wallets limit the amount perof sonal data collected of their clients while subjecting any data stored within the app – especially the private keys and passcodes – to strict encryption protocols.

Multi-signature wallet:

Blockstream green is a multi-signature wallet implying that two signatories must approve a transaction before it is executed. The first signatory is your password, and the other is the Blockstream servers.

Non-custodial:

All Blockstream green crypto and web wallets are non-custodial. Meaning that your private keys aren’t stored on the companies servers but on the individual device hosting the wallet. This gives near-absolute control of your digital assets while eliminating the possibility of a central point of attack for hackers.

Open-sourced technology:

The Blockstream Green wallet is also built on an open-sourced technology, which is, in itself, a guarantee of safety and transparency.

Hierarchically deterministic:

The wallet is hierarchically deterministic. That implies that it can automatically generate a wallet address for every new crypto transaction. This makes your crypto activity and transactions hard to track.

How to set up the Blockstream green crypto wallet app:

Step 1: Start by downloading and installing the Blockstream wallet app on your phone and desktop (download these apps from the official Blockstream website to get the most updated versions).

Step 2: Launch the app.

Step 3: Write down the 24-word recovery seed using the specific order in which they are presented by the app.

Step 4: Confirm your seed phrase and proceed to set the unique 6-digit passcode.

Step 5: You can now access your Blockstream green wallet dashboard and configure your desired transaction fees

Step 6: Create a Bitcoin wallet address

Step 7: Your wallet is now active, and you are now free to start adding Bitcoins.

How to add/receive crypto into your Blockstream Green wallet

Step 1: Start by launching your Blockstream green wallet app and clicking on the ‘Receive Money’ tab.

Step 2: This reveals your Bitcoin wallet address as well as the QR Code

Step 3: Copy the wallet address and send it to the exchange, wallet, or fiat-to-crypto conversion party from whom you wish to receive funds

Step 4: Wait for the Bitcoins to reflect on the wallet app.

How to send crypto into your Blockstream crypto wallet:

Step 1: Launch the crypto wallet app and click the ‘Send Money’ tab.

Step 2: In the pop-up window that appears, key in the recipient’s Bitcoin wallet address or simply scan their QR code if using a mobile crypto app.

Step 3: Enter the number of Bitcoins you wish to send

Step 4: Confirm that both the wallet address and the Bitcoin amounts are okay and click send.

Step 5: The transaction can take between a few minutes to several hours, depending on your preferred transaction fees.

Blockstream green ease of use:

One of the unique features of Blothe ckstream Green wallet is that it is highly customizable. It features both the basic and advanced app/web wallet settings for the intermediate and experienced bitcoin investor/trader. Some of the customizable features that experienced traders can take advantage of include transaction fees and auto-logout.

In addition to the four-tier transaction fee structure, experienced traders can decide to set a custom transaction fee to be paid in Bitcoin Satoshi. They can also add notes difto ferent Bitcoin transactions and set an automatic logout timer for their apps.

These and more add-ons like SPV synchronization and or PGP key have earned the crypto wallet app a nickname – ‘fancier wallet.’

Blockstream Green wallet supported currencies.

Despite all these operational and security features integrated into the Blockstream Green wallet, it will only support one cryptocurrency – Bitcoin. This sets it apart from its peers of equally advanced crypto wallet apps that support a wide range of cryptocurrencies and tokens. It also sets it apart from some Bitcoin-specific wallet apps that support both Bitcoin and its hard fork – Bitcoin Cash.

If you, however, wish to invest or interact with more crypto coins and tokens while enjoying the security and operational features of the Green wallet, consider integrating it with a hardware wallet.

Blockstream Green cost and fees:

Downloading and installing the Blockstream Green crypto wallet app is free, and so is using it to store your digital assets. You will, however, be charged a small transaction fee when you send Bitcoins from the app. But, you get to set the transaction fee when setting up the account.

Ideally, Blockstream Green crypto mobile and desktop app features five classes of Bitcoin transaction fees under the ‘Replace by fee protocol. The most pronounced are the low-fee transfer option that charges the lowest amounts but takes the longest to execute a transaction, the medium-fee transfer that charges moderate amounts for relatively faster transaction processing, and express-transaction fee that charges significantly higher fees for near-instant transaction processing.

You get to decide on your preferred transaction fee level when setting up your green wallet app. You, however, can always adjust this fee category at any time or shift to the other two pricing models – the customized Satoshi bitcoin payment plan or the economy-fee category. The later is only available on the desktop wallet app and only possible when sending Bitcoins to a wallet within 12 blocks from your physical location.

All of these fee categories are variable and dependent on the transaction volumes.

Blockstream green customer support:

Blockstream Green wallet’s customer supports starts with the FAQ page on the company website that guides you on how to interact with the app and provides solutions to common app challenges. The Blockstream website and both the desktop and mobile crypto wallet apps as well as its web wallet are multi-lingual and currently support over 12 of the most popular international languages.

We also found their customer support team quite friendly and highly responsive. And you can reach out to them by raising a support ticket on the company’s website or contacting them via email info@Blockstream Green.it. Alternatively, you can reach out to them through their different social media pages on Twitter, Facebook, and Instagram.

What are the pros and cons of the Blockstream green crypto wallet app?

Pros:

  • The crypto wallet app is highly secure and has integrated such advanced security features as 2-factor authentication, HD and, Multi-sig wallets.
  • The wallet installation process, as well as its use, are relatively easy and highly straightforward.
  • The Bitcoin-specialist wallet is highly transparent as it is developed on an open-sourced technology.
  • Blockstream green crypto wallet is quite a user friendly and features highly customizable features like different fee categories.
  • The fact that the Blockstream green wallet integrates seamlessly with crypto hardware wallets further boosts its security and number of supported currencies.

Cons:

  • Blockstream Green crypto wallet app will only support the Bitcoin cryptocurrency.
  • It has limited operational features. It doesn’t have such critical features as an inbuilt exchange.
  • Its online nature subjects it to several threats, include hacking and malicious malware.

Comparing Blockstream Green wallet with other crypto wallets

When compared to other hot wallets like Abra, Blockstream Green carries the day because of its security features and ease of use. Its key selling points include its highly innovative approach towards securing the wallet that has since been imitated by the entire industry, its highly customizable transaction fees, and intuitive user interface. But one can’t fail to notice that Abra supports way more cryptocurrencies, has more ways through which you can deposit crypto into the wallet, and active in-built exchange.

Save for the convenience that it offers frequent traders and the fact that it is free to acquire, Blockstream Green wallet’s features pale in the face of a hardware wallet like Trezor. The hardware wallet is considered more secure as it stores your private keys offline, supports a wide range of cryptocurrencies and tokens, and is more insulated from common threats dogging hot wallets like remote hacks.

Verdict? Is the Blockstream Green wallet safe?

Blockstream green wallet has a long history of keeping their client’s data and private keys safe. It was developed and is still maintained by some of the most experienced blockchain and crypto industry experts around. Since its inception, the wallet has led the industry by pioneering some of the most innovative security protocols that have since achieved global acceptance. Other factors that we believe endear this wallet app to most Bitcoin traders are the decongested and highly intuitive interface that makes it easy to use.

We, however, believe that the app would have an even larger following and user-base if it accepted more cryptocurrencies. Going forward, we would also like to see the bitcoin app integrating more features like an in-built exchange.

Categories
Cryptocurrencies

What’s Crypto.com All About?

Blockchain and cryptocurrency are two emerging techs that can no longer be ignored. By enabling trustless, immutable, and decentralized financial solutions, blockchain is laying the foundation for a new generation of better and inclusive financial applications. 

Blockchain and cryptocurrency are two emerging techs that can no longer be ignored. By enabling trustless, immutable, and decentralized financial solutions, blockchain is laying the foundation for a new generation of better and inclusive financial applications. 

Blockchain and cryptocurrency are two emerging techs that can no longer be ignored. By enabling trustless, immutable, and decentralized financial solutions, blockchain is laying the foundation for a new generation of better and inclusive financial applications. 

Crypto.com is an effort to push the world’s adoption of cryptocurrency. The platform has a motto: “put currency in every wallet.” Its main offering and what majorly contributes to this effort is its Monaco (MCO) visa card. Through the Visa card, Crypto.com hopes to solve the issue of traditional systems not accepting payment in crypto. And those that do, they do so through slow and often expensive processes which bar many people from using cryptocurrency.

Crypto.com hopes to solve this by offering “the best way to pay and be paid in crypto, anywhere, any crypto, for free.” 

What’s Crypto.com?

Crypto.com is a cryptocurrency and payment platform whose goal is to advance the worldwide adoption of crypto. Founded in 2016, the platform houses a range of products – from an exchange to crypto Visa cards, to a wallet and a crypto investment platform. 

According to the team, “We strongly believe that decentralization is an important part of a better society for everyone, and by accelerating the world transition to cryptocurrency we are helping the world move in this direction. We will achieve this by building on one side, a network of cryptocurrency projects, and on the other side, focus on developing merchants’ ability to accept crypto as a form of payment.”

Crypto.com’s Go-to-Market Strategy

Crypto.com has a clear vision of how it wants to accomplish this. It has four “disruptive forces” to this end: 

  • Great offers for users to incentivize the usage of cryptocurrency
  • Zero transaction fees for merchants
  • A seamless experience for users
  • A decentralized and trustless protocol to process transactions

What Does Crypto.com Offer?

Why should you care about Crypto.com? Well, that’s because it offers several great financial benefits for users. Signing up for Crypto.com gives you access to the following features: 

  • MCO Visa card through which you can spend crypto anywhere in the world
  • Crypto.com app that allows you to buy, exchange, send and track crypto
  • Crypto Credit feature that enables you spent money on credit through your MCO Visa card
  • Crypto Earn that allows you to earn up to 20% interest by depositing crypto
  • Crypto.com Exchange, a crypto exchange that has deep liquidity, competitive fees, and favorable execution prices

Crypto.com’s Native Tokens: MCO and CEO

The Crypto.com ecosystem utilizes a dual-token system. The tokens in question are MCO and CEO.

The MCO Token

The MCO token plays the following roles in the ecosystem: 

  • Allows users to own visa cards by staking in the tokens
  • Allows users to get cashbacks (depending on the card tier) on spending
  • Allows users to earn extra rewards like Netflix, Spotify, and Amazon Prime and other benefits when they stake more tokens
  • Receive MCO at 6% p.a. for 500 and 8% p.a. for 5,000 and 50,000 amount in stake, respectively

The CRO Token  

The CRO token has the following utilities:

  • Facilitate cross-assets currency settlements on Crypto.com
  • Reward nodes for validating and processing transactions
  • As payment for transacting in CRO
  • As a 50% discount to users when they purchase crypto on the crypto.com exchange
  • Get users to access to Crypto.com’s Syndicate platform

Crypto.com Exchange

Crypto.com has an in-house exchange that was launched in November 2019. Let’s look at some of the features of the exchange:

  • The Vortex Liquidity System that allows users access to a global trading platform
  • A 100% trading fee discount depending on your trading volume for the last 30 days and the amount of staked CRO
  • 0% trading fee for the first 90 days
  • Earn up to 20% interest just by depositing crypto
  • A Matching Engine in an Order Management System that provides a fast and efficient trading environment
  • Intuitive and interactive environment powered by a unified REST and Websocket API

Crypto.com Fees

Crypto.com charges a maker and taker fee starting at 0.2% and a transparent, competitive fee structure. However, staking CRO tokens grants you cheaper fees a 20% ROI on the staked amount. 

Crypto.com’s MCO Visa cards

Crypto.com provides five tiers of Visa cards that you can choose depending on your budget and needs. Let’s go through each of them:

Midnight Blue: This card is beginner level. With the Midnight’ Blue card, you get 1% cashback. There is a withdrawal limit of $200, a withdrawal fee of 2%, and an interbank fee of 0.5%. You don’t need to own MCO tokens to own Midnight Blue.

Ruby Steel: With this card, you get a 2% cashback when you stake 50 MCO tokens and a 1% cashback when you don’t. Also, when you stake, you get a $4,000 interbank exchange rate limit and no limits on ATM withdrawal. 

Jade Green/Royal Indigo: This tier is unlocked by staking 500 MCO tokens. With either of these cards, you get a 3% cashback, and if you don’t stake an MCO, you get a 1.5% cashback. 

Icy White: When you stake 5,000 MCO tokens, you get a 4% cashback and stand a chance to earn bonus interest. This level has a $20,000 interbank exchange rate limit of $20,000 and an ATM withdrawal limit of $1,000. No-staking gains you a 1.75% cashback. 

Obsidian Black: This is the highest level available. Staking 50,000 MCO grants you 5% cashback and unlimited interbank exchange rates, and an ATM withdrawal limit of $1,000. Not staking gives you a 2% cashback. 

Depending on the tier, there are also various benefits ranging from free access to Netflix, Spotify, Amazon Prime, airport lounge access, an exclusive merchandise welcome pack, and rebates on Airbnb and Expedia.

Tokenomics of Crypto.com

Now, let’s check in on how Crypto.com stacks up in the market. As of July 29, 2020, the cryptocurrency was the 9th largest in the world, with a market cap of 2.95 billion. Its 24-hour volume was $115, 652, 263, and it had a circulating supply of 18, 466, 210, 046, and a total supply of 100 billion. Crypto.com’s highest ever price was $0.168761, while its lowest ever was $0.011487 (Dec 17, 2018). 

Buying and Storing Crypto.com

You can purchase Crypto.com from several exchanges, including OKEx, Huobi Global, HitBTC, Bittrex, BitMart, DigiFinex, BitHumb, Gate.io, CoinDCX, Sistemcoin, CoinTiger, and KuCoin.

Crypto.com has provided its own wallet, the Crypto.com Wallet, which is “designed to give you full control and secured custody of your crypto.” If you’re using user-custodied wallets such as Ledger and MyEtherWallet, you can migrate your existing wallet to the Crypto.com wallet using a 12/2824 recovery phrase. Following the import, you can continue managing your crypto using the Crypto.com Wallet.

Closing Thoughts

In its small way, Crypto.com is doing its part in promoting the wide-scale use of crypto. With the MCO Visa card, say goodbye to not being able to spend crypto your funds. And the bonus is if you stake in the MCO token, you unlock loads of possibilities with what you can do with the card. Multiply your crypto holdings just by putting it to work for you. Build an investment portfolio without breaking a sweat. Get lots of benefits by using the native exchange platform. No matter your needs, there’s something for everyone on Crypto.com!

Categories
Crypto Market Analysis

Daily Crypto Review, August 7 – Goldman Sachs Launching its Own Stablecoin; DeFi Platforms Traffic Surging

The cryptocurrency market ended up mostly in the green, with Bitcoin continuing its path towards $12,000. Bitcoin is currently trading for $11,831, which represents an increase of 1.34% on the day. Meanwhile, Ethereum lost 0.18% on the day, while XRP gained 1.4%.

The cryptocurrency market ended up mostly in the green, with Bitcoin continuing its path towards $12,000. Bitcoin is currently trading for $11,831, which represents an increase of 1.34% on the day. Meanwhile, Ethereum lost 0.18% on the day, while XRP gained 1.4%.

The cryptocurrency market ended up mostly in the green, with Bitcoin continuing its path towards $12,000. Bitcoin is currently trading for $11,831, which represents an increase of 1.34% on the day. Meanwhile, Ethereum lost 0.18% on the day, while XRP gained 1.4%.

 

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Balancer gained 23.90% on the day, making it the most prominent daily gainer. Aave (20.29%) and Decentraland (15.99%) also did great. On the other hand, Aurora lost 12.10%, making it the most prominent daily loser. It is followed by Ampleforth’s loss of 7.98% and The Midas Touch’s loss of 5.50%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased slightly since we last reported, with its value currently at 61.50%. This value represents a 0.02% difference to the upside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization has increased since we last reported. Its current value is $358.90 billion, which represents an increase of $5.42 billion when compared to the value it had yesterday.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization kept increasing in price slowly throughout the day as sentiment turned even more bullish. However, the path towards $12,000 will not be easy, as the sell wall at the resistance is not small. On the other hand, if Bitcoin fails to break $12,000, it will create a double top and most likely fall down towards $11,630 and then $11,460 as well.

BTC traders should look for an opportunity to make a trade when BTC breaks $12,000 or fails to break it.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA, as well as its 21-period EMA
  • Price is near its top B.B.
  • RSI is elevated (65.50)
  • Volume elevated (stable)
Key levels to the upside          Key levels to the downside

1: $11,630                                 1: $11,460

2: $12,000                                 2: $11,090

                                                  3: $10,855

Ethereum

Ethereum spent the day flattening out its movement and mostly trading sideways. The second-largest cryptocurrency by market capitalization stayed below the $400 mark and couldn’t get past it. However, with volume dying down and such low volatility, we may expect an attempt to break the $400 (and then $415) level soon.

Traders should look for a trade opportunity when Ethereum increases its volume.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is slightly above its middle B.B. (20-period SMA)
  • RSI is elevated (58.42)
  • Descending volume
Key levels to the upside          Key levels to the downside

1: $400                                     1: $362

2: $415                                     2: $340

3: $496                                      3: $302

Ripple

XRP broke out from its triangle formation to the upside, but couldn’t reach past $0.31 mark. However, the pullback from a failed move didn’t discredit XRP’s break from the triangle formation, as the cryptocurrency managed to stay above the triangle. With the confirmed break, traders can expect XRP to either stay near $0.31 or push above it in the short-term unless some other catalyst sparks a movement to the downside.

Traders can look for an opportunity to trade when XRP breaks $0.31.

XRP/USD 4-hour Chart

Technical factors:
  • Price is above its 21-period and 50-period EMA
  • Price is below its middle B.B. (20-period SMA)
  • RSI is neutral (55.99)
  • Low volume
Key levels to the upside          Key levels to the downside

1: $0.31                                     1: $0.285  

2: $0.32                                     2: $0.266

3: $0.3328                                3: $0.245

 

Categories
Crypto Videos

Americans Trading Depreciating Dollar For Bitcoin!

https://youtu.be/eVf_DdljkQM

https://youtu.be/eVf_DdljkQM

 

Americans Trading Depreciating Dollars For Booming Bitcoin

A Bloomberg article that came out recently claims that Americans are foregoing the largest fiat currency, the US dollar, for more speculative assets such as stocks, gold, as well as Bitcoin.

High saving rates, low yields

As the COVID-19 lockdown continues in the US, the personal savings rate of Americans is at a historic high. On the other hand, the yield offered to them by financial institutions on savings accounts is close to zero. Meanwhile, assets like Bitcoin, equities, and gold, all made double-digit gains since March.

The article talks about a 28-year-old Californian who said that he is soon going to take out his $15,000 savings that were held in a high-yield savings account at Ally Bank and convert them into Bitcoin.

USD July performance

If we look at USD from an objective standpoint, the reality is even worse than what Bloomberg article suggests. The dollar is rapidly depreciating against almost every single leading fiat currencies. As a matter of fact, according to the Financial Times, July is by far the worst month USD had in a decade.

With yet another round of stimulus checks just around the corner, as well as most of the US still affected by COVID-19 restrictions, it is quite possible that this problem will most likely only get worse. Americans may have more depreciating USD on their hands in the short term, which they could seek to convert into higher-yielding assets, such as crypto. However, as they say, there is no such thing as a free lunch, as higher rewards always bring higher risks.

Categories
Crypto Videos

Grayscale Can Now Publicly Trade BCH and LTC! FINRA Approved!

https://youtu.be/mGqiKjddT9s

https://youtu.be/mGqiKjddT9s

Grayscale Can Now Publicly Trade BCH and LTC – Approved by FINRA

Crypto fund manager giant Grayscale Investments will now make Bitcoin Cash and Litecoin available for public trading. This will be done through shares of the firm’s cryptocurrency trusts.

A July 20 announcement stated that Grayscale got verified by the Financial Industry Regulatory Authority (FINRA for short) to transact shares of the firm’s Bitcoin Cash Trust as well as Litecoin Trust. The two stocks will be available for public trading very soon. They will go under the tickers BCHG and LTCN.

Grayscale reported that it has 2,725,300 shares in its BCH Trust for $5.8 million assets under management, as well as 509,400 shares of the LTC Trust totaling $2 million as of June 30.
Publicly traded tokens
Grayscale’s trust will provide a means of investing in crypto without actually having to hold the tokens. According to the investment firm, this investing strategy avoids “the challenges of buying and storing digital Bitcoin Cash or Litecoin directly.”

Shares of BCH and LTC are the fourth and fifth public offerings that came from Grayscale. The firm previously received approval to list shares of Bitcoin, Ethereum, and Ethereum Classic. Horizen, Stellar Lumens, XRP, and Z-cash, are available for trading through Grayscale’s trust directly.

At the time of writing, Bitcoin Cash and Litecoin are valued at $251.11 and $48.37, respectively. According to CoinMarketCap, BCH is rated as the fifth largest token by market cap, while LTC is the eight.

Categories
Crypto Videos

When Will BTC Hit $20,000 Analyst Opens Up!

https://youtu.be/Mj_8X6ThnGQ

https://youtu.be/Mj_8X6ThnGQ

 

When Will BTC Hit $20,000? Analyst Opens Up

Capriole digital asset manager Charles Edwards made a statement that, in his opinion, Bitcoin will pass $20,000 if US banks invest even 1% of their assets in crypto. On top of that, he added that this was not impossible as the unfolding trend is “not hard to see.”
“If US banks put even just 1% of their assets into Bitcoin as an investment, insurance or hedge… the Bitcoin price will more than double” he wrote on Twitter, further adding:

“Just Grayscale already owns 2% of circulating Bitcoin supply today. It is not hard to see which direction this is going in.”
Edwards uploaded a chart of US banks’ asset balances as further proof of the potential impact they could have if they leaned even slightly towards BTC.

