Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. In August 2018, a report on the state of cryptocurrency regulation across Africa came back with one obvious conclusion: most countries were undecided on what to do. In fact, 21 African countries had made no public stance on cryptocurrency regulation at the time, while only two had shared favorable stances about potential regulation. But, in … Yes, cryptocurrencies fulfill the functions of money in most cases. They are used in place of money, to do the same things that money can do.
Money has four fun Here at YCO Bitcoin, you can now buy crypto with your credit or debit card online instantly! Trading and dealing in cryptocurrencies is known to be one of the most secure ways to complete transactions and payments online. But the very decentralized nature of cryptocurrency also makes it an attractive lure to cybercriminals who are responding in force in 2020. Crypto scams are not new, from fake websites to Run On Bitcoin, a protocol that allows tokens to be created on Bitcoin SV (BSV), has announced that USDC will arrive on this blockchain.
- RockX launches $20 million investment program for the Polkadot ecosystem
- The Bermuda Stock Exchange approves Bitcoin ETF.
- Booming African crypto adoption drives concerns over regulation
- Bitcoin FUD and negative social sentiment typically precede a bounce
- Ripple co-founder moved nearly 500 million XRP to NYDIG
- Tokenized BTC Crosses $1B Notional: Ethereum Cements Role as Bitcoin’s Main Sidechain
- Bitcoin Indecisive Below $10,500 as Altcoins Continue to Suffer (Wednesday Market Watch)
- CryptoGroup and the different type’s bitcoin wallets that you can use
- Bitcoin Price Analysis: BTC Could Extend Losses Unless It Clears $10,750
- Bitcoin World Capital: A perfect guide to becoming a successful bitcoin trader!
- Star Girl’s one million active users go with the Flow blockchain
- S&P 500 Ends Its Losing Streak on Tuesday, Stock Market Positive after Fed Chairman’s Statement
- Survey shows 40% of DeFi traders can’t understand smart contracts
- BitMart Exchange Partners with Hacken to Make Crypto Trading Safe
- Is PancakeSwap The Next Big DeFi Food Farm?
- RockX to invest in Polkadot $20 million to support DOT ecosystem
- Clavent’s Flagship Event TESTCON Goes Virtual in 2020!
- Square is hiring an attorney to lead its COPA operation
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- Ethereum price prediction: ETH falls 8%, next $250?
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- tBTC Launches for the Second Time to Bridge Bitcoin and Ethereum
- FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors
- NKE Shares Up 13% After Hours, Nike Reports 82% Jump in Online Sales
- SBTC Plummets by 99% as Devs Announce Dissolution of Token
- Tron (TRX) Price Analysis: Bears In Control Below $0.028
- Crypto regulations a growing concern as crypto adoption soars in Africa
- China Central Bank ‘Blacklists’ Local Bitcoin OTC Merchants
- Market Analysis Report (23 Sep 2020)
- Africa reports the least illegal activities involving cryptocurrency.
- DeFi Angels, VC Firms Back $2M Round for Data Provider Dune Analytics
- Ethereum Data Firm Dune Analytics Nets $2 Million Seed Round
- Bitcoin SV, Monero, BAT Price Analysis: 23 September
- Crypto Hedge Fund Looks for $50M to Buy DeFi Tokens Amid Market Pullback
- Ethereum analytics platform Dune raises $2 million in seed funding
- Chiliz Brings Sports to DeFi With Sell-Out Fan Token Sale
- Crypto has the potential for a surge of about 10.000 percent
- MakerDAO won’t compensate Vaults affected by liquidations during the March market crash
- Gas Saving Ethereum Upgrade EIP-1559 Moving Closer
- Keep Network’s Bitcoin token ‘tBTC’ has been relaunched
- BitMart Exchange partners with top cybersecurity solutions provider
- Ripple prices down to $0.231, what next?
