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4 Things People Get Wrong About Crypto

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Debunking the myths

There is a lot of information about cryptocurrencies on the web, but unfortunately there is a lot of misinformation too. I hope to clear some of the misconceptions that you might have heard from your misinformed neighbour or friend.

I have found that most people obsess over the price of a cryptocurrency. While price is a good indicator of whether or not a project is undervalued or overvalued it is not the only indicator. More important than the price, is the market capitalisation of a cryptocurrency, commonly referred to as market cap. To calculate the market cap of a coin is quite simple, multiply the total amount of tokens circulating by the price of a token. For instance, as of writing this article there are about 18.7 million bitcoins and the price of one bitcoin is $37,100; meaning the market cap of bitcoin is roughly 18,700,000 multiplied by 37,100, which equals $691,900,000,000.

So why is the market cap of a coin more important than the price? Let’s have a look at one of the meme coins that recently became famous, Shiba Inu. This coin has recently gained a lot of popularity and has been framed as the new ‘dogecoin’. Although dogecoin is a meme coin too and does not have a lot of fundamentals behind it, Shiba Inu is far far worse. As of writing this there are roughly 437 trillion Shiba Inu tokens and each token is worth $0.0000883. Now, beginner’s and newcomers in the crypto space might look at the price and compare it to the likes of dogecoin, which is currently trading at $0.39 and think that Shiba Inu deserves to be at a similar price. By following the logic above, one would think that Shiba Inu deserves to have its price multiplied by 5000! Meaning a return of 500,000% on your investment. Now if this sounds too good to be true that’s because it is. I can bet my life savings that Shiba Inu would never reach a price close to $0.4 unless they fundamentally change the project. Let’s have a look at why I’m so confident on that.

There are 35x more Shiba tokens than dogecoin, the total circulating supply of dogecoin is only 129 billion (35 times smaller than Shiba Inu’s 437 trillion!). Now, instead of comparing the prices of the two tokens. Let’s have a look at their market caps instead.

Market cap of Dogecoin = 129,000,000,000 * 0.39 = $50,310,000,000. Roughly 50 billion US Dollars.

Market cap of Shiba Inu = 437,000,000,000,000 * 0.0000883 = 3,973,500,000. Roughly 4 billions US Dollars.

Now if we were to look at the market cap of these coins and we believe that Shiba Inu is a project that should be valued roughly the same as Dogecoin, then the project’s worth is roughly 12.5x undervalued, this is because 4 billion times 12.5 equals 50 billion dollars. While this would still be a very good return on your investment it is nothing compared to the original 500,000% figure contrived initially looking at just the prices of the two coins. Now I’m not saying that Shiba Inu deserves to be valued at roughly the same valuation as Dogecoin, I’m instead showing you how to calculate the value of a project in a more calculated way rather than just looking at the price of a token.

A lot of people think that it’s safest to store crypto with exchanges they use to buy/sell. That might be because most people store their cash with banks or other financial institutions, since it’s infeasible to bury cash in your backyard. However, since crypto is all digital you don’t need to worry about having a backyard to store your assets. Why would you want to store crypto yourself? Why not let a company handle it for you?

When you store cryptocurrencies on an exchange you also store the private keys with the exchange. Private keys are used to access a user’s cryptocurrencies. That means if an exchange gets hacked the hackers will also have access to your private keys, consequently gaining access to your cryptocurrencies.

There have been numerous cases of exchanges being hacked, which meant the crypto stored on these exchanges was stolen. In 2019, one of the biggest crypto exchanges, Binance was the victim of hackers who used phishing attacks and malware to steal 7,000 bitcoins (worth $259 million today). This wasn’t a one of event, there have been numerous hacks in the past and the likelihood is that they will continue for the foreseeable future. Here is a website that shows you some of the most recent hacks on a cryptocurrency exchange. So, since we know that cryptocurrency exchanges can get hacked, why not store the crypto yourself?