Institutions quietly buying BTC

While this is the opinion of only one analyst, the current market development is showing that this is not just an opinion. US lenders received a green light from regulators to engage in cryptocurrency custody activities last week, which opened up a lot of possibilities.
Whether an influx of buyers from the banking sector would ultimately benefit Bitcoin remains a contentious topic, but the overall opinion of the community leans towards this being beneficial, if not mandatory, for Bitcoin’s price development.
As time passes, we will see more and more institutions reaching towards crypto, therefore increasing the demand. “It’s not a matter of it being good or bad,” Edward said.

Categories
Crypto Videos

Where Did They Go? 10,000 Antminers stolen!

https://youtu.be/K6_hofOrqtE

https://youtu.be/K6_hofOrqtE

 

Where Did They Go? 10,000 Antminers ‘Missing’ From a Facility in Mongolia


The power struggle at crypto mining giant Bitmain is continuing. Not only have the accusations of certain “illegal power seizures” made headlines, but the physical theft of mining hardware as well.
Bitmain-owned Antminer’s Wechat channel made a post alleging that former Bitmain staff has “illegally moved” around 10,000 Antiminer Bitcoin mining rigs from a Mongolia-based company-owned facility.


The machines included models from the S17 and T17 series, as well as the flagship S9 miners, and they were reportedly removed in mid-July. This reportedly caused serious economic losses to Bitmain and its customers. The fact that the incident has been reported to the police as well as public security authorities acts as further proof that this allegation is not just another story.
At stake is not only Bitmain’s personal hardware but also hardware belonging to its clients, as there are many who choose to have their mining hardware hosted at the manufacturer’s mining rigs.
Bitmain’s co-founder, Micree Ketuan Zhan, accused his other co-founder Jihan Wu of being the one responsible for the “illegal transfer” of the mining hardware.

Bitmain’s power brawl

Wu Jihan, the co-founder of Bitmain Technologies Ltd., poses for a photograph in Hong Kong, China, on Friday, May 18, 2018. The Coingeek Conference runs through today. Photographer: Anthony Kwan/Bloomberg via Getty Images

This conflict seems to have drawn two co-founders further apart, as they are now furiously fighting over who has the position of the legal representative at Bitmain.
This public battle started in October 2019 when Jihan Wu reportedly considered Zhan responsible for the illegal power seizure.

This battle is apparently growing out of the business field, as Bitmain’s CFO was arrested in May after supposedly participating in a purported “mob attack” on the co-founder Micree Ketuan Zhan. In June, reports showed that Zhan had hired guards to forcibly seize control of the Bitmain’s Beijing office.
At present, Jihan Wu retains formal authority over Bitmain’s operations based in Hong Kong.

Categories
Cryptocurrencies

What’s Matic (MATIC) All About?

Blockchain tech has proven to the world that it’s a force to reckon with. It has powered thousands of cryptocurrencies that have shaken the finance world to the core. Multiple industries are scrambling to integrate the tech to benefit from the remarkable characteristics of decentralization, immutability, and radical transparency.

Blockchain tech has proven to the world that it’s a force to reckon with. It has powered thousands of cryptocurrencies that have shaken the finance world to the core. Multiple industries are scrambling to integrate the tech to benefit from the remarkable characteristics of decentralization, immutability, and radical transparency.

Blockchain tech has proven to the world that it’s a force to reckon with. It has powered thousands of cryptocurrencies that have shaken the finance world to the core. Multiple industries are scrambling to integrate the tech to benefit from the remarkable characteristics of decentralization, immutability, and radical transparency.

But despite the attention they have garnered, blockchain-based applications still haven’t gone mainstream. Even applications based on Ethereum, the most popular decentralized applications (DApps) platform, are yet to receive wide-scale recognition. Even in the case of the wildly popular CryptoKitties game, it was only a matter of time before the entire Ethereum network was almost crippled because it couldn’t handle the sheer volume of transactions. Scalability issues and not-so-friendly user experiences are partly to blame. 

The other problem is, for the few smart contract platforms that have managed to achieve high throughput levels, they tend to trade-off speed with decentralization. Also, most upcoming solutions create their own blockchains incognizant of the fact that platforms like Ethereum have already attracted a massive developer community. 

Matic is a Layer 2 solution that seeks to solve the problems facing blockchain-based applications through the use of sidechains. For now, Matic focuses on the Ethereum blockchain but plans to extend its offerings for other smart contracts platforms in the future. 

Let’s examine just how Matic intends to do this.

Understanding Matic

Matic is a platform that wants to solve the scalability and user experience issues of the blockchain, all while still letting decentralization thrive. Matic aims to achieve this through the following key features: 

  • Scalability: provide fast, secure, and minimal to low-cost transactions. 
  • High throughput: achieve up to 10,000 TPS enabled by multiple side chains for horizontal scaling
  • User experience: provide a smooth interface and provide native mobile apps
  • Security: Matic token stakers maintain and secure the network themselves
  • Public sidechains: Matic supports public and permissionless side chains (as opposed to individual DApp chains) that are capable of supporting multiple functionalities

Matic’s Value Proposition

Matic’s value proposition lies both in its technical approach and its variety of potential use cases. Let’s see how: 

#1. Matic utilizes a variant of MoreVP (More Viable Plasma). This framework facilitates protection for assets in the main chain, while generic transactions are secured by a proof-of-stake consensus mechanism. Matic sidechains can use the Ethereum Virtual Machine (EVM) and are thus capable of deploying solidity smart contracts, making it easy for Ethereum developers to use to scale their decentralized applications.

#2. Matic sidechains are capable of supporting the many decentralized finance (DeFi) applications running on top of Ethereum

#3. Matic’s core aim is to provide an enhanced user experience that’s unlike anything offered by today’s centralized applications

#4. Matic aims to support more base chains in the future, apart from Ethereum, as will be proposed by community members

Players of the Matic Ecosystem

The Matic ecosystem will comprise the following participants:

  • End Users 
  • DApps developers. These are the businesses that will take advantage of the Matic platform to offer a better user experience 
  • Stakers: Stakers maintain the security of the network through a proof of stake consensus mechanism with a two-thirds majority. Stakers will also elect block producers amongst themselves, according to certain criteria. Stakers must purchase Matic tokens to qualify for the role
  • Block producers: These are individuals who facilitate block generation. They are chosen by the stakers and have to purchase a significant stake to qualify for the role

The Matic Architecture

The Matic network features a three-tiered architecture that enables it to achieve its scalability and user scalability goals: 

  • The Staking and Plasma smart contracts on Ethereum
  • Heimdall (Proof of Stake Layer)
  • Bor (Block producer layer)

#1. Matic Smart Contracts

Matic runs a set of smart contracts on the Ethereum blockchain. These smart contracts carry out the following responsibilities: 

  • Managing staking functions for the proof-of-stake layer
  • Delegating various management roles, including validator shares 
  • Managing plasma contracts for MoreVP, including checkpoints for sidechains

#2. Heimdall (proof-of-stake validator layer) 

This is the PoS validator node that works together with staking contracts on Ethereum to facilitate the PoS mechanism on Matic. The Heimdall nodes are built on Tendermint, and they validate blocks, select the block producer committee, and so on.

#3. Bor (Block Producer Layer)

Bor is the block producer layer for the Matic network. Block producers are not permanent, but rather shuffled periodically in durations known as ‘spans.’ 

Potential Use Cases

The Matic network, with its goal to provide a scalable and user-friendly environment for users, will support various uses cases, including the following: 

#1. Payments 

The Matic network will facilitate payments in crypto assets for users, payment APIs, merchants. The network will first support Ether, ERC20, and ERC721 tokens, with plans to add more cryptos in the future.

#2. Atomic swaps

Via Matic smart contracts, users will be able to pay and receive payments in their preferred crypto token.

#3. Liquidity providers

Individuals and entities will be able to use the Matic network to exchange a variety of tokens for others by utilizing Magic’s 0x liquidity pool. For Fiat, the Matic team it’s planning to onboard Fiat liquidity providers in major currencies.

#4. Decentralized exchange (DEX) 

The Matic network will support trustless, reliable, and fast crypto trades. The DEX offers better security and solvency as compared to centralized exchanges.

#5. Identity

The Matic network will support an Open-Identity system through which users can sign transactions without having to submit the private team for each single DApp. The system will provide users with control over their private keys. 

#6. Games

The Matic network will support the buying, selling, and trading of in-game assets on its multiple side chains. Developers will get access to a fast, efficient, and secure platform to experiment with various games. 

#7. Infrastructure

The Matic team believes in the mantra “simple and seamless.” For this reason, the network will offer a user-friendly app or structure with user-friendly crypto wallets for both users, user-friendly payroll dashboards, easy-to-use payment software development kits, and more.

Fraud Proofs

To enhance the security and integrity of the network, the Matic network implements Fraud Proofs on the mainchain. Using this mechanism, users can submit the details of any transaction that they suspect is fraudulent. If the transaction turns out to be indeed fraudulent, the stake of the transaction owner is slashed, and the user who submitted the proof is given the slashed funds as a reward. The Matic team considers this a sort of ‘perpetual’ bug bounty program that can help to incentivize good behavior among network participants.

How Does the Matic Token Fit In?

The MATIC token is the native utility token of the network. It plays the following roles in the ecosystem: 

  • Participation and proof of stake consensus. For network participants to be chosen as block producers, they must stake Matic tokens.
  • As a unit of payment by developers who wish to create DApps on the Matic ecosystem
  • As payment of staking rewards to PoS stakers 

The MATIC Token Distribution

The MATIC token was distributed as follows:

  • 3.80% went to the private sale
  • 19% went to the Launchpad token sales
  • 16% went to the team
  • 4% went to advisors
  • 12% was reserved for network operations
  • 21.86% went to the foundation
  • 23.33% was reserved for the running of the ecosystem

Tokenomics of MATIC token

As of July 28, MATIC traded at $. 0.020814. With a market cap of $77, 987, 502, it was the 97th largest cryptocurrency in the world. The token has a 24-hour volume of $27, 493, 973, a circulating supply of 3, 746, 869, 854, and a total supply of 10 billion. MATIC’s all-time high was $0.045017 (May 21, 2019), and its all-time low was $0.003012 (May 09, 2019). 

Where to Buy and Store Matic

You can purchase MATIC from any of several exchanges, including Binance, BitForex, BitMax, Poloniex, HitBTC CoinDCX, WhitBit, Folgory, Coinone, Omgfin, CEX.io, Cat.Ex and Oasis Exchange. 

For storage, the Matic team provides the Matic Wallet available for iOS and Android. Third-party options include Trust, MyEtherWallet, Atomic Wallet, Ledger, and Trezor. 

Final Thoughts

Matic wants to provide scaling solutions for smart-contract platforms through the innovative combination of sidechains, the Plasma Framework, and the PoS validation mechanism. Instead of trying to reinvent the wheel, Matic focuses on already working solutions that will complement its approach. The large developer community on Ethereum will find the Matic solution quite useful and timely. 

Categories
Crypto Daily Topic Cryptocurrencies

What’s Yield Farming?

The newest and hottest DeFi trend in town is ‘yield farming.’ And no, it has nothing to do with rain and crops and granaries. Instead, ‘DeFiers’, or DeFi fans, have latched onto the metaphor to describe interest or ‘yield’ that’s achieved when they put to use crypto assets such as Dai, USDC, and USDT into DeFi platforms such as Compound. 

The newest and hottest DeFi trend in town is ‘yield farming.’ And no, it has nothing to do with rain and crops and granaries. Instead, ‘DeFiers’, or DeFi fans, have latched onto the metaphor to describe interest or ‘yield’ that’s achieved when they put to use crypto assets such as Dai, USDC, and USDT into DeFi platforms such as Compound. 

The newest and hottest DeFi trend in town is ‘yield farming.’ And no, it has nothing to do with rain and crops and granaries. Instead, ‘DeFiers’, or DeFi fans, have latched onto the metaphor to describe interest or ‘yield’ that’s achieved when they put to use crypto assets such as Dai, USDC, and USDT into DeFi platforms such as Compound. 

The DeFi scene had already exploded in 2020 before yield farming became the next big thing. But in June, things went notches higher after DeFi platform Compound started distributing its governance token, COMP, just this June. In other words, Compound started rewarding users with the COMP token. The platform has taken on a near-celebrity credential in the DeFi world, thanks to the distribution. Hordes of investors and traders have flocked to the network to “farm” COMP. 

So, how does yield farming work? Let’s demystify this trend as we explore any risks that you need to look out for. 

How Yield Farming Works

At its core, yield farming, a.ka liquidity harvesting, is when you lend cryptocurrency, such as USDC or Tether, using a platform such as Compound. Compound will, in return, lend the funds to borrowers who want to use them for speculating in the market. Interest rates will vary with market movements as well as demand. However, just by participating in the Compound platform, you start to earn COMP tokens and interest. Other miscellaneous fees may also make part of the final equation. If the COMP tokens increase in value, your returns will also see a massive jump. 

What kind of cryptocurrencies are involved? 

Currently, Compound, only launched in June, is the biggest such service. Other major coins include Balancer, Ren, Curve, and Synthetix. Synthetix is the one that came up with the idea. As we speak, these projects have $1 billion in user funds locked up for lending. Most of the users are speculators seeking to earn triple-digit returns.

What are the Risks? 

Well, for one, theft. The crypto scams and frauds you hear about are not far off just because this is a new type of investment. Remember, the funds you lend out are stored in software. And hackers always seem to have a knack of discovering new ways of compromising even the most seemingly foolproof code and stealing funds. 

There’s also the risk of deposited coins losing value – a phenomenon that could cause the entire system to crash and burn. Moreover, there’s the whale effect. This is when investors with significant holdings go short, a move that could potentially shake the market. 

On the whale point, still, there’s concern that they could manipulate prices. If a whale lends to a platform like Compound and then borrows the money back, it effectively creates artificial demand for the currency, creating inflation. Traders with modest holdings need to know that yield farming “has become a game for whales who are capturing the vast majority of rewards,” as pointed out by crypto research firm Messari. 

Why is Yield Farming Suddenly Hot? 

The reason is twofold. Amid the Covid-19 pandemic, cryptocurrencies, generally viewed as independent of system controls, have witnessed a surge of interest as Fiat currencies experience volatility due to overall economic uncertainties. There’s also the fact that these yield-harvesting products only just recently debuted, and are backed by high-profile entities like Andreessen Horowitz and Polychain. 

What’s the Future of Yield Farming?

Jesse Walden, the founder of venture fund Variant, has said that while yield farming can promote growth for the sector right now, for it to succeed in the long-term, users have to have a reason to continue staying in the platforms. 

“Yield hacking in DeFi is a short-term incentive to drive user growth, but the bigger game is the long-term wealth creation that comes from building (and owning!) a piece of the products and services that billions of people will use every day.” 

Yield Farming Tips

Here’s how the most successful yield farmers are getting, well, profitable harvests. 

A DeFi investor by the name Degen Spartan says the strategy of investing stablecoins in the sUSD Curve pool and depositing  LinkPool tokens on the Synthetix forum has yielded him an Annual Percentage Yield (APY) of 20%  since he started investing this way in 2019. Spartan thinks that the increased investor interest in COMP  has allowed the less explored investing strategies to thrive, increasing the overall yield in the DeFi space.

CoinFund founder and managing director Jake Brukhman believes there’s a lot of potential in the niche. He says he has witnessed APYs of anything from a few points to several hundred points, but that this hinges a lot on what assets you hold and your risk tolerance. Brukhman believes this success is a result of either the overzealousness of these protocols (some are offering capital at incredibly low rates) or inefficiencies in their systems (still a young niche). 

Another investor going by the name SNX Professor recommends monitoring your trades daily, and only switch between lending protocols only when it makes sense. This is because yield farming, like any type of investment, takes time. Remember, you’ve invested in things such as transaction and slippage fees. As such, it’s better to wait it out in one platform until your investment can truly yield results. 

And lastly, 1kx founding partner Lasse Clausen believes investing in these up and coming protocols is way more promising than investing in platforms that are already highly valued.

Closing ThoughtsYield farming is disrupting the DeFi scene and capturing the attention of investors and traders. For fear of missing out (FOMO), it’s easy to jump in the bandwagon rather blindly. However, this new type of crypto investing might be flashy and promising, but that doesn’t mean you should throw caution to the wind. Take highly measured steps and don’t put in more money than you’re willing to lose. 

Categories
Crypto Market Analysis

Daily Crypto Review, August 6 – ‘Ethereum Is a Ponzi Scheme’ – Adam Back; ETC Suffers Yet Another 51% Attack

The cryptocurrency market ended up mostly in the green, with (of course) a few exceptions. Bitcoin is currently trading for $11,665, which represents an increase of 3,46% on the day. Meanwhile, Ethereum gained 1.6% on the day, while XRP gained 1.41%.

The cryptocurrency market ended up mostly in the green, with (of course) a few exceptions. Bitcoin is currently trading for $11,665, which represents an increase of 3,46% on the day. Meanwhile, Ethereum gained 1.6% on the day, while XRP gained 1.41%.

The cryptocurrency market ended up mostly in the green, with (of course) a few exceptions. Bitcoin is currently trading for $11,665, which represents an increase of 3,46% on the day. Meanwhile, Ethereum gained 1.6% on the day, while XRP gained 1.41%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Band Protocol gained 36.21% on the day, making it the most prominent daily gainer. Travala.com (24%) and Bancor (22.19%) also did great. On the other hand, Nexohas lost 21.32%, making it the most prominent daily loser. It is followed by The Midas Touch’s loss of 8.47% and THORChain’s loss of 7.70%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased since we last reported, with its value currently at 61.48%. This value represents a 0.31% difference to the upside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization has increased since we last reported. Its current value is $353.48 billion, which represents an increase of $12.09 billion when compared to the value it had yesterday.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization continued its move towards the upside after a few days of indecisiveness and consolidation. Bitcoin saw a slight increase in volume, which brought the price above the $11,460 resistance level and up to $11,820. However, the move stopped there (for now), and Bitcoin is currently consolidating above the $11,460 level, testing it as support.

BTC traders should look for an opportunity to make a trade when BTC confirms or fails to confirm its position with $11,460.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA, as well as its 21-period EMA
  • Price is near its top B.B
  • RSI is elevated (62.37)
  • Volume is increasing
Key levels to the upside          Key levels to the downside

1: $11,460                                 1: $11,090

2: $11,630                                 2: $10,855

 3: $12,000                                 3: $10,505

Ethereum

Ethereum seems to be back on its steady upwards path, which began on July 21. The second-largest cryptocurrency by market cap rose steadily throughout the day, trying to reach past the $415 resistance. While the price did not yet reach this mark, it did increase slightly, supported by the 21 and 50-period moving averages.

Traders should look for a trade opportunity within the range ETH is currently in.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is slightly above its middle B.B. (20-period SMA)
  • RSI is elevated (60.26)
  • Descending volume
Key levels to the upside          Key levels to the downside

1: $415                                     1: $362

2: $496                                     2: $340

                                                  3: $302

Ripple

XRP experienced sideways movement on low volume throughout the day. The third-largest cryptocurrency by market capitalization was trading near the top of its triangle formation, unable to break it yet. However, the decreasing volume, as well as the price approaching the 80% mark of the formation, indicate a move which will take XRP out of the triangle formation. While it is too early to speculate, XRP seems to have a better chance of breaking to the upside.

Traders can look for an opportunity to trade when XRP breaks its triangle formation.

XRP/USD 4-hour Chart

Technical factors:
  • Price is above its 21-period and 50-period EMA
  • Price is below the middle B.B. (20-period SMA)
  • RSI is neutral (55.62)
  • Low volume
Key levels to the upside          Key levels to the downside

1: $0.32                                    1: $0.285  

2: $0.3328                                2: $0.266

                                               3: $0.245

 

Categories
Crypto Daily Topic Cryptocurrencies

Best Security Token Issuance Platforms 

Thanks to blockchain, asset tokenization is now a possibility. This is the process of converting the ownership rights of real-world assets into digital rights on the blockchain. Assets are tokenized to improve their market liquidity, and also to open up your asset to a global market through the power of blockchain. 

Thanks to blockchain, asset tokenization is now a possibility. This is the process of converting the ownership rights of real-world assets into digital rights on the blockchain. Assets are tokenized to improve their market liquidity, and also to open up your asset to a global market through the power of blockchain. 

Thanks to blockchain, asset tokenization is now a possibility. This is the process of converting the ownership rights of real-world assets into digital rights on the blockchain. Assets are tokenized to improve their market liquidity, and also to open up your asset to a global market through the power of blockchain. 

Several tokenization platforms are scrambling for the spotlight in a bid to become the go-to place for tokenizing assets. Let’s look at some that are hacking the game right now. 

#1. Securrency 

Founded in 2015 and headquartered in the US, Securrency is a one-stop token issuance platform. It supports token issuing, post-issuance support, and the interoperability of tokens across several blockchain networks.

The platform also came up with the CAT-20 and CAT-721 token standards. Tokens created with this standard can be transferred across blockchain networks (including Stellar, EOS, and Ethereum) and legacy financial systems. This interoperability with several blockchain platforms gives it an edge over other platforms that are only compatible with Ethereum. 

Securrency has also embedded customer management applications that customers can utilize to manage investors and token buyers without having to rely on external applications. 

The platform has entered into partnerships with fintech companies SharesPost, AX Trading, Entoro, Vertalo, OpenFinance, and SeriesOne.