- Data Site DeFi Pulse Fixes Bug, Says Value Locked Actually Hit $13B Last Week
- Majority of Yield Farmers Don’t Understand Smart Contracts or Risks: Report
- Institutional Investors Plan to Raise Their Stake in Crypto, Especially in Bitcoin
- Brazilian Fund Manager Hashdex Launches World’s First Crypto ETF in Partnership with Nasdaq
- Satoshi Nakaboto: ‘Iran to auction surplus energy to Bitcoin miners’
- The Evolution of Crypto Custody: A Chat with Fireblocks CEO Michael Shaulov
- Bitcoin 200-week moving average hints price will never go below $6.7K
- Binance USD Trades at $1.00 with Strong Support at $0.99
- Top 10 Stocks Investors and Big Money Guys Opt For
- The People’s Bank of China blacklists local bitcoin OTC merchants.
- Bitcoin Bull Anthony Pompliano Bets on Blockchain as the Future for Digital Art
- VIDYA’s Public Sale Marks the Dawn of a New Blockchain Gaming Era
- Blockchain trade association adds former White House acting chief of staff, Visa and Goldman to its ranks
- Bitcoin Cash short-term Price Analysis: 23 September
- Visa, Goldman Sachs and Mick Mulvaney join leading blockchain trade association
- Digital Chamber Adds Mulvaney to Board of Advisors; Visa, Goldman Join Executive Committee
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- Игpa Litebringer пoвыcилa чиcлo LTC-тpaнзaкций нa 105%
- Фиксация прибыли биткойн-майнерами едва ли станет препятствием для бычьего ралли
- The Bears to Follow the Crypto Market But Bulls to Outpower Soon
- Top Defi Gainers on 23rd September: OMG 12%, SNX 8%, COMP 4%
- Годовой объем торгов на Binance Futures составил $1 трлн
- Маскирующиеся под РБК хакеры потребовали $50 тысяч в криптовалюте
- Сервис Dune Analytics привлек $2 млн в ходе посевного раунда финансирования
- Банк Канады связал инвестиции в криптовалюты с финансовой неграмотностью
- Хакер из The Dark Overlord получил пять лет тюрьмы в США
- Отчет: за последние 30 дней DeFi-токены в среднем подешевели более чем на 40%
- Операторы биткоин-вымогателя LockBit опубликовали похищенные данные жителей США
- Square открыла вакансию юриста в криптовалютном патентном альянсе
- CEO MicroStrategy: в ближайшие месяцы на биткоин перейдут другие частные компании
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- Eski Ripple CEO’su 116 Milyon $ XRP Transfer Etti! Bu Ne Anlama Geliyor?
- The U.S. intelligence agency CIA will use blockchain in its research and development arm.
- Sia Tech raises $3 million to speed up the development of ‘free Internet’
- TSLA Stock Falls 4% in Pre-market amid Low Tesla Battery Day Expectations
- Social Capital CEO Chamath Palihapitiya: Bitcoin Is My Best Investment Bet
- WealthSimple Crypto Goes Live Today to Public Traders Regulated by Canadian Agencies
- Robinhood Raises Cool $660M in Extended Funding Round
- Leading Crypto Payments Platform Wirex Announces Launch of $1.2 Million Crowdfunding
- Animoca Brands Partners with Dapper Labs to Bring MotoGP and Star Girl to Flow Blockchain
- Dock’s mainnet is scheduled to go live on September 30th
- Ethereum Influencers Planning to Dump on Investors?
- Ex-White House Chief of Staff Joins Blockchain Advocacy Group
- USD Coin (USDC) Trades at $1 with No Extremities Projected
- Registration is Now Open for Finance Magnates Virtual Summit 2020
- SFIX Stock Tanked More Than 16% after Stitch Fix Reported Huge Q4 Loss
- The Product Leader of Tencent Cloud Blockchain: “Cloud+Blockchain” Helps the Ecosystem Interconnection of Industrial Chain
- Bitcoin Market Weakening After Macro-Based Sell-Off, On-Chain Data Suggests
- Uniswap Explained – A Super-Detailed Guide on Uniswap by NOWPayments
- $1 Trillion in Trading Volume Year to Date: Binance Futures with a New Milestone
- First Mover: Bitcoins Hit Exchanges as Bloomberg Touts Crypto and DeFi Hedge Fund Seeks $50M
- When You Buy Bitcoin at High Prices, How to Hedge Loss?
