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Securing your Cryptocurrency – Valuable Tips and Tools

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Securing your Cryptocurrency - Valuable Tips and Tools

Since the inception of the premier digital currency, Bitcoin, cryptocurrencies have increased tremendously in relevance. Originally created by Satoshi Nakamoto, Bitcoin was supposed to be a payment system to eliminate traditional banking. In recent times, discoveries have been made that proves cryptocurrencies go beyond just being payment systems.

What you can use Digital Currency For

Digital currency can be used as a store of value. Most large holders of Bitcoin consider the cryptocurrency as digital gold. In fact, Bitcoin was considered the best performing asset of the 2010s. If you purchased Bitcoins with $1 in the early part of 2010, you’d be worth approximately $1 million today.

Cryptocurrency is also considered one of the best forms of democracy today. The blockchain technology, which is behind the creation of Bitcoin can be used for voting. There are crypto projects like Aragon that allow token holders to vote on decisions. Bitcoin miners also display a form of governance by signing newly mined Bitcoin blocks.

Cryptocurrency has a lot more practical uses that can be harnessed by governments and individuals around the globe. However, the crypto space is plagued with several security risks due to its massive market capitalization (around $250 billion as at the time of writing).

Securing your cryptocurrency assets is a long is essential in order to keep thieves and hackers at bay.

How to secure bitcoin and cryptocurrency - how to tips and tools

Security Risks Surrounding Cryptocurrency

1. Weak Wallet Security

A lot of cryptocurrency wallets are not properly secured and can easily be hacked. Studies done by researches from Edinburgh University showed susceptibility to hacking in some hardware wallets. In fact, some hardware wallets using encryption could still be breached.

The researchers utilized a malware for this purpose. This malicious software was able to hijack communication between the wallets and the computer system.

2. Cryptojacking

Cryptojacking is the utilization of malware for the mining of cryptocurrency on individual devices without their owners’ consent. The mining of cryptocurrency creates new blocks which add to a miner’s wallet, hence, increasing the value of that miner.

However, a lot of computing power and electrical power is needed to facilitate mining, leading to hackers finding other sources to mine illegally. The worst part of cryptojacking is that you don’t notice when it’s happening. You’d simply see your electricity bill increasing and your computer slowing down without knowing what’s happening.

3. Numerous Cyberattacks

In 2011 and 2014, Mt. Gox, the first prominent Bitcoin exchange got hacked, with as many as 1.35 million Bitcoins lost in the attack. In 2019, Binance, the top cryptocurrency exchange lost $40 million to a hack.

Bithumb, Poloniex, BitFloor, and Bitstamp are some of the exchanges that have been hacked in the last 10 years.

Securing your Cryptocurrency Wallet

1. Use a VPN

You most likely purchased your cryptocurrency with money, so why not keep it safe? A Virtual Private Network protects you from the numerous threats prowling the internet when you operate your crypto wallet. A secure VPN performs this by hiding your IP address, thereby making you anonymous to anyone attempting to spy on you.

Something as simple as your IP address being discovered could kick-start a chain reaction that would end in the loss of funds from your crypto wallet.

A VPN also protects you from government monitoring. By virtue of its creator, Bitcoin wallets and users are supposed to be anonymous. Provided you don’t use a KYC (Know-Your-Customer) cryptocurrency exchange, you can trade cryptocurrency with full anonymity.

With a VPN, you can ensure your online activity is encrypted even if you’re using a public network.

2. Use an Antivirus and Anti-Cryptomining extensions

One of the most popular ways you can be cryptojacked is through browser extensions. If you use an anti-cryptomining extension, you can stop malware from mining through your system. Also, antiviruses can detect crypto-miners on your system and flush them out.

3. Use Secure Hardware Wallets

Hardware wallets are not connected to the internet, making them free of malware. They are also not affected by exchange hacks or software wallet hacks. Using a hardware wallet will ensure you don’t join a number of victims who have lost cryptocurrency through hacks.

You can use secure hardware wallets like Trezor or Ledger Nano S.

Conclusion

Cryptocurrencies have provided increasing value to the world since creation. It is because of this reason that they are frequently attacked by cybercriminals. To protect your cryptocurrency, you can use an antivirus, a VPN, and a hardware wallet.