#2. Securitize

Securitize is a token issuance platform founded in 2017 and based in Tel Aviv. The company raised $12.75 million from Blockchain Capital, Coinbase Ventures, Xpring (Ripple), NXTP, and Global Brain Corporation. Securitize has also partnered with fintech companies Tzero, Blocktrade, OpenFinance, Airswap, ShareSpost, Hyperion, and Bnk to the Future. The platform offers the tokenization of equity, funds, and real estate, and plans to add debt in the future. 

The company created the DS Protocol, which generates “DS tokens” that can run on top of the ERC-20 token standard. This means the tokens are only compatible with Ethereum. There’s no mention of compatibility with other blockchain networks. 

Securitize tokens can be traded on crypto exchanges as well as be hosted on clientele systems. The platform has a record registry that supports KYC details, a regulations compliance layer, and a communication protocol that notifies investors of industry trends.

Some of Securitize’s clients have been Blockchain Capital, SpiceVC, Augmate, 22x Fund, and Science Blockchain. 

#3. TokenSoft 

TokenSoft is another trusted token issuance platform that features a ton of functionalities. It’s been funded by investors such as eVentures, Base10, Coinbase Ventures, and Fidelity Ventures. The company has partnered with several other platforms, both in blockchain and fintech, such as OpenFinance, Stellar, Hyperledger, R3 Corda, and Tierion, to enhance its service delivery capabilities to customers. 

Services offered include token issuance and distribution, payment of dividends, trading of issued tokens, post-token issuance support, and digital asset custody solutions. 

TokenSoft developed the ERC-104 standard that enables token issuers to manage investor whitelists and investor limits, and issue tokens globally. Some of the clients that have used TokenSoft for token issuance include Andra Capital, Hedera Hashgraph, and the Tezos Foundation. 

#5. Polymath 

Polymath is a security token issuance platform based out of Toronto and founded in 2017. The platform has partnered with various industry players in finance, legal, custody, and escrow such as SelfKey, IdentityMind, OpenFinance, Pegasus Fintech, Vertalo, Blocktrade, Prime Trust, Monarch Wallet, Netcoins, Genesis Block, Tokenizo, Athena Blockchain, Blocktrade, Prime Trust, Glyph, Cassels Brock, Aird & Berlis, and Messner Reeves LLP to provide the highest level of customer experience to users. 

Polymath features a token marketplace, a token studio for token creation and issuance, and token compatibility with the Ethereum network. On the Polymath Token Studio, token issuers can customize and launch their own security token offering (STOs), and still be able to select a Know Your Customer (KYC) and anti-money laundering (AML) service provider of their choice.

Examples of companies that have issued security tokens via Polymath include Corl, 7PASS, MintHealth, IPwe, and BlockEstate. 

#6. Harbor 

Founded in 2017, Harbor is a tokenization platform based in San Francisco. The company is led by individuals with a ton of experience, including former PayPal COO David Sacks, who is also the founder of Yammer, Craft Ventures, and Zenefits. The company managed to raise over $38 million from VC firms Founders Fund, Pantera Capital, Fifth Wall, Kindred Spirits, Andreessen Horowitz, Valor Capital Ventures, Future Perfect, and more. 

Through integration with BitGo, Harbor facilitates investor onboarding through KYC/AML procedures, accreditation, tax forms, e.t.c. 

Harbor supports an ERC-20 token known as R-Token that ensures supported ERC-20 wallets or exchanges are compatible with the necessary requirements for trading. It also uses an Oracle feature to act as the go-between for peer-to-peer token transfers and exchanges.

#7. Swarm 

Swarm is an ”open infrastructure for digital securities.” The company has partnered with several companies such as OpenFinance, Maker, Tron, Security Token Network, Jaxx, Mercury, Copper, MVP Workshop, Monarch, Standard Consensus, Glyph, Blockpass and STOCheck to avail the best services to clients and other platform users. 

It uses the SEC20 protocol that facilitates the creation and issuance of security tokens. Swarm allows users to tokenize all manner of assets, including real estate, renewable energy, agriculture, tech companies, cryptocurrency hedge funds, and so on. Swarm makes it easy to manage, transfer, and trade tokens. 

Other supported functions include STO fundraising and post-issuance and support such as token redemption and the issuing of dividends to clients. Swarm features the Market Access Protocol (MAP), a protocol that supports token interoperability between various players, including issuers, investors, exchanges, and qualification providers. 

Swarm allows users to purchase security tokens with either of several supported cryptocurrencies, which include a native token called Swarm (SWM), BTC, ETH, BNB, DAI, MKR, XLM, XRP, TRX, ADA and DASH. 

#8. Tokeny

Tokeny is a Europe-based tokenization platform founded in 2017. The company serves over 180 jurisdictions and has had $27 billion worth of assets tokenized so far. 

Tokeny allows for the issuance, management, and transfer of tokens. Properties such as individual, company and government assets, business equity, investment funds, and even goods and services can all be tokenized on the platform. 

The platform features a cloud-based T-REX (Tokens for Regulated Exchanges) that allows investors to manage securitized assets such as by paying and receiving dividends and carrying out audits. T-REX also offers interoperability with crypto wallets, exchanges, and identity providers. It also allows clients to issue and transfer assets globally. 

Some of Tokeny’s past clients include Black Manta, Property Token, Lition, Bakari, Mash, Vivo Play, Key Pasco, Neovate, Block Port, and b40Lux. 

Categories
Cryptocurrencies

Most Important Cryptocurrencies Apart From Bitcoin Part 2

1. Tether (USDT)

1. Tether (USDT)

1. Tether (USDT)

Tether was one of the pioneers of a new class of cryptocurrency known as stablecoins. Stablecoins are cryptocurrencies that avoid the legendary volatility of cryptocurrencies by being pegged to real-life assets. The cryptocurrency industry, including Bitcoin itself, is known for unpredictable price swings that can wash out gains in a matter of hours. This volatility is also the reason why cryptocurrencies have been slow at real-life adoption since users fear making losses. Stablecoins such as Tether exists to provide cryptocurrency users with both security and speed of cryptocurrencies with the stability of Fiat currency. 

Launched in 2014 by Tether Holdings, the project describes itself as a “blockchain-enabled platform designed to facilitate the use of Fiat currencies in a digital manner.” What this means is that Tether users also get to sidestep the complexity sometimes associated with crypto. As of July 18, 2020, Tether’s per-token value is $0. 997473, with a market cap of 9.2 billion. It currently occupies the third spot right after Bitcoin and Ethereum.

2. Bitcoin Cash (BCH)

Created in August 2017, Bitcoin Cash is one of the most recognizable altcoins. This is because it was born of a contentious hard fork of the Bitcoin blockchain. At that time, the Bitcoin community was split into two. One faction was against the idea of splitting the chain, while the other argued that for Bitcoin to reach its potential, it had to be able to process more transactions at each time.

Be that as it may, it’s one of the most successful forks of the dominant currency. The source of that success is probably the currency’s compelling offering of a much faster Bitcoin network. This it does by increasing the size of blocks, and as a result, a number of transactions each can hold. 

Satoshi Nakamoto intended Bitcoin to be a peer-to-peer electronic currency that could be used for day-to-day purchases. However, as the coin gained mainstream traction, so did transactions increase on the network, and the network slowed down due to the limited 1MB block size. The block limitation meant that one block could only handle a limited number of transactions, causing transactions to queue up and clog the network. 

Bitcoin Cash’s solution was to increase the block size to 8 MB, thus permitting more transactions to be held in one block. While one block on Bitcoin can hold between 1000 and 1500 transactions, one block on Bitcoin Cash can handle tens of thousands. As of July 2018, BCH’s price was $225.36. It occupied the 5th position in the market with a market cap of 4.2 billion.

3. Libra (LIBRA)

The decision to add Libra to this list can certainly raise eyebrows but bear with us. Important here can mean the scale and magnitude of a cryptocurrency’s potential disruption or simply the power of the outfit behind it. And going by those two yardsticks, Libra is, to put it mildly, important. 

The currency is set to be launched by Facebook. When Facebook broke out the news last year, it said the currency would launch in 2020, but at the time writing, we’re yet to see that happen. 

As would be expected, the news was met with mixed reactions. Some people were excited about the potential of a powerful entity such as Facebook, helping to push the concept of crypto into the mainstream. Others, especially regulators, met the news with indignation. The reason for this was twofold. 

One was Facebook’s unflattering history with how it has dealt with users’ data and privacy. Regulators submitted that Facebook would sell user data to advertisers, and then we’d have a repeat of the Cambridge Analytica debacle. The other reason was due to Facebook’s massive worldwide reach – we’re talking about billions of users – which regulators argued would undermine the global financial system. 

The reason for the cryptocurrency’s launch delay is probably its going back to the drawing board to create a cryptocurrency that can appease regulators. In July last year, David Marcus, the project’s head, in remarks prepared for US lawmakers said that Libra would be “the broadest, most expensive, and most careful pre-launch oversight by regulators and central banks in fintech’s history,” and that Facebook wouldn’t launch the crypto until it had “fully addressed regulatory concerns.” Upon launch, the project will be overseen by Switzerland-based Facebook’s subsidiary, Calibra.

4. Monero (XMR)

Monero is one of the cryptocurrencies that have been created to make up for Bitcoin’s less than satisfactory privacy approach. While the Bitcoin blockchain does not reveal a user’s identity, all its transaction history is out there for the whole world to see. With enough resources and dedication, an entity can trace down the real-life owner of a transaction. 

Created as a fork of Bytecoin in April of 2014, Monero is a privacy-oriented cryptocurrency whose development was completely donation-dependent and driven solely by the community. It utilizes “ring signatures” to anonymize transactions. A ring signature is a cryptographic signature in which several signatures are merged together, with all of them appearing valid, while in actuality, only one is. This makes it impossible to single out the real signature.

This level of privacy for Monero has caused it to become the go-to currency for clandestine dealings and criminal activities. No matter the reputation it has acquired, though, Monero has enormously contributed to the crypto space in its offerings. So, let’s see how Monero is doing in the market. At the time of writing, Monero has a per-token value of $68.63, with a market rank of #15 and a market cap of $2.1 billion.

5. Cardano (ADA)

Created by Charles Hoskinson and launched in September 2017, Cardano is a cryptocurrency platform on which people can send and receive value in a decentralized, peer-to-peer, and safe manner. Through this, Cardano wants to make the world “work better for all.” The cryptocurrency has been nicknamed the Ethereum killer, and given its rapid rise to the coveted top 10, it wouldn’t be a surprise if this prophecy came true in a few years.

Cardano has taken a unique and intriguing approach to its development process. Apart from being originally peer-reviewed by blockchain experts, academics, and researchers from various universities, protocol updates have to undergo the same round of evaluation by experts. Cardano’s rationale for this rigorous process is to ensure that the platform meets the highest standards for security, scalability, and efficiency, ultimately granting users a quality experience. 

Cardano is one among many third-generation cryptocurrencies, which is a term used to describe cryptocurrencies that seek to improve upon the deficiencies of the first generation (Bitcoin) and second-generation blockchains (Ethereum). As of July 19, 2020, Cardano has a per-token value of $.0123970 and is the sixth-largest cryptocurrency with a market cap of 3.2 billion.

6. EOS (EOS)

EOS is one interesting cryptocurrency in part because no one knows what ‘EOS’ stands for and because it rose to the high sanctums of cryptocurrency riding on a wildly successful ICO that raised $4 billion. The crypto was created by Dan Larimer, who is also the founder and co-founder of successful crypto projects BitShares and Steemit, respectively.

Just like Ethereum, EOS seeks to provide a platform for developers to create decentralized applications. Unlike Bitcoin and Ethereum that use the power-hungry proof-of-stake consensus mechanism, EOS uses a delegated proof-of-stake mechanism that is not only energy-efficient but also allows it to achieve an impressive TPS (transactions per second) capability of 1000+. As of July 19, 2019, EOS traded at $2.50 had a market cap of $2.3 billion that positioned it at #12 in the market. 

Categories
Cryptocurrencies

BC Vault Hardware Wallet In-Depth Review: Is It The Most Secure Hardware Wallet Yet?

Designed by Real Security, a Slovenia-based firm, BC Vault (short for Bitcoin Vault) is a relatively new hardware wallet that provides you with a safe way to store your cryptocurrencies. It is one of the most unique and most innovative hardware wallets we have come across. It seeks to replace some of the most common aspects of a hardware wallet with more secure and highly innovative features.

Designed by Real Security, a Slovenia-based firm, BC Vault (short for Bitcoin Vault) is a relatively new hardware wallet that provides you with a safe way to store your cryptocurrencies. It is one of the most unique and most innovative hardware wallets we have come across. It seeks to replace some of the most common aspects of a hardware wallet with more secure and highly innovative features.

Designed by Real Security, a Slovenia-based firm, BC Vault (short for Bitcoin Vault) is a relatively new hardware wallet that provides you with a safe way to store your cryptocurrencies. It is one of the most unique and most innovative hardware wallets we have come across. It seeks to replace some of the most common aspects of a hardware wallet with more secure and highly innovative features.

For instance, instead of recovery seeds, the wallet presents its users with 4-layer security passwords. Similarly, instead of relying on the hierarchical deterministic protocol used in generating new secure wallet addresses, BC Vault adopts the non-deterministic security protocol.

In this BC Vault review, we will be exploring the different operational and security features that help BC Vault stand out of the crowd. We will look at its key features, security features, ease of use, customer support, compare it to other hardware/software wallets and everything else you need to know about the Bitcoin wallet.

We start with key operational features:

BC Vault key features

Large D-pad and display:

The hardware is specially designed with a 2.42-inch OLED that features a 128×64-pixel white-on-black display. The screen is large enough to fit all details of a crypto transaction, including the recipient’s addresses, fees, crypto amount, and the wallet name.

Supports 2000+ wallets:

BC Vault is the truest form of a multi-signature hardware wallet as it allows you to create 2000+ individual wallets. Additionally, the wallet makes it possible for you to create highly unique multi-character passwords for each of these wallets, making it possible to share the device between two or more persons.

Compatible with multiple operating systems:

Like most other hardware wallets, BC Vault has to be paired with a desktop app or browser extension. But unlike most other wallets that will only support a limited number of browsers or operating systems. BC Vault is highly versatile.

Multi-currency support:

According to the BC Vault website, the company currently supports up to 30 cryptocurrencies and tokens. These include all the popular cryptos like Bitcoin, Ethreum, Litecoin, Dogecoin, Ripple, Bitcoin Cash, Litecoin, Bitcoin Gold, Ethreum Classic, all ERC-20 tokens. And with every successive upgrade, the wallet developers promise to add even more coins and tokens.

Native ERC20 token and multi-crypto support

The hardware wallet enables the use of cryptocurrencies in multiple wallets all in a single app. It supports native storage of ERC-20 tokens and does not rely on websites or third-party applications. Users can comfortably manage BCH, LTC, BNB, DASH, and many more supported currencies.

BC Vault security features

Multiple passwords:

Unlike most other crypto hardware wallets that only have one password unlocking the application, device, and individual wallets, BC Vault is fortified with four passwords for both the wallet device and application. The Global Password is used to unlock the BC Vault application and is entered on the application. The Global PIN is, on the other hand, used to unlock the wallet device. The two give you access to both the app and the wallet device.

There’s also the Wallet password that’s used to unlock the wallet on the application. The wallet PIN, on the other hand, is used to unlock a wallet and initiate a transaction and is entered on the wallet device.

Note that the wallet password and pin can be different for each wallet, especially if it is a shared wallet. Plus, it isn’t mandatory that you set the wallet password and PIN if it isn’t shared (not recommended).

Two-factor authentication:

The BC Vault user has the option of activating the two-factor authentication that comes in handy when unlocking the wallet and accessing the wallet content. You can use any of the common two-factor authentication apps /tools like Google Authenticator.

Independently generated keys:

BC Vault uses a Random Number Generator (RNG) to create more than 2000 independent and non-deterministic crypto wallets. What’s more, each key is generated independently, which also means that keys are not mathematically linked.

Secure storage:

All its private keys are stored in specialized storage known as FRAM. They are 1000x faster and consume 250x less power. Apart from that, the hardware is designed with a security chip to prevent the exposure of users’ wallets to hackers or malicious malware.

High anonymity:

The fact that wallets on the hardware device are generated independently enhances its anonymity. Additionally, BC Vault does not have a serial number to ensure complete anonymity of its users’ wallets.

Secure encryption:

Also known as the bounty wallet, this hardware integrates quite a strong encryption. Private keys correspond to a specific public address in each BC Vault.

Industry-standard encryption:

In addition to the passwords, every aspect of the BC Vault hardware wallet is highly encrypted, especially the private keys, your personal data, and the wallet addresses.

SD Card and paper QR backup:

While most crypto hardware wallets available today have recovery seed that one can use to recover private keys if their device is compromised, BC Vault presents you with a 1GB SD Card. It is highly encrypted and provides you with more than enough room for backing up your private keys.

Guaranteed security:

BC Vault touts its wallet as being the most secure cryptocurrency hardware wallet. As a guarantee, the wallet developers have placed a 1BTC price for anyone who will be able to crack the wallet’s encryption.

Tamper proof:

The compact design of the wallet’s hardware ensures that the user will always know when their device has been opened up. Additionally, the software/firmware technology applied in proprietary and not open-sourced, which means a hacker would have to undertake the painstakingly long and tedious process of reverse-engineering the system if they were to carry out a successful hack.

How to set up and activate the BC Vault wallet

Step 1: Plug in the device to your laptop or desktop

For the device to be operational, you have to plug it to a desktop or computer. It has a long connectional cable, which means that you can use it while still connected to the laptop.

Step 2: Shake the device to generate a random number

To generate a wallet address, you are required to shake the device for about two minutes. This is a security safeguard and the non-deterministic form of generating wallet addresses.

Step 3: Download and install the app

After generating the wallet, open the BC Vault official website and download the BC Vault app and link it to your device and the newly-created address. The app is compatible with Windows, macOS, and Linux Operating systems.

Step 4: Set a Global password or PIN

After going through all the above steps, you will be required to set a unique 8-character global password or PIN before you can be allowed to use your BC Vault. It is a fundamental security feature that will be used every time you need to access your BC Vault or application.

Step 5: Create a wallet and transfer funds

Now that you have set your PIN, you need to create a wallet and transfer some crypto funds. You can deposit into your new wallet from another wallet, from an exchange, or by converting your fiat currency via such third party fiat-to-crypto conversion sites like Simplex or Changelly.

Step 6: Use your BC Vault

Now your BC Vault crypto hardware wallet is all set and ready for use.

How to add/receive into your BC vault hardware wallet

Step 1: Start by logging into your wallet device and application, and clicking on the ‘Add New Currency’ tab.

 Step 2: Click on the wallet address for the crypto you wish to receive. If it is a new wallet, you will first need to create a new wallet address for the cryptos by simply clicking on ‘New Wallet’ and selecting the crypto you wish to add from the drop-down menu.

Step 3: Copy the wallet address and send it to the party from whom you wish to receive the cryptos or have them scan your address QR Code.

Step 4: Wait for the coins/tokens to reflect in your wallet.

Step 5: Back up your wallet using the SD Card as soon as you add these cryptos into the wallet. Keep in mind that the wallet does not have a cloud backup, and you, therefore, need to backup your wallet on to the SD card every time you load new crypto.

How to Send Funds with Your BC Hardware Wallet

Step 1: Start by launching the BC Vault app and connecting the hardware device

Step 2: Tap on the ‘Send’ icon and click on the cryptocurrency you wish to send.

Step 3: In the pop-up window that appears, key in the recipient’s wallet address and the amount of crypto you wish to send

Step 4: Confirm that the crypto amounts and the wallet address are safe and hit send.

BC Vault wallet costs and fees:

There are currently three models of the BC Vault hardware wallet. The Legendary BC Vault One costs $155, the limited edition of both BC Vault Quicksilver, and BC Vault Gunmetal vaults cost $260. They all have similar specifications safe for Quicksilver and Gunmetal wallets whose casings are made from brushed aluminum and aircraft-grade aluminum, respectively.

Storing your digital assets in the sturdy hardware wallet is free. But you will have to part with variable transaction fees every time you send cryptocurrencies to another wallet or exchange. The amounts charged will depend on the transaction volume and the type of crypto and will go to blockchain miners.

BC Vault wallet customer support:

BC Vault has one of the most elaborate FAQ pages. This section of their website addresses all of the most common challenges by the hardware wallet users. It features both quick-start guides and video tutorials on how to interact with the hardware device. For more personalized queries, however, you may contact the BC Vault hardware wallet developers via email: [email protected]  or on their different social media pages.

What are the Pros and Cons of BC Vault Hardware Wallet

Pros:

  • It’s a true multi-signature wallet that supports 2000+ individual wallets with unique passwords.
  • The wallet integrates some of the most innovative security features that include four sets of passwords and an SD card backup.
  • BC Vault wallet has a straightforward activation process and elaborate FAQ Section that make it beginner-friendly
  • All aspects of the wallet are highly encrypted to guarantee maximum security.

Cons:

  • One may consider BC Vault’s acquisition cost of $155-$260 exorbitant.
  • One may question the transparency and security of the wallet, given that their technology isn’t open sourced.
  • Doesn’t have a mobile app and doesn’t support Bluetooth/wifi connectivity

How Does Bitcoin Hardware Wallet Compare with Other Wallets?

Unlike Ledger Nano S or Trezor, BC Vault utilizes an encrypted backup and a global password or PIN instead of an unencrypted BIP39/44 seed phrase in its security. Users can also back up their funds externally on a wallet data on an SD.

Further, they can also use an encrypted wallet data to print out a series of QR codes. The majority of their competitors use hierarchical deterministic wallets, which also means that addresses used can be traced back to the seed.