In order for you to store your cryptocurrencies yourself, you will need to keep your private keys, private, surprisingly enough! You might have heard the common phrase ‘Not your keys, not your crypto’, and this can be achieved in a few different ways. The two most popular ways to store cryotocurrencies without using an exchange are to make use of a hardware wallet or a paper wallet.

“Not your keys, not your crypto”

Hardware wallets

Hardware wallets are very similar to USB drives but are specifically designed for the storage and encryption of cryptocurrencies. It is important to note that a hardware wallet does not actually store your cryptocurrency, it instead holds your private key. The private key is needed to access your cryptocurrencies on the blockchain, thus making hardware wallets a nice portable option for a lot of people. Hardware wallets are also usually, what we call ‘cold storage’ meaning they are not connected to the internet, thus significantly reducing the risk of your cryptocurrencies being hacked.

Paper wallets

Paper wallets are similar to a hardware wallet, however the difference is that they are not USB drives, but pieces of paper instead. A paper wallet usually has a QR code and an alphanumeric string, which is used to access your cryptocurrencies. Like hardware wallets, paper wallets are a form of ‘cold storage’ too, meaning they are just as safe as hardware wallets. In fact, some argue that paper wallets are safer since they do not require any updates on their hardware and/or software.

I personally prefer to use hardware wallets as I feel like a piece of paper is easier to misplace than a USB stick, but whether you decide to use a hardware or a paper wallet, you will need to think of a safe place to store it. Additionally, it is also worth noting that it is usually not convenient to store cryptocurrencies in your hardware or paper wallet if you actively trade them. Therefore it is advised to store some crypto that you actively trade on exchanges and store other cryptocurrencies that you don’t actively trade in your wallet.

A lot of people and the media are under the impression that all cryptocurrencies are anonymous and therefore are used in illegal trading of goods. The fact of the matter is that most cryptocurrencies aren’t anonymous. Bitcoin addresses are unique alphanumeric strings, this does not actually make transactions anonymous, it makes them pseudonymous; meaning the address acts like a placeholder for the address owner’s identity. Additionally, since all of bitcoin transactions are logged on the blockchain there is no way of hiding your identity, as it could be traced back to you.

An example of this was when the FBI caught Ross Ulbricht, the founder of Silk Road. Silk Road was one of the earliest dark markets found in the dark net. When the FBI arrested Ross Ulbricht, they made sure to arrest him with his laptop switched on and logged into the admin role of the dark market, this allowed them to connect his online presence to him physically. The admin of the dark market was acting as a middleman to process transactions, meaning that each bitcoin transaction and each bitcoin wallet address could technically be traced to buyers and sellers and ultimately reveal their identity using blockchain analysis.

People claim that cryptocurrencies are too complicated to be used by regular people, but what does that mean? You don’t need a deep understanding of how it works in order to use it. Do you understand the technology and code we used in 1969 to land a man on the moon? Do you understand the technology used by Instagram, Facebook or Snapchat? No, because you don’t need to in order to use their services. Technology has become more complex to suit our needs in our society. A deep understanding of how the code works is not necessary for you to understand in order for you to use cryptocurrencies. I do encourage everyone to have some knowledge of how crypto works because I do think that it is the future. However technology over time becomes easier to use as more complicated details are abstracted away from end users. A baseline knowledge of cryptocurrencies and some of the surrounding themes will definitely be beneficial to you. I have written a beginner’s guide which aims to provide you with some basic information about crypto, you can find the article here.

I hope you liked the article, as always if there’s anything that you want me to go more in depth on let me know.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://medium.com/geekculture/4-things-people-get-wrong-about-crypto-15a8fd6c8792?source=rss——-8—————–cryptocurrency

Blockchain

ANKR Technical Analysis: Slight Fall, May Further Touch Pivot Point of $0.0763

ANKR price has tested and broken out of the 23.6% FIB retracement level of $0.0740. However, it may soon retest this level and fall below it. We anticipate the MACD signals to work out and give a push towards the positive direction where it can next cross the pivot levels of $0.079.

