Tag: cryptocurrencies

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Crypto Daily Topic

Forget Bitcoin; This Is The Altcoin Everyone Is Rushing To Buy.

Fusion is one of those cryptocurrencies that came not just as another currency but as a platform for innovation. Although it is an open technology that can be used in various applications, this crypto is best known for powering decentralized finance (DeFi). Like Ethereum and Ripple, which are both currencies and innovation platforms, Fusion also offers FSN, its native currency.

Fusion is one of those cryptocurrencies that came not just as another currency but as a platform for innovation. Although it is an open technology that can be used in various applications, this crypto is best known for powering decentralized finance (DeFi). Like Ethereum and Ripple, which are both currencies and innovation platforms, Fusion also offers FSN, its native currency.

Fusion is one of those cryptocurrencies that came not just as another currency but as a platform for innovation. Although it is an open technology that can be used in various applications, this crypto is best known for powering decentralized finance (DeFi). Like Ethereum and Ripple, which are both currencies and innovation platforms, Fusion also offers FSN, its native currency.

Fusion is currently among the least valued crypto in market capitalization and trading volume, but this is likely to change. If innovations on the platform pick up the pace, Fusion will soon be trading in the big league of major cryptocurrencies. 

In this article, we review this underrated crypto and explain why, as an investor, you should keep an eye on Fusion.

Fusion is Driving the DeFi Revolution 

As already mentioned, Fusion’s niche is in the financial technology innovation space. The crypto seeks to achieve this through:

#1: Enriching digital assets – Businesses can use Fusion to create bonds, futures, and other financial instruments with the end goal of separating asset ownership and rights. This is the kind of innovation that traditional finance needs. 

#2: Creating digital exchanges – Fusion provides tools that businesses can use to create any kind of exchange – decentralized, centralized, private, and any other whose need might come up. Using Fusion’s digital exchange tools, low-cost transactions become an even closer reality. 

#3: Managing licenses and royalties – Fusion provides businesses with a platform they can use to issue time-bound licenses and collect royalties for intellectual property while circumventing the traditional challenges associated with these processes.

These are only a few use cases that show Fusion is a crypto with real utility. And as you might know, utility is what gives crypto the potential for growth. With this knowledge, there is no denying that this cryptocurrency has a bright future. 

While these proposed use cases only show that Fusion has the potential for exponential growth, there are more compelling reasons why you should think the crypto is set to rise. Let’s dig deeper.

Why Fusion Will Rise 

We have already seen that Fusion is a crypto with real utility. Solely based on this information, speculators can bet their dollars on the crypto’s future success. But would its financial and technological outlook pass the scrutiny of analysts? Let’s analyze this together.

#1: Fusion is still undervalued – The crypto entered the scene in February 2018 at $3.60 and rallied within three months to reach $9 with a market capitalization of over USD 270 million. The market corrected months later, and the prices went below the $1 mark, where they have stagnated ever since. 

At the time of writing, Fusion ranks at position 453 by market capitalization. Given that Fusion is a solid project, this position does not reflect the cryptocurrency’s true potential. It rose in the past; it will rise again. 

#2: Fusion’s WeDeFi project is gaining momentum – WeDeFi is a DeFi project whose goal is to promote DeFi’s mass adoption. It sounds similar to some of Ethereum’s DeFi projects, but its bull’s-eye focus on mass adoption gives it an edge. Anyway, DeFi is already on the rise, and this makes Fusion even more promising. 

#3: You can earn passively by staking – Fusion allows you to earn (at the time of writing) a 17% annual percentage yield (APY) by locking your funds on the network for at least 30 days. Unlike Bitcoin and other networks that rely on proof-of-work, Fusion uses proof-of-stake to verify transactions. According to the Staking Rewards website, Fusion ranks favorably, even higher than most of the top 30 cryptos. You don’t need expensive mining equipment or even the technical know-how – just delegating your savings to stake is enough to multiply your investment! Once investors learn this secret, Fusion’s stakes will increase. 

#4: Fusion supports smart contracts – There is an interesting feature called “Time Lock” that allows users to schedule transactions. It works like standing orders – a Fusion token holder can play around with their tokens on the network, but when the scheduled transaction is due, the tokens will be automatically transferred to their new owner. This feature will open up innovation on the network and spur its growth. 

#5: Fusion will soon support cross-chain token swap – Fusion is the house of innovation, and this time, they want to make it even easier to exchange any crypto token with any other. Dubbed ‘Anyswap,’ this one-of-a-kind innovation will allow infinite crypto pair exchanges – fully secured with DCRM interoperability. Even Ethereum’s ERC-20 is not there yet. One can only imagine how attractive this innovation will be to investors. 

#6: Fusion has stable liquidity – Currently, many exchanges support FSN/BTC, FSN/ETH, and FSN/USDT pairs, quite impressive for a crypto that is not even on the top 400 list. Is this a sign of their faith in the imminent growth of the cryptocurrency? 

We can go on and on unearthing the unique features that demonstrate that Fusion is poised for success. But, to clear all doubt, let’s take a look at the numbers – after all, numbers don’t lie. 

Fusion’s Financial Outlook

In the whole of 2020, Fusion has mostly traded below $0.50 and maintained its market cap roughly between 5 and 35 million dollars – a marginal variation by crypto market cap trends. One would say that the crypto is uneventful and perhaps lacks the volatility desired by investors. While there’s some truth in this school of thought, investors with a low-risk appetite and a long-term vision might find this relative stability desirable. In the long run, all indicators point to Fusion’s growth, and the coin’s historical stability means that investors can hope for more rallies than corrections. 

Fusion’s 24-hour volume (at the time of writing) was roughly $2 million. This is the volume at a time when the coin was exchanging at $0.26. In contrast, its 24-hour volume was only $7 million when it was exchanging at more than $9. What we’re saying here is that the crypto’s trading volumes have yet to reach their potential explosive heights. When that happens (indicators say it shall come to pass), Fusion’s value will skyrocket, and investors will reap big.

Final Thoughts

Fusion is one of the most underrated cryptos, yet, it is among the most innovative with lots of potential. With solid utility, a good track record, and numerous innovations in the pipeline, this cryptocurrency is poised for success. Currently, it is marked by relatively low trading volumes, market cap, and exchange rates. However, on the brighter side, it can be exchanged for several common currencies – both crypto and fiat, which guarantees investors liquidity. As we have seen, there are many reasons to believe that the future of Fusion is promising. 

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Cryptocurrencies

Top Crypto Cashback Apps 2020

Crypto cashbacks or crypto awards are programs that allow you to get small Bitcoin awards when you spend money in a store. When you make a purchase, you’ll instantly be rewarded with a fraction of what you spent. The rewards will be in the smallest units of Bitcoin – satoshis.

Crypto cashbacks or crypto awards are programs that allow you to get small Bitcoin awards when you spend money in a store. When you make a purchase, you’ll instantly be rewarded with a fraction of what you spent. The rewards will be in the smallest units of Bitcoin – satoshis.

Crypto cashbacks or crypto awards are programs that allow you to get small Bitcoin awards when you spend money in a store. When you make a purchase, you’ll instantly be rewarded with a fraction of what you spent. The rewards will be in the smallest units of Bitcoin – satoshis.

Now, it’s perfectly understandable for new users to be apprehensive about some of these apps, considering the rampant fraud in the crypto world. Such hesitation is completely understandable. And the good news is: there are so many legit apps out there. 

Many people may be familiar with renowned cashback services like Rakuten, Honey, Ibotta, and Drop. But with the current growth of Bitcoin and other cryptocurrencies, other cash rebate apps are fast emerging.

In this article, we will look at legitimate apps that one can use to earn crypto rebates.

#1. Lolli

Lolli stays true to the ‘spend less shop more’ mantra. With this app, you can earn free Bitcoin when you shop online from over 500 participating sites. You can shop for various products ranging from clothes, stationery, card decks, toiletries, food, etc., and earn bitcoin while at it. 

This app has attracted a large user base due to its user-friendly interface, the variety of brands supported, and easy installation process. The only problem is that the application is currently only available on the desktop.

Some of the brands that reward clients with cashback rewards include: 

  • Travel industry – booking.com, Expedia, etc.
  • Food providers – Coffee Bean and Tea Leaf, Postmates, etc.
  • Fashion and beauty – Sephora, Nike, Topshop, etc.
  • Entertainment providers – Groupon, best buy
  • Services industry – GoDaddy, Udemy, etc.

These are but some examples. Many other vendors support Lolli. 

You can earn up to a max of 10% in cashback on your purchases. You only need to download the Lolli desktop plugin on Chrome to get going.

#2. Pei

Pei is a mobile app available on Android and iOS devices, and it is free to download. It allows you to earn BTC when you use your credit/debit card to complete a transaction. Apart from BTC, you can earn USD and gift cards through the use of your affiliated card.

This app is racking up a lot of attention because of its unique feature: double-dip rewards. This means that apart from amassing cashback, you can also earn points in Pei. These points are redeemable on their website, and you can use them to check out your shopping cart.

After downloading the app, you can register, attach a chosen card, and generate awards from purchase payments. Rewards are not credited to your account immediately. Each payment from your affiliated card that is reflected in your app provides points to your available total. The app has indicated support for other currencies in the near future (apart from BTC and USD). 

#3. Foldapp

This app is unique in the sense that you can earn rewards both online and offline. Foldapp offers you a prepaid program that you can use to purchase gift cards from a specific retailer. What’s even more interesting? You can do this before making an actual purchase. These gift cards allow you to earn bitcoin rewards and cashback. With this app, you can acquire crypto coins when you’re actually shopping in retail shops. 

#4. Bitcoin Rewards

This app allows you to earn free Bitcoin whenever you shop online. The catch is, you can only earn BTC from brands that have partnered with BTC Rewards. That’s no cause for worry, though, as a huge number of brands are participating. Also, along with BTC, you can choose from BCH and BNB to complete your payment. 

The app constantly updates on social media platforms with the latest cashback offers and other gift coupons associated with Bitcoin. Currently, these include discount codes and cashbacks from Rosegal and Contiki.

#5. Coinseed

Amazon and eBay are renowned online retail shops. With this particular app, you can earn crypto cashbacks from shopping in these virtual stores. Using the app, you can also earn Bitcoin when shopping at Walmart. 

Coinseed is considered one of the best platforms for earning cashbacks, mainly because of its automated investment and trading features. These features set it apart from other apps.

#6. Captain Bitcoin

There is nothing as irksome as experiencing pop-up ads while browsing the internet. With this app, you can turn around the annoyance and actually earn from watching short ads. These advertisements are usually from established companies. 

#7. Earn.com

With this app, you can earn cashback rewards by participating in tasks that take less than five minutes to complete. The tasks can include; taking part in studies, filling questionnaires, or responding to emails.  

Once completed, Earn.com allows you to get a small amount of Bitcoin. You can easily cash out your BTC earnings and spend them freely.

Users can set up an Earn.com public profile, which will enable them to receive messages and tasks from anonymous contacts.

#8. Stormshop

This platform can be easily accessed through Android and iOS devices. It is available in more than 187 countries and is connected to more than 400 merchants.

Cashbacks and rewards are available in various cryptocurrencies like ETH, LTC, DAI, Storm, among many others. You can earn cashback rewards through shopping in participating retail stores.

#9. CoinRebates

With this app, no matter how much you spend, you will earn fixed cashback awards. This platform is quite popular because of the number of businesses that have partnered with the app since its debut. Some of the partnering companies include; Walmart, Macy’s, and Expedia. 

Depending on the company you decide to do retail trade with, cashback ranges between 1.5 and 20%. Companies like Udemy provide 24 Bits, i.e., the platform’s currency, with each dollar you spend.

CoinRebates is not limited to U.S. users – European residents can equally enjoy the platform. Anyone can earn from the app as long as they are capitalizing on the rebates, and the competing stores can provide shipping support to the user’s country of origin.

Conclusion

Crypto cashback apps offer users a variety of options for earning crypto rewards. You can earn crypto by just watching ads, completing simple tasks, shopping, and more. And the icing on the cake is that these apps are simple and straightforward to use. That said, go forth and take advantage of this easy way to earn crypto. 

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Cryptocurrencies

Bitcoin is Booming, But Which are the Best Altcoins to Own?

In the midst of the current Bitcoin bull run, it is difficult just to look any other way. After all, it is this pioneer crypto that has been hitting the headlines for weeks now. Both speculators and analysts have said the rally will continue. Also, there’s a likelihood that BTC will surpass the $20,000 mark, judging by recent performance and investor sentiment. In short, all our eyes have been glued to BTC, which has delivered a spectacular show hitherto. But, remember, investors must diversify. 

In the midst of the current Bitcoin bull run, it is difficult just to look any other way. After all, it is this pioneer crypto that has been hitting the headlines for weeks now. Both speculators and analysts have said the rally will continue. Also, there’s a likelihood that BTC will surpass the $20,000 mark, judging by recent performance and investor sentiment. In short, all our eyes have been glued to BTC, which has delivered a spectacular show hitherto. But, remember, investors must diversify. 

In the midst of the current Bitcoin bull run, it is difficult just to look any other way. After all, it is this pioneer crypto that has been hitting the headlines for weeks now. Both speculators and analysts have said the rally will continue. Also, there’s a likelihood that BTC will surpass the $20,000 mark, judging by recent performance and investor sentiment. In short, all our eyes have been glued to BTC, which has delivered a spectacular show hitherto. But, remember, investors must diversify. 

 Some spectators wonder whether it is still viable to jump in, naysayers are waiting for the crash, and risk-takers are diving deeper into the frenzy and multiplying their investments by the minute. Whichever your case, there are alternatives worth considering. 

Today, we take a look at some of the most promising altcoins, at least the ones you can bet your dollars on in the coming months. 

#1: Monero (XMR)

The rate at which Monero is rising is monumental – well, not price-wise, yet – but in terms of interest. Year-to-date 24-hour trading volume has increased by 20 times. The interest investors, regulators, and other stakeholders expressed in Monero in 2020 confirm that good tidings are in the offing. 

While Monero prices have not grown monumentally, they have still grown anyway. At some point in March, the coin was exchanging at $37. However, on pulling up its socks, it rose steadily beginning April to its current $130, a 400% gain. Let’s just say this is a modest gain given that the crypto has much more potential. 

Also worth mentioning is that Monero also recently reached $139, its 2-year high. Combining this with the fact that the crypto has become the center of attention among regulators, we are likely to see even higher volumes, which will boost speculation and eventually impact prices. 

Of course, things could go wrong and cause the crypto to crash, particularly if the Department of Internal Revenue succeeds in cracking its privacy – something they have been pursuing. Until then, XMR is one altcoin you cannot afford to lose sight of.

#2: Ripple (XRP)

Ripple has had an advantage over other altcoins since its inception, and that is because it was designed for real-time payment settlement. Essentially, Ripple is a platform that financial institutions can use to send money across borders with the following major advantages:

  • Lower costs than the traditional SWIFT system
  • Faster (real-time) settlements, compared to the traditional system that takes several business days.
  • Has all the security mechanisms of blockchain technology 

This background tells us that Ripple is a solid project, and we know solid projects have the growth potential – there’s no guarantee, but there’s hope.

Hope aside, Ripple’s native currency XRP has been performing modestly for the better part of 2020, trading between the $.013 – $0.69 range. If you compare it with Bitcoin’s performance, you’re likely to undermine Ripple’s year-to-date growth. But think again – since the 2017 crypto bubble, XRP has never reached the heights we see now. To be fair, surpassing the 2-year high is a milestone that signifies that this cryptocurrency is rising. 

You can choose to wait and see how things turn out, but it’s best to keep close tabs on XRP. 

#3: Fusion (FSN)

Fusion is one of the most underrated cryptocurrencies. Although investors are yet to see Fusion’s potential, there is an indication that this crypto will grow. 

Fusion’s potential lies in the adoption of DeFi, which is already on the rise. The crypto’s developers are working on several innovations that are set to transform DeFi. One of the most notable is the WeDeFi project that seeks to bring DeFi to the common person.

Fusion provides investors with different and exciting investment options. For instance, the crypto supports passive staking, which is only available in proof-of-stake crypto networks. With this investment option, you delegate your savings for verifying transactions. In proof of work networks, those with more tokens have higher staking power. Leaving aside the intricacies, Fusion can enable investors to earn by basically doing nothing. 

At the moment, the crypto is undervalued. It ranks at around 460 by market capitalization. This valuation will certainly change, especially as DeFi picks up pace. Meanwhile, you can invest in Fusion now while the prices are still low ($0.26) at the time of writing. When daily trading volumes increase as a result of DeFi’s mass adoption, consider this opportunity gone. 

#4: Ethereum (ETH)

Historically, Ethereum has been Bitcoin’s most fierce competitor. Best known as the king of smart contracts and decentralized apps, Ethereum has worked its way up to become the second-largest cryptocurrency by market capitalization. 

Ethereum’s tech and investment potential is its backbone. Developers have used the crypto’s facilities to build a wide range of applications, all of which add value to the network. However, it is the upcoming launch of Ethereum 2.0 that we should set our eyes on. 

On December 1 at noon, Ethereum will change from proof of work to proof of stake (no more mining). First, whenever cryptos undergo significant changes, a frenzy is created, and prices surge as investors scramble to be part of the revolution. Secondly, the staking system will encourage investors to lock their funds in the network to earn returns from verifying transactions. Since a higher stake gives one more power, investors are likely to lock more ETH to the network. The result? An inevitable shortage and a consequent price surge.

Unless something goes wrong, ETH will keep rising further in the coming months. 

#5: Litecoin (LTC)

Litecoin is among the oldest altcoins. It was created shortly after Bitcoin as a lite version of the pioneer crypto. As such, it is very similar to Bitcoin. The main difference between the two is that Litecoin is less resource-intensive, and this trickles down to users as faster and cheaper transactions. 

Like BTC and other major cryptos, Litecoin has shown stable upward growth in 2020, especially from April onwards. In November, it reached $86, its highest in the year. The crypto’s performance seems to be following Bitcoin’s performance, albeit not so closely. Even so, since the trend is upward, it is a sensible alternative at the moment.

There you go, folks! Take some time to monitor each of these from close quarters to find out which one works best for you.

Final Thoughts

While Bitcoin is currently grabbing headlines for its stellar performance, it is not the only cryptocurrency worth investing in. Monero, Ripple, Fusion, Ethereum, and Litecoin are equally savvy alternatives. These altcoins have a good track record, have solid projects behind them, and are currently performing well. Whether you’re looking for short-term or long-term investments, you now know which are the best altcoins to own.

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Crypto Videos

Ethereum 2.0 Launching Today – Upgrades Explained!

https://youtu.be/UZk6z4PfVko

https://youtu.be/UZk6z4PfVko


Ethereum 2.0 – Explained

Ever since Ethereum was released, the development of new technologies in the form of Decentralized apps on its blockchain, as well as other blockchains, has greatly expanded. Some of the biggest innovations in the Decentralized Finance sector has happened on top of Ethereum as its base.

Unfortunately, scalability issues started to emerge as Ethereum grew as a network. The number of transactions increased, but so did the cost of performing these transactions, which are paid in a currency called Gas.

If Ethereum is supposed to be the main platform to build the next generation of the Internet on top of it, the economics have to make sense, or the network becomes too impractical to use.

Ethereum 2.0 was announced as the solution to the scalability problem. These improvements will attempt to create a contrast to the existing version of Ethereum, and every part of the 2.0 version will be rolled out extremely carefully and slowly.

What Is Ethereum 2.0?

Ethereum 2.0, or “Serenity,” is the long-awaited and often discussed upgrade to the Ethereum network. This update’s main goal is to improve the network’s scalability. It will attempt to achieve various enhancements, where speed, efficiency, and scalability should all be improved without sacrificing any security and decentralization.

While this version of Ethereum was planned out a long time ago, it has taken some years to create and finally roll out. The primary reason for this is that any mistake could impact the network’s security, which would be a huge deal.

The biggest difference between the current Ethereum and Ethereum 2.0 is the consensus algorithm they use. While the current Ethereum uses the Proof of Work algorithm, the new and upgraded Ethereum will use the Proof of Stake consensus mechanism, alongside shard chains and the beacon chain. 

Proof of Stake

 

While Proof of Work has proven itself over the years as a stable and safe consensus mechanism, its main problem is scalability, since it demands an enormous amount of computing power as the blockchain grows.

As a solution to this problem, Proof of Stake replaces computing power with a different mechanism. In Ethereum’s case, as long as you have a minimum of 32 Ether, you can commit it, become a validator, and then get paid by confirming transactions.

Sharding and Beacon Chain

Anyone who wants access to the Ethereum network has to do so through a node. A node is a “client” that stores a copy of the entire network, meaning that the node has to download, compute, store, as well as process every single transaction in Ethereum’s existence. Since this can take up a lot of storage, Shard chains were introduced as a solution. They allow nodes to only contain specific parts, or shards, of one whole blockchain. 

While this does improve the scalability of the network, something has to keep everything stays in-sync. Beacon chains are providing information to shard chains and keep them working as intended.  

Ethereum 2.0 Phases

The roll-out of the Ethereum 2.0 update won’t come all at once. Instead, it will be released in three phases, with each phase bringing out a vital part of the update to the public network. 

Ethereum’s 2.0 update will be split into:

  • Phase 0
  • Phase 1 and 1.5
  • Phase 2

Phase 0

This phase will be dedicated to the release of the beacon chain as it’s central to shard chains’ functionality. However, this phase won’t have any shard chains. Instead, the beacon chain will begin accepting validators through a one-way deposit contract.

If you are thinking about staking Ethereum, it’s important to note that registered validators who stake their Ether won’t be able to “unstake” it until shard chains are fully implemented.

This Phase begins on Dec 1, 2020. 

Phase 1/1.5

The next phase is expected to be released somewhere during 2021 and will actually be a mix of two phases. Phase 1 will introduce shard chains, while Phase 1.5 is when Ethereum’s main net will officially begin transitioning away from Proof of Work and onto Proof of Stake.

Phase 2

The final phase of the 2.0 update will roll out in 2021 or later and will allow Ethereum to support fully formed shards. This is when Ethereum 2.0 will actually become the official Ethereum network. 

Final Word

Ethereum 2.0 is certainly an important upgrade to the Ethereum network and will hopefully bring much-needed scalability, among other things. Without the new features that this update brings, Ethereum could eventually become unsustainable, which would be detrimental to the innovation that its platform brings.

 

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Crypto Daily Topic Cryptocurrencies

Top 5 Trends Driving the Crypto Market Right Now

2020 was an interesting year for crypto. From the market crash in March to Bitcoin rebounding past $15k for the first time in two years, to DeFi exploding than ever before, this was not your average year for the industry. But beneath these events were unseen undercurrents that were driving everything. 

2020 was an interesting year for crypto. From the market crash in March to Bitcoin rebounding past $15k for the first time in two years, to DeFi exploding than ever before, this was not your average year for the industry. But beneath these events were unseen undercurrents that were driving everything. 

2020 was an interesting year for crypto. From the market crash in March to Bitcoin rebounding past $15k for the first time in two years, to DeFi exploding than ever before, this was not your average year for the industry. But beneath these events were unseen undercurrents that were driving everything. 

As you already know, the crypto market moves to its own beat. It all comes down to supply and demand – the causes notwithstanding. This is starkly different from traditional currency, whose value is set and controlled by central banks. Other factors are artificial actions such as the stimulus protocols being conducted across the globe right now to ameliorate the economic shock of the Covid pandemic. 

What’s the point? That the crypto market is interesting, and the events driving it one side or another are worth a closer look. A lot is happening behind the scenes: from a change in attitudes to stablecoins to new and bold crypto products. 

This article looks at the trends that are currently driving the crypto market and how. 

#1. Stablecoins

Stablecoins are a special kind of cryptocurrencies pegged to real-life assets, so they’re not subject to the wild volatility experienced by ‘normal’ cryptocurrencies. Stablecoins can be pegged to fiat, other cryptocurrencies, or exchange-traded commodities like aluminum or gold. The fact that they are attached to a fixed unit doesn’t mean that their prices never vary. Their market prices tend to fluctuate around their underlying assets. 

Stablecoins have the ability to bridge the gap between fiat and digital currencies. They provide the stability of fiat while maintaining the security of crypto. This year, stablecoins kicked off exceptionally well, recording a $90 billion transactional volume in a single financial quarter. 

As an investor, you can make money off stablecoins.  For instance, you can acquire a stablecoin for $1 and sell it on the market at a higher value of, let’s say, $1.0003. The extra amount might seem meager, but the amount of profit accrued becomes very substantial when you multiply this figure by thousands or millions. 

#2.DeFi

DeFi (decentralized finance) is, without question, one of the megatrends pushing the crypto space right now. DeFi is the idea that people can have complete financial autonomy. You know, without an interfering government or controlling bank. It’s a revolutionary idea that’s not just timely but liberating. Countless projects are now rushing to introduce new and interesting DeFi products. Things like yield farming, the latest DeFi craze, entered the crypto lexicon less than two years ago. 

The vast majority of DeFi projects are based on Ethereum. Ethereum pioneered smart contracts and decentralized applications (DApps) – which explains everything. The network’s market cap increased by 60% in Q3 2020. This growth percentage was seen by increasing market value from $25 billion to $40.5 billion by the end of September. The top 10 DeFi coins’ market capitalization by total value experienced a greater increase within the quarter. This was seen through the 345% increase (rise from $1.2 billion to $5.3 billion). The market capitalization of DeFi now accounts for roughly 12% of the blockchain’s total market value. As of now, DeFi is the driving narrative for the Ethereum ecosystem.

DeFi protocols such as Compound, Balancer, Curve, and other varied platforms are introducing new and exciting DeFi products. From staking to yield farming to borrowing, investors are rushing to DeFi to carve out financial value. 

#3. The Possibility Of A Cashless Society

One of the biggest upheavals to the world’s normal order in recent times was the Covid pandemic. In the blink of an eye, the pandemic had interrupted everything we hold dear – social life, economies, and yes – deeply held attitudes. Naturally, people began to rethink a lot of things. 

What previously seemed odd was now the norm. Working remotely? Check. Crypto payments? Check. Now, being forced to do things differently can sometimes be a good thing, which is the case with these scenarios. And it seems like these practices will remain even after Covid is long gone. It wouldn’t be an exaggeration to say that a cashless society is a possibility in the future. 

Meanwhile, the blockchain space is expanding quickly, as applications for interacting with crypto also advance. These days, you can easily buy crypto with just a credit card. This is a huge leap from the early days when you had to meet with a stranger to purchase crypto (and we all know that’s a risky proposition). Also, it’s not just the young and savvy population that’s embracing crypto. It’s institutional investors too. 

#4. Derivatives

Derivatives are another trend driving the crypto market. Bitcoin derivatives dominate the market at the moment, but Ethereum is catching up. This is a strong showing of Ethereum, and it hints at a derivatives economy buoyed by Ether and possibly other crypto’s derivatives. It also means both individuals and institutional investors are beginning to see Ethereum as a worthwhile investment and trading asset. Another thing – it shows that the crypto market is maturing. When other cryptocurrencies join Bitcoin in the derivatives club, it will be a diverse and more resilient market. 

#5. Cryptocurrency is becoming big

Crypto is probably enjoying its highest review ratings in years. Bitcoin, the pioneer of them all and the most successful one, is not viewed as a bubble anymore. And its market cap has exploded to eclipse that of superstar companies such as Coca-Cola and Intel. Also, crypto’s underlying tech – blockchain, is now being embraced by a multitude of industries. Like we’d mentioned earlier, institutional companies are getting involved in crypto more than ever before. 

Closing Thoughts

When we study the undercurrents of the crypto market more closely, it’s easier to tell which direction it’s veering to. And the current trends indicate nothing but good things for the future of crypto. Stablecoins are roaring, as is DeFi, and indications point to Bitcoin sharing the derivatives spotlight with other cryptos in the near future. In short: these are the trends driving the crypto market right now. 

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Crypto Daily Topic Cryptocurrencies

Learn How To Understand Crypto Market Data and Become a Pro

Newcomers in cryptoverse can be easily baffled by the myriad of things to learn and understand. ‘Ethereum has hit the highest 3-week close since the last bull run,’ and other such phrases are common in this industry. Then, there are charts that track the movement of different performance indicators in real-time. To add to the confusion, experts often differ on investment advice and the impact of various events in the industry. 

Newcomers in cryptoverse can be easily baffled by the myriad of things to learn and understand. ‘Ethereum has hit the highest 3-week close since the last bull run,’ and other such phrases are common in this industry. Then, there are charts that track the movement of different performance indicators in real-time. To add to the confusion, experts often differ on investment advice and the impact of various events in the industry. 

Newcomers in cryptoverse can be easily baffled by the myriad of things to learn and understand. ‘Ethereum has hit the highest 3-week close since the last bull run,’ and other such phrases are common in this industry. Then, there are charts that track the movement of different performance indicators in real-time. To add to the confusion, experts often differ on investment advice and the impact of various events in the industry. 

This article will help to simplify some of the common crypto market issues you will need to understand. It’s by no means a comprehensive guide for trading crypto, but it will give you that head-start you need to get going. 

Crypto Buzzwords

Buzzwords are a common feature of the crypto market and a common source of confusion at that. Normally, a well-written crypto article will not be without a dozen buzzwords. Some writers use crypto jargon purely for flair. But we will agree that these catchphrases have a way of hammering in opinions that would otherwise fly under the radar. 

To understand crypto market data, it is important to familiarize yourself with the industry glossary. There are a couple of basic phrases like bull and bear markets, trading sideways, support and resistance, candles, etc., that you may need to learn. You can always refer to your glossary when analyzing market data, but don’t you think the market data is already complex enough? You can make things easier by learning some market terminology beforehand on web resources such as Coinmarketcap‘s glossary page.

Market Indicators 

What is a crypto market without indicators? Due to the volume of activity on such markets, it’s impossible to track them on individual trades. Therefore, pros use indicators as quick reference guides for reading what the markets are trying to say. There could be a bunch of indicators used in crypto markets, but these are the most useful ones:

  • Price – It shows how much a crypto asset is trading against the dollar or another base currency. By itself, price doesn’t matter. What’s more important is price movement – that is, the change in price over a certain period (typically 24 hours). These changes are usually marked by opening and closing prices.
  • Market capitalization – It shows the total value of assets in a given market. Most investors believe a high market cap is a characteristic of a low-risk-low-return portfolio. 
  • Volume – It shows how active investors are buying and selling assets. High volumes are usually indicative of a ‘hot’ crypto.

Understanding Charts

Charts are an essential part of representing market data. Whether you’re looking at crypto or forex markets, these graphical data representation tools are inevitable. While newcomers may look at charts as beautiful pictures, market pros track these graphics continuously to know how different assets perform against certain indicators. 

Charts are pretty easy to understand. Basically, they show a certain aspect of a crypto is changing over time. There are several important charts that you need to be aware of:

  • Price charts – Price charts are the most common charts you will see when reviewing crypto market data. They provide you with real-time information regarding the price movement of a given crypto. Most price charts are simple X-Y graphs with day/month/year on one side and prices on the other. You can find easy-to-interpret price charts, among other sites, on Yahoo Finance or Tradingview. As a bonus, most charts are interactive – that is, they allow you to adjust the period for which you wish to view, zoom in to a specific day, and so on. It is highly unlikely that you will experience difficulty in interpreting price charts.
  • Fear and greed index – The fear and greed index seeks to represent the general level of fear or greed among investors. Investors like to give off the vibe that they’re purely analytical human beings, but the truth is they’re pretty emotional. And that’s why when fear spreads in the industry, investors pull out of the market. If we were to express fear and greed mathematically, these two emotions would be inversely proportional to each other – as fear rises, investor greed declines, and vice versa. You can find a good fear and greed index chart on CNN Money, where the index was invented. Well, this is the original index, which was customized for capital markets investors. If you want one specific to crypto markets, you could check out the chart on Btctools.com. 
  • Market cap charts – Market capitalization tells you how much worth is a given market, in total. Simply put, multiply the price of a unit of an asset by the total number of assets outstanding, and you get the market cap. You need to understand market cap charts because they give you an idea of how stable that market is. Generally, traders assume that markets with a high market cap (such as Bitcoin) are less conservative and thus less risky in the long run. 
  • Volume charts – A volume chart shows the level of trading activity in a given market. High volumes indicate positive investor sentiment. And just like economic inflation, rising market volumes suggest that things are looking up for that crypto. 
  • Combined charts – These charts put all the indicators (price, volume, market cap) on the same diagram. Each indicator is then marked by a differently-colored line and a key provided. 

Where to Get Reliable Market Data

Getting reliable market data is key to understanding crypto markets and making the right investment decisions. When looking for information, go for reputable sources such as Investopedia, Coinmarketcap, Coindesk, and others. Some data sources may be outdated or just plain incorrect. You know how non-factual data can be misleading. So, when analyzing crypto market data, choose reliable sources. 

Influencer Opinions

Listening to industry influencers is also a great way to understand crypto markets. The opinions of such people have the power of swaying investor sentiment. For instance, if Richard Branson says that he thinks Bitcoin is a ‘get-rich-quick scheme,’ some investors may back off a little. 

Now, you listen to influencers to get pointers on what to look out for. Most of the time, influencers tend to raise controversy, perhaps, just for the sake of it. So, don’t take their word for it – always research wider. 