Verdict: Is Bitcoin Vault Worth Your Money? 

Based on the security incorporated in these devices, there is no doubt Bitcoin Vault is worth every penny. The device is specially designed to provide users with a sophisticated method to store funds and other digital assets over a long period. Some of the factors that make BC Vault stand out are its adoption of highly unconventional operational and security features.

It, for instance, is the first hardware wallet to forego the recovery seed in favor of an SD card backup. There also aren’t many hardware or software wallets that have as much as four passwords. And while most multisig wallets support multiple wallets, only a few support individualized passwords for each wallet.

Categories
Crypto Market Analysis

Daily Crypto Review, August 5 – XRP Drops by 6% Despite Fundamentals Booming

The cryptocurrency market had a day without much movement. Bitcoin is currently trading for $11,166, which represents a decrease of 1.52% on the day. Meanwhile, Ethereum lost 2.66% on the day, while XRP lost 6%.

The cryptocurrency market had a day without much movement. Bitcoin is currently trading for $11,166, which represents a decrease of 1.52% on the day. Meanwhile, Ethereum lost 2.66% on the day, while XRP lost 6%.

The cryptocurrency market had a day without much movement. Bitcoin is currently trading for $11,166, which represents a decrease of 1.52% on the day. Meanwhile, Ethereum lost 2.66% on the day, while XRP lost 6%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Band Protocol gained 15.33% on the day, making it the most prominent daily gainer. The Midas Touch (13.97%) and Kava.io (12.79%) also did great. On the other hand, Quant has lost 15.75%, making it the most prominent daily loser. It is followed by Ampleforth’s loss of 14.84% and MCO’s loss of 11.32%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has increased since we last reported, with its value currently at 61.17%. This value represents a 0.37% difference to the upside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization has decreased slightly since we last reported. Its current value is $341.39 billion, which represents a decrease of $6.78 billion when compared to the value it had yesterday.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap had a slow day, with its price being locked in a range bound by The $11,460 resistance and $11,090 support. Bitcoin continuously retested its immediate support, but the lack of volume and pressure towards the downside brought nothing to the BTC bears. Bitcoin’s downside is also guarded by the 50-period moving average, which is sitting right under $11,090.

BTC traders should look for an opportunity to make a trade when BTC breaks $11,460 or falls below $11,090.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA, but below its 21-period EMA
  • Price is near its middle B.B (20-period SMA)
  • RSI is neutral (47.67)
  • Volume decreasing
Key levels to the upside          Key levels to the downside

1: $11,460                                 1: $11,090

2: $11,630                                 2: $10,855

 3: $12,000                                 3: $10,505

Ethereum

Ethereum has a slow day as well, with its volume normalizing and volatility fading. The second-largest cryptocurrency by market capitalization oscillated between $401 and $380 over the course of the day. The cryptocurrency seems like it will be trading within the range bound by $415 and $362 for some time now.

Traders should look for a trade opportunity within the range ETH is currently in.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is currently at its middle B.B. (20-period SMA)
  • RSI is elevated (57.69)
  • Descending volume
Key levels to the upside          Key levels to the downside

1: $415                                     1: $362

2: $496                                     2: $340

                                                  3: $302

Ripple

XRP experience a day with a bit more volatility than Bitcoin and Ethereum, with its price dropping down to below $0.3 levels. While the move to the downside seems to be stopped by the 21-period moving average for now, XRP will certainly move somewhere (more likely to the downside. On top of that, XRP has formed a triangle formation, which gives us a possible time estimate of its next move.

Traders can look for an opportunity to trade when XRP breaks the triangle formation.

XRP/USD 4-hour Chart

Technical factors:
  • Price above 21-period and the 50-period EMA
  • Price is below the middle B.B. (20-period SMA)
  • RSI is neutral (54.18)
  • Average volume
Key levels to the upside          Key levels to the downside

1: $0.32                                    1: $0.285  

2: $0.3328                                2: $0.266

                                               3: $0.245

 

Categories
Crypto Videos

About Time! Binance Sending Out Its Debit Cards!

  Binance Sending Out Its Debit Cards – Crypto Cards Taking Over After months of planning and testing, the crypto giant Binance has begun delivering its crypto debit cards to customers. Binance CEO Changpeng Zhao, better known as CZ, posted a tweet on July 25 as a response to a community member that has expressed interest […]

  Binance Sending Out Its Debit Cards – Crypto Cards Taking Over After months of planning and testing, the crypto giant Binance has begun delivering its crypto debit cards to customers. Binance CEO Changpeng Zhao, better known as CZ, posted a tweet on July 25 as a response to a community member that has expressed interest […]

 

Binance Sending Out Its Debit Cards – Crypto Cards Taking Over


After months of planning and testing, the crypto giant Binance has begun delivering its crypto debit cards to customers.
Binance CEO Changpeng Zhao, better known as CZ, posted a tweet on July 25 as a response to a community member that has expressed interest in the product. CZ said that they started shipping debit cards in limited quantities.
As the previous reporting shows that the plan was to do an August launch for the card in the European region, it can be inferred that CZ meant that Binance started shipping to European customers at the time being.


Binance debit card timeline

One of the largest platforms in the crypto industry, Binance, unveiled its plans for a crypto debit card in April 2020, which would go by the name Binance Card. The company then proceeded to acquire crypto debit card company Swipe, using the acquisition to further its plans for the Binance Card project.


CZ and Binance tested out the payment option in July, which the CEO revealed in a July 10 Twitter post. This was done as a part of the product’s initial testing.
Four days later, Binance announced its plans for an August card launch in certain regions of Europe, guaranteeing cards’ compatibility with four digital assets. Bitcoin and Binance’s BNB cryptocurrency were among the four assets listed.

CZ’s recent tweet shows that the development for Binance’s card is going along quite well, as well as that the company is respecting the timeline that it has given. Binance itself has also posted a number of headlines in 2020 amid all the setbacks that happened due to the COVID-19 situation.

Categories
Crypto Videos

Don’t Get Your Hopes Up! New Ruling That Negatively effects BTC…

https://youtu.be/C-L04mkAA9E

https://youtu.be/C-L04mkAA9E

 

 

Don’t Get Your Hopes Up – New Ruling That Classifies BTC as ‘Money’ Isn’t Anything Special

A recent court case in Washington D.C. saw a man being prosecuted on multiple counts for operating a so-called Bitcoin tumbler — a popular method of hiding Bitcoin transactions.
The Washington court charged the defendant on three counts in December 2019, with those counts including operating an unlicensed money transmitting business, as revealed in a July 24 court document.

The document noted that “After examination of the relevant statutes, case law, as well as other sources, the Court concludes that BTC is money under the MTA and that Helix, as the indictment described, was an ‘unlicensed money transmitting business’ under the applicable federal law.”

Even though this particular instance appears to be a ruling in favor of Bitcoin as it classifies it as money, the current law requires a money transmission when dealing with Bitcoin, even though the cryptocurrency is not technically under any monetary classification.
The defendant operating a Bitcoin mixing service
Larry Dean Harmon, acting as the defendant in the case, allegedly ran a Bitcoin mixer business named Helix. The project was run on the dark web. Mixers such as Helix muddy the data around Bitcoin transactions, therefore making transaction traceability difficult.
Harmon saw roughly 354,468 BTC flow through his business from the year 2014 to 2017, the court document stated.

Washington D.C. court accused Harmon of three separate illegal acts: 1. Conspiracy to launder monetary instruments
2. Operating unlicensed money transmitting business, and
3. Engaging in money transmission business without a proper license.
BTC is “Money”? Not a big deal!

As mentioned previously, the ruling appears in favor of Bitcoin as it classifies it as money. However, the court’s “move” was done in order to lay out the need for cryptocurrency exchanges to operate with money transmitter licenses. Therefore, while the first thought on Bitcoin being considered as money is great, the underlying move the court made can actually be considered a net negative thing for Bitcoin and its centralized exchanges.

Categories
Crypto Daily Topic Cryptocurrencies

A Guide to DeFi Investing

DeFi. The newest buzzword in blockchain and crypto. What is it, and why should you pay attention? You should because it’s an exciting new way to interact with and make money out of crypto if you play your cards right.  The crypto world has been taken by DeFi because it represents a bold new departure […]

DeFi. The newest buzzword in blockchain and crypto. What is it, and why should you pay attention? You should because it’s an exciting new way to interact with and make money out of crypto if you play your cards right.  The crypto world has been taken by DeFi because it represents a bold new departure […]

DeFi. The newest buzzword in blockchain and crypto. What is it, and why should you pay attention? You should because it’s an exciting new way to interact with and make money out of crypto if you play your cards right. 

The crypto world has been taken by DeFi because it represents a bold new departure from the world of centralized finance. It also has perks, like instantaneous transactions and anonymity. Bain Capital Ventures partner Salil Deshpande believes DeFi has caught on fire because people have in them “a libertarian streak.” 

But what does DeFi investing entail and what should you know before you join the bandwagon? 

What Does it Mean to Invest in DeFi?

Still an entirely new field, many people may be at a loss at what it actually means to invest in DeFi. You probably hear terms like ‘staking’ and ‘decentralized lending’ being thrown around, or wonder what type cryptocurrencies make the rounds in the world of DeFi. If that’s you, we’ve got you covered. Below, we’ll cover the basics of investing in DeFi and then examine the do’s and don’t’s of the same. Remember DeFi is based on crypto, and so the inherent risks haven’t gone anywhere. 

DeFi Investment Opportunities

Now, investment in DeFi isn’t a lot different from traditional investment, but a few unique aspects make it stand out. 

For instance, traditional lending involves the lender giving money to the borrower – with them (the borrower) making the promise to return the money with interest.  

This is how decentralized lending works as well, except this time, blockchain-based smart contracts lock in collateral from the borrower and automatically delivers interest to the lender periodically according to the terms of the contract. 

Then there’s staking. In traditional finance, individuals usually deposit money to institutions such as banks and credit unions and these institutions use this money to maintain liquidity and sufficient cash reserves. In DeFi, this process of buying and depositing digital assets into a platform’s account is known as staking. Such platforms need the funds to lend out to other users (borrowers), and to help maintain and secure the network.

The Do’s of Depositing in DeFi

DeFi Investing can be incredibly lucrative, but you can also potentially lose everything especially if you go in blindly. Here’s what you should definitely do before putting your money up.

#1. Do Your Own Research (DYOR)

The decentralized finance world is rife with scams and frauds. Scammers usually take advantage of the novelty of the tech to rip off unsuspecting investors. But that doesn’t mean there’s no way you can identify a scam. 

The quickest way to do so is to type the name of the project on Google along with the word ‘scam.’ The reason for this? If the project is a scam, chances are other people have already pointed that out. Whether it’s on cryptocurrency forums, Reddit, Twitter, or even Quora, it’s most likely certain the thought has been floated. And often in crypto, if it walks like a duck…

Also, DeFi protocols are based on open-source code. That means anyone can check ‘under the hood’ and identify anything that’s off. If you’re a programmer who’s familiar with smart contracts, then you can definitely examine the assemblage of what’s underneath. 

#2. Look at Reviews 

This is another way to establish the credibility of a DeFi project, and it involves looking at what other people are saying. This starts by looking at audit reports. Any DeFi project worth its salt will invite industry auditors such as ChainSecurity, Quantstamp, Trail of Bits OpenZeppelin, e.t.c. to conduct a manual audit of the project. 

The next thing to check out is what everyone else is saying, including the developers themselves, on their website and other forums. Look at the project’s social media handles and see the comments on posts. And if a project is lacking a social media presence, that right there is a big flashing red sign. 

Other helpful places to look at websites that cover the world of DeFi: DeFi Prime, DeFi Pulse, and DeFi Market Cap. These websites can provide valuable insight into a project’s cred. The key here is to rely more on independent sources, rather than on info touted by the project’s team. 

#3. Check Etherscan

EtherScan is a blockchain explorer that allows you to explore Ethereum blockchain and ‘scan’ for transactions, prices, tokens, and pretty much all activity happening on Ethereum. Remember that just because a smart contract/token is verified by Etherscan doesn’t mean it has no vulnerabilities or is not a scam. It means that the contract is available for public evaluation and is not in danger of being dishonestly altered. In other words, the code that you see (and have examined) is the code that you get when using the smart contract. 

Besides, Etherscan has recently implemented Every Transaction Hash Protect (ETHProtect), a service through which users can report any suspicious or fraudulent activity on Ethereum. Through ETHProtect, it’s easier for users to recognize tainted incoming funds, and the system can usually trace such funds to the origin. Usually, tainted funds would originate from phishing, hacks, scams, exploits and suspicions, and fraudulent activities. 

Such reports will be analyzed by the in-built Taint Inference Analysis Engine, and if confirmed to be indeed fraudulent, the address page will receive a flashing ‘Red Shield’ icon that allows users to avoid the sources of such funds. 

If you start coming across tainted addresses when investigating a smart contract, then you know there’s a problem. As such, avoid going to the project’s website or interacting with their products. 

#4. Look out For Fakes 

The majority of DeFi tokens use Ethereum-based tokens to carry out their operations. However, an unsuspecting newcomer might not be able to check the difference between a legit token and a fake one. Scammers will usually create a project with a genuine-sounding name such as DeFi token or DeFi coin. A name like that would likely raise eyebrows in an experienced investor, since ‘DeFi’ is a general word, and it’s unlikely for any project to brand themselves as such. But what would a newcomer know? 

A few simple steps may be all it takes to establish whether it’s a legit thing or not. Search the project on GitHub and see whether there are any meaningful discussions surrounding the project. Also, where do the project’s links lead to? If it’s a dead link, then that should have you scurrying in the opposite direction. Another way to tell a token’s standing is to check the kind of exchanges it’s listed on. If a token is listed on a few nondescript exchanges, that’s a red alert. Also, fake tokens will usually be listed on decentralized exchanges because there’s no regulation going on there. Stay on the lookout for these kinds of things. 

The Don’t’s

Now that we have examined what you should definitely do, let’s take a look at what you shouldn’t. 

#1. Don’t Invest Money that You Can’t Afford to Lose

This is the number one commandment of crypto and DeFi investing. The ‘why’ is obvious: crypto markets are highly volatile. You can gain or lose massively within an hour. The hype and allure surrounding DeFi protocols can trick you into thinking it’s all rains of cash, rainbows, and unicorns. 

This isn’t to scare you off from investing in DeFi. DeFi can be a great way to multiply your portfolio and secure your financial future. But you need to proceed with caution, that’s all. 

#2. Don’t Be Careless

Decentralized finance is all about being your own bank. This has several implications. One of these? The security and safety of your funds are solely on you. And since you are in total control of your assets, you need to protect them every way you can. 

This starts with choosing the wallet carefully where to store your funds. Choose a reputable wallet. Reputable wallets are those with good reviews on crypto and social forums. Also, check what reputable review sites (even YouTube videos) have said about the wallet. 

It also helps to know the types of wallets. There are two main types of wallets: software and hardware wallets. Software wallets are exclusively based online. Due to this, they are highly susceptible to online vulnerabilities such as hacking, phishing, social engineering, and malware. Hardware wallets are offline-based and constitute what’s known as cold storage. Without question, hardware wallets are safer since they can’t be hacked. Some great options include KeepKey, Ledger Nano, and Trezor. 

Also, where you buy your wallet matters. Always buy your wallet directly from the manufacturer’s web page. Wallets listed on online stores such as Amazon could very likely be fake. 

Final Thoughts

So, there. Welcome to the exciting world of DeFi. Following these guidelines could make the difference between you profiting from the field, as it should be, and you falling for a scam. Always do your due diligence before you put your money somewhere. Good luck! 

Categories
Cryptocurrencies

Cobo Vault Review: Is It The Safest Hardware Crypto Wallet Ever Designed?

Cobo Vault is arguably one of the most secure hardware wallets currently available. Created by blockchain expert Lixin Liu, Cobo Vault features a host of premium security features that give it an edge over the competition. These include open sourcing its software, disabling wireless connections to the wallet, and enclosing it in a military-grade casing that’s both water and shock-proof. According to Liu, the device that’s dedicated to the Western Markets was designed with the aim of providing the safest, yet easy to use, hardware wallet.

Cobo Vault is arguably one of the most secure hardware wallets currently available. Created by blockchain expert Lixin Liu, Cobo Vault features a host of premium security features that give it an edge over the competition. These include open sourcing its software, disabling wireless connections to the wallet, and enclosing it in a military-grade casing that’s both water and shock-proof. According to Liu, the device that’s dedicated to the Western Markets was designed with the aim of providing the safest, yet easy to use, hardware wallet.

Cobo Vault is arguably one of the most secure hardware wallets currently available. Created by blockchain expert Lixin Liu, Cobo Vault features a host of premium security features that give it an edge over the competition. These include open sourcing its software, disabling wireless connections to the wallet, and enclosing it in a military-grade casing that’s both water and shock-proof. According to Liu, the device that’s dedicated to the Western Markets was designed with the aim of providing the safest, yet easy to use, hardware wallet.

It is one of the most transparent hardware wallets ever introduced to the public. Virtually, all its aspects are open-sourced. In this guide, we explore this in detail. We’ll highlight its key features, explaining its security features, providing you with a step by step on how it works, and going over its pros and cons.

Cobo Vault Key Features:

i) 4-inch touchscreen with a fingerprint sensor: Cobo Vault hardware wallet is relatively bulky and features one of the widest screens ever fitted on a hardware wallet. The wallet’s interactive interface is a 4-inch touchscreen with a fingerprint sensor and capable of fitting a full keyboard. The Cobo vault wallet also features a button and a camera that facilitate the wallet’s communications.

ii) Water and shock resistant: Both the metallic and glass casings of the Cobo Vault hardware wallet are made of aerospace aluminum. The military-grade casing is waterproof, impact-resistant, and fulfills the MLD-STD-810G standards set by the US Military.

iii) Rechargeable and removable battery: Cobo Vault hardware wallet features a rechargeable and removable battery. Additionally, instead of relying on the more expensive Li-Ion batteries, the wallet uses the readily available and inexpensive AAA batteries. Most importantly, these batteries have to be detached and charged on a charging dock as a further safety guide.

iv) Multi-coin and tokens support: The Cobo Vault hardware wallet currently supports up to 10 cryptocurrencies and the ERC-20 tokens. Its providers have, nevertheless, hinted on the possibility of expanding this number of supported cryptos during the upcoming firmware updates.

Cobo Vault security features:

Multi-character password:

Like any other hardware or software wallet, Cobo vault has a password as its first protection measure. You get to set this password during wallet installation and activation. Unlike most other crypto wallets, however, Cobo Vault allows you to set up a 30-character long password. Plus, you also have the option of using a pattern password.

Communication via QR Codes:

Unlike most other hardware wallets that use both wired and wireless connections like Bluetooth or Wi-Fi to connect to their crypto apps, Cobo vault uses QR codes. It does not have a USB port, and neither does it support Bluetooth nor Wi-Fi connections. To send/receive cryptos in/out of the wallet, you have to use its camera on the wallet device to scan the receiver’s QR code.

Open-sourced software:

Like most other hardware and software crypto wallets, Cobo vault has outsourced the technology used in coming up with the wallet. This has exposed it to scrutiny and auditing by crypto and blockchain industry experts who affirm its security.

Cobo vault has gone ahead and open-sourced its wallets secure element – often considered the most opaque part of the hardware – making it the first hardware wallet to expose this sensitive aspect of its wallet’s operations.

Firmware Upgrade through SD Card:

In light of the fact that the Cobo vault hardware wallet doesn’t have a USB port and doesn’t support wireless connections, it can only be updated via an SD card.

12-24 word recovery seed:

When installing the Cobo vault hardware wallet, you will also be furnished with a 24-word recovery seed that you can use to recover your private keys if you ever forget your password or lose the device. The Cobo Vault package will also feature a Cobo tablet – a stainless metallic wallet that you will use to store this recovery seed.

Increasing lockout period:

Cobo Vault further protects your wallet against brute force attacks by incrementally pushing up the lockout time between two subsequent password input attempts.

Self-destruct security feature:

In addition to the increased lockout period for failed password input, the Cobo vault hardware wallet has a self destruct feature. The wallet will delete any form of data stored within the wallet’s secure element should anyone try to open the body of the device.

Hidden vaults:

You get to create a vault/ wallet address for every crypto stored in your Cobo vault. But you also have the option of creating multiple hidden wallet addresses with individual passcodes for these cryptocurrencies and tokens.

No physical attack points:

The Cobo Vault Hardware wallet is completely air-gapped with no physical points of attack, safe for the SD card used during the firmware update. By disabling Wi-Fi, USB cable, and Bluetooth connections, Cobo Vault effectively eliminates the possibility of a man-in-the-middle attack.

Encryption chip:

The device features an encrypted chip that integrates BIP32, 39, and 44 security protocols. The Chip is proprietary and bank-grade, and it works by auto-generating truly random numbers for your private keys.

Setting up Cobo Vault hardware wallet

Step 1: Power on your device

Press and hold the power button for 3 seconds to boot the Cobo Vault wallet and proceed to choose your desired language.

Step 2: Visit Cobo official website

Using your desktop, laptop, or mobile phone, open Cobo Vault’s official website and click on start to display the web authentication QR code. The size of this code can be adjusted inwards or outwards.

Step 3: Scan the QR code using your Cobo Vault device

Use the camera on your Cobo vault device to scan the QR code displayed on the Cobo vault.

Step 4: Input the 8-digit code shown on your device

For the Cobo vault device verification, scan the 8-digit code on the website. If it succeeds, the website will display the “Authenticated” message while the device displays a “Success” note. But if your hardware and the website don’t pair, and the authentication process fails, it is possible that the device might have been tampered with.