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The Ankr Network was founded in 2017  as a distributed computing platform that takes advantage of blockchain technologies. It is created to provide a new blockchain solution that leverages idle computing power from devices and data centers as a whole. The purpose is to enable the sharing economy, where any customer can access resources at a more affordable rate, while also providing enterprises with the ability to monetize on their spare computing power that is not being utilized. ANKR is unique in the way that it is the first one to use trusted hardware, and as such this ensures a high level of security. Let us look at the technical analysis for the same.

Past Performance

On Jun 23, 2021, ANKR opened at $0.627. It moved and closed at $0.0718. The last 24 hours have seen a fall by 3.02% when it has traded between $0.0788 and $0.0744.  ANKR saw a weekly gain of 4.67%.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/ankr-technical-analysis-slight-fall-may-further-touch-pivot-point-of-0-0763.png

https://www.tradingview.com/x/r9tY4xX8/

READ  Buy Crypto Only If Prepared to Lose All, Says Bank of England Governor

Day-Ahead and Tomorrow

Currently, ANKR is trading at $0.742. The price has decreased slightly from the day’s earlier trade of $0.817. Thus, the market is a little down.

The MACD line is negative while the signal line is positive.  Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 44%. It faced rejection at 52% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the ANKR price.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Thus, a balancing view is forming which will slow down the fall.

READ  Australian Comedian Jim Jefferies Owns More Bitcoin Than Elon Musk

In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given bullish signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price rises are price corrections or indicative of a bearish trend reversal.

ANKR Technical Analysis

Currently, the price is hovering near the first Fibonacci pivot resistance level of $0.748. It may soon move over around it and look further to touch the Fibonacci pivot point of $0.0763. Thereafter, we have to wait and watch if the price starts rising or continues to fall.

The price has tested and broken out of the 23.6% FIB retracement level of $0.0740. However, it may soon retest this level and fall below it. We anticipate the MACD signals to work out and give a push towards the positive direction, where it can next cross the pivot levels of $0.079.

READ  ANKR Technical Analysis: Price Below the Pivot Support Level of $0.13

#ANKR #Ankr Network

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/ankr-technical-analysis-slight-fall-may-further-touch-pivot-point-of-0-0763

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Crypto Evangelist and Software Pioneer John McAffee Dies in Spanish Prison

Crypto evangelist and software pioneer John McAffee was reportedly found dead in a case of a suspected suicide at a Spanish prison.

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Crypto evangelist and software pioneer John McAffee was reportedly found dead at a Spanish prison after a court ruled in favor of his extradition to the United States. The founder of the reputed antivirus software company bearing his name had been indicted on charges of tax evasion in October.

McAffee’s demise was confirmed by his attorneys. Initial investigation into the matter suggests that the embattled businessman had committed suicide. He was 75 at the time of his death.

John McAffee Had a History of Legal Troubles Including Crypto Fraud

McAffee had sold his software firm in 1994 and lost most of his wealth in the financial disaster of 2008. Following this, he led a nomadic life during which he ran into legal troubles on several occasions. Last year in October, he was arrested in Spain after prosecutors in the US found him guilty of tax evasion

In an indictment filed by the Justice Department, McAffee was accused of making millions from his consultant work, speaking engagements, and crypto promotions, for which he owed taxes that he skirted for years. 

But tax evasion wasn’t the only charge the late businessman was facing. In March, federal prosecutors found McAffee guilty of running a crypto pump-and-dump scheme and raking millions by artificially inflating certain digital currencies. In another instance, the Justice Department alleged that McAffee had promoted initial coin offerings(ICO) without disclosing that the ICO issuers had been paying him to tweet about the projects.

Software Mogul Led a Controversial Life

The software mogul’s life was embroiled in controversies since 2012. Before his run-in with law enforcement authorities in the US, McAffee found himself in trouble with the government of Belize. He had been named a “person of interest” in connection with the murder of American businessman Gregory Faull, following which he left the country.

In 2015, he returned to the United States, where he was arrested on charges of drunk driving. During this period, McAffee also tried his hand at politics and ran as a Libertarian candidate for the presidency.