- Chamber of Digital Commerce Adds Visa, Goldman Sachs and Mick Malvaney to Its Board
- Europe’s central bank is concerned about possible runs on stablecoins
- Bitcoin balances on exchanges reach lowest since 2018
- The World’s First-Ever Bitcoin ETF To Be Launched By Nasdaq And Brazil-based Fund Manager
- Blockchain gaming: Team3D launches VIDYA token
- Tesla (TSLA) Stock Price Down over 5%, CEO Elon Musk Announces Cheaper Car Worth $25,000
- CoinJar Introduces ‘CoinJar Bundles’ Designed to Simplify Investing in Cryptocurrencies
- Binance Presents Flamingo Finance that Is Third Project on Its Launchpool
- Venezuelan Authorities to Govern All Bitcoin Mining, by Decree
- Bithumb Reportedly For Sale Following Numerous Police Raids
- TransferWise Reports Strong Growth and New Customer Records in Fiscal Year Ending March 2020
- The Dawn of International Bitcoin Trade
- BTC whales active across 100k wallets, Glassnode suggests
- A Massive Bitcoin Artwork Is Being Auctioned At Christie’s
- Using Bitcoin to gamble, is it a good idea?
- Ripple co-founder moves $115m worth of XRP – sparking fears of a selloff
- Christie’s to sell its first non-fungible-token as part of epic Bitcoin artwork
- Christie’s to Auction Bitcoin-Inspired Artwork, Associated Non-Fungible Token
- Robinhood cashes in on lockdown trading surge with $660M Series G funding
- Algorand (ALGO) Draws a Negative Bias After YTD High at $0.76
- Huobi crypto exchange launches crypto trading app in Russia
- P2P exchanges gain more trades from Argentina as Peso drops
- Huawei to Keep Up Deal with Qualcomm If QCOM Application for Trade License Is Approved
- Cardano short-term Price Analysis: 23 September
- Venezuela Legalizes Crypto Mining but Will Force Industry Into National Pool
- Mulvaney and banking giants are joining the Chamber of Digital Commerce
- Aion Appears Completely Bearish Over the Past 30 Days
- Footsie Rises as Boris Backs Off
- Santiment: Current High Level of FUD Suggests Bitcoin Price Rebound Is Coming
- PureStake raises $1.4 million to launch Ethereum-compatible network on Polkadot
- The central bank of Europe is concerned over possible run on stablecoins.
- Keiser Insists ‘Bitcoin Inversely Correlated To USD Not Stock Markets’ After Crypto Market Tumble
- New DeFi Platform Allows Traders to Earn Yield on Bitcoin, XRP and Five Additional Assets
- Litecoin, VeChain, Ontology Price Analysis: 23 September
- This Ethereum Startup Is Building a ‘DeFi Firewall’ for Institutional Investors
Are cryptocurrencies regulated in Africa? — Quartz Africa
In August 2018, a report on the state of cryptocurrency regulation across Africa came back with one obvious conclusion: most countries were undecided on what to do.
In fact, 21 African countries had made no public stance on cryptocurrency regulation at the time, while only two had shared favorable stances about potential regulation. But, in what represents a major shift, Nigeria and South Africa—two of the continent’s largest economies—are stepping up regulatory plans.
In April, South Africa took its first steps towards creating cryptocurrency laws by publishing a framework proposal and, more recently, Nigeria laid out plans to regulate cryptocurrencies through its Securities and Exchange Commission. This is a marked turnaround from two years ago when the Nigerian lawmakers asked the central bank to “investigate” bitcoin.
But progress remains uneven across the continent. Kenya, which has typically been at forefront of adoption of financial technology solutions in Africa, has not set out concrete plans for regulation since its central bank warned local banks against cryptocurrency dealings.
“We seem to be in limbo,” says Aly-Khan Satchu, a Nairobi-based investor and financial analyst. “The spillover of the central bank governor taking such a strong stance against [cryptocurrency] remains the overarching situation.”
There is increasing evidence of adoption due to the global pandemic as Luno reports a 122% increase in new customers across Africa in the first six months of 2020
For their part however, local users and cryptocurrency startups across the continent are not exactly waiting for regulation to catch up. In fact, cryptocurrency trading has long taken off and is partly powered by homegrown exchanges which continue to operate in regulatory gray areas. For context, the total value of retail bitcoin transfers (worth less than $10,000 per transaction) in Africa reached $316 million as of June, according to research by Chainalysis, a blockchain market intelligence firm.
