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How to protect cryptocurrency

How to protect cryptocurrency? The word cryptocurrency came from two words cryptography and currency. Currency: Currencies can be defined as some sort of economic buffer that someone earns in exchange for their service or goods provided. They can again later use these to get the service or products of their desire. Cryptography: Cryptography, on the … Continue reading “How to protect cryptocurrency”

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How to protect cryptocurrency?

The word cryptocurrency came from two words cryptography and currency.

Currency: Currencies can be defined as some sort of economic buffer that someone earns in exchange for their service or goods provided. They can again later use these to get the service or products of their desire.

Cryptography: Cryptography, on the other hand, concerned with the protection of data provided to it by converting the ordinary texts into unintelligible text. And if needed to be reaccessed they can be converted back into plain texts. Modern cryptography deals with integrity which means information cannot be altered, the confidentiality that stands for information cannot be understood by anyone and authentication which sums up into the fact that the sender and receiver can confirm each other.

So now if we try to get the above definition mixed and try to understand cryptocurrency.

Cryptocurrency: Cryptocurrency stands as a medium of exchange value that prevails in the digital world and depends on encryption, which makes transactions secure. Cryptocurrency is a substitute for payment through cash, credit cards, and checks. The technology behind it lets you send it straight to others without going over the 3rd party like a bank. You don’t have to apply your social security or credit score as collateral. It is allowing you to be moderately pseudonymous.
In simpler words, cryptocurrencies are like virtual accounting systems. They keep a history of all transactions. The transactions are grouped into blocks, which are cryptographically signed from where it got the name “cryptocurrency,” and the client doing the signing receives some number of units of virtual currency as remuneration for doing the work of calculating the cryptographic signature.

Today we will be discussing some tricks to better protect your cryptocurrency from getting lost or being stolen. Every week there appears to be a new doomsday prophecy for bitcoin and the cryptocurrency market. I can’t safeguard your money from a crashing market, but I can assist you with some pretty straightforward, but often overlooked advice to protect your investments from theft and accidental destruction. I like focusing on the things that I can control, and one of those things is portfolio security. This article is not about buying or selling advice. These are some simple advice to keep you from having your funds stolen or lost.

ALWAYS SET UP 2 FACTOR AUTHENTICATION: Two-factor authentication is the best possible way to fight with hackers. When 2FA is established, no one can reach your accounts without submitting a 6-digit key. These codes are always changing each time you need them. So, it becomes almost impossible for someone to assume them and get access.

NEVER STORE COINS ON EXCHANGES LONG TERM: If an exchange is hacked, you can lose all the money, and no one can give you the guarantee if any exchanges can compensate their members for the lost coins in reality. So, my suggestion is that use a safe cryptocurrency wallet that is available right now.

AVOID SHARING INFORMATION ABOUT WHERE YOUR COINS ARE OR HOW MUCH YOU HAVE: I know it’s very tempting to boast about your coins to anyone who will listen. Many investors quickly found themselves “crypto rich” and can’t wait to tell everyone how much they made. But in today’s world where trusting a person is so difficult given the fact that they always want to put you down is very dangerous to give them access to your cryptocurrencies.

NEVER USE THE SAME USER NAME AND PASSWORD TWICE: If it was any other accounts then it’s a strict no to use different username and password every time you make a transaction but when it comes to cryptocurrency its what I will recommend to protect your money. A there is no mail account attached for recovery there can not be anything better to use a new username and password every time you make a transaction.

TRIPLE CHECK WALLET ADDRESSES BEFORE TRANSFERRING FUNDS: Before transferring always ensure you are sending the proper coin to the appropriate wallet type and that the wallet address is complete and matches correctly otherwise soon you will find yourself in big trouble.

DON’T STORE LARGE AMOUNTS OF COINS ON MOBILE WALLETS: Mobile wallets are the same as your real regular wallet. So, if you do not store a large amount in your actual wallet because of theft, why should you put that much in e-wallets for the hackers to loot us virtually.

ALWAYS LOG OUT OF YOUR DEVICES, EXCHANGES, AND WALLETS WHEN YOU’RE FINISHED WITH THEM: This is the most crucial part to protect your money. Always log out after finishing a transaction. It will help you big time in protecting your crypto assets.

I hope these simple tricks will make your life much more comfortable and happier as you can now better protect your cryptocurrencies. Maybe some of you were already following, and some of you learned new things. Do leave your comment about any other tricks that we missed out or how much this post helped you.

