Daily Archives: August 24, 2021

A regular feature of crypto crime has been the seemingly uphill struggle to establish who took the assets and where they are keeping them. There then follows the challenge of determining the best way to recover them.

The nature of cryptocurrency can make it much more difficult to trace and recover such assets than it is to regain more tangible assets. The limited amount of information available about those using cryptocurrency and its exchanges have posed obstacles to those who have lost such assets and are looking for a way to acquire them again.

Anonymity

Yet in a case that we are involved in, we have been able to go some way to dispelling the long-held belief that those involved in crypto-related crime can always rely on anonymity to help them avoid identification. Anonymity in the cryptocurrency world has not been as freely available as some may believe. Our case has gone a long way to confirming this.

Fraudsters hacked their way into our clients cryptocurrency accounts that were held on the Binance exchange. They could not remove the assets from the accounts due to safeguards, so they traded the assets to a third party linked to themselves at a fraction of their true value before then selling those assets at their proper value and taking their illegal gains out of the exchange. This left our client facing losses estimated at over $2.6m.

It is inarguable that both the lack of regulation surrounding cryptocurrency and the rapid rate of its development have ensured that it has become the tool of choice for many looking to make illegal gains. But what could always be argued against was the assumption that those involved in such activity would remain anonymous.

Making use of the right tools and the correct application of the most appropriate procedures ensure that it is possible to track, locate and recover cryptoassets that have been taken illegally. It is both inaccurate and misleading to assume that people can make legal or illegal use of cryptocurrency without there being any possibility of them being identified. While it is certainly the case that cryptocurrency-related activity can be conducted with no prospect of your identity being known in the immediate future, anyone looking for a permanent guarantee of anonymity will look in vain.

Principle

In our case, Fetch AI Limited, Fetch AI Foundation PTE v Persons Unknown, Binance Holdings and Binance Markets, the High Court in London ordered Binance to both identify those who carried out the hack and freeze their accounts. It is a case that establishes the principle that cryptocurrency exchanges should be doing what they can to identify those who are using their facilities to make illegal gains.

The $2.6mat stake in this case is in no way huge by the standards of cryptocurrency crime, although it is obviously a very significant amount to our client. But the fact that the court has ordered one of the largest cryptocurrency exchanges in the world to take steps to combat its rogue users and assist those who lost assets on it will be important whenever other such cases of cryptocurrency fraud come to court.

There will be many parties in the future who look to the law to help them locate and recover crypto assets that have been taken from them through illegal means. The challenge of trying to recover assets that are rightfully theirs can be incredibly difficult if there is no way of knowing who has taken them and where they are now held. But the High Court has now made it clear that anonymity is not something that those involved in such wrongdoing can take for granted.

This was a case that showed the highly sophisticated levels of planning that are being employed by those who aim to make illegal gains from cryptocurrency. The way they sought to steal the assets was not a practice that had come to light before, and it emphasises that the nature of such crime is constantly evolving.

Such a situation creates a need for more intensive oversight from regulators, better communication from crypto exchanges to their users and a willingness to learn from what has happened or a combination of all three. But this particular case has at least shown that the courts of England and Wales are prepared to do what they can to help those who have lost assets to crypto fraud, while ensuring that those responsible are not protected by a cloak of anonymity.

Syed Rahmanis a partner at Londonfinancial crime specialists firmRahman Ravelli

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Cryptocurrency and anonymity why the two do not necessarily go hand in hand - The Global Legal Post

Cryptocurrency has made headlines throughout the last two years; whether its Bitcoin hitting all-time highs or even the creation of new currencies such as Dogecoin. But with the growing popularity of these digital currencies, it comes as no surprise that companies such as BGaming have started to incorporate cryptocurrencies within their titles.

Speaking to CasinoBeats, BGaming director Marina Ostrovtsova dissects the reasons why crypto is helping the game developer to meet the needs of its partners while also elevating the overall player experience.

CasinoBeats: BGaming has been labeled as the first slot developer to incorporate cryptocurrency within their titles, what made you make this decision? And how popular has it been with players?

MO: This label is tightly connected to our roots and the time when we started building games. So this is in our history already.