The growing volumes of transactions at local exchanges also suggest pace is unlikely to slow down. Luno, one of the continent’s oldest exchanges says monthly trading volume in Nigeria and South Africa alone topped $549 million in August—a 49% increase since the start of the year. (Luno also operates in Uganda and Zambia.) Meanwhile, BuyCoins, a three-year old Lagos-based exchange, says it has already processed $110 million in transactions so far this year, compared with $28 million for all of 2019.
“The demand we see now is a result of the challenges that people experience across Africa,” says Marius Reitz, Luno’s general manager for Africa. “When people find value in using a cryptocurrency and are able to fulfill their needs with that better than they’re able to do with fiat currency, then they will naturally choose cryptocurrency—that’s what we’re seeing.”
There is also evidence of increasing adoption specifically due to the global Covid-19 pandemic as Luno reports a 122% increase in new customers across Africa between the fourth quarter of 2019 and the second quarter this year.
Among several operational challenges, Africans attempting to do business beyond the continent’s shores face risks of fluctuating exchange rates and difficulty around cross-border payments. And, amid further economic challenges posed by the Covid-19 pandemic, those underlying factors which hobble businesses have become more prominent, resulting in locals increasingly turning to cryptocurrency to facilitate international trade.
These issues are particularly stark in Nigeria’s flailing economy where the local naira currency continues to slump against the dollar, leading to shortages of foreign exchange and recurring restrictions on forex transactions by the government. As such, local adoption is being driven by “people trying to move money in and out of the country,” says Timi Ajiboye, founder of BuyCoins. “It is exacerbated because it’s so much harder to do so now,” he tells Quartz Africa.
Another key example is seen in Zimbabwe where locals now have a history of turning to bitcoin as a more stable storage of value in the wake of the country’s ongoing currency crisis. It’s a situation that resulted in Zimbabwe having the highest bitcoin prices in the world, at a point in 2017, due to surging demand.
In addition to facilitating cross-border trade and payments, anecdotal data also suggests remittances are also a practical use-case for cryptocurrencies on the continent. It’s a scenario that’s plausible particularly given the historical context of the costs of sending remittances to Africa being higher than anywhere else. It’s a situation that likely drives African immigrants to “opt for cryptocurrency to try to maximize the value they can get,” Reitz explains.
Put together, these factors serve to explain why cryptocurrency adoption is booming across Africa despite the lingering question marks over regulation and legality. In turn, it also explains why global investors are making million-dollar bets on the future of cryptocurrency in Africa and the continent’s startups.
With significant levels of growth and adoption already happening without regulation, anyone could think African cryptocurrency startups might prefer the status quo. Indeed, the prospect of being regulated by local financial authorities that have a well-established history of antagonistic rhetoric towards cryptocurrencies could very well translate into more uncertainty for players in the sub-sector.
But in fact cryptocurrency startups welcome regulation.
“It is important that the space is regulated and properly guided by the financial authorities to ensure confidence and protection of the consumer,” says Stephany Zoo, head of marketing at Bitpesa, a Kenya-based exchange. “When you do that, it feeds back into the ecosystem and encourages innovation around this specific technology which there’s always been so much grey area around.”
The theme of regulation as a building block for fostering consumer confidence is a recurring one among cryptocurrency startup founders and insiders. By setting out requirements for cryptocurrency startups to operate, the belief is regulation will ultimately make it easier for interested customers to identify credible and licensed exchanges.
Crucially, it will also offer a differentiation from unlicensed operators and outright scams. It’s a key factor given the relative anonymity of how cryptocurrencies operate also provides room for bad faith actors to thrive: fraudulent cryptocurrency platforms received just over $8 million from users in Africa in June alone, Chainalysis research shows.
With fraudulent operators currently existing alongside credible cryptocurrency businesses without regulation, it leaves prominent startups and exchanges with the vital task of educating consumers to ensure more adoption and making cryptocurrencies more synonymous with safety than they are with scams.