Step 5: Set a strong password

Proceed to set a strong, memorable, and highly unique password. An ideal password is ten characters long. But, the Cobo Vault wallet makes it possible for you to create a 30-character password with a mix of symbols, numbers, and letters. Plus, you have the option of choosing to set up a pattern as your password.

Step 6: Create your vault

Proceed to create a new vault for storing your digital assets. To get started, tap on the ‘Create vault’ icon, click ‘Next,’ and then “Understand” to complete the process.

Step 7: Back up or record the recovery phrase

After creating the first vault, the device will display a set of 24-words known as the seed that is used in recovering your private keys should you forget the password for the device. Record these on the indestructible metal tablet shipped alongside the device. The device will ask you to confirm that you correctly recorded the seed.

Step 8: Start loading cryptocurrencies and tokens

Your wallet is now active and ready for use. You can start moving your cryptocurrencies from exchanges and other wallets into the Cobo Vault Wallet.

Step 9: Synchronize with Cobo Vault Mobile App

Accessing your vault from your mobile phone is quite easy. All you are required to do is synchronize your Cobo vault mobile app with your device. Start by downloading the app from Google Play or iOS. Open the app and click on “Bind” from the “Add wallet” option. Agree to their terms and conditions and click “confirm” to begin scanning the QR code.

If the code doesn’t scan currently on the first trial, click on “difficulty scanning” and retry.

Supported Crypto Assets and countries

Unlike most other hardware crypto wallets that support hundreds – sometimes thousands – of cryptocurrencies and tokens, you can only store a maximum of 11 cryptocurrencies and ERC-20 tokens on the Cobo Vault hardware wallet. These include:

  • Ethereum (ETH)
  • Dash
  • Bitcoin (BTC)
  • BitcoinCash (BCH)
  • Ethereum Classic (ETC)
  • EOS
  • XRP
  • Litecoin (LTC)
  • Zcoin (XZC)
  • Tron (TRX)
  • Decred (DCR)
  • ERC- 20 tokens

The Cobo wallet developers argue that there is no limit to the number of cryptos you can store within your Cobo crypto wallet. They are also regularly releasing firmware updates for the wallet that involves increasing the number of supported cryptocurrencies.

Virtually any crypto trader/investor looking for a safe storage unit for their digital assets can purchase the Cobo Vault hardware wallet form their official website and have it shipped to any part of the world.

Cobo Vault hardware wallet ease of use:

The fact that the Cobo Vault wallet will only use the QR code scanner for communications with the company’s website and mobile apps complicate its use – especially the initial activation and verification process. The processes of sending and receiving coins into the wallet are, however, quite straightforward as the wallet eliminates the need to type in the lengthy wallet addresses. You only need to scan the other party’s QR code.

Thanks to its relatively large touch screen and fingerprint sensor, interacting with the wallet when checking crypto balances, creating additional vaults, or setting passwords for hidden vaults is relatively simple.

Cobo Vault hardware wallet customer support:

Cobo vault’s website is multilingual and available in both English and Mandarin. Its developers have also availed both written and video tutorials on their website aimed at helping address some of the most common challenges faced by Cobo Vault users.

You can also contact the Cobo Vault customer support team by raising a ticket on their website, via email, or reaching out through the official Cobo Vault social media pages (Facebook, Weibo, Twitter, or LinkedIn).

Cobo wallet fees and charges:

The unlimited number of premium security features integrated into the Cobo Vault hardware wallet explains the relatively high price of the different Cobo Vault wallet models. Ideally, there are three models of the Cobo Vault Wallet: Cobo Vault Essential costs $99, Cobo Vault Pro costs $149, while Cobo Vault Ultimate costs $479.

You, however, won’t be charged to download and install the Cobo Vault mobile app or for the continued use of the Cobo wallet. The blockchain network operators will nevertheless institute transaction fees that vary based on the amounts transferred and type of coin. These fees go to blockchain miners and not Cobo Vault.

Pros and Cons of Cobo Vault hardware wallet

Pros 

  • The contactless nature of the hardware wallet goes a long way in eliminating the man-in-the-middle hacks.
  • It’s the first truly open-sourced hardware wallet – given that this open-sourced nature extends to its secure element.
  • Its large display allows users to use a full keyboard and eases interactions with the wallet.
  • The increased lockout period and self-destruct features pay a critical role in preventing such physical intrusions as the brute force attack.
  • Cobo Vault wallet employs a combination of several security features, all aimed at keeping your private keys private.

Cons

  • One may consider the wallet too complicated and not user-friendly.
  • The different models of the Cobo Vault wallet are a bit expensive.
  • The wallet supports less than a dozen cryptocurrencies.

How Does Combo Vault wallet Compare to other Wallets in the Market? 

Cobo Vault differs significantly, with some of the most common hardware wallets available today. For instance, in addition to the common security features employed by such hardware wallets as Trezor and Ledger Nano, Cobo Vault introduces the self-destruct mode. It also limits the device’s wireless connectivity and embraces a military-grade casing. That is, fire, water, and impact-proof. The likes of Trezor and Ledger Nano may, however, be considered more user-friendly, support a wide range of crypto assets, and are also less costly.

Final Verdict: Is Cobo Vault the safest hardware wallet?

Thanks to its tamper-proof design, open-sourced secure element, self-destruct feature, and limited connectivity, Cobo Vault makes it on the list of the most secure hardware wallets available today. We consider it ideal for long-time crypto investors specializing in popular cryptos. Its security and cool design notwithstanding, we take offense with its steep cost $479 cost, especially considering that it only supports 11 cryptocoins.

Categories
Crypto Market Analysis

Daily Crypto Review, August 4 – BTC Establishes Itself Above $11,000; Altcoins Taking Over The Market

The cryptocurrency market ended up in the green today, with Bitcoin establishing its place above $11,000 and most altcoins gaining substantial value. Bitcoin is currently trading for $11,350, which represents an increase of 1.86% on the day. Meanwhile, Ethereum gained 4.8% on the day, while XRP gained 6.87%.

The cryptocurrency market ended up in the green today, with Bitcoin establishing its place above $11,000 and most altcoins gaining substantial value. Bitcoin is currently trading for $11,350, which represents an increase of 1.86% on the day. Meanwhile, Ethereum gained 4.8% on the day, while XRP gained 6.87%.

The cryptocurrency market ended up in the green today, with Bitcoin establishing its place above $11,000 and most altcoins gaining substantial value. Bitcoin is currently trading for $11,350, which represents an increase of 1.86% on the day. Meanwhile, Ethereum gained 4.8% on the day, while XRP gained 6.87%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, MCO gained 41.91% on the day, making it the most prominent daily gainer. Ocean Protocol (28.92%) and Energy Web Token (22.88%) also did great. On the other hand, Ampleforth has lost 12.73%, making it the most prominent daily loser. It is followed by Aave’s loss of 6.32% and Celsius’ loss of 3.80%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level has decreased since we last reported, with its value currently at 60.80%. This value represents a 0.82% difference to the downside when compared to Friday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization has increased since we last reported. Its current value is $347.17 billion, which represents an increase of $9.74 billion when compared to the value it had yesterday.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

_______________________________________________________________________

Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization confirmed its position above $11,000 in the past 24 hours (at least in the short term) Its price kept slowly going up until it hit a (possibly) new resistance level of $11,460. The price then took a small dive but returned to sideways movements. Bitcoin is in a good spot to create a move that will lead it towards (or above) $12,000 in the near future.

BTC traders should look for an opportunity to make a trade when BTC breaks $11,460 or falls below $11,090.

BTC/USD 4-hour Chart

Technical factors:
  • Price is currently above its 50-period EMA, but below its 21-period EMA
  • Price is between its bottom B.B. and its middle B.B (20-period SMA)
  • RSI is neutral (51.35)
  • Volume increased
Key levels to the upside          Key levels to the downside

1: $11,630                                1: $11,090

2: $12,000                                2: $10,855

                                                 3: $10,505

Ethereum

Ethereum continued pushing towards the upside, pretty much unaffected by the “flash crash” that brought its price down from $415 to $320. The second-largest cryptocurrency by market capitalization is moving upwards and having the 21-period and 50-period moving averages as support. The price is currently just below $400.

Ethereum traders should look for an opportunity in a pullback, which will most likely happen after the current move towards the upside.

ETH/USD 4-hour Chart

Technical Factors:
  • Price is above its 21-period EMA and its 50-period EMA
  • Price is currently between its top B.B. and its middle B.B. (20-period SMA)
  • RSI is elevated (63.95)
  • Above-average volume
Key levels to the upside          Key levels to the downside

1: $340                                    1: $302

2: $362                                    2: $289

                                                 3: $278

Ripple

XRP was also one of the altcoins that made significant progress towards the upside in the past 24 hours. The third-largest cryptocurrency by market cap recovered from the “flash crash” quickly and hurled upwards, reaching past the $0.31 resistance level (now support) once again.

XRP traders can look for an opportunity in the range between $0.31 and $0.32.

XRP/USD 4-hour Chart

Technical factors:
  • Price above 21-period and the 50-period EMA
  • Price is between the top B.B. and the middle B.B. (20-period SMA)
  • RSI is elevated (66.85)
  • Elevated volume
Key levels to the upside          Key levels to the downside

1: $0.32                                    1: $0.285  

2: $0.3328                                2: $0.266

                                               3: $0.245

 

Categories
Crypto Guides

Twitter Bitcoin Scams Calls For The Need Of ‘Crypto Scam Awareness’!

Introduction Blockchain and cryptocurrency have changed the way people used to think about making a digital transaction. Blockchain uses cryptography to secure the digital payments made through cryptocurrencies. Over the years, there have been plenty of cryptocurrencies launched that are fueling the crypto world constantly. However, Bitcoin remains a prominent player that is continuously enhancing […]

Introduction Blockchain and cryptocurrency have changed the way people used to think about making a digital transaction. Blockchain uses cryptography to secure the digital payments made through cryptocurrencies. Over the years, there have been plenty of cryptocurrencies launched that are fueling the crypto world constantly. However, Bitcoin remains a prominent player that is continuously enhancing […]

Introduction

Blockchain and cryptocurrency have changed the way people used to think about making a digital transaction. Blockchain uses cryptography to secure the digital payments made through cryptocurrencies. Over the years, there have been plenty of cryptocurrencies launched that are fueling the crypto world constantly. However, Bitcoin remains a prominent player that is continuously enhancing its growth.

With such huge popularity and wide approach comes the vulnerability to scams and fraudulent practices. That’s precisely what happened to Bitcoin traders this year when it fell prey to a humongous Twitter Scam.

An Overview of Twitter Bitcoin Scam

If you have been following the crypto news, you would have already heard and read about the Twitter Bitcoin scam that created a rage in the industry. It happened on 15th July 2020 somewhere around 22:00 UTC when approximately 130 high profile Twitter accounts majorly, including big corporate houses, manufacturing giants, and business persons, were hacked.

These Twitter accounts were compromised by the hackers to promote a Bitcoin scam wherein they asked the users to send Bitcoin to an anonymous crypto wallet as a part of a scam promotion.

What Havoc Did The Scam Tweet Make?

The scammers behind the scandalous Twitter Bitcoin scam first hacked the high-profile Twitter accounts to make people believe in the possible scam. They sent out a typical tweet where they asked the Twitter users to send Bitcoin to a specific wallet to get back their cryptocurrency doubled. Within a few minutes of the tweet, more than 300 transactions were made to the wallet, which equaled around USD 110,000 worth Bitcoin.

Though the scam tweets were removed from the account, it had already created the chaos by sourcing Bitcoin from the users. This recent Twitter Bitcoin scam is now being called as the biggest and the worst crypto hack on social media.

There have been many instances where social media was used to make financial scams, but it is for the first time that a Bitcoin scam of such a colossal scale took place on Twitter. Security experts say that this could have turned into a messy scam, but the scam was brought into light minutes after it was posted that allowed the official to take action at the right time.

How To Safeguard From The Social Media Scams?

Social media scams are considered the most severe ones as it can intensify the situation. Here are a few tips to stay protected from such scams.

  • Increase your awareness regarding social media scams.
  • Try to detect the imposter websites that can pave the way for financial fraud.
  • Fake mobile apps are popular tools for cryptocurrency scammers.
  • Stay away from fake tweets and other social media updates that ask you to make transactions.
  • Scamming emails are also a prominent source of crypto scams. Check the veracity of the email before investing in any cryptocurrency platform.

The Bottom Line

Cryptocurrency scams can be financially detrimental; hence, it is vital to take all the necessary precautions to safeguard your interests from such scams. Recently the Twitter Bitcoin scam created an alarming situation among the crypto traders. Make sure to check the credibility and authenticity of everything before dealing in cryptocurrency.

Categories
Crypto Daily Topic

Why the United States Senate is Mulling over Digitizing the Dollar

About two years ago, the concept of central bank digital currencies (CBDCs), particularly in the United States, seemed far away in the future. Sure, there have been several studies exploring the implementation and use cases of CBDCs, but to the average person, the concept was still unclear. Fast forward two years, the Senate Banking Committee tabled a bill known as “Banking For all Act” that seeks to digitize the U.S.U.S. dollar. 

About two years ago, the concept of central bank digital currencies (CBDCs), particularly in the United States, seemed far away in the future. Sure, there have been several studies exploring the implementation and use cases of CBDCs, but to the average person, the concept was still unclear. Fast forward two years, the Senate Banking Committee tabled a bill known as “Banking For all Act” that seeks to digitize the U.S.U.S. dollar. 

About two years ago, the concept of central bank digital currencies (CBDCs), particularly in the United States, seemed far away in the future. Sure, there have been several studies exploring the implementation and use cases of CBDCs, but to the average person, the concept was still unclear. Fast forward two years, the Senate Banking Committee tabled a bill known as “Banking For all Act” that seeks to digitize the U.S.U.S. dollar. 

Led by Senator Sherrod Brown, the bill came at the height of a global pandemic – the Coronavirus outbreak – which has prompted the U.S.U.S. government to offer taxpayers a stimulus check to help them weather the economic recession caused by the epidemic. In a press release, Senator Brown laid out the details of this bill by saying that if implemented, the legislation would allow Americans to access their stimulus funds without relying on expensive check cashers. Unfortunately, the proposed legislation didn’t make the final draft of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. As a result, the distribution of the first $1200 stimulus check was riddled with issuance glitches since the existing infrastructure doesn’t support the nationwide disbursement of funds. In fact, it is reported that more than 35 million Americans are yet to receive their first stimulus check. 

The digital dollar debate Gets a second chance.

Under the current system, Americans have to wait for direct cash deposits or physical checks from the U.S. Treasury Department. As such, those without a bank account filed with the Internet Revenue Service (IRS) cannot receive the stimulus check. At the same time, with respect to the spread of Coronavirus, physical cash/checks can increase the spread of the disease, countering the government’s efforts of flattening the curve. This created a new momentum for the reintroduction of the digital dollar proposal as an efficient way of distributing funds. 

Building on this momentum, congresswomen Rashida Tlaib (D-Mich.) and Pramila Jayapal (D-Wash.) introduced a proposal to have the federal government issue a $2,000 stimulus check through the Automatic BOOST to Communities Act (ABC Act). Under this act, Congress will authorize the Federal Reserve to create ‘FedsAccounts,’ which are, basically, digital dollar account wallets. This way, U.S. residents and businesses will be able to access funds through an app on their phone. 

Following up on ABC Act, the Senate Banking Committee recently held a virtual meeting to discuss the digitization of the dollar, chaired by Senator Mike Crapo. In attendance were four ‘witnesses,’ among them being the former chairman of the U.S. Commodity Futures Trading Commission (CFTC), Christopher Giancarlo. He is also the brainchild of a non-profit think tank known as the Digital Dollar Foundation (DDF), which seeks to advance the cause of government-issued digital currency. Recently, the foundation partnered with Accenture – a global leader in CBDC advancement – to form the Digital Dollar Project. Under this merger, a whitepaper was released explaining a “Champion Model” for what should be the essential technical designs of a digital dollar. 

The Champion Model 

As outlined in the whitepaper, the digital dollar doesn’t seek to replace its fiat counterpart, but rather act as a third form of the national currency. As such, the Federal Reserve will maintain its control over the monetary policy and distribution of the digital dollar. 

The only difference between the proposed digital dollar and the fiat currency is that the former will be distributed in the form of tokens instead of an account-based model used by the latter. Through tokenization, all transactions will be managed by a digital ledger that records and authenticates digital dollar tokens to ensure that they are genuine and not double spent. 

To kick-start, the distribution of the digital dollar, commercial banks, and payment processors will exchange their fiat currency reserves for digital dollars, and subsequently distribute them to customers via apps or debit cards. 

Pros and cons of a digital dollar 

The main advantage of a federal issued digital dollar is that it will enhance financial inclusion. This is especially important with the ongoing issuance of stimulus checks whereby the unbanked population missed out on the first disbursement due to a lack of access to financial services. Even for the banked population, the current payment processors are inherently slow and costly to send money. However, the blockchain architecture supporting the digital dollar can facilitate efficient transactions at a more affordable rate than the existing infrastructure. 

Besides the advantages, there are various concerns about the use of tokenized dollars. Most of these concerns are centered around the privacy and centralization of users’ data. The CBDC will be issued by the Federal Reserve, meaning that the government will gain absolute control of users’ financial data. Also, with the government’s reputation for running mass surveillance programs, the incoming digital dollar may be a new system of monitoring the masses. 

Beyond payments

The digital dollar proposal is yet to get a green light from Congress. But, having sparked the attention of legislators, it conveys an overwhelming sense of urgency that the government should work on a CBDC sooner than later. Moreover, the Digital Dollar Project whitepaper emphasizes the need for digitizing the dollar by laying out that other national governments have already started pilot programs for their native CBDC. 

China, in particular, is testing its native digital currency, which will be included in payment systems of various multinational companies such as Starbucks and McDonald. Of particular concern is China’s potential to push its digital Yuan in emerging markets and international trade. If successful, the digital Yuan has the potential to unseat the U.S. dollar as the ideal reserve currency. 

Facebook’s plan to launch its digital currency – Libra – has also had a hand in spiking the government’s interest in designing a digital dollar. Even more recently, the Libra association modified its whitepaper to include a series of fiat-pegged stablecoins rather than just one multi-currency backed token as initially planned. 

Conclusion 

It remains unclear how soon the digital dollar will come into existence. However, given the economic pressure from the Coronavirus outbreak as well as competition from China’s digital Yuan, the digital dollar debate will continue to linger in the minds of policymakers for long. Ultimately, it is great to see legislative attention on digitizing the dollar using blockchain technology, as this promotes the acceptance of cryptocurrencies. 

Categories
Cryptocurrencies

What’s Bitcoin Gold? 

One of the bargaining points for Bitcoin is its decentralization. Which means it’s not controlled by a central authority such as a bank or government. On that front, Bitcoin has it covered. However, there’s another entirely different front that the cryptocurrency has in recent years struggled with. Powerful mining machines and entities have taken over mining in the Bitcoin network, effectively locking out miners of more modest means. This is hardly what Satoshi Nakamoto had in mind when he created the peer-to-peer, electronic, and decentralized currency system. 

One of the bargaining points for Bitcoin is its decentralization. Which means it’s not controlled by a central authority such as a bank or government. On that front, Bitcoin has it covered. However, there’s another entirely different front that the cryptocurrency has in recent years struggled with. Powerful mining machines and entities have taken over mining in the Bitcoin network, effectively locking out miners of more modest means. This is hardly what Satoshi Nakamoto had in mind when he created the peer-to-peer, electronic, and decentralized currency system. 

One of the bargaining points for Bitcoin is its decentralization. Which means it’s not controlled by a central authority such as a bank or government. On that front, Bitcoin has it covered. However, there’s another entirely different front that the cryptocurrency has in recent years struggled with. Powerful mining machines and entities have taken over mining in the Bitcoin network, effectively locking out miners of more modest means. This is hardly what Satoshi Nakamoto had in mind when he created the peer-to-peer, electronic, and decentralized currency system. 

Decentralized and peer-to-peer. It’s all in those two words. The ability for ordinary people to transact with each other, directly, on the Bitcoin blockchain. The ability for anyone to participate in maintaining and securing the network. But the current picture in which a few powerful companies dominate this function diminishes the decentralization principle of the network. 

Bitcoin Gold (BTG) is a Bitcoin fork that seeks to remedy this problem. The currency hard-forked from the Bitcoin blockchain on October 24, 2017, at block height 491407. Let’s find out what Bitcoin Gold has in store.

Understanding Bitcoin Gold

Bitcoin Gold is a cryptocurrency that forked off of the Bitcoin blockchain. The currency hopes to make Bitcoin mining truly decentralized, as was the original vision by Satoshi Nakamoto. The team behind Bitcoin Gold envisions a cryptocurrency that everyone gets to participate in, as opposed to that ability being concentrated in the hands of a few powerful companies. 

In Bitcoin Gold’s own words: “Bitcoin Gold is a community-led project to create an experimental hard fork of bitcoin to a new proof of work algorithm. Bitcoin Gold will provide an opportunity for countless new people around the world to participate in a mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations. A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision.” 

Bitcoin Gold: Decentralizing Bitcoin

In Bitcoin’s early days, the ordinary computer could perform the work needed to verify and add transactions on the blockchain (in a process called mining). But in recent years, mining difficulty has increased, leading to the advent of more powerful and effective mining equipment known as application-specific integrated circuits (ASICs). ASICs today perform nearly all the mining on the Bitcoin blockchain. 