Final Thoughts

Understanding crypto markets isn’t that hard after all. If you learn a few buzzwords, understand market indicators, know how to read different charts and where to get reliable market information, you could very well soon sound like a pro investor. This was just a basic guide to understanding crypto markets. Always read wide and keep informed. Good luck.

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Crypto Videos Forex Videos

What Caused The BTC/USD bull run collapse? How To Avoid Major Losses!

https://youtu.be/rRNulW2e57s

https://youtu.be/rRNulW2e57s

 


Bitcoin – USD bull run collapses, what happened?

Thank you for joining this forex academy educational video.

In this session, we will be looking at the end of the most recent bull run for the BITUSD pair.

This is a daily chart for the pair.  As we see here, the pair has been on a bull run and has been conforming to this upward trend line since April 2020.  The price range found support at the all-important $10K level, which coincided with the support line at position A.  The pair found a bid tone up to position B,  where price action did not revert to the support line,  preferring to fade up to the line of resistance where we see a breach above the $14 k line which coincides with the area of resistance at position B giving the pair one of the largest single-day moves to the upside for several months.

We then see an extended rally up to position C see at $19.450k before a major pullback. So, what caused this?

 

Firstly, we need to go back in time to 2017, shown here on the monthly chart, where bitcoin to the US dollar hit an all-time high hit around $19.5K, depending on the broker, shown here at position A, before crashing to $3K in the middle of 2018, at position B, and then taking 2 years to reach the $19.5K area as seen at position C.   This is a double top formation, where smart money investors, saw the potential of a reversal in price action, while many traders were hoping for a continuation to $20K and beyond.

Now we need to drill down to the 1-hour chart.  We have a classic area of support and resistance at position A,  where the resistance line is breached to form a push up to $19.5K area,  before a pullback to the support line and a second attempt to move higher, which forms a double top,  and the price does not sustain the move higher and falls back to the support line at position C,  before crashing lower with large candles suggesting extreme volatility through eventually punching through the support line at position D, which becomes an area of resistance, before the pair crashes to a low of $16.3K. 

This move came about due to a series of important factors,  including historic highs,  followed by a crash,  followed by another bull run,  but where cautious traders would be reminded of the previous crash and were prepared to selling bitcoins and bitcoin futures,  as we see on our charts,  because of the nature of bitcoin which has no store value you other than the fact that it is of limited supply, and is predominantly a speculative instrument.

Thrown into the mix was the current bull run topping out just before the US Thanksgiving holiday, where traders will have decided to unwind their trades and take their profits.

Bitcoin proves again that it is a highly dangerous asset to trade. With one story of a $100 million loss in the press today, timing is critical. The main BTCUSD lost 11% in 24 hours and dragged other crypto assets lower in the panic. However, by using simple trend and support and resistance lines and dropping up and down in chart time frames, traders can gain a clear understanding of the risks and potential for turns in price action.

 

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Crypto Daily Topic Cryptocurrencies

Read This Before Investing in a DeFi Project

Decentralized Finance (DeFi) is a system of financial applications that are powered by smart contracts. Defi has exploded in popularity because of its unprecedented features on cryptographic security, fraud-free transactions, and autonomy. Whether it’s investing, loans, insurance, banking, lending, and staking, pretty much every financial offering exists in DeFi. 

Decentralized Finance (DeFi) is a system of financial applications that are powered by smart contracts. Defi has exploded in popularity because of its unprecedented features on cryptographic security, fraud-free transactions, and autonomy. Whether it’s investing, loans, insurance, banking, lending, and staking, pretty much every financial offering exists in DeFi. 

Decentralized Finance (DeFi) is a system of financial applications that are powered by smart contracts. Defi has exploded in popularity because of its unprecedented features on cryptographic security, fraud-free transactions, and autonomy. Whether it’s investing, loans, insurance, banking, lending, and staking, pretty much every financial offering exists in DeFi. 

The space’s dramatic growth has led many investors rushing in to get a slice of the DeFi pie. But just like with crypto investing, you can gain some handsome profits, but you can also incur devastating losses, especially if you’re not careful. 

This article will guide you in what you need to do before dipping your feet in the DeFi investment waters. But before that, let’s look at what investing in DeFi entails. 

DeFi Investing: The Basics 

There isn’t much difference in the investment opportunities offered in the traditional financial setup and Defi. Decentralized lending, for instance, follows the same principle as lending in centralized finance systems, except this time, smart contracts are involved, and the returns are invariably better. Smart contracts are used to hold collateral from borrowers and also automatically deliver accrued interest to lenders. There’s also ‘staking.’ Staking in DeFi is when you lock up your crypto and get the right to participate in a network and, in some cases, earn rewards for depositing your crypto. 

We also have ‘yield farming’ in DeFi. Introduced by Synthetix and popularized by Compound, yield farming involves locking up your crypto assets in a project’s protocol and earning rewards. 

Defi investors use their insight to spot lucrative opportunities, just like traditional finance investors capitalize their knowledge on assets such as real estate.

With that, let’s get straight to:

What you need to do before investing in DeFi. 

#1. Carry out extensive research

Before you invest your hard-earned money in a Defi project, it helps to do your research. To verify whether a project is legit, head to Google, and type the project’s name followed by the word “scam.” If this project is a scam, someone else might have already flagged it.

You might have typed the name of the project alongside the term “scam,” and nothing has popped up. This does not mean that the project is completely legitimate. You can use Defi tokens and protocols, which anyone can view since the project is open-source. If you can, evaluate the project’s codes to see if the project is genuine. This method particularly helps if you have programming skills or know your way around smart contracts. 

#2 Observe the number of users and what they are saying

The more the users on a blockchain project, the more the value. With blockchain projects (mostly those on Ethereum where several Defi projects are built), there is real-time reporting. This can be done through Etherscan.io, which is for raw data, or Dune Analytics, which focuses on user-friendly reports. With these tools, you can look at the total users in a given Defi project coupled with the increasing number of users. The goal is to see real people using these protocols. Keep in mind that some of the data you see can also be corrupted as an elaborate ploy to lure in unsuspecting users. These accounts should belong to quality users, and their growth should be quadratic. If you observe such users utilizing the protocol, then it’s genuine.

Also, be keen on what trusted security professionals are saying and writing about these projects. Defi projects typically subject their smart contracts to manual security audits with an air-tight reputation. Some of them include Certik, Quantstamp, and OpenZeppelin.

You can also check what people on Twitter, Reddit, and DeFi-related sites and forums say about the project. You can also check whether the project is recognized by Defi Prime, Defi Pulse, and Defi Market Cap. 

#3. Verification by Etherscan

Once a project has verified their smart contracts on Etherscan, a unique code will be availed. When viewing the contract, the code you see is the same code you ought to get when using it. Of course, this does not mean that your project is invulnerable to hacks or it’s not a scam. Still, having a code that can be publicly assessed without the fear of the code being changed is vital.

ETHProtect is a service provided by Etherscan that enables people to report suspicious activities on the Ethereum blockchain. A “Red Shield,” issued by Etherscan’s security analysts and the Taint Inference Analysis Engine, is something to watch out for when looking at Defi projects. These usually mean that people have launched a complaint against a certain project. When you see a Red Shield attached to a project, know that it’s been identified as a scam. 

#4. Watch out for fake projects

Many fraudsters are ahead in the game – they create fake projects with legit-sounding names. But when you look more closely, you’ll find that the project’s links are either dead or lead to nowhere. Or it may have a website, but it looks all spammy, like requiring people to sign up for freebies – and other suspicious activities. 

You can also know if a project is legit by checking what exchanges its tokens are listed on. It’s almost impossible to find a scam project listed on reputable exchanges like Coinbase, Binance, Huobi, etc. Instead, fake projects are listed on decentralized exchanges or little-known centralized exchanges. 

Closing Thoughts 

Investing in DeFi can be lucrative, but watch out for the loopholes. The crypto space is full of scammers looking to make a quick buck at the expense of unsuspecting users. Luckily, there are ways to identify a fake DeFi project way before you can be duped to invest in one. Also, you can always analyze a project’s code for the tech-savvy investors and determine if it’s legit. Also, don’t forget the first rule of crypto investing: don’t put in more money than you can afford to lose!

Categories
Cryptocurrencies

Forex or Crypto, Which Way 2021?

It is not strange for beginner investors to conflate forex and crypto trading. Although they are similar in some ways, these two industries have significant differences. 

It is not strange for beginner investors to conflate forex and crypto trading. Although they are similar in some ways, these two industries have significant differences. 

It is not strange for beginner investors to conflate forex and crypto trading. Although they are similar in some ways, these two industries have significant differences. 

As the new year approaches, new and seasoned investors alike need information on how the different markets are likely to turn out as we expect each market to behave uniquely. Some cryptocurrencies tend to boom in the last quarter of the year, as we’re currently seeing with Bitcoin. On the other hand, currency exchange pairs tend to be more affected by geopolitical and economic happenings. 

While this article does not intend to claim that one is better than the other, we will highlight the key similarities, differences, benefits, and risks of both forex and crypto, with a focus on recent market trends. Hopefully, you will determine which investment will be suitable for you in the coming year.

What is the Forex Market?

The forex market is a decentralized market where foreign currencies are exchanged. Being decentralized means, there is no single global authority that controls the trade. However, the central banks in each country have a major influence on what prices their local currency fetches against foreign currency. This is how they balance imports and exports to keep their economies happy.

Anyone can participate in forex trade because it simply involves buying and selling currency, which most banks accept. Forex trading is usually done through FX brokers. Many online forex brokers such as IQ Broker offer convenient forex trading. With extensive research, some practice, a little courage, and luck, you can reap big trading forex. 

What about Crypto Trading?

Crypto trading involves buying and selling cryptocurrencies – much like with forex. This activity happens on crypto exchanges like Etoro, Coinbase, and Binance. Like forex trading, crypto trading is usually done through brokers or exchanges, giving it as much flexibility. Also, anyone can be part of over the $250 B that changes hands daily (as of November 2020) on different crypto exchanges. 

Forex and Crypto: Similarities

There’s so much similarity between forex and crypto trading that you’d be forgiven for conflating the two. Let’s look at some of the top similarities.

  • You need to be knowledgeable enough to engage in either. Otherwise, you’d be setting yourself up for losses.
  • Market forces, including investor sentiment and supply/demand, determine how both forex and crypto prices shift. 
  • One can close a trade in a relatively short time in either of the two.
  • Both involve buying and selling instruments, including currencies, crypto coins, tokens, futures, and other complex financial assets.
  • On the same note, both of these markets have different players. These include institutions and individual players, each looking to make some profits out of the market.

Technology, more so information technology, plays a crucial role in expanding these two markets. Although the forex market came in before the computers and the internet, forex is what it is today thanks to information technology. On the other hand, we could not be talking about Cryptocurrencies without the internet and computers.

Differences between Forex and Crypto Trading

Several differences distinguish forex markets from crypto markets. 

  • Forex markets usually operate during business days, typically Monday-Friday. On the other hand, the crypto market is on 24/7, 365 days a year. This gives crypto some edge when it comes to trading flexibility. 
  • Forex markets are inherently more stable, thanks to the involvement of central banks. Crypto markets, on the flip side, are notoriously volatile. Whether this is an advantage really depends on an investor’s point of view. 
  • Crypto markets tend to be riskier than forex markets, mainly due to their higher volatility. 
  • Forex trading is more regulated and protected, which means it can pose less trading risk. However, less risk means fewer returns.
  • With forex, you do not need a wallet or the technicalities that crypto trading comes with. All you need is an account to deposit funds and you are ready to go.

Which One Is Better?

Now, investors themself can best answer this question. Generally,  each market has unique characteristics that will appeal to some investors and not others. Still, the following factors can help you in determining which one would work better for you:

If you are more risk-averse, forex trading may be your go-to option. As we said earlier, crypto markets can be very turbulent. For instance, Bitcoin has been moving by even up to $2,000 USD a week, especially since October. No central bank would sit and watch such sudden price movements on their forex markets. So, if you thrill in dramatic movements in return for higher rewards, crypto sounds better.

The crypto market (led by Bitcoin) is currently on the bull run. The time is ripe for reaping huge from crypto. We’re not saying that crypto is now a get-rich-quick market. But all indications are that it is presently the most lucrative. On the flip side, many investors will lose big if the market goes on a free fall (an inevitability). Thus, short-term investors may find crypto more suitable in the coming months. 

If you’re looking to grow your investment over a long time, say beyond 2021, crypto trading may give you a better platform. While forex pairs usually oscillate between stiff margins, cryptocurrencies can rise exponentially over time. This growth depends on how well the crypto’s backing project is implemented. However, you can multiply your investment by investing in crypto with the potential to grow – something that’s not possible with forex.

Now that you have more clarity on the way ahead, what would be the next steps? If you prefer to venture into forex trading, you need to find the best brokers. Check out our reviews for some of the top brokers you can choose from. On the other hand, if you prefer the ‘wild west’ crypto market, you can choose to trade with brokers that support crypto or opt for crypto exchanges. 

Final Thoughts

Both forex and crypto trading offer investors opportunities for growing their investments. However, each market has its own characteristics. From a returns viewpoint, the main difference between the two is that forex offers moderate profits while crypto trading can have much higher returns. The bottom line is, forex trading favors investors who prefer less risk, while crypto is for more adventurous investors. Whichever investment you pick in 2021, ensure that the market’s risk and return profile are to your preference. 

Categories
Crypto Daily Topic

Top Liquidity Pools for Earning on the Go 2020

Liquidity is a crucial aspect of any trade, much less the DeFi trade, which is notoriously volatile. Liquidity is how fast an asset can be converted into cash in the market. In DeFi, liquidity refers to the availability of liquid assets in the market.

Liquidity is a crucial aspect of any trade, much less the DeFi trade, which is notoriously volatile. Liquidity is how fast an asset can be converted into cash in the market. In DeFi, liquidity refers to the availability of liquid assets in the market.

Liquidity is a crucial aspect of any trade, much less the DeFi trade, which is notoriously volatile. Liquidity is how fast an asset can be converted into cash in the market. In DeFi, liquidity refers to the availability of liquid assets in the market.

DeFi is now booming more than ever before. New projects are being launched nearly every week – with each one bringing closer to the decentralized finance dream for millions across the world. Suffice to say, DeFi is inevitable. As such, it’s important to know the most important concepts of the idea, as well as projects that are helping advance those ideas.

This article talks about liquidity pools and some of the best of them in DeFi in 2020.

What are Liquidity Pools?

In DeFi, liquidity pools are tokens that are locked up in a smart contract. They facilitate efficient trade by providing liquidity and are exploited largely by decentralized exchanges (DEXes) to allow for seamless trade and prevent massive price swings.

Projects like Bancor were the first in the door but were quickly followed up by versions with trendier options such as Uniswap, Balancer, Curve, and so on. Balancer even showed the DeFi world that a liquidity pool could have more than just two assets in a single liquidity pool at any given time.

Liquidity pools eliminate the possibility of manipulation that can occur in centralized order books. They also lower gas fees, leveling the playing field for all participants. Also, liquidity pools allow liquidity providers to earn rewards. As such, liquidity pools are an excellent way to earn passive income.

With that, let’s get to:

Best liquidity pools in 2020

#1. Uniswap

Uniswap is one of the earliest liquidity pools and one of the best in terms of offerings. It’s an Ethereum-based token exchange platform that supports 50% Ethereum contracts and 50% ERC20 contracts. On Uniswap, exchange ETH for any ERC20 token in a peer-to-peer and decentralized fashion. The platform is open-sourced, meaning you can create an exchange pair in a pool of your choice for a token of your choice.

You can deposit crypto and receive a Uniswap token in return. For instance, when you deposit USDT, you’ll receive an equivalent amount in UNI (Uniswap’s native token). A liquidity pool on Uniswap could be yDAI+yUSDT+yTUSD+yGUSD, LGO-WETH, etc.

#2. Curve Finance

Curve finance is a decentralized liquidity pool running on top of Ethereum. Curve also supports stablecoin trading with low slippage. The platform started out without a native cryptocurrency but has just launched one – CRV.

Curve currently supports several pools, including yDAI, yUSDC, and yUSDT. It also supports stablecoin and asset swapping with Compound, PAX, etc.

#3. Balancer

Balancer is a price tracker, liquidity provider, crypto exchange, and decentralized asset manager based on Ethereum. It allows traders to exchange various currencies with minimal slippage. As well, anyone can add liquidity to a customizable pool and earn returns.

Balancer supports up to 8 crypto assets, including USDC, DAI, and ETH. In a Balancer liquidity pool, you can have up to 8 tokens at any time. For example, a pool can have several tokens with their respective percentages adding up to 100%.

#4. Bancor

Bancor is an Ethereum-powered protocol exchange that lets you trade between different cryptocurrencies. Bancor supports pooled liquidity, too, and utilizes an algorithmic market-making mechanism to ensure liquidity and keep an accurate report of crypto prices.

Bancor’s liquidity pool is known as the Bancor relay. The Bancor token is a stablecoin that helps mitigate liquidity volatility. Bancor supports liquidity pooling for the BNT token, ETH, ERC20 tokens, and its stablecoin USDB. Using the BNT token, users can swap tokens between other blockchains.

Currently, the Bancor network supports EOS and Ethereum blockchains but can theoretically be adopted by any open-source application that enables value exchange.

#5. Kyber Network

Kyber is another Ethereum-based liquidity and exchange protocol that allows decentralized applications to provide liquidity for users. The network features an ecosystem of vendors, wallets, and users who can just swipe and instantly send/receive tokens in a single transaction.

Kyber features a native utility token, KNC, which rewards liquidity providers and facilitates the network’s governance. As such, token holders can stake the token to take part in governance and earn crypto.

#6. Convexity Protocol

Convexity is a protocol built atop Ethereum’s blockchain that allows users to deposit liquidity and earn returns. It also provides users with an interactive interface to trade in fungible ERC20 tokenized options known as otokens. Users can create collateralized options contracts and sell them in the form of tokens, therefore earning a premium on their collateral.

#7. ICTE Protocol

ICTE protocol is a liquidity pool and a cross-blockchain inter-exchange protocol. ICTE connects both local and web-based exchanges, intending to solve scalability, security, and custodial issues while offering liquidity solutions to stockholders.

#8. KeeperDAO

KeeperDAO is a DeFi protocol based on Ethereum. It’s an on-chain DeFi underwriter that also acts as a proxy volatility fund. KeeperDAO also provides backstop liquidity to support on-chain lending and synthetic asset protocols. KeeperDAO interacts with other DeFi platforms such as Compound to ensure liquidity providers are rewarded with interest at all times.

Closing Thoughts

Liquidity pools provide much-needed movement in decentralized exchanges, aiding the seamless trading of currencies. They are also one of the many DeFi ways individuals can earn through DeFi. These liquidity pools, and others not on the list, are one step closer to financial autonomy for DeFi fans everywhere.

Categories
Cryptocurrencies

What’s Vite (VITE) All About?

Ethereum introduced smart contracts, and 5 years on, it’s still the premier destination for many developers. This is because the network still wields a lot of clout as the pioneer of the technology. However, the Ethereum network is far from perfect, and it faces some challenges like lack of scalability and higher fees that make things hard for developers. 

Ethereum introduced smart contracts, and 5 years on, it’s still the premier destination for many developers. This is because the network still wields a lot of clout as the pioneer of the technology. However, the Ethereum network is far from perfect, and it faces some challenges like lack of scalability and higher fees that make things hard for developers. 

Ethereum introduced smart contracts, and 5 years on, it’s still the premier destination for many developers. This is because the network still wields a lot of clout as the pioneer of the technology. However, the Ethereum network is far from perfect, and it faces some challenges like lack of scalability and higher fees that make things hard for developers. 

Countless crypto projects that aim to provide the same services as Ethereum have surfaced. Many, if not all, claim to fix Ethereum’s mistakes. One of the latest is called Vite, a project that utilizes a Directed Acyclic Graph (DAG) to confront the problems faced by traditional blockchains. 

This article will look at the Vite platform and what it’s really all about. We’ll also discuss where you can purchase the VITE token. 

Breaking Down Vite

Vite is a Directed Acyclic Graph smart contracts’ platform complete with a Snapshot Chain structure to facilitate free transactions and optimize speed, reliability, and security. The Snapchain uses a Delegated Proof of Stake (HDPoS) for network consensus, with supernodes getting rewarded with staking rewards but no transaction fees. 

Vite’s virtual machine is compatible with EVM and uses the Solidity ++ programming language. The network’s native token, VITE, facilitates simple token transactions and smart-contract executions. Instead of gas, users stake in the token to get ‘transaction quota,’ allowing them to carry out transactions. Stakers with unused quotas can lease it to decentralized apps and get tokens in return. The token is also used to vote for block producers. 

Products by Vite 

Vite has rolled out several products, with the most significant ones being a decentralized exchange (ViteX), a payments platform (VitePay), and a platform for blockchain applications (VitePlus). Let’s look at each more closely: 

ViteX: a decentralized exchange (DEX) with an on-chain order book and matching tool. ViteX currently supports over 20 crypto assets, including the most popular ones like Bitcoin and Ethereum.

VitePay: a fast and zero-fee payment solution. Users will pay for products and services via the Vite wallet, while merchants receive payment nearly instantly and with zero fees. VitePay is integrated with the e-commerce platform OpenCart, and you can use it at the official Vite store.

VitePlus: an enterprise blockchain solution for institutional entities. For instance, Vite has created an app known as SyraCoin that rewards city housing fund donors with blockchain-based coupons redeemable for various products/services.

Vite’s Decentralized Exchange (DEX) 

Vite’s decentralized exchange (Vite DEX) is a digital assets trading platform that features the following characteristics: 

#1. True decentralization and high security

Vite’s decentralized exchange realizes transaction matching through blockchain-based smart contracts. Users are in charge of their private keys and hence funds. 

#2. High performance, better trading experience

Vite powers an environment for high transaction throughput with near-instantaneous confirmations and zero transaction fees.

#3. Dividend earnings

ViteX provides many ways to acquire coins, including trading, staking, and listing.

#4. Transparency

Everything is done transparently, from the creation of a token gateway to order book info to token forging.

Community Strategies of Vite

The Vite team will implement several growth strategies, including the following: 

  • Adding more exchange operators to the platform who will autonomously list coins and contribute to the growth of the Vite community
  • Integrate more chains into the Vite wallet
  • Attract non-crypto users after deploying VitePlus
  • Maintain an active online and offline engagement with the community
  • Conduct monthly AMAs for both the technical and non-technical audience

Future strategies include: 

  • Get into commercial partnerships with more crypto-fiat payment processors
  • Deploy a one-step DEX technology that will allow people to create their own decentralized exchanges
  • Attracts more customers by launching more DeFi applications on Vite Wallet. This will provide users with more opportunities to borrow and lend crypto both within and outside the Vite network
  • Launch an Ecosystem Incentive Program that will support developer projects
  • Update the developer toolkit and host both physical and virtual developer conferences
  • Begin a blockchain debate podcast to spread the word on Vite and blockchain in general

Token Supply Distribution

The Vite token was distributed in the following manner: 

  • Private sale tokens: 40.43%
  • Marketing tokens: 10%
  • Ecosystem development tokens: 23.5 7%
  • Team tokens: 20%
  • Airdrop tokens: 5%
  • Advisor tokens: 1%

Vite Token Tokenomics

As of October 22, the VITE token traded at $0.018118, with a market cap of $8,554,358 that placed it at #567 in the market. Its 24-hour volume is $479,370, while its circulating and total supply is 472,148,102 and 1,004,719,212. VITE’s all-time high was $0.0114875 (July 18, 2018), while its all-time low is $0.005328 (March 13, 2020). 

Where to Buy and Store VITE

You can purchase VITE token from any of several reputable exchanges, including Binance, OKEx, HotBit, Bittrex, Bilaxy, and of course, ViteX. The token is listed as a market pair of USDT, BTC, ETH,

Vite provides their official wallet – a decentralized, multi-token wallet available for iOS, Android, Web, Mac, and Windows. 

Categories
Cryptocurrencies

Introducing ARPA: Privacy and Security for the Blockchain

One of the biggest selling points of blockchain is privacy, which is enabled by ultra-modern cryptography. That quality is only enhanced by the tech’s decentralized nature, which means there’s no single authority calling the shots. These and more features of blockchain make it ideal as a solution for countless modern-day issues. 

One of the biggest selling points of blockchain is privacy, which is enabled by ultra-modern cryptography. That quality is only enhanced by the tech’s decentralized nature, which means there’s no single authority calling the shots. These and more features of blockchain make it ideal as a solution for countless modern-day issues. 

One of the biggest selling points of blockchain is privacy, which is enabled by ultra-modern cryptography. That quality is only enhanced by the tech’s decentralized nature, which means there’s no single authority calling the shots. These and more features of blockchain make it ideal as a solution for countless modern-day issues. 

ARPA is a project utilizing blockchain to secure privacy-oriented computation and data sharing. It also supports high-level security, flexibility, and cross-chain interoperability.

This article looks more closely at the ARPA Chain network. 

Breaking Down ARPA Chain 

ARPA is a layer 2 solution for achieving unprecedented blockchain security. Powered by Multi-Party Computation (MPC), ARPA aims to promote data privacy while enabling its renting. The MPC protocol allows multiple participants to collaboratively analyze data while maintaining each party’s data’s privacy and security.

Entities can secretly share private data, with the accuracy of computation verified through an information-theoretic Message Authentication Code. Use cases of the native token, ARPA, include but are not limited to computation costs, security deposits, data usage fees, network governance, etc. The ARPA token is currently based on Ethereum. 

On the ARPA network, developers can build privacy-preserving decentralized apps compatible with the protocol. Use cases of ARPA a wide-ranging, but they include credit anti-fraud, data wallet security, precision marketing, key management systems, etc. 

ARPA: Features 

Privacy and security: MPC allows participants to collaboratively compute functions while ensuring the utmost privacy

Flexibility and compatibility: The ARPA network is flexible and interoperable with existing blockchains like Ethereum and EOS. 

Scalability and Efficiency: ARPA is capable of implementing fast transactions for mass adoption. It can also support off-chain, industrial-level computation, and storage.

ARPA Listed on ForTube

In September this year, ARPA was listed on ForTube, a crypto lending and yield farming platform. ARPA token holders can now stake ARPA at the platform to get a share of 500,000 FOR tokens awarded to users every day. They can also deposit ARPA and get up to double rewards. 

The ARPA token can also be used in the platform as collateral to borrow a wide range of crypto assets, including ETH, USDT, HBTC, WBTC, USDC, BUSD FAI, FOR, BNB, etc. You can also transfer borrowed assets to any address of your choice – for yield farming and other purposes. 

The current Annual Percentage Yield of lending ARPA on ForTube is 1.99%, while the loan-deposit ratio is 40%. ARPA’s listing in ForTube is good tidings for the project. It is beneficial in the long term to increase token value, ecological development, and promote community consensus. 

Community Growth Strategies of ARPA

The ARPA team is currently implementing various growth strategies. These include: 

  • Social media and community programs to spur interaction and growth
  • A global supernode program to promote ARPA on the global stage
  • Host or co-host blockchain and crypto-related events
  • Organize monthly physical meetups, starting with the China, Korea, and Southeast Asia region
  • Release multi-language technical and community updates every two weeks

Future Strategies include: 

  • Hosting blockchain in cryptography related meetups, hackathons, and conferences
  • Collaborating with tech-focused to advance privacy-preserving computation
  • Recruiting top media coverage and collaborating with research institutions, policy gurus, and thought leaders

Who’s Behind ARPA? 

ARPA is the brainchild of a global research team where every member has graduated from leading universities such as UC Berkeley, UMich, and NYU. Several team members have previously worked at Google, Uber Amazon, CircleUp, MIT Lab, and Fosun. 

The team has partnered with professors in academia, including universities such as NYU, Zhejiang University, and Hong Kong Polytechnic. The team has advisors in the blockchain space, such as former Blockstream Product Director, TechCrunch founder, and various high-level crypto investors. 

ARPA: Tokenomics

As of October 31, 2020, the ARPA token traded at $0.014210, with a market cap of $12,271,817 that placed it at #444 in the market. The token’s 24-hour volume was $5,445,575, while it’s circulating and total supply were 863,580,274 and 1.49 billion, respectively. The token’s all-time high was $0.062323 (July 15, 2019), while its all-time low was $0.003472 (March 13, 2020). 

Where to Buy and Store ARPA 

You’ll find ARPA listed as a market pair of USDT, BTC, BTC, ETH, USD and KRW in any of several exchanges, including Binance, BitHumb, Huobi Global, Coinbene, HitBTC, Gate.io, LBank, LongBit, KuCoin, Bilaxy BKEX, Balancer, CDAX, Hanbitco, CITEX, Hydax Exchange, Bibox and more. 

ARPA is Ethereum-based, so that means it can be stored on any Ethereum-compatible wallet. Good choices include MyEtherWallet, Parity, Guarda, Atomic Wallet, Trust Wallet, MetaMask, Ledger Nano, and Trezor. 

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Crypto Videos

PayPal is the Reason for the Bitcoin shortage!

https://youtu.be/5UviEI0BY4Q

https://youtu.be/5UviEI0BY4Q


PayPal is the Reason for the Bitcoin shortage

PayPal’s entry into the cryptocurrency sector could be having a dramatic impact on Bitcoin’s price. In a newly published report posted by crypto investment firm Pantera Capital, the company says that a Bitcoin shortage is the main reason for the current price surge, and that the majority of the newly minted Bitcoin is being scooped up by PayPal. PayPal’s newly announced crypto service is, as Pantera states, “already having a huge impact,” adding that the payment merchant is buying up roughly 70% of all the newly mined Bitcoin.

Citing itBit’s data, Pantera claims that “When PayPal went live, Bitcoin’s volume started exploding. The increase in volume on itBit implies that within just four weeks of going live, PayPal is already buying up almost 70% of the new supply of Bitcoin.” According to Pantera, the data they analyzed suggest that PayPal and Cash App combined are buying up almost all of the newly-issued Bitcoin.


Bitcoin’s monetary policy is programmed in such a way that it is deflationary over time. With the recent widescale adoption, that would lead to higher purchasing power as well as supply scarcity. Pantera claims that it is exactly the supply scarcity that is contributing to Bitcoin’s parabolic surge.


PayPal has launched its crypto trading services in the US earlier this month, allowing its customers to trade up to $20,000 per week. The platform will expand its services out globally in early 2021. The online payment merchant currently has 300 million active users, which makes it dipping its toes into the crypto sector is a major stepping stone for adoption.

Pantera added that it’s a lot easier to purchase Bitcoin now than during the previous bull market in 2017. In addition to PayPal, the retail sector can now step into Bitcoin and other cryptocurrencies by using Cash App and Robinhood.


Wider adoption certainly means that the father of digital currencies is more likely to see higher price levels. Although Bitcoin remains extremely volatile, it showed the market that it could endure an unusually long period of stability by consolidating for over two months before breaking the sideways trading period and pushing towards the upside.

 

Categories
Crypto Videos

Retire by Holding Bitcoin – Crypto Retirement Plans Now Available in the US! 401k

https://youtu.be/ow1SXTmhVDY

https://youtu.be/ow1SXTmhVDY


Retire by Holding Bitcoin – Crypto Retirement Plans Now Available in the US

A US-based asset manager called Digital Asset Investment Management has launched the country’s first-ever employer-sponsored 401K retirement plans that support Bitcoin. According to a November 19 announcement, DAiM will now serve as the advisor and fiduciary in helping companies “create their employees’ 401K plan that offers several recommended model portfolios that vary in risk to traditional assets as well as the allocation of up to 10% to Bitcoin.”
The Bitcoin will be held in cold storage by Gemini Trust, which will allow DAiM to transfer Bitcoin to former employees that have left participating companies and are not under DAiM’s jurisdiction anymore. DAiM’s crypto-friendly plans are fully compliant with the Employee Retirement Income Security Act of 1974, and will start being offered by employers starting 2021.

While US citizens have been able to include cryptocurrencies in their individual retirement accounts, called 401K rollovers, and brokerage accounts since the IRS began taxing Bitcoin in 2018, DAiM COO Adam Pokornicky stated that “It’s been impossible to offer Bitcoin inside actual company-based plans up until now.”

“The difference is, while you could take an old 401K plan and convert it to an IRA after leaving a job or employer to invest in Bitcoin, it’s actually never been possible to invest in Bitcoin while still working at a company without taking any sort of penalty or quitting your job.”

 

Pokornicky stated that the traditional wealth management industries have been “slow to adapt and warm up to Bitcoin,” noting that there are “barely any investment advisors that offer licensed and regulated access to Bitcoin directly in retirement and brokerage accounts.” He attributes the sector’s refraining from having a “serious regulatory red tape” surrounding crypto compliance, stressing that it took “close to a full year of building” before DAiM was approved to offer the aforementioned employer-sponsored services:

“As an advisor, you can’t just go and start managing and advising for Bitcoin and crypto because you want to. There’s an enormous amount of both work and compliance that needs to be done prior to doing that, and in order to develop operational frameworks, strategic partnerships and infrastructure that need to be put together to be compliant in every state you operate.”

Pokornicky also noted the “booming” demand for retirement investments in Bitcoin, stating that he’s seen most demand from individuals aging between 28–45.

