Category Archives: Cryptocurrency
Circle Layoffs: US-Based Cryptocurrency Firm Lays Off Staff, Cuts Investments in Non-Core Business – LatestLY
Representative Image (Photo Credit- Pixabay)
San Francisco, July 14: US-based cryptocurrency company Circle which manages stablecoin USDC (USD Coin), has announced that it is reducing its workforce and cutting investments in non-core business activities. Jeremy Allaire, CEO of Circle, has announced the job cuts, citing the end or reduction of investments in "non-core activities", reports the Business Journal.
The size of the job cuts is unknown, however, the company reportedly had about 900 employees at the end of last year. Moreover, Circle's spokesperson, Zara Gleasure, stated that the company is "redoubling its focus" on core business activities and execution in order to maintain its "strong" balance sheet.Tech Layoffs: Over 2 Lakh Techies Laid Off Globally in First Six Months of 2023, 27,000 Employees Lost Jobs in India Amid Funding Winter.
"We have reduced or ended investments in non-core activities and reduced operational expenses, which includes a marginal reduction in headcount," Gleasure was quoted as saying. "At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis," she added.Crypto.com Layoffs: Cryptocurrency Exchange Company To Reduce 20% of Workforce Amid Ongoing Economic Headwinds.
Circle joins a growing list of cryptocurrency companies that have recently reduced their staff in order to cut costs and strengthen their balance sheets, including Coinbase, Kraken, Gemini, and Bybit. In January, Coinbase laid off 20 per cent of its workforce, or about 950 people, to reduce its operating expenses amid the economic recession fears. The crypto company in June last year eliminated 18 per cent of its workforce or nearly 1,100 people.
(The above story first appeared on LatestLY on Jul 14, 2023 12:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
Follow this link:
Circle Layoffs: US-Based Cryptocurrency Firm Lays Off Staff, Cuts Investments in Non-Core Business - LatestLY
Python-Based PyLoose Fileless Attack Targets Cloud Workloads for … – The Hacker News
Jul 12, 2023The Hacker NewsCloud Security / Cryptocurrency
A new fileless attack dubbed PyLoose has been observed striking cloud workloads with the goal of delivering a cryptocurrency miner, new findings from Wiz reveal.
"The attack consists of Python code that loads an XMRig Miner directly into memory using memfd, a known Linux fileless technique," security researchers Avigayil Mechtinger, Oren Ofer, and Itamar Gilad said. "This is the first publicly documented Python-based fileless attack targeting cloud workloads in the wild."
The cloud security firm said it found nearly 200 instances where the attack method was employed for cryptocurrency mining. No other details about the threat actor are currently known other than the fact that they possess sophisticated capabilities.
In the infection chain documented by Wiz, initial access is achieved through the exploitation of a publicly accessible Jupyter Notebook service that allowed for the execution of system commands using Python modules.
PyLoose, first detected on June 22, 2023, is a Python script with just nine lines of code that embeds a compressed and encoded precompiled XMRig miner. The payload is retrieved from paste.c-net[.]org into the Python runtime's memory by means of an HTTPS GET request without having to write the file to disk.
The Python code is designed to decode and decompress the XMRig miner and then load it directly into memory via the memfd memory file descriptor, which is used to access memory-resident files.
Shield Against Insider Threats: Master SaaS Security Posture Management
Worried about insider threats? We've got you covered! Join this webinar to explore practical strategies and the secrets of proactive security with SaaS Security Posture Management.
"The attacker went to great lengths to be untraceable by using an open data-sharing service to host the Python payload, adapting the fileless execution technique to Python, and compiling an XMRig miner to embed its config to avoid touching the disk or using a revealing command line," the researchers said.
The development comes as Sysdig detailed a new attack campaign mounted by a threat actor known as SCARLETEEL that entails the abuse of AWS infrastructure to steal proprietary data and conduct illicit crypto mining.
See the original post:
Python-Based PyLoose Fileless Attack Targets Cloud Workloads for ... - The Hacker News
Bitcoin: A Comprehensive Guide To The World’s Most Popular … – Tech Build Africa
The price of bitcoin is constantly changing: if in 2010 it cost $1, then in November 2021, its value reached a record $68 thousand.
At the same time, the cost fluctuates constantly. Those who bought at least one Bitcoin at the beginning of its existence made good money.
You must be careful to trade ETH for BTC on favorable terms. Bitcoin is the worlds first known digital currency based on Blockchain technology.
This is a distributed database in which information about completed transactions is stored as a continuous chain of blocks.
Information within this system cannot be faked. The fractional part of Bitcoin is named after its creator, Satoshi.