This is not a secret that we are a part of the group of companies that includes different platforms for online casinos, so when we decided to build the platform for crypto casino, this was the obvious choice to incorporate this into the games.

When everybody on the market was trying to flirt with cryptocurrency, we actually had a very serious affair and that is how it transformed into the label.

The interest in crypto is still growing and we, of course, keep abreast of the situation. BGaming expands its presence in crypto projects. For example, a few weeks ago BGaming started cooperation with BetBit, the worlds first bitcoin casino. We are going to widen the partnership with another crypto project Wagerx shortly.

CasinoBeats: Within your games, which cryptocurrencies have you implemented and what was the process in deciding?

MO: From the very beginning, the obvious choice was BTC, that is how it all started. Litecoin and Dogecoin jumped in straight after. This threesome was alive and kicking until Etherium started rocking. So we saw the demand from operators and this was just a matter of settings until we enabled this one. Further, this was already a process for us seeing this demand, and reacting accordingly.

It is always about feeling what your current clients need, about identifying it with what we have on the market. So this is the foremost. The second major would be the system itself from the very start we have built the system to be able to work with any currency out there even if this does not yet exist.

CasinoBeats: Cryptocurrency lives in a very volatile market with its value altering on a nearly hourly basis. Is this an issue when it comes to using digital currency?

MO: This is an excellent question, and for sure this is an issue. It is important to answer another question though what are these realistic use cases for our business?

For the game provider, this is just the currency players making their bets and using crypto in the whole portfolio of currencies supported is just broadening the audience and gives this audience more flexibility and freedom.

But here we can stumble upon another issue if our business has an effective system in place to balance and manage the risks. Speaking on behalf of a game developer, it is essential to have a flexible system to reflect all the changes.

Accepting cryptocurrencies makes game suppliers always be prepared to change (either the bets in the game, or the system itself) and this is challenging on its own. From the very beginning, we all do it manually, moving slowly to more automated versions of our systems and platforms.

CasinoBeats: In the past, weve seen changes in interest around cryptocurrency. Are current levels of enthusiasm here to stay? And how can slot developers make the most of the opportunities presented by the crypto space?

MO: Lets be honest millions of people around the world have been observing the hype around bitcoin lately, even those who have never used them before even a tiny bit. Many celebrities were tweeting it as if this is their regular basic staff to share, which can be true. So this is already something deeply rooted in society. And I am not only talking about our industry specifically, a lot more people nowadays want to be a part of it, want to understand the technology standing behind it.

Many people are already using blockchain technologies, sometimes not even realising it. So this is already an ecosystem we live in and yes, there will always be enthusiasm around it.

For the game provider we can try to use the technology to the fullest in our production life cycle as this one is one of the most progressive and flexible.

CasinoBeats: How significant is the transparency and efficiency of digital currency to boosting your players user experience?

MO: First of all you can play internationally, but not only play but withdraw faster from anywhere in the world without any restrictions. Also, you can feel more secure while using crypto and you can stay anonymous. All of that is already boosting player experience.

Still, this is the level of interaction with an operator. Now what is left is to pick your favourite place to play at and one of the BGaming titles and have a great time.

CasinoBeats: Moving forward, what do you envisage in the future collaboration with online casinos and the cryptosphere? Will we see more and more casinos develop their own wallets for crypto and see more titles incorporate various currencies?

MO: I envision the room the space for innovation.

With more restrictions and rules nowadays we can see some cryptocurrencies specifically created for online gaming (there are several examples already). Those tailored coins allow maintaining low transaction costs, immediate transfers, and more security.

From the developers point of view the process of being emerged into new technologies and processes can be even more fascinating than playing games.

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Marina Ostrovtsova: Why cryptocurrency is an integral part of the BGaming story - Casino Beats

Cryptocurrency payments are now being accepted by over 85,000 merchants in Switzerland from their customers through a collaboration between Worldline, a French payment and transactional services company, and Bitcoin Suisse, a crypto-financial services company in Switzerland. In a press release dated August 19, Bitcoin Suisse announced the integrated service named WL Crypto Payments. This omni-channel payment solution will allow all merchants using the Worldline payment services to accept payments in Bitcoin and Ether. The merchants will be able to accept payments in Bitcoin and Ether on point-of-sale (POS) and e-commerce services.

