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Securing your Cryptocurrency – Valuable Tips and Tools

Since the inception of the premier digital currency, Bitcoin, cryptocurrencies have increased tremendously in relevance. Originally created by Satoshi Nakamoto, Bitcoin was supposed to be a payment system to eliminate…

The post Securing your Cryptocurrency – Valuable Tips and Tools appeared first on Latest Cryptocurrency Market News & Analysis – CryptoZink.

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Since the inception of the premier digital currency, Bitcoin, cryptocurrencies have increased tremendously in relevance. Originally created by Satoshi Nakamoto, Bitcoin was supposed to be a payment system to eliminate traditional banking. In recent times, discoveries have been made that proves cryptocurrencies go beyond just being payment systems.

What you can use Digital Currency For

Digital currency can be used as a store of value. Most large holders of Bitcoin consider the cryptocurrency as digital gold. In fact, Bitcoin was considered the best performing asset of the 2010s. If you purchased Bitcoins with $1 in the early part of 2010, you’d be worth approximately $1 million today.

Cryptocurrency is also considered one of the best forms of democracy today. The blockchain technology, which is behind the creation of Bitcoin can be used for voting. There are crypto projects like Aragon that allow token holders to vote on decisions. Bitcoin miners also display a form of governance by signing newly mined Bitcoin blocks.

Cryptocurrency has a lot more practical uses that can be harnessed by governments and individuals around the globe. However, the crypto space is plagued with several security risks due to its massive market capitalization (around $250 billion as at the time of writing).

Securing your cryptocurrency assets is a long is essential in order to keep thieves and hackers at bay.

How to secure bitcoin and cryptocurrency - how to tips and tools

Security Risks Surrounding Cryptocurrency

1. Weak Wallet Security

A lot of cryptocurrency wallets are not properly secured and can easily be hacked. Studies done by researches from Edinburgh University showed susceptibility to hacking in some hardware wallets. In fact, some hardware wallets using encryption could still be breached.

The researchers utilized a malware for this purpose. This malicious software was able to hijack communication between the wallets and the computer system.

2. Cryptojacking

Cryptojacking is the utilization of malware for the mining of cryptocurrency on individual devices without their owners’ consent. The mining of cryptocurrency creates new blocks which add to a miner’s wallet, hence, increasing the value of that miner.

However, a lot of computing power and electrical power is needed to facilitate mining, leading to hackers finding other sources to mine illegally. The worst part of cryptojacking is that you don’t notice when it’s happening. You’d simply see your electricity bill increasing and your computer slowing down without knowing what’s happening.

3. Numerous Cyberattacks

In 2011 and 2014, Mt. Gox, the first prominent Bitcoin exchange got hacked, with as many as 1.35 million Bitcoins lost in the attack. In 2019, Binance, the top cryptocurrency exchange lost $40 million to a hack.

Bithumb, Poloniex, BitFloor, and Bitstamp are some of the exchanges that have been hacked in the last 10 years.

Securing your Cryptocurrency Wallet

1. Use a VPN

You most likely purchased your cryptocurrency with money, so why not keep it safe? A Virtual Private Network protects you from the numerous threats prowling the internet when you operate your crypto wallet. A secure VPN performs this by hiding your IP address, thereby making you anonymous to anyone attempting to spy on you.

Something as simple as your IP address being discovered could kick-start a chain reaction that would end in the loss of funds from your crypto wallet.

A VPN also protects you from government monitoring. By virtue of its creator, Bitcoin wallets and users are supposed to be anonymous. Provided you don’t use a KYC (Know-Your-Customer) cryptocurrency exchange, you can trade cryptocurrency with full anonymity.

With a VPN, you can ensure your online activity is encrypted even if you’re using a public network.

2. Use an Antivirus and Anti-Cryptomining extensions

One of the most popular ways you can be cryptojacked is through browser extensions. If you use an anti-cryptomining extension, you can stop malware from mining through your system. Also, antiviruses can detect crypto-miners on your system and flush them out.

3. Use Secure Hardware Wallets

Hardware wallets are not connected to the internet, making them free of malware. They are also not affected by exchange hacks or software wallet hacks. Using a hardware wallet will ensure you don’t join a number of victims who have lost cryptocurrency through hacks.

You can use secure hardware wallets like Trezor or Ledger Nano S.

Conclusion

Cryptocurrencies have provided increasing value to the world since creation. It is because of this reason that they are frequently attacked by cybercriminals. To protect your cryptocurrency, you can use an antivirus, a VPN, and a hardware wallet.

You can use secure hardware wallets like Trezor or Ledger Nano S. The VPN will help securing your cryptocurrency stored in your hard wallet(s).

The post Securing your Cryptocurrency – Valuable Tips and Tools appeared first on Latest Cryptocurrency Market News & Analysis – CryptoZink.

Source: https://www.cryptozink.io/securing-your-cryptocurrency-valuable-tips-and-tools/

Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Millions of Dollars Raised Through Solana’s DeFi Projects

Millions of Dollars Raised Through Solana's DeFi Projects

PAI, an algorithmic stablecoin, backs Parrot Protocol. Grape Protocol was the primary source of the downtime. Solana has been up

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  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Source: https://thenewscrypto.com/millions-of-dollars-raised-through-solanas-defi-projects/

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Cosmos (ATOM) Lead Market-Wide Rally

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos’ creators call it an “internet of blockchains.” ATOM also launched a bridge to Ethereum at the end of August.

The post has appeared first on thenewscrypto.com

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  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

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Source: https://thenewscrypto.com/cosmos-atom-lead-market-wide-rally/

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