Category: Cryptocurrency

Raidenbo Secures Its Leading Position by Offering Innovative Trading Solutions for Traders

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Raidenbo

Raidenbo, a fast-growing exchange, has emerged as one the most promising places to trade and earn. Raidenbo offers modern technology, hot markets, and short-term trading opportunities around the clock. With Raidenbo, you can experience the thrill of moving markets on an innovative exchange, with fixed levels of risk. We empower you to trade your way.

With expertise in technology and trading, the Raidenbo team builds the trading platform with the ultimate goal of seeking solutions that deliver optimum results for all clients. Its progressive approach coupled with the innovation offers adaptable multiple trading and technology solutions has led to the rapid growth of the exchange recently. As far as traders are concerned, it focuses on their secure trading requirements so that clients across the globe will be able to benefit from an enhanced level of security and always be assured that they are dealing with a highly reliable exchange.

The technology behind is what really helps Raidenbo stand out from the typical trading platforms. Apart from the highly secured trading system, Raidenbo’s team always strives to innovate and create new features that help traders make better trading decisions. Raidenbo is proud to be one of the first trading platforms to develop and implement its own indicators, which are calculated from highly sophisticated algorithms but are still simple enough for traders to use. Raidenbo is also famous for being transparent by utilizing real-time price data provided by leading exchanges in the cryptocurrency world.

Trading on Raidenbo is easy to start. With a Demo account, users can practice and test their trading strategies before putting in the real money. Regardless of trading skills and backgrounds, everyone can develop a profitable trading strategy and earn sustainable income on Raidenbo. With a customer-centric approach, Raidenbo’s team always wants to help clients earn more trading on the platform, and the recent affiliate program has helped thousands of traders create a second stream of income apart from trading. With Raidenbo’s affiliate program, traders can earn unlimited passive income just by introducing and helping other new traders start their own trading journey on Raidenbo.

Moreover, the exchange is introducing many tournaments for traders to participate in and receive amazing prizes by actively trading on Raidenbo. There will be weekly and monthly tournaments that reward participants based on their trading volume. The more they trade, the better chance that they will be in the top traders that receive rewards during the tournament period. This would ultimately benefit all clients – both affiliate participants and traders will earn more due to the increase in their trading volume.

As the needs of the retail traders continue to evolve, Raidenbo is committed to offering new products and features to meet these demands and become one of the best places for traders of all skill sets to trade and earn. By constantly integrating new technologies into the trading platform, such as AI-powered order matching engine, smart authentication and asset management, unlimited copy trading, and social trading, Raidenbo is expected to attract more and more traders and secure its leading position in this fast-growing industry.

Featured image: Raidenbo

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The First Crypto Currency Auto Finance Company in the U.S.

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Crypto Cars Online

Available now with Crypto Cars Online

Dallas/Fort Worth, Texas— October 26, 2020 — Crypto Cars Online announced immediate availability of purchasing vehicles with crypto currency, after partnering with top rated auto dealers in the Dallas Fort Worth area.

“Our system is simple when you buy a car with Crypto Currency,” said Spokesman Roger Lee, Managing Partner of dr2marketing and head of media relations for Crypto Cars Online.

How It Works

Purchase your vehicle online with multiple crypto currency options including, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin. Crypto Cars Online recently committed to deploying a single payment processor, enabling customers to shop all makes and models of vehicles with crypto currency.

“Once you find your car, you will be able to proceed to checkout and complete your purchase via our payment processor. We will handle the payment at the car dealer and clarify all needed paperwork for you,” said Spokesman Roger Lee, head of media relations for Crypto Cars Online.

Availability

Crypto Cars Online, is a service driven by customer feedback and is part of Crypto Cars Online’s commitment to deliver the latest vehicle options with one convenient payment processor.  Purchase is available immediately at www.cryptocarsonline.com and Crypto Cars Online can assist with vehicle delivery anywhere in the world.

Founded in 2020, Crypto Cars Online is the first Crypto Currency Auto Finance company in the United States. The company offers a wide range of vehicles and services designed to make purchasing vehicles with crypto currency simple.

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Crypto Cars Online is a registered trademarks or trademarks of Crypto Cars Online in the United States and/or other countries.