ASICs are designed for the sole purpose of Bitcoin mining – a factor that makes them incredibly fast and effective for the task. The problem is, buying and operating an ASIC machine involves a large amount of money (with the average ASIC miner going for $1,000 or more). 

This is something that locks out the average user from participating in the Bitcoin network. It also leaves Bitcoin mining in the hands of the few with the financial wherewithal to afford to purchase, install, and run ASIC machines. The result? Bitcoin becomes more centralized. And that’s not the end. The huge majority of Bitcoin mining takes place in actual warehouses equipped with hundreds/thousands ASICs that run 24/7. In this kind of setup, even if you can afford an ASIC machine, you cannot possibly compete with an entire warehouse. 

Bitcoin Gold wants to change this. The end goal is to make Bitcoin mining attainable for the average person, making it a much more decentralized process. Or, as the project’s slogan goes – “Make Bitcoin decentralized again” – a tongue-in-cheek play on Donald Trump’s 2016 election campaign slogan. Of course, the underlying message is much soberer: make Bitcoin mining a more inclusive and equitable process. And to achieve this, Bitcoin Gold has to make major decisions, such as changing a Bitcoin mining algorithm to no longer support ASIC mining.

SHA-256 vs. Equihash

To stop Bitcoin mining’s dependence on ASICs, Bitcoin Gold has to make it difficult for the machines to perform the proof of work involved in transactions’ verification and addition to the public ledger. In view of this, the BTG blockchain employs a memory-hard (meaning dependent on RAM) hashing algorithm known as Equihash. By contrast, the ASIC-dependent Bitcoin blockchain uses the SHA-256. The requirement for more memory renders it more complicated for the processing power-focused ASICs. This means small-time GPU miners can get in the groove once again.

Replay Protection

The Bitcoin Gold blockchain has integrated ‘replay protection’ as a means to protect users from potential hacks and other malicious activity. Replay protection is a feature that prevents users from sending both Bitcoin Gold (BTG) and Bitcoin (BTC) during a transaction. This protection is meant to cushion against a replay attack, which is an attack that can occur in the context of two forked cryptocurrencies that share the same code. In the absence of replay protection, users might accidentally send funds via the wrong blockchain, losing them entirely. 

As explained by the developers in a blog: “In order to ensure the safety of the Bitcoin ecosystem, Bitcoin Gold has implemented full replay protection – an essential feature that protects users coins from being spent unintentionally.” 

Mining Bitcoin Gold

With Bitcoin Gold being a more attainable Bitcoin, so to speak, how do you get to mining? All you need is a GPU – as opposed to the expensive and complex setup of an ASIC machine. Next, you should join a mining pool. A mining pool allows miners to come together and combine processing power so as to mine blocks faster. At the successful mining of a block, full participants share the reward according to each miner’s contribution to their processing power. You’ve got several choices, including pool.gold, 2Miners, Minergare, BTGPool Pro. Next, you need to download the mining software for the pool you’ve joined. 

You’ll then need to have a BTG wallet. You’ve got options like BTGWallet.online, Bitcoin Gold Core, Ledger S, Freewallet, and so on. Every Polo has its own set of procedures, including integrating your wallet.

Controversy Surrounding Bitcoin Gold’s Launch

Like almost any prominent crypto hard fork, Bitcoin Gold’s launch was not short of controversy. The first controversy was the developer’s decision to conduct a “postmine” of 100, 000 coins after the launch. About 8000 blocks were mined in quick succession, with 5% of these going to the core developing team.

Coinbase, the largest crypto exchange in America and one of the largest in the world, was particularly skeptical of the crypto, stating that they “cannot support Bitcoin Gold because its developers have not made the code available to the public for review. This is a major security risk.” 

Also, just five days after launch, miners accused one of the developers of adding a 0.5% mining fee that had not been made transparent previously.

Tokenomics of Bitcoin Gold

As of 13th July 2020, BTG was trading at $9.75, while ranking at #57 in the market. It has a market cap of $170, 763, 243, 24-hour volume of $39, 395, 586, a circulating and total supply of 17, 513, 924, and a maximum supply of 21 million. In addition, the coin’s all-time high was $53 9.72 (Oct 23, 2017), while it’s all-time low was $4.31 (March 13, 2020). 

Buying and storing BTG

BTG is one of the popular cryptocurrencies, so you should have no trouble finding an exchange listing it. Options include big hitters like Binance, Bitfinex, Huobi, Livecoin, Gate.io, OKEx, P2PB2B, BitHumb, EXMO, Folgory, YoBit, and Coinone. 

When it comes to the coin’s storage, you have several options, including Trezor, Bitcoin Gold Core, Ledger Nano, Exodus, Coinomi, Bitpie, and Freewallet.

Conclusion

The idea of cryptocurrency is to hand back the power of finance to the people. The ordinary person gets to participate in the “minting” of new coins, as well as securing the source network. But this grand promise for the first-ever cryptocurrency got subdued along the way, with powerful specialized machines taking the whole stage. Bitcoin Gold is out there trying to steer things back to how they’re supposed to be. 

Right now, the currency is performing modestly in the market. It’s hard to tell, just like with any cryptocurrency, the prospects of the coin. But as the crypto industry becomes more inclined towards true decentralization, it’s not hard to fathom BTG climbing to the top of the ranks. 

Categories
Crypto Market Analysis

Daily Crypto Review, August 3 – More than $1 Billion Positions Liquidated; Crypto Market Booming Despite the “Flash-Crash”

The cryptocurrency market had quite a weird weekend in terms of price performance. The market and most of its cryptocurrencies had a “flash crash,” but quickly recovered to a price slightly below the previous highs. Bitcoin is currently trading for $11,160, which represents a decrease of 6.59% on the day. Meanwhile, Ethereum lost 4.04% on the day, while XRP gained 1.03%.

The cryptocurrency market had quite a weird weekend in terms of price performance. The market and most of its cryptocurrencies had a “flash crash,” but quickly recovered to a price slightly below the previous highs. Bitcoin is currently trading for $11,160, which represents a decrease of 6.59% on the day. Meanwhile, Ethereum lost 4.04% on the day, while XRP gained 1.03%.

The cryptocurrency market had quite a weird weekend in terms of price performance. The market and most of its cryptocurrencies had a “flash crash,” but quickly recovered to a price slightly below the previous highs. Bitcoin is currently trading for $11,160, which represents a decrease of 6.59% on the day. Meanwhile, Ethereum lost 4.04% on the day, while XRP gained 1.03%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Loopring gained 17.24% on the day, making it the most prominent daily gainer. Terra (14.69%) and Synthetix Network (13.73%) also did great. On the other hand, Ampleforth has lost 20.21%, making it the most prominent daily loser. It is followed by The Midas Touch’s loss of 18.78% and Quant’s loss of 15.89%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level decreased since we last reported, with its value currently at 61.62%. This value represents a 1.29% difference to the downside when compared to Friday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization increased since we last reported. Its current value is $337.43 billion, which represents an increase of $9.65 billion when compared to the value it had on Friday.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market capitalization spent the weekend crashing down to $10,555 and then recovering from the drop. After the price going up all the way up to $12,000, Bitcoin suddenly dropped to $10,555, which liquidated $1 billion of positions. However, the price quickly recovered and went over $11,000. It is still unsure if the price will end up being above this support level, but it is more likely that BTC will remain above, rather than fall below it.

BTC traders should look for a trade opportunity when BTC bounces from $11,000 or falls below it.

BTC/USD 4-hour Chart

Technical factors:

  • Price is currently below its 50-period EMA and its 21-period EMA
  • Price is between its bottom B.B. and its middle B.B (20-period SMA)
  • RSI is neutral (47.02)
  • Volume increased (descending)

Key levels to the upside          Key levels to the downside

1: $11,630                                1: $11,090

2: $12,000                                2: $10,855

                                                 3: $10,505

Ethereum

Ethereum acted pretty much the same as Bitcoin over the weekend, with its price reaching a major high of $415, and then plummeting down to $320 before recovering to $380 levels. While the current price is considerably lower than the $415 high, but Ethereum made insane gains over the course of the week and month.

Ethereum traders should look for a trade opportunity after the cryptocurrency decides its price direction.

ETH/USD 4-hour Chart

Technical Factors:

  • Price is above the 50-period EMA and the 21-period EMA
  • Price is between its top B.B. and its middle B.B (20-period SMA)
  • RSI is elevated (61.44)
  • Above-average volume (descending)

Key levels to the upside          Key levels to the downside

1: $340                                    1: $302

2: $362                                    2: $289

                                                 3: $278

Ripple

XRP spent the weekend reaching the resistance level of $0.32, which it could not pass over, and then dropping towards the downside. The third-largest cryptocurrency reached a low of $0.241 before bouncing back to above $0.285 level, where it currently is consolidating (and rising slowly).

XRP traders can look for an opportunity in the range between $0.285 and $0.31.

XRP/USD 4-hour Chart

Technical factors:

  • Price above 21-period and the 50-period EMA
  • Price is between the top B.B. and the middle B.B. (20-period SMA)
  • RSI is elevated (63.79)
  • Elevated volume (descending)

Key levels to the upside          Key levels to the downside

1: $0.32                                    1: $0.285  

2: $0.3328                                2: $0.266

                                               3: $0.245

 

Categories
Crypto Daily Topic

Gold Vs Bitcoin: Which one is a Better Long-term Investment?

The most striking difference between gold and Bitcoin is that the former is a tangible asset. At the same time, the latter is an intangible digital asset that is created by computers crunching complex equations. From an investment perspective, gold is regarded as a ‘safe haven’ asset given its long history as an alternative investment […]

The most striking difference between gold and Bitcoin is that the former is a tangible asset. At the same time, the latter is an intangible digital asset that is created by computers crunching complex equations. From an investment perspective, gold is regarded as a ‘safe haven’ asset given its long history as an alternative investment […]

The most striking difference between gold and Bitcoin is that the former is a tangible asset. At the same time, the latter is an intangible digital asset that is created by computers crunching complex equations. From an investment perspective, gold is regarded as a ‘safe haven’ asset given its long history as an alternative investment for hedging against stock market volatility. Also, the increasing ownership of gold by central banks and governments further validates its ‘safe haven’ status as a reliable store of value. 

Bitcoin, on the other hand, is a new entry into the asset market. It made headlines in 2017 when it traded at an all-time high price of $20,000. Since then, it’s the market price has been swinging violently, which explains why it’s considered a speculative investment. Although Bitcoin’s outsized volatility usually scares off investors, it has contributed to the increase in the value of the digital asset in the long haul. 

That said, in a digital economy, hoarding piles of gold bars as a store of value can be overly cumbersome. As such, many investors are concerned about their long-term wealth and are mulling over investing in Bitcoin – a virtual currency whose future looks promising in the era of the digital economy. 

Fundamental differences between Gold and Bitcoin 

Besides the physical-digital difference, other key distinguishing features need to be examined before investing in either gold or Bitcoin. These include: 

i) Supply and demand

As with most assets, the value of gold and Bitcoin is tied to their supply and demand. The higher the supply, the lower the demand, leading to lower market prices/value. 

For starters, it’s hard to know the exact supply of all the gold in the world. However, if one were to draw a graphical representation of gold’s supply, one would notice a gradual increase in gold’s market supply over the years. With this in mind, we can deduce that gold’s price will decline at some point due to low demand. Also, owing to its unknown supply, the price of gold is prone to sneaky inflations. With Bitcoin, it’s a different case. 

A well-known characteristic of Bitcoin is that its supply is capped at a known value – 21 million Bitcoins. So far, there are about 17 million Bitcoins in the market. This is to say that its supply will decrease over time, driving up its demand. Consequently, Bitcoin’s price will increase. Also, a fixed supply means that Bitcoin can’t bend to inflationary pressures associated with overproduction. Additionally, as modern commerce becomes more digitized, Bitcoin users will increase in equal measure, further increasing its value.

ii) Liquidity

When investing in an asset for the long-term, it implies that you won’t liquidate it anytime soon. However, it would be best if you considered the asset’s market liquidity. This is especially true when you need to raise a high amount of cash, and the only way is to sell part of your entire investment. 

For gold, it’s easy to exchange it for fiat cash by selling it to a local buyer. How fast and easy you exchange it depends on the amount of gold you have. Liquidating a few gold bars/jewelry is easier compared to liquidating a sizeable amount of gold, not to mention the risk of theft.  

Bitcoin, on the other hand, has a relatively high liquid market, making it easier to exchange any amount of Bitcoin for cash. The high liquidity is due to an increased number of exchanges with high trading volumes, in addition to other intermediary solutions such as Bitcoin ATMs and stablecoins. What’s better, Bitcoin can be liquidated in smaller amounts, of up to 8th decimal place, making it easy to liquidate just the right amount. Unfortunately, gold isn’t divisible into smaller amounts as those of Bitcoin’s magnitude. 

iii) Reliability

Suppose there’s one area that gold triumphs over Bitcoin, is in reliability. For more 2,000+ years, gold was used as a medium of exchange. Even after the advent of money, it has managed to maintain a relatively stable value.

At one point in the long history of gold, the US government, under President Franklin Roosevelt, implemented measures to prohibit and criminalize the possession of gold. Even though the gold prices plunged following these drastic measures, trading and possession of gold increased significantly in subsequent years. If the same crackdown were placed on Bitcoin usage, it would put the digital currency at the end of the bench. Even worse, a change in consumer preferences or the advent of a new technological disruption has the potential to stunt the growth of Bitcoin ultimately. As such, gold being a natural resource will consistently hold its value for more years compared to Bitcoin, which is a dynamic human-made system. 

Additionally, gold investment has proper regulation, while investment in Bitcoin is not regulated. This gives gold added legitimacy making it a preferred investment option. 

iv) Utility 

Gold has several uses besides being a store of value. It can be used on luxury items like jewelry and even in electronic devices where it acts as a conductor. In some cases, gold coins are also used in place of fiat cash. Due to these real-world use cases, it has a more readily available market, which adds to its liquidity. 

Bitcoin, having been in the market for just 11 years, is making quite plausible efforts to gain real-world use cases besides its position as a speculative investment. Infrastructures such as Merklized Abstract Syntax Trees ( MASTs), Taproot, and Schnoor signatures are pushing Bitcoin in the direction of real-world functionality in which it’ll contribute to the development of smart contracts. Moreover, it is anticipated that as Bitcoin usage increases in the incoming digital economy, its demand will rise relative to its mathematically metered supply. This will increase Bitcoin’s price and liquidity. 

Conclusion: which one is Better? 

Gold has been around for quite a long time and doesn’t show any clear sign of fading away from the market anytime soon. Its value will likely increase as various governments use it as a monetary reserve. The same can’t be said about Bitcoin since it’s still in its infancy stages. As we approach the digital economy, Bitcoin investors are bound to reap hugely. So, asking whether Bitcoin is a better long-term investment compared to gold isn’t entirely appropriate, as it is possible that the two can, and will, exist as complementary assets. As such, both Bitcoin and gold can fit in an investor’s long-term portfolio for diversification purposes. 

Categories
Crypto Daily Topic

 Who is Vitalik Buterin?

The name Vitalik Buterin is perhaps the most recognized in the blockchain and cryptocurrency world, after Bitcoin’s pseudonymous Satoshi Nakamoto. Buterin, 26, is one of the people who has made groundbreaking contributions to this space. He pretty much changed the face of cryptocurrency and blockchain by introducing Ethereum – a tour de force that unleashed the true power of blockchain. 

The name Vitalik Buterin is perhaps the most recognized in the blockchain and cryptocurrency world, after Bitcoin’s pseudonymous Satoshi Nakamoto. Buterin, 26, is one of the people who has made groundbreaking contributions to this space. He pretty much changed the face of cryptocurrency and blockchain by introducing Ethereum – a tour de force that unleashed the true power of blockchain. 

The name Vitalik Buterin is perhaps the most recognized in the blockchain and cryptocurrency world, after Bitcoin’s pseudonymous Satoshi Nakamoto. Buterin, 26, is one of the people who has made groundbreaking contributions to this space. He pretty much changed the face of cryptocurrency and blockchain by introducing Ethereum – a tour de force that unleashed the true power of blockchain. 

Countless revolutionary projects now run on top of Ethereum, ranging from identity to entertainment to cryptocurrency wallets to crowdfunding. Vitalik first described Ethereum  in November 2013, calling it “a culmination of months of thought and often frustrating work into…” cryptocurrency 2.0″ – in short, using the Bitcoin blockchain for more than just money.” 

So, what’s the story of Buterin? Let’s explore his journey through childhood, through Ethereum’s creation, and now. 

A Background

Vitalik Buterin is known to the tech world as the crypto wunderkind who created the blockbuster blockchain and cryptocurrency project Ethereum at only 21 years old. A Russian-Canadian programmer, Vitalik has been active in the Bitcoin and crypto community since 2011. His involvement began as a writer for Bitcoin Magazine, which he co-founded. 

At the time of writing, Vitalik’s Ethereum is the world’s second most successful and recognized cryptocurrency after Bitcoin. It has a market cap of 35.6 billion – which makes up more than 90% of the altcoin market. 

Vitalik’s Early Life

Vitalik was born on Jan 31, 1994, in the small town of Kolomna, Russia. He lived in Russia until age 6 when his parents moved to Canada in search of better work opportunities. By the time he was in third grade, his teachers had noticed that he possessed some remarkable talents. He was then quickly moved to the program of gifted kids. 

Once in the program, Vitalik began to realize that his particular sets of talents made him a bit of an oddity among his peers. These talents included a natural predisposition for math and programming, an early interest in economics, and the uncanny ability to add three-digit numbers in his head twice as fast as the average person. 

As he told Wired, “I remember knowing, for a while, for a long time, that I was kind of abnormal in some sense,” adding “When I was in grade five or six, I just remember quite a lot of people were always talking about me like I was some kind of math genius. And there were just so many moments when I realized, like okay, why can’t I just be like some normal person and go have a 75% average like everyone else.” 

Cryptocurrency Beginnings

Vitalik’s involvement in cryptocurrency can be pointed to two events: his being introduced to Bitcoin by his father and his own realization that centralized systems were plain horrible. He was a longtime fan of Blizzard’s World of Warcraft, until, he says, the company “removed the damage component from my beloved warlock’s Siphon Life spell. I cried myself to sleep, and on that day, I realized what horrors centralized services can bring.” Even as a kid, Vitalik always had a ‘cartoon mentality’ of centralized institutions ‘just being plain evil.’ 

But Vitalik didn’t take up Bitcoin immediately. After hearing about it from his father, he first dismissed it was a fad with no intrinsic value. But he chanced upon it a second time, after which he began to develop more interest. After reading up about it, he wanted to grab some so that he could participate in this experimental currency. But he neither had the money to buy it nor the computing power to mine it himself. So he scoured online Bitcoin forums and found someone willing to pay him 5 Bitcoins for contributing to a blog. 

This work caught the attention of Romania-based Bitcoin enthusiast Mihai Alisie, whom he would later co-found Bitcoin Magazine with. Vitalik would soon be juggling the role of head writer at the magazine, his computer science lessons at Waterloo University, and as a research assistant for cryptographer Ian Goldberg.

As he continued researching Bitcoin, he decided to attend related real-world events. In May of 2013, Vitalik traveled to San Jose for a Bitcoin conference that completely changed his view on crypto. There were attendees from every corner of the globe, booths everywhere showcasing hardware wallets, payment gateways, Bitcoin ATMs, and so on. Being present in this living, breathing moment impressed on him that the Bitcoin and crypto movement, in general, was real after all. “That moment really crystallized it for me. it really convinced me that, hey, this thing’s real and it’s worth taking a risk and jumping into.” 

That very semester, he ended his classes at Waterloo. Instead, he hunkered down to look for a substantial way to contribute to this burgeoning, exciting movement. After further research, he realized that many people were going about “Cryptocurrency 2.0”, or the next stage for blockchain tech, the wrong way. All projects were trying to improve on Bitcoin by adding new layers of application. “I discovered that they were doing this sort of Swiss army knife approach of supporting 15 different features and doing it in a very limited way,” he told Wired. 

How Ethereum Came to Be

Vitalik soon discovered that the blockchain could be designed to support every kind of imaginable digital service. On the blockchain, these services would interact with each other frictionlessly. This is how the idea of Ethereum was born. As for why the name Ethereum, Vitalik explains, “I was browsing a list of elements from science fiction on Wikipedia when I came across the name. I immediately realized that I liked it better than all of the alternatives that I had seen; I suppose it was the fact that it sounded nice and it had the word “ether” referring to the hypothetical invisible medium that permeates the universe and allows light to travel.” 

Vitalik would go on to sketch his idea out into a whitepaper, which he then sent to several of his friends. Those friends then sent it to their friends, and soon, many people reached out to him with unexpectedly positive reviews of the idea. “When I came up with Ethereum, my first thought was, okay, this thing is too good to be true and I’m going to have five professional cryptographers raining down on me telling me how stupid I am for not seeing how stupid I am for not seeing a bunch of very obvious flaws,” he narrated. As it turned out, however, his idea was perfectly sound. 

Two months later, he attended another Bitcoin conference in Miami, where he met some of the people who really liked the idea. (Some of these were crypto enthusiast Stephan Tual, entrepreneur Anthony Di Iorio, Bitcoin investor Joseph Lubin, and programmers Gavin Wood and Charles Hoskinson). There, he described Ethereum to the conference, receiving a standing ovation and having a horde of investors lining up to talk to him after the speech. Around the same time, Vitalik received a Thiel Fellowship grant of $100,000. 

In the following months, Vitalik and his group of friends decided to raise money for the projects via a crowd sale of Ether, from which they managed to raise 31,000+ Bitcoins (worth around $18 million at the time). (However, the team made the mistake of storing the money in Bitcoin. Soon after, the price of Bitcoin tumbled, causing the team to lose a lot of money). Still, they had enough money to set up the Ethereum Foundation, which up to today oversees the development of Ethereum. 