 

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Crypto Daily Topic

Best DeFi Podcasts for 2020

Podcasts have exploded in recent years. As a medium, they provide a platform to discuss ideas in a relaxed and open setting. And frankly, most people would rather listen or watch interesting audio or video than read a lengthy 10k word article. Another emerging topic of interest is DeFi, short for decentralized finance. Podcasting and DeFi meet at an interesting intersection in modern times, and that’s why DeFi experts are using them to connect with a curious base. 

Podcasts have exploded in recent years. As a medium, they provide a platform to discuss ideas in a relaxed and open setting. And frankly, most people would rather listen or watch interesting audio or video than read a lengthy 10k word article. Another emerging topic of interest is DeFi, short for decentralized finance. Podcasting and DeFi meet at an interesting intersection in modern times, and that’s why DeFi experts are using them to connect with a curious base. 

Podcasts have exploded in recent years. As a medium, they provide a platform to discuss ideas in a relaxed and open setting. And frankly, most people would rather listen or watch interesting audio or video than read a lengthy 10k word article. Another emerging topic of interest is DeFi, short for decentralized finance. Podcasting and DeFi meet at an interesting intersection in modern times, and that’s why DeFi experts are using them to connect with a curious base. 

This article brings you the best DeFi podcasts for 2020, so you can never miss what’s trending. Whether you want bite-sized chunks to introduce you to the world of DeFi or the technical stuff, this article highlights the top podcasts for just that. 

#1. Into the Ether 

This is an official podcast of ETHHub, and it focuses on the Ethereum ecosystem with the show run by Gnosis Product Manager Eric Conner and Set Protocol Product Marketer Anthony Sassano. 

The podcast is produced weekly, alongside a newsletter and a repository of documentation to increase awareness on Ethereum and Ethereum protocols.

So far, the podcast has compiled more than 100 episodes on all matters Ethereum, including Ethereum-based applications, protocol upgrades, news, and current issues affecting the Ethereum community. 

#2. Unchained and Unconfirmed

Unchained and Unconfirmed is a DeFi podcast hosted by crypto and blockchain journalist and former Forbes editor Laura Shin. Podcast offers weekly insights into current trends in crypto and DeFi as well as personalities in the space that are making headlines. 

Shin has hosted Unchained since 2016. The show features hour-long interviews with prominent personalities in blockchain and DeFi. Unconfirmed constitutes 20 minutes conversations with industry experts on newsworthy events and begun in 2018. 

#3. The Global Crypto Podcast

This podcast is hosted by James Preston, Marc Forrest, and Shaun Ritson. The team aims to be the leading source of credible DeFi news and information in South Africa, and they hope to do so with a “South African” flavor. 

The show features conversations and interviews with notable figures in the industry with the goal of informing people of the power and potential of decentralized finance and technology. New episodes are released weekly on Mondays, 6 pm (UTC).

#4. The Ethereal Podcast

The Ethereal podcast is part of the Ethereal Summit, an initiative by several DeFi technologists, entrepreneurs, and investors engaging with Ethereum and its latest developments. The Ethereal team wants to inspire a “decentralized future.” 

Hosted by @DeFi_Dad, the Ethereal podcast features interviews with various DeFi builders, as well as leaders of DeFi outfits such as MakerDAO, Nexus Mutual, SKALE, and so on. The goal is to get these figures to give first-hand insights into the challenges involved in building DeFi solutions and decentralized techs. 

#5. Abel’s Abstracts 

Hosted by ETHGlobal organizer Abel Tedros, Abel’s Abstracts focuses on conversations with various builders of Web 3.0 and DeFi solutions and updates on DeFi-specific issues and global topics like covid-19 and how they are affecting financial markets.

#6. Chain Reaction

This is a podcast by Delphi Digital co-founders Tom Shaughnessy and Kevin Kelly. Chain Reaction aims to focus on research on economic, legal, and technical issues affecting the evolvement of decentralized finance and distributed ledger technologies. 

Delphi Digital independent research and consultancy on the crypto market, and this expertise shines through on the podcast as the team explores the work of various players in the DeFi space, such as founders, investors, etc. 

#7. Zero-Knowledge

The Zero Knowledge podcast is run by Videopath and zkSummit co-founder Anna Rose and Fredrik Harryson of Parity Core. The podcast focuses on interviews with zero knowledge experts and its relation to the decentralized web and DeFi.

Research on zero-knowledge proofs is key to cryptography, enabling individuals to transact on blockchain networks privately and securely. The podcast has so far had more than 130 episodes, including interviews with tens of DeFi builders.

#8. Blockcrunch

Launched in February 2018, this is a weekly podcast featuring Spartan Capital Head Of Research Jason Choi, with a focus on providing investors in blockchain and DeFi with relevant information. 

Choi explores a rich variety of topics, including investment research, DeFi startups, exchanges, hedge funds, and generally the crypto market landscape. 

#9. Epicenter

Epicenter is one of the earliest DeFi podcasts – having come into the space in 2013. Indeed, the podcast helped popularize the term “DeFi.” 

Epicenter hosts include Adam B. Levine of Let’s Talk Bitcoin Podcast, Sebastian Couture, Brian Fabian Crain, Chorus One co-founder Meher Roy, Cosmos Research founder Sunny Aggarwal, and Gnosis COO Friederike Ernst. 

So far, the podcast has 350 plus episodes in its catalog, which includes interviews with developers and builders across the DeFi spectrum.

Final Remarks

The DeFi space is relatively new and can be baffling, especially to newcomers. Whether you’re a beginner or a longtimer in the DeFi space, you’ll find that these podcasts are definitely worth checking out. 

Categories
Crypto Daily Topic Cryptocurrencies

Should You Buy Bitcoin If The Fed Releases Stimulus?

The covid-19 pandemic has put a lot of pressure on economies. Nearly every region has recorded an economic slowdown since authorities began restricting the movement of people. Some governments have tried to rescue their economies from drowning, while others have done nothing. But the US government has been contemplating a stimulus package after it became clear that the central bank is running out of options.

The covid-19 pandemic has put a lot of pressure on economies. Nearly every region has recorded an economic slowdown since authorities began restricting the movement of people. Some governments have tried to rescue their economies from drowning, while others have done nothing. But the US government has been contemplating a stimulus package after it became clear that the central bank is running out of options.

The covid-19 pandemic has put a lot of pressure on economies. Nearly every region has recorded an economic slowdown since authorities began restricting the movement of people. Some governments have tried to rescue their economies from drowning, while others have done nothing. But the US government has been contemplating a stimulus package after it became clear that the central bank is running out of options.

The release of a stimulus package will invariably affect the economy. By extension, activity in the crypto space will be shaken. Washington has delayed the release of stimulus, but this fiscal intervention seems inevitable in the long run. When that happens, will it be our cue to buy crypto? Well, read on to find out.

How Stimulus Works

During an economic slowdown, such as the one being experienced due to the current pandemic, one of the biggest challenges the economy faces is a restricted cash flow. As people are cash-constrained, the volume of money exchanging hands declines. Since the beginning of the pandemic, there has been a coin shortage in the US. 

A fiscal stimulus can be achieved by having the government cut taxes or increase its spending. When taxes are reduced, people will have more disposable income, and this will encourage spending. In the latter case, an increase in government spending will inject more money into the economy, thereby bringing down the unemployment rate. In either case, the idea is to increase the motivation for spending and reduce the motivation for saving. 

When people are motivated to spend, currency deflation may result because people have money but do not produce more goods and services. The proposed $6 trillion stimulus is over 40 times Bitcoin’s market capitalization. One can only imagine how disruptive releasing this money can be. As we shall see later, the package will impact bitcoin and other cryptos in different ways.

The Case for/against Stimulus

The Fed has so far tried a range of options for keeping the economy afloat, including intervening in the stock markets and dishing out stipends to low income-earning Americans. Economists usually differ on the idea of meddling with the economy. One side of the table argues for a free-market approach, while others argue that government intervention at the right time is usually the best way out.

The problem with the stimulus is that it increases the country’s debt-to-GDP ratio. As will be explained later, people are getting money for work they have not done. This is essentially like borrowing money from the future. Technicalities aside, the issuance of stimulus introduces people’s risk of not using the money for the intended purpose. Beneficiaries can hoard the money in fear of economic uncertainty. This will keep the economy under strain, making crypto appear as the more attractive alternative. 

The other possibility is binge spending – yes, people tend to spend recklessly in times of inflation. This phenomenon typically results in even more inflation. The outcome? More people flock to crypto, which at such times seems immune to currency deflation.  

Impact on Bitcoin/ Cryptocurrencies

#1: Increased Spending on Bitcoin

There is a possibility that when the Fed releases the $1,200 checks, many will spend the money on buying Bitcoin. When the government started rolling out the coronavirus stimulus checks, it was reported that people were putting the money into waggish uses, including the purchase of tigers, guns, and Bitcoin. Judging from sentiments expressed on Twitter shortly after the announcement, Americans were eager to spend the money on non-essentials. 

One Twitter poll sought to know how many would spend their checks specifically on Bitcoin, and a whole 52% of those who qualified for the package said they were going to spend all of it on Bitcoin. The bottom line is that people spent their checks on Bitcoin, and they will do it again. If this happens, Bitcoin trading volume will increase, which will likely trigger a jump in the already-increasing BTC prices. Think about it.

#2: Devaluation of the USD

Stimulating the economy by giving people money will likely cause the USD to lose value and start fetching less on the forex market. This is because you are basically giving people money for work they have not done. Then, there is a (controversial) perception that Bitcoin and crypto, in general, is a haven for assets in times of economic crises. When these two theories are brought together, an influx in Bitcoin investment is very much conceivable. 

You see, investors holding their savings in dollars fear that a devaluation of the currency (in this case, as a result of releasing stimulus) might cause them to lose a significant portion of their savings. On the other hand, Bitcoin is flourishing in the bull market. So, it is only natural for investors to turn to Bitcoin if this money is released to Americans. A likely outcome in such a case is growth in Bitcoin’s demand, which means increasing prices.

Bitcoin’s Advantages (Amid this Crisis)

#1: It’s Not Even the Value, It’s Decentralization 

Bitcoin has a huge advantage over the USD in this crisis, and that’s the fact that it is decentralized. Unlike the dollar, they can’t just print more Bitcoin. This feature guarantees its investors that the risk of artificial deflation is minimized. Of course, there can be no guarantee that crypto will not see the bear run as long as the Fed keeps pumping dollars into the economy, but what are the chances?

#2: As We Speak, Bitcoin is on the Bull Run

Decentralization is great, but we can’t ignore the fact that Bitcoin is currently recording unusually impressive performance. As an investor looking for alternatives to the dollar, which is at risk of deflation, Bitcoin must not be far from mind. The way out can only be crypto since the stocks are not an option. Although share prices may see a decline if inflation indeed kicks in, it’s not a good idea to invest during the bear run. So, it looks like Bitcoin carries the day.

Final Thoughts

The coronavirus pandemic has brought with it an economic meltdown. The Fed has instituted several measures to counter the strain the economy has endured. Plans to release stimulus are before decision-makers now. This move may help relieve economic strain temporarily. However, it is likely to result in inflation. In such a case, investors might flock to Bitcoin to avoid losing their assets. If this happens, Bitcoin might become stronger, and investors’ margins will rise. In short, if the Fed releases stimulus, we could consider it our cue for buying Bitcoin. 

Categories
Crypto Daily Topic Cryptocurrencies

Can WazirX (WRX) be the Queen of Exchanges?

While it may appear as though crypto has received a lot of support and adoption, the reality is that penetration is yet to even go beyond 1%. The reasons for this are the massive obstacles standing between Fiat and crypto, such as high fees, complex procedures, regulatory hurdles, etc. Also, existing on-ramp solutions grapple with high deposit and withdrawal fees, delays, and users not truly owning their own money. 

While it may appear as though crypto has received a lot of support and adoption, the reality is that penetration is yet to even go beyond 1%. The reasons for this are the massive obstacles standing between Fiat and crypto, such as high fees, complex procedures, regulatory hurdles, etc. Also, existing on-ramp solutions grapple with high deposit and withdrawal fees, delays, and users not truly owning their own money. 

While it may appear as though crypto has received a lot of support and adoption, the reality is that penetration is yet to even go beyond 1%. The reasons for this are the massive obstacles standing between Fiat and crypto, such as high fees, complex procedures, regulatory hurdles, etc. Also, existing on-ramp solutions grapple with high deposit and withdrawal fees, delays, and users not truly owning their own money. 

WazirX is a decentralized crypto exchange that wants to solve these and more problems to provide users with the means to adopt cryptocurrency. Based in India and acquired by Binance, the platform’s name, Wazir, is another name for the “queen” in chess. The queen piece can not only play any move; it’s also the strongest. WazirX wants to live up to these characteristics. 

What’s WazirX? 

Launched in 2018, WazirX is a crypto exchange with advanced buy, sell, and trade functionalities. It features a live and open order book on which users can trade over 80 crypto assets, including Bitcoin, Litecoin, BNB, Dash, and more. 

On WazirX, you can also deposit or withdraw crypto and cash in or cash out stablecoins such as USDT in a fast, secure, and peer-to-peer manner. WazirX’s goal is to bridge the chasm between Fiat and crypto. 

WRX’s native token is the backbone of the ecosystem and has several use cases, including trading fee discounts, participation rewards, payment for margin fees, and more. WazirX supports five platforms at the time of writing: Web, Android, iOS, Windows, and Mac.

History of WazirX

The WazirX team launched the platform to respond to the Indian government’s banning of crypto businesses, exchanges, and shops. Banks had also been banned from engaging in any crypto-related activities. 

Today, the platform is, first and foremost, the go-to platform for Indian users to trade in crypto – in an uncensorable manner. But that’s not where the team is stopping. They intend to take the WazirX proposition to more developing and underdeveloped countries for Fiat on-ramp solutions. 

Binance acquired WazirX in November 2019. However, it continues to operate independently with a focus on peer-to-peer crypto trading. The WazirX team shares a vision with Binance, and that’s to increase the freedom of money around the world and improve people’s lives. 

How Does WazirX Realize Security? 

The WazirX team ensures security for the network through the following actions: 

  • Majority of funds kept in cold storage
  • A muti-sig wallet system
  • Two-factor authentication system for transactions
  • Strong KYC/AML procedures
  • Regular security audits

WRX Value 

WRX token holders will receive perks, including but not limited to discounts in payment of fees. The discount structure is as follows: 

  • 1st year: 50% trading fee discount
  • 2nd year: 25% trading fee discount
  • 3rd year: 12.5% trading fee discount
  • 4th year: 6.25% trading fee discount

Users will also earn participation rewards for performing P2P trades. Also, token holders will have voting power to determine issues such as future listings, update releases, etc. 

WazirX will burn 10% off WRX tokens every quarter based on the trading volume. In the end, about 100 million tokens will be burned – in a bid to prevent the token from overflooding the market. 

Who’s on the WazirX Team?

WazirX is the brainchild of a core team of members. We have founder and CEO Nischal Shetty, who is also the founder of Crowdfire and is an awardee of Forbes 30 under 30. 

Co-founder and CTO is also a co-founder of Crowdfire Sameer Mhatre is a full-stack developer and designer. He describes himself as “a huge Java and JS fan.” 

Co-founder and COO Siddharth Menon also co-founded Crowdfire. He’s also the founder of 3Crumbs, one of the early mobile startups in India. 

Community Growth Strategies of WazirX 

The WazirX team intends to implement several community growth strategies in a bid to expand the growth of the network. Current strategies include: 

  • Innovative participation reward programs, e.g., the WRX Trade Mining program
  • Publish media content including guest posts and features
  • Conduct AMAs and both virtual and physical conferences
  • Conduct interviews with influencers
  • Release progress updates every month
  • Headline events and partner with industry influencers

Future strategies include: 

  • Create dedicated Telegram channels for various countries
  • Headline and participate in more events such as meetups and conferences to grow further its offline presence
  • Continue to innovate with rewards programs
  • Collaborate with various wallets and decentralized finance apps to explore Fiat gateway solutions

WRX: Token Supply Distribution 

The ERX token was distributed in the following manner: 

  • Launchpad sale tokens: 10%
  • Private sale tokens: 5%
  • Foundation tokens: 30%
  • Product and marketing tokens: 20%
  • Partnership and ecosystem tokens: 20%
  • WRX Airdrop tokens: 11.10 percent
  • WRX trade mining tokens: 3.90%

How’s the WazirX Token Doing in the Market? 

As of October 31, 2020, WRX traded at $0.088615 with a market cap of $20,718,698 that placed it at #323 in the market. The token had a 24-hour volume of $8,866,743 and a circulating and total supply of 233,817,289 and 995,833,334. WRX has an all-time high of $0.229263 (Mar 07, 2020) and an all-time low of $0.055241 (Mar 13, 2020). 

Where to Buy WRX

You’ll find WRX listed as a market pair of USDT, BTC, BUSD, BNB, TRX, and more in several exchanges. They include but are not limited to WazirX, Binance, BinanceDEX, Bilaxy, Sistemkoin, BiKi, Poloniex, FTX, and Bitsonic. 

Final Thoughts

WazirX is relatively young, but it has done well. With its plan to spread its wings to more countries, the project is poised for more success and could very well compete with more established exchanges like Huobi, Coinbase, etc. Here’s to hoping it succeeds in both expanding and democratizing money for populations. 

Categories
Crypto Daily Topic

Top DeFi Tokens of 2020: Check Out Number 5

Which are the best DeFi tokens of 2020? DeFi tokens have had a great year. It’s not an exaggeration to say they could very well eclipse ‘normal’ cryptocurrencies in the future. As DeFi continues to explode and the year nears a close, it helps look at the tokens that have defined 2020 and will probably continue to do so in the coming year.

Which are the best DeFi tokens of 2020? DeFi tokens have had a great year. It’s not an exaggeration to say they could very well eclipse ‘normal’ cryptocurrencies in the future. As DeFi continues to explode and the year nears a close, it helps look at the tokens that have defined 2020 and will probably continue to do so in the coming year.

Which are the best DeFi tokens of 2020? DeFi tokens have had a great year. It’s not an exaggeration to say they could very well eclipse ‘normal’ cryptocurrencies in the future. As DeFi continues to explode and the year nears a close, it helps look at the tokens that have defined 2020 and will probably continue to do so in the coming year.

This list doesn’t just follow the tokens that are the highest in market cap. It also looks at the most promising and exciting tokens. 

#1. Chainlink 

Chainlink is a decentralized oracle for connecting blockchains to external data and information. The Chainlink protocol, which includes the LINK token, allows smart contracts to operate without relying on permissioned or centralized information. For instance, a developer can run a sports betting contract that relies on an external oracle for sports scores. Chainlink has proved especially popular, with countless DeFi protocols including Aave, Ampleforth, Celcius, Arbol, yearn.finance, Nexus Mutual, and Synthetix all utilizing its smart oracles function. This popularity has catapulted it to the top ten in market cap, sitting at #5 at the time of writing. The LINK token, which began the year going for $2, already hit $12. 

#2. Maker (MKR)

Maker is one of the earliest stablecoins in the DeFi space and one of the most resilient. Despite (and probably because) of its low total supply of slightly more than a million, the token is a huge hit in  DeFi, judging by its current per-token value of $513. And this is a climbdown from the highs of $1,700 in 2018 before the token plummeted during the 2018/2019 crypto winter. In 2020, it got a reprieve after reaching $600 this year. With its MKR token, the protocol makes up what is probably the best example of a stablecoin system: a collateralized debt position powered by its  stablecoin – DAI, which maintains stability for the protocol by using various economic incentives. MKR will be one of the tokens driving the DeFi space in the near future and beyond. 

 #3. Aave (LEND)

Aave is an open-source, decentralized protocol that allows users to create money markets, earn interest on their deposits, and borrow funds through the LEND token. With a market cap of $859 million, Aave is currently the 4th biggest DeFi token. Aave has had an incredible year. It started off at a mere $0.009 in  January but has now clocked $73 per token, which is remarkable even in crypto. 

#4. Synthetix Network Token (SNX)

Synthetix is a blockchain protocol that lets anyone gain exposure to a wide array of assets. The platform is credited for introducing yield farming in DeFi, though it’s now been overrun by platforms like Compound and Aave. Still, the token continues to ‘hold the line,’ as manifested by its current position of #9 among  DeFi tokens and #40 among all cryptocurrencies. With a market cap of nearly $500 million, SNX demonstrates its resiliency. Synthetix supports a smart contract infrastructure and incentivization system that will continue to propel it upwards. 

 #5. Dai (DAI)

Part of the Maker ecosystem, DAI isn’t a token that you buy to HODL. Still, it’s an excellent idea to buy the token and hedge your portfolio against volatility. Dai is probably the most elegantly designed stablecoin in the world today, with an ingenious incentivization and collateralization system that securely puts its value at a 1:1 ratio against the US dollar. While other stablecoins achieve stability by using clumsy ways like holding US dollars in the bank, Dai uses a more accurate and flexible tech-based system. Anyone can also create their own Dai if they put up collateral. 

#6 Compound (COMP)

Compound is a DeFi protocol that allows anyone to lend, borrow, and provide liquidity and earn returns. Comp exploded after it started distributing its native token, COMP, in June this year. It’s definitely one of the hottest tokens in DeFi right now, featuring a market cap of $526 million and a per-token value of $124 at the time of writing. COMP is an Ethereum-based mechanism used as a governance mechanism of the Compound ecosystem. As the Compound platform continues to expand, we’re sure to see the value of COMP following the lead. 

#7. 0x (ZRX)

0x is a decentralized exchange protocol that allows developers to create their own exchanges. The project’s founder calls it the “Craigslist for cryptocurrencies” in that anyone can build an exchange and post it online. Despite its promising value proposition, the 0x token, ZRX, has had the slowest growth this year. In January, you could buy the token for around $0.20, and it’s now sitting at $0.36 at the time of writing, with a market cap of $273,926,375. But the dismal growth of the token does not discount its potential to break through in the future. The 0x token is one to keep sights on. 

#8. Ampleforth (AMPL)

Ampleforth kicked off the year trading at around $1, went to rise to $4 in July, before sharply clamping down to around $1 again. Ampleforth calls itself a cryptocurrency “like Bitcoin,” but with a daily change in supply, insuring against market shocks.  Ampleforth wishes to solve what it calls the “dangerously correlated” crypto market by adding diversity to the ecosystem. While most cryptocurrencies follow the Bitcoin price pattern, the AMPL token matches to its own beat. This could prove an excellent hedge for your crypto portfolio. 

#9. Augur (REP)

Augur started the year sitting at around $9, and if now trades at $14 in November, a dip from around $20 in August. Based on Ethereum, Augur, via its native token – REP, aims to power a prediction market where users can earn money if they predict winning outcomes. Augur also acts as a decentralized oracle for verifying real-world events. These events could be anything – from natural events to election results to football matches’ outcomes. At the time of writing, Augur is at position #75 in the market and continues to be one of the DeFi’s best.

#10. Terra (LUNA)

Terra is a DeFi protocol that wants to expand everyone’s financial  inclusivity through its native token, LUNA. The Tetra team wants to “set money free” by building an open, global financial infrastructure. This infrastructure constitutes a family of stablecoins that allow users to earn mining rewards, giving people an incentive to participate in the network. Terra launched its mainnet in April 2019. It currently offers stablecoins pegged to the US dollar, South Korean Won, the Mongolian tugrik, and the IMF’s Special Drawing Rights basket of currencies. Users can trade LUNA as well as stake it and earn interest. LUNA token holders can also participate in the platform’s governance. After kicking off the year at $0.24, LUNA’s price nearly doubled around July before cooling down to around $0.33 in November. With its value proposition, Terra is set to be one of the most important DeFi presences in the future. 

Closing Thoughts

Ten years ago, the crypto space was talking about Bitcoin and decentralized currencies. Now, we’re talking of decentralizing the entire finance space. The above tokens represent some of the most exciting decentralized finance projects and their tokens in 2020. With a rapidly evolving DeFi space, you can expect anything in the coming year, but for now, these are among its biggest stars. 

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Cryptocurrencies

MIRkey Hardware Wallet Review: How Safe Is MIRKey Hardware

MIRkey is a Bitcoin hardware wallet designed and introduced to the crypto world by Ellipticsecure, a crypto-security company that specializes in the manufacture of Hardware Security Modules (HSM). According to its developers, MIRkey is a security-focused hardware wallet that embraces a host of security features, including a FIDO2 certification. But unlike most other hardware wallets that have their focus set on ease of use, especially with a large OLED display, MIRkey doesn’t have a display screen. 

MIRkey is a Bitcoin hardware wallet designed and introduced to the crypto world by Ellipticsecure, a crypto-security company that specializes in the manufacture of Hardware Security Modules (HSM). According to its developers, MIRkey is a security-focused hardware wallet that embraces a host of security features, including a FIDO2 certification. But unlike most other hardware wallets that have their focus set on ease of use, especially with a large OLED display, MIRkey doesn’t have a display screen. 

MIRkey is a Bitcoin hardware wallet designed and introduced to the crypto world by Ellipticsecure, a crypto-security company that specializes in the manufacture of Hardware Security Modules (HSM). According to its developers, MIRkey is a security-focused hardware wallet that embraces a host of security features, including a FIDO2 certification. But unlike most other hardware wallets that have their focus set on ease of use, especially with a large OLED display, MIRkey doesn’t have a display screen. 

In this MIRkey hardware wallet review, we will be vetting the wallet by looking at such factors as its key features, ease of use, pros and cons, and a step-by-step guide on how to interact with MIRkey, and compare it with other Bitcoin only wallets. 

MIRkey wallet key features:

Sleek design: MIRkey hardware wallet embraces a sleek USB-like design. This implies that the wallet is both ultra-light and highly portable. The wallet also features a single button that is used to authorize outbound crypto transfers. 

Integrates software wallets: You get to control the MIRkey hardware wallet via the MIRkey software wallet. This software is versatile and compatible with virtually all computer operating systems, including Windows, macOS, and Linux.

Integrates Electrum wallet: MIRkey hardware wallet will also integrate software crypto wallets like the Electrum Bitcoin wallet that plays a key role in making the hardware wallet easy to use and interact with. 

Security features:

Password: Like any other software or hardware crypto wallet, MIRkey is secured with a password that you set when activating the wallet and creating a user account. This prevents unauthorized access to the wallet and the private keys and serves as the hardware wallet’s encryption tool. 

Two-factor authentication: All outbound crypto transfers from your MIRkey hardware wallet must be subjected to two-factor authentication. On the hardware wallet device is a button that you have to press to authorize the transfer implying that even if a hacker were to gain access to your passwords, they must have physical access to the device to initiate the transfer. 

FIDO2-certified: MIRkey hardware wallet received FIDO2 certification in September 2019. This implies that the wallet meets the international standards in security and safety and can, therefore, be used to store the security phrases and passcodes for registries, systems, and such web services like Google, Facebook, Netflix, GitHub, Amazon, etc. 

VPN access: Another unique security measure that sets the MIRkey hardware wallet apart from most other hardware wallets is that it is accessible via a VPN.

Cold storage: MIRkey is a noncustodial wallet implying that your private keys and all other personal data stored in the wallet are stored therein is highly encrypted and stored in hardware devices offline. None of your information is stored on the Ellipticsecure company servers, plus all communications between the wallet, the company, and other third party systems are subjected to end-to-end encryption. 

Hierarchical deterministic: Sensitive information like wallet addresses and the recovery seed are generated by the hardware device offline. The wallet address generation process is also hierarchically deterministic in a process meant to throw off crypto trackers. 

Recovery seed: When activating the hardware wallet and creating a user password, you will also be presented with a 24-word backup and recovery seed. It comes in handy should you want to recover lost private keys. 

How to set and activate the MIRkey wallet

Step 1: Start by ordering your copy of a MIRkey hardware wallet on the Ellipticsecure.com website.

Step 2: Download the MIRkey desktop app that is compatible with your computer. 

Step 3: Install and upon launching the app, click the ‘Create a new wallet’ tab

Step 4: Create a password for the wallet

Step 5: Insert the MIRkey hardware wallet device. 

Step 6: Choose a username and create a passcode for the wallet.

Step 7: The wallet will now present you with a 24-word recovery seed. Write it down on a piece of paper and keep it safe offline. 

Step 8: The wallet is now active and ready for use 

How to add/receive crypto into your MIRkey wallet 

Step 1: Log in to the MIRkey desktop wallet app and click on the “Receive” tab on the user dashboard.

Step 2: On the wallet address and forward it to the person sending you Bitcoins

Step 3: Alternatively, have them scan the wallet’s QR code

Step 4: Wait for your funds to reflect in your account.

How to send crypto from your MIRkey wallet

Step 1: Log in to the MIRkey desktop wallet app, and on the user dashboard, click “Send.” 

Step 2: Select the account from which you want to send Bitcoins 

Step 3: On the transfer window that pops up, enter the recipient’s wallet address and the number of Bitcoins you want to send

Step 4: Insert the MIRkey hardware wallet device into the computer

Step 5: Confirm that the transaction details are correct and press the on-device button on the MIRkey wallet to authorize the transfer.

MIRkey wallet ease of use

The MIRkey hardware wallet is relatively easy to use. The onboarding process is quite easy and straightforward. And while one might find fault that they don’t include the wallet activation guide in the wallet’s package, you don’t need expert help to activate the wallet.

The processes of sending and receiving Bitcoins in and out of the MIRkey wallet is also quite straightforward. We must, however, observe that the lack of an on-device screen complicates the transaction verification process. 

MIRkey wallet supported currencies

MIRkey is a bitcoin-only wallet, but you can always integrate it with such software wallets as the Electrum that help increase the number of supported crypto coins. 

MIRkey wallet cost and fees

The MIRkey hardware wallet costs $49 on the Ellipticsecure.com website. But you can buy a double pack hardware wallet for $79 with a 30-day money-back guarantee. 

The desktop wallet app is nevertheless free. And so is storing your digital assets here. However, you will have to part with the Bitcoin blockchain network fee every time you want to send coins to another wallet or exchange. How much you pay is largely dependent on the number of coins you want to send. 

MIRkey wallet customer support

EllipticSecure, the MIRkey hardware wallet developers, has one of the most responsive aftersales service and customer support team. You can contact them via the phone number on their website, send them an email, or raise a support ticket on their ‘Contact Us’ page. 

You can also consult their blog, documentation, and how-to guides on the website’s ‘Resources’ page. 

What are the pros and cons of using the MIRkey Wallet?

Pros:

  • It embraces some of the most innovative security features
  • MIRkey is relatively inexpensive when compared to most other hardware wallets
  • The wallet is highly intuitive and beginner-friendly
  • It has a highly responsive customer support team that is also available on the phone
  • It is compatible with the electrum software wallet 

Cons:

  • It will only support Bitcoins
  • It doesn’t have an on-device screen, and this complicates transaction verification

Comparing MIRkey wallet with other hardware wallets

MIRkey wallet vs. Ledger Nano S wallet

MIRkey and Ledger Nano S are both security-focused hardware wallets. They also rank highly among the most affordable hardware wallets. Other similarities between the two include storing your coins in cold storage, their sleek and ultra-lightweight design, and ease of use. 

However, while MIRkey will only support Bitcoins. Ledger Nano S, however, is a multicurrency hardware wallet that supports 1000+ cryptocurrencies and tokens. Similarly, Ledger features both the on-device button and OLED screen. Further, unlike MIRkey that is only compatible with the Electrum software wallet, Ledger Nano S integrates numerous software and mobile app crypto wallets. 

Verdict: Is MIRkey wallet safe?

Yes, the hardware cryptocurrency wallet has put in place several highly advanced security and privacy measures. These have seen the wallet earn the coveted FIDO2 certification, and they include the fact that your wallets are stored in cold storage. The process of generating wallet addresses is also hierarchically deterministic, you can boost wallet security with two-factor authentication, and it also provides you with a backup and recovery seed. You only have to part with $49 and deal with the fact that it is a Bitcoin-only wallet.  

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Crypto Videos

Millionaires are Rushing to Buy Crypto According To This Survey! Do You Hold Any Bitcoin?

https://youtu.be/s4X8shKz_-8

https://youtu.be/s4X8shKz_-8


Millionaires are Rushing to Buy Crypto! Do YOU Hold Any Bitcoin?

 

A survey of over 700 high net-worth individuals has found that almost three-quarters of respondents that are worth more than $1 million either already own or are looking to put a part of their wealth in cryptocurrencies before the end of 2022.
The survey was conducted by financial advisory organization DeVere Group and revealed that 73% of respondents are currently bullish toward cryptocurrencies, which is an increase from 68% back in 2019.

Participants were individuals whose net worth equated to more than 1 million British pounds, equating to approximately $1.32 million. The participants were selected from a wide variety of regions that include the United States, the United Kingdom, Africa, Asia, the Middle East, Australia, as well as Latin America.

deVere Group CEO and founder Nigel Green stated in the survey that Bitcoin had once again shown its worth by being one of the best-performing assets in 2020, with a year-to-date increase of 125%. He then added:

“As the survey shows us, this impressive performance is drawing the attention of high net-worth investors who increasingly understand that cryptocurrencies are the future of money, and they don’t want to be left behind.”

Green noted that the respondents eyeing Bitcoin included some of the biggest Wall Street companies and attributed their warming sentiment to crypto adoption by large firms such as PayPal and Square:

“There is no doubt that many high net-worth individuals who were polled have seen that a major price surge driver is the growing interest being shown by institutional investors who are capitalizing on the extremely high returns that the crypto asset class is currently offering.”

