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The Top 5 Products That Every Bitcoiner Needs

Being a Bitcoiner is as simple as owning any amount of BTC. But as you go further down the rabbit hole, you’ll be eager to get your hands on everything that can help you Bitcoin better.

The post The Top 5 Products That Every Bitcoiner Needs appeared first on Bitcoin Magazine.

Republished by Plato

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In 2012, Bitcoin Black Friday was launched as a way for Bitcoiners to hack the mainstream consumerism holiday and promote their favorite technology as a killer tool for payments and encourage merchant adoption. Thousands of merchants have participated by offering discounts for customers who pay in BTC, but the celebration fizzled in 2017 as the Bitcoin community became embroiled in debates over block size and Bitcoin for payments became conflated with arguments over scaling.

But this year, Bitcoin Black Friday is back with brand new deals that help Bitcoiners make the most of their HODLings. To celebrate, we’re sharing our list of the definitive equipment for your Bitcoin Black Friday wishlist this year.

Being a Bitcoiner is as simple as owning any amount of BTC, and that’s that. But as you go further and further down the rabbit hole, you’ll see how much more this revolutionary technology has to offer, and you’ll be eager to get your hands on everything that can help you Bitcoin better. There are so many fascinating products and services out there that enhance the experience of using Bitcoin in multiple different ways, that you’ll never see this magic internet money the same way again.

To help new and seasoned Bitcoiners alike round out their BTC gear collections, we’ve compiled the below list of must-have equipment to help you participate more fully in the Bitcoin network, better protect your BTC HODLings and generally become a better Bitcoiner.

1. Hardware Wallets

Hardware wallets are absolutely essential for every Bitcoiner to have, no exceptions. Why? Because if you keep your coins on an exchange where you do not control your own keys, it’s a disaster waiting to happen. If you don’t control your private keys, then someone else does, and you don’t really own those coins. 

Claim your financial sovereignty by obtaining a hardware wallet for which you control the keys and, therefore, the coins. The other benefits to maintaining a hardware wallet include protection  from hackers and some lessons in  personal responsibility. 

2. Full Node In A Box

Having a full node is an absolute must after you obtain a hardware wallet because you can use them together. When you have a full node linked to your hardware wallet you can verify everything that goes in and out of your wallet yourself, without ever having to trust anyone else to do it for you. Anyone with a full node can check the exact supply of BTC at any given time, which isn’t possible to do with certain other cryptocurrencies. You do the math, you run the numbers.

Bitcoin is a living organism and the node is its heartbeat. The more nodes there are, the stronger and more robust the network becomes. The inexpensiveness of running a full node is key in allowing anyone and everyone to be able to interact with the network. Everyone is on a level playing field.

There are products out there that include everything you need to run a full node, including a complete version of the Bitcoin blockchain to date, all in one box.

3. Books

Knowledge is power and one of the best ways to obtain knowledge about Bitcoin is through reading. Reading allows you to see things from a different perspective and make better decisions for yourself based on the knowledge you’ve gained. It’s the small things — such as reading vs. watching TV — that separates the winners and losers in life. Don’t get caught on the wrong side.

Learning about Bitcoin via the right books is absolutely critical to your education because you can not rely on traditional methods of schooling to teach you about such a new and revolutionary technology. Schools tend to force Keynesian garbage down students’ throats and rarely teach the Austrian Economic principles behind Bitcoin. Governments and mainstream news outlets will bash Bitcoin every chance they get, so always DYOR.

4. VPNs

Virtual Private Networks (VPNs) provide security and privacy where you may think it wasn’t needed before. VPNs give you the upper hand over hackers or government surveillance because your VPN makes sure your location is unknown, all of your data is encrypted and you can browse the internet anonymously. 

See Also

Firsthand demonstrations from some of Bitcoin’s most active builders were a cornerstone of our Bitcoin Halving live stream.

Say you’re out and about using public WiFi, or even at a friend’s house using their internet connection. Hackers can go all Paul Krause on you and intercept all of the data you have to offer. VPNs protect you from these hackers and give you peace of mind while browsing the web. 