Ethereum Comes to Being

The foundation then got busy working on Ethereum. Before the official launch of the network, the team test ran several prototypes of the network, the last of these being ‘Olympic.’ Multiple bug tests were also run to help identify any vulnerabilities in the system. In July of 2015, Ethereum went live. 

Vitalik’s Other Blockchain Ventures

Vitalik has also been involved in a few other crypto-related ventures such as pybitcointools, multisig.info, Dark Wallet and KryptoKit, and Egora. 

Awards and Recognition

Buterin is the recipient of several high-profile awards, including Forbes’ 2018 30 under 30, Fortune’s 40 under 40, World Technology Award in the IT Software Category, 2014. 

Quotes By Vitalik on Ethereum and Blockchain

“The concept of smart contracts is so complex, that understanding how to make them safer comes only with experience…We can only wait and allow people to do projects, some of which succeed. The same as cars and airplanes were becoming safer with time, through experience we will be also realizing how to make smart contracts with an acceptable level of risk.” Source

“The thing that I often ask startups on top of Ethereum is, ‘Can you please tell me why using the Ethereum blockchain is better than using Excel?’ And if they can come up with a good answer, that’s when you know you’ve got something really interesting.” Source

“The main advantage of blockchain technology is supposed to be that it’s more secure, but new technologies are generally hard for people to trust, and this paradox can’t really be avoided.” Source

“The idea that we can separate this economy where we micro-tokenize and let people have their own micro-ownership, I think that is definitely a very interesting and promising idea.” Source 

Categories
Cryptocurrencies

What’s Chainlink (LINK) All About? 

Today’s blockchains exist in isolation from each other and the outside world. This significantly limits their potential to achieve mainstream adoption. For blockchain to reach maximum potential, it needs to be able to interact with the outside world. 

Today’s blockchains exist in isolation from each other and the outside world. This significantly limits their potential to achieve mainstream adoption. For blockchain to reach maximum potential, it needs to be able to interact with the outside world. 

Today’s blockchains exist in isolation from each other and the outside world. This significantly limits their potential to achieve mainstream adoption. For blockchain to reach maximum potential, it needs to be able to interact with the outside world. 

Oracles, which are third-party services that provide smart contracts with real-world connectivity, have been proposed to stand in this gap. But therein lies the problem. These third-party services are centralized. That means they have a single point of failure, making them no safer than any legacy digital system. 

What if there could be a decentralized oracle system? Now that would be something. Chainlink is a project that provides a decentralized network of oracles to offer smart contracts with real-world data and info. The first and only one of its kind, the project has attained impressive success just three years into its launch. 

Breaking Down Chainlink

Launched in 2017, Chainlink is a blockchain effort to connect external data with smart contracts on the blockchain. The Chainlink consists of a network of nodes that facilitate the introduction of smart contracts with real-world happenings and info that’s outside the chain. With this, Chainlink supports a variety of applications, including supplying smart contracts with all kinds of information ranging from bank interest rates to weather forecasts, election results, and sports scores. 

On its website, the project describes itself as: “The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.” 

How Does Chainlink Work? 

Chainlink’s main plan is to create a bridge between on-chain smart contracts and the off-chain. For this to happen, the network has an on-chain mechanism that interacts with an off-chain mechanism. 

On-chain Architecture

Chainlink’s on-chain architecture comprises smart contracts and oracles that transmit data from external sources to the chain. Oracles take user requests for outside data and submit it to the network via a requesting contract. 

The Chainlink protocol responds by creating a corresponding smart contract (Chainlink Service Level Agreement (SLA Contract) to acquire this off-chain data. The Chainlink SLA Contract then creates three sub-contracts: a reputation contract, an order-matching contract, and an aggregating contract. 

The reputation contract ensures that an oracle provider is authentic and reliable, getting rid of disreputable ones. An order-matching contract passes the requesting contract’s request to the appropriate Oracle according to the level and type of request. Finally, the aggregating contract takes all the data from the selected oracle and reconciles it for the best results and then delivers it to the requesting contract.

Off-chain Architecture

Off-chain, Chainlink comprises a network of oracle nodes that connect to the Ethereum network. Chainlink plans to add support for other smart contract platforms in the future. Let’s look at the off-chain architecture.

#1.Chainlink Core.

This is a software whose work is to interface with the blockchain. It schedules and distributes tasks across the various off-chain services. Work executed via Chainlink nodes is registered as assignments. Each assignment comprises ‘subtasks,’ that are processed as a pipeline. Each subtask has a particular activity it carries out before passing its results on to the next subtask, and on and on until the final result is reached.

#2. External Adapters

Apart from the built-in subtasks, Chainlink’s network also supports customs subtasks that can be created via ‘adapters.’ Adapters here mean external services with minimal representational state transfer API.

#3. Subtask Schemas

These are pieces of software that ensure compatibility between adapters since these adapters are of different types and created by different developers. 

Chainlink’s Reputation System

Chainlink utilizes a Reputation System that records the user ratings of oracle providers. Via the Reputation System, prospective users can evaluate the reliability and trustworthiness of an oracle provider beforehand. The Reputation System is based on the following metrics: 

  • The total number of assigned requests. This includes all the requests that an oracle has previously taken on, whether complete or incomplete
  • Completion rate. This is the total number of requests that an oracle has completed. Completion rate is calculated by averaging the number of requests assigned with those that have been completed
  • The total number of accepted requests. This is the number of requests that are seen as acceptable.
  • Average response time. This is calculated by measuring the timeliness of responses to past requests.

The Reputation System incentivizes oracle providers to act honestly since a bad rating would potentially ruin a brand’s value. The Chainlink team hopes the system will create a virtuous circle in which well-behaved oracles acquire a good reputation, and the good reputations will feed into the incentive for a continued collaborative and high-performance environment. 

The LINK Token

The LINK token is the native token of the Chainlink network. It’s an ERC20 compliant token, meaning it’s based on the Ethereum blockchain. The network uses the token to pay nodes who retrieve data from external sources and convert it to blockchain readable formats. Smart contracts on, let’s say, Ethereum, have to pay their chosen Chainlink node operator with LINK tokens. 

The Chainlink whitepaper describes LINK as an “ERC20 token, with the additional ERC223 “transfer and call” functionality of transfer (address,uint256, bytes), allowing tokens to be received and processed by contracts within a single transaction.”

LINK also derives value from increased use cases of the network. As the use of cases of the Chainlink platform increase, so does the value of the token. 

Economics of LINK 

As of July 25, 2020, Chainlink is trading at $7.70. has a market cap of 2.7 billion that places it at #11 in the market. LINK has a 24-hour volume of $563, 161, 674, a circulating supply of 350, 000, 000 and a total supply of 1 billion. LINK’s all-time high was $8.80 (Jul 16, 2020), while its all-time low was $0.126297 (Sep 23, 2017).

Buying and Storing LINK

You can find LINK at any of several exchanges, including Binance, Coinbase Pro, Kraken, BKEX, BitHumb, LATOKEN, Bitrue, DragonEX, and Gemini. 

Being an ERC20 token, LINK can be stored on any wallet that supports Ethereum. Options include Atomic Wallet, Guarda Wallet, MyEtherWallet, Trezor, and Ledger. 

Final Thoughts

Chainlink is a real solution to a real problem. By providing a decentralized oracle solution to blockchains, it gives them the chance to interact with the outside world safely and securely. The blockchain ecosystem stands to benefit massively from that and similar ideas. So far, Chainlink has done extremely well, and it will likely go nowhere but up. 

Categories
Cryptocurrencies

What’s Ren (REN)? Here Is a comprehensive Guide

A few years ago, cryptocurrencies were derided as a fad, and Bitcoin was called a bubble that would burst sooner or later. Those predictions couldn’t have been more wrong. As we speak, cryptocurrencies are so successful that they were the most traded assets last year, and Bitcoin was crowned the most successful asset in the […]

A few years ago, cryptocurrencies were derided as a fad, and Bitcoin was called a bubble that would burst sooner or later. Those predictions couldn’t have been more wrong. As we speak, cryptocurrencies are so successful that they were the most traded assets last year, and Bitcoin was crowned the most successful asset in the […]

A few years ago, cryptocurrencies were derided as a fad, and Bitcoin was called a bubble that would burst sooner or later. Those predictions couldn’t have been more wrong. As we speak, cryptocurrencies are so successful that they were the most traded assets last year, and Bitcoin was crowned the most successful asset in the past decade. What this signals to is increased consumer interest in this emerging (or firmly established depending on who you ask) asset class. 

The only problem is, each cryptocurrency currently exists in its own universe. Why is this not ideal? Because it creates a fragmented marketplace that partly impedes cryptocurrencies from going mainstream. It also confuses users. With the thousands of cryptocurrencies available today, how will users keep up with each, separately? 

In light of this, it’s clear that the current blockchain infrastructure needs changing. Ren is a cryptocurrency and blockchain project that wants to facilitate interoperability between blockchains. The Ren team hopes that with this, blockchains can interact with each other for the good of both the industry and users. 

What’s Ren? 

Formerly known as Republic Protocol, Ren is a blockchain-enabled protocol that aims to provide liquidity and interoperability (through cross atomic swaps) for cryptocurrencies. The Ren protocol relies on a decentralized network of Darknodes to provide the highest level of security for transactions and network participants. Ren allows anyone anywhere to “transfer any token between any blockchain.” That’s the long-term goal, at least. For now, only four cryptocurrencies are currently supported: Bitcoin, Bitcoin Cash, Ethereum, and ZCash. 

Ren says: “We facilitate cross-chain trains through atomic swaps and implement proper economic incentives to ensure these trades are executed thoroughly. Compared to a centralized dark pool or exchange, the Republic Protocol removes the risk of asset theft confiscation or the possibility of interference from a malicious exchange operator. The Republic protocol is available universally and is highly transparent with regards to how the underlying protocol operates.” 

Why is Interoperability Important?

While cryptocurrency was invented for the noblest of reasons, it’s hard to achieve those goals if every blockchain operates on its own, like some island. Instead, if blockchains could work together, it could provide better liquidity for traders and a more seamless, intuitive experience for users.

Ren elaborates this, saying: “Without interoperability, it is impossible to connect different boxes together in a way that the decentralized applications can benefit from each other’s liquidity and provide a simple and complete experience for their users.”

Interoperability would also help to eliminate barriers to access to decentralized finance products, enhancing financial inclusivity. 

Ren’s Darkpool and Secure Multi-party Computation (SMPC)

Ren uses a ‘secure multi-party computation’ (SMPC) to protect users’ and funds’ privacy. At its core, SMPC facilitates the matching of orders while keeping the price and the volume under wraps. The idea is to facilitate large-volume trades with as little price slippage as possible, while still playing by the rules of the dark pool. 

Ren has the following features that support that make up a dark pool: 

  • RenEx dark pool: a decentralized exchange whose price, volume and transacting parties are hidden
  • Hidden order book: a book where orders are kept private until they executed
  • Cross-train asset trading: a functionality that allows the exchange of digital assets across chains
  • Large orders infrastructure: a functionality that allows traders to place rust raids with little or no price slippage
  • Darknodes: network participants who match orders and collect trading fees

The Ren Virtual Machine (RenVM) 

RenVM is a decentralized and permissionless virtual machine that powers the Ren platform. The machine contacts operations in secret using zero-knowledge proofs (protocols are methods that allow for data to be verified without revealing that data). All info fed and put out by the RenVM is completely hidden such that not even the dark nodes can access it. This enables the machine to secure private keys across different blockchains, facilitating the travelers and decentralized exchange of tokens across those chains. 

RenVM has four core characteristics: 

  • Shamir’s Secret Sharing: a cryptographic algorithm that’s a form of secret sharing in which a secret is distributed equally in a network. To reconstruct the secret, a minimum number of parts must be used. 
  • Secure Multi-party Computation(SMPC): a mechanism that allows the exchange of inputs and inputs to be run without revealing the content
  • Byzantine Fault Tolerant (BFT) algorithm: a feature that allows a distributed network to reach consensus even if some nodes act maliciously
  • Hyperdrive: modification of the tournament call algorithm that supports SMPC

The Ren Token 

REN is the native token of the Ren network. It powers transactions by being used as payment for trading fees. It’s also used as a staking bond that both traders and Darknodes have to submit before participating in the dark pool exchange.

This is how REN is currently performing in the crypto market. It has a per-token value of $0.187840 and a market cap of $162, 747, 417, which makes it the 58th biggest cryptocurrency. The coin has a 24-hour volume of $10, 995, 073, a circulating supply of 866, 416, 516, and a total supply of 999,999, 633. REN’s all-time high was $0. 199440 (July 08, 2020), while its all-time low was $0.015394 (Nov 27, 2018). 

Buying and Storing REN

REN can be purchased at a variety of exchanges, including Binance, Huobi, Bilaxy, MXC, Hoo, HitBTC, Poloniex, IDEX, Uniswap, Fatbtc, Kyber Network, and Omgfin. 

For storage, you’ve got several options, including user favorites Trezor and Ledger Nano, as well as Atomic Wallet, MyEtherWallet, and Trust Wallet. 

Final Thoughts

Ren’s proposition for interoperable blockchains is not a novel one in cryptoverse. However, there’s something to be said about its pioneering secure multi-party computation, Darkpool and Dark nodes technologies that hide everything regarding trades and transacting individuals, guaranteeing complete and utter security and privacy. The Ren project is one to watch. 

Categories
Crypto Guides

Understanding The Topical Problems In The DeFi Ecosystem

Introduction Decentralized finance or DeFi is a collective term given to a wide range of products and technologies that help manage the finances more innovatively without the interference of the central bank or any financial institution. The decentralized applications that are generally are called DApps built on top blockchain like Ethereum and Bitcoin. The major […]

Introduction Decentralized finance or DeFi is a collective term given to a wide range of products and technologies that help manage the finances more innovatively without the interference of the central bank or any financial institution. The decentralized applications that are generally are called DApps built on top blockchain like Ethereum and Bitcoin. The major […]

Introduction

Decentralized finance or DeFi is a collective term given to a wide range of products and technologies that help manage the finances more innovatively without the interference of the central bank or any financial institution.

The decentralized applications that are generally are called DApps built on top blockchain like Ethereum and Bitcoin. The major highlight of DeFi is that they use smart contracts giving complete control over the finances. It helps in individual savings, payments, or investments, but it also facilitates better and efficient lending, margin trading, market predictions, etc.

With the help of DeFi tools, you can access the services that have any centralized authority. The significant idea behind launching DeFi is to make the entire process safer and more efficient than other traditional financial solutions. Though DeFi is efficient than other financial solutions, some roadblocks are preventing significant issues.

What Are The Major Problems Involved in Decentralized Finance?

Some of the major risks that revolve around DeFi are related to user errors, smart contracts, lack of insurance transparency, price mechanisms, etc. Irrespective of all the advantages DeFi holds, the initiative still remains an infant, making it vulnerable to risks.

Smart Contract Vulnerabilities

One of the significant issues that DeFi is going through is smart contract vulnerabilities. When a contract is released with a flawed code, it can result in fund losses. There have been instances where these particular issues with the smart contract have resulted in compromising blockchain.

User Error

The issue of smart contracts is also connected to an underlying problem of user error. Even if the code seems right, there can be some unexpected issues that can become a hindrance. Due to the user errors, millions of dollars have been lost in the name of DApps.

Internal Governance

Another crucial issue witnessed in DeFi is the internal governance and the external regulations of the assets. There are chances to control who can run and operate the platform. Along with that, the government can anytime issue regulations that can restrict the processes of DeFi.

Other Issues

Other common issues are related to the market unpredictability, lack of insurance, etc. that makes the individuals lose sums of money even if they haven’t made any mistake.

To realize the full potentials of DeFi, is essential to address the issue and find out how it can be managed. It is true that DeFi holds many advantages for the growth of the financial world. It depends on how well you utilize it by eliminating the issues.

The Future of DeFi

Addressing the current underlying issues of DeFi, there have been plenty of solutions that have emerged so far. For instance, Atomic Swaps and pTokens are likely to improve the DeFi and make it increasingly impressive for the finance industry.

The above mentioned were the major hindrances that are blocking the development of DeFi. Different types of solutions are being worked out to cater to the pain points of DeFi. With efficient use of bug bounties, audits, open-source commitments, etc., problems related to smart contracts and errors can become less frequent.

Categories
Crypto Daily Topic

How to Invest in Bitcoin

Everyone has heard of folks that became millionaires from Bitcoin trading. Of course, trading Bitcoin is no guarantee that you’re going to wake up super rich. It takes smart calculation and healthy doses of patience to realize a tangible ROI. 

Everyone has heard of folks that became millionaires from Bitcoin trading. Of course, trading Bitcoin is no guarantee that you’re going to wake up super rich. It takes smart calculation and healthy doses of patience to realize a tangible ROI. 

Everyone has heard of folks that became millionaires from Bitcoin trading. Of course, trading Bitcoin is no guarantee that you’re going to wake up super rich. It takes smart calculation and healthy doses of patience to realize a tangible ROI. 

Now, despite Bitcoin investing being a potentially lucrative venture, many people either still don’t have the faintest idea of what it is and how to go about it, or they think it’s something beyond their reach. 

We hope to change that in this article. You’ll realize that getting started in Bitcoin is easier than you think. 

So, we’ll break down the steps towards owning Bitcoin, right after we understand what Bitcoin is and some important caveats that you need to be aware of before hopping on the train. 

What’s Bitcoin? 

Bitcoin is the pioneer and the most successful of what’s known as cryptocurrencies. It has no physical presence – only digital, and it can be transferred electronically from one person to another, irrespective of their locations around the globe. 

One of the most defining factors of Bitcoin is decentralization, which means that it’s not controlled or run by any single individual or entity. Rather, it’s maintained and secured by thousands of computers (known as nodes) all over the world. These computers are run by regular people like you and me, just like anyone can contribute to Wikipedia. 

Bitcoin has a finite coin supply of 21 million, meaning once that supply is reached, normal coins will be released. The rate at which new coins are released is reduced by half at approximately every four years. The first halving was in 2012, the next in 2016, and the latest one happened in May 2020.

Despite having no physical proof of existence, Bitcoin has proven to be a very attractive financial instrument to investors. This is partly because unlike Fiat currency that is issued and controlled by governments, Bitcoin is self issuing, and its value as a currency is fully determined by people’s perception/acceptance. It’s the same thing when it comes to exchanging with other users. Users can transfer Bitcoin among themselves on a purely peer-to-peer (P2P) basis. 

When Bitcoin was only starting out, anyone with a regular computer could ‘mine‘ and own the currency. But after the currency gained traction, the mining difficulty increased, rendering regular computers ineffective and necessitating the invention of more powerful computers known as application-specific integrated circuits (ASICs).

The problem is, ASICs cost a neat penny. Not just that, Bitcoin mining is now mostly done by entire mining ‘farms’ who more or less control the whole Bitcoin mining endeavor. With these odds stacked against them, the average aspiring Bitcoin investor has no choice but to purchase the currency. 

What you Need to Know Before You Begin

Bitcoin is a purely internet-based currency. That, therefore, calls for entirely different approaches to security and storage. That means there are a few things that you need to know before you even dive into handling Bitcoin.

If you want to invest in Bitcoin, you’re going to need a crypto wallet, your ID credentials, a secure internet connection, and a method of payment. After assembling those things, you need to sign up at a cryptocurrency exchange of your choice. A method of payment can either be bank wire, debit card, or credit card. These are the requirements for purchasing Bitcoin from a cryptocurrency exchange, which is one of several ways of obtaining Bitcoin. Purchasing bitcoin from an exchange is one of the safest sources and because there’s virtually no chance of fraud. 

Something else you should look out for is privacy and security. Privacy here means that, let it be only you that knows how much Bitcoin you own. Bragging about the size of your holdings is a bad idea. That’s because when you let the world know that you own Bitcoin, you could very well be attacked – and that means both digitally and physically. 

How can you be attacked digitally? This could be a ransomware attack, a SIM swap attack, hacking, phishing attacks, and so on. As for physical attacks, there’s no shortage of stories of people that have been kidnapped and forced to give up their Bitcoin private key. A private key is like your bank account PIN. When you give up your private key, you’ve given up control and access to your funds. 

Your private key should be guarded at all costs. You need to know that anytime you make a transaction, the person at the other end can see your account balance because it’s publicly available in your public address. It’s not a good idea for someone to know your account balance. So, if possible, keep any large holdings in different public addresses from the ones that you use for regular transactions. 

And finally, be aware that all the history of transactions on the Bitcoin blockchain is transparent for everyone to see. What’s available, though, is public addresses. Your personal identifying information is not. Bitcoin transactions are private, but not anonymous. Indeed, Bitcoin transactions are best described as pseudonymous. Here’s the thing: anyone with enough resources and determination can, by using blockchain analysis, track down the real-life identity of the individual behind a transaction. 

To counter this, various technologies have been invented to achieve complete anonymity for Bitcoin transactions. These include Bitcoin mixers. 

Getting Started 

Now that you know what you need to know, let’s go through the steps of acquiring Bitcoin. 

#1. Get a Bitcoin Wallet

Unlike Fiat currency that’s stored in the bank, Bitcoin has to be stored in a cryptocurrency wallet. That will allow you to receive, send, and transfer Bitcoin. There are two main types of crypto wallets: software and hardware. Software wallets are based on the internet (including wallets provided by crypto exchanges), while hardware wallets are kept offline.

