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How to Secure Your Crypto Wallet in 2020

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The post How to Secure Your Crypto Wallet in 2020 appeared first on Crypto Core Media.

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How to Secure Your Crypto Wallet in 2020

When you’re dealing with an entirely digital asset like cryptocurrency, you want to be sure that you’re protecting your wallet digitally, too. This might seem like a no-brainer to the digital-savvy consumer who maintains a crypto wallet, but there are actually a number of vulnerabilities that you may not be aware of when you’re using digital currencies across your online life.

In this short article, you’ll learn how to better protect your crypto wallet and its assets. In doing so, you’ll be able to trade online without worrying about the security of your assets.

Password Protection

In many security circles, the humble password is slowly being revealed as a fairly insecure way of getting access to your assets. Indeed, it just takes one scammer to ask you to type your password into their website or program in order for them to have an intimate chunk of data, with which they may be able to access a number of your digital assets. As you’ll know, a password can be the gateway into your email account, from which you manage your digital assets, so a password’s protection is rarely enough to protect your digital wallet.

Two-Factor Authentication

As such, all crypto wallets — and digital assets generally — should be protected by a deeper layer of security than just a password alone. In security circles, this is often called ‘two-factor authentication’. Instead of simply typing in a username and password, you’ll also be requested to use a different form of ID, like your phone number or an element of your biometric data. With this additional layer of security installed, your crypto wallet will be far more difficult to breach, which means cybercriminals will give your digital profile a miss in favor of easier targets.

Software

Meanwhile, there are a number of software solutions on the market to help you protect not just your computer, but all of the endpoints connected with you and your digital system. These might include your phone, your tablet, your printer, and your smart home devices.

All of these constitute weak points in your cybersecurity which leading firms like www.mcafee.com have provided updated, next-generation software to protect. It’s your responsibility to download and onboard these cybersecurity solutions to ensure that your digital assets are protected by the world’s leading cybersecurity offerings, enabling you to trade online free from stress.

Personal Behavior

As well as using new technologies and software packages to help you get more secure, there’s an element of behavior that comes into conversations about digital asset protection. If, for instance, you give out your passwords to loved ones, you’re more likely to experience theft or a cyberthreats on your devices. The same goes for those who store their passwords digitally on their computers, or who are happy to leave their digital profiles signed in on communal computers. You should police all these behaviors and more if you’re to offer your digital assets the protection that they deserve.

Use these four tips to help you build out a more robust security blanket for all of your digital assets, especially your valuable crypto wallet investments.

Source: https://cryptocoremedia.com/how-to-secure-your-crypto-wallet-in-2020/

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Crypto Investment Fund to Sell $750M in Bitcoin for Cardano and Polkadot

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Dubai-based cryptocurrency investment fund currently sitting on $1 billion in AUM believes that the value of Cardano and Polkadot will be higher than that of BTC in the upcoming years. Consequently, the fund has announced plans to dispose of $750 million of its Bitcoin holdings and expand its exposure to ADA and DOT instead.

Crypto Fund To Replace BTC With DOT and ADA

FD7 (Fall Down Seven Times) Ventures describes itself as a crypto-oriented investment fund that “invests in entrepreneurs who stand up an 8th time” and has over $1 billion in AUM in various crypto assets. Naturally, those include the two largest – Bitcoin and Ethereum – as well as Cardano, Polkadot, and Cosmos.

According to a company press release, though, the fund plans to rebalance its portfolio by selling off $750 million worth of its Bitcoin exposure over the next month. Instead of holding BTC, FD7 intends to accumulate more of the “rising projects Cardano and Polkadot.”

The firm believes that this increase of altcoin holdings will “better serve the needs of FD7 investors who are looking to diversify their portfolios in the growing cryptocurrency space.”

The fund’s Managing Director had some harsh words to say regarding the primary cryptocurrency following the announcement:

“Aside from the fact that Bitcoin was the first to market and society has given it meaning as a store of value, I think Bitcoin is actually pretty useless.”

In contrast, he highlighted the potential of projects such as Ethereum, Cardano, and Polkadot, which he believes “will be more valuable than Bitcoin within the next few years.”

Ultimately, the statement informed that the fund has already started converting its BTC holdings to ADA and DOT.

Charles Hoskinson Welcomed The News

The press release described the founders of Cardano – Charles Hoskinson and Polkadot – Dr. Gavin Wood as “two of the brightest minds working in the crypto development space today” and outlined their vital role in establishing Ethereum years ago.