You can use secure hardware wallets like Trezor or Ledger Nano S. The VPN will help securing your cryptocurrency stored in your hard wallet(s).




Source: https://www.cryptozink.io/securing-your-cryptocurrency-valuable-tips-and-tools/

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After 150% TikTok Pump, Jake Paul Says Dogecoin (DOGE) Is “Gonna Go Crazy”

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Forget Bitcoin and Ethereum, Dogecoin (DOGE) has been on an absolute tear over the past few days.

Just look at the chart below, which shows that the meme cryptocurrency is up more than 150% in the past three days. As of the time of this article’s writing, it’s trading at $0.048, but set a local high at $0.056 on Tuesday.

DOGE/USD chart from TradingView.com

Dogecoin, which is Tesla CEO Elon Musk’s “favorite cryptocurrency,” is benefiting from an influx of mainstream coverage spurred by TikTok users.

A user on the platform with the moniker “Jamezg97,” whose profile picture is none other than the Dogecoin logo, released a video last week shilling the crypto. It isn’t clear if he was serious, but the user called the cryptocurrency a “stock” that is “practically worthless.” Jamez said that if all TikTok users buy the asset and it goes up to $1.00, one can “get rich.”

The video has gone semi-viral on the video-sharing platform, with other users following suit advising their followers to buy the cryptocurrency.

But Dogecoin has just reached a whole new level of popularity with a mention by Jake Paul.

Dogecoin Is Getting Mentioned by Jake Paul, Bloomberg, and More

According to a screenshot shared by Joe Weisenthal, a Bloomberg editor that has long been following crypto, Youtuber Jake Paul is “pumping Dogecoin on Instagram.”

The screenshot shows the latest post in the personality’s Instagram “story,” a screenshot of the Dogecoin chart on Robinhood with the following comment:

“This is gonna go crazy.”

It isn’t only Jake Paul who is hopping on the DOGE train.

Bloomberg — yes, the business news publication known around the world — released an article on Dogecoin today. Crazy, right?

There’s also Keemstar, a controversial news channel Youtuber. He also mentioned the meme cryptocurrency on social media recently, tweeting out “Buy Dogecoin.”

An Illiquid Market

Dogecoin’s absurd price action is purportedly predicated on DOGE having illiquid market conditions.

A cryptocurrency trader commented:

“Seeing a lot of people point out that DOGE has a large circulating supply, and assume it is hard to pump. That is untrue, not only a good chunk of amount of DOGE supply is dormant+lost, and on exchange ask orders are very thin, the actual liquid market cap is significantly lower.”

Anybody else getting 2017 vibes, or is it just me?

Featured Image from Shutterstock
Price tags: dogeusd
Charts from TradingView.com
After 200% TikTok Pump, Jake Paul Says DOGE Is "Gonna Go Crazy"

Source: https://www.newsbtc.com/2020/07/08/after-200-tiktok-pump-yjake-paul-says-dogecoin-doge-is-gonna-go-crazy/?utm_source=rss&utm_medium=rss&utm_campaign=after-200-tiktok-pump-yjake-paul-says-dogecoin-doge-is-gonna-go-crazy

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Chainlink (LINK) Marks New ATH Following China’s Blockchain Service Network Launch

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Chainlink continues with its impressive price performance after reaching a new all-time high today. Interestingly, the latest surge coincided with the launch of China’s Blockchain Service Network, which integrated Chainlink’s price oracles into its ecosystem.

China’s BSN Launches

As CryptoPotato reported in March this year, the world’s most populated country planned to introduce a DLT-based platform called the Blockchain Service Network (BSN). It allows the development of applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch.

BSN’s white paper estimates that building, operating, and maintaining a blockchain network could cost more than $14,000 per year. However, if companies employ BSN’s platform, the amount could decrease substantially to $300.

The COVID-19 pandemic delayed the launch. Instead of the planned release date in April, BSN was unveiled to the public this past weekend at the opening ceremony of Hangzhou Blockchain International Week.

The statement informed that BSN has already established public city nodes in more than 100 cities across China, making it “the world’s largest blockchain infrastructure network.”