Software wallets are not ideal because they are subject to online vulnerabilities. Hardware wallets, which are devices typically resembling a flash drive, provide much more protection since they can’t be hacked. Some of the best hardware wallets in the market include Ledger Nano S, Ledger Nano X, Trezor Model One, Trezor Model T, and KeepKey. 

#2. Connect a Bank Account

The next thing you need to do is connect your wallet to a bank account, debit, or credit card. Be aware that each of these methods has its own fees. If you use a bank account, expect to wait for at least four to five days for transactions to go through. With a bank account, you can buy and sell Bitcoin and get money deposited directly into your account. A bank account is better, security-wise, if you’re dealing with huge sums of money. 

With credit and debit cards, you can buy Bitcoin almost instantly. However, most exchanges only allow you to buy crypto, and even then, there’s a limit to how much you can buy. You cannot sell Bitcoin or deposit money into your bank account if you’re using a debit or credit card. 

#3. Sign up on a Bitcoin Exchange

A Bitcoin exchange is an online-based marketplace where you can buy, sell, or exchange Bitcoin. Just like there are many online markets for regular products – Amazon, eBay, and Alibaba, you’ll also find a variety of Bitcoin exchanges. 

Different exchanges have different reputation, reliability, user experience, pay structure, exchange rates, and the available cryptocurrencies for trading. Before you stick with one, look around. Here are some of our recommendations. 

Coinbase: This is US-based crypto and one of the ‘mainstream’ exchanges. It supports Bitcoin, Ethereum, Litecoin, Tezos, Ripple, EOS, cryptocurrencies. 

Binance: At the time of writing, Binance is the world’s largest crypto exchange by volume. It also supports the majority of the major cryptocurrencies. Unlike many exchanges, Binance charges a 0.1% fee for all trades.

Square Cash: This is an app exchange by online payments company Square. The app is mighty convenient for users of the Square platform. The app aims to enable users to buy and sell Bitcoin as quickly and as frictionlessly as possible.

#4. Place an order

After signing up at your preferred exchange, you’re now set to purchase Bitcoin. Congratulations. Even if you can’t afford one Bitcoin, which goes for several thousand dollars, thou shalt not fret. You can still purchase Bitcoin in its small, infinitesimal divisions called Satoshis. 

Other ways to Acquire or Invest in Bitcoin

We’d be remiss if we didn’t mention the other ways apart from exchanges through which you can acquire Bitcoin. Some of these include: 

Bitcoin ATMs: These are kiosks that allow you to buy or sell Bitcoin. As of July 25, 2020, Coin ATM radar indicates that there are currently 8805 Bitcoin ATMs in 73 countries.

Peer-to-peer Bitcoin sites: These are platforms that allow you to purchase Bitcoin directly from other owners. Examples include Bisq, Remitano, and LocalBitcoins.com. Always exercise extra caution when purchasing Bitcoin directly from individuals. 

Bitcoin Futures: For the more experienced investors, Bitcoin futures are another way to get involved in Bitcoin. 

Mining: If you can afford ASICs, then you can absolutely join a mining pool and start earning Bitcoin. 

Final Thought

Now that you have a grasp of how to own Bitcoin, you’re better prepared to start investing. Remember to do thorough research on any crypto exchange before you sign on. Read reviews, look at the supported currencies, and so on. Also, remember Bitcoin’s price is uber unpredictable, so only invest money that you can afford to lose. 

Categories
Cryptocurrencies

What’s Ravencoin (RVN) All About? 

Blockchain opens up a ton of possibilities for the world. One of them is creating a token for any purpose, and having the ability to transfer it to other users in a safe, peer-to-peer, and decentralized fashion. 

Blockchain opens up a ton of possibilities for the world. One of them is creating a token for any purpose, and having the ability to transfer it to other users in a safe, peer-to-peer, and decentralized fashion. 

Blockchain opens up a ton of possibilities for the world. One of them is creating a token for any purpose, and having the ability to transfer it to other users in a safe, peer-to-peer, and decentralized fashion. 

Ravencoin is a blockchain effort optimized for this role. Because creating and transferring assets is its only function, it fulfills it pretty well. Ravencoin derives its name from the raven – the bird the Westeros people use to send messages in George R.R. Martin’s fantasy series, “A Song of Ice and Fire.” 

The Raven reference reads:” In the fictional world of Westeros, ravens are used as messengers who carry statements of truth. Ravencoin is a use-case focused blockchain designed to carry statements of truth about who owns what assets.” 

In this article, we’ll take a peek into the world of Ravencoin. 

Breaking Down Ravencoin

Ravencoin is a free and open-source blockchain and cryptocurrency platform explicitly designed for the creation and transfer of assets. Ravencoin is built off of a fork of the Bitcoin code; hence, it follows its unspent transaction output (UTXO) model. However, to optimize it for its main function, Ravencoin has implemented a few changes, including a block reward time of 1 minute, more coins – hence supply. 

Ravencoin’s goal while handling user assets is to prioritize “security, user control, privacy, and censorship resistance.” Anyone from anywhere can utilize the Ravencoin platform to create and transfer almost any asset of their choice. As we’ll see below, Ravencoin differs from other cryptocurrencies in some quite interesting ways. 

How is Ravencoin Unique? 

To begin with, the Ravencoin idea is sustained by a large network of volunteers, nodes, and devs from all over the world. Ravencoin has no official staff or headquarters or budgets. 

Again, Ravencoin is ASIC-resistant, ensuring powerful ASIC miners and farms do not edge out the average user from the network. This cements its inclusive policy and prevents the network from becoming too centralized. To accomplish this, Ravencoin deploys its X16R hashing algorithm – which was created, to lock out ASIC equipment. 

Also, everybody has a chance to earn Ravencoin either through mining or buying. There was no pre-mining or allocations for any private, public founder or developer. 

What’s the Difference between Ravencoin and Bitcoin? 

As we saw before, Ravencoin is based on the Bitcoin code. For this reason, it’s important to highlight the differences between the two.

  • Issuance: The Ravencoin mining reward was initially 5000 RVN, while Bitcoin’s was 50 BTC
  • Block time: Ravencoin’s block time is 1 minute, while Bitcoin’s is 10 minutes
  • Coin supply: Ravencoin has a total supply of 21 billion, while Bitcoin’s is 21 million
  • Hash algorithm: Ravencoin implements the X16R algorithm while Bitcoin utilizes SHA-256

Ravencoin’s Asset Creation and Transfer Process

#1. Creating Tokens

Ravencoin supports the creation and transfer of almost all manner of assets. Creating your own token has never been simpler. To create one, you need to burn some RVN and then provide a unique name for your token. Then, proceed to indicate the quantity of the tokens, any decimal places, and whether or not more tokens will be issued in the future. 

#2. Creating Rewards 

Token creators can also distribute RVN to token holders with a single click. These rewards can be for anything that the token creator wishes. For example, you can create tokens and sell them to people. With the money raised, you can start a business. When the business takes off, you can send profits – denominated in RVN, to the people who believed in and contributed to your venture. This extremely easy built-in function allows anyone, anywhere to do this on their mobile phones, on Windows, Mac or Linux. 

#3. Creating Unique Tokens 

Ravencoin allows you to create unique tokens – the only ones guaranteed to be existing and cannot be replicated. Unique tokens are non-fungible and are proof of authenticity. Below are some use cases for unique assets: 

  • Software licensing
  • In-game assets
  • Automobile registration
  • Fine art collecting
  • Proof of authenticity tokens to accompany items that are prone to be counterfeited
  • Messaging tokens on communication channels

Use Cases for Assets

You can create a set of tokens for pretty much anything your imagination can conjure. The following are examples of such use cases. 

Representing Real-world Assets

  • Gold bars
  • Fiat money
  • Property deeds
  • Energy ( e.g., electricity, water, oil, wood)
  • Silver 

Representing a Project’s Shares

  • Stocks and shares being in tokens instead of a physical certificate
  • Issuance of dividends in RVN
  • Tokens representing partnerships and royalty rights 

Representing Virtual Items

  • Tickets to events, with the ability to transfer or resell
  • Access tokens to allow individuals to receive a service
  • In-game currencies and other items

Representing a Credit

  • Gift cards
  • Airline miles
  • Loyalty points

Who is Behind Raven? 

Ravencoin was conceptualized by blockchain adviser Bruce Fenton and Tron Black. Fenton has previously worked as an adviser to the Bill and Melinda Gates Foundation and former Executive Director of the Bitcoin Foundation. Tron Black is the software developer lead for Medici Ventures. 

Raven Tokenomics

At the time of writing, Ravencoin (RVN) is the 67th largest cryptocurrency. It’s trading at $0.020481, with a market cap of $136, 888, 279, and it has a 24-hour volume of $12, 871, 915. RVN’s circulating and a total supply of 6, 683, 800, 000. According to Coinmarketcap, the currency’s all-time low was $0.080258 (June 03, 2019), and its all-time high low was $0.08794 (Mar12, 2020). 

Where to Buy and Store RVN

You can grab some RVN through either of two ways: mining or purchasing from an exchange. If you’d prefer to mine, check out these pools listed on RVN’s website. If you prefer buying, then you’ll find the coin listed on several exchanges, including Binance, BKEX, DigiFinex, Huobi Global, OKEx, Gate.io, Bitrue, Bitvavo, and LATOKEN. 

Ravencoin is complete with its own wallet for Android, iOS, Windows, Mac, and Linux. Third-party wallets recommended by the team include DCENT, Dove, Edge, Flare, and Guarda. Check out more here.

Final Thoughts

Raven coin is another blockchain project that doesn’t try to promise the world. Instead, it focuses on getting one thing right: the creation and transfer of assets. We’re also witnessing the unstoppable shift towards tokenized assets. With Ravencoin in the middle, it’s certainly bound to see its usability; hence its value will go up. Of course, this will depend on the community’s continued innovation in the face of a fast-changing crypto landscape. Let’s wait and see how the project holds up in the future. 

Categories
Crypto Market Analysis

Daily Crypto Review, July 31 – Binance Debit Cards Now in Europe; XRP Whales Started Buying?

The cryptocurrency market mostly traded sideways as Bitcoin still continues its fight for $11,000. Bitcoin is currently trading for $11,065, which represents a decrease of 0.43% on the day. Meanwhile, Ethereum gained 4.76% on the day, while XRP gained 2.04%.

The cryptocurrency market mostly traded sideways as Bitcoin still continues its fight for $11,000. Bitcoin is currently trading for $11,065, which represents a decrease of 0.43% on the day. Meanwhile, Ethereum gained 4.76% on the day, while XRP gained 2.04%.

The cryptocurrency market mostly traded sideways as Bitcoin still continues its fight for $11,000. Bitcoin is currently trading for $11,065, which represents a decrease of 0.43% on the day. Meanwhile, Ethereum gained 4.76% on the day, while XRP gained 2.04%.

 Daily Crypto Sector Heat Map

When talking about top100 cryptocurrencies, Chilliz gained 29.75% on the day, making it the most prominent daily gainer. Bancor (14%) and VeChain (12.22%) also did great. On the other hand, Ampleforth has lost 45.57%, making it the most prominent daily loser. It is followed by Flexacoin’s loss of 8.58% and Quant’s loss of 8.06%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level decreased slightly since we last reported, with its value currently at 62.91%. This value represents a 0.75% difference to the downside when compared to yesterday’s value.

Daily Crypto Market Cap Chart

The cryptocurrency market capitalization increased slightly since we last reported. Its current value is $328.13 billion, which represents an increase of $3.04 billion when compared to the value it had yesterday.

_______________________________________________________________________

What happened in the past 24 hours?

_______________________________________________________________________

_______________________________________________________________________

Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market capitalization spent the day fighting for $11,000 yet again. The sideways movement ranged from the support of $10,855 to a little above $11,090 resistance level. While it is still unsure of whether Bitcoin will end up above or below $11,000, the rally from the $9,000 levels has been extremely successful. As for the short-term future of Bitcoin, it is still unsure, as some analysts call for an immediate correction while others predict a price increase to $11,500 levels.

BTC traders should look for a trade opportunity when BTC bounces off of $10,855 or falls below it.

BTC/USD 4-hour Chart

Technical factors:

  • Price is currently above its 50-period EMA and its 21-period EMA
  • Price is between its top B.B. and its middle B.B (20-period SMA)
  • RSI is elevated (60.82)
  • Volume increased (descending)

Key levels to the upside          Key levels to the downside

1: $11,090                                1: $10,855

2: $11,630                                2: $10,505

                                                 3: $10,015

Ethereum

Ethereum broke off from its period of stagnation and moved towards the upside. The second-largest cryptocurrency by market cap moved to $340 before being stopped. ETH is now consolidating just above the previous consolidation phase.

Ethereum traders should look for a trade opportunity after the cryptocurrency moves back below $324 or if it makes another move towards the upside.

ETH/USD 4-hour Chart

Technical Factors:

  • Price is above the 50-period EMA and the 21-period EMA
  • Price is at the top B.B.
  • RSI is elevated (66.5)
  • Above-average volume (descending)

Key levels to the upside          Key levels to the downside

1: $340                                    1: $302

2: $362                                    2: $289

                                                 3: $278

Ripple

XRP spent its day mostly trading sideways, but also gaining in value slightly. The third-largest cryptocurrency by market cap failed (so far) to break the $0.2454 level completely, but it has approached that event considerably. If, however, XRP doesn’t break the resistance level soon, it might fall back and retest the support level of $0.235.

XRP traders can look for an opportunity when the cryptocurrency breaks its ranging moves to either side.

XRP/USD 4-hour Chart

Technical factors:

  • XRP in a mid-term descending trend (though it broke the trend in the short-term)
  • Price above 21-period and the 50-period EMA
  • Price is between the top B.B. and the middle B.B. (20-period SMA)
  • RSI is elevated (61.84)
  • Elevated volume (descending)

Key levels to the upside          Key levels to the downside

1: $0.245                                  1: $0.235  

                                                2: $0.227

                                               3: $0.214

 

Categories
Crypto Guides

Can ‘Discreet Log Contracts’ Potentially Gear Bitcoin for DeFi?

Introduction The term “DeFi” has gained significant popularity in the cryptocurrency space since the beginning of 2020. Over hundreds of projects have already been implemented on Ethereum based on the intersection of blockchain and decentralized financial systems. The appealing ones being collateralized stablecoins and derivatives products. Given that the ecosystem can be feasibly built on […]

Introduction The term “DeFi” has gained significant popularity in the cryptocurrency space since the beginning of 2020. Over hundreds of projects have already been implemented on Ethereum based on the intersection of blockchain and decentralized financial systems. The appealing ones being collateralized stablecoins and derivatives products. Given that the ecosystem can be feasibly built on […]

Introduction

The term “DeFi” has gained significant popularity in the cryptocurrency space since the beginning of 2020. Over hundreds of projects have already been implemented on Ethereum based on the intersection of blockchain and decentralized financial systems. The appealing ones being collateralized stablecoins and derivatives products.

Given that the ecosystem can be feasibly built on a smart contract using Ethereum, the concept of open finance cannot be excluded from Bitcoin. For instance, sidechains like RSK (rootstock) can upgrade their smart contract capabilities, enabling more advanced financial products to build on Bitcoin.

That said, there are some other enthralling ideas on extending the Bitcoin’s structure to more sophisticated financial applications. Out of which, one exciting proposal that is in the talks over a few years is the discreet log contracts.

Bitcoin for DeFi – A Sustainable Approach?

Developers are uncertain about bringing in DeFi applications on Bitcoin. People believe that the reason for its significant value to date is due to its simple, stripped-down reliable design.

Contrariwise, ideas such as the lightning network for Bitcoin has resulted in an entirely new design for it. With the feature of layered scaling, applications can be still be created without hindering the security model of bitcoin’s core protocol.

The success has hence opened doors for exploring applications that help leverage bitcoin without having to compromise on its existing design.

But limitations exist…

The most significant trade-off is the complexity of DeFi applications. RSK could no doubt prove to be a valuable sidechain for Bitcoin, but federated peg sidechain essentially requires trust in controlling the chain.

Additional improvements in the underlying technology can reduce trust even further. The compelling DeFi projects on the Ethereum protocol is not possible to incorporate on Bitcoin’s protocol without compromising trust.

Cutting through the interesting project ideas, let’s get our feet wet to understand and generalize the concept of Discreet Log Contracts.

What are Discreet Log Contracts?

Proposed by Thaddeus Dryja, discreet log contracts are an ecosystem for minimizing the trust in blockchain oracles – assimilating data from external sources to the blockchain. Discreet log contracts pivot using Schnorr signatures to disguise the agreed upon contract information from the oracles.

This creates a scenario where payouts on data (public) are possible between three parties. The advantages of it being better security and flexible contracts without having to compromise on the trust.

Useful Ecosystem?

When applied to DeFi, the two parties can maximize their discreet log contracts and unleash the potential of derivatives, futures, and several other financial instruments. More advanced financial products when knotted to bitcoin, institutional practices like hedging risk on assets can become viable through the Bitcoin’s network. With the reliance on oracle-sourced data for payouts, micro-insurance contracts are possible using the discreet log contracts.

Conclusion

The prevalence of DeFi systems built on the Ethereum is hindering the notion of open financial products for Bitcoin. But considering the robust security model and consensus rules, the Bitcoin network does put forth a captivating medium for decentralized finance. And discreet lot contracts are an appealing tool that can help developers develop a more advanced open finance ecosystem with Bitcoin.

Categories
Cryptocurrencies

A Look at Bitcoin Derivatives – Futures, Perpetual Swaps and Options

The key to Bitcoin’s allure as an investment is its price fluctuations. The fluctuations give investors the choice to buy when the price is bearish and sell when the price is bullish.  But after the 2017 incredible bull run, Bitcoin seems to have adopted a more predictable price action. While the coin experiences volatility, it’s […]

The key to Bitcoin’s allure as an investment is its price fluctuations. The fluctuations give investors the choice to buy when the price is bearish and sell when the price is bullish.  But after the 2017 incredible bull run, Bitcoin seems to have adopted a more predictable price action. While the coin experiences volatility, it’s […]

The key to Bitcoin’s allure as an investment is its price fluctuations. The fluctuations give investors the choice to buy when the price is bearish and sell when the price is bullish. 

But after the 2017 incredible bull run, Bitcoin seems to have adopted a more predictable price action. While the coin experiences volatility, it’s not up to the level where many investors would consider “exciting.”  

For this reason, speculators looking for, well, more exciting trades are flocking to Bitcoin derivatives. Global trading of these products already even surpassed Bitcoin. 

So what are derivatives exactly? Read on. 

What are Derivatives? 

A derivative is a tradable security whose value is derived from or relies on an underlying asset. Derivatives are not a modern phenomenon. Indeed, they go as far back as medieval times when merchants all over Europe would use them to facilitate trades and take part in periodical fairs. 

Today, derivatives have become an integral part of everyday trading. Generally, they belong to the more sophisticated and high-risk realm of trading. Examples of derivatives include swaps, futures, options, swaps, and warrants. 

With that,

Let’s explore Bitcoin derivatives

#1. Bitcoin Futures

Bitcoin futures are an agreement or contract to sell or buy Bitcoin at a predetermined price at a predetermined date in the future. Bitcoin futures give investors the opportunity to participate in the Bitcoin market without having to purchase the underlying currency. 

By trading in Bitcoin futures, investors get certain benefits as opposed to if they were trading in Bitcoin directly. First, trades take place on an exchange regulated by the Commodities Futures Trading Commission, which would give investors who are risk-averse more confidence to participate. Second, futures are settled in Fiat, which means investors do not need to sign up for or invest in a Bitcoin wallet. 

Of all Bitcoin derivatives, futures were the first to really explode into the market, and they remain the most actively traded today. Before they caught on, BTC futures were trading in lesser-known platforms. It’s only in 2014 when increased demand prompted major exchanges such as CME Group Inc and Cboe Global Markets to start offering the service. Bitcoin futures today lead other Bitcoin derivatives in terms of adoption and market activity. 

#2. Bitcoin Perpetual Futures (Swaps)

The Bitcoin market also supports derivatives known as perpetual futures or swaps, which are a lot like the standard futures discussed above, except they do not have an expiry date, a predetermined date on which they are to be settled. 

Since the contract will never expire, both the parties can hold the position indefinitely, as long as their BTC count holds enough funds to cover them. 

Perpetual futures use a mechanism called funding rate, which is a small fee that keeps the price of a contract near the underlying spot price index to cushion against major deviations. Funding rates usually correlate with market sentiment. When the market is bullish, funding rates will be positive, and when the market is bearish, funding rates will tend to be negative. 

The funding rates are exchanged between the two participants in a contract (long and short parties) – it’s not a fee collected by the exchange. 

Note: Both perpetual features and the funding rate phenomenons were invented by crypto exchange Bitmex. 

#3. Bitcoin Options

Bitcoin options are derivatives that track the Bitcoin market over time. A trader invests in an option by buying the “option” or right (but not obligation) to sell or buy the asset at a set price (known as the strike price) in the future.

Options contracts can either be of two types: call and put. Call options give you the right to purchase underlying assets before or on a specific date. Put options give you the right to sell it. 

Options contracts can also be either European or American. An American option allows you to exercise options rights at any time during the life of a contract (before and on the date of expiration), while the European option can only be executed on the day of expiration.

Owning the rights to an option means that you reserve the right to buy or sell on the expiry date. If you don’t, the contract simply lapses. However, you lose the money you paid for the contract. 

Just like futures, options are settled in cash but bear very little risk compared to futures. With futures, both parties (buyer and seller) have unlimited risk and reward (since the price of Bitcoin can go any direction before the settlement). For options, however, only buyers have an unlimited reward for a limited risk, while sellers have unlimited risk and very limited reward.