Even former Bitcoin skeptics coming from Wall Street are now warming up to digital currencies. During a recent New York Times conference, Chairman and CEO of JPMorgan and Chase Jamie Dimon said he’s a “believer” in blockchain technology, as well as in “properly backed, properly regulated” cryptocurrencies.


Taking a look back, Dimon made headlines in 2017 when he referred to Bitcoin and other cryptocurrencies as a fraud, although JPMorgan has since embraced cryptocurrencies.


Billionaire hedge fund manager and Bitcoin bear Ray Dalio still has plenty of doubts about Bitcoin. Still, he has recently questioned his own skepticism, tweeting that he might be missing something about Bitcoin and that he’d love to be corrected.

Dalio had suggested that Bitcoin will fall down as a store of value and that governments may just “outlaw it and make it too dangerous to use.” He also stated that he couldn’t imagine central banks, big institutional investors, and multinational companies using it.

The millionaires’ survey was revealed to the public the same day that Bitcoin’s total market capitalization hit a new all-time high of an astonishing $336 billion, and its price rallied to above $18,000 and just shy of the $19,763 high that it reached in December 2017.

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Crypto Videos

Pantera Capital Are Raising $134,000,000 – why?

https://youtu.be/j61Ov4ppiYw

https://youtu.be/j61Ov4ppiYw


Crypto Hedge Fund Pantera Capital Raising $134 Million

 


In a filing with the SEC on Nov 21, Bitcoin hedge fund giant Pantera Capital has announced an equity offering of up to a whopping $134 million, one of the largest capital fundraising campaigns in the seven-year history of the firm.

Founded in 2013 as the first-ever Bitcoin fund in the US, Pantera Capital initially raised $13 million, which is less than 10% of the current offering. It raised another $25 million later on, according to the firm’s public records.

However, in 2018, the fund redirected its efforts towards a larger raise that ultimately resulted in the formation of a third investment fund, now called Venture Fund III. This new fund raised $164 million from 2018-2020, with the majority of the capital inflows bookending crypto’s dreadful 2019 year.

Nowadays, as crypto seems like it has entered yet another raging bull market, the SEC filing tells us that Pantera has big plans ahead. 

Pantera didn’t state the reason for this new raise, and if the raise will result in a new fund or if it will simply be used to expand the scope of Venture Fund III. However, the company’s latest investments and executive comments actually might offer hints at its strategy for the future.


Pantera CEO Dan Morehead said that he believes the growth of decentralized finance, or DeFi for short, has the potential to outpace Bitcoin’s rise, and that the firm is focusing its new bets on the emerging financial vertical. In addition to this, Pantera seems to have its eye on the quickly expanding crypto derivatives market, as shown by its recent investment in Globe, a well-known derivatives trading platform.

Bitcoin bulls shouldn’t be negatively affected by the interest in DeFi and derivatives, however. In fact, Morehead has also previously made a moonshot target for the largest cryptocurrency, as he called for a Bitcoin price of $350,000.

 

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Cryptocurrencies

Is It Too Late to Start Trading Ethereum?

Ethereum (ETH) is one of the major cryptocurrencies out there, along with recognizable names like Bitcoin, Ripple, Litecoin, and several others. Since its launch in July of 2015, Ethereum has become a decentralized payment method that doesn’t rely on the government or traditional banks because the digital currency can be sent anywhere in the world […]

Ethereum (ETH) is one of the major cryptocurrencies out there, along with recognizable names like Bitcoin, Ripple, Litecoin, and several others. Since its launch in July of 2015, Ethereum has become a decentralized payment method that doesn’t rely on the government or traditional banks because the digital currency can be sent anywhere in the world […]

Ethereum (ETH) is one of the major cryptocurrencies out there, along with recognizable names like Bitcoin, Ripple, Litecoin, and several others. Since its launch in July of 2015, Ethereum has become a decentralized payment method that doesn’t rely on the government or traditional banks because the digital currency can be sent anywhere in the world instantly.

Many people prefer this payment method against the bank’s high fees and longer waiting periods and others purchase ETH because it is scarce, therefore it has value. Between March of 2017 and 2018, the price of Ethereum grew from $30 to an astounding $750 – meaning that investors could have made a lot of money if they had invested at the time.

Ethereum might not be as popular as Bitcoin, but it can do things that other cryptocurrencies can’t. It is programmable, which allows developers to use it to create new applications that can be uploaded to the system. They can be used to create new types of financial applications and are not controlled by any single person, rather, they are decentralized. The currency ETH is becoming a more widely recognized funding source across the world and is being offered as a payment method by developers in games, markets that allow you to trade digital assets (decentralized markets), financial applications, cryptocurrency wallets, and more.

Ethereum’s developer actually got the idea to create it because he felt that Bitcoin needed a way for its developers to create their own applications within the blockchain. After being rejected by Bitcoin’s developers, he went on to launch his very own cryptocurrency. 

Investors also need to know that there are two types of Ethereum tokens, general Ethereum (ETH) and Ethereum Classic (ETC). This was actually caused by a wise decision the company made after being hacked. Instead of taking a huge loss, the company created the newer ETH so that the coins stolen by the hackers would lose a lot of their value. The fork made the older Ethereum Classic less valuable and many people switched to the newer ETH, which is the more widespread and supported token. 

Ethereum is the 2nd most used cryptocurrency in the world, falling only one spot short of Bitcoin. Growth is expected to continue, giving it the potential to be a profitable investment in the long-term. Plans for improvements to Ethereum’s blockchain are in the works, which could also make the price go up. These constant improvements help to set this currency apart from its competitors. 

While things seem to be looking up, there are a few problems that could lower the price of ETH. Government regulations might come along and make the price drop, holding onto the investment for a long time doesn’t allow you to profit from the cryptocurrency market’s volatility, which could offer one the ability to make short-term profits, and there is always a chance that a better cryptocurrency could come along and take its place. There also seems to be evidence that other investments have the potential to make you money. Of course, these are a lot of “what ifs?”. 

So, is right now a good time to invest in Ethereum? We think so. Just look at the currency’s growth in the past – if you’re a fan of technical analysis, you’ll likely recognize its historical growth patterns. The thing you need to know is that cryptocurrency is a volatile investment that is expected to rise and fall, meaning that investors need to be able to hold onto their investment for some time without panic selling. If you can handle that, then Ethereum has the potential to make you a lot of money down the road.

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Crypto Daily Topic

8 Ways to Earn Passive Income with Crypto They Will Never Talk About!

Most people, when asked about ways to make money off crypto, will say trading. Trading is one of the most straightforward and probably the most popular ways to make money with crypto. But there are several other ways to make money with crypto, and most of them are surer bets than trading – by far. 

Most people, when asked about ways to make money off crypto, will say trading. Trading is one of the most straightforward and probably the most popular ways to make money with crypto. But there are several other ways to make money with crypto, and most of them are surer bets than trading – by far. 

Most people, when asked about ways to make money off crypto, will say trading. Trading is one of the most straightforward and probably the most popular ways to make money with crypto. But there are several other ways to make money with crypto, and most of them are surer bets than trading – by far. 

And the good part? You only need to take action and sit back and watch your money grow with some of the ways. And get this: with some ways like staking, the returns are substantially higher than you could ever get with the traditional finance system. Others, like blockchain-based content creation, may require a more hands-on approach but still can be done alongside your daily job or business. 

 With that, let’s get straight to it!

#1. Mining 

In cryptoverse, mining is the process of using computing power to make guesses until you arrive at the correct hash, which then unlocks the next block in a blockchain network. Crypto miners receive crypto rewards for finding blocks and recording them on the blockchain network. You do not have to have crypto holdings to mine crypto. Miners can choose to convert their block rewards to Fiat immediately, HODL them, or plow those earnings back to their mining system. 

When Bitcoin was starting, anyone could mine from the home computer. But as the mining difficulty increased, the average daily computer could no longer hack it. We moved from CPUs to GPUs (some cryptocurrencies can still be mined with GPUs) to ASICs (Application-specific Integrated Circuits). ASICs utilize specific chips tailor-made for a particular cryptocurrency. Some of the most popular cryptocurrencies, i.e., Bitcoin and Ethereum, are mined with ASICs. 

Today, you can find an ASIC miner for an average of $1,000. If you plan to mine crypto, it’s best to join a mining pool. A mining pool is a team of miners who combine their computational resources to stand a better chance of finding new blocks. The block reward is then shared among the participants, depending on their contribution. Due to the combined computational power, miners in a mining pool are more likely to discover new blocks than individual miners. 

Tip: Join a mining pool for better profitability. 

#2. Staking 

One of the more easy-going ways to earn passive crypto income, staking, involves depositing crypto funds to get staking rewards. Staking networks utilize proof-of-stake or related consensus mechanisms, e.g., delegated proof of stake. With staking, mostly what’s required is just holding tokens in your wallet. In other cases, you need to add or delegate the funds to a staking pool. In DeFi pools, staking similarly involves putting up supported cryptos and earning interest.

When you stake in a network, you’re contributing to that network’s security and resilience, hence the reward. Staking is one of the simple ways to multiply your crypto holdings with minimal effort. 

#3. Lending 

Lending is another hands-off method to make money with crypto. There are multiple peer-to-peer lending platforms (Coin Loan, Nexo, BlockFi, Celcius, EthLend, etc.) that allow you to lock up crypto and earn interest in return. Usually, the interest rate is set by the platform or by you based on prevailing market trends. The more you lend, the more you stand to reap. 

#4. Lightning nodes 

The Lightning Network is a layer 2 solution for blockchains such as Bitcoin. It’s an off-chain payment channel that facilitates the processing of transactions without them being transferred to the underlying blockchain. 

When you use the Lightning Network to conduct a transaction, it’s quicker than if done on the blockchain. A network like Bitcoin only allows one-directional transactions. For instance, if Alice sends Bob one bitcoin, Bob cannot use the same channel to send it back to Alice. On the other hand, the Lightning Network utilizes bi-directional channels that require the involvement of both parties. This makes transactions quicker. 

When you run a Lightning node, you have the ability to process a lot of transactions quickly and get rewarded with transactions’ fees. 

#5. Affiliate programs 

Some crypto projects, especially new ones, will usually reward existing participants for bringing new ones to the platform. If you have, let’s say, a huge social media following, affiliate and referral programs can be a great way to earn passive income. Bear in mind that it behooves you to carry out research on any project you promote. 

#6. Masternodes 

A masternode is like a server, except it runs on a decentralized network. Typically, network participants have to put up sizable amounts of investment to become masternodes. Due to the significant investment, masternodes have a big incentive to maintain and secure the network. 

Crypto projects usually give special privileges to participants who have a considerable stake in their networks, in addition to rewarding them with return rates. 

#7. Airdrops

Airdrops are tokens given away for free by crypto projects in an effort to publicize or market themselves by getting people to talk about it. All you need is a wallet address of a particular crypto when the airdrop is taking place. For other projects, you’ll need to register on the project’s website and do things like retweeting posts, leaving comments on social media posts, sharing posts on platforms like WhatsApp, Telegram, and so forth. Also, some exchanges will conduct airdrops for the users occasionally. 

To have a heads up on upcoming airdrops, you should register sites dedicated to spreading the word about the exact matter. Such sites include Airdropaddict, Icodrops, etc. 

Note that receiving an airdrop will never require the sharing of private keys – a condition that is a telltale sign of a scam.

#8. Creating blockchain and crypto-based content 

With the advent of blockchain, previously unexplored modes of content creation and sharing are now possible. Blockchain-powered content platforms like Steemit allow content owners to monetize their work in various ways – and without intrusive ads popping all over. In such platforms, content creators get to own the rights and ownership of their work. Once you create a substantial portfolio of work, you can monetize it over time. 

Final Thoughts 

What’s better than earning passive income is doing so in a safe and secure environment, and that’s what you get with the activities on this list. Whether it’s staking, mining, running a masternode, you can make money from crypto with minimal effort. Of course, always make sure to do your own research before putting your money anywhere. Good luck! 

Categories
Cryptocurrencies

Xapo Wallet Review: Is Xapo The Most Secure Custodial Wallet?

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Xapo Crypto wallet app
Xapo crypto wallet app

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Xapo is an app-based crypto wallet that seeks to provide the most accessible and highly secure platform for Bitcoin users. It was founded by Wences Cesares – an international entrepreneur and financial technology expert – and it is registered and incorporated in Gibraltar. On their website, the Xapo crypto app is described as a ‘secure alternative platform’ that goes beyond the industry standards in helping you protect your livelihood and digital assets.

Some of the factors that set it apart from the competition include the fact that it is a Bitcoin-only wallet app. Further, it is a custodial wallet that stores your private keys in highly advanced and ultra-secure storage vaults that are never connected to the internet. In this Xapo wallet review, we vet the wallet’s security, ease of use, look at its pros and cons, and provide you with a step-by-step guide on how to use the Xapo app.

Xapo Crypto app key features:

Mobile wallet: Xapo is a mobile crypto app available to Android and iOS phone users.

Purchase Crypto with Fiat: Xapo has collaborated with numerous payment processing service providers that you can use to buy Bitcoins off the platform. These include direct wire transfers as well as credit and debit card purchases.

Inbuilt exchange: Xapo has also come up with a peer-to-peer exchange platform where users can exchange Bitcoins for fiat currencies. These in-app exchanges are free.

Portfolio tracker: On the Xapo user interface is the balance tab that lets you view your wallet balances in real-time, as well as the activity tab that keeps a record of all your transaction history. The two play a key role in helping you keep tabs on your expenses and help with budgeting by monitoring your crypto inflows and outflows.

Automated notifications: Xapo makes it possible to set automated notifications for different wallet functions. For instance, you can have the wallet send you a notification every time you receive crypto when cryptos are drawn from the wallet, and Bitcoin price alerts.

Multisignature wallet: The multisignature functionality of the Xapo crypto app makes it possible for you to share the app with family and segregate everyone’s funds.

Integrates debit card: Xapo recently launched the prepaid Xapo debit card that you can integrate with your Xapo crypto wallet and use it to pay for goods and services on the different crypto-friendly point of sale or withdraw funds from Bitcoin ATMs.

Libra member: Xapo is one of the founding members of the Libra blockchain network put together by Facebook. According to the Xapo website, the app’s development team provides technical expertise to help the association launch and run the Libra global currency sustainably.

Security features:

Password: Like most other crypto wallet apps, the Xapo crypto vault is secured with a password.

Two-factor authentication: All outbound transfers from the Xapo wallet app must be subjected to two-factor authentication. You have the option of receiving the verification code via email, SMS, or google authenticator.  

Cold storage: Unlike most other wallets that give you absolute control of your wallets by saving the private key in your phone, Xapo keeps the private keys safe on your behalf. According to the crypto security company, all your private keys are stored in ultra-secure vaults in the Swiss Alps and other parts of the world. They further add these vaults don’t connect to the internet, and they are largely made from demilitarized bunkers.

Highly encrypted: All your data, including the private keys, is shared with and stored in Xapo servers and is highly encrypted using proprietary encryption technology. And so are Xapo’s communication with third party systems like payment processors and third-party exchanges.

How to set and activate the Xapo wallet:

Step 1: Start by downloading the Xapo crypto mobile app from Google Play Store or Apple App Store.

Step 2: Install and launch the app, choose your country of residence, and enter your phone number.

Step 3: Verify the number by entering the 6-digit code received via SMS

Step 4: Enter your email address

Step 5: Complete the user profile by completing the registration form

Step 6: Choose your country of origin/citizenship from the drop-down menu

Step 7: Read and agree to Xapo wallet’s terms of use

Step 8: Create a 4-digit passcode for your Xapo wallet app

Step 9: Verify identity by uploading a photo of yourself and that of a government-issued identification document as well as a proof of address

Step 10: The app will now send a verification link to the email provided. Open the link to activate the account.

Step 11: Your Xapo wallet app account is now active and ready for use

How to add/ receive crypto into your Xapo wallet 

Step 1: Log in to your Xapo app, and on the dashboard, click on ‘My Money.’

Step 2: Tap on the ‘Add Money’ on the next window

Step 3: Follow the prompts to add Bitcoins using one of the provided account funding options.

How to send crypto from your Xapo wallet

Step 1: Log in to your Xapo wallet app and click on the ‘Payments’ tab.

Step 2: If you wish to send funds to an individual on your contact list, click on the “Transfer to a contact” tab, and select “Allow access.”

Step 3: Select the recipient and click on the “$” sign to initiate a transfer.

Step 4: Choose the account you wish to send the funds from, the amount you wish to send, the currency type, and click “Send.”

Step 5: Review the transactions and check the accuracy of the details before hitting “Confirm.”

Step 6: Enter the PIN code to authorize the pay

Xapo wallet ease of use

Xapo wallet has a highly intuitive and beginner-friendly user interface. It only has a few tabs that are carefully placed on the user dashboard to ease your in-app navigation and how you interact with the wallet.

The app’s onboarding process, though lengthy, is quite straightforward. And so are the processes of adding funds, receiving and sending Bitcoins and other Fiat currencies in and out of the wallet.

Xapo wallet supported currencies and countries.

Xapo is a Bitcoin-only crypto wallet app. Interestingly, and unlike most other Bitcoin-only wallets that extend their support to Bitcoin forks, Xapo does not support any other crypto, including such Bitcoin forks as Bitcoin Gold and Bitcoin Cash.

However, the integrated peer-to-peer exchange makes it possible for users to exchange Bitcoin with over 150 Fiat currencies.

Currently, the Xapo crypto wallet app is available in about 30 countries across the world.

Xapo wallet cost and fees 

Downloading and installing the Xapo crypto wallet app as well as storing your Bitcoins therein is free. You also won’t be charged for using their in-app peer to peer exchange or transferring funds from one Xapo wallet to another.

Outbound Bitcoin transfers to other wallets or exchange will, however, attract a network fee charged by Bitcoin miners and not Xapo. The fee is nevertheless dynamic, and you have the option of choosing either the standard fee for normal confirmation speeds or priority fee for trades you wish processed and confirmed urgently.

Xapo wallet customer support

Xapo’s customer support has a rather elaborate FAQ guide on the company website that addresses Xapo wallet users’ common challenges and provides troubleshooting guides. There also are tutorials that try to explain how you interact with the Xapo app.

You can also contact them via email, the live chat feature on both the website and the app, or direct message them on such social media platforms as Twitter, Facebook, and Instagram.

What are the pros and cons of using the Xapo wallet?

Pros:

  • Transfers from one Xapo wallet to another are free
  • It stores your private keys in cold storages and ultra-secure offline vaults
  • It allows you to buy Bitcoin with Fiat currency
  • It features an inbuilt peer-to-peer exchange
  • It integrates the Xapo Debit that you can use to pay for goods and services or withdraw at Bitcoin ATMs

Cons:

  • It will only support Bitcoins
  • It doesn’t support anonymous crypto transactions as all users must be subjected to KYC and AML procedures
  • It has an unnecessarily lengthy registration process

Comparing Xapo wallet with other Bitcoin-only wallets

Xapo wallet vs. BTC.com wallet

Xapo and BTC.com are both Bitcoin-only wallets. But unlike Xapo, which is a mobile crypto app, BTC.com is a web-based wallet. BTC.com is a lot easier to use and interact with as it not only features a friendly user interface but also has an easier onboarding process.

Xapo, however, carries the day when it comes to the security of client funds. Plus, while BTC.com’s online nature exposes its inherent threats associated with hot wallets, Xapo is a custodial wallet that stores client private keys in highly decentralized and ultra-secure cold storage.

Verdict: Is the Xapo wallet safe?

Xarpo is a custodial wallet that stores client funds in decentralized cold storages spread across the world. It has also put in additional client-side security features that deter unauthorized access to these keys, like securing the app with a passcode, two-factor authentication, and automated alerts on transfers and changes in digital asset balances. One might consider such security measures adequate, but we must observe that these don’t necessarily make you and your wallet immune from such social engineering threats as phishing.

Categories
Crypto Videos

Galaxy Digital Earnings Skyrocketing!

https://youtu.be/67Vy_H8uRkg

https://youtu.be/67Vy_H8uRkg


Galaxy Digital’s Q3 Earnings Skyrocketing

Galaxy Digital, a financial firm specializing in digital assets and blockchain technology, has reported that its over-the-counter trading desk reached record volumes in the third quarter. As they stated, this new report signaling that institutional uptake of cryptocurrencies is on the rise. 

The company’s Q3 earnings report showed an astonishing 75% year-over-year increase in trading volumes, as it reached approximately $1.4 billion. The increase was mostly attributed to an expanding counterparty base, the rollout of Galaxy Digital’s electronic trading platform as well as the continued growth of the company’s crypto derivatives business.

Assets under Galaxy Digital’s management totaled $407.4 million at the end of the third quarter, and the assets included $82.4 million in passive Bitcoin and index funds, as well as $325 million in the Galaxy EOS (read it as one word, eos, rather than spelling it) VC Fund. The latter represents a partnership with Block.one, a blockchain merchant bank and EOS founder.

Galaxy’s Bitcoin funds under management increased by 17.3% in the third quarter. While its large-cap Crypto Index Fund made a 32.3% return, the company still wasn’t able to turn a profit. Its Q3 net loss amounted to $44.6 million for the quarter ending Sept 30.

Galaxy Digital was founded in 2018 by a well-known billionaire and crypto evangelist Mike Novogratz. The company was founded in an effort to bring more institutional investors to cryptocurrencies. Novogratz said in an official press release that Galaxy Digital is in the process of preparing itself for the “incoming wave of institutional adoption ahead of digital assets as well as blockchain solutions by investors, corporates, and governments.”

When comparing the 2017 bull market to the current one, we can clearly see that the earlier bull run was largely driven by retail fear of missing out, while the euphoria surrounding Bitcoin in 2020 is quite different, as it is largely tied to institutional uptake.

All the evidence shows that institutional investors are flocking to Bitcoin in far greater numbers in the fourth quarter. Grayscale’s Bitcoin Trust experienced record inflows at the start of Nov, putting it on track to reach an astonishing 500,000 BTC by the end of 2020. That number would amount to roughly 2.7% of Bitcoin’s current circulating supply.


On top of that, institutional investors such as Paul Tudor Jones and Stanley Druckenmiller also not only own Bitcoin but openly talk about its potential benefits. They have both touted the cryptocurrency’s growth potential in the current environment.

Bitcoin’s price peaked at $16,500 in the past week, while it is currently fighting for $16,000, according to TradingView data. Whether the fight for this psychological level is won or lost, Bitcoin’s long-term potential is extremely bullish.

 

Categories
Crypto Daily Topic

8 Great Tricks to Maximize Your Mining Profits: Number 7 will Amaze you!

Cryptocurrency has opened up so many opportunities to make money. Whether it’s HODLing, staking, or mining, there’s always an opportunity to make money with crypto. Now, some of these are pretty straightforward. You deposit your crypto and sit and watch your money grow. Or you HODL and move in one day when the market is particularly bullish. But other ways, such as mining, are not as straightforward. 

Cryptocurrency has opened up so many opportunities to make money. Whether it’s HODLing, staking, or mining, there’s always an opportunity to make money with crypto. Now, some of these are pretty straightforward. You deposit your crypto and sit and watch your money grow. Or you HODL and move in one day when the market is particularly bullish. But other ways, such as mining, are not as straightforward. 

Cryptocurrency has opened up so many opportunities to make money. Whether it’s HODLing, staking, or mining, there’s always an opportunity to make money with crypto. Now, some of these are pretty straightforward. You deposit your crypto and sit and watch your money grow. Or you HODL and move in one day when the market is particularly bullish. But other ways, such as mining, are not as straightforward. 

Making money via crypto mining takes more than buying hardware and starting to mine right away. You want your investment in hardware, electricity, and time to count. These 8 tricks will show you how to maximize your crypto mining profit to get the best returns on investment. 

#1. Do your homework

Doing background research is one of the first things you should do before you engage with crypto mining in any capacity. Crypto mining is already complicated, and the same way you can gain lucratively is the same way you can lose.

Start with mining equipment. Check whether the type of equipment you intend to acquire and deploy is outdated. Study whether the market is currently favorable – you may find that it’s more profitable to buy the crypto rather than invest to mine it.

#2. Check whether it’s a good time to enter 

Just like with everything, there are good and bad times to jump into crypto mining. For instance, during the crypto market’s incredible bull run in 2017, crypto mining hardware from manufacturers was pretty much sold out. Most of the profitable equipment could only be found in second-hand marketplaces selling it at exorbitant prices. These hiked prices virtually made any projected profits not worth it. 

This time may have seemed a good time to start mining, but with hardware speculators milking the market as much as possible, the conditions were not the most favorable. 

On the other hand, when cryptos are trading at a much-reduced rate, you may get mining hardware at much better prices both from the manufacturer and second-hand marketplaces. This way, you stand actually to profit from the equipment rebounds. 

#3. Switch to low hash rate cryptocurrencies

This is one of the best-kept secrets of the crypto mining world. Unlike popular belief, it’s possible to find a smaller cryptocurrency with a higher return on investment than a ‘mainstream’ cryptocurrency. Smaller currencies also usually have a lower hash rate, meaning you can contribute a larger hash rate and reap a bigger mining reward. 

This means keeping an eye out on all the other markets, not just the ones you’re currently mining. If you’re using a GPU, you have even better chances. GPUs, unlike ASICs, have the flexibility of being able to mine different cryptocurrencies. 

#4. Mine brand new cryptocurrencies

Mining a new cryptocurrency can be very profitable – sometimes. When a new crypto enters the market, there’s a phase of euphoria as the creators crank up the hype, creating interest in the currency. As a result, the currency in question might have considerable value in the first few days, weeks, or even months. 

What you need to do is be there at the very start. Depending on the currency, you can mine with GPUs, as ASIC manufacturers have not yet had time to develop an algorithm for the particular currency. Due to the unpredictable nature of cryptocurrencies and especially brand new ones, you want to quickly exchange the earnings for more reliant cryptos or Fiat. 

#5. Start small

This is universal wisdom for getting into any kind of business endeavor. It’s much truer for a market as volatile as cryptocurrency, isn’t it? When you’re new in the space, there’s so much you need to learn, and any rushed moves are highly discouraged. 

When you start small, any losses are also less painful. You also build the right skill set as you learn what works and what doesn’t. After you’ve figured out how crypto mining works, you can scale up. 

#6. Explore various scaling choices 

There are so many ways you can scale your crypto mining operation. This can be replacing aging equipment – which will lead to an increased heart rate while maintaining low expenditures and increasing your return on investment (ROI). 

You can also scale by buying mining capability from hash rate marketplaces. There’s also the option of cloud mining, where you purchase high amounts of hash rate for your favorite crypto or algorithm from companies that specialize in such. Whichever scaling method you choose, be sure to avoid third-party risk by doing appropriate research beforehand. 

#7. Find cheap energy

We can’t overemphasize the importance of inexpensive energy when it comes to crypto mining. Electricity is usually the largest expenditure involved in crypto mining. So when you save on energy costs, that’s more money for your bottom line. 

Also, depending on the region and electricity cost, your equipment may be profitable or not. In some parts of the world, energy prices tend to fluctuate instead of being constant. Some professional miners actually migrate in pursuit of cheap energy. 

The point is, you can increase your ROI if you find cheaper energy. You can even talk to your utility provider and see what’s the best rates they can provide. Again, this depends on your locale. 

#8. Join a mining pool

Now, we’d be remiss if we didn’t include joining a mining pool in this list. A mining pool is a group of miners who combine their computational power so as to discover new blocks faster. If the pool succeeds in finding a blog, the block reward is shared proportionally to each contributor’s processing power.

Why should you join a mining pool? Because the more the computational power, the more the likelihood for discovering and processing new blocks. As you can see, an individual miner would have a big challenge – financially and otherwise, assembling that kind of power. While going it alone doesn’t mean you’ll never see profits, it means they will be few and very far between. On the other hand, you stand a better chance to earn smaller but more frequent rewards with a mining pool. 

Final Thoughts 

Crypto mining is a great way to make money. Whether you’re a veteran in the scene or just getting started, these tips will help you make the best of your mining endeavor. Good luck! 

Categories
Cryptocurrencies

BitBox02 Hardware wallet Review: How Safe Is The Bitbox Hardware Wallet?

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Bitbox02 is a hardware crypto wallet developed by Shift Cryptosecurity AG, a technology company based in Zurich, Switzerland. It has a minimalistic design but packs a wide range of highly effective security features. And this falls in line with its mission of providing users with a secure and independent hardware wallet. According to the Shift Crypto website, the hardware wallet was developed by an international team of programming and crypto security specialists as an improvement of BitBox01.

Some of this wallet’s key features include an OLED display and invisible touch sensors for ease of navigation and a secure element, multi-signature support, and enterprise-grade encryption. In this review, we will be vetting BitBox02’s safety and ease of use by detailing its key security features, its step-by-step activation guide, number of supported currencies, and its pros and cons:

Key features:

Solid architecture: BitBox02 is ultralight, weighing only 12g. It is also made from a highly durable polycarbonate that can resist such elements as heat and water.

OLED display: BitBox02 features a white and 128*64 pixels OLED display. It plays a key role in easing in-wallet navigation and is large enough to fit a wallet address.

Invisible touch sensors: In addition to the OLED display is a range of invisible touch sensors that line up the sides of the wallet device. These also play a key role in navigating the wallet and approving outbound crypto transactions.

Desktop and mobile app compatible: BitBox02 is a cross-platform hardware wallet. It has a compatible desktop app for all the popular desktop operating systems like Windows, macOS, and Linux. Their website also hints at an upcoming mobile crypto wallet.

Multi-wallet: The wallet’s software is available in two downloadable data sheets; the BitBox02 multi and BitBox02 BTC. BitBox02 BTC ensures that the wallet will only support Bitcoin Cryptocurrency, while BitBox02 Multi supports popular cryptos.

Security features:

Password: Both the BitBox02 hardware wallet and compatible BitBox02 apps have a password as their primary deterrence against unauthorized access. You get to set both when activating the wallet and creating a user account.

Open-sourced: BitBox02 hardware wallet is highly transparent in that it is built on a fully open-sourced technology. This implies that both the app and the wallet firmware are open for viewing and auditing by wallet users and crypto security experts.

Secure element: BitBox02 wallet’s secure element is made up of dual chips that are used to store your encrypted private keys. The dual-chip architecture is designed using proprietary technology. They are also reinforced with a monotonic counter technology that limits the number of login attempts and a password stretcher that extends the amount of time required between login attempts while erasing the wallet contents after 15 unsuccessful attempts.

Instant backup: The BitBox02 hardware wallet comes with an SD card that you can use to back up your private keys. Unlike most other hardware wallets that provide you with an easy-to-forget recovery seed, the BitBox02 hardware wallet presents you with an SD card that you can use to back up your recovery seed instantaneously.

Enterprise-grade encryption: Your private keys, passwords, personal data held in your BitBox02 wallet is highly encrypted using the AES-256-CBC technology. Your wallet’s communications with other third party websites and systems are also subjected to end-to-end encryption.

Two-factor authentication: Outbound crypto transfers must also be subjected to two-factor verification processes.

Cold storage: Your private keys and any other personal data held in the wallet is held in offline cold storage. This gives you absolute control over your private keys and their backup.

FIDO-certified: BitBox02 wallet is FIDO certified as a Universal two-factor authenticator.

How to set and activate the BitBox Hardware wallet

Step 1: Start by ordering your BitBox hardware wallet on the Shift Crypto website.

Step 2: Download the BitBox02 desktop wallet app that’s compatible with your computer operating system.

Step 3: Plugin the hardware device (ensure the SD card is inserted)

Step 4: Chose a name for the wallet and create a unique wallet password.

Step 5: You will now have access to the BitBox02 wallet dashboard. Start by agreeing to the security information displayed to proceed.

Step 6:  On the ‘create a new wallet’ tab, enter your preferred wallet name, and create a password

Step 7: Remove the SD Card and keep it safe.

Step 8: The wallet is now active and ready to use

How to add/ receive crypto into your BitBox Hardware wallet

Step 1: Start by logging in to the BitBox02 wallet.

Step 2: If you are operating the multi-crypto wallet, select the coin you would like to receive

Step 3: Copy the wallet address or QR code and forward it to the party sending you crypto.

Step 4: Wait for the funds to reflect in your account.

How to send Crypto from your BitBox Hardware wallet

Step 1: Log in to your BitBox02 wallet

Step 2: If you are operating a multi-cryptocurrency wallet, select the coin you wish to send

Step 3: Enter the recipient’s wallet address and the amount of crypto you wish to send

Step 4: Insert the BitBox0 hardware wallet

Step 5: Confirm the transaction details on the hardware device and authorize the transfer by pressing the invisible touch sensors on the device.

BitBox Hardware wallet ease of use

The BitBox02 hardware wallet package doesn’t give you a manual/user guide, just a link to their website printed on the packaging box’s underside. It, however, is quite easy to use. Setting up the wallet, linking it with the desktop app, and creating a user account is quite straightforward.

Interacting with the app by sending or receiving crypto into the wallet or backing up your digital assets is also quite easy. And all these play a key role in making BitBox02 the most user-friendly hardware wallet.

BitBox Hardware wallet supported currencies and countries.

The number of cryptocurrencies supported by the BitBox02 hardware wallet depends on the firmware installed. You can choose BitBox02 BTC that will only support Bitcoin and Litecoin or BitBox02 multi that supports a wider range of cryptocurrencies.