In the last few years, McAffee had become a vocal supporter of cryptocurrencies. At one point he claimed that Bitcoin is poised to reach $500,000 by the end of 2020.

READ  LIVE: Bitcoin Roars & Alt-Market Soars! – Sentimental Analysis / AMA (Saturday May 11th, 2019)

#Crypto Fraud Charges #John McAffee #McAffee Crypto

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Source: https://www.cryptoknowmics.com/news/crypto-evangelist-and-software-pioneer-john-mcaffee-dies-in-spanish-prison

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オンラインカジノで仮想通貨を使う方法&アドバイス

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近年、オンラインカジノが日本でも広がりつつありますが、オンラインカジノでは、プレイヤーが利用しやすいよう様々な入出金方法を用意しています。

今日は、仮想通貨でオンラインカジノを利用する方法を詳しくご紹介していきます。

※ビットコインを利用できるオンラインカジノに関する情報はLucky Chikahttps://luckychika.jp/”>https://luckychika.jp』を参照しました。

オンラインカジノで仮想通貨は利用できる?

いま現在、オンラインカジノで利用できる主な仮想通貨は、以下の通りです。

【オンラインカジノで利用できる主な仮想通貨】

 

Bitcoin

Bitcoin Cash

Ethereum

Litecoin

Cardano

Tether

Ripple

DogeCoin

オンラインカジノごとに対応している仮想通貨が違いますので、利用の際は、どの仮想通貨に対応しているか、事前に確認しておきましょう。

参考:https://www.coindeskjapan.com/cryptocurrency-type

仮想通貨でオンラインカジノへ入出金する方法

入出金方法は、利用する仮想通貨によって、多少手順が変わりますので、ご注意ください。

ここでは、基本的なステップをご紹介しておきます。

入金方法

仮想通貨でオンラインカジノへ入金する大まかな手順は、以下の通りです。

オンラインカジノにアクセスし、アカウント登録

入金ページの入金方法から、任意の仮想通貨を選択

表示された送付アドレスをコピー

仮想通貨取引所または、ウォレットサイトにログイン

送金ページへアクセス

アドレス帳にコピーしたリンクを添付

入金額を入力

「送金」を選択

仮想通貨で入金する際は、送付アドレスがとても大切です。

送付アドレスが少しでも間違えている場合は、正しく入金が行われず、入金したはずの仮想通貨が紛失する可能性があります。

スマホで入金する場合はQRコードで行えるので、不安な方はスマホからの入金をおすすめします。

出金方法

仮想通貨でhttps://luckychika.jp/payments/bitcoin/オンラインカジノビットコインへ出金する大まかな手順は、以下の通りです。

仮想通貨取引所または、ウォレットサイトへアクセス

受取メニューから「受取用アドレス」をコピー

オンラインカジノへアクセスしログイン

出金ページから、指定仮想通貨を選択

アドレス入力欄に、コピーしたアドレスを添付

出金額を入力

「出金」を選択

出金の際も、受取用アドレスが間違っていると、正しく出金が行われないので、注意が必要です。

また、オンラインカジノでの出金には時間がかかる場合もあります。

カジノによっては数日間かかるので、正しく申請が行えているか不安な方は、出金履歴を確認しましょう。

また、あまりにも出金が遅い場合は、トラブルが発生している可能性がありますので、オンラインカジノに設置されている、カスタマーサポートへ連絡すると良いでしょう。

オンラインカジノで仮想通貨を入出金するメリット・デメリット

オンラインカジノでは電子決済サービス、クレジットカード入金、銀行振込での出金等、様々な決済方法が提供されています。

そうした中で、強いて仮想通貨を用いて入出金するメリットとデメリットは何なのでしょうか?