The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

For more information:

info@cryptocarsonline.com

For more information on inventory:

Please visit www.cryptocarsonline.com

Featured image: DepositPhotos © VitalikRadko

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The TAO: A New Framework to Power the Web

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TAO

The internet has evolved significantly since its inception, spawning the creation of global protocols, frameworks, and new classifications of developers. This has resulted in centralization difficulties, unnecessary complexities, and diminished quality standards loaded with vulnerabilities. The Nexus Tritium, Amine, and Obsidian (TAO) Framework will uproot these historic flaws by recomposing digital relationships. This article provides an overview of the TAO Framework, recent Application Programming Interface (API) improvements, and associated benefits.

As a new era emerges, many platforms are driving excessive emphasis on blockchain. It is often described as an exclusive magical technology, motivated primarily by value speculation. This dilemma is similar to the internet’s, causing decelerated adoption and crippling costs while enabling proprietary industries to exploit deficiencies (i.e. Hardware Wallets, Patented Products, etc.). 

TAO Framework

Nexus views the blockchain as a foundational element of a larger framework. The TAO Framework, named after the three phases of deployment, utilizes a seven-layered software stack powering a register-based process virtual machine. It is designed to deliver a diverse range of outcomes simplistically and effectively. The stack layers and descriptions are reflected below with the “Ledger” being the Three Dimensional Chain (3DC).

Inspired by the Open Systems Interconnect (OSI) model, the design provides a scalable foundation with provable security properties. It abstracts the developer away from the blockchain, being valuable as a development framework even for conventional applications (Apps).

Lower Level Library (LLL)

The Lower Level Library (LLL) is the foundation for the framework and interwoven throughout each layer to improve performance, extensibility, and reliability. Architecturally, it is an interchangeable construct requiring development of templates and modules for specific functions. The LLL-TAO or TAO Framework is a series of LLL templates and data models accessible through a JSON-based API, allowing any type of developer to improve their application’s security, scalability, and robustness.

The LLL contains three main components: Cryptography (LLC), Database (LLD), and Protocol (LLP). There are several representations of LLD in the stack; Ledger, Register, Operations, and API. The LLC is primarily applied at the Ledger layer although it can be implemented elsewhere. As a component of the Network Layer, the LLP is designed to be a light, fast protocol that allows a developer to customize their packet design and message interpretation.

TAO Use Cases

For most businesses and organizations, technology transformations translate to delivering customer value expeditiously and effectively. Typically, security considerations are an afterthought due to their invasive nature, high costs, and latency, especially with regard to user experience. Rapid yet tightly budgeted development is key to deploying on-demand services and applications with limitless scaling capabilities.

To unlock this value while incorporating the necessary security for compliance obligations is an enormous undertaking. Included below are use cases and benefits that can be achieved.

  • Cost effective secure Software Development Lifecycle (SDLC)
  • Identity, privacy, and elevated security solutions
  • Authentication, authorization, and rights deployment
  • Continuous deployments and integrations 
  • Consistent instruction sets for provisioning 
  • Multi-language application support
  • Dynamic scaling characteristics
  • Quickly build and iterate

The remaining sections highlight three new API methods, including basic use case examples.

Users API

The race to standardize the identity industry has led to a wide range of protocol implementations. For instance, OAUTH2, SAML2, OpenID, and many other authentication options are just scratching the surface. In a previous article, Decentralized Identity (DID), we discussed the risks and implications involving centralized credential systems, and solutions being created using Nexus.

Currently, blockchain authentication relies on at least 256 bits of entropy and disciplined management practices to prevent disastrous consequences. A recent study has shown that over 20% of Bitcoins have been lost since the network was launched. Fortunately, the days of losing blockchain access via cryptographic compromise and private key mismanagement are finally over. 

The User API is synonymous with Signature Chains (SigChains) that provide a familiar authentication mechanism with elevated security while removing the burdens of private key management. SigChains enable the use of cryptographic techniques to authenticate users into a system removing the need for various protocols and third-party products. When the API generates a DID, the genesis identifier creates a unique hash of this username defined on blockchain. The below table outlines the methods currently available for the User API.

Crypto API

The Crypto API provides the ability to manage public-private key pairs, encrypt/decrypt data, and the associated public key hashes. These are held in the SigChain crypto object register that can be used internally and externally by third-parties. The nine named keys in the crypto object register are: auth, lisp, network, sign, verify, cert, app1, app2, and app3. This register is generated automatically as part of the genesis transaction when a SigChain is created via the User API. 

Each entry in the crypto register is a 256-bit hash of the public key for an asymmetric key pair. The scheme used to create the key pairs is configurable, supporting both Brainpool and FALCON. This API provides numerous options for secure development of Apps and DApps alike. Additionally, third-party plug-ins, modules, and products are rendered unnecessary using SigChain capabilities.