To use this payment service, merchants only need to download the WL Crypto Payments mobile app. They can also install the Worldline payment plugin for their online store.

Clients willing to pay through digital coins may use the mobile cryptocurrency wallet application for this purpose. Prices displayed in Swiss Francs (CHF) will be shown in real-time Bitcoin (BTC) or Ether (ETH) value, according to the options that a client chooses. The price, to be paid in cryptocurrency, can get confirmed to the merchant instantly.

The transaction is claimed to be safe from volatility risks, as it will be securely converted into CHF after payment is confirmed.

This payment solution was successfully tested in a pilot programme before being rolled out to all Worldline merchants in Switzerland. Worldline and Bitcoin Suisse first collaborated over crypto payments in November 2019.

According to a 2019 press release, the companies intended to reinforce the "leading position of Switzerland as a strong center in the crypto-financial services industry." Switzerland houses over 800 companies that offer services or develop solutions for crypto and blockchain companies and is a bustling hub of cryptocurrency growth.

Worldline Switzerland MD Marc Schluep said that this project stood up to their goal of bringing tangible value to merchants across the globe and to facilitate smooth and modern payments in all the markets" the firm operates in.

Bitcoin Suisse CEO Dr. Arthur Vayloyan called it a historic milestone for crypto adoption in Switzerland and beyond, and added that this step proved yet again that Switzerland was the leader in collaborative innovation and a pioneer in the crypto and blockchain industry.

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Cryptocurrency Payments Now Being Accepted by Over 85,000 Merchants in Switzerland - Gadgets 360

For the last several years, the IRS has effectively had carte blanche on governing cryptocurrency (crypto) tax rules, even though nothing specific to crypto has ever been written into law. By virtue of the ongoing negotiations of the infrastructure bill, Congress has finally come around to writing crypto tax law into the Internal Revenue Code by revising the outdated language of the term broker and also providing a definition for digital assets. While the proposed definition of digital assets was fairly self-explanatory and not controversial, the finagling with the term broker when it comes to crypto has effectively started a war.

Initially, the thought of having clear, common sense regulations of tax reporting by various crypto exchanges was not a surprise. To many it was widely expected. However, those non-threatening expectations came crashing down once the bill language was released to the public on the expanded definition of a broker to determine which crypto businesses would have to prepare burdensome year-end tax reporting requirements to its customers (e.g., 1099s), similar to regular equity investment brokers. The expanded broker definition included the following insertion: any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets."

The uproar from this proposed language was deafening from the individual bitcoin miner to the largest corporations and household-name business leaders. Pro-crypto senators on a largely bipartisan basis expressed outrage at the broad language of this provision through various media interviews and tweets. For those that understand the intricacies of blockchain, they realize that it is not just about buying and selling digital assets similar to standard stock trading. There are multiple noncustodial services of a blockchain that could technically fall into the above definition such as crypto miners and validators, smart contract service providers, DeFi platforms, non-fungible token (NFT) marketplaces, and even certain software and protocol developers. Many of these businesses obtain their consideration through fractional shares of certain crypto (such as Bitcoin or Ether), and not direct compensation from a known customer. The prospect of having all of these industries provide year-end tax reporting to each individual involved in a crypto transaction (such as dates, cost basis and proceeds of each transaction) would not only be oppressive, but would unwind several privacy and confidentiality elements one of the pillars of blockchain. Some lawmakers have cautioned it could suffocate innovation in the U.S. or push crypto businesses to look elsewhere. Ironically, such tax reporting requirements on all ancillary crypto businesses may not even contribute one dollar of income tax revenue, which runs counter to a key funding goal of the infrastructure bill.

As the conflict raged on and senators heard the pleas from the crypto universe, a hero amendment emerged from the fog. The Senate came to an apparent unanimous consent to update the language of the broker crypto addition that essentially puts the proposed tax reporting requirements in the hands of crypto exchanges, such as Coinbase, and non-exchange crypto businesses would be largely exempt, including miners, validators and software developers. When it appeared certain that all 100 senators would vote in favor of the new amendment, which is required in this case and not merely a majority, it was defeated by Richard Shelby (R-AL) who would not vote in favor of the amendment without getting an extra $50 billion of new military infrastructure spending a separate request that was ultimately denied. Although senators shook their heads at this move, there was nothing that could be done in accordance with Senate rules. Therefore, the bill could only pass with the original crypto language (as shown above) and we are back to square one in the battle as the House now takes over.