You can also integrate the app with MyEtherWallet that makes it possible for you to support BTC, LTC, ETH, and 1000+ tokens.

BitBox02 wallet can be shipped to virtually every crypto-friendly country in the world.

BitBox Hardware wallet cost and fees

BitBox02 hardware wallet retails at €99.

You will only have to pay the variable crypto transaction fee when sending cryptocurrencies and tokens to another wallet or exchange.

BitBox Hardware wallet customer support

BitBox02 hardware wallet distributors have a highly responsive customer support team accessible via email or such Shift Crypto official social media pages on Facebook, Twitter, Instagram, Telegram, and follow their blogs on Medium.

What are the pros and cons of using the BitBox Hardware Wallet?

Pros:

  • BitBox02 hardware wallet has a strong emphasis on security.
  • It is easy to backup and recover your wallet using the SD card.
  • It is compatible with both desktop and mobile apps for easy navigation.
  • You can integrate MyEtherWallet that expands the number of supported currencies.
  • It is easy to use.

Cons:

  • Will only support a limited number of coins and tokens.
  • The screen is really small.
  • One may consider their €99 price tag restrictive.

Comparing BitBox Hardware wallet with other hardware wallets

BitBox Hardware wallet vs. Ledger Nano S wallet

Bitbox02 and Ledger Nano are both crypto hardware wallets that take pride in the number and effectiveness of integrated security features. Some of their similarities include integrating two-factor authentication, sleek design, and the fact that they both store your private keys in offline cold storage.

But unlike Ledger Nano S that supports 1000+ cryptocurrencies and tokens, the BitBox02 hardware wallet will only support a handful of crypto assets. Plus, while Ledger Nano S presents you with a set or recovery seed that you can use to backup your private keys. Unlike Ledger Nano S, however, BitBox02 has a simpler setup guide and supports multi-signature functionality.

Verdict: Is the BitBox02 Hardware Wallet safe?

Yes, BitBox02 hardware wallet embraces some of the most effective security measures. These include the fact that the wallet is open-sourced, is FIDO certified to serve as a Universal two-factor authenticator, two-step verification for outbound transfers, and backing up your wallet in an SD card. But these aren’t the only factors endearing BitBox02 to its users. Others include its rather straightforward setup process and its intuitive user interface.

Categories
Cryptocurrencies

MyStar wallet Review: How Safe Is This Multi-Blockchain Crypto Wallet?

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

MyStar Wallet is a mobile phone-based crypto vault designed and developed by Stargram Global, a Korean IT company specializing in Blockchain and entertainment products. On the MyStarWallet website, the crypto vault app is described as a “Multipurpose asset management (and) one-stop platform” for all your cryptocurrency needs. The site further refers to the wallet as a digital asset management tool focused on helping you store, send/receive, and secure your cryptocurrencies.

Though MyStarWallet is still relatively new to the crypto world, it stacks a host of operational and security features that set it apart from the competition. For instance, it is built on the Ethereum Network, which means that it provides users with access to the decentralized network and such amenities as the Dapp browser and the app builder tools.

In this MyStarWallet review, we will be vetting these features by looking at its commitment to safety, outlining the setup by step guide on using the wallet app, and telling you its pros and cons.

MyStar Wallet Key features:

Mobile app: MyStarWallet is a mobile-based app vault. It can be downloaded from either the Google Play Store or Apple App Store.

Multi-asset: My Start Wallet is also a multi-asset app vault. It hosts a significant number of cryptocurrencies and tokens, and that there is no limit to the number of private keys that you can store within the wallet.

Inbuilt exchange: MyStarwallet features an inbuilt crypto exchange where users can buy, sell, or exchange cryptocurrencies and tokens. The exchange is relatively secure, and transaction processing reliably fast.

Blockchain explorer: MyStarwallet also features the blockchain explorer that lets you keep tabs on the Ethereum network. It helps you monitor network events, news, important announcements like upcoming ICOs, and political and economic events or changes that may impact the crypto world.

Portfolio Tracker: Within the MyStarwallet app’s dashboard is the balance and transaction history tabs that help monitor your crypto activity. For instance, the history tab outlines your crypto inflows and outflows, and these go a long way in helping you create a crypto budget.

Address book: MyStarwallet also features an address book that integrates your phone’s contact list that simplifies how you send and receive Crypto. This effectively means that you can simply send Crypto to a contact address on your phone regardless of whether they have Mystarwallet installed or not.

Send Crypto via messenger: MyStar wallet also features a proprietary messaging platform, the Startalk Messenger platform that you can use to “Instantly send money while you talk.” This features messaging and video chatting and the remittance functionality that allows you to transfer cryptocurrencies and tokens via StarTalk.

Dapp browser: MyStarWallet integrates a Dapp browser, a decentralized browser that allows you to surf the web anonymously.

Create Tokens: In addition to the Dapp browser, MyStarWallet users now have access to the app builder tools that make it possible for them to create and successfully launch both decentralized token and ERC-20 tokens.

Mystarwallet security features

Password: Like most other mobile phone-based crypto wallet apps, MyStarWallet is password secured. The password deters unauthorized access to your private keys and serves as the crypto app encryption tool.

Recovery seed: When creating a user account on your MyStarWallet app, you will be presented with a 12-word backup seed. You will need this seed to recover lost private keys or restore the MyStarWallet on another device.

Two-factor authentication: Outbound transfers from the MyStarWallet app must be subjected to two-factor authentication. You have the option of adding your phone number when creating a user account for MyStarWallet that you can use to authorize outbound transfers or use the Authenticator apps.

How to set and activate the MyStar wallet

Step 1: Start by downloading the MystartWallet crypto app for your Android or iOS smartphone.

Step 2: Install and upon launching the app, click on the ‘Create a new wallet” icon

Step 3: Create a password for the wallet

Step 4: You will now receive the 12-word backup/recovery seed for the crypto wallet. Write it down on a piece of paper and keep it safe offline.

Step 5: Your wallet is now active and ready for use

How to add/receive Crypto into your MyStar wallet 

Step 1: Log in to your MyStarWallet app, and on the user dashboard, click on the ‘Receive’ tab.

Step 2: On the deposit window that pops up, copy your wallet address or the QR Code and forward it to the party sending you cryptos

Step 3: Wait for the deposit to reflect in your wallet.

How to send Crypto from your MyStar wallet

Step 1: Start by logging into the MyStarWallet app and clicking the “Send” icon on the user dashboard.

Step 2: If you have more than one types of cryptos stored in here, select the crypto coin you wish to send

Step 3: On the transfer window, key in the recipient’s wallet address and the number of coins/tokens you want to transfer

Step 4: Confirm the accuracy of the transaction details and authorize the transfer.

MyStar wallet ease of use

MyStarWallet is highly intuitive and very beginner-friendly. The processes of creating a user account are simple and quite straightforward. The user interface is very clean, with just a few carefully placed tabs that ensure you don’t need any expert help to teach you how to interact with the app. The processes of sending and receiving cryptos/tokens in and out of the wallet are also quite easy and straightforward.

MyStar wallet supported currencies and countries

MyStarWalet is eth-based and will only support Ethereum and such eth-network based tokens as the ERC-20 tokens.

MyStar wallet cost and fees

Downloading MyStar wallet, installing it on your phone, and storing cryptos and tokens therein is free. However, you will have to part with variable transaction processing fees (GAS) every time you wish to send cryptocurrencies and tokens from one wallet to another.

MyStar wallet customer support

You can always consult the MyStarWallet Blog or Wallet Guide sections of the wallet’s website to learn how to interact with the wallet app. This website also features an extensive range of video tutorials that outline everything related to MyStar, including the different troubleshooting techniques.

You may also want to reach out to the MyStarWallet customer support team by raising a support ticket, emailing them, or direct messaging them on social media platforms such as Facebook, Instagram, and Twitter.

What are the pros and cons of using MyStarWallet?

Pros:

  • It supports a wide range of eth-based cryptos and tokens
  • It is highly intuitive ad beginner-friendly
  • MyStarwallet is feature-rich and even integrates an inbuilt exchange
  • It makes it possible for users to send cryptos to a phone number or via Startalk messenger
  • It features a Dapp browser and Dapp builder that lets you create and launch ERC-20 tokens

Cons:

  • It only hosts basic security features
  • It will only support Eth-cryptos and tokens
  • It is not a regulated wallet

Comparing MyStar wallet with other multipurpose crypto wallets

MyStarWallet vs. eToro wallet 

Mystar and eToro are both multipurpose and multi-feature wallets that host a wide range of operational tools. And some of the common features hosted on both MyStar and eToro wallets include an inbuilt exchange and portfolio tracker. Both wallets are also beginner-friendly and feature highly intuitive user interfaces.

However, while eToro is a multi-blockchain wallet hosting cryptocurrencies built using different blockchains, MyStarWallet will only host eth-based altcoins. Further, eToro has a friendlier and highly responsive customer support team compared MyStarWallet. MyStarWallet nevertheless carries the day with the number of supported altcoins that include all ERC-20 tokens against eToro that will only support less than 20 popular cryptos. Moreover, they have made it possible for you to send Crypto to phone numbers and through messenger.

Verdict: Is MyStar wallet safe?

Well, the mobile crypto app has embraced several effective security and privacy measures around the vault aimed at keeping your private keys private and highly secure. These include securing the app with a password and enabling two-factor authentication, as well as providing you with a backup and recovery seed. However, we must mention that the online nature of the wallet plus the fact that it stores your keys in your phone, not cold storage, exposes it to such threats as hacking and malicious viruses.

Categories
Crypto Videos

Bank Of England Deputy Governor Jon Cunliffe Says Banks Must Keep Up With Crypto! The Race For CBDC!

https://youtu.be/cvBIcHMBxAA

https://youtu.be/cvBIcHMBxAA

Banks Will Need to Adjust to Crypto – Bank of England Deputy Governor Speaks Up

Jon Cunliffe has, as one of the leaders of England’s central bank, talked about crypto and digital assets as well as how banks will have to adapt to the changes brought by the crypto sector. His public statement is a testament to how blockchain technology and cryptocurrencies are changing the world as we speak.

Blockchain and digital assets offer their users the ability to store their own assets. By providing this service, they are possibly threatening the solutions that banks offer. Making sure that banks remain relevant on the playfield is not on the to-do list of England’s, or any country’s, central bank. Bank of England deputy governor Jon Cunliffe said that their job does include protecting various bank’s business models, but that banks will have to adjust. “Our job is to make sure that if bank business models change, the central bank manages the financial and macro-economic consequences of that” – Cunliffe said.

Cunliffe also spoke about central bank digital currencies, or CBDCs, and the “race” to be the first country to digitize its currency. He said that CBDCs also pose a threat to the solutions that commercial banks provide, as they are essentially cutting them out as middlemen. Crypto, on the other hand, is much broader and presents users with the option of self-custody, which presents a challenge to banks. However, in the case of crypto, banks will still function as fiat currency on-ramps as no cryptocurrency is even close to becoming a unit of account.

China seemingly leads the race to roll out its own CBDC, as it is already testing its digital yuan in some parts of the country. CBDCs hold far-reaching implications. Cunliffe said that “They need to go up the political agenda very fast before the political side starts to discover that there are developments in the private sector that don’t fit with policy.” This was said with an implication that governments across the globe have to prioritize conversations around digital assets due to the changes they may bring.
In contrast to many nations sprinting toward the CBDC finish line, United States financial regulators came out with a statement that they do not need or want to be the first to come out with their own CBDC, but that they rather want to do it right.

Categories
Cryptocurrencies

Is This a Good Time to Invest in Ripple?

When selecting a good crypto investment (actually any investment), even seasoned investors can never be too sure. Ripple is one of the several offerings investors can choose from, and no doubt, it has its fair share of both risks and prospects, just like all other crypto investments. 

When selecting a good crypto investment (actually any investment), even seasoned investors can never be too sure. Ripple is one of the several offerings investors can choose from, and no doubt, it has its fair share of both risks and prospects, just like all other crypto investments. 

When selecting a good crypto investment (actually any investment), even seasoned investors can never be too sure. Ripple is one of the several offerings investors can choose from, and no doubt, it has its fair share of both risks and prospects, just like all other crypto investments. 

Ripple’s (XRP) 2020 performance has shown fluctuations similar to Bitcoin and Ethereum. While part of this performance trend may be attributed to Bitcoin’s overall influence on the crypto market, there are XRP-specific forces attributed to the trend. As an investor, it is worth looking at these forces and XRP’s overall outlook to establish whether this is a good time to buy Ripple. 

This article will look at how XRP has been performing over the last 12 months and the factors that might shape its outcomes in the next several months. 

A Brief Background on Ripple

Ripple was introduced in 2012 as a real-time gross settlement (RTGS) solution. It enables financial institutions to send money instantly in a secure manner across the globe and at cheaper rates than previously possible. Besides the payment infrastructure, Ripple has the XRP currency, which can be used for trading and investment. 

2020’s Performance

XRP started the year at $0.92, and within two months, it had gone to a low of $0.34. In the next month of March, the currency fell to its lowest, exchanging at $0.14. During this period, both Bitcoin and Ethereum were also struggling to fetch competitive rates against the dollar. As such, it is safe to assume that XRP’s performance up to this point was largely a reflection of the economic outlook of the cryptocurrency economy.

From mid-March, XRP grew slightly and seemed to avoid fluctuations until August, when it shot up to $0.31. Again, this spike closely resembles trends observed on Bitcoin and Ethereum, where the two showed some of the highest figures in 2020. From August onwards, XRP has maintained an average of $0.25. 

From XRP’s 2020 financial performance, we can conclude that external forces heavily influence the currency’s outlook in the cryptocurrency economy. Nonetheless, there are unique aspects that either make XRP a good choice for investment or make it a matter that should be put on the shelf in the meantime.

Partnerships and Approvals

Besides the fair financial performance, Ripple has had a lot else going on – 2020 is the year RippleNet made numerous partnerships with banks and other financial institutions. The aim was to help these organizations achieve cheaper, faster, and more secure money transfers worldwide. Notable industry players such as Bank of America, HSBC, and Western Union have tested the solution giving it their vote of confidence. 

Ripple is also increasingly being loved by regulators. The UK Financial Conduct Authority acknowledges XRP as a utility token – a privilege only previously granted to Bitcoin and Ethereum. In the US, Ripple is in good standing with the Securities and Exchange Commission. The currency is also available on all major exchanges, which further strengthens its brand. Positive news about Ripple has also contributed to an increase in the crypto’s appeal among the investor community. 

2021 Outlook

2020 has been quite eventful for Ripple. 2021 might see an increase in activity considering that many of the partnerships the company announced will be maturing in 2021. When these partnerships finally take shape, we’re likely to see FOMO buying due to increased positive news about the currency. In such a case, prices will certainly surge, and predictions of XRP/US exchanges at $1 are not far-fetched.

We have also seen how Ripple’s performance follows Bitcoin’s trend. At the moment, Bitcoin is on the upward projectile, and this growth is likely to continue for several months. There have been substantial fluctuations between resistance and support, but each cycle since July sets a new high. Based on this history, it might take some time before Bitcoin reaches its ultimate resistance and prices start to crash. Since XRP trails Bitcoin’s performance, its investors might have even more time to decide if they need to jump out. 

Advantages of Buying Ripple

#1: It Solves Real-World Problems – Financial institutions have long struggled with transferring money fast and cheaply across the world. Currently, most cross-border money transfers are powered by SWIFT. But this messaging technology is slow and expensive. Ripple’s alternative solves these two age-old problems and thus, makes for a good competitor. The best way to create value, they say, is by solving people’s problems. As Ripple continues to address these challenges, we can only expect its value to grow. 

#2: It Is Currently Affordable – Well, it’s not really affordable considering that it is not a commodity. However, the idea that you can get several hundred XPRs for just $100 is refreshing. As an investor, high volumes are usually satisfying. While XRP currently seems affordable, this might not be the case in the next year or so. Based on the analysis in this article, XRP prices are likely to shoot next year. Come 2022, and your $100 might only afford you 100 XRP.

#3: It’s Got a Huge Market Capitalization – So what does it matter? Market cap is a good indicator of the stability of a company. It does not guarantee anything, but a huge market cap suggests that the market is conservative. This is a good thing for investors with a low-risk appetite because they fancy markets that seem stable, albeit this comes with the promise to oneself that they will not expect anything more than modest returns. Ripple has the third-largest market cap (after Bitcoin and Ethereum). 

#4: Ripple Has Professional Support – While hardcore crypto-enthusiasts think this is undesirable interference, it actually has many benefits. For instance, Ripple’s engineers always ensure the platform is stable. But perhaps, the greatest benefit of this “interference” is that Ripple Labs Inc. can promote the product to financial organizations. These marketing efforts will certainly promote the adoption of Ripple among financial organizations. The result will be a steady growth of the platform, including the XRP currency.

Ripple’s Challenges

There are many sweet things we can say about Ripple. On the flip side, Ripple has some challenges that are worth highlighting. 

  • No new XRPs are being mined, and nearly half of the existing ones are in the hands of, well, the wallets of the company’s directors. If they decide to dump their share, XRP might be badly devalued. This is just a hypothetical situation, and willing investors must assume the company has a future such that the directors will see no need to dump their coins. 
  • Financial institutions are conservative. This means that, despite the promotion efforts the company is making, it may take a long time for the platform to be fully adopted. 

Final Thoughts

Ripple has had a fairly impressive outlook so far. It has shown slow but steady growth in 2020. Although its price remains low compared to previous performance, there are all indications that the currency will become stronger in the coming year. There are several projects in the pipeline, as well as promote efforts to boost the platform’s adoption. It might take long before these results are realized. But all factors considered, there is good reason to believe that this is a good time to invest in Ripple.

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Crypto Videos

A Bitcoin Whale Shorted $100M BTC – Bitcoin Still Climbing!

https://youtu.be/J_7nj8GiCjc

https://youtu.be/J_7nj8GiCjc

A Bitcoin Whale Shorted $100M BTC: Why are Whales Selling at $16,000?

According to the pseudonyms trader CL, a Bitcoin whale has placed a short position worth $100 million on the Bybit exchange. This information came after various on-chain data pointed toward a whale-driven sell-off that occurred throughout the past week.
Even though the overall sentiment around Bitcoin remains strongly bullish, many reasons make $16,000 a very attractive area for sellers.

The $16,000 level provides significant liquidity, primarily due to it being a heavy resistance level. The level has seen quite a high buyer demand, as stablecoin inflows show. However, buyer demand is significantly lower at higher levels at the moment. Due to the clash of buyers and sellers at this level, this area of high liquidity makes it even more compelling for sellers.

Whales are taking profits

An unknown seller aggressively sold Bitcoin on Bybit on Nov 15. Order flows show that they sold approximately $100 million worth of Bitcoin in $3.5 million increments. These increments showed up in the order books on average consecutively over a couple of hours.

Based on the abrupt, though seemingly incremental, large-scale sell order, CL suggested that this could result in two possible scenarios.
The seller could get engulfed, thus causing a squeeze, which might cause the Bitcoin price to increase. The sell orders could continue to apply selling pressure on BTC even after the seller finishes selling his portion of Bitcoin.
“Someone aggressive sold almost $100 million on Bybit, a 3rd of the sell positions are open; personally, I’m pretty curious to see what happens if the seller does get engulfed, or if he will be let free,” – said CL.
Meanwhile, other major exchanges have spotted several large deposits during the time of the short-selling. United States-based crypto exchange Gemini saw a 9,000 Bitcoin deposit, according to the data coming from CryptoQuant.


Whales typically choose exchanges with strict compliance and strong regulatory measures, such as Coinbase and Gemini. Considering the large Bitcoin deposit to Gemini, which is worth around $143 million, a pseudonymous researcher better-known as “Blackbeard” said this is the time to be cautious.

Perhaps… Just Weekend Volatility?

As CL stated, Bitcoin’s current market structure is quite different from the previous cycle. As an example, when Bitcoin was at $16,000 in 2017, the market was more than just a bit overheated and experienced extreme volatility.

He said: “Back in 2017, when Bitcoin pumped from 10k, 15, into 20k, we had OKEx’s weekly futures trade in 1000$ contangos. Now we’re here with quarterly futures trading only 100$ above.”
This time around, the rally seems to be more sustainable and gradual. Bitcoin has continued to see, with a few minor setbacks, a staircase-like rally over the past six months. This kind of rally has allowed it to evolve into a prolonged uptrend. On top of that, rather than sudden spikes and no consolidation, Bitcoin has seen upside followed by consolidation, which is a much healthier way of gaining ground.

One thing to note is that, while it is true that institutions are getting into crypto at the moment, data such as Google Trends show that there is still little interest from retail investors, a complete opposite from late 2017.
There is a very strong argument to be made that the ongoing rally is fundamentally different from the one in 2017 despite the current market sentiment, which is reaching “extreme greed.” The available supply has decreased due to the 2020 halving, and the reserves on exchanges over the past year have reduced drastically.


The Bitcoin futures funding rates are also neutral, coming at around 0.01%, meaning that the market is not as overheated or overcrowded as it was in 2017. This trend could make the downside potential limited, especially in the medium term. Market maturity is certainly one thing that has changed since 2017, and whether Bitcoin goes up or down in the short-term, its upside potential, in the long run, is tremendous and very likely.

Categories
Crypto Videos

JP Morgan – Institutions Ditching Gold ETFs For Bitcoin!

https://youtu.be/9-8fri8XGl4

https://youtu.be/9-8fri8XGl4

Institutions Ditching Gold ETFs For Bitcoin – JP Morgan Opens Up

The demand for Grayscale’s Bitcoin Trust has increased so much lately that it has surpassed all gold ETFs combined, according to JPMorgan Chase, the largest bank in the US.
JPMorgan noted that Bitcoin is eating away at gold ETFs demand very quickly. The news came out in a report shared by Michael Sonnenshein, who is currently the managing director of Grayscale Investments.

More and more institutional investors, such as family offices, are now viewing the world’s largest cryptocurrency as an alternative to the yellow metal used to be a hedge and the go-to safe-haven.
The Grayscale’s Bitcoin Trust flow trajectory in October became significantly steeper, while all gold ETFs remained basically flat. “The contrast between gold ETFs and Grayscale Bitcoin Trust lends support to the idea that investors that invested in gold ETFs previously, such as family offices, maybe looking into Bitcoin and seeing it as an alternative to gold.”


Bloomberg’s report dating from September showed Grayscale’s Bitcoin Trust is outperforming 97% of all US ETFs. The bullish report regarding Bitcoin’s adoption caps off an amazing week for the crypto asset management firm. Sonnenshein stated that his company had recorded the largest raise across its suite of products, totaling $237 million.
While GBTC remains the most popular investment vehicle for Grayscale, the Ethereum Trust is also gaining a lot more traction lately, with a record-shattering $58 million.

Last month, Grayscale’s Ethereum Trust became an SEC-reporting company, which means that it now has to file quarterly as well as annual disclosures with the US securities regulator. The company had over $1 billion worth of inflows in its third quarter of 2020. Its inflows in 2020 are now nearing a whopping $3 billion. Overall, Grayscale has over $9.1 billion worth of assets under management.

All in all, the trend of crypto surpassing traditional asset classes in terms of performance is becoming a trend, which is certainly bringing more and more investments to the sector. With so many institutions joining the movement lately, cryptocurrency is poised to receive the attention of the broader masses in the short future.

Categories
Cryptocurrencies

Gnosis Safe Smart Wallet Review: Is Gnosis The Most Secure Smart Contract Wallet?

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

Gnosis safe is a cryptocurrency wallet specially designed for the Ethereum network to host eth-based cryptos and tokens. The wallet was developed by GNOSIS – an internet technology company in Gibraltar – and is among the first smart contract-based mobile apps. It is available as both a desktop/mobile app as well as a browser extension. This, according to its developers, doesn’t just ensure that the wallet is safer but also gives it the capability to handle a wider range of functions not offered by the traditional blockchain wallets.

The Gnosis safe website refers to the wallet app as “The most trusted platform to manage digital assets on Ethereum for companies/investors/developers/hodlers and DAOs.” It also refers to it as a “Safe Multisig mobile” wallet that helps users monitor their crypto portfolio on the go. It is further described as a transparency and security-focused eth-wallet that seeks to provide wallet users with a balance between safety and ease of use. In this Gnosis Safe smart wallet review, we look at everything you need to know about the eth-based crypto vault while helping you determine if it indeed is the most secure smart contract wallet.

Gnosis safe key features:

Cross-platform: Gnosis Safe is a cross-platform wallet. It is available as a mobile app (for both Android and iOS), desktop app (for both Windows, macOS, and Linux), and an in-browser extension. 

Multi-user: Gnosis Safe smart wallet is also a multi-user wallet that provides multiple safes within the wallet. They have separate login credentials and work best for family members, acquaintances, or companies that want to maintain all their crypto assets in one vault.

DeFi focused: Gnosis also integrates some of the most popular decentralized finance apps and protocols maintained on the Ethereum Network.

Address book: Gnosis wallet also features an address book that allows you to either integrate the wallet with your phone’s contact list or save the contact information such as the wallet addresses of individuals you engage regularly.

Integrate Dapps: The fact that Gnosis Safe Smart wallet is built on the Ethereum ecosystem makes it possible to explore the blockchain and interact with different Dapps maintained here.

Gnosis safe security features:

Password: Like most other wallets, Gnosis Safe Smart wallet is password-secured, and you get to set this unique key when creating a user account.

Two-factor authentication: You can always use the Gnosis Safe Authenticator or the Status Keycard to activate the wallet’s 2-factor authentication feature for all outbound transfers.

Recovery seed: During the wallet activation and account creation process, you will be presented with a backup/recovery seed for the wallet. Write it down and keep it safe offline.

Open source: Gnosis Safe Smart wallet is fully open-sourced and users, as well as crypto security experts, are free to view and audit source code for vulnerabilities. Gnosis Labs has also continuously run a bug bounty program for the wallet, and no critical bug or vulnerability has ever been discovered.

Multi-signature: Gnosis Safe Smart wallet is a multi-signature crypto vault. You can activate this feature for the entire wallet if you only run one safe or any number of safes hosted by the wallet.

How to activate/setup the Gnosis Safe Smart Wallet?

Step 1: Start by downloading the Gnosis Safe Smart wallet from either the website or the app store

Step 2: Install and launch the app. Click on the “Create a new wallet” icon

Step 3: Read through and agree to the Gnosis privacy policy and terms of use

Step 4: Create a unique password for the Gnosis Safe wallet

Step 5: Proceed to create the first safe for the wallet. This requires you to deposit Eth or any of the supported tokens, and you will be charged a small fee (about 0.005 ETH) as the cost of deploying the wallet

Step 6: Confirm that you are ready to create a wallet on the pop-up window

Step 7: You will be required to download the web extension that serves as your wallet’s two-factor authenticator. It is also referred to as a Safe Authenticator.

Step 8: Install the browser extension app and upon launching, create a user password. This has to be different from the mobile app password.

Step 9: In the next window, click on the ‘Show QR Code’ icon and scan the QR code with your phone to connect the Safe Authenticator with Gnosis Safe Smart wallet

Step 10: Write down the recovery phrase provided and store it in a safe offline environment. Verify that you have copied it correctly.

Step 11: Pay the wallet deployment fees

Step 12: You will receive a notification via the in-browser app, informing you that the safe wallet has been successfully created and deployed.

Step 13: Your Gnosis Safe Smart wallet is now active and ready to use

How to add/ receive Crypto into Gnosis safe smart wallet:

Step 1: Log in to your Gnosis safe mobile app wallet and click on the ‘Receive” icon

Step 2:  If you have multiple safes created, select the safe into which you want to receive the crypto

Step 3:  Copy the wallet address or the QR code for the safe and forward it to parties ending you crypto

Step 4: Wait for the funds to reflect in your wallet

How to send crypto from Gnosis safe wallet:

Step 1: Log in to your Gnosis safe Mobile wallet app and click on the “Send” icon

Step 2: Select the safe from which you want to send crypto

Step 3: Select the digital asset you want to send

Step 4: Enter the recipient’s address and the number of coins you wish to send in the transfer window

Step 5: Check that the details of the transaction are correct and click the send button

Step 6: Log in to the Safe Authenticator (in-app browser) to review and authorize the transaction. Click the ‘Submit’ button if satisfied with the accuracy of the transaction details

Step 7: Return to the Gnosis safe smart mobile wallet to initiate the transfer.

Gnosis Safe smart wallet ease of use:

Though one may consider the setup and activation process for the Gnosis Safe Smart wallet app to be too lengthy, it is still quite straightforward. The setup guide is easy to follow, and you do not even need expert help to set up the mobile wallet or link it with the Safe authenticator. The Gnosis Safe wallet website features a wide range of guides that explain how to activate and interact with the Ethereum wallet.

Gnosis Safe smart wallet supported currencies:

Gnosis Safe is an Eth-focused wallet. It will, therefore, only feature Ethereum, Ethereum Classic, ERC-20 tokens, and such collectibles as the ERC-721 tokens.

Gnosis Safe smart wallet cost and fees:

Gnosis Safe wallet is free to download and install. However, you will be required to pay a small wallet deployment fee of ETH 0.005 when creating a wallet. Other fees include the transaction fees charged by the Ethereum network when you send cryptos/tokens to other wallets or exchanges.

What are the pros and cons of using Gnosis Safe smart wallet?

Pros:

  • It embraces highly advanced security features
  • It makes it possible for you to invest and earn digital assets
  • Gnosis wallet has a highly responsive customer support team
  • The wallet provides you with a demo version that you can use to test the vault

Cons:

  • It will only support Eth based cryptos and tokens
  • The wallet is exposed to inherent threats facing hot wallets
  • It imposes a ‘wallet deployment’ fee

Verdict: Is Gnosis Safe Wallet secure?

Well, Gnosis Safe Smart wallet embraces several highly effective security measures that its developers believe will play a key role in boosting the wallet’s safety and privacy. The wallet is password secured, outbound transfers from the Gnosis Safe smart wallet must be subjected to two-factor authentication, it is a multi-signature vault, and has also been formally verified by the Ethereum network. Our only concern with the Gnosis Safe Smart wallet is that both the Gnosis safe mobile app and Gnosis Safe Authenticator are online-based and, therefore, exposed to the inherent threats facing hot wallets. 

Categories
Cryptocurrencies

JWallet Review: Is JWallet The Most Secure Wallet For Ethereum Tokens?

Jwallet is a multi-coin cryptocurrency wallet developed by Jibrel Network and introduced to the crypto community as one of the safest token wallets. It is Eth-specific and specially designed to host ERC-20 tokens, collectibles like ERC-721 tokens, Non-Fungible tokens, and custom tokens.

Jwallet is a multi-coin cryptocurrency wallet developed by Jibrel Network and introduced to the crypto community as one of the safest token wallets. It is Eth-specific and specially designed to host ERC-20 tokens, collectibles like ERC-721 tokens, Non-Fungible tokens, and custom tokens.

Jwallet is a multi-coin cryptocurrency wallet developed by Jibrel Network and introduced to the crypto community as one of the safest token wallets. It is Eth-specific and specially designed to host ERC-20 tokens, collectibles like ERC-721 tokens, Non-Fungible tokens, and custom tokens.

Jibrel website describes Jwallet as an institutional-grade crypto vault that seeks to provide users with an all-in-one platform to store, interact with, and exchange eth tokens. It has since incorporated a wide variety of operational and security features that make it the next generation token-wallet you can use to secure and easily manage your digital assets.

But is Jwallet as safe and easy to use as the Jibrel website claims? We will be answering these issues by looking at the wallet’s key features, the number of supported currencies, vetting its ease of use, and outlining the step-by-step guide on how to activate and use this Jibrel crypto wallet.

JWallet key features:

Cross-platform: Jwallet is a multi-device and cross-platform wallet. It is available both as a mobile app for both Android and iOS devices. It is also a web wallet that’s accessible via the computer and phone web browsers.

BYOT: JWallet features the Bring Your Own Token (BYOT) service that allows you to import custom tokens and add them to your wallet. The tokens don’t have to be publicly listed, plus the process of importing tokens to the wallet and adding them to the wallet is easy and straightforward.

Portfolio tracker: The Jibrel network website refers to the crypto vault as an enterprise-grade wallet with banking-grade tracking tools. These allow you to view your transaction history and monitor your crypto balances in real-time.

Address book: JWallet also features an address book that integrates your contact list. This contact feature makes it possible for wallet users to integrate their phone’s address book with the wallet and save more contacts and wallet addresses of the parties you interact with regularly.

Inbuilt exchange (JCash): JWallet features an inbuilt decentralized exchange where wallet users can buy, sell, and exchange eth-tokens for other tokens or stable tokens. The value of these stable tokens is pegged on either fiat currencies or commodities using smart contracts. The exchange service is powered by J Cash, a proprietary currency conversion tool by Jibrel Network.

Integrates DeFi apps: JWallet is built on the Ethereum network and integrates the Decentralized Finance apps and protocols like MakerDAO that wallet users can leverage and use to generate incomes.

JWallet security features:

Passcode + Biometrics: Jwallet is passcode-secured, which you get to set when creating a user account. You can also reinforce this with such Biometrics as the Face or fingerprint I.D.

Non-custodial: JWallet does not collect any user data. It also won’t store your private keys or copies of it on the company servers. Rather, all your sensitive wallet data, especially the private keys and such other sensitive information like wallet passwords, are encrypted and stored locally – in your phone or computer device.