As a use case example, a practitioner provides a medical scan to a patient in a PDF. A hash of the data can be associated with a SigChain pointing to the original file. This association provides unequivocal proof of ownership when linked to the DID. However, this could be susceptible to attacks if copied and another asset linking on blockchain is created. To mitigate, the timestamp and nonce from the rightful owner must be verified, preventing document forgery. The following table includes the Crypto API methods:

P2P API

The Peer-to-Peer (P2P) API allows for encrypted and authenticated end-to-end communications between users or DApps. By utilizing a username or genesis ID, a self-signed certificate, authenticated by the Crypto object register, can be used to open a secured connection directly to a node. This negates the need for a Certificate Authority (CA) to combat Man-in-the-Middle (MITM) attacks. A role usually reserved for secure proxies or advanced firewalls, can now be achieved with the TAO Framework. Additionally, this API also provides the ability to transmit encrypted data on the network. 

The P2P connection request contains the Internet Protocol (IP) address of the sender and is broadcast over the network to locate the authenticated peer. If the connection request is accepted, a socket will be opened. Due to the nature of the connection, a requesting node must be internet-accessible from the peer with a public IP address or have port forwarding enabled on the Internet Service Provider (ISP) router. This is a short-term requirement until the Location Identifier Separation Protocol (LISP) and Re-encapsulating Tunnel Router (RTR) have completed development. Included below are the API methods:

The Nexus TAO Framework is an indispensable architecture for all types of developers, from blockchain DApp creators, to traditional web designers and beyond. It is important to remember that all sessions are authenticated, enabling user control and traceability, thus eliminating systemic problems inherent to the internet. This cultivates designs that can effectively eradicate spoofing, snooping, and other risks commonly associated with the interconnected world of today.

Featured image: Nexus Blockchain

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Bitcoin is All Grown Up and the Future is Bright

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Bitcoin

Currency has had a fruitful and largely charmed life, and watching it come into its crypto own is heart-warming indeed. 

Currency as we know it has been evolving throughout our lifetimes. Along the same timeline and gently curving slope that it has evolved along since the advent of currency. From bartering and trading for goods, to exchanging precious metals, gems, and even spices for something else. Notes and coins are still, in the larger sense of currency, a fairly novel addition, but even those have seen their heyday and are entering into their twilight years. In fact, it’s estimated that almost 92% of the world’s money exists in a digital format today.

So, money has evolved. Come up from the muck of cumbersome goods and awkward items, to become easily transportable bills and coins, only now to blossom into a near digital enterprise. Surely, this may come as a surprise to some, particularly when seeing so many who balk at the thought of a cashless society—because reasonably, we’re already there. We live in a world where money is largely represented by a series of numbers, zero’s and one’s jumbled elegantly into bank balances and portfolio pages. Anyone who frequents Bitvavo, or any other crypto exchange, can tell you that despite them not holding a bitcoin in their hand, they know it exists. They’re sure it has value. Largely because they are capable of trading it. Turning it into other numbers—like those representing fiat. Or exchanging it for tangible goods and services.

Understanding Money 

Nearly all money as we understand it, not just digital currencies, is purely representative of an idea. A dollar has value because you’re told it does. Because you can exchange it for things that you want. But that piece of specialized paper has no more, or no less, worth than the $1 in your bank account. One can be held, the other can be seen on a screen, but both can be traded for something else. Both have equal value.

Bank notes and coins haven’t been “worth” anything since the 1970’s, when the last real ties to gold-backed currency were cut. Now, the inherent value of what you find under your couch cushions is merely that which the state tells you it’s worth. And digital economies representing global demand tell the state what it’s worth. Despite all of us being familiar with money, how to use it, and its assigned value, we seem to be willfully ignorant of the fact that the actual value of that bill is the same as the actual value of a non-existent bitcoin. It’s almost arbitrary, based on nothing more than an idea.

But it’s those ideas that make both money, and bitcoin, worth having. The shared agreement between a wide community of people that, if I give you a bitcoin, you’ll give me something in return that I need or want. Similarly, if I give you a dollar, hopefully the same will happen.