5. Headphones

As a Bitcoiner, you will find yourself listening to A LOT of podcasts. There are multiple benefits to listening to Bitcoin podcasts such as: keeping up to date with the latest news, learning new things about the technology and getting to know other Bitcoiners better. There are so many great pods out there that you’ll find yourself squeezing as many episodes as you can into your daily routine.

Investing in a nice pair of headphones can make listening to podcasts a more pleasant and enjoyable experience. You may find yourself absorbing more information with high quality, comfortable and clear-sounding headphones, compared to low quality, uncomfortable. and fuzzy sounding headphones. 

These are five items that are commonly owned amongst Bitcoiners and that many now find themselves unable to function without. When paired with Bitcoin, each one of these products can be key to one’s financial sovereignty, education and privacy.

Bitcoin Black Friday is the perfect time to make sure you’ve got all of the stuff every good Bitcoiner needs. To find deals on these things and more, check in with Bitcoin Black Friday, follow the brand on Twitter and make sure to celebrate big this year.

Source: https://bitcoinmagazine.com/articles/the-top-5-products-that-every-bitcoiner-needs?utm_source=rss&utm_medium=rss&utm_campaign=the-top-5-products-that-every-bitcoiner-needs

Blockchain

Bad guys can’t cash out their loot in 2016 Bitfinex hack

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Assets stolen from Bitfinex crypto exchange in a hacking incident back in 2016 will take over a century to be cashed out, blockchain intelligence firm Elliptic said in its latest report.

On Thursday, the company published a statement about the infamous hack that resulted in Bitfinex losing 120,000 bitcoin (valued today at around $7 billion). It detailed nearly 80% of the illegally obtained funds are still in the hacker(s) wallet.

The remaining 21% have been moved around by the malicious cyber attackers that have only managed to launder 4% of their total haul, which is approximately $270 million.

A roadblock for the attackers

Elliptic pointed out that the reason for their thesis is the evolution of crypto tracking tools, regulations, and law enforcement methodologies that make stolen or ill-gotten digital assets very challenging to cash out today.

The intelligence company explained that the hackers used “peel-chains” to exchange the stolen funds. In this method, crypto tokens are moved around numerous times, moving fast from wallet to wallet, and only a small amount of the bitcoin is “peeled off to their actual destination along the way.”

Back then, it was extremely hard to track crypto-assets laundered using this method. But today, the emergence of automatic tracing systems capable of determining the ultimate source or funds in an address makes the job a lot easier for the authorities.

The hacker after the cyber attack

After the successful attack on Bitfinex in 2016, the laundering process started in 2017 through the largest darknet market that time – Alphabay. Later that year, it was shut down by law enforcement, prompting the move to Hydra – the biggest illegal marketplace today.

Cryptoslate cited part of the report from Elliptic, stating, “After a hiatus in 2019, the launderers returned to Hydra in 2020 and are currently depositing $3 million of the stolen bitcoin every month.”

According to the report, to date, there is now approximately $72 million worth of the stolen cryptocurrency sent to Hydra.

 

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/bad-guys-cant-cash-out-their-loot-in-2016-bitfinex-hack/

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Blockchain

Three reasons why Cardano is going on this price trajectory

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Rising trade volume across spot and derivatives exchanges have supported Cardano’s ongoing price rally over the past few weeks and months. The altcoin, at the time of writing, was trading at the $2.32-level, with the crypto gaining by 20% in 24 hours to touch one ATH after the other. The aforementioned hike in price and trade volume were evidenced by the increase in market capitalization as well.

Thanks to the aforementioned factors, Cardano is now ranked third among the market’s top-10 altcoins, based on data from CoinMarketCap.

What’s more, based on the attached chart, currently there is more ADA staked than in the past 30 days. In fact, it is at nearly half a million. With 100% of its HODLers profitable at the press time price level, ADA’s rally is likely to be a long one, especially with the altcoin’s staking rewards data offering a similar conclusion. With a relatively high percentage of ADA staked, a direct relationship has emerged between staked ADA and ADA’s price.

