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Top 4 Myths About Cryptocurrency

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Cryptocurrencies have taken the world by storm in recent years. The massive increases in value of everything from established cryptocurrencies like Bitcoin and Ethereum to meme-coins like DogeCoin has put this new digital technology on many individuals’ radars. As with any new technology that gains rapid popularity, myths and misconceptions come out in droves. Cryptocurrencies can be a complex and technical topic, so to clear up some misconceptions, here are four myths about cryptocurrencies explained.

Cryptocurrencies Are Hackable

The idea that cryptocurrencies are “hackable” seems to come from the mere fact that they exist digitally. The logic being that if something is digital, it can be hacked. Cryptocurrencies themselves are digital assets with unique codes and perfect records of every transaction that occurs using them. The accounts of wallets which contain cryptocurrencies can be stolen by hacking or phishing. Cryptocurrencies can be the payment method of choice for certain scammers or malicious individuals, but cryptocurrencies themselves cannot be hacked. There is no such thing as stealing Bitcoin out of cyberspace, nor can Ethereum fall prey to a spoofing attack. Accounts related to cryptocurrencies can become compromised, but the currency itself cannot.

Cryptocurrencies Can Be Counterfeit

The idea that cryptocurrencies can be counterfeited likely stems from the fact that there are no physical cryptocurrencies in existence. People think that a clever computer wizard might be able to pass off some code as a cryptocurrency and have it accepted for payments. This is also a myth. Most cryptocurrencies, including major coins like Bitcoin and Ethereum, come into existence via mining. Mining is when a computer solves some complex mathematical problem. Upon completion of the problem, the computer that solves the problem is rewarded with a small amount of cryptocurrency. These currencies are created with unique identifying codes which makes it simple for the underlying tracking technology, known as blockchain, to spot and subsequently eliminate fake transactions. With this system, the risk of counterfeiting is basically impossible.

Cryptocurrencies Are Untraceable

The myth that cryptocurrencies are untraceable likely comes from the early days of cryptocurrencies during which anyone could make cryptocurrency wallets with no identifying information. These wallets with no data on the owner could be used to send currency virtually anonymously. This is very different than transactions being untraceable. In fact, the blockchain technology upon which cryptocurrencies are built records literally every transaction that has ever happened and will continue to record every transaction that will happen in the future. Lists of these transactions are publicly available for anyone to browse. Given the decentralized nature of cryptocurrencies, it is extremely unlikely that these records will ever go away. In the modern day, most cryptocurrency wallets require the owner to identify themselves and verify their identity. Couple this with that fact that every transaction is recorded in perpetuity and you get a very, very traceable payment system.

Bitcoin Is the Only Truly Valuable Cryptocurrency

Bitcoin was the first cryptocurrency to truly popularize and revolutionize this new form of digital payments, but it is far from the only coin in the game anymore. Different coins work in different ways, provide different functions, and are valued at different rates. For example, Ethereum, the second most popular cryptocurrency, was created to operate as a security protocol for digital applications. Storj, a relatively new cryptocurrency available for trading, was created to provide a decentralized cloud storage solution open to everyone. Instead of mining to earn Storj, people essentially rent out storage space on their own computers to create the decentralized network. People who rent their space are rewarded with Storj coins. In this vast landscape of ideas and innovative technology, there are many coins that hold value in a very real sense of the word.

Cryptocurrencies are a new and exciting technology. They are also complex, which leads to many misconceptions about their security, privacy, and value. Hopefully, debunking a few of the most common misconceptions about cryptocurrencies has helped increase your understanding of this intriguing topic!

Source: https://cryptoverze.com/top-4-myths-about-cryptocurrency/

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ConsenSys Backed Virtue Poker and Binance NFT to Launch “Mystery Box” for Celebrity Tournament on Sept 23

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Source: https://www.newsbtc.com/news/company/consensys-backed-virtue-poker-and-binance-nft-to-launch-mystery-box-for-celebrity-tournament-on-sept-23/

The crypto and blockchain space is maturing at a rapid pace. Most financial industry experts agree that this nascent industry is here to stay because there are many different use-cases emerging for blockchain-enabled platforms.

In addition to the rise of Bitcoin (BTC) as a widely accepted medium-of-exchange and store-of-value, Ethereum (ETH) has become a globally recognized name in the crypto space. Large corporations such as Visa have acknowledged Ethereum’s role in the future of finance and its ability to support a wide range of other applications.

A growing number of online platforms have also been deploying solutions on Ethereum, despite its relatively slow transaction speeds. Even though there are many other blockchains that outperform Ethereum in terms of transactions per second (TPS) and cheaper transaction costs, they do not have the same powerful network effect that Ethereum has been able to acquire. There are also many Ethereum scaling solutions such as Polygon that will aim to make the leading smart contract platform a lot more efficient in the foreseeable future.

Yet Another Ethereum-powered Platform

Virtue Poker, a decentralized platform developed on the Ethereum (ETH) blockchain, reveals that it will be holding a Celebrity Charity Poker Tournament, which will be taking place on September 26, 2021.

The charity poker tournament participants will reportedly include Hall of Fame (HOF) poker player, Phil Ivey, former NBA all-star Paul Pierce, YouTube’s superstar Mr. Beast, TRON blockchain founder and serial crypto entrepreneur Justin Sun, Hollywood actor and accomplished filmmaker Vince Vaughn, Polygon Co-Founder Sandeep Nailwal, and Ethereum Co-Founder and ConsenSys founder Joe Lubin.

The Binance Mysterybox Collection

To commemorate this special event, the Virtue Poker team plans to launch a Binance MysteryBox collection, starting on September 23, 2021 –  representing each card in a typical 52 card deck. Collectors who possess the winning hand for each knockout during the Celebrity Event will get a chance to win prizes ranging from $2,500 to a $25,000 reward for the top prize.