Source: https://cryptoworldseo.com/news/how-to-protect-cryptocurrency/

Blockchain

Binance Coin, XRP, Dogecoin Price Analysis: 16 May

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Binance Coin headed south towards $500-$510 support – a region bolstered by the 50-SMA (yellow). XRP jumped by 16% on strong volumes but its technicals were yet to reflect a strengthening bullish trend. Finally, Dogecoin could see further dips before a rise above $0.569-resistance.

Binance Coin [BNB]

Source: BNB/USD, TradingView

On the 1-day chart, Binance Coin slipped below $600 and its 20-SMA (blue) and headed towards $500-$510 support – an area that clashed with the 50-SMA (yellow). With large-cap alts trading largely in the red after bearish cues from the market leaders, BNB was no exception. Warning signals came in the form of a bearish twin peak setup on Awesome Oscillator.

Furthermore, bearish divergence on RSI indicated weakening prior to BNB’s dip. At the time of writing, RSI traded in neutral 50-territory. On the 4-hour chart, BNB moved below its 200-SMA and although traders could go long at the current price level, a further pullback towards $500 could be on the cards depending on broader market cues.

XRP

Source: XRP/USD, TradingView

XRP bashed away multiple bearish signs and jumped by 16% in the last 24 hours. Bullish sentiment may have stemmed from Ripple’s response to the SEC’s request of an informal conference to discuss all legal advice that Ripple has solicited during the past.

A series of successive green candlesticks were spotted on XRP’s daily chart and underscored buying resurgence. According to XRP’s technicals, bulls were yet to fully assert control. MACD was close to a bullish crossover, while RSI headed towards the 60-mark. A break above $1.75-resistance could spur some additional buying, while $1.31-$1.22 would provide support in case of further pullbacks.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Even though Dogecoin was slightly bullish, the price remained below a key resistance level at $0.569. In fact, Squeeze Momentun Indicator noted weakening buying pressure and it seemed unlikely that $0.569 would be toppled over the coming days – barring any social media anomalies. Support marks stood at $0.37 and $0.44.

MACD line remained below the Signal line- underlining recent woes for DOGE. On the lower timeframe, a degree of equilibrium was noted between the buyers and sellers. If this continued over the coming hours, some consolidation can be expected before the next upswing.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coin-xrp-dogecoin-price-analysis-16-may

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Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

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Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States. 

The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.

This decision was later confirmed by the Swiss Financial Market Supervisory Authority. 

Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves. 

Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate

In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network. 

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.” 

Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology. 

Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry. 

With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.

Featured image from ShutterStock

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states

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Crypto Research Firm Delphi Digital Launches Latest NFT Fund

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Delphi Digital, a New York-based crypto research and venture firm, recently launched its latest on-chain fund to invest in non-fungible token (NFT) projects. 

The fund, referred to as Delphi InfiNFT, is based on decentralized finance (DeFi) investing protocol Syndicate. “It will enable automation of deposits, cap table, distributions, fund management, reporting, etc.” said Anil Lulla, co-founder of Delphi Digital. 

“NFT’s are changing digital ownership rights, as well as how creators are interacting with their communities. Along with the growth of the NFT space, there is supporting infrastructure that needs to be built alongside it. The goal of this fund is to find the protocols that are moving the NFT space forward and building the infrastructure that is needed.”

Delphi Digital has partnered with NFT investor Gmoney for its NFT fund, who famously purchased a CryptoPunk NFT for a record price of 140 Ethereum worth approximately $180,000 at the time. Gmoney and Delphi will co-manage the fund together. 

According to their website, the fund will look to create an investment portfolio consisting of 20 protocols through InfiNFT. “We plan to deploy at least 80% of the fund’s capital in the first 6 – 9 months as we find protocols that fit with our thesis,” the team report read. 

“We will identify and select leading NFT networks through our networks and communities. We’ll be working directly with the teams we invest in to help them become a core piece of the NFT ecosystem long-term.

Delphi’s InfiNFT is backed by IDEO CoLab Ventures, Divergence Ventures, Axie Infinity, Compound Finance, and Fractional, among others. 

The recent steep Ethereum selloff led to massive losses in market cap across the NFT markets. According to NFT Valuations, Cryptopunks’ total market valuation dropped $600 million this past week — representing over a 66% loss. In spite of the recent volatility, investors like Delphi Digital appear to be confident in the long-term prospects of the non-fungible token space.

Ethereum (ETH/USD), alongside the broader crypto market, suffered week-long losses following the news of Tesla cutting its Bitcoin payments. At press time, Ethereum is down 9.3% in the past week. Source: Tradingview.com
Featured image from UnSplash 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/crypto-research-firm-delphi-digital-launches-latest-nft-fund/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-research-firm-delphi-digital-launches-latest-nft-fund

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