The good news is that although the Senate failed to amend the broker provision regarding crypto exchanges, the Congressional Blockchain Caucus in the House (made up of about 30 members) has already stated they are prepared to roll up the sleeves and update the broker language so it gets included in the eventual House version of the bill. Assuming passage in the House, the bill would then go to Conference Committee, where the Senate and House work out any language differences on each version of the bill. Knowing that 99 Senators already voted yes to the amended crypto tax reporting language to focus on exchanges, there would appear to be a low chance of failure.

Even if the crypto tax reporting rules ultimately stay broad in the final version of the infrastructure bill, the tax reporting changes are not slated to take effect until 2024. This scenario would allow plenty of time for a new bill to be crafted that could revive the more favorable amendment noted above, or at least provide crypto companies with a necessary time cushion to prepare. If Congress fails to act, it could act as a catalyst for crypto companies to look outside the U.S. and setup operations in friendlier locations.

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The Battle in Congress for Cryptocurrency Tax Reporting Rules Who Will Win? - eisneramper.com

Dogecoin (CRYPTO:DOGE) investors have been on a wild ride this year. Between January and May, its price skyrocketed over 15,000% to a little over $0.74, only to lose more than half of its value just weeks later. But as of this writing, Dogecoin is still up about 6,700% year to date, and the price has been climbing consistently over the past month.

Investors may see this as an opportunity -- perhaps the Shiba Inu is finally back on track to reach the moon! But before you make any decisions, it's important to consider the risks and weigh all of your options. For instance, there are ways to get Dogecoin exposure in your portfolio without actually buying any cryptocurrency. Let's dive in.

Image source: Getty Images.

Dogecoin started as a joke, but it has garnered a substantial following on social platforms like Reddit and TikTok. In fact, earlier this year, Dogecoin surpassed Bitcoin to become the most mentioned cryptocurrency on Twitter. And of course, Elon Musk added fuel to that fire with a series of amusing tweets mentioning Dogecoin.

But here's the problem: Dogecoin's value is based solely on its popularity, and popularity is fickle. The tide can quite literally turn overnight, and that's exactly what happened in May. More to the point, despite a huge social following, Dogecoin is still worth a fraction of Bitcoin's total market value, and it doesn't offer the programmability of other blockchains like Ethereum. In short, nothing significant differentiates Dogecoin from the thousands of other cryptocurrencies that now exist.

There's also another problem: Dogecoin is difficult to value. Investors use metrics like revenue, earnings, and discounted cash flows to value stocks. But Dogecoin isn't a cash-generating business, nor is it an interest-generating asset like a bond. For that reason, speculating on Dogecoin's future price is more akin to gambling.

Of course, that doesn't mean its price is going to plummet. Someone always wins the lottery, and a year from now, Dogecoin could be worth 10 times what it is today. Or it could be worth less than $0.01, just like it was nine months ago. Regardless, it's a very risky investment.

Image source: Getty Images.

Coinbase (NASDAQ:COIN) helps its clients participate in the cryptoeconomy, the burgeoning ecosystem that includes assets like Bitcoin and Dogecoin, as well as non-fungible tokens (NFTs), smart contracts, and decentralized financial (DeFi) applications.

The company serves 68 million users, including retail investors, institutions, and ecosystem partners. Its platform offers a range of products such as analytics software, developer tools, and mobile wallet services. However, Coinbase is primarily a brokerage, and 85%of its revenue came from transaction feesduring the most recent quarter.

Put another way, Coinbase thrives when the crypto market is volatile: Higher trading volume means more transaction fees, and that means more revenue for the company. So, if you're interested in Dogecoin -- or any other cryptocurrency -- Coinbase can help you capitalize on that volatility, whether the price is moving up or down.

For instance, consider the company's financial performance through the first half of 2021. As Dogecoin and the broader crypto market soared in the first quarter, then crashed in the second, Coinbase posted incredible growth on both the top and bottom lines.

