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How Cryptocurrency Wallets Could Replace Banks

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Cryptocurrency use cases vary based on who you’re talking to. Some believe that digital assets can replace our current financial system, while others view crypto as a store of value like gold. Each use case has its pros and cons, but they also have one thing in common: a cryptocurrency wallet.

A non-custodial cryptocurrency wallet acts similar to a bank. It stores and secures your assets, allowing you to transfer or receive funds as well. But a bank is still an intermediary – a third party that can limit your spending, take away funds, and see all of your transactions. A crypto wallet provides the same, but without moderation. If either use case gains traction, we very well could see wallets make banks irrelevant.

That’s a bold claim to make, so let’s break down why non-custodial crypto wallets have such potential. We’ll use the Unstoppable wallet as an example.

Endless Storage

There are hundreds of cryptocurrencies out there, and there’s bound to be more if DeFi continues on its upward trajectory. Fortunately, Unstoppable can store pretty much all of them.

The wallet supports major blockchains like Bitcoin, Ethereum, Dash, Zcash and most importantly, all ERC-20 tokens and coins, among other mainline assets. Just like how one bank account can fund all of your spending, this one wallet can hold all of your various cryptocurrencies.

They Have Your Privacy in Mind

Current banks know everything about their customers. They know what you’re spending on, how much money you’re making, or where it’s coming from, and hold a ton of personal data at that. In a world where information has become currency, banks are essentially an invasion of our privacy.

Unstoppable wallet needs nothing. Every person of any race or background can set one up anonymously. With cryptocurrency wallets, discrimination is a thing of the past.

24/7 Access

Because humans run banks, they need to close every so often. Bank holidays, weekends, and nights make it difficult to quickly get money for a surprise expense. You have to plan ahead with banks, which isn’t always possible.

Cryptocurrency wallets such as Unstoppable are autonomous. The market is always on, and you can access your funds at any time from most electronic devices. No more waiting for checks to clear or rushing to the bank after work to pull out some cash. Plus, there are Bitcoin ATMs available for those who want a real-world solution.

Lack of Fees

Cryptocurrency transactions do have fees, but they’re not as ridiculous as banking fees. Savings accounts cost money. Overdrafts cost money. Pulling cash from an ATM costs money. All of those little charges add up over time, which is stressful for those in less fortunate financial situations.

There is no charge for holding assets in an Unstoppable wallet. You may pay a one-time transaction fee from an exchange to the wallet, but you can hold forever without a single charge in wallet.

Higher Interest Rates

Current interest rates are affected drastically by inflation. On average, a traditional bank will provide you with anywhere from 0.01% to a 1% or 2% annual interest rate on your savings. Unless you have a massive amount of cash saved up, this rate is next to nothing.

On the other hand, cryptocurrency wallets tied to the DeFi ecosystem can provide you with so much more. There’s staking cryptocurrency to earn anywhere from 6% to 20% in annual interest. You can lend out cryptocurrency to anyone with the collateral to hold it, all without jumping through the hoops of a bank. That’s not to mention earning rewards for participating in certain networks, ensuring you even more profit.

As crypto technology expands, you’ll even be able to take out car loans or have a credit line completely separate from a traditional one – all connected via a wallet like Unstoppable. Depending on the platform, you can also customize your minimum payment amounts, and how often you pay them back as well.

Instant Payments

Bank transfers can take hours or even days to complete. International ones may even take weeks. If you’re travelling, you need your money ASAP. Nobody has weeks to wait funds that they already own. Transfers have high fees on top of this.

Your crypto wallet follows you around the world. If you travel from the US to China, you can instantly purchase anything at any place that accepts cryptocurrency. Ideally, the number of crypto-positive spaces will increase as the tech develops. It’s essentially a worldwide currency.

This goes double for transferring money to someone else. Sending money to a relative across the world is a hassle. It may get lost in the process, charging you even more in time and fees. The trouble almost isn’t worth it.

However, cryptocurrency transactions take minutes. If both parties have Unstoppable wallet, you can send any supported cryptocurrency. The recipient can then cash that out into their local fiat within a half-hour. If anything renders bank technology useless, it’s crypto transaction speeds.

Conclusion

You’ve probably gathered this, but cryptocurrency wallets open up financial opportunities to all. Banks need money to run and pay their employees. They tend to support those with the most money instead of holding an unbiased relationship with all customers. Crypto wallets need nothing of the sort. All you need is to buy cryptocurrency and send it in. Your opportunities then become endless.

Source: https://bitcoinist.com/how-cryptocurrency-wallets-could-replace-banks/?utm_source=rss&utm_medium=rss&utm_campaign=how-cryptocurrency-wallets-could-replace-banks

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Crypto wallet Zumo adds support for Bitcoin SV (BSV) after BTC and ETH

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Zumo, a crypto wallet and payments app, has announced that it can now be used to store and receive the cryptocurrency Bitcoin SV (BSV).