Decentralizing Its Adolescence

What sets bitcoin and other cryptocurrencies apart from being just another form of money is that they are decentralized. They are the next step in the inevitable evolution of finance. What it means when it’s said that bitcoin is “decentralized” is that there is no central authority that grants us permission to have bitcoin. No one entity that decides it’s value, how to use it, or when to ‘print’ it. Bitcoin is owned, operated, and maintained by the entire bitcoin community, making it a fully democratized form of currency.

Because of this, bitcoin is protected against many of the things that make traditional currencies less than ideal. You cannot create more bitcoin. Governments can essentially just print money any time they need it. Like when the economy gets hit hard and stimulus is required. This practice is called quantitative easing (QE), and while it’s not quite as simple as “just printing money,” that’s mostly what it boils down to. QE is a slippery slope, however. Print too much, and the market becomes saturated, devaluing the agreed upon worth of the asset. This can also cause a problem called hyperinflation. When there is too much money in circulation, it can cause the prices of goods and services to skyrocket, requiring even more money to obtain them.

With bitcoin, there is a finite amount of it in existence, and that amount is released slowly over time, making it impossible to saturate the market in such a way. The value of bitcoin is somewhat predictable. By looking at the number of bitcoins in circulation, and weighing that against public demand, you can get a good idea of what bitcoin is worth. This is a system called artificial scarcity. Assets like gold and natural diamonds base their values off of this system. 

A Freer Future

But bitcoin is just one (and by far the most popular) form of cryptocurrency. Realistically, if cryptocurrencies and decentralized digital currencies are embraced in the future, there’s no limit to what their values could represent. Instead of creating worth based on demand, we could reasonably have a system of tokenized tradable assets. Which means that digital tokens (like bitcoin) could be used to represent anything—from a carton of eggs to a roof being built. Each of these assets could then be equally represented based on their individual demand, created a global currency that is representative of a genuine barter system.

This effectively cuts out the ability for shady monetary practices to exist. No more leveraging interest rates, no more speculation, or insider trading, or short selling. No more rampant and unnecessary wealth accumulation. Just a genuine exchange of goods and services as and when they are needed. However, we may never actually see that system, or it may be quite a long way off. Regardless, money has evolved into the age of bitcoin and we’re thrilled for the future.

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California is Leading the Future of America’s Crypto Economy

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cryptocurrency economy

Despite growing support, cryptocurrencies have yet to see mainstream implementation in the US economy. Many people and regulatory agencies are unsure of what to do with crypto, stalling its adoption. California has made some significant strides in this regard recently, setting an example for the rest of the nation.

California is no stranger to embracing change, so its support for a cryptocurrency economy may not come as a surprise. Given its high population, economic status, and cultural significance, it also holds major influence over the rest of the country. As California moves toward legitimizing crypto, the rest of the nation, and even the world, may follow.

Through recent legislation and an independence movement, California is demonstrating how economies and governments can embrace cryptocurrency.

California Legislation Empowers Crypto Companies

On August 13, California’s State Assembly unanimously passed AB-2150, which would clarify crypto’s status as an asset. In California and the rest of the US, the SEC could classify crypto tokens as securities. If written into law, this bill would exempt cryptocurrencies from this classification, giving crypto companies more freedom.

Securities are subject to strict regulation, which has been a problem for some cryptocurrency issuers. Some have had to pay millions of dollars due to these restrictions, which can discourage crypto innovation. In the face of these challenges, companies could potentially give up on pursuing crypto or move to another country.

The US is already experiencing a tech talent shortage, with roughly 1.4 million more openings than applicants. If legal regulations keep driving tech innovators away, this problem will only increase. Legal protections for cryptocurrencies could help keep crypto companies in the US, bringing more money into the economy.

In light of the recent recession from the COVID-19 pandemic, the US needs new ways to bolster the economy. If California’s support for cryptocurrency works well enough, that could be a potential national solution. The US, as a whole, could ensure that laws allow for crypto innovation, leading to new economic opportunities.

Calexit’s Potential Crypto Impact

Since 2014, there has been a movement to make California an independent nation called Calexit. Calexit’s leader, a campaign called Yes, California, recently hired crypto expert Alastair Caithness to see how crypto could serve as the basis for California’s economy. The group believes that a crypto-based economy could give citizens more economic liberty.

If this crypto-based economy works, then it could inspire the US to follow suit. The core concept could serve as inspiration, too, giving other lawmakers the idea to look to crypto to run some economic functions. Since California has the fifth-largest economy in the world, a change like this would not go unnoticed.