Another major potential benefit of regulation could come in form of formalizing relationships between banks and cryptocurrency exchanges which will then ease the process of changing fiat currencies into cryptocurrencies and vice versa. “Once governments regulate better, there’s more chance of opening up integration with traditional financial infrastructure and there would be more mass adoption as well,” Zoo says.
But as is typical with regulation, there are potential pitfalls as recent history in some of Africa’s key tech markets show. For example, capital requirements for fintech startups in Nigeria are believed to pose barriers to entry. And in Lagos, Africa’s largest city, regulators ultimately banned motorcycle-hailing startups earlier this year after controversial attempts to regulate their operations. ”What we’d like to see is a phased approach,” Reitz says. “It can be very easy for regulators to want to regulate the entire industry from the onset but it could stifle innovation.”
While the outlook of regulation across the continent broadly remains unclear, there’s a growing belief that Nigeria and South Africa’s stances could trigger similar discussions across board. And Kenya could yet prove an example of that, Satchu predicts. “Given the recent announcements and developments, it’s increasingly going to be difficult for Kenya to maintain its hardcore stance,” he tells Quartz Africa.
As it turns out, the waiting game by Kenyan authorities may be coming at a cost of being at the forefront of the industry given the scale of local adoption: Kenya is the highest ranked African nation on the 2020 Global Crypto Adoption Index.
“The challenge stakeholders will be concerned about is that the advantage is being eroded the longer Kenya does not take an appropriate stance towards this market,” Satchu tells Quartz Africa. “This is fertile ground to look to develop a leading edge cryptocurrency market on the continent—the question is if the regulators want that.”
Author: News Bureau
Can Cryptocurrencies Fulfill the Functions of Money?
Yes, cryptocurrencies fulfill the functions of money in most cases. They are used in place of money, to do the same things that money can do.
Money has four functions: it is a medium of exchange, it has a unit of account, can be used as a store of value, and it is a standard of deferred payment.
Cryptocurrencies fulfill them all.
Cryptocurrencies are used in the exchange of goods and services every day.
It has created a new ecosystem referred to as “the cryptospace”.
The great thing is like fiat money, cryptocurrencies are a generally accepted standard of exchange.
This quality alone makes it worth the effort for those who want to dip their toes in the cryptospace.
It is why people within the cryptospace feel comfortable spending cryptocurrencies.
They understand that cryptocurrencies are a new digital form of money.
The exchange of cryptocurrency tokens can occur without the fear of hacking or other nefarious activities. It is because of the security features that govern the workings of cryptocurrencies.
If you take the right steps, your cryptocurrency tokens will be secure.
As public blockchains improve on their security, it makes it easier for the cryptocurrency adoption rate to increase.
The existence of triple-entry accounting has allowed for the creation of distributed ledgers.
In his 1989 monograph, Professor Yuji Ijiri explained his triple-entry accounting system as a different method to the widely accepted double-entry accounting system.
The principles behind triple entry accounting are the foundational accounting concepts that drive Distributed Ledgers.
In cryptocurrencies, everyone who has access to the distributed ledger can access records of transactions (that is for those whose information is public).
It has given rise to an independently verified source of transactions that users can depend on.
The rise of the distributed ledger is what gives cryptocurrencies their wide acceptability.
It has also birthed the rise of the trustless economy. In this ecosystem, trust doesn’t exist between individuals but rather the mathematical bridge across individuals.
Cryptocurrencies fulfill the functions of money by relying on trustlessness.
It is what makes cryptocurrency ecosystems to thrive and succeed.
Cryptocurrency tokens serve as the units of account for distributed ledger systems. They serve as a form of measurement of activities and transactions that occur on such systems.
It has led to the rise of so many different systems within the cryptospace. Each of them has their units of accounts.
It is because of this that people can gauge the value of goods and services as opposed to the current prices of cryptocurrencies in different global currencies.
Cryptocurrencies hold values against major global cryptocurrencies.
The rise in financial technology and increased understanding of the cryptocurrency space has enabled this to occur.
So, if people know the fiat currency value of what cryptocurrency they are using in a transaction, they can compare the nominal value of what they want to purchase.
It has also created another kind of paradigm for electronic commerce. A paradigm where anyone can become someone based on the core principles behind trade and economy.