メリット

オンラインカジノで仮想通貨が利用するメリットを、3つにまとめました。

 

匿名性が高くて安全

他サービスに比べて、手数料が安い

入出金の両方で利用できる

 

仮想通貨はでオンラインカジノに利用する際、送金アドレスを設定して送金するだけなので、クレジットカードや電子決済サービスに比べると、匿名性を担保できます。

また、クレジットカードや電子決済サービスでは、為替手数料や仲介手数料が発生しますが、仮想通貨では無料の場合も多いです。

さらに、オンラインカジノでは、カードは入金のみ対応しているケースが多いですが、仮想通貨は基本的に入金と出金、両方で利用でき、資金の管理がしやすいのがポイントです。

デメリット

オンラインカジノで仮想通貨を利用するデメリットを、3つにまとめました。

送金アドレスを間違えると仮想通貨が紛失する

価格変動によりベット数が減少する

入金ボーナスが対象外のケースがある

オンラインカジノへ送金する際、送金アドレスが間違っていると、送金した仮想通貨が紛失してしまう可能性があります。

送金アドレスが間違っているのは完全に自分のミスなので、カジノ側は勿論、紛失した金額を補填してくれません。

また、仮想通貨は数時間で大きく価格が変動し、それに伴って、入金によるベット額も増減します。

ベット額が増える場合は良いですが、減少する可能性もありますので、十分に注意しましょう。

オンラインカジノでは、入金する際、オンラインカジノ内のゲームで利用できるボーナスを付与している事が多いですが、仮想通貨での入金が対象外となっている場合もあります。

その場合、入金ボーナスを獲得するには、他の決済方法が必要となりますので、ボーナスの利用規約はしっかりと確認しておきましょう。

まとめ

仮想通貨は、価格変動におけるリスクや、オンラインカジノで利用することによって、課税対象となってしまう点はありますが、匿名性が高く簡単に入出金ができるので、便利な決済方法と言えます。

仮想通貨をオンラインカジノで利用したい方は、まずは利用したいオンラインカジノが、仮想通貨に対応しているかを確認し、各オンラインカジノの利用規約をしっかりと読んでから登録することをおすすめします。

 

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Blockchain

FLOW Technical Analysis: Look Out for $8.763

FLOW price has tested and broken out of the 23.6% FIB retracement level of $8.533. However, it may soon retest this level and fall below it. We anticipate the MACD signals to work out and give a push towards the positive direction where it can next cross the pivot levels of $8.891.

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Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Flow is the only layer-one blockchain originally created by a team that has consistently delivered great consumer blockchain experiences: CryptoKitties, Dapper Wallet, NBA Top Shot. Let us look at the technical analysis for the same.

Past Performance

On Jun 23, 2021, FLOW opened at $0.627. It moved and closed at $0.0718. The last 24 hours have seen a fall by 3.02% when it has traded between $0.0788 and $0.0744.  FLOW saw a weekly gain of 4.67%.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/flow-technical-analysis-look-out-for-8-763.png

https://www.tradingview.com/x/YhcC8cla/

Day-Ahead and Tomorrow

Currently, FLOW is trading at $8.638. The price has been in a range, trading between $8.710 and $8.677. Thus, the market can go either way.

READ  OKB Technical Analysis: Price May Fall Below Support Levels of $16.79 and $16.08

The MACD line is very flat, hovering near zero. This shows the market right now is waiting for more volumes to pick up.

Currently, the RSI indicator is at 51%. It faced rejection at 61% and fell to the current level. However, the low trading volumes seem to indicate the market can go either way, and we can see activity in a few hours’ time.

However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Thus, a balancing view is forming which will slow down the fall.

In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given flat signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price rises are price corrections or indicative of a bearish trend reversal.

READ  French DeFi Project ParaSwap Raises $2.7 Million In Seed Funding Round

FLOW Technical Analysis

Currently, the price needs to break the first Fibonacci pivot resistance level of $8.744. It may soon move over around it and look further to touch the Fibonacci pivot point of $8.763. Thereafter, we have to wait and watch if the price starts rising or continues to fall.

The price has tested and broken out of the 23.6% FIB retracement level of $8.533. However, it may soon retest this level and fall below it. We anticipate the MACD signals to work out and give a push towards the positive direction where it can next cross the pivot levels of $8.891.

#Flow

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Source: https://www.cryptoknowmics.com/news/flow-technical-analysis-look-out-for-8-763

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