Only 32% of Californians supported Calexit as of 2016, but that’s higher than its 20% approval in 2014. Even if California doesn’t secede, it may not abandon the crypto economy concept. The mere fact that such a massive economy considered moving to a crypto-based platform could inspire other legislations.

Cryptocurrency Paves a Way Forward for the Economy

Today’s digital, fast-paced world presents some new economic complications, so traditional solutions may be insufficient. As more of the global economy moves towards digital transactions, internet-native crypto becomes a more appealing resource. Citizens and lawmakers alike in areas like California are starting to wake up to its potential.

As California moves to embrace a cryptocurrency economy, it sets a prominent example for the rest of the US. If these crypto-friendly endeavors turn out to be successful, they could give the world the push it needs to recognize cryptocurrency’s legitimacy. The US is warming up to cryptocurrency, and California is leading the movement.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

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Will Crypto Surpass Gold as a Reserve Currency?

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reserve currency

Gold has been the world’s standard reserve currency for hundreds of years. Even as the world has moved to fiat currency, governments and investors alike still look to gold as a reliable alternative. Given recent volatility, though, it may be crypto’s chance to step in as a different, perhaps more secure option.

On Tuesday, August 11, gold experienced its largest one-day drop in seven years. Prices per ounce fell by 4.7% between Monday and Tuesday, bringing them down from above $2,000 to $1,932.28. This recent drop isn’t the only problem that the precious metal has on its hands, either.

Today’s transactions happen so fast and so frequently that gold transfers can’t keep up. It’s easy enough to transfer tokens representing gold from nation to nation, but moving the actual gold reserves presents a challenge. In the face of these issues, cryptocurrency may provide a solution.

Is Cryptocurrency Less Volatile Than Gold?

Crypto and gold share many similarities, especially in how they compare to fiat currency. Both lack the volatility of fiat currency due to their limited supply, for instance. Gold may not be able to sustain modern markets, though, whereas crypto was born out of the internet age.

Since crypto payments utilize blockchain technology, transaction speed isn’t an issue. Some cryptocurrencies also have measures in place, like Bitcoin halving, that proactively defend against inflation, helping them remain more stable. Still, crypto does have some issues with volatility that gold doesn’t.

Crypto markets are substantially smaller than traditional ones, so small movements have a more significant effect. With such a minuscule market, changes in demand affect the value of crypto more heavily. An alternative may be gold-backed crypto, which might offer the best of both worlds.

With gold-based cryptocurrencies, like the recently-launched Tether Gold, tokens represent an amount of gold instead of representing themselves. The value of physical gold anchors these cryptocurrencies, making them less volatile, while they still offer the speed and security of the blockchain. At the same time, if the value of gold fluctuates, it would cause these cryptocurrencies to shift as well.

Crypto Technologies Gaining Legitimacy

The most substantial barrier to crypto becoming a publicly-accepted reserve currency is its perceived legitimacy. In the past, the public has been distrusting of crypto, but that’s starting to change. More noteworthy people, organizations, and countries are starting to dive into crypto and blockchain.

Several financial giants, like Goldman Sachs and Bank of America, have started using blockchain technology. They may not be using crypto, but accepting crypto’s underlying technology is a substantial step forward. If nothing else, it brings them one step closer to cryptocurrency.

In Venezuela, the public turned to cryptocurrency when the nation’s fiat currency caused a crisis. As inflation rose to around 2,616%, businesses started accepting Bitcoin as an alternative. This real-world example of how crypto can act as a reserve currency could inspire countries to make that switch on a national level.

Crypto Still Has a Ways to Go, But the Future is Promising

Cryptocurrency is still a long way from becoming globally accepted as a reserve currency. Too many people, especially governments, are too distrusting. Despite these obstacles, though, recent events paint a positive picture of crypto’s future, especially as traditional systems fail.

With faith in fiat currency falling and gold prices fluctuating, crypto stands as a promising alternative. The world won’t switch to crypto immediately, but changes are likely to start taking place soon.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

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What to Do With Your Crypto 1099?

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Crypto 1099

For those trading in cryptocurrencies, crypto trading platforms are required to provide you with a form 1099 for use on your taxes. When doing so, the IRS is also notified of the information contained on the tax form. And although you will receive either a form 1099-K or a 1099-B, it is not always clear what the information is saying. For example, a Form 1099-K will provide you with a list of cryptocurrency transactions and sales, but it will not tell you what your tax liability for those transactions is. Form 1099-B does provide more information, including your cost-basis, but many companies have not yet transitioned to the more descriptive form, and instead rely on the old 1099-K, which for many purposes is useless without a working knowledge of capital gains. You can find more information on the differences between Forms 1099-K and 1099-B, here.

