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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

JP Morgan: Put 1% In Bitcoin as a Hedge as Demand is ‘Massively Outstripping’ Supply

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The narrative that investors should allocate 1% of their portfolio in bitcoin as a hedge has received support from strategists representing the giant US multinational investment bank – JPMorgan Chase & Co.

The analysts also highlighted the evaporating liquid supply, as giant institutions and corporations are purchasing substantial quantities rather rapidly.

JPM Suggest: Put 1% in BTC

Among the most popular topics of discussion within the community is how big should be the percentage investors allocate to bitcoin. The narrative ranges from BTC maximalists saying that all eggs should be in one bitcoin basket to others advocating for a broader diversification.

However, very few outsiders of the crypto community had ever suggested any BTC exposure until last year. Perhaps the first one to go public with it was the legendary legacy investor Paul Tudor Jones III following the COVID-19-induced market crash.

Since then, more representatives of the traditional financial field have joined, and the latest ones are strategists from JPMorgan.

Cited by Bloomberg, they seemed somewhat cautious but still indicated that investors should look into BTC for a possible hedge.

“In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio.”

However, the analysts advised investors to explore other fiat currencies, such as the yen or the dollar, if they want to hedge a macro event and not cryptocurrencies as they are “investment vehicles and not funding currencies.”

BTC’s Declining Liquid Supply

JPM also touched upon another compelling topic, which has surged in popularity in the past several months – BTC’s decreasing liquid supply.

After all, numerous giant names joined the BTC craze since the summer of 2020. As of now, MicroStrategy owns over 90,000 bitcoins, Grayscale is purchasing new coins at record levels, Tesla allocated $1.5 billion in the asset, and numerous institutions bought in as well.

Simultaneously, the production rate of newly-created bitcoins was slashed in half in May 2020 following the third-ever halving. Consequently, the skyrocketing demand and the decreasing liquid supply affected the asset price, which is up by 50% since the start of the year – even after the latest massive correction.

“Through the insatiable buy-side pressure from exchange-traded fund issuers, close-ended funds, and large public corporations adding Bitcoin to their positions, demand is massively outstripping supply.” – concluded JPM’s strategists.

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Source: https://cryptopotato.com/jp-morgan-put-1-in-bitcoin-as-a-hedge-as-demand-is-massively-outstripping-supply/

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Monero, Ontology, Synthetix Price Analysis: 26 February

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Monero was treading water around the $200-level, with the crypto likely to give way to a wave of selling pressure. Ontology fell under multiple levels of former support over the last few days and could break past one or two more. Finally, Synthetix saw a region of demand flipped to one of supply.

Monero [XMR]

Monero, Ontology, Synthetix Price Analysis: 26 February

Source: XMR/USDT on TradingView

The RSI fell below 50 and tested it as resistance on the hourly chart after XMR’s bulls attempted to keep the price above $200. This could be an uphill battle, especially if Bitcoin continues to drop.

Over the next few days, $220 and $180 are the levels to watch out for. Climbing above $220 would imply that a recovery has begun for XMR, while dropping below its previous local low of $180 would see XMR shed value further.

The Stochastic RSI was recovering from oversold territory over the past few hours. The trading volume rose as the price fell, pointing to the fact that strong bearish market sentiment was still in play.

Ontology [ONT]

Monero, Ontology, Synthetix Price Analysis: 26 February

Source: ONT/USDT on TradingView

The Directional Movement Index showed a strong bearish trend was in progress as the ADX (yellow) rose above 20 alongside the -DI (pink). The Awesome Oscillator also underlined southbound market momentum.

The next levels of interest for ONT were the $0.75 and the $0.68-support levels. A sign of some strength from the bears, such as a double top, would be required before any coin can be considered to be on the road to recovery.

Synthetix [SNX]

Monero, Ontology, Synthetix Price Analysis: 26 February

Source: SNX/USDT on TradingView

On the hourly chart, the fractals were used to give some further importance to the points that formed the descending channel’s boundaries. As can be seen, SNX closed a trading session under the channel and rose to retest the $18-region as one of supply, formerly demand.

Having confirmed this dip, the market’s bears forced the price lower. The next levels of support for SNX lay at $16 and $14, both representing drops of 10% and 21% from where the price was trading, at the time of writing.

The MACD noted strong bearish momentum, as did the 8-period and 20-period exponential moving averages (blue and white respectively).


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Source: https://ambcrypto.com/monero-ontology-synthetix-price-analysis-26-february

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This Bitcoin metric may be key to Gold’s flippening in the future

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At the time of writing, Bitcoin’s price was falling again, with the cryptocurrency’s performance breaking from its rangebound behavior between $49,000 and $51,000 yesterday. And yet, despite the scale of the drop, many still expected recovery to come soon enough. In fact, a few signs were visible just before BTC’s latest fall below $47,000.

Consider this – At the time, the volatility was up to 16%, rising by 2% post the dip from its ATH of $58,330. While it’s almost given that Bitcoin will soon bounce back, it’s worth examining what will drive such recovery. On CMC’s latest podcast, Jeff Ross of Vailshire Cap spoke about the prevailing narrative during this market cycle. According to him, the narrative of Gold 2.0 is the one that is playing out.

Gold has been repeatedly mentioned in popular narratives since the flippening of gold is seen by most as a major event. Since a majority of Gold bugs are key investors and hedge fund managers, there is potential market capitalization to tap into. After crossing the $1 trillion-mark, Bitcoin is even closer to $10 trillion, with the price following the S2F model like clockwork.

Gold’s S2F ratio was 62 while Bitcoin’s S2F was 52, at press time, and this may be one of the reasons for following S2F, despite the fact that many gold bugs will still find a reason to criticize BTC’s price action.

Will the narrative of Gold 2.0 play out this market cycle?

Source: Digitalk

The fact that Bitcoin’s annualized average daily volatility was observed to be above 120% and for Gold, it was a little over 20%, highlighted how the two are uncorrelated. Despite the two assets not being correlated post the decoupling in November 2020, the Gold 2.0 narrative is driving institutional investment inflows into Bitcoin. When Bitcoin’s S2F crosses 100, the flippening may occur and the comparisons between Gold and Bitcoin may cease to exist.

The cyclical movement of price, at the press time volatility of 16%, may continue in Bitcoin. In the last 24 hours alone, based on on-chain metrics, the trade volume has dropped by over 44% across exchanges. This drop in trade volume may be in response to the Bitcoin Options expiry on Deribit.

Previously, Options expiry events have had a significant impact on the price of the asset in the short-term. However, post the expiry, the price may sustain itself below its press time level, before recovering in a cyclical manner over the following month.

Will the narrative of Gold 2.0 play out this market cycle?

Source: Skew

Since this has emerged as a pattern in previous market cycles, it may repeat at least until the crypto’s price recovers and trades above the $55,000-level. A few days ago, the aggregate daily volume in BTC Futures on top exchanges was close to $180 billion. With a hike in volatility expected in the near-term, the figures for the same are likely to grow even more, especially if recovery is surely underway.


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Source: https://ambcrypto.com/this-bitcoin-metric-may-be-key-to-golds-flippening-in-the-future

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