Participants need to purchase two mystery boxes in order to assemble a hand. The participants can then trade with each other so that they can assemble the best poker hand through the secondary market.

The Mystery box will reportedly include an Ace of Spades that will come with Phil’s digital signature and a $5,000 prize.

Prizes

All participants with completed hands can compete and have an opportunity to win:

A $2500 price for the winning hand for each knockout. If multiple players own the hand, then the $2500 prize will be split equally among all the winners. Furthermore, the player who possesses the championship knockout hand will be able to claim a $25,000 prize.

If more than one player is holding the championship knockout hand, then only 1 player will be randomly selected to claim the reward

Participants are able to collect as many as (50) completed hands (100 boxes). Participants must also HOLD the winning hand in their Binance account to be eligible for the rewards. Winning players should email [email protected] for confirmation.

Freeroll Tournament

Virtue Poker will also hold a freeroll tournament where ALL holders of (2) mystery boxes should be getting exclusive access to participate in a $10,000 free-roll tournament on the Virtue Poker platform.

Virtue Poker NFT holders need to send a message to [email protected] with their UID and NFT screenshot to obtain the Virtue Poker referral code.

Supporting NFT Use-Cases

The Virtue Poker team is looking forward to hosting their Celebrity Tournament and are focused on offering a truly unique NFT experience for their viewers that plan to tune in. Through their partnership with leading crypto exchange Binance, they plan to support the adoption of the Virtue Poker platform and also that of NFTs. They’ve decided to take this step to show that there’s yet another real-world use case for non-fungibel tokens or digital collectibles: interacting through a live event.

The team has also thanked the Virtue Poker community for their support of their platform as they continue to expand their ecosystem in the nascent blockchain-enabled gaming industry.

As noted in the announcement, Virtue Poker is described as a decentralized poker platform that leverages the Ethereum blockchain as well as P2P networking to offer an online poker platform that is safe, “honest” and fun. It was established in 2016 within New York-based Consensys, the leading Ethereum development studio and incubator launched by crypto billionaire and Ethereum co-founder Joe Lubin back in 2014.

Backed by Consensys and stakeholder Phil Ivey, Virtue Poker aims to make blockchain or distributed ledger tech (DLT)-powered betting mainstream.

Source: https://www.newsbtc.com/news/company/consensys-backed-virtue-poker-and-binance-nft-to-launch-mystery-box-for-celebrity-tournament-on-sept-23/

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Cabital To Facilitate Euro And Cryptocurrency Swaps Through SEPA Intergration

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Source: https://www.newsbtc.com/news/cabital-to-facilitate-euro-and-cryptocurrency-swaps-through-sepa-intergration/

Users of Cabital can now change their Euro to cryptocurrency, thanks to a recent integration by the digital asset institution. The Single Euro Payments Area facilitates such changes, plus making cashless payments in EUR through direct debit and credit transfer.

Cabital is a platform where users can sell, buy, or save crypto. It offers opportunities to earn passive income on savings.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? 

According to them, you can make 12% APY on cryptocurrency with them. Moreover, there are no hidden fees, and the institution is secured and registered in the European Union.

SEPA Facilitates Direct investment In Cryptocurrency Assets

By integrating this payment method, Cabital has boosted its services and automatically increased its patronage. All the 36 SEPA EU countries can use the service to buy and sell their crypto for Euro. Users can also change their cryptocurrency holdings to Euros and vice versa anytime they want.

The best part is that the payments will be safer, faster, and efficient without hidden charges. Users can make direct debit or credit transfers to even non-EU countries.

The institution disclosed the information yesterday, September 21, and its CEO Raymond Hsu stated that they would be rendering full-service to their users. In his statement, the CEO said the platform will help both EU countries and non-EU countries to manage and save their crypto without hassles.

Hsu also stated that this move has also given Cabital a competitive edge over its competitors. The company can pursue expansion across Europe and secure on-ramps to support its customer’s cryptocurrency investments.

Before this announcement, Cabital had completed a seed round that generated $4 million. The leaders of the round were GSR, SIG, and Dragonfly. The firm also had an angel round that generated $3 million. Now, the valuation of Cabital sits at $40 million.

Cabital And Regulations

The firm is regulated by the Republic of Lithuania laws. They operate under the guidelines of the “Lithuanian Anti-Money Laundering & Counter-terrorism Financing Rules.” According to Jonas Narbutas, the Senior Money Laundering Reporting Officer at Cabital, the firm fully adheres to cryptocurrency regulations.

Cryptocurrency

Crypto-market is back of recovery track by a 4% rise | Source: Crypto Total Market Cap on TradingView.com

Also, it is contributing towards developing the EU’s crypto industry and helping people in the region and beyond to achieve their investment goals safely and easily. Jonas Narbutas is one of the newly appointed leadership team members at Cabital. He was earlier working at Western Union and also headed the Luminor Group anti-financial governance team.

Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

On its official website, Cabital assures users of being protected by strong fireblocks against cyber-attacks on users’ assets. Moreover, the team is experienced in investment both in crypto and beyond. As a result, users can rely on their expertise to expand their crypto portfolio with high-yield assets.

Featured Image From Finance Monthly, chart from TradingView.com

Source: https://www.newsbtc.com/news/cabital-to-facilitate-euro-and-cryptocurrency-swaps-through-sepa-intergration/

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XRP Unfazed by New Turn in SEC vs. Ripple Case

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Source: https://cryptobriefing.com/xrp-unfazed-by-new-turn-in-sec-vs-ripple-case/?utm_source=main_feed&utm_medium=rss

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