So what exactly do you do once you’ve received one of these crypto 1099 forms?

What is a Cost Basis?

The term basis, as used in the Internal Revenue Code, refers to a person’s initial investment in a piece of property. For example, if you purchase something for $10, then your cost basis is $10. If you then sell it for $12, your cost basis is still $10, but your gain on the sale is $2. You are required to report and pay tax on the $2 gain, but not on the original $10 that you spent on the item. This holds true with your cryptocurrency holdings, though it can become much more complex as you likely hold more than $10 in crypto, and your holdings are likely diversified among different types of cryptocurrencies, which decrease and increase in value regularly.

The relevant governing statute for determining one’s basis, as well as gains or losses, can be found in IRC §1012. For the purposes of your cryptocurrency tax liability, you will likely not need to delve into the complexities of the Internal Revenue Code, which, unsurprisingly, is not very helpful to anyone who is not a tax attorney. You can find more information on how to determine your cost basis, here.

What Do I Do With My 1099?

As stated above, a crypto 1099 often comes in one of two forms: 1099-K or 1099-B, and understanding the information on those forms can save a lot of tax-related anxiety. Many cryptocurrency investors panic on receipt of a 1099-K form, as it only shows a list of crypto transactions and not a person’s actual tax liability. In order to determine your tax liability, we will need to refer back to the term “cost basis.” You can find more information on how to determine what is known as an adjusted basis, here.

It is always good practice to keep track of the initial purchase price of any cryptocurrency transaction you make. By doing this, you can keep track of your basis in the specific cryptocurrency holding. If you have not been keeping track, it is likely that your cryptocurrency management platform has.

In order to calculate how much you owe in taxes, all you need to do is look at the transactions listed on your Form 1099-K and subtract them from your initial cost basis of each transaction. The difference between the sale price and your cost basis is the amount realized, or what the IRS will consider your “gain.” You only need to pay taxes on realized gains, meaning if you currently hold cryptocurrency that you have not sold, you do not need to pay taxes on it until you sell it. This becomes increasingly difficult when making a lot of transactions, as each sale results in the need for a computation on gain, even if reinvested in a different cryptocurrency. This is why the Form 1099-K is helpful, as it lists all of the transactions.

For those with high volumes of transactions, it can be helpful to hire a tax attorney or CPA to help you file your taxes to ensure that you do it correctly, especially when determining the correct short-term or long-term capital gains tax, which operates differently than regular income tax.

Conclusion

Now that you have a basic understanding of what a cost basis is and what your crypto 1099 means, you can make your cryptocurrency trades with confidence, knowing that when you receive a Form 1099-K, you likely aren’t liable to pay taxes on the full amounts listed thereon, rather, you only need to pay taxes on your realized gains. And if you receive a Form 1099-B instead, your basis and gain should be clearly listed, for a much easier assessment of your tax liability.

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How to Protect Your Bitcoin Wallet

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Bitcoin wallet

Bitcoin is a hot commodity lately. This cryptocurrency is usually at the top of experts’ and users’ lists of recommendations for investments in the digital world. If you’re thinking about using Bitcoin or have already started your crypto journey, there are steps you can take to secure your currency. Here’s how to protect your Bitcoin wallet.

1. Use a Hardware Wallet

There are a few types of cryptocurrency wallets. Hard wallets connect to the internet for you to access at any time. This constant internet connectivity comes with certain cyber risks, though. If you want more protection, use a hardware wallet.

Hardware wallets are “cold,” meaning they do not connect to the internet, but you can still receive funds at any time. The disconnect makes it harder for cybercriminals to hack or breach your Bitcoin. Trezor and Ledger offer various hardware wallets that store your currency in an external, USB-like device.

2. Keep Your Private Key Offline

When you use a hardware wallet, it doesn’t actually store all your cryptocurrency. Instead, it stores a private key. This private key corresponds to a public key that includes certain amounts of Bitcoins, giving you the correct balance.

You must keep this private key secure. You can keep it offline by writing it down on a piece of paper and storing it in an emergency disaster kit that only you have access to. The more secure and offline it is, the less you have to worry about it.

3. Encrypt Your Wallet

Encrypting your wallet is a helpful step to take. You can start simple with two-factor authentication and go from there. Any form of encryption will help. Two-factor authentication helps with verifying your identity in two ways so that cybercriminals have a harder time breaching your wallet. You can also include encryption software if you want extra protection for your Bitcoin.