The fund’s decision to prioritize its ADA and DOT investments was primarily based on their reputation.

Hoskinson was quick to respond to the news from his Twitter account. Somewhat expectedly, he welcomed FD7 Ventures to the Cardano ecosystem and offered technical assistance if needed.

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Source: https://cryptopotato.com/crypto-investment-fund-to-sell-750m-in-bitcoin-for-cardano-and-polkadot/

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Wall Street Asset Manager Stone Ridge Files to Add Bitcoin to its Diversified Alternatives Fund

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New York City-based asset manager Stone Ridge has filed documents with the US Securities and Exchange Commission on behalf of its diversified alternatives fund to introduce BTC as the seventh investment strategy. 

  • According to the filing with the SEC, the addition will become effective on April 26th, 2021. However, it doesn’t necessarily mean that the giant asset manager will proceed with its BTC endeavor.  
  • The filing enables Stone Ridge to receive exposure for its diversified alternatives fund to Bitcoin through put options on BTC futures contracts. Put options allow investors to sell a certain amount at a pre-determined price in the future, but they are not obliged to.  
  • The Wall Street firm suggested that future allocations in BTC could include putting funds in pooled investment vehicles with exposure to the cryptocurrency. 
  • SkyBridge Capital’s Anthony Scaramucci also commented on the development and he classified it as a “big deal” that would “open the door for every mutual fund to add Bitcoin.
  • Since 2012, Stone Ridge provides services to accredited investors as a registered investment advisor (RIA) and had over $13 billion in assets under management as of late 2020. 
  • It’s worth noting that Stone Ridge already has substantial connections with the primary cryptocurrency. A Forbes article followed the path that started with staff members purchasing BTC for themselves years ago. 
  • As the company was struggling with storing their funds, it founded the crypto asset manager New York Digital Investment Group (NYDIG) in 2017. The new endeavor raised over $6 billion in AUM in its four years of existence, and the Executive Chairman, Ross Stevens, recently projected $25 billion by the end of the year. 
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Source: https://cryptopotato.com/wall-street-asset-manager-stone-ridge-files-to-add-bitcoin-to-its-diversified-alternatives-fund/

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Here’s what you should know about Bitcoin collateralized Futures

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Before DeFi was bursting onto the scene, bringing forward the idea of tokenized Bitcoin on Ethereum, the derivatives markets were the ones to introduce the concept of using digital assets as collateral.

The rise of derivatives has played a vital role for Bitcoin, allowing the asset to undergo price discovery. With growing traction, the financial structure around it continued to develop, and the collateral aspect of Bitcoin started to gain stability.

Other factors have assisted Bitcoin in idolizing the role of a good collateral asset. The growth of institutional interest has been key. Over the past year, the volume of Bitcoin currently accumulated by institutions has climbed as high as ~6% of the total circulating supply, a figure that comes up to around 1.3 million.

Improving social sentiment has provided collective acceptance as well. Multiple traditional stock investors such as Paul Tudor Jones have applauded Bitcoin’s emergence, suggesting that the asset class has a lucrative standing in the future.

The growth of Bitcoin collateralized futures was inevitable, but a change might have been taking place over the last 12 months.

BitMEX led the initial charge, but is there a shift afoot?

According to Arcane Research’s recent report, BitMEX was the derivatives exchange that introduced the idea of BTC collateralized Futures. Between 2017 and 2018, the trading volume of BitMEX completely surpassed the spot volume market of Bitcoin.

After BitMEX dominated proceedings post the 2017 bull run and during the bearish winter of 2018, the Open Interest on BTC Futures registered its biggest rise in 2020, with the market ballooning up to $14 billion in January.

Source: Arcane Research

However, after the March 2020 crash, the derivatives market appeared to radically shift towards stablecoins and USD collateralized Futures.

As can be seen from the attached chart, Open Interest by BTC margined Futures or perpetual swaps cater to 57% of the total Open Interest by collateral. Stablecoins margined Futures have risen by 43%. For context, Bitcoin margined Futures dominated 86% of the Futures market on 1 January 2020.

At press time, it was estimated that the size of BTC collateral in the Futures market was close to 20,000-60,000 BTC. Here, it is worth noting that the range is particularly wide because the derivatives industry is relatively opaque, especially when compared to the spot market.

While stablecoin margined Futures remain in the backseat because they are less complex than BTC-collateralized futures, a change in positions might just manifest sooner than expected.


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Source: https://ambcrypto.com/heres-what-you-should-know-about-bitcoin-collateralized-futures

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