Value now moves across borders internationally without any need for intermediaries.
With the rise of regulations because of consumer safety, cryptocurrencies shall have other use-case scenarios.
It is one more scenario where cryptocurrencies fulfill the functions of money.
Another way that cryptocurrencies fulfill the functions of money is in the way that they are a store of value.
One cryptocurrency token has a value as against another store of value: money.
So much so that many people now prefer cryptocurrencies as opposed to holding other assets that have similar value.
It may not be unconnected to the fact that the cryptospace is still emerging.
There are new industries that will emerge from the existence of cryptocurrencies and their underlying technologies.
So many find a way to hold unto the promise of future value. One such example of those who are doing this rather successfully is the HODLers.
HODLers refer to those groups of individuals that keep possession of cryptocurrencies for future value.
Mathematically and economically, these people are correct. It occurs within a timeframe, of course.
As more people transact using cryptocurrencies, their values go up. Demand always rises with cryptocurrencies due to their limited supply.
As long as they can hold value against other forms of purchasing power, cryptocurrencies can also be said to have a store of value.
The reason for this is that instruments don’t hold value against themselves.
They derive their values against other instruments that have value.
Money, for instance, is always measured in terms of what it can buy.
The same thing happens with cryptocurrencies. It is why people say that cryptocurrencies fulfill the functions of money.
It leads us to the last function of money.
Can you use cryptocurrencies as collateral for loans? The shocking answer is a resounding Yes!
So many new services have been springing up selling lending services against cryptocurrencies.
It then means that cryptocurrencies can exist as a deferred form of payment.
When something is said to be a deferred form of payment, it means that that thing can is used to obtain credit for the purchase of goods and services.
So when a person borrows, the instrument borrowed is often referred to as a form of money.
People use cryptocurrencies to borrow fiat money or sometimes other cryptocurrencies.
The instruments borrowed can buy goods and services. It means then that cryptocurrencies have similar and equivalent values with the assets that they are borrowed against.
We now have the rise of stablecoin digital currencies where the value of a single stablecoin unit is equivalent to one unit of fiat currency units in cash.
The rise of stablecoins gives further credence to the fact that cryptocurrencies fulfill the functions of money.
They also give further insight into how cryptocurrencies could work in other use-case scenarios.
As humanity continues into the next decade, new ways, means, and methods where cryptocurrencies solve problems shall evolve.
It is how these new means function that will ultimately determine if cryptocurrencies will replace money in human economic interaction.
NetNewsLedger – Buy Cryptocurrencies Online with Credit or Debit Card in No Time
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Cyber Attacks on Cryptocurrencies Increase Amidst COVID-19 Crisis
Trading and dealing in cryptocurrencies is known to be one of the most secure ways to complete transactions and payments online. But the very decentralized nature of cryptocurrency also makes it an attractive lure to cybercriminals who are responding in force in 2020.
Crypto scams are not new, from fake websites to phishing attempts, fraudulent tweets, and imposter apps, the risks are well described. Now, traders and exchanges are dealing with a new spate of threats that have emerged amidst the ongoing novel coronavirus crisis.
As Bolster’s Q1 State of Phishing and Online Fraud Report for 2020 puts it:
“Bolster discovered multiple phishing websites peddling fake COVID-19 cryptocurrencies and crypto wallets that aim to siphon data for future phishing, targeted malware, or credential stealing. One COVID-19 cryptocurrency bills itself as ‘The World’s Fastest Spreading Crypto Currency’ and attempts to get visitors to download suspicious files off GitHub. Another site prompts visitors to register to find out more information about a COVID coin that ‘gains value as more people die and get infected.’”
The development of crypto-related COVID-19 scams is broadly in line with cybercriminal activity in other domains. Whether it is the deliberate peddling of misinformation or the rise of social engineering attacks, threat actors are responding to the pandemic with vigor and profiteering from panic.
In this threat landscape, securing your crypto investments properly is more important than ever. With that in mind, here are a few key ways to secure your bitcoin wallet and other currencies.
Following good digital hygiene practices is one of the very best ways to protect your devices and your currencies from attack. In fact, far too many breaches occur simply because of poor online practices.