4. Keep Your Currency in Multiple Places

Don’t put all your eggs in one basket. The phrase rings true for cryptocurrency. If you have all your digital currency in one wallet, you have a higher chance of losing more. If you place your funds in different wallets, though, you have a better chance of protecting your assets. When saving, especially, you’ll want to keep your Bitcoin safe however you can.

5. Enact Smaller Transactions

If you’re a big Bitcoin spender, you might want to step back. High-value transactions and trades can draw attention from cybercriminals. If they see that you have assets to spend, they may be more likely to target your funds. Of course, you should spend your cryptocurrency however you’d like. Just keep in mind that you’ll need more protection.

>> Bitcoin Halving: How the Miners are Faring So Far

6. Use a Secure Internet Connection

Using the right internet connection is an easy way to protect your Bitcoin wallet. Of course, your home internet connection is likely a safe option since it’s secure and isolated. However, you should keep in mind that public internet connections can be risky.

Public Wi-Fi isn’t always secure, and since many people use it, cybercriminals may have an easier time accessing your wallet. When on public Wi-Fi, it’s best to not have an active wallet. If you do make transactions, strongly consider using a reputable, logless, paid VPN service.

7. Keep Your Finances a Secret

Be cautious about who you share your Bitcoin status and private key with. You’ll likely only want to keep those numbers to yourself unless you have a partner you’re willing to share them with. Otherwise, the fewer people who know, the better. Think of cryptocurrency as a real bank account. You don’t want people knowing your PIN number or account status—and your private key is the same.

8. Use Antivirus Software

Viruses are a digital plague in their own way. Cybercriminals use them to steal information and finances from vulnerable accounts. Antivirus software can help, though. Since cyberattacks are frequent and often come in the form of viruses and malware, you’ll want protection. With the most up-to-date features, antivirus software can do just that.

9. Watch Out for Phishing

Like viruses and malware, phishing is another form of cyber scamming. Certain criminals use emails and links to scam users into giving up private information about their wallets. Sometimes, phishing scams can link to viruses and malware, too. Watch out for suspicious content—it’s better to be safe than sorry.

10. Double-Check the Recipient

As you carry out your transactions, make sure you’re sending your Bitcoin to the right person. Scammers may try to skew transactions or trick you into giving your money elsewhere. You can get software or programs to help detect errors, as well. Be sure to vet your transactions and partners thoroughly before any money changes “hands.” Sometimes, it can be hard to recover your Bitcoin currency.

11. Back Up Your Wallet

Last but certainly not least, you’ll want to back up your wallet. A backup never hurts and always comes in handy if you need it. There are different ways to back up your wallet, so choose the one that works best for you. Then, you have what you need to fully protect your Bitcoin wallet if something goes wrong.

A Safe Crypto World

As cryptocurrency grows in popularity, you can expect some changes to come about. Keep an eye on the security trends and follow the best practices as they emerge. Staying ahead of the curve will bring you the best Bitcoin protection to stay safe in the cyber world.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

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Will the USD Hold Up as the Global Reserve Currency?

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USD

The USD is a global reserve currency. Therefore, while many currencies weaken during times of crisis, the US Dollar not only stays put but grows stronger. This has been happening over and over, so it’s expected that in the coronavirus recession, USD should behave the same way. And it does stand strong at the moment. However, the long-term forecast for this currency isn’t so bright. It’s quite possible that with the rise of digital payments in the pandemic, a crypto reserve currency is in our future.

Is the USD Truly Weakening in the Coronavirus Crisis?

At the moment, the USD is the strongest currency in the world. It’s a simple truth. And this situation won’t change for some time yet, regardless of how the US economy is faring. The reason for this is the fact that the US Dollar is the reserve currency of the world. Therefore, when the volatility of a global recession hit, everyone flocked to the Dollar.

Investors, business owners, and regular everyday people are putting their trust and money into the USD. They are doing it in order to hedge against the difficult economic times ahead. This strategy has worked for many during previous recessions, so why would this one be different?

So far, there is nothing different about the coronavirus recession in regards to the USD situation as a dominating currency. Also, everyone who can, such as expats and global businesses, are capitalizing on it. You can see this from the growing demand in USD transfers. Everyone wants to have some security in these uncertain times, and it seems that the Dollar is it.

All things considered, it should be a stellar time for the American Dollar, right?