Metric

H1 2020

H1 2021

Change

Revenue

$377 million

$4.03 billion

969%

Earnings per share

$0.15

$9.60

6,300%

Source: Coinbase SEC Filings. Note: earnings per share is based on diluted share count.

More importantly, Coinbase has differentiated itself from other brokerages through significant investments in cybersecurity and regulatory compliance. In fact, it secures clients' funds with the largest hot wallet crime program in the insurance market. And the company currently holds $180 billion in assets on its platform, or 11.2% of all existing crypto assets, making it a trusted brand name. As a result, some Wall Street analysts see significant upside for shareholders.

Here's the bottom line: Coinbase is by no means a risk-free investment. Since its initial public offering in April, the stock has plunged over 30% from its opening price. But I do think it's less risky than buying Dogecoin outright, simply because Coinbase is a cash-generating business that doesn't depend on the success of any single cryptocurrency.

That's why this stock looks like a smart way to get Dogecoin exposure in your portfolio without actually buying any Dogecoin.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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1 Smart Way to Invest in Dogecoin Without Buying Cryptocurrency - The Motley Fool

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The US has one of the lowest cryptocurrency adoption rates, according to Finders global cryptocurrency adoption report, which compares ownership rates across 27 countries.

A survey of over 42,000 people across the 27 countries reveals that just 9% of Americans report owning cryptocurrency, which is 10% less than the global average of 19%. In fact, the only other country with a lower adoption rate than the US is the United Kingdom at 8%.

How do these low numbers compare to the rest of the world? Lets take a look at some major markets.

Countries in Asia took the top five spots in the adoption rankings list:

Of the European countries included in the study, Belgium had the highest percentage of adults who reported owning cryptocurrency (26%). Italy and the Netherlands are the only two other European countries to have an above-average adoption rate. Germany, on the other hand, is far below average with an 11% reported adoption rate.

The three North American countries surveyed the US, Canada and Mexico all have below-average cryptocurrency adoption rates. Canada and Mexico are both sitting at 14%, which is lower than the global average but higher than the USs rate.

In line with global trends, men in the US are much more likely to own cryptocurrency than US women, with 12% of US men having reported owning cryptocurrency compared to just 6% of women, according to the report.

Of all the coins included in the study, the gender gap is most pronounced for Bitcoin (7% for men versus 2% for women). This is similar to a trend that can be seen across tech, but hopefully a push for more women in STEM fields will balance this over time.

Younger Americans are the most likely to own cryptocurrency, according to the report. Those between 25-34 years of age reported the highest ownership rates at 14%, followed by those aged 18-24 and those aged 35-44 (13% each).

The indication that younger adults are the most likely to own cryptocurrency is also reasonably consistent with global trends.Whether that is driven by a distrust of traditional systems, a quicker adaptability to new tech or something else entirely is currently unknown.

Zak Killermann is a writer atFinderwhos been specializing in cryptocurrencies and blockchain technology for four years, covering everything from ICO booms to crypto winters, memecoins and more. Hes mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zaks focus is on breaking down technical concepts (like yellow papers) for average folks to digest on their morning commutes. Before diving into all things crypto, Zak contributed to Finders money transfers vertical.

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America Is Behind on Cryptocurrency Adoption: Report - The Daily Hodl

Investing in cryptocurrency can be as easy as a few taps on your phone, and with crypto all over the news and coming up in conversations with friends, it's tempting to dive right in.

However, depending on your financial situation and appetite for investment risks, crypto might not be appropriate for you right now - or ever.

"I am the biggest crypto hippie you'll talk to in a very long time," says Tyrone Ross, CEO of Onramp Invest, a cryptoasset platform for registered investment advisors. And yet, he cautions against it. "I don't think the general public should be investing in crypto".

Picture your finances as an ice cream sundae, with crypto as the cherry on top. It makes up a small proportion of the overall sundae, and not everyone wants one.

And before you fish that cherry out of the jar, you need to assemble the rest of your dessert. In non-ice-cream terms, that means creating a strong financial foundation and learning everything you can about crypto before you put any real money in.

First and foremost, you need to prepare for those times when things don't go as planned.