While the current on-chain sentiment is slightly bearish, the net network growth stood at a positive 5%. Further, while there has been a slow drop in large transactions, that could mean that more retail traders are buying ADA v. HODLers and institutions. Unless trade volume drops and cascading sell-offs occur, the price is likely to hold at its current price level.

In the case of Cardano, the concentration by large HODLers has remained largely below 30% and this is key to its ongoing rally. Top memecoins and altcoins that are rallying like DOGE, LINK, BNB, and ETH, among others, have a high concentration by large traders. This is essential to supporting the price at its key levels.

$80 billion worth of large transactions have transpired over the past week and the inflows are anticipated to increase even more. Less than 15% HODLers have held ADA for over 12 months, despite YTD gains of over 500%. And, ADA’s HODLers are lower in numbers than expected. Ergo, the short-term ROI could be the key reason for the short HODLing duration.

Based on data from Messari, the ROI over the past week was nearly 40%.

Why Cardano's price rally is a long one

ADA short-term ROI || Source: Messari

In the past year, the ROI was over 700%. This is a relatively high gain for HODLers, despite several dips.

ADA’s latest developments and the increasing demand in the second phase of the altseason make it one of the hottest altcoins to buy and HODL. In fact, one can argue that ADA continues to remain undervalued at the press time price level.


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Source: https://ambcrypto.com/three-reasons-why-cardano-is-going-on-this-price-trajectory

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Data shows the ‘Bitcoin price drops ahead of CME expiries’ claim is a myth

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Historically, activity surrounding the Bitcoin (BTC) monthly futures and options expiry has been blamed for weakening bullish momentum. A few studies from 2019 found a 2.3% average drop in BTC price 40 hours before the CME futures settlement date. 

However, as Cointelegraph reported in June 2020, the effect faded away. While 2020 seems to have rejected the potential negative impact of CME expiries, so far, the current year appears to validate the theory. Bitcoin’s price has been suppressed ahead of futures and options expiry in the first three months of 2021.

Bitcoin performance before and after CME expiry, USD. Source: TradingView

Some investors and traders have pointed out that Bitcoin’s incredible rally after the recent futures and options expiry dates has become a trend.

BTC has effectively rallied in the days following the expiry, but expanding this analysis uncovers a less-than-satisfactory trend.

Three consecutive events don’t prove a trend

The past 13 months have been nothing short of spectacular for Bitcoin, as the cryptocurrency posted 788% gains. August 2020 turned out to be the worst month, as BTC presented a 7.5% negative performance. Thus, choosing random starting points within the month will likely show a similar positive trend.

For example, if one uses the “last quarter” moon phase as a proxy, the odds that a rally takes place after each event are very high.

Bitcoin performance after “Last Quarter” moon, USD. Source: TradingView

As depicted above, indeed, Bitcoin rallied after five out of the last six instances. The only conclusion might be that positive trends are the norm rather than the exception during bull runs.

Although there might be some explanation to the reason behind Bitcoin’s end-of-the-month underperformance, these are only hypotheses.

While market makers and arbitrage desks could benefit from suppressing the price after a rally, other forces, including leverage futures longs and call option holders, would balance that out.

Bitcoin price did not drop in three of the last seven expiries

Therefore, it makes sense to analyze the potential price suppression ahead of the expiry instead of looking for explanations for a rally during a bull market.

Bitcoin performance before and after CME expiry in 2020, USD. Source: TradingView

Both October and December 2020 expiries failed to present any negative pressure ahead of such dates. Meanwhile, the 12% positive performance on the five days that preceded the most recent April 30 expiry also puts a big question mark on how meaningful the CME event really is.

Considering there hasn’t been a price decrease ahead of monthly futures and options expiries in three of the last seven instances, this evidence should put a nail in the coffin of the unfounded myth.

As mentioned earlier, trying to develop theories on why sellers acted more aggressively on specific dates is unlikely to yield results.

As shown above, Bitcoin’s price failed to underperform in three out of the last seven expiries. A 57% success rate should not define a trend when a positive performance after a specific date has been proven common during a bull run.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/data-shows-the-bitcoin-price-drops-ahead-of-cme-expiries-claim-is-a-myth

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