Unfortunately, the current crisis is very different from a regular economic recession. It’s not only the coronavirus pandemic that’s affecting the current situation. The US economy is facing pressure from multiple sides and, therefore, the USD is in danger of weakening and collapsing along with it.

For now, its status as the global reserve currency is preventing this from happening. However, this “protection” won’t last forever. And should the USA not recover well from this pandemic, the Dollar might lose its position entirely.

Will the USD Lose Its Position as the Global Reserve Currency?

For all its seeming strength, the USD is in a difficult position at the moment. There is no doubt that it will remain strong for a while. However, once this crisis is over, the world will be changed irrevocably. And one of those changes might be the fall of the US Dollar from the position of global reserve currency.

The main reasons for this possibility are:

  • The US economy is weakening fast.

Millions of people have already lost their jobs, and more might follow in the next few months. As such, the economy cannot recover the losses incurred during lockdowns. And the longer it takes to do this, the harder the situation gets.

  • Difficult trade relationships with China.

It’s a fact that China’s economy hasn’t been stronger than that of the USA prior to this crisis. It’s not stronger now, as well. But while China is rapidly recovering, the US is facing a threat of a second wave of the pandemic. Once that strikes, the economy will suffer much more. Meanwhile, China is gaining rapidly and could become the greatest global economy soon. Should this happen, the mantle of the world’s reserve currency might fall to the Yuan.

  •  The need for digital currencies is growing fast.

One factor that can help bring down the USD is that the world is about ready to embrace the use of cryptocurrency. This crisis has led to an unprecedented rise in the use of fintech apps. It jumped up by 72% in a single week at the start of the pandemic. And while digital payments have been growing more popular before, now they’ve become a necessity. It’s reasonable to assume that adopting crypto is the next logical step in the global monetary development.

Can the Next Reserve Currency Be a Cryptocurrency?

Crypto might not have made a breakthrough yet, but it’s been steadily growing in popularity in the last few years. The COVID-19 pandemic has advanced this growth by leaps and bounds. Many financial expert advisors recommend investing in cryptocurrency today.

If nothing else, this will be a good hedging tool for panicking investors.

It’s true that the Bitcoin value dropped dramatically at the beginning of March. This made many people doubt that crypto might become a true hedging tool. However, since then, BTC has already doubled in value. This recovery rate indicates that while Bitcoin isn’t 100% safe, it’s still rather recession-resistant.

Meanwhile, governments the world over are understanding that instead of a luxury, digital payments must become the norm. It’s a healthcare requirement, as well as a logical choice. The increase in the number of digital payments during the lockdown period is proof that people like this method. This means that when the social distancing regulations are lifted, people won’t just go back to using cash.

Should cash payments become obsolete, a digital currency will be a necessity. China’s government seems to understand this clearly. Therefore, the country is reported to be in the process of the development of digital yuan. There is no release date for it yet, but this type of crypto might be exactly what’s necessary.

Nothing changed about the fact that governments are against crypto because they can’t control it in any way. A digital currency that’s tied to the country itself would be a different case. However, now it’s too early to say what will come from this situation in the long-term. But one thing is sure, if there is no digital version of the USD in circulation when other such crypto variations begin to appear, the Dollar will have no chance.

Final Thoughts: What Will the Monetary World Be Like After the Pandemic?

The US Dollar is a very strong currency. There is no denying the fact that even if it does lose its position as a reserve currency, this won’t happen fast. However, the situation we are seeing today makes this future a distinct possibility.

The main problem is that despite the usual strengthening of the currency during a global recession, it’s still weak. Numbers might not reflect this at this moment. But major economic issues plaguing the US are concerning.

The tension in the US-China trade relationship doesn’t help America in any way. In fact, it’s setting the US economy, and therefore currency, in direct competition with China. Sadly, this is a fight that the US might not win. As Chinese businesses are reopening after the virus, America is set to face the second wave.

Should this happen, the US economy, which is already struggling, will be crippled. At that point, the benefits that come from the USD being a global reserve currency won’t be able to sustain it. Therefore, other currencies, such as the Yuan, might push to the top position as the reserve.

However, there is also a chance that this drastic monetary and economic situation will give cryptocurrency the push it needs. The benefits it offers as both a hedging tool and tool for quick global payments are numerous. And the need for easy digital payments is skyrocketing. Crypto has the potential to resolve many issues for many economies. The question is whether governments will take the step of truly adopting digital currencies.

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