BSV is the third cryptocurrency to be supported by the non-custodial Zumo wallet. Users can also hold or trade Ether and Bitcoin.

Bitcoin Satoshi Vision (BSV) emerged from a hard fork of Bitcoin Cash (BCH); which itself emerged after a hard fork of Bitcoin (BTC). It is an extension of the same original blockchain with some amendments that have targeted the dual benefits of cheaper transaction fees and increased transaction capacity.

The name comes from its supporters’ belief that BSV aligns with the original vision of Satoshi Nakamoto; who first published the white paper explaining Bitcoin.

£10,000 worth of Bitcoin SV giveaway to celebrate

To celebrate the arrival of BSV to the wallet, Zumo is launching a giveaway of £10,000 worth of Bitcoin SV. Any UK resident who opens a new wallet with Zumo passes ID verification and makes a £1 deposit between June 25th, 2021 and July 26th, 2021 will be eligible to win the prize of £10,000 in BSV.

“We’re excited about offering BSV to our users. We’re hoping to introduce British crypto investors to BSV; as well as attracting new users who have never engaged with smart money before. To anyone who’s considering getting involved in crypto I’d say: we’re here to help.”
– Paul Roach, Zumo’s Chief Product Officer

Source: zumo.money

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Source: https://www.cryptoninjas.net/2021/06/25/crypto-wallet-zumo-adds-support-for-bitcoin-sv-bsv-after-btc-and-eth/

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TA: Bitcoin Breaks $35K, Why BTC Bulls Aim A Larger Rally

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

Bitcoin price regained strength for a fresh increase and it broke $35,000 against the US Dollar. BTC is likely to accelerate higher towards $36,500 or even $37,000.

  • Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
  • The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs and it could even rise towards the $37,000 level in the near term.

Bitcoin Price is Gaining Pace

Bitcoin formed a base above the $32,000 zone to start a fresh increase. BTC broke the $33,500 resistance the 100 hourly simple moving average to move into a positive zone.

The upward move gained strength above the 50% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone. There was also a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.

The pair is now trading nicely above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is showing a lot of positive signs and it could continue to rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is now near the $37,000 zone. Any more gains could lead the price towards the $38,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.

The next major support is near the $34,000 level. The main support is now forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $32,000 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $34,400, followed by $33,500.

Major Resistance Levels – $36,200, $37,000 and $38,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

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DeFi protocol Oxygen to get series of audits from Kudelski Security

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Oxygen, a DeFi prime brokerage service built on Solana and powered by Serum’s on-chain infrastructure, announced today it has signed a strategic agreement under which Kudelski Security, a division of the Kudelski Group in Switzerland, will provide security assessment and architecture support for the platform.

Soon, Kudelski will conduct a series of reviews and audits of Oxygen’s functionality and interfaces. Meanwhile, Kudelski will have an ongoing collaboration with Oxygen to assess future enhancements, changes, or additions to Oxygen’s protocol.

“Institutions and individual investors have a right to expect that they can trust the quality, reliability, and stability of the Oxygen ecosystem. For Oxygen, this partnership provides transparency, promotes absolute confidence that the protocol does precisely what it promises and demonstrates its security; all based on a thorough assessment by a leading global expert in cybersecurity.”
– Viktor Mangazeev, Co-Founder of Oxygen

Audit Focus

Most importantly, the Kudelski Security team will perform a source code assessment, architecture review, and architecture verification of the Oxygen.org finance system.

Firstly, special attention will be focused on the contracts mechanism, finance logic, yields, borrowing, lending, and leverage mechanisms, as well as other related funds safety considerations

Moreover, verification analyses will confirm that formulas, cryptographic/mathematic, etc. in the software faithfully implement the specified intent of the protocol. Testing will also include a dynamic examination of key financial risk scenarios such as edge situations, liquidity events, and more.

“I’m very excited to be working with Oxygen on this series of engagements. It is important to show strategic leadership in promoting cybersecurity. Comparable traditional businesses have years of audits and tests; and the emerging ecosystems must put their best foot forward to build the trust of users and environmental partners.”
– Scott Carlson, Head of Blockchain Security for Kudelski Security

Oxygen is built on the growing and liquid Serum ecosystem; which leverages an on-chain orderbook to match borrowers and lenders to provide fair rates. Currently, Solana processes up to 50,000 transactions per second. Each transaction costs just $0.00001, and Solana plans to further scale these capabilities.

Source: Oxygen.org

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Source: https://www.cryptoninjas.net/2021/06/25/defi-protocol-oxygen-to-get-series-of-audits-from-kudelski-security/

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