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BSN Launch. Source: Weixin
BSN Launch. Source: Weixin

BSN Integrates Chainlink

Before the official launch date, China’s ambitious project announced that it will integrate Chainlink oracle. Consequently, governments and enterprises would be able to incorporate validated real-world data into their BSN applications using Chainlink oracles via the IRITA interchain service hub.

“The integration of Chainlink provides BSN users additional security, reliability, and interconnectivity to help fuel even greater growth and adoption of blockchain applications in China and around the world.” – reads the statement.

BSN chose Chainlink because its technology enables on-chain blockchain applications to incorporate off-chain real-world data securely and reliably, the announcement explained.

LINK Reacts

Chainlink’s native cryptocurrency has been among the top performers in the cryptocurrency market lately. Since the launch of China’s BSN during the weekend, though, the asset has skyrocketed.

LINK was trading at $4,60 a few days ago before it began its decisive surge towards registering several consecutive all-time high prices. It spiked above $5,60 yesterday, and today it broke the $6 barrier before increasing to $6,40. Although LINK has retraced slightly and is currently hovering at $6,27, it still represents a price jump of 37% in three days.

LINKUSD 1h. Source: TradingView
LINKUSD 1h. Source: TradingView

On a yearly scale, LINK’s price developments are even more impressive. It entered the new century at about $1,76 and has marked a year-to-date increase of over 250%.

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Source: https://cryptopotato.com/chainlink-link-marks-new-ath-following-chinas-blockchain-service-network-launch/

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Ripple Price Analysis: XRP Pushes Above $0.20 as Bulls Chart Another 8% Daily Increase

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  • XRP saw a serious 8.3% increase today as it returned to the $0.2 level.
  • The latest price rise allowed XRP to climb above the 100-day EMA as it attempts to start a recovery.
  • Against Bitcoin, XRP finally rebounded from 1900 SAT to climb toward 2160 SAT.

Key Support & Resistance Levels

XRP/USD:
Support: $0.196, $0.192, $0.175.
Resistance: $0.21, $0.215, $0.225.
XRP/BTC:
Support: 2100 SAT, 2070 SAT, 2000 SAT.
Resistance: 2200 SAT, 2250 SAT, 2360 SAT.

XRP/USD: XRP Bulls Reclaim $0.2

XRP started July off by trading at the support at $0.175 (.5 Fib Retracement level). The bulls defended this level and prevented XRP from slipping beneath. This week, XRP pushed higher from $0.175 as it reached $0.19 yesterday.

In today’s trading session, XRP moved higher from $0.19 to break the 100-days EMA and climb above the $0.20 level.

xrpusd-jul8
XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

Moving forward, if the bulls continue to push higher, initial resistance lies at $0.21 (200-days EMA). Above this, resistance can be expected at $0.215 and $0.225 (bearish .5 Fib Retracement).

On the other side, the first level of support is found at $0.196 (100-days EMA). This is followed by added support at $0.192 (.382 Fib Retracement) and $0.175 (.5 Fib Retracement).

The RSI is well above the 50 line to indicate that the bulls are in total control of the market momentum. However, the Stochastic RSI is in overbought conditions and is primed for a bearish crossover signal that could send the market lower.

XRP/BTC: XRP Rebounds From 1900 SAT Disaster

Against Bitcoin, XRP suffered greatly during May and June after the coin dropped from 2500 SAT to reach as low as 1900 SAT. Luckily, the bulls rebounded from the support at 1900 SAT at the start of July.

The buyers met some resistance at 2000 SAT yesterday, but the price hike seen today allowed XRP to break this level to reach 2160 SAT.

xrpbtc-jul8
XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

If the buyers continue, resistance is found at 2200 SAT, 2250 SAT (bearish .236 Fib Retracement), and 2360 SAT.

On the other side, support is found at 2100 SAT, 2071 SAT, and 2000 SAT.

Likewise, the Stochastic RSI is in overbought conditions and is primed for a bearish crossover signal that could result in a retracement for XRP.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/ripple-price-analysis-xrp-pushes-above-0-20-as-bulls-chart-another-8-daily-increase/

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