Over the past year, workers who lost income because of the pandemic had to tap into savings, take on debt or enter into hardship programs to afford their bills. This time has been a stark reminder of the importance of having an emergency fund.

"When you're young, you can feel like Superman or Superwoman, but when the bubble happens, you could easily be out of a job for nine to 12 months," says Theresa Morrison, a financial planner in Tucson, Arizona in the US. "Don't underestimate systemic shocks to the market".

Morrison recommends saving up six months of living expenses if you're single, or around three months if you share expenses with a working spouse or partner. But stashing away even a few hundred dollars can be helpful when you're faced with an unexpected expense. And if you have any high-interest debt, like credit card debt, paying this down can further strengthen your financial position.

Review your insurance coverage, too, because these policies can provide much-needed money during difficult times. Life insurance can be especially important if you have dependents.

Once you have money set aside for emergencies, begin thinking about your short, medium and long-term financial goals. Retirement is, of course, a big thing to save for, so contribute to retirement accounts (especially if you have access to a plan with an employer match). But set specific savings goals for other major life steps.

"Most people want to travel every year, buy a house in 10 years, get married in 10 years. These things cost money," Morrison says.

"Put down how much it'll cost in today's terms and figure out how much to save out of your paycheck every month. From my experience, that alone can be $1,000 (1,164) a month".

You've got the money and you're ready to jump on the crypto bandwagon, only you have no idea how someone even buys crypto. Or how it will fit into your overall financial plan. Or if it's too risky for you.

Time out. Don't do anything with your money that you don't understand. Dedicate some time to learning everything you can about crypto.

Understanding the mechanics is important, but so is learning what kind of investor you are, because that also affects the kinds of investments that would be a good fit for you.

"There's a process you have to go through to determine if this new asset class is right for you. What's your plan? How old are you? What are your goals? How tech-savvy are you? Do you understand what it means to hold these assets and have them not be insured? If something happens to you, who in your family knows about this stuff to retrieve it?" Ross says.

"People don't do the right due diligence before dumping money into something. I know that's not the sexy answer, but it's the truth".

Once you have a grasp on how it all works, you can begin to think about allocating some of your excess cash (after you pay your bills and meet your monthly savings goals) toward crypto. But keep your investment totals small and manageable. Ross recommends investing up to $500 (582) or so. This way, even if you lose it all, it's an amount you specifically budgeted.

"If you invest in crypto, think of it as dead money. Money you'll never get back," says Danny Lee, a financial planner in Denver.

"At the end of the day, it's going to be a speculative investment".

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These are the three things you need to know before investing in cryptocurrency - Euronews

With demand for cryptocurrency, there also began a surge over cryptocurrency hacking. And since Bitcoin and Ethereum are gaining popularity, hackers are targeting these currencies to take advantage of the valuable assets. But how to keep your cryptos safe is the point here. So, the article discloses quick 10 ways to protect cryptocurrency investments. Lets quickly dive into the article to know more.

As online wallets are growing day by day, the chances of hacking your digital wallet also tend to grow. So using offline wallets should be used to store the majority of the users cryptocurrency by just placing a bit of currency in the online wallet.

Most people reuse passwords across their accounts, this method can put you at risk since the hackers may take advantage of your vulnerability. So setting a strong and unique password that is unlike the passwords of other accounts can secure your cryptocurrency account to a great extent. Also, it is vital to use two-factor authentication to be enabled for reducing the risk of getting hacked. This is one of the ways to protect cryptocurrency investments safely.

Before directly investing in cryptocurrency platforms, investors should also take a look at the security features that the platform is offering to secure their data. Choose a notable cryptocurrency wallet that has multifactor authentication and encryptions before making transactions.

Several investors of the cryptocurrency use mobile apps to manage it, and here your account can be hacked due to mobile phishing stealing your mobile credentials. So using antivirus software for their smartphones and tablets has been increasing due to people realizing its importance.

A crypto wallet is just not data and code but holds great value in terms of assets and money. So be aware of how you use it for the transactions and ensure that the networks and systems are not compromised in any case. This is one of the ways to protect cryptocurrency safely.