Recovery seed: The crypto wallet also makes it possible for you to backup your private keys and wallet data. You will receive a set of 12 phrases that form the wallet’s recovery seed during installation. Write these down on a piece of paper and keep it safe offline. You will need this backup seed to recover lost keys or open the wallet on a new device.

Highly regulated: Unlike most other crypto wallet apps, JWallet is highly regulated. To use some of the wallet’s core features and interact with its fundamental services, like J Cash, you will be required to first verify your identity by completing the KYC and AML procedures.

Client-side encryption: JWallet also embraces client-side crypto encryption. This implies that all your wallet data and any communication with the Jibrel company servers or third party systems are encrypted before they leave the wallet.

How to activate/ setup the JWallet

Step 1: Start by downloading your JWallet cryptocurrency app compatible with your device on either Google Play Store or Apple App Store.

Step 2: Install and launch the wallet app. Click on the “Create a new wallet” icon on the wallets installation page.

Step 3: Agree to the Jibrel wallet’s terms of use and privacy policy.

Step 4: Create and verify the wallet password, and create a hint for the password

Step 5: You now have access to the Jwallet user interface

Step 6: Click on the “settings” icon on the bottom left corner of the wallet and select “Manage wallets.”

Step 7: Select your wallet, click on the three dots on the right side of the wallet, and tap on the ‘Backup’ option to generate the wallet’s recovery seed.

Step 8: You can then use the settings icon and manage wallets option to personalize your Jwallet, like converting it to a multi-address wallet or activating biometric security features

Step 9: Your JWallet is now active and ready for use

How to add/receive Crypto into JWallet:

Step 1: Log in to your JWallet crypto vault and click the “Receive” icon on the user dashboard.

Step 2: Select the wallet address to which you wish to add tokens

Step 3: Copy this wallet address or its QR code and forward either to the person sending you tokens.

Step 4: Wait for the funds to reflect in your JWallet

How to send crypto from JWallet wallet:

Step 1: Log in to your JWallet app, and on the user dashboard, click “Send.”

Step 2: Select the wallet address from which you wish to draw funds

Step 3: If you have multiple tokens store in here, select the currency you wish to send

Step 4: Enter the recipient’s address and amount to send on the ensuing transfer window.

Step 5: Confirm the details of this transaction before hitting send

JWallet ease of use:

Activating the JWallet app or the JWallet web wallet and creating a user account takes less than five minutes. Interacting with most of the JWallet features and services is quite straightforward. The processes of sending and receiving crypto into your JWallet is also easy and straightforward.

More importantly, both the wallet app and web wallet are multilingual and available in both English and Korean languages.

JWallet supported currencies:

JWallet is a multi-coin wallet that supports 1000+ crypto tokens and collectibles. These include ERC-20 tokens, custom wallets, stable coins like J Stable coin, and other Eth-based crypto tokens.

JWallet cost and fees:

Jwallet is a fee-free wallet. You will not be charged for downloading and installing the app, and neither will you be charged for transfers within the Ethereum network.

JWallet customer support:

JWallet maintains a highly responsive customer support team. Both the web wallet and crypto wallet app maintain elaborate FAQ sections that address most user concerns, how-to guides, and troubleshooting guides.

For personalized queries, you can contact the wallet’s customer support team by raising a support ticket on the Jibrel network website or by direct messaging them on such social media platforms as Telegram, Twitter, Kakaotalk, Reddit, and Bitcointalk.

What are the pros and cons of using JWallet?

Pros:

  • It is a fee-free Ethereum wallet.
  • JWallet maintains one of the easiest set and account activation guides.
  • It has a highly responsive customer support team.
  • It is feature-rich and hosts such highly advanced crypto security guides as the proprietary JCash

Cons:

  • It is a hot wallet that’s prone to online threats like phishing attacks.
  • Jwallet will only support eth-based cryptos and tokens.

Comparing JWallet with other Ethereum wallets

JWallet vs. MyEtherwallet

Jwallet and Myetherwallet are bothEthereum-specific crypto wallets. They both are easy to use and host numerous eth-based crypto tokens. Both integrate DeFi apps and protocols that allow their users to earn interest on digital assets and integrate the address book that allows the wallet user to send funds to a username and not necessarily a wallet address.

But while Jwallet will only support Eth-based tokens, Myetherwallet is more versatile and hosts such popular non-Ethereum cryptos as Bitcoins. Similarly, MyEtherwallet hosts an even larger set of features that include integrating third party exchanges like Changelly and Shapeshift that have simpler fiat-to-crypto conversion processes and even allow you to purchase crypto with a card. We nevertheless like Jwallet’s revolutionary stable tokens.

Verdict: Is JWallet safe?

Well, Jwallet has put in place several effective security and privacy measures for both the wallet app and web wallet. Some of these include securing your wallet with a password and fingerprint, client-side encryption tool for the wallet communications with third parties systems, it is non-custodial, and also provides you with a backup and recovery seed. The only downside to this is that both the web wallet and mobile apps are hot wallets and that you need to pass the KYC and AML requirements before using their J Cash feature.

Categories
Crypto Guides

What Should You Know About Bitcoin Miner Capitulation?

Introduction

Introduction

Introduction

If you have dealt with cryptocurrencies like Bitcoin, you must know how uncertain they can be. While they can make you a millionaire within a day, they can also snatch away all your money in a short period. People who mine their money in Bitcoin have to keep a close eye on these fluctuations and ensure they take themselves out while there is still time. The same may be happening with Bitcoin.

You may have heard the experts talk about Bitcoin Miner Capitulation. Some of those also try to explain the concept in their own words. However, there is still a major confusion around the term “Miner Capitulation.” If you also want to learn more about the concept, you have come to the right place. We have collected all the crucial information on the topic to understand what exactly is happening with Bitcoin. So let’s begin.

What Is Bitcoin Miner Capitulation?

Bitcoin mining refers to the completion of verified transactions’ blocks that get appended to the blockchain. For these transactions, miners earn a reward in the form of cryptocurrency. If the miner isn’t able to manage to make out their operational costs from the Bitcoin mining process, they sell a significant amount of their mined Bitcoins. This leads to Bitcoin Miner Capitulation.

On the other hand, Miner Capitulation can also result from sudden drops in the Bitcoin market as this makes miners sell their coins. Hence, we can say that Bitcoin Miner Capitulation is when small miners can’t profit from their mining, and they back out. It creates selling stress in the market, leading to further drops in the price and a lack of buyers.

Is This First Bitcoin Miner Capitulation?

Many people dealing with Bitcoin assume this is the first time Bitcoin is experiencing a Miner Capitulation. But the facts state something different. Miner Capitulation has been seen twice in the history of Bitcoin:

  • 2016: When Bitcoin Halving took place this year, it was seen that miners began selling a significant amount of their Bitcoins.
  • 2018: Bitcoin again crashed by 50%, getting a value of $3,000 from $6,000. This led to low profits for small miners, and they again sold their Bitcoins in massive amounts.

Apart from these, the 2013 effect on Bitcoin’s price also brought in some Miner Capitulation. Therefore, this isn’t the first time Bitcoin is experiencing one such situation. It has happened whenever Bitcoin Halving takes place or the price drops down.

Is Bitcoin Miner Capitulation Something To Worry About?

It is usual for a big market like Bitcoin to host thousands or millions of transactions every day. So when some of the miners sell their coins, how does that make any difference? The answer to this question is simple, i.e., the tension of sale in the market.

With these small miners selling their coins, many other people also begin considering selling their coins. This stress rises with more sales. Moreover, it causes a lack of buyers in the market, and Bitcoin’s price falls further.

People are relating Bitcoin Miner Capitulation to more significant problems that may be seen in the upcoming times. That is why you must learn more about the current situation and take action while there is still time to save yourself from any bigger trouble.

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Crypto Videos

Crypto Mining With Renewable Energy Part 2!

https://youtu.be/aVLnMDP2LF0

https://youtu.be/aVLnMDP2LF0

Crypto Mining and Renewable Energy Part 2 – Renewable Energy Producers

En+ Group, the world’s largest producer of low-carbon aluminum as well as the largest private-sector hydropower generator, has entered its first crypto mining venture.
The new venture, named Bit+, will focus on creating crypto mining facilities that utilize alternative energy sources and have a low carbon footprint.

En+ Group has partnered with Bit+, a subsidiary to the Russian company BitRiver. BitRiver provides hosting services as well as turnkey solutions for institutional and large-scale crypto mining operations.

BitRiver is currently operating the largest data center offering colocation services for Bitcoin mining in Russia. It offers similar services across the country as well as to CIS neighbors.
The first effect of the venture Bit+ made is the installation of a brand new facility close to BitRiver’s existing data center in Bratsk, which is located in the Irkutsk region of Russia. En+ Group has committed 10MegaWatts of electricity to the facility, which is already operational and is composed of modular crypto-mining units. The two companies have plans to scale this facility’s capacity to roughly 40MegaWatts.
The facility is composed of 14 modular units for its initial phase. Each of the units is a converted shipping container as large as a full-scale cryptocurrency mining data center. Each unit should accommodate up to 400 of Bitmain’s S19 Pro miner devices.

En+ Group provided some context regarding how they chose the Irkutsk region and how this region is extremely viable for lower-carbon solutions to cryptocurrency mining in the recent statement:
“Our energy assets in the region produce low-carbon, as well as inexpensive electricity from renewable sources. We are able to offer a surplus of energy to these partnerships. On top of that, the low average annual temperature of the region reduces the energy required, making the process more efficient and further decreasing the carbon footprint.”
As we said in our previous article on renewable energy, high energy consumption remains a major Achilles’ heel for the crypto sector, particularly for proof of work consensus algorithms such as the one Bitcoin has.

Several energy experts have attempted to steer the debate on Bitcoin’s energy problems to another topic. Instead, they have tried to argue that it is extremely important where that energy is produced and how it is generated. They have argued that it is most important to make sure that less harmful choices are made when picking the source of power rather than to argue the whole premise of the whole proof of work consensus algorithm.
With financial and geopolitical forces now entering the sector, it remains to be seen how far renewable energy will improve Bitcoin’s standing if this slow but certain change will be enough to make the mining sector truly sustainable.

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Cryptocurrencies

USDX Wallet review 2020: How Safe is The USDX Wallet?

USDX wallet is a multi-coin storage vault and the official wallet for the USDX stable coin and the Lighthouse (LHT) Coin. It was developed by the Lighthouse Blockchain Technology GmbH company and introduced to the crypto world in 2017. According to the wallet developers, USDX is specially designed and dedicated to providing users with a platform that they could use to secure and process crypto payments at “lightning-fast” speeds while maintaining zero fees. They add that the innovativeness level that went into designing and coming up with the USDX wallet is aimed at transpassing the current restrictions (banks, borders, and fees) set by both traditional and digital payments platforms.

USDX Crypto wallet
USDX Crypto wallet

USDX wallet is a multi-coin storage vault and the official wallet for the USDX stable coin and the Lighthouse (LHT) Coin. It was developed by the Lighthouse Blockchain Technology GmbH company and introduced to the crypto world in 2017. According to the wallet developers, USDX is specially designed and dedicated to providing users with a platform that they could use to secure and process crypto payments at “lightning-fast” speeds while maintaining zero fees. They add that the innovativeness level that went into designing and coming up with the USDX wallet is aimed at transpassing the current restrictions (banks, borders, and fees) set by both traditional and digital payments platforms.

USDX wallet is a multi-coin storage vault and the official wallet for the USDX stable coin and the Lighthouse (LHT) Coin. It was developed by the Lighthouse Blockchain Technology GmbH company and introduced to the crypto world in 2017. According to the wallet developers, USDX is specially designed and dedicated to providing users with a platform that they could use to secure and process crypto payments at “lightning-fast” speeds while maintaining zero fees. They add that the innovativeness level that went into designing and coming up with the USDX wallet is aimed at transpassing the current restrictions (banks, borders, and fees) set by both traditional and digital payments platforms.

But how does the USDX wallet hope to solve this? How does it work? We answer these questions and tell you everything else you need to know about the USDX wallet in this user review. We will especially look at its key features, the security features in place, and outline the step-by-step guide on how to interact with the wallet.

USDX Wallet key features:

Mobile wallet: USDX wallet is purely a mobile app available for the Android and iOS operating systems.

Fee-free transactions: One of the USDX wallet’s biggest selling points is the fee-free transaction processing approach. The wallet doesn’t impose the transaction fee when you send USDX Stablecoins or LHT tokens from your USDX wallet to other wallets or exchanges.

Lightning-fast transaction processing: The ultrafast transaction processing and confirmation for both transfers to other wallets and cash withdrawals are another selling point for the wallet. According to the USDX wallet website, their servers can process 100,000+ transactions per second. This is more than the combined transaction processing speeds for Visa and MasterCard.

In-built exchange: USDX wallet integrates Alterdice Exchange that provides you with a platform for selling, buying, and exchanging cryptos and tokens without leaving USDX. The transaction processing speeds are fast and maintain highly competitive fees.

Portfolio tracker: On the USDX wallet’s user interface are the transaction history and balance buttons that you can use to view your recent crypto inflows and outflows as well as the value of your digital assets in real-time.

Charting tools: The third party wallet integrated into the USDX wallet – Alterdice Exchange – features market analysis and charting tools. These come in handy in tracking the value of different crypto coins and determining the best buy and sell points.

Address book: USDX wallet’s versatility makes it possible for users to send altcoins to phone numbers, QR codes, and wallet addresses. And by integrating your phone’s contact list in the featured address book simplifies the process of sending funds to a phone number while avoiding such threats as pastejacking.

USDX Wallet security features:

Password + Biometrics: The USDX wallet is secured with a PIN code that you create during app installation and user account creation. You are also free to boost this app security feature further by adding such biometrics as the Face or Fingerprint I.D on compatible devices.

Two-factor authentication: All outbound transfers to other wallets or exchanges must be subjected to two-factor authentication. You will need a phone number, email address, the Google Authenticator app to receive the transaction authorization codes.

Hierarchically deterministic: USDX wallet uses the hierarchically deterministic functionality to auto-generates a new wallet address every time you initiate a crypto transaction, effectively masking your real wallet address.

Enterprise-grade encryption: Your USDX wallet embraces enterprise-grade technologies in encrypting your user data. All of the wallet communications with the Lighthouse Company servers and all other third systems, especially the third party exchange and wallets, are also highly encrypted.

How to activate/setup the USDX Wallet

Step 1: Download the USDX wallet compatible with your device on either Google Play Store or Apple App Store

Step 2: Install and launch the wallet. Since you are new to USDX, choose to create a new wallet.

Step 3: Choose a unique name for your USDX wallet

Step 4: Create a strong and unique multicharacter password (with a minimum of 10 characters) for the wallet.

Step 5: Create and confirm a 4-digit PIN code for securing the app

Step 6:  Enter and verify your phone number using the confirmation code received

Step 7: Your account is now active and ready to use

Step 8: Log in to your new wallet and use the settings tab to personalize it by activating two-factor authentication and backing up your private keys

How to add/ receive Crypto into USDX Wallet:

Step 1: Log in to your USDX wallet and hit “Receive” on the user dashboard

Step 2: The wallet will display the wallet address and its QR code. Copy either and forward it to the person sending you crypto

Step 3: Alternatively, hit the “Buy” button to buy from Alterdice exchange

Step 4: Follow the prompts to make your purchase.

How to send crypto from USDX Wallet:

Step 1: Log in to your USDX wallet and hit the “Send” icon on the user dashboard.

Step 2: If you have multiple coins hosted therein, select the cryptocurrency you want to send

Step 3: On the transfer window that pops up, enter the receiving wallet address or choose to scan their QR code

Step 4: Enter the amounts you wish to send

Step 5: Check the accuracy of these transaction details and confirm the transfer

USDX Wallet ease of use:

USDX wallet incorporates several highly effective functional features that make it highly intuitive and beginner-friendly. It, for instance, integrates an inbuilt exchange that eases the process of buying and exchanging cryptos. But more importantly, it maintains a clean and easily navigable user interface.

It will also take you less than two minutes to activate the wallet and create a user account. Similarly, the processes of sending and receiving cryptocurrencies in and out of the wallet are easy and straightforward.

USDX Wallet supported currencies:

USDX Wallet currently supports two cryptocurrencies; the USDX stable coin and the LHT coin. However, you can exchange either of these with virtually any other crypto or token, as well as a few fiat currencies on the integrated Alterdice exchange.

USDX Wallet cost and fees:

Downloading and depositing funds into the wallet is free. Crypto transfers involving the USDX stable coin are also free.

USDX Wallet customer support:

Lighthouse Blockchain Technology maintains a responsive customer support team for the USDX wallet. You can start by consulting the elaborate FAQ page for troubleshooting tips and guides on how to interact with the different wallet features.

However, personalized queries should be directed to the automated Telegram assistant bots or the wallet developers on the wallet’s official social media pages.

What are the pros and cons of using USDX Wallet?

Pros:

  • Sending USDX coins from the wallet is free.
  • Translation processing on USDX Wallet is lightning fast.
  • It embraces highly effective security measures like 2FA.
  • Creating an account and activating the user account is easy and straightforward.

Cons:

  • It supports a too limited number of coins.
  • USDX doesn’t support anonymous user registration.
  • Only USDX coins are exempt from transaction processing fees.

Comparing USDX Wallet with other crypto wallets

USDX Wallet vs. eToro wallet

USDX and eToro wallets are both highly advanced cryptocurrency wallets. Some of the common features between the two include the integration of a crypto exchange and some highly advanced security features like two-factor authentication and enterprise-grade encryption. More importantly, they both maintain highly responsive customer support teams.

But they also differ significantly on how they operate and their mission. For instance, while eToro’s crypto wallet is ideally meant to help the online broker’s investment vehicles, USDX seeks to be the world’s leading payment processor.

Verdict: Is USDX Wallet safe and easy to use?

Well, activating the USDX wallet and creating a user account takes no more than a few minutes. The wallet then embraces a clean, easily navigable, and beginner-friendly user interface. But irrespective of embracing some highly effective safety and privacy measures like making two-factor authentication default and enterprise-grade encryption, USDX wallets are yet to overcome some security challenges. It is a hot wallet, which exposes it to the inherent threats facing online mobile apps and web wallets.

 

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Cryptocurrencies

This Will Completely Change The Way You Approach Ripple

Ripple is primarily a payment network, RippleNet. Ripple is not a cryptocurrency in itself nor is it based on Blockchain technology in the same sense that Bitcoin does. RippleNet is a “decentralized” payment platform based on a distributed ledger (“interledger protocol” or “distributed ledger”) and free software that is focused on the development of international […]

Ripple is primarily a payment network, RippleNet. Ripple is not a cryptocurrency in itself nor is it based on Blockchain technology in the same sense that Bitcoin does. RippleNet is a “decentralized” payment platform based on a distributed ledger (“interledger protocol” or “distributed ledger”) and free software that is focused on the development of international […]

Ripple is primarily a payment network, RippleNet. Ripple is not a cryptocurrency in itself nor is it based on Blockchain technology in the same sense that Bitcoin does. RippleNet is a “decentralized” payment platform based on a distributed ledger (“interledger protocol” or “distributed ledger”) and free software that is focused on the development of international payments.

The Ripple network is decentralized but not in the same sense that the Bitcoin network is. The Ripple network operates through a list of single nodes authorised by the central authority of the network (unique node list), in this sense it is decentralised because the validation does not require intermediaries, but on the other hand, the protocol is imposed by a central entity and, nodes, in addition to being elected by this central authority, cannot “give an opinion”.

In this way, the main objective of Ripple is not the democratization of the financial system, as it could be in Bitcoin, but the dynamization of international transfers. In this sense Ripple does not present the “trade-off” between scalability and decentralization, so Ripple is perfectly scalable, currently supporting the same transactions per second as VISA. In fact, Ripple maintains that the complete decentralization of the “general ledger” is unnecessary for your purposes and for obvious safety reasons prefers that the nodes be limited and trustworthy.

“It’s only a matter of time before central banks adopt blockchain to settle high-value, inter-bank fund transfers” – CEO of Ripple in 2017

History of Ripple

Ripple’s story begins in 2004, with an idea of a Ryan Fugger, in 2005 the first version is created. In 2011 Jed McCaleb began developing XRP, a cryptocurrency that based its value on “consensus” rather than PoW (proof of work). In 2013 Ripple released its iPhone app and by 2014 Ripple has become the second-largest cryptocurrency, the German bank Fidor accepts the Ripple protocol, and its price increases by 200%. By 2015 several banks such as Santander, UniCredit, UBS, Royal Bank of Canada, and others already accepted the Ripple protocol. In 2016 Ripple licensed to operate in New York and for the following year the capitalization of the XRP reaches 10,000 million.

Between 2017 and 2018 XRP revalorized by up to 36,000%.

What does Ripple Bring?

When a national interbank transfer is made, two things can happen, or that the banks have an established relationship to carry out these or that they do not have established one and an intermediary, usually the central bank, must intervene. In the international case, the matter is complicated. For an international transfer, the main system is SWIFT (Society for Worldwide Interbank Financial Telecommunication ) in which an agency acts as an intermediary and manages the exchange of currency and the transfer, this takes time and costs money. There are also other systems such as SEPA for the euro area, where the ECB is the intermediary. The most important thing we have to bear in mind here is that there is an intermediary in transfers and this means slowness and fees.

Ripple or the RippleNet emerges as an alternative to this by proposing a relationship between banks at a global level. Ripple’s network currently has more than 100 banks (SWIFT has 11,000). However, Ripple allows you to perform instant transactions, with virtually no commissions securely. Against popular belief, RippleNet does not need a cryptocurrency to function, being able to operate directly with fiat money (fiduciary money).

For this reason, XRP, the Ripple cryptocurrency, is not essential for the use of the RippleNet. However, if it may be necessary in any case, as we shall see. It should be noted that the currency is not mineable, the company “created” 100 billion tokens and saved 20 billion of these (XRP). Not working with Pow (Proof of Work), as Bitcoin lacks intrinsic value, and with this not being mineable and subordinate to a central authority, XRP approaches the land of fiat money.

How Does Ripple Work?

RippleNet has two operating forms FIAT-FIAT and FIAT-XPR-FIAT called xCurrent and xRapid respectively. It also has a programmable access interface to facilitate the use of these two protocols called xVia.

xCurrent

This solution provides secure encrypted transactions in a decentralized manner, without any intermediary bank. The xCurrent protocol does not require XRP, it uses the “interledger protocol” (IPL), the “decentralized ledger” so that each participant has access to it. However, in the case of multi-currency transfers, it requires liquidity in the foreign exchange market to function properly.

xRapid

This protocol does use the XRP to provide liquidity. Moving funds into XRP by leveraging its liquidity to make the currency exchange, of course, the main barrier to xRapid’s growth is, of course, the liquidity of the XRP.

Price Evolution

Currently, XRP is one of the currencies with the highest capitalization after Bitcoin and Ethereum and its price reached almost 4$, now it is worth 0.23$. Their brutal price increase was possibly due to the fact that the new investors, who came in when the Bitcoin was in highs, went to other currencies thinking that the price of the Bitcoin was too high to be able to buy it or some similar issue, with total ignorance of what Ripple was. But, it is very important to consider what the cryptocurrency is conceived for if you want to bet on it.

The view that the Ripple network needed the XRP to work is popular, which encouraged many to buy. However, as we have seen, XRP is not essential for the operation of the network. It should also be borne in mind that it is the company that controls the issuance of tokens, as it says it will not issue more and there are 100,000 million but who knows..?

On the other hand, XRP does not have commissions, so a hypothetical return to the bullish market is a plus point that can take advantage of other less scalable currencies like Bitcoin. We can take advantage of the evolution of its price through CFD’s over XRP, which gives us the possibility to maintain short positions and leverage.

First of all the details presented, I wonder… Is it possible to adopt the XRP as a reserve currency in the distant future, given the progress this technology represents compared to traditional transfers? Will the price soar if this model of the movement of money is imposed internationally?

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Cryptocurrencies

Bitcoin and Blockchain Will Completely Change the World and Here’s Why…

Most large companies are already adapting to the Blockchain, such as IBM or Microsoft, and more and more are accepting Bitcoins as a payment method. Many others join in consortiums to enter this new sector. We are at the beginning of a real revolution. The Bitcoin is… Bitcoin has risen a lot since its inception. […]

Most large companies are already adapting to the Blockchain, such as IBM or Microsoft, and more and more are accepting Bitcoins as a payment method. Many others join in consortiums to enter this new sector. We are at the beginning of a real revolution. The Bitcoin is… Bitcoin has risen a lot since its inception. […]

Most large companies are already adapting to the Blockchain, such as IBM or Microsoft, and more and more are accepting Bitcoins as a payment method. Many others join in consortiums to enter this new sector. We are at the beginning of a real revolution.

The Bitcoin is…

Bitcoin has risen a lot since its inception. Is it too late to invest?. This is a fairly recurring question today. My answer would be categorically negative, as the cryptocurrency market is only in its infancy and will continue to grow. And if we compare the capitalization of Bitcoin, 44 trillion dollars, with the capitalization of other financial assets, we realize how small this market still is.

Is a bubble forming in cryptocurrencies?

No. If I walk down the street right now and randomly ask 10 people, “What is Bitcoin?”, only one of them will know what it is, and surely will possess none. And if he then asked “And ethereum?” none of them would know. So, until the day comes when I hear recurring conversations from people who are investing in cryptocurrencies, there won’t be a bubble.

In addition, if we compare it with the dot-com bubble in the year 1999-2000, the market capitalization of American technology companies at its peak, was 1,750 billion dollars, which considering inflation, today equals 3,745 B$. If we compare it with the capitalization of all cryptocurrencies, 87 B$, we realize that the cryptocurrency market is very far from those levels, and especially if we think that in this case, the market is global, not only from the US.

What do I like most about bitcoin?

There are attractive advantages due to the use of Bitcoin against the Euro or other conventional currencies, such as decentralization, speed, immutability, divisibility, privacy (no one has to know my personal data), transparency (everything is registered in the Blockchain without being able to be removed or modified), lower costs, greater security (when there have been robberies of hackers, have been to companies that contained Bitcoins, but have never hacked the Bitcoin protocol or any other Blockchain system)elimination of intermediaries, etc.. The problem of double spending is fundamentally solved. If for example, I send a PDF document or an image, what I really do is send a copy and I can send it to as many people as I want, but until the creation of Bitcoin, There was no way we could send money with a technology that would ensure that the issuer did not keep the money.

However, in my opinion, the biggest problem that is solved is that of the constant fall in the purchasing power of our currencies. Before the Federal Reserve was created (in green color) the purchasing power of the dollar did not diminish, but once there existed a Central Bank capable of “playing” with money by printing new units, and the gold standard was abandoned allowing printing new dollars without limit, the value of the currency has been falling constantly, in the same way as all other conventional currencies. The value of $1 at the beginning of the last century is less than 5 cents today.

This constant loss of value of the coins we have in our pockets occurs because when Central Banks print many new coins the money supply is increased in this way. The creation of money is based on the creation of debt, a system that does not seem sustainable in the long term (global debt today amounts to more than 200 trillion dollars).

What is shocking is that in the wake of the last crisis of 2008, the Central Banks have printed a stratospheric amount of money, which will considerably aggravate this situation in the nearest future. But also, we can observe that the monetary offer of the Bitcoin presents a totally opposite panorama since less and less new Bitcoins are generated until in a few years no more will be created, having reached the limit of 21 million units (the vast majority of other cryptocurrencies follow the same line).

For this reason, I associate bitcoin as a kind of digital gold. If for example today we want to buy a motorcycle for 5,000€, we can also do it using four ounces of gold. In 30 years, for example, it could be that with this €5,000 we only got to buy the wheels, while using the four ounces of gold we will continue to be able to buy the entire bike.

The Blockchain is…

It is the technology that appeared with the creation of Bitcoin, the one behind the other cryptocurrencies, and that allows its decentralization. I see the Blockchain as the new internet and cryptocurrencies as an element within it. In other words, I think that on the assumption that cryptocurrencies would not succeed, the Blockchain would.

The Blockchain also allows, for the first time in life, make transactions without trusting the other party. We can make transactions with people we don’t know without the need for intermediaries such as banks or companies like Visa or Paypal that today act as “referees” generating the confidence to exchange money. Then we can be sure by saying that we are changing from the age of the internet of information to a new phase of the internet of value because the Blockchain allows this transfer of value.

I also think that the Internet of Things (IoT) is another revolution that will be presented in the coming years, since the Internet of Things (IoT) needs a record of things, this record cannot be other than the Blockchain.

But… What is the real problem you solve?

In my view, the power of the Blockchain goes beyond… It solves the big problem in our society today, which is the exponential increase in the gap between rich and poor. Every day the rich get richer and more control over others. I don’t see how sustainable it is that the 62 richest people on the planet already have more money than 3.6 million people (half of the world’s population, the poorest), or that companies like Apple, Facebook, or Google already have a value higher than the GDP of most countries.

While companies have continued to increase their profits and the pace seems to be accelerating, wages have remained flat even falling. And if we look at countries like Spain, in the wake of the 2008 crisis, we would see how this difference is much more noticeable.

So how does the Blockchain solve it? Distributing wealth from its origin in a fair way instead of trying to redistribute it a posteriori with taxes on high incomes, or other measures, which are not really implemented, since the greatest fortunes are those that tax less in percentage.

With the use of the Blockchain, I imagine a future where artists will be able to sell their own music, paintings, etc.. directly without the need for intermediaries to keep most of the revenue. A singer can upload their songs on the Blockchain and with the use of Smart Contracts can define the conditions of use of their music. For each user that plays the song, the author will receive fractions of cents. If radio stations use it or are added to corporate advertising spots, for each broadcast you will automatically receive the money. Then many investors will be able to live on their abilities.

The large technology companies and social networks that earn billions of dollars a year with our personal and private information must pay us for every information they want to know about us (age, nationality, what we like, etc..) and companies that want us to see their ads will also have to pay us to view or listen to them. So what do we do with this money we’re getting? Without thinking, it will be used to consume all kinds of products such as music or reading (for each display of an article your author will receive fractions of euros). In this way, instead of almost all the wealth that is created going into the hands of a few large centralized companies, there will be a decentralization of the system allowing much of this wealth to be distributed fairly among users.

And… why do I like Ethereum better than Bitcoin?

Precisely for this reason, because it is the Blockchain system that using Smart Contracts allows using this new technology in many different cases. Apart from performing the function of currency and value storage without the loss of purchasing power (like Bitcoin), it allows building any kind of decentralized business/projects or other cryptocurrencies.

It is for this reason that Bitcoin associated it as the currency of the future and Ethereum as the commodity of the future. In the same way that many companies need oil, especially since the first industrial revolution, or need the internet since their revolution two decades ago, in the near future I think the Blockchain will be needed for virtually everything imaginable. In this way, if Ethereum is positioned as the leading platform of Blockchain, the demand for its tokens will be huge making ethers worth tens of thousands of euros per unit.

And how to invest in Blockchain?

Unless the project we like creates its own tokens and launches an ICO where we can invest, then it is more difficult. There are very few shares listed on Blockchain, and most of them are listed funds that in my humble opinion do not have too much value.

There are curious cases like GBTC (Bitcoin Investment Trust) that tries to replicate the price of Bitcoin (so no, it does not represent the investment in Blockchain) And if you go to a website and are able to analyse all information on how many Bitcoins each represents their stock in circulation, you realize that currently, their shares are trading almost twice as much as they should. In other words, investors buying this stock are paying double for each Bitcoin.

In my opinion, the best option and the only quoted company focused 100% on Blockchain is BTL (BTL Group Limited), which has created the “interbit” Blockchain platform. One of the sectors in which they are present is energy with BP, Eni, and Wien Energie already testing their platform. And one of the reasons I like to invest is because of the fact that it capitalizes 58 million euros, when the capitalizations that are being achieved by similar Blockchain private companies, are around 1 billion euros.

In conclusion, investing in Blockchain and cryptocurrencies is a very smart idea. The risk is asymmetric because in the medium and long term the probability of prices falling I think is low, and in this case obviously the most we can lose is the capital invested. But if cryptocurrencies and the Blockchain are successful, the capital invested will be multiplied many times, making it statistically worthwhile to be exposed to these markets.

Today there are already more than 900 cryptocurrencies and I think we are going towards a future of “tokenization of everything”, where any company or person can have their own tokens for very different purposes.

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Crypto Daily Topic Cryptocurrencies

StakedWallet Review: Is Stakedwallet Legit Or Another Ponzi Scheme?

Stakedwallet is a DeFi-focused crypto project that provides you with a platform where you can securely store your digital assets and earn guaranteed interest. It is a highly innovative cryptocurrency wallet that integrates several operational and security features. And they all are aimed at ensuring the wallet is highly secure and easy to use. It works by providing wallet users with an opportunity to stake their cryptocurrencies and earn a fixed daily interest. The interest is deposited to your account daily, and the percentage earning for your staked assets is largely dependent on how long you have kept your funds on the platform.

Stakedwallet is a DeFi-focused crypto project that provides you with a platform where you can securely store your digital assets and earn guaranteed interest. It is a highly innovative cryptocurrency wallet that integrates several operational and security features. And they all are aimed at ensuring the wallet is highly secure and easy to use. It works by providing wallet users with an opportunity to stake their cryptocurrencies and earn a fixed daily interest. The interest is deposited to your account daily, and the percentage earning for your staked assets is largely dependent on how long you have kept your funds on the platform.