For example, in 2020 some of the most common passwords include “qwerty” “123456” and “password”. And users often repeat passwords across multiple sites and accounts, or choose passwords that contain personally identifiable information, such as a birth date. These kinds of errors can lead to your accounts and currencies being compromised, and ripe for the picking from a threat actor’s perspective.
Using a VPN is an essential step in your cybersecurity protocols since these privacy solutions provide an additional layer of protection. VPNs create a private browsing network, and in the process, encrypt any data in transmission, making it next to impossible for any snoopers to find your activity or decipher any data.
Turn on your VPN whenever you’re trading, logging in to accounts, or using exchanges. You can also rely on your VPN when you absolutely have to use a public wifi network, which leads us to the next point.
Open public wifi networks represent a significant security risk, whether you’re wheeling and dealing currencies or just casually browsing. Because of the open nature of public wifi networks, there is plenty of opportunity for threat actors to snoop. Furthermore, other connected devices can harbor malware or the network itself can be malicious.
As said above, if you have absolutely no choice but to use public wifi, make sure your VPN is turned on before you connect.
Using multi-factor or two-factor authentication is an easy way to double-down when it comes to account security. Despite repeated warnings as to its importance, multi-factor isn’t used as often as it should be. In fact, one survey from Microsoft showed that around 99 percent of all compromised accounts had no two-step verification in place.
Instead of relying on your exchange’s in-built wallet for storage, move large sums of coin out and into a secure wallet. Because exchanges deal in multiple transactions every day and harbor a lot of coins, they are an attractive target to hackers.
According to Cointelegraph, 2019 set a new exchange hack record with “12 major cryptocurrency exchange hacks in 2019. In total, over $292 million and over 500,000 pieces of customer data were stolen.” Instead of leaving your investments in exchanges, move them to another wallet. Consider cold wallet storage for any significant amounts for additional protection.
Although the current threat landscape poses significant risks to crypto traders and hobbyists, taking a few extra precautions can go a long way towards keeping your coins and your data safe.
Amy Cavendish is a content strategist at the TechFools, a tech blog aiming to inform readers about the potential dangers of technology and introduce them to the best ways to protect themselves online. As an outspoken advocate for digital freedom, Amy is dedicated to empowering her readers to take control of their digital lives with her thought-leadership articles.
Author: By Amy Cavendish in Security Technology
USDC arrives on the Bitcoin SV blockchain
Run On Bitcoin, a protocol that allows tokens to be created on Bitcoin SV (BSV), analogous to the ERC20 standard, has announced that USDC will arrive on this blockchain through a close partnership with RelayX.
A USD stablecoin is key for many apps on Bitcoin. Excited for Relay and Run to partner together to bring this to BSV. Congrats @liujack. Onward! https://t.co/Kq0WkjmEUZ
— runonbitcoin (@runonbitcoin) September 22, 2020
A couple of months ago a project was launched, in alpha version, which allows creating tokens on the Bitcoin SV blockchain, following almost the same procedure for the creation of the famous ERC20.
This new asset will exploit the RUN version, v.0.6, and will take the name USDC (RUN-SV) precisely to indicate the type of token that runs on the Bitcoin SV blockchain.
This represents the first stablecoin of this blockchain, paving the way for a new trend, both for tokens and for a well-known and famous stablecoin such as USDC.
In order to receive these new assets, a dedicated token swap platform can be used to convert BSV to USDC (RUN-SV) and vice versa.
It is interesting to note that the platform already includes the possibility of creating liquidity pools.
It therefore seems that decentralized finance (DeFi) is taking its first steps on the Bitcoin SV blockchain thanks to a stablecoin, an undisputed landmark in this sector.
Other tokens will surely be added since there are so many sectors in which to operate and it is only a matter of time before we see the birth of a decentralized exchange (DEX), other stablecoins and so on.
Recently this blockchain has expanded its functions thanks to the Bico.Media service, which allows loading any type of format without any limits.
In practice, Bitcoin SV can thus serve as decentralized storage for uploading data and digital content.
In addition, at the end of August BSV landed on the Emirex exchange where the BSV/USDT and BSV/EUR pairs were added.
Author: By Alfredo de Candia
– 23 Sep 2020