As most people investing in cryptocurrency have no firm technical background in the field, it is your responsibility to protect your money since banks are not at all responsible for it. The three most vital components to learn regarding cryptocurrency are secret key protection, recovery seed protection, and crypto-miner malware protection. These components can help you to a great extent.

The secret keys are personal, at any cost, this must not be disclosed to any people. The safe way to store your private key is through cold storage. It is printing your keys and erasing all the traces of the digital ways.

The other means of stirring bitcoin are through wallets on either laptops or desktops. Avoid using wallets hosted by the providers this can sometimes result in hacking by taking control of your cryptocurrency account. So rather use a hardware wallet to store private keys and details.

As cold wallets are entirely offline, they are required to write down the private address on the paper to which the owner has access to secure stored cryptocurrency. Here the drawback of a cold wallet is constantly transferring funds between exchanges and this can incur repetitive withdrawal fees too.

Retail investors using hot wallets can make things easier but this also resulted in the loss of significant funds following the successful breach of an exchange. The number of funds they need access to should also be closely monitored and evaluated. As hackers targets will always be retail investors, they should use proper storage processes to avoid hacking threats.

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Quick 10 Ways to Protect Cryptocurrency Investments from Hacks - Analytics Insight

There is no dearth of technical terms in cryptocurrency trading. One of the reasons for this is the relatively new nature of the market. However, in many ways, trading in cryptocurrency is similar to trading in equities or stocks. Both are speculative with a varying degree of risks and investors in both markets often depend on their reading of a few parameters to gauge the overall trend. One of these parameters is pivot points. Investors calculate these points based on the high, low, and closing prices of previous trading sessions to see whether they should stop or double down on their investments.

A pivot point is found through technical analysis and is an indicator of the overall trend of the market. It is simply the average of the high, low, and closing prices from the previous trading day or session. If the market the next day runs above the pivot point, it is considered that the market is showing bullish sentiment. If not, it could be time to stop and rethink your investment strategy.

When pivot points are combined with other technical tools, they throw up a broad picture about an asset, as well as the support and resistance levels during a short-term trading session.

Pivot points can be calculated in several ways. But the most common of them is a five-point system. This method uses the previous session's high, low, and close data along with two support levels and two resistance levels. Using these price points, a pivot point is calculated. The equation for calculating a pivot point is given below.

Pivot Point = (Previous High + Previous Low + Previous Close) divided by 3

Support 1 = (Pivot Point x 2) Previous HighSupport 2 = Pivot Point (Previous High Previous Low)

Resistance 1 = (Pivot Point x 2) Previous LowResistance 2 = Pivot Point + (Previous High Previous Low)

These results are used to plot a course for five levels: two resistance levels, two support levels, and a pivot point. Collectively, the method is known as the five-point system. This system allows traders to define an area where the price seems most sensitive and is likely to cause a shift in the market sentiment.

The common practice is to use pivot points for smaller time frames at most for 4-hour charts and for as small as 15-minute charts.

There are five types of pivot points. Apart from the pivot point finding method discussed above (Standard Pivot Point), there are Camarilla Pivot Point, Denmark Pivot Point, Fibonacci Pivot Point, and Woodies Pivot Point.

Instead of relying on the current price movement, the pivot point system makes use of the previous day/ session's price data. This approach provides traders with an early signal of the things to come so they can plan accordingly. The pivot points remain static until the start of the next trading session.

Experts say pivot points are suited only for intra-day trading as they are based on simple calculations and may not hold true during swing trading. Also at times, volatile price movements can completely disregard pivot point predictions. When volatility is high, experts say it's best not to depend on pivot points as price fluctuations are rapid and wide for any predetermined calculation strategy.

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Cryptocurrency Predictions: What Is Pivot Point and How Is It Calculated - Gadgets 360

Theres one question on the lips of every cyber surfer trying to gauge the crypto wave: does anyone actually know what a blockchain is? Shit You Should Care About tries to answer this question and many others.

On January 3rd 2009 the genesis block the first ever block of bitcoin was born. Just a few days later Captain Chesley Sullenburger would land a plane on the Hudson River. In a few months the swine flu pandemic would begin. That makes bitcoin 12 years old, Gen Z, and a Capricorn.