Stakedwallet is a DeFi-focused crypto project that provides you with a platform where you can securely store your digital assets and earn guaranteed interest. It is a highly innovative cryptocurrency wallet that integrates several operational and security features. And they all are aimed at ensuring the wallet is highly secure and easy to use. It works by providing wallet users with an opportunity to stake their cryptocurrencies and earn a fixed daily interest. The interest is deposited to your account daily, and the percentage earning for your staked assets is largely dependent on how long you have kept your funds on the platform.

A debate that questions the legitimacy of Stakedwallet has emerged online, especially on Reddit. Some crypto community members are now advising caution when dealing with the wallet, while others call it out as an outright Ponzi scheme designed to swindle naive crypto-enthusiasts.

In this Stakedwallet review, we will be vetting this passive income-generating platform cum crypto wallet to determine if it indeed is a secure crypto vault or another Ponzi scheme. And to achieve this, we detail all its features, a step-by-step guide on activating and using the wallet, check its ease of use and supported currencies, and compare it to other crypto wallets.

StakedWallet key features:

Cross-platform: Stakedwallet is a cross-platform crypto vault available as both a mobile wallet and a web wallet. Both the web wallet and the website associated with Stakedwallet are, however, inaccessible at the moment.

Inbuilt exchange: Within the StakedWallet user dashboard is the exchange icon that gives you access to the platform’s crypto exchange. You can use it to convert one supported crypto to another at a fraction of the cost charged by most other third-party exchanges.

Stake and Earn: You get to earn by engaging in the proof of stake programs offered by most blockchains networks and protocols through Stakedwallet. You can also earn by completing the numerous tasks on the platform, like inviting your friends and acquaintances to join the platform through its referral program. And for every successful referral, you earn SWL Tokens that you can then convert to any of the supported cryptocurrencies on the inbuilt exchange.

Multi-blockchain: Staked wallet is unlike most DeFi-focused crypto wallets that will only support Ethereum based DeFi apps and protocols. It supports a wide range of altcoins drawn from different Blockchains, including Bitcoin.

Portfolio/Income tracker: Stakedwallet integrates the “My Statistics” tool that you can use to monitor your crypto portfolio and earning trends. It is an automated tool that displays your crypto balances in real-time, transaction history to help you understand inflows and outflows, and the earning trend for all your staked coins on a weekly, monthly, or annual basis.

StakedWallet security features:

Password: Like most other crypto storage vaults, Stakedwlalet is secured with a multi-character password that you set when activating the app or web wallet and creating a user account.

Multi-factor authentication: Stakedwallet employs a three-step authentication process that integrates 2FA and multi-signature functionalities for your outbound transfers. Here, every transfer out must be subjected to two-factor authentication and signed by both the app and the company servers.

Enterprise-grade encryption: According to Stakedwallet, both the crypto app and web wallet use a 256-bit enterprise-grade encryption cipher and 25,000 PBKDF2 hash rounds in encrypting your PIN and all other user data in the wallet. They boldly claim that it would take a modern computer a million days to bypass these tools and hack into your account.

Non-custodial: Stakedwallet doesn’t collect any of your personal data, especially the PIN code or private keys. These are highly encrypted and stored locally on your computer or mobile device.

Vulnerability monitoring: According to Stakedwallet’s development team, both the wallet app and web wallet are being constantly monitored for bugs and vulnerabilities around the clock. It is subjected to regular security audits by some of the leading crypto security firms in the world.

VPN Access: Unlike most other crypto storage wallets that don’t support VPN access, Stakedwallet sets no restrictions on logging into your account via a VPN.

How to activate/  setup the StakedWallet

Step 1: Start by downloading the Stakedwallet app compatible with your phone on the Google play store or Apple app store.

Step 2: Launch the app and click on the “Create a New Wallet” on the installation page.

Step 3: Enter your email address and create a unique password for the account.

Step 4: Read and agree to the wallet’s terms of use and user privacy

Step 5: Verify that you are not a robot, and you want to proceed with the registration by clicking the verification button and completing the puzzle.

Step 6: Your account is now active and ready for use

Step 7: Click on the three bars on the top-left corner of the wallet app to access the settings section that you can then use to personalize the wallet.

How to add/receive Crypto into Poketto Wallet:

Step 1: Log in to your Stakedwallet app

Step 2:  Click on the three bars on the top left corner of the app’s user dashboard to access the app menu.

Step 3: Click on the “Deposit” tab and click on the “Add Money” on the deposit page that pops up.

Step 4: The wallet will now present you with a QR code representing the wallet address

Step 5: wait for the funds to reflect.

How to send crypto from StakedWalletwallet:

Step 1: Log in to the Stakedwallet app

Step 2: On the user dashboard, click on the “Send” button

Step 3: Select the altcoin you want to send and enter the recipient wallet address

Step 4: Decide on the amount you wish to send

Step 5: Confirm that the transaction details are correct and hit send.

StakedWallet ease of use:

Stakedwallet has a clean and intuitive user interface. You will find navigating through the app and interacting with most of its features, like depositing and sending crypto coins in and out of the wallet, quite easy. It also has a rather straightforward wallet activation and user account registration process.

It is quite beginner-friendly, and you don’t need help in staking different coins or monitoring your portfolio. The portfolio and earnings tracking processes are rather straightforward.

StakedWallet supported currencies:

Stakedwallet currently supports a significant number of the leading cryptocurrencies and tokens. These include Bitcoin, Litecoin, Bitcoin Cash, Dogecoin, Ethereum, and Dash. Plus the wallet’s native token, SWL.

StakedWallet cost and fees:

Downloading the wallet app, creating a user account, and interacting with its features is free. You also get to earn 0.6% – 1.5% of the staked digital assets daily in addition to the bounty program earnings like inviting friends to join the wallet and other microtasks.

However, you will have to part with the blockchain network fees like GAS, charged when you send crypto in and out of your wallet to Stakewalet.

What are the pros and cons of using Stakedwallet?

Pros:

  • It presents wallet users with multiple streams of earning passive income.
  • It is a beginner-friendly wallet.
  • It supports some of the most popular crypto wallets.
  • It has highly advanced security measures around the website, web wallet, and wallet app.
  • It is a free wallet

Cons:

  • There have been a lot of negative reviews about the wallet.
  • One may consider the number of supported cryptos to be limited.
  • It has a poor and unresponsive customer support team.

Comparing StakedWallet with other multi-blockchain wallets

StakedWallet vs. DexWallet

Both Stakedwallet and Dexwallet help their users generate passive income from their digital assets. They, however, differ significantly in the income-generating strategy. While Stakedwallet earns you guaranteed interest via the proof of stake protocol, DexWallet integrates different DeFi apps to make you money by either staking or lending to other app users.

Stakedwallet, however, has a soiled reputation due to a lack of transparency on how they handle client funds and the effectiveness of this income-generating strategy.

Verdict: Is StakedWallet safe?

Staked wallet app has considerably effective and advanced security and privacy measures around the app and private keys. Questions are, however, abound concerning its legitimacy. Most reviewers on crypto discussion platforms like Reddit and Quora and user reviews on the app store pages have termed it a scam and a Ponzi scheme.

Twitter has even suspended the Stakedwallet account. And instead of addressing these allegations, the company has taken its website and web wallet offline. We recommend that our readers avoid the wallet until the company satisfactorily addresses all the allegations levels against their wallet.

Categories
Cryptocurrencies

Trust Wallet review: Safety, Ease of Use, Features, Pros, and Cons

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

In July 2018, the Trust wallet was acquired by Binance, who made it the official wallet for the Binance Chain and Binance DEX. They also replaced the Kyber Network that previously powered its exchange with Binance decentralized exchange, enhanced the wallet’s security features, and revamped how different users interact with the wallet by cleaning up the user interface.

In this Trust Wallet review, we want to vet the wallet’s security and operational procedures while helping you determine if it is really safe and easy to use.

Trust Wallet key features:

Multi-blockchain wallet: Unlike most crypto wallet apps that will only support one coin or coins built on a specific blockchain, the Trust Wallet is a multi-coin crypto vault that supports a wide range of digital currencies drawn from multiple blockchains.

Buy with card: Trust wallet works in tandem with such payment processing companies as Changelly and Shapeshift that facilitate the purchase of crypto using a debit or credit card.

In-built exchange: Today, Binance DEX handles all the in-app crypto exchanges for the Trust Wallet. It is relatively fast in processing transactions and presents users with a wide range of crypto coins and tokens.

Integrates Wallet connect: Wallet connect is a crypto interaction tool that helps Trust Wallet interact with virtually any Dapp. It is relatively safe as wallet-to-Dapp communications are secured with end-to-end encryption.

Earn via staking: Trust wallet allows you to stake different altcoins and earn up to 7.21% APR. Use the staking calculator on the Trust wallet website to check the staking tokens and the maximum interest.

Portfolio tracker: You also get to track your crypto portfolio and digital asset balances using the transaction history and balance tabs on the Trust Wallet user interface.

Integrates block Atlas: Trust wallet features a blockchain explorer API that anyone can use to explore different blockchain and gain information about tokens, ICOs, Staking, and even track crypto prices.

Trust Wallet security features:

Password + biometrics: You will need to secure your Trust wallet with a strong multi-character password. You are also free to reinforce this with such biometric security features as Fingerprint and Face I.D on compatible devices.

Recovery seed: Trust wallet will also provide you with a recovery/backup seed phrase when you create a user account. Use it to backup your private keys and digital assets.

Non-custodial: Neither Trust wallet nor Binance will collect any information personally identifiable to your wallet. More importantly, the wallet developers do not store your private keys on your behalf. These are stored within your device.

Anonymous user registration: You can register and trade anonymously when using a Trust Wallet. The crypto vault-app doesn’t request any personal information during registration.

Open-source: Trust wallet is a fully open-sourced crypto project that allows both wallet users and crypto security experts to vet and audit the wallets source code for bugs and other vulnerabilities. This code is available on both the wallet website and the GitHub repository.

Regular security audits: In addition to the wallet’s open-sourced nature and the numerous integrated security features, it is also subjected to regular security audits led by some of the most popular crypto security firms.

Watch-only mode: You can log in to the Trust Wallet’s watch-only mode when using an unsecured internet connection. This allows you to view incoming crypto flows and monitor wallet without exposing such sensitive wallet information as your private keys and passwords.

How to activate/ setup the Trust Wallet

Step 1: Start by downloading the Trust wallet app compatible with your device on the company website.

Step 2: Launch the Trust Wallet and click on the “Create a New Wallet” tab on the installation page.

Step 3: Read and agree to Trust Wallet’s terms of use

Step 4: Create a strong multi-character password for the wallet

Step 5: You will now receive the wallet’s backup and recovery seed. Write it down and keep it safe offline.

Step 6: Verify the recovery phrase and click continue.

Step 7: Your Trust wallet is now active and ready for use

Step 8: Log in and personalize the wallet by choosing a username, reinforcing the password with biometrics, and create multiple wallets.

How to add/receive Crypto into Trust Wallet:

Step 1: Log in to your Trust wallet and click on the “Buy Crypto” tab on the user dashboard.

Step 2: Select the platform from whence you would like to buy cryptocurrencies from the drop-down list. You can choose Changelly or Shapeshift if you wish to buy it with a card.

Step 3: Follow the prompts to make the purchase.

Alternatively:

Step 1: Log in to the Trust wallet and click on the “Receive” tab.

Step 2: Copy your wallet address or the QR code displayed and forward it to the party sending you cryptos.

Step 3: Wait for the funds to reflect in your wallet.

How to send crypto from Trust Wallet wallet:

Step 1: Log in to your Trust wallet and click on the “Send” tab on the user interface.

Step 2: If you have multiple crypto assets stored therein, select the altcoin you want to send

Step 3: On the transfer window, enter the recipient’s address or scan their QR Code and the amount you wish to send

Step 4: Review the transaction details and confirm the accuracy of these transaction details before hitting send.

Trust Wallet ease of use:

Trust Wallet has a highly intuitive and beginner-friendly user interface. It also provides you with easy access to most blockchain services, including the Dapp browser, an exchange that presents you with hundreds of cryptocurrencies and tokens. More importantly, you can easily integrate the Ethereum network that allows you to access and benefit from ICOs and token airdrops.

Setting up the wallet, creating a user account, and interacting with all the features and service offers integrated within the wallet is easy. Plus, the wallet is also multi-lingual (available in 10+ international languages).

Trust Wallet supported currencies:

According to the Trust wallet website, this crypto vault supports 160k+ assets drawn from 40 blockchains.

Trust Wallet cost and fees:

Trust Wallet is free to download and install. You will, however, have to part with the transaction-processing fee charged by the blockchain network.

What are the pros and cons of using the Trust Wallet?

Pros:

  • The wallet stores the widest range of cryptocurrencies
  • It embraces highly advanced security features, like ensuring the wallet is hierarchically deterministic.
  • Allows you to earn from the crypto-assets through staking
  • It is feature-rich yet easy to use
  • Encourages user anonymity

Cons:

  • It is a hot wallet
  • Some integrated services, like Changelly and Shapeshift, demand user verification.

Comparing Trust Wallet with other Multiblockchain wallets

Trust Wallet vs. eToro wallet

Trust and eToro are both highly popular and feature-rich crypto wallets. They both feature built-in exchanges and facilitate the purchase of cryptocurrencies using a debit or credit card. Both are also multi-coin and multi-blockchain.

There, however, are several fundamental differences between the two crypto-exchange-backed wallets. For instance, while Trust Wallet encrypts user private keys and stores them in the phone, eToro stores the digital assets on the user’s behalf. Similarly, eToro requires that all users satisfy the globally set KYC and AML requirements by verifying their identity when creating a user account, while Trust Wallet asks for no personal user information.

Verdict: Is Trust Wallet safe?

Well, the Binance DEX backed crypto wallet has put in place adequate security and protection measures around your private keys. These include embracing the hierarchically deterministic protocol when it comes to generating wallet addresses, open-sourcing the code for viewership and auditing by the crypto security experts, and integrating advanced deterrence measures for unauthorized access to the wallet. However, we must mention that the wallet is online-based, making it susceptible to online threats and malicious malware.

Categories
Cryptocurrencies

NAGA Wallet Review 2020: Features, Security, Customer Support, Pros and Cons

Naga Wallet is described as the ultimate simple and secure storage for your fiat and cryptocurrency assets on the Naga.com website. It is a hybrid custodial vault for digital assets that integrates a wide range of highly advanced and innovative features. For instance, it is one of the few digital wallets that allows users to send crypto via email and provides users with a social investing platform for crypto, stock, forex, and commodity traders. Naga wallet also provides users with real-time access to the markets and equips you with the necessary investing and portfolio monitoring tools.

Naga Wallet is described as the ultimate simple and secure storage for your fiat and cryptocurrency assets on the Naga.com website. It is a hybrid custodial vault for digital assets that integrates a wide range of highly advanced and innovative features. For instance, it is one of the few digital wallets that allows users to send crypto via email and provides users with a social investing platform for crypto, stock, forex, and commodity traders. Naga wallet also provides users with real-time access to the markets and equips you with the necessary investing and portfolio monitoring tools.

Naga Wallet is described as the ultimate simple and secure storage for your fiat and cryptocurrency assets on the Naga.com website. It is a hybrid custodial vault for digital assets that integrates a wide range of highly advanced and innovative features. For instance, it is one of the few digital wallets that allows users to send crypto via email and provides users with a social investing platform for crypto, stock, forex, and commodity traders. Naga wallet also provides users with real-time access to the markets and equips you with the necessary investing and portfolio monitoring tools.

NAGA wallet started as an online forex and commodity trading platform, created and launched by NAGA Markets LTD in 2015. For the past few years, the online broker has reported explosive growth that saw it incorporate such new features as social investing tools and a crypto wallet to the platform.

But how safe is this multi-asset investing and storage platform? How do you activate and use NAGA wallet, what are its pros and cons, and how much does it cost? We answer all these and tell you everything else you need to know about NAGA Wallet in this review.

NAGA Wallet key features:

Cross-platform: Naga Wallet is a cross-platform storage vault currently available as a web wallet and a mobile app. It is also available on the MT4 and MT5 desktop and web terminals.

Multi-currency wallet: Naga is a hybrid and multi-asset wallet that stores both Fiat and cryptocurrencies. These are mainly major international fiat currency, popular cryptos, and tokens.

Send crypto via email: You don’t have to memorize an acquaintance’s wallet address when you can send cryptocurrencies and tokens via the email address used to create a Naga investor account.

Buy crypto with card: Naga wallet integrates a payment gateway that allows the residents of over 100 countries to purchase cryptos instantly with a credit/debit card. The payment gateway also facilitates the purchasing of crypto via bank transfers and e-Wallets as Neteller and Skrill.

Instant crypto transactions: The custodial nature of the Naga Wallet ensures that cryptocurrency transfers from one Naga account to another are free and instantaneous.

Social investing: Social investing is an interactive trading tool that allows you to engage other Naga Wallet users. It makes it possible for pro crypto traders to share insights with the rest of the community. You can even copy the trades or portfolios of these traders and replicate their success in your account.

Free curated investment portfolios: In addition to copying highly successful trades and portfolios of the pro traders, Naga wallet also presents you with expertly curated crypto portfolios that you can invest in while incurring zero administration fees.

Inbuilt exchange: Naga wallet also features a built-in exchange where you can buy, sell, and exchange cryptocurrencies and tokens with other platform users.

Integrates NAGA Card: Naga Markets LTD recently launched the contactless NAGA prepaid card. They have since integrated it with the Naga wallet, allowing you to load it with cryptocurrencies before using it to pay for goods and services at thousands of crypto-friendly stores across the world.

NAGA Wallet security features:

Password: Naga Wallet is secured with a strong multi-character password that not only seeks to deter unauthorized access to the wallet but also encrypts user data.

Identity verification: Naga Wallet requires that all users verify their identity and pass the KYC and AML verification protocols before they start using the platform.

Two-factor authentication: The wallet allows you to tweak its settings and create a two-step login guide that requires a user password and an authentication code received via SMS or Google Authenticator.

Decentralized data storage: Unlike most other custodial crypto wallets that store your cryptocurrencies in centralized company servers, Naga Wallet embraces the decentralized data storage system. This means that it stores its client funds and private keys in highly decentralized servers.

Backup 2-step key: Naga wallet makes it possible for you to create a backup for your wallet’s login verification code. It comes in handy if you ever change or lose your phone or can’t access the google authenticator.

Highly regulated: Naga wallet is the product of a highly regulated online trading/investment company, NAGA Markets LTD, which is registered in Cyprus and St. Vincente and Grenadines. The company is also authorized and regulated by the Cyprus Securities and Exchange Commission (CSEC).

How to activate/setup the NAGA Wallet

Step 1: Open the Naga wallet website and click on the “Sign up” icon on the top left corner of the web page

Step 2: Complete the user profile by keying in your personal details (name, email, country of residence, and phone number) on the account registration page.

Step 3: Answer the query about your trading experience and start the platform tour.

Step 4: Complete the detailed investor profile that asks for more detailed personal information and personal finance information like income and tax details in U.S residents.

Step 5: Verify your identity and country of residence by uploading a Driver’s license

Step 6: Allow them time to verify your identity and activate the account while you practice trading and familiarize yourself with the web wallet using the free Demo account

Step 7: You will receive a confirmation email notifying you that your account is now active and ready for use

Step 8: You will have 14 days to make your first deposit

How to add/ receive Crypto into NAGA Wallet:

Step 1: Log in to your Naga wallet and click on the “Add Funds” tab on the user dashboard’s top left corner.

Step 2: Choose your preferred deposit method from the list provided. You could choose to deposit funds using a credit/debit card, wire transfer, or transferring cryptocurrencies.

Step 3: If you choose crypto, select the coin that you would like to add to your New Naga wallet and hit the “Receive” button

Step 4: Copy the wallet address or QR code and forward it to the person sending you crypto and wait for the funds to reflect.

How to send crypto from NAGA Wallet:

Step 1: Log in to your NAGA wallet and click on the ”Send To” icon.

Step 2: Select the destination of the funds. It could be an exchange or another wallet via wallet address or email.

Step 3: If you choose the send by email option, enter the receiving email address and the amount you want to send

Step 4: Select the mode of payment for the network fee and the message accompanying the transfer (optional)

Step 5: Confirm that these transfer details are correct and hit send.

NAGA Wallet ease of use:

Naga wallet embraces a simplistic design that is characterized by a clean and decongested user interface. When you create a user account, you will be given a free demo trading account that you can use to practice crypto investing and to familiarize yourself with the wallet’s most popular features.

NAGA Wallet supported currencies:

Currently, Naga wallet supports 15 popular cryptocurrencies and all ERC-20 tokens and is available in over 200 countries.

NAGA Wallet cost and fees:

Naga wallet is free to download. You also won’t be charged for opening an account here, depositing, and storing your cryptocurrencies therein. You will only be charged network fees when you send crypto from your wallet to another wallet or exchange. Plus, you stand to benefit from a 10% reduction in transaction fees when you choose to pay for the transfer using NAGA coins.

NAGA Wallet customer support:

Naga wallet maintains a highly responsive customer support team that is available online 24/7. You can contact them via email or the live chat tool on the company website, web app, and the wallet app.

What are the pros and cons of using the NAGA Wallet?

Pros:

  • It is highly innovative and allows traders to send crypto to email addresses.
  • It a multi-asset wallet that hosts numerous forex pairs, popular cryptocurrencies, and ERC 20 tokens.
  • The wallet embraces highly effective safety features, including decentralizing data storage.
  • Naga Markets LTD is authorized and regulated.
  • You get to interact with such revolutionary trading tools as social investing.

Cons:

  • It doesn’t support anonymous crypto trading.
  • It supports a limited number of cryptocurrencies.

Comparing NAGA Wallet with other Multi-Asset wallets

NAGA Wallet vs. eToro wallet

Naga and eToro multi-asset wallets were both started by online brokerage service providers. Other similarities include the fact they both support a limited number of cryptocurrencies, encourage social investing, store the private keys on behalf of their clients, and allow wallet users to purchase crypto with a card, bank wire, or eWallets. Both are also maintained by highly regulated online trading platforms.

Naga, however, goes a step further when they introduce and integrate the NAGA contactless card into the wallet. It also facilitates free crypto transfers within the network while discounting outbound transfers paid by Naga Coin. Plus, unlike eToro, it provides users with a backup for the 2FA key/code.

Verdict: Is NAGA Wallet safe?

Well, Naga Markets LTD has put in place several highly effective security and privacy measures around the Naga Wallet. And it all starts with the online brokerage-cum-crypto wallet demanding that all prospective wallet users verify their identity and complete the KYC and AML protocols. It then extends to storing private keys in decentralized data centers on behalf of their clients and activating two-factor verification for wallet logins. The only downside to using Naga Wallet is that it deprives you of control over your private keys.

Categories
Cryptocurrencies

Omni Wallet review 2020: How Safe is Omni Wallet?

On the web wallet website, this crypto storage vault is described as a web wallet dedicated to bridging the gap between “security, usability, and multi-currency support.” It is an open-source web wallet developed by OmniLayer Technology Company in 2013.  Originally referred to as Mastercoin, the Bitcoin-based protocol rebranded to Omni in 2016. Since then, Omniwallet’s development team has committed to the continued improvement of this multi-currency wallet’s features and functionalities that the team considers a work in progress.

On the web wallet website, this crypto storage vault is described as a web wallet dedicated to bridging the gap between “security, usability, and multi-currency support.” It is an open-source web wallet developed by OmniLayer Technology Company in 2013.  Originally referred to as Mastercoin, the Bitcoin-based protocol rebranded to Omni in 2016. Since then, Omniwallet’s development team has committed to the continued improvement of this multi-currency wallet’s features and functionalities that the team considers a work in progress.

On the web wallet website, this crypto storage vault is described as a web wallet dedicated to bridging the gap between “security, usability, and multi-currency support.” It is an open-source web wallet developed by OmniLayer Technology Company in 2013.  Originally referred to as Mastercoin, the Bitcoin-based protocol rebranded to Omni in 2016. Since then, Omniwallet’s development team has committed to the continued improvement of this multi-currency wallet’s features and functionalities that the team considers a work in progress.

On the Omniwallet website, this crypto vault is described as a protocol layer that is built on the Bitcoin blockchain. It is a custodial wallet that stores digital assets in highly secure company servers but also allows you to create personalized servers to host your private keys.

In this Omniwallet review, we want to determine if the wallet lives up to its security and usability promise. And to achieve this, we will detail its key features, the safety measures it has put in place, provide you with a step by step guide on how to use Omninwallet, and tell you everything you need to know about this hot wallet.

Omni Wallet key features:

Multicurrency support: Though it is built on the Bitcoin blockchain, Omniwallet is considered a multicurrency wallet that supports both Bitcoin and Omnilayer native tokens.

Built-in exchange: OmniLayer runs a decentralized crypto exchange that it has integrated on the Omniwlalet. It is fast in processing crypto transactions, maintains competitive transaction fees, and introduces wallet users to a wide range of cryptocurrencies, tokens, and stable coins.

Web-based: Omniwallet is purely web-based and compatible with virtually all popular browsers. Therefore, you don’t have to download or install crypto apps to access the wallet or interact with its services.

Own hosting: Omniwallet stores all the data, especially the private keys, in the highly secure OmniLayer servers. You nevertheless are free to create personalized servers like Amazon AWS that you can then use to host your private keys.

Omni Wallet security features:

Password: Like virtually all other cryptocurrency vaults, Omniwallet is secured with a wallet that you set when creating a user account. You will need it, alongside the wallet ID, to access the Omnilayer servers and interact with your private keys.

Open-sourced: According to Omniwlalet, everything about their wallet “is open source from the ground up.” Anyone can, therefore, view and critique their source code that is currently accessible on both the company website and GitHub repository.

Multifactor authentication: You can add a second and even a third layer of protection around your wallet using compatible platforms like Google Authenticator or email address to receive special codes that you can use to log in to the wallet.

Integrates Bitcoin armory: Bitcoin Armory is a specialized online Bitcoin wallet that stores your private keys in offline cold storage. Bitcoin armory also allows you to transact offline and only come online to broadcast the transaction.

Client-side encryption: The fact that Omniwlalet stores private keys on your behalf implies a lot of communication between the wallet and company servers. Client-side encryption here implies that communications between your Omni wallet and Omnilayer servers, as well as third-party systems, are encrypted before they leave your browser.

Hierarchically deterministic: By ensuring that the process of generating new wallet addresses is hierarchically deterministic, Omniwallet helps you mask your online crypto transactions by hiding your real wallet address, effectively throwing off crypto trackers.

Watch-only mode: When logging into your Omniwallet from an unsecured browser or compromised internet connections, you can opt to log in to its watch-only mode. This allows you to view crypto balances and crypto history but makes it impossible to view the private keys, alter the wallet settings, or transfer cryptos out.

How to activate/ setup the Omni Wallet

Step 1: Open the Omniwlalet.org website and click on the “Create Wallet” tab

Step 2: Create a unique password for the wallet and enter a valid email address

Step 3: You will receive your unique wallet ID in your email. You will need it together with the password to log in to your user account.

Step 4: Log in to the Omniwallet. Click on the three bars on the top left corner of the user dashboard, and under wallet options, select Backup to generate the backup for your wallet.

Step 5: You will be prompted to enter the wallet password for verification, after which you can download the wallet backup. Copy it to a USB stick or PC and store it safely offline.

Step 6: Your Omniwallet is now active and ready for use

How to add/ receive Crypto into Omni Wallet:

Step 1: Log in to your Omniwallet and click on the My Wallet tab.

Step 2: Use the My Address tab to see all the wallets hosted on the wallet.

Step 3:  Select the coin you want to receive to reveal the wallet address and QR code

Step 4: Copy either and forward them to the individuals sending you cryptocurrencies.

How to send crypto from Omni Wallet:

Step 1: Log in to your Omniwallet and click on the My Wallet tab.

Step 2: Use the My Address tab to see all the cryptocurrencies hosted on the wallet

Step 3: Click on the “Send” button at the far right of the user dashboard.

Step 4: On the “Send from” section, select the wallet address from whence to send the cryptos, then enter the recipient’s wallet address and the amount to send

Step 5: Confirm that the transaction details are correct and hit send.

Omni Wallet ease of use:

The process of creating a user account on Omniwallet is easy and straightforward. The wallet also maintains one of the cleanest, intuitive, and beginner-friendly user interfaces. The fact that it is a web wallet also means that it is easily accessible from virtually any browser and on the move.

The process of sending and receiving cryptocurrencies in and out of the wallet or backing up its contents is also easy and straightforward.

Omni Wallet supported currencies:

Omniwlalet will only support three cryptocurrencies: Bitcoin, Omni token, and Test Omni Token.

Omni Wallet cost and fees:

Omniwallet is free. However, you will be required to pay a small and highly variable transaction fee every time you send cryptos out to another wallet or exchange.

Omni Wallet customer support:

On the Omniwallet website is the FAQ section that hosts how-to guides for the wallet. It also highlights some of the common challenges faced by Omniwallet users and how to overcome them.

You will also find the ‘Contact Us’ page that provides users with the support email and hosts the wallet’s knowledge base. For technical queries, consider direct messaging Omniwallet’s customer support team on Facebook or Twitter.

What are the pros and cons of using the Omni Wallet?

Pros:

  • It is ultralight and doesn’t require you to download a node or app.
  • It is highly transparent as it embraces an open-sourced design.
  • It embraces such advanced crypto security features as client-side encryption and Bitcoin Armory.

Cons:

  • It stores private keys on your behalf.
  • It will only support a limited number of crypto.

Comparing Omni Wallet with other Custodial crypto wallets

Omni Wallet vs. eToro wallet

Omni and EeToro are similar because they both are custodial wallets, storing private keys and other sensitive data on your behalf. They have also integrated similar functional and security features, such as a decentralized exchange. They are also free and maintain very competitive transaction fees.

However, while Omniwallet is a Bitcoin-only crypto storage vault, eToro is more versatile and supports 100+ cryptos and tokens. Similarly, Omniwlallet’s customer support team may be considered a little lackluster and sluggish than the highly responsive team maintained by eToro.

Verdict: Is Omni Wallet safe?

The most significant blow to Omniwlalet’s claim of maintaining one of the most secure crypto wallets is that it is a web-wallet exposed to the inherent threats facing hot wallets. It has tried to address this challenge by introducing client-side encryption, self-hosted servers, and even the ultra-secure Bitcoin Armory.

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Crypto Guides

What Should You Know About The ‘Concordium’ Blockchain Platform

Introduction

Introduction

Introduction

Business payments have to be made secure and transparent. It is true that blockchain and its products have always helped businesses in providing the right efficiency. Yet again, a blockchain-powered product has made its inception into the industry, offering better privacy and accountability of the payments. Concordium platform is a reformed open-source and permissionless blockchain product made with business applications. In this article, we are going to talk about the Concordium articles and everything you need to know about it.

What is Concordium?

It is a proof-of-stake blockchain that has been created with business applications. Concordium is also the first blockchain that comes with identification embedded in the protocol that helps in meeting the requirements facilitating a user-friendly platform. It is primarily designed to be cost-effective, secure, and fast. The identity layer offers on-chain identity compliance centric payments and better privacy for the users.

What About Its Structure?

The two-layer consensus protocol comprises Nakamoto-style blockchain, and the finality layer is meant for faster transaction confirmation. The sharing design facilitates high transaction throughput and enhanced privacy for the business’s sensitive data. Another feather in the cap is designing two new languages for the smart contract code, making the development much easier. The platform also has a transparent incentive structure with predictable fees and cost-effective transactions.

What Are The Best Features of Concordium?

Now that you have understood the platform, let’s take a peek into the feature that will give you a better understanding.

Regulatory Compliance By Design: It is primarily designed to make business transactions faster, secure, and cost-effective. Concordium is designed in a way to integrate the financial system with the user’s identity. It helps the developers, businesses, and individuals to build blockchain products that comply with regulations.

Privacy and Verification of Users: The identity layer of Concordium offers a compliance-centric balance in accountability and anonymity. The user’s identity will remain anonymous, but it can be revoked against a valid request from the government or legal channels.

Fast Transactions: The most important takeaway of this platform is its fast transactions. It has set a benchmark by making the transactions fast enough in accordance with transactions per second. Concordium is made to meet the ever-evolving needs of businesses on a global scale. The platform has taken a major leap compared to other blockchain technology.

Consistent Uptime: The platform is designed for dynamic business use cases with a focus on the uptime requirements. The two-layer consensus is designed to ensure that the platform is secure and available for the changing conditions. So far, the platform has achieved speedups and efficiency.

The Bottom Line

Concordium is created to bring innovation and efficiency to the business transaction. The platform vision to unlock blockchain’s potential and put it to best use for the future economy. The community of Concordium currently involves developers, investors, business leaders, and technologists who are advocating it throughout the world. If you are also willing to enter the arena, you can connect via attending the event, joining the online communities, or entering the ambassador program.

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Crypto Daily Topic Cryptocurrencies

Is Bitcoin Cash a Good Investment?

Bitcoin Cash (BCH) is a cryptocurrency created in 2017 as a result of attempts to improve the performance of Bitcoin. BCH was spun off from Bitcoin (BTC) – the original cryptocurrency. 