Ah, Bitcoin. The technology, the philosophy, the ecological nightmare. Over the past couple of weeks the Instagram wunderkinds at Shit You Should Care About have taken us Extremely Online to explain the mysteries behind cryptocurrency specifically, bitcoin. Here, we condense their findings.

What is bitcoin?

Its money. At the time of writing, one bitcoin is currently worth about NZ$70,500. You do not have to buy or sell one whole bitcoin. If a dollar is a bitcoin, a cent is a Satoshi one Satoshi is currently worth NZ$0.00071072.

What is the blockchain?

OK, youve got me there. Bitcoin isnt just money, its also technology blockchain technology. Basically, every time you send a bitcoin, that transaction is recorded. Its recorded as a block which becomes part of a chain of blocks. You can follow this chain of blocks all the way along and see every transaction that bitcoin has ever been involved in. This is the blockchain, a public ledger of transactions.

Although the ledger is public, what youve done with the bitcoin is private. If you bought an apple, that wont appear on the ledger. Instead you would see code in its place. Thats why bitcoin is used on the dark web people can see that youre buying, but they cant see what youre buying.

Who invented it?

The mysterious person or persons known only as Satoshi Nakamoto. Was it economic sociologist Vili Lehdonvirta? Award-winning mathematician Shinichi Mochizuki? Inventor of the Silk Road (and subsequent convicted felon) Ross Ulbricht? Cryptographer Nick Szabo? Were they all in some kind of tech supergroup together?

It could be a systems engineer actually called Satoshi Nakamoto, or the guy who lived a few blocks down the road who happened to receive the first ever bitcoin.

Long story short: we dont know, and we might never know.

Why was bitcoin invented?

Embedded inside the genesis block was a recent news headline: The Times Jan/03/2009 Chancellor on brink of second bailout for banks. This has been interpreted as a criticism of the current banking system.

Bitcoin and other currencies like it known as cryptocurrencies because the technology is born from a field of work known as cryptography are part of something called cypherpunk. Its like cyberpunk but less cool. Think more Dan Brown than Johnny Mnemonic.

Cypherpunks believe currencies like bitcoin will return power to the people by taking finance out of the hands of central banks and governments. With bitcoin, you dont need to send money to someone via Kiwibank or BNZ you can just type their wallet address right into your phone. This is called decentralisation.

Some people see crypto as a safe haven because fiat currency (what we normies use) is subject to endless inflation.

But its not a safe haven for the roughly 40% of people that dont have access to the internet; and its not able to be spent in many places. We dont even know how to properly tax it yet. Maybe one day the decentralised dream will be realised, but now is not that time.

How do bitcoins come into existence?

Bitcoins are mined using computers, with a process called proof-of-work. The computers try to guess what a mysterious number is, and the first one to guess it receives the bitcoin reward block. They did some work, and got a coin.

Using technology means, obviously, using power. Thats why in one year, worldwide bitcoin mining operations use the same amount of energy as the entire electricity consumption of Sweden.

The reward block contains multiple bitcoins, and these are usually spread out amongst many miners whove chosen to pool their efforts and combine computer power. The genesis block, also known as block zero, was the first block to be mined. It had a reward of 50 bitcoins. This would now be worth over NZ$2.6 million.

Every 210,000 blocks mined, or roughly every four years, the block reward is cut in half. This is called the halvening, and there have been three so far: one on 28 November 2012 (25 bitcoins per block), one on 9 July 2016 (12.5 bitcoins per block), and one on May 11 2020 (6.25 bitcoins per block). There are 21 million bitcoins in total, and the final one will most likely be mined around 2140.

What does all this have to do with that dog I keep seeing on coins?

Meme coins, sometimes called shitcoins, are cryptocurrencies too. Theyre kind of like bitcoin but shit. Well, thats subjective. Elon Musk can tweet and send dogecoin skyrocketing in value, but hes also done the same with bitcoin.

Some cryptocurrency users arent in it to stick it to the man. For some its a get-rich-quick scheme by buying into volatile coins like dogecoin as though theyre stocks and shares. For others, taking the crypto plunge is an acknowledgment that, really, no money is real. Its all ridiculous.

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WTF is cryptocurrency? - The Spinoff