Bitcoin Cash (BCH) is a cryptocurrency created in 2017 as a result of attempts to improve the performance of Bitcoin. BCH was spun off from Bitcoin (BTC) – the original cryptocurrency. 

Bitcoin Cash (BCH) is a cryptocurrency created in 2017 as a result of attempts to improve the performance of Bitcoin. BCH was spun off from Bitcoin (BTC) – the original cryptocurrency. 

The idea of forking one crypto from another is not strange. However, what makes the BCH spin-off noteworthy is that the fork involved an update to Bitcoin Core. Whereas some nodes accepted the update, others declined. Those that accepted the update formed the BCH network. The number of Bitcoins that each node had in their Bitcoin wallet at the time of the fork was duplicated on their BCH wallet.

The main motivation for starting the Bitcoin Cash project was to make Bitcoin more transactional-friendly. In other words, the pioneers of Bitcoin Cash were of the opinion that Bitcoin transactions took too long to settle; hence, it was better suited as an investment tool than a transactional currency. That was a good observation, but stakeholders widely disagreed on how to make these enhancements on the original Bitcoin, and that’s how Bitcoin Cash came to life.

This article explains what Bitcoin Cash is and evaluates whether it is worth investing in it.

How Is BCH Different from Bitcoin?

Considering that Bitcoin Cash is a fork of Bitcoin, one would expect striking similarity between the two. In fact, many crypto enthusiasts have described the former as nothing more than a newer version of the latter. So, are they one and the same thing? Well, not quite.

As earlier mentioned, the pioneers of Bitcoin Cash wanted Bitcoin transactions to be settled as fast as possible – just like traditional payment methods. The solution to this problem was to increase block sizes so that each block could accommodate more transactions. So, fundamentally, the difference is the block sizes. 

Nevertheless, the following are the notable differences between the two. Some came about as a result of increasing the block sizes and the sequence of events that were set in motion. 

  • Block size: This is the fundamental difference. The maximum block size of Bitcoin is 1 MB, while Bitcoin Cash blocks can grow up to 8 MB. Larger block sizes mean increased capacity to handle more transactions per second
  • Value: BCH has a lower dollar exchange rate than BTC. For comparison, at the time of writing, BCH was worth $269, while BTC was valued at $12,850.
  • Transaction processing time: Bitcoin transactions typically reflect after at least 10 minutes. For BCH, you can expect far shorter times.
  • Cheaper transaction fees: Crypto networks usually deduct a small percentage of the transaction value as network fees. While a network fee of $0.20 is common for BCH transactions, BTC transfers charge an average of $1.

BCH proponents believe that these differences give Bitcoin Cash an edge over Bitcoin.

Disadvantages of BCH

BCH seems to address most of Bitcoin’s challenges, making it seem more appealing. However, it is not without fault. The following are some of its notable disadvantages:

  • Less trading pairs – Since BCH is relatively new, you might find it a little cumbersome to get an exchange pair for your BCH. In comparison, you can exchange BTC or Ethereum with almost any other coin.
  • Less appeal among investor circles – BCH has not yet won investors’ confidence because it is relatively new in the market.
  • Lower mining profits – Mining BCH takes almost the same effort as mining BTC, but the network fees are much lower, thereby making the venture less profitable.

Investing in BCH

Bitcoin faces scalability challenges, and investors are increasingly showing optimism that BCH will save the day. But before investing in Bitcoin Cash, you need to find an exchange where you can buy and sell BCH and a secure wallet to keep your crypto. These two quick tips below will help you get started:

  • Finding an exchange: There are many crypto exchanges, but not all will work for you. You need to consider their exchange rates, supported payment methods, reputation, how fast they send the crypto to your wallet, and so on. Coinsutra has summarized the best exchanges for BCH here.
  • Getting a good wallet: Getting a secure and reliable wallet is a key pillar in your investment journey. You can find a comprehensive summary of the best BCH wallets on Wallets.com.

Now that you know where to buy your BCH and where to keep them safe, you can confidently join the club of BCH investors. 

Remember that BCH was created purposely as a transactional currency and not for long-term storage of value like stocks. This means that hoarding a large volume of BCH waiting for its value to grow might not be a wise thought. Nevertheless, you can still make some profit through buying and selling BCH. The idea is simple – you buy at a low price and sell when the price goes up. However, you will realize that this is a double-edged sword when you buy at a low price, and the price continues to drop even further. 

Coinbase is one of the best exchanges to buy and sell BCH since it offers a wide variety of exchange pairs. eToro is also worth considering as it facilitates social trading. Social trading allows you to learn trading from experts who are currently trading on the platform. So, you have a chance at trading profitably even if you have no experience. 

There is no magic formula for getting this right. However, you might want to play around with exchange pairs to find the best margins. For instance, if BCH/USD has low margins, you could try exchanging your BCH with BTC instead. 

Mining Bitcoin Cash

Mining cryptocurrencies is one of the ways one can generate revenue. It is, however, not for the faint-hearted. Just as is the case with Bitcoin, mining Bitcoin Cash requires mining rigs, which are special computers designed specifically for that purpose. You can get an Antminer R4, which is among the most powerful, at about $1,000. Antminer has a processing power of roughly 8.6TH/s (trillion calculations per second). You also need to prepare for huge power costs as this machine is rated at 845W. 

According to Bitinfocharts.com, mining Bitcoin Cash at 1TH/s earns an average of $1.35 per day. So, you’re looking at returns of $10.8 per day for the sort of investment above.

Overall, mining Bitcoin Cash is not the most lucrative of all alternatives, but at least you are guaranteed some returns. 

Final Remarks 

Bitcoin Cash is among the new cryptocurrencies. It is fast gaining popularity, making it worth considering for investment. It is cheaper than Bitcoin and allows faster transaction settlement. On the flip side, BCH is not yet widely accepted by investors. This makes it harder to find convenient trading pairs. 

Also, if you’re looking to invest in mining Bitcoin Cash, it isn’t as profitable as mining Bitcoin. If you’re considering investing in BCH for the long term, please understand that you will only make a profit if people want to buy BCH, more than they want to sell. So, if you are optimistic about this crypto’s steady growth, go forth in confidence and join the club of BCH investors.

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Crypto Guides

An Introductory Guide To NEAR Protocol

Introduction

Introduction

Introduction

NEAR Protocol is a smart contract compatible cryptocurrency, a highly scalable and low-cost platform for developers, allowing them to create dApps or decentralized apps for various purposes. In the cryptocurrency space, the competition can turn out to be vicious. Nevertheless, cooperation is also widespread in the crypto space, particularly because it is a new asset class.

Crypto creators and experts have understood that it is highly beneficial to cooperate rather than to compete for the time being. And you will struggle to find any crypto project better than NEAR Protocol when it comes to cooperation in the cryptocurrency space. If you are interested in understanding what NEAR Protocol actually is, including its elements and features, this post will explain everything you need to know about it. Let’s get started.

What is NEAR Protocol?

NEAR or NEAR Protocol is a cryptocurrency blockchain that features smart contract functionality. NEAR Protocol is designed and developed to facilitate the creation of decentralized applications. It is also developer-friendly and is interoperable with Ethereum as well.

Coming down to its functionality, NEAR Protocol uses a block generation mechanism known as ‘Doomslug’ that processes over 100,000 transactions per second and a Sharding mechanism known as ‘Nightshade’ that splits the entire cryptocurrency network into multiple portions. The transaction fees on NEAR Protocol are so low that it requires a special unit of measurement for quantification called ‘yocto.’

Furthermore, the developers at NEAR Protocol are working to make the platform secure enough to handle valuable assets like identity or money. And with the likes of proof of stake, combined with sharding, the platform can prove useful for everyday customers.

How does it work?

NEAR Protocol is a dedicated proof of stake blockchain, which, to optimize performance, uses sharding. Sharding is quite different in NEAR Protocol as compared to other cryptocurrencies. That is, all shards on NEAR Protocol are considered a part of the same network. Using Nightshade, the cryptocurrency is interoperable with ETH using Rainbow Bridge. The Nightshade works to add a single snapshot of each shard’s existing state on the NEAR Protocol blockchain. Each shard has its own set of validator nodes that broadcast the shard’s existing state each time a block is produced.

Elements and Features of NEAR Protocol

NEAR Protocol comes with numerous functionalities that cater to the validators, end-users, and developers differently.

  • NEAR Protocol allows the developers to prepay and sign the transactions in the end-users’ best interest, significantly reducing the need for the users to know about how the decentralized application works and other technical anomalies.
  • It boasts a ‘Progressive UX,’ which is specifically designed for users so that they can use the platform without requiring to use tokens or wallets.
  • When we talk about the validators, NEAR Protocol allows them to create an assortment of offerings for the users.

Conclusion

It is still too early to say whether people will accept NEAR Protocol or will it dethrone Ethereum. But it is certainly not impossible. Given the features and functionalities of the cryptocurrency, it can be said that NEAR Protocol is the future of the cryptocurrency market, especially because it can help create state-of-the-art decentralized applications.

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Crypto Daily Topic

Investing in ICOs – What You Need to Know

An ICO (Initial Coin Offering) is a strategy startups use to raise capital to fund a project by selling digital tokens. The project’s nature could vary from building an app to creating a new service to developing a new cryptocurrency. It is a similar concept to an Initial Public Offering (IPO) – the sale of shares by corporations to raise lump sum capital. 

An ICO (Initial Coin Offering) is a strategy startups use to raise capital to fund a project by selling digital tokens. The project’s nature could vary from building an app to creating a new service to developing a new cryptocurrency. It is a similar concept to an Initial Public Offering (IPO) – the sale of shares by corporations to raise lump sum capital. 

An ICO (Initial Coin Offering) is a strategy startups use to raise capital to fund a project by selling digital tokens. The project’s nature could vary from building an app to creating a new service to developing a new cryptocurrency. It is a similar concept to an Initial Public Offering (IPO) – the sale of shares by corporations to raise lump sum capital. 

ICOs, just like IPOs, often excite investors, which is why: at the launch of an ICO, tokens are usually sold at an outrageously discounted price. If the project goes well, the startup will become attractive to investors, and so will be the tokens. At this point, early-bird investors can sell their tokens at much higher prices and walk away with their newly-acquired wealth. This is the same thinking IPO investors have.

Despite the potential to gain massively from these investments, the risk of losing everything always lingers. If the project is a false start, the startup behind the ICO will fail to attract investors, and the tokens will be, at best, a little more than useless.

This article explains ICOs in detail, the benefits of investing, and the risks involved. Read on to know if they are a worthy venture.

How ICOs Work

First, it’s worth noting that cryptocurrency startups typically offer iCOs. Startups have limited access to funding. To make it worse, crypto startups lack the assets to back up liabilities such as credit, and this fact makes them particularly unattractive to creditors. 

When such organizations want to raise capital, ICOs come to their rescue. It all starts with publishing a technical paper detailing their idea. The whitepaper will explain the capital requirements, what the project will achieve at the end, how many tokens investors will keep, how the tokens can be redeemed, and so on. An elaborate paper is crucial in convincing investors to jump aboard. 

During the offering, those who have read the paper and see potential in the idea will buy the tokens using fiat money or crypto. In the future, issued tokens can be redeemed for cash. However, there are cases where the tokens only represent a stake in the organization and only entitle the holders to dividends. 

If the ICO fails to raise the amount needed to pursue the project, the startup may refund investors. Otherwise, it will use the funds collected to implement the proposed project. It is important to note that ICO activities are not regulated – and that’s a huge risk. Luckily, the US Securities and Exchange Commission (SEC) can intervene if it believes the ICO is illegal and may harm investors, as was the case with Telegram’s 2018 ICO. Nonetheless, the SEC’s jurisdiction is limited to the United States, something that you need to keep in mind. 

Comparison with IPOs/ Stocks 

ICOs and IPOs have a lot in common, especially in terms of how they work. Below are some of how the two compare:

  • Both are used to raise funds from the public 
  • Investors receive a token that represents their contribution. In ICOs, digital tokens are issued while IPOs feature shares
  • Both are supposed to be tradeable or redeemable 

Despite the similarities, there are notable differences between the two. For instance: 

  • ICOs are not regulated, while stocks are regulated by government agencies (SEC does this in the US)
  • Returns on IPOs are straightforward – stockholders reap annual dividends. On the other hand, ICO tokens do not grant investors ownership of the project. Still, they can be redeemed at a fixed rate, grant buyers access to the startup’s offices, entitle them to a share of the company’s profits, or whatever the whitepaper says – it’s usually all in the whitepaper.
  • IPOs are restricted to specific stock markets, while ICOs can be purchased anywhere the internet has reached.
  • IPOs usually have a high minimum amount of shares that one can purchase. ICOs, on the other hand, offer more flexibility when it comes to the minimum number of tokens that can be purchased.

How to Participate in an ICO

There is no specific process for venturing into ICOs. However, the general guide below can help you get started.

  1. Search online for upcoming ICOs. Using Google search terms like “upcoming ICOs” should be sufficient. You can also check out icodrops.com. The website provides a summary of active, upcoming, and concluded ICOs. When contemplating which ICO to settle for, take your time to read and understand the whitepaper. If you can, consult an investment expert for advice.
  2. Once you have made a comparison and settled on an ICO of your liking, register with an exchange. Since you are likely to purchase the tokens using crypto, you will need to exchange your fiat money for the said crypto. Most ICOs can be paid for using Bitcoin or Ether – that’s if they are not accepting fiat money.
  3. Buy crypto from the exchange and transfer that to your private wallet. 
  4. Go to the ICO’s official website and follow the participation guide. Most of them have simple well-explained guides. That’s it.

Pump-and-Dump ICO Schemes

Not all ICOs are established with genuine intentions. Like it is the case with any other investment alternative, you should be extra-careful when approaching an ICO investment. Pump-and-dump schemes involve overly hyping an idea to mislead investors into thinking that the proposed project will be super successful. In a typical pump-and-dump scheme, ICO owners will make outrageous claims about the potential of their idea. Then, clueless investors will buy the tokens in large quantities. Naturally, the project will fail after the capital collected has been spent, meaning the startup will have no money to pay investors.

It might be difficult to read the intentions of ICO owners from the start. However, if you see an influencer promoting a certain ICO, you should be vigilant. Using authoritative figures to market ICOs is among the best-known tactics pump-and-dump schemers use.

The ICO Bubble

ICO critics have long speculated that the concept is just a fanfare whose curtains are due to close. In 2017, Wired predicted that the ICO bubble was about to burst, but obviously, it didn’t. In 2018, cryptocurrencies saw an all-time decline in market capitalization, with Bitcoin losing over 70% of its value. The thing is, cryptocurrencies ride on speculation, and speculation cannot be predicted. Therefore, we cannot validate claims of a looming ICO bubble burst. What’s more important is to do your due diligence before diving into this unpredictable business.

Final Thoughts

ICOs present an exciting investment alternative to crypto enthusiasts. They offer many benefits that traditional IPOs lack. For instance, you can invest for as low as a few dollars. You are also not restricted to any country – provided you can access the ICO’s website, you can participate. Generally, ICOs have opened up investment opportunities to more people. However, it would help if you exercise caution when dealing with them. Their unregulated nature means if anything goes wrong, legal redress might be impossible. But since all investments are risky anyway, you might want to give it a try regardless.

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Cryptocurrencies

What Venus (XVS) can do for DeFi? 

Project after project is now rushing to cash in on the DeFi wave as the new blockchain-powered industry takes over the space. One of the latest DeFi projects to enter the scene is Venus Protocol, a liquidity pool and money market based on the Binance Smart Chain. 

Project after project is now rushing to cash in on the DeFi wave as the new blockchain-powered industry takes over the space. One of the latest DeFi projects to enter the scene is Venus Protocol, a liquidity pool and money market based on the Binance Smart Chain. 

Project after project is now rushing to cash in on the DeFi wave as the new blockchain-powered industry takes over the space. One of the latest DeFi projects to enter the scene is Venus Protocol, a liquidity pool and money market based on the Binance Smart Chain. 

What’s Venus all about, and what innovations does it bring to DeFi? Let’s dive in. 

Understanding Venus 

Venus is a DeFi protocol on the Binance Chain that supports digital asset lending, borrowing, and generation of synthetic assets. Venus wants to provide a much better financial ecosystem than both centralized and current decentralized platforms.

The Problem with Today’s Finance Protocols

In the traditional finance system, users have to go through a multitude of steps just to get a loan from KYC processes to a credit history check to days or weeks of awaiting confirmation. Also, the centralized lender can decide to deny you a loan arbitrarily. And let’s not forget about centralized platforms’ security concerns, thanks to their single point of attack. 

For its part, DeFi has revolutionized the crypto space by introducing blockchain-based products and services that are transparent, cryptographically secure, and not controlled by third-party authorities/decision-makers. But there’s a problem with DeFi: most of these platforms are built on Ethereum, which has faced scalability challenges since the beginning. Lack of scalability means slow, costly transactions and a poor user experience.

Again, these protocols lack the high market cap that could attract more users or put them at the top of the chain. There’s also the less-than-obvious issue of some of these platforms being not fully decentralized – mostly at the beginning. Such a platform will have equity investors controlling the platform, not users, and the community. 

Venus’s Solution

Venus seeks to address these problems by providing an environment where a traditional approach is woven into a synthetic stablecoin generation process. Users will be able to enjoy high-speed transactions with low minimal transaction costs on the Binance Smart Chain. The possibilities are many: deposit collateral, earn interest on the collateral, borrow against the collateral, and mint stablecoins in seconds. 

Venus: Highlights

  • Ability to borrow cryptocurrencies without intrusive KYC and credit checks
  • Ability to deposit crypto and stablecoins as collateral and earn good annual percentage yield returns 
  • Mint stablecoins from your collateral, with the collateral having the ability to be used more than 60 million places in the globe.
  • Governed by the Venus token for fair and transparent coin launch and distribution 

How Can You Use the Venus Protocol? 

You can take advantage of the Venus platform in several ways. From depositing assets and earning from them to borrowing crypto at competitive rates. 

#1. Depositing Assets

Venus users can deposit any of several supported digital assets in the protocol. Borrowers will take out these funds and use them to speculate in the market. In return, suppliers of the funds – or stakers, will earn interest on their deposit. 

When users supply collateral, they participate as lenders while contributing to the security of the protocol. All deposited assets are put together in a pool so that users can take out part of/the whole of their supply at any time, provided the protocol balance is positive.

Supplying crypto to the protocol will get you a vToken (vETH, vBTC, vUSDC, etc.) Only vTokens can be used to redeem the underlying deposited crypto. Redeeming the crypto will allow you to hedge against other assets in the market or move them to offline wallets that support Binance Smart Chain.

#2. Borrowing Assets

To borrow assets from the platform, you need to stake in collateral. The collateralized assets should be over-collateralized, making for at least 75% of the amount to be borrowed. The community will determine the collateral ratio through a governance process. Once you deposit the collateral, you can proceed to borrow an amount based on the collateral ratio of the particular asset. 

Usually, collateral ratios are anything between 40% to 75%. For instance, if ETH has a collateral ratio of 75%, it means you can borrow up to 75% of the value of your ETH. But if your collateral value drops below 75%, it could cause your assets to be liquidated. To return the collateral, a borrower must pay the borrowed amount together with the compounded interest.

Protocol Architecture

Venus’s code is forked off both the MakerDao and Compound protocols. The architecture is made of these elements: 

#1. Controller Smart Contract

Binance Smart Chain’s controller contract is much like a 

decentralized processor, facilitating the interactions between all other smart contracts on the platform. The Venus protocol does not automatically support tokens. Rather, it will support specific markets that are whitelisted by the Controller contract. The controller contract accesses whitelist markets by deploying the support Market admin function on the protocol. Every interaction and function on the protocol must be verified on the controller contract before it’s executed. 

#2. Collateral value

When a user deposits, borrows, or mints from the protocol, they’re usually using the underlying asset, usually held as collateral. The underlying assets are held as collateral and have dollar values that are also tied to the vTokens. For this to work accurately, these collateral values are taken from prevailing market rates. 

Governance Approach of Venus

The Venus team takes community governance very seriously. There were no pre-mined tokens for the team, foundation, and developers. As such, users who mine the Venus Token will get to control how the network runs. 

Governance features include, but are not limited to: 

  • The introduction of new assets on the protocol
  • Adjustment of market rates
  • Fixing interest rates for synthetic assets
  • Voting on protocol upgrade proposals

Venus Token

Venus is governed by the platform’s native token, the Venus Token (XVS). The token was designed to be “fair launch,” meaning there were no pre-mined tokens for the team, advisors, or the Foundation. You can only earn tokens through the Binance Launchpool project or by injecting liquidity into the protocol.

Initially, 20% (6,000,000) of the total supply will go to the Binance Launchpool project. The remaining amount will be dedicated to the protocol, with 23,700 000 XVS being mined in the next four years at 18,493 per day. 35% of the award will go to borrowers, 35% to suppliers, and 30% to stablecoin minters. XVS will officially become the governance mechanism of the protocol after 10 million tokens have been mined. In the meantime, an interim token, ‘Swipe Token’ (SXP), is being used to fulfill this purpose. 

Community Growth Strategies

The Venus team is going to implement various strategies in a bid to expand the community. 

  • Conducting Ask Me Anything (AMAs) to shed more light on the project to the community.
  • Regularly publishing DeFi-related news.
  • Hosting/co-hosting DeFi and blockchain events
  • Putting out weekly updates on Medium
  • Engaging with the community and the public via social media
  • Coming up with governance protocols

Future strategies include the following: 

  • Launching a governance protocol
  • Launching an incentive campaign to attract liquidity investors
  • Increasing the number of supported tokens

Tokenomics of Venus

At the time of writing, the Venus token’s market performance was as follows: its price was $3, and its market cap was $12,696,581, which placed it at #453. XVS had a 24-hour volume of $6,606,914, with a circulating supply of 4,227,273 and a total and maximum supply of 30 million. Finally, the token’s highest price ever was $4.77 (Oct 17, 2020), while its lowest ever was $2.22 (Oct 13, 2020). 

Where to Buy and Store XVS

XVS is currently listed on the Binance exchange. 

As a Binance chain token, the XVS token can be stored in Ledger Nano S, Guarda Wallet, Enjin Wallet, Atomic Wallet, Trust Wallet, Edge Wallet, and Coinomi Wallet.

Closing Thoughts 

On the Venus Protocol, users from everywhere can supply crypto and earn returns, take loans, and mint synthetic assets. Since it runs on the Binance Smart Chain, its transactions are fast, low-cost, and transcend the native blockchain. Active participants will get to contribute to the future direction of the protocol in a truly decentralized fashion. Venus joins multiple protocols offering the same product – will it stay ahead of the curve? We’ll be watching to see how it evolves.

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Crypto Videos

The Amazing Chainlink – Solving Real-World Problems!

 

 

 

Chainlink – Beginners Guide

During the long and hard crypto winter of late 2018, many projects failed to stay afloat, but during all this, Chainlink managed to actually keep growing and defied the bearish market. At the moment, Chainlink is one of the leading cryptocurrencies in the DeFi sector. How did it manage to grow as consistently, and what sets is apart?

Problem

Blockchains use math–cryptography and practically guarantee security, trust, and decentralization. However, the problem is that each blockchain is its own universe, which means that getting information from and to another blockchain would require a trusted source. To retrieve information about event outcomes or even something as simple as Bitcoin’s price meant that you are required to trust a source to tell the truth.

What is Chainlink?


Chainlink figured out how to get any type of information in and out of a blockchain while remaining secure and decentralized, but also trustless. Sources of data between the blockchain and the “outside” world, known as oracles, are no longer a single point of failure for a smart contract. Chainlink created a network of nodes that can provide information to and from the blockchain, which created a vital part of smart contract infrastructure as a result. This “blockchain middleware” meant that Chainlink oracles could provide essential information without sacrificing on decentralization or security.
Chainlink essentially created a secure bridge to the “outside” world.
To minimize the potential failure of the aforementioned oracles, Chainlink focused on the distribution of data sources, distribution of oracles, as well as the use of trusted hardware.

Origins of Chainlink

Chainlink was founded by the current CEO Sergey Nazarov and the current CTO Steve Ellis. The project started in Sept 2017, when the project raised $32 million in an ICO, thus creating 1 billion LINK tokens. In May 2019, Chainlink launched on the Ethereum mainnet. At the moment, Chainlink is the 7th largest cryptocurrency by market cap, as well as the largest DeFi cryptocurrency by market cap, and is very close to the $4 billion dollar mark.

Use Cases

Chainlink is different from most projects in terms of having real use cases, as it is demonstrated by its list of partners, with most notable being Polkadot and Synthetix from the crypto sector and SWIFT and Google coming from the traditional business world.
As an example, Chainlink could be used to send a real-world money transfer from SWIFT and via Chainlink. The proof the payment could then be sent back via Chainlink to SWIFT. This use of Chainlink by SWIFT has created a seamless interaction between the traditional world and the crypto world, all while minimizing the potential points of failure.

So how does it all work?

Chainlink can be defined as a decentralized oracle network that consists of purchasers and data providers. Purchasers request data, while providers return it in a secure way.
Purchasers select the data they want to obtain, while providers bid to provide that data. Providers have to commit a stake of LINK tokens when making a bid, which serves as proof that they are honest. Once providers are selected, their job is to bring the correct answers on the chain.

Chainlink uses something called “oracle reputation system” to aggregate as well as weigh the data provided. If everything goes well, providers get paid, and everyone is happy, but if the providers misbehave, they lose their stake.

How do you get Link tokens?

The Chainlink network uses an Ethereum-based ERC-677 token that inherits the ERC-20 token standard’s functionality while allowing token transfers to contain a data payload. This token protocol is also used for payment of data providers who are bringing and translating data into the blockchain.
Besides earning LINK tokens by being a provider, you can also buy LINK tokens on various exchanges, such as Coinbase, Binance, and Huobi.

The Future of Chainlink

Two of the key objectives Chainlink focused on to ensure the security of its network are the distribution of data sources and the distribution of oracles. Like all networks, Chainlink’s main goal is to add more people and operators to become more robust and valuable.

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Crypto Daily Topic

Why Bitcoin is Here To Stay

Let’s face it – at some point, we all thought that Bitcoin was going to collapse, but it didn’t. Since its inception in 2009, this cryptocurrency has shown tremendous resilience throughout its lifetime. Bitcoin has had meteoric rises and falls, having gone to the highs of $20,000 at some point and plunged as low as $5,000 within months. PayCoin, SpaceBit, and many other digital currencies have collapsed, and so, the idea of a cryptocurrency failing is not foreign after all. So what makes Bitcoin special? Does this pioneer crypto really have nine lives, or is it a matter of time before it vanishes into the nether world? 

Let’s face it – at some point, we all thought that Bitcoin was going to collapse, but it didn’t. Since its inception in 2009, this cryptocurrency has shown tremendous resilience throughout its lifetime. Bitcoin has had meteoric rises and falls, having gone to the highs of $20,000 at some point and plunged as low as $5,000 within months. PayCoin, SpaceBit, and many other digital currencies have collapsed, and so, the idea of a cryptocurrency failing is not foreign after all. So what makes Bitcoin special? Does this pioneer crypto really have nine lives, or is it a matter of time before it vanishes into the nether world? 

Let’s face it – at some point, we all thought that Bitcoin was going to collapse, but it didn’t. Since its inception in 2009, this cryptocurrency has shown tremendous resilience throughout its lifetime. Bitcoin has had meteoric rises and falls, having gone to the highs of $20,000 at some point and plunged as low as $5,000 within months. PayCoin, SpaceBit, and many other digital currencies have collapsed, and so, the idea of a cryptocurrency failing is not foreign after all. So what makes Bitcoin special? Does this pioneer crypto really have nine lives, or is it a matter of time before it vanishes into the nether world? 

Critics say it shall end in tears; analysts say Bitcoin is here to stay. But let’s settle this debate by looking at the factors that give Bitcoin its resilience and evaluating whether they are solid enough to see it through crypto’s uncertainties. 

This article presents Bitcoin’s history of fluctuations and reasons it is likely to survive the test of time.

The 2018 Bitcoin Crash

If there’s a time Bitcoin’s doomsayers were almost right in their predictions, it must have been 2018. After reaching almost $20,000 in December 2017, Bitcoin crashed to just $5,000 in December 2018. Cryptocurrencies were undergoing a rough time. During this period, a series of events led to widespread speculation about the fate of digital currencies.

  • In January 2018, it was rumored that South Korea was planning to ban cryptocurrencies in the country. As a direct consequence, Bitcoin lost 12 percent of its value.
  • Exactly 2 weeks later, Coincheck, then Japan’s largest crypto exchange, was hacked, and the cyberpunk made away with NEM equivalent to USD 530 million. Crypto enthusiasts across the globe momentarily lost trust in the security of digital currencies. Within a couple of days after this news broke, Bitcoin lost 50% of its value.
  • In March of the same year, someone stole Binance’s API keys and attempted to make fraudulent transfers. Binance detected the unusual activity and immediately suspended withdrawals. Panic had already spread.
  • In the same month, Facebook, Twitter, and Google banned all ICOs and token sales ads. This was the final piece of evidence doomsayers needed to prove their case.

For the remainder of the year, cryptocurrencies struggled to remain afloat. Some exchanges suspended trading, and some currencies collapsed. By November 2018, Bitcoin was exchanging at $5,500.

The Comeback

From the beginning of 2019, Bitcoin started to show signs of recovery. In fits and bursts, the currency rose in both trade volume and price. By June 2019, it had already reached $10,000. Between June 2019 and October 2020, the coin has fluctuated between $14,000 and $5,000. The comeback was not the strongest. However, it brought hope that Bitcoin was permanently poised for recovery and stabilization. 

Why Bitcoin Is Likely to Survive the Test of Time

We have seen Bitcoin’s unpredictable fluctuations over the years. One question we need to answer is what makes it always recover even after an epic fail. Below are some of the reasons.

#1 – It solves real-world problems

This is arguably the main reason Bitcoin has survived for a decade. Bitcoin has real utility – you can use it to pay for goods and services, you can send it to another person, and you can invest in it as if it were an asset. While it was possible to achieve all this even before Bitcoin’s creation, its invention has made these transactions more versatile and cost-effective. 

It has also opened new use cases that were previously impossible. For instance, activists are increasingly relying on Bitcoin to bypass government restrictions and receive donations. Of course, criminals and terrorists are also abusing the network to raise funds for nefarious activities, but that does not negate the fact that Bitcoin comes in handy when an unrestricted movement of funds is desirable. 

#2 – It is (relatively) simple to understand and use

Compared to other cryptocurrencies, Bitcoin is relatively easy to understand and use. For comparison, Ethereum and Ripple, Bitcoin’s closest competitors, include complicated concepts (smart contracts and payment infrastructure, respectively) that confuse neophytes. Bitcoin is simply a currency. Even a person with modest internet skills can begin using it in a short time. 

Bitcoin’s simplicity is on the user front – the mechanisms behind how it works remain as complex as those for other cryptocurrencies. Thus, none of the security, decentralization, and network stability benefits are compromised.

#3 – It is highly consistent with our past payment experiences

Bitcoin’s compatibility means you can easily plug it into traditional financial systems, and it blends seamlessly. It is accessible from mobile apps and other platforms that we are all already used to. Its acquisition and usage are also consistent with our past experiences. For instance, when checking out on an eCommerce site, you can pay for your goods by simply selecting Bitcoin, if it is listed. This is what you’d normally do with your credit card, PayPal, and so on.

So how does compatibility make Bitcoin resilient? Glad you asked. After a crash in volume, Bitcoin users can easily pick up where they left and continue using the currency like it never crashed. For emphasis, just imagine if, after abandoning its usage, you have to re-register, get a new wallet, find another exchange because the other one collapsed, and so on before you start using the currency again. It might not sound like much, but such complexities can impede the recovery of a cryptocurrency.

#4 – The pioneer advantage

Having entered the cryptocurrency market before any other currency, Bitcoin enjoys the pioneer advantage. It has been and will always be the trendsetter for cryptocurrencies. For instance, when Bitcoin activity slows down due to Bitcoin-specific adverse events, the entire crypto world is shaken. But Bitcoin does not necessarily suffer such instabilities when other networks go down. 

The pioneer advantage creates the impression that Bitcoin can be trusted more than any other cryptocurrency. This makes it easier for Bitcoin to bounce back after a slump because crypto enthusiasts will likely continue to trust it even when cryptocurrencies are undergoing tumultuous times. It is a good thing anyway, as the lifeline of cryptocurrencies heavily relies on Bitcoin trends.

#5 – It is globally available 

Bitcoin’s global presence contributes a great deal to its resilience. Each world region is characterized by a different economic and regulatory environment. So, when Bitcoin activity slows down in the Eurozone due to Brexit (if there’s such a cause-effect relationship), it could be pretty much business as usual in the rest of the world. Of course, changes in Bitcoin activity in certain regions have a high likelihood of impacting the rest of the globe. Even so, we must agree that having Bitcoin everywhere spreads and thus mitigates its risk of collapsing.

Final Thoughts

Bitcoin was created over a decade ago, and despite multiple scares that it was collapsing, the cryptocurrency still stands tall. It experienced its worst slump in December 2018, but its resurgence thereafter was a clear demonstration of its resilience. For the critics out there, Bitcoin’s high volatility is not necessarily a symptom of extinction – as it has been shown time and again. Lastly, although Bitcoin has seen countless rises and falls in its lifetime, one thing remains clear: after a fall, it shall rise.