First, you need to understand what is BTC. It is a peer-to-peer electronic payment system that uses bitcoins as a unit of account. Here are the main features of Bitcoin crypto:
But if you want, you can find out who owns Bitcoin addresses. For example, in May 2020, Blockchain experts said they could reveal the identities of more than 16% of all Bitcoin address holders. Also, you should know how to trade ETH for BTC.
To create (generate) new bitcoins means to solve mathematical puzzles. People who mine bitcoins are called miners.
To generate Bitcoin, miners computers must calculate a unique nonce consisting of a random set of letters and numbers that can only be used once.
This number is needed to write the block to the Blockchain. You should also know how to buy BTC on favorable terms online.
The Bitcoin network can build the complexity of calculating the nonce so that each new block is added to the Blockchain at a particular frequency.
For example, when mining bitcoins, a new entry in the Blockchain is made about once every two weeks, and the mining difficulty changes every 2016 block also about once every two weeks.
The problem of mining is constantly growing. This means that it becomes much more difficult each time to mine a new cryptocurrency compared to previous results.
At the moment, Bitcoin is one of the most popular cryptocurrencies due to its accessibility and simplicity.
Dont miss important articles during the week. Subscribe totechbuild.africa weekly digest for updates
View post:
Bitcoin: A Comprehensive Guide To The World's Most Popular ... - Tech Build Africa
Cryptocurrency offers the cannabis industry an alternative to banks – Finextra
Cannabis businesses in the US are booming. It is projected that the US cannabis market has the potential to reach $45.8 billion by 2025.
Despite President Bidens announcement of reaccessing the classification of marijuana in 2022, not much has changed for the cannabis industry. Even today, it is classified under Schedule I of the Controlled Substances Act, the classification meant for the most dangerous substances.
If youre a cannabis business owner, the coming years are very promising and hold a lot of opportunities for expanding your empire. However, the roadblocks still remain, a major one being the current payment system for the cannabis industry.
Even today, cannabis businesses cannot accept credit card payments or use banks for their day-to-day transactions. Lets understand why.
Why are cannabis businesses left out of our existing financial system?
While most states in the US have legalized the use of marijuana for medicinal and recreational purposes, Federal law still classifies it under Schedule I. Due to this, even legal cannabis businesses cannot use banks or credit card networks for processing transactions.
Inconsistencies in the state and federal laws have kept the cannabis industry out of the traditional financial system for years. Businesses are left with no other choice but to rely on cash for their daily transactions.
Running a cash-only business is risky and imposes a lot of challenges for business owners. News stories about violent burglaries in cannabis stores are becoming an everyday thing. Businesses need an alternative to hoarding a large amount of cash. Lets look at a few challenges associated with cash payments.
Challenges with cash payments & how crypto can help
Cash payments are not ideal as they are hard to manage and not always feasible. Here are a few challenges of cash transactions and how crypto can help:
Cannabis businesses are heavily taxed. For instance, Californians are required to pay $154.40 in taxes, a 5% excise tax, and an additional 7.25% sales tax for every pound of flower they sell. When you deal in cash, bookkeeping can get extremely difficult and time-consuming.
On the contrary, with crypto transactions, calculating taxes can be easy and efficient as all the transactions will reflect in your transaction history. Moreover, you can also automate your taxes by using taxation software.
In 2022 alone, cannabis retail stores in Washington reported over 100 armed robberies the highest of the decade according to Uncle Ikes i502 robbery tracker. Hoarding a huge sum of cash in stores can put your workers at risk.
With crypto, all transactions are virtual, relatively secure, and irreversible. Furthermore, you can collect payments from anywhere in real time by sharing apayment link or QR code. Virtual payments are seamless and can minimize the risk of loss, thereby making the lives of your workers less risky.
With the COVID-19 pandemic, we already saw how cash can transmit viruses and infect millions around the world. Moreover, its almost impossible to determine which note is infected when youre dealing with a lot of cash transactions.
On the flip side, crypto transactions are virtual and thus cannot transmit any viruses whatsoever. You can enable contactless payments at your offline outlets and even collect payments virtually through payment links/QR codes.
Carrying around a lot of cash is not convenient and risky. Moreover, if you want to send the funds to another country or city, the process will be time-consuming, expensive, and inconvenient.
On the other hand, crypto can be transferred to any part of the world in minutes. Moreover, to use crypto, all you need is a smartphone and an internet connection. All you have to pay is a network fee, which is usually a small fraction of your total payment.
Final words
Crypto holds immense potential for the cannabis industry and can help business owners solve their existing challenges. Crypto transactions are not only fast and safe but also private and anonymous making them an ideal alternative to cash, banks, and credit cards.
If you are seeking to enable crypto payments across your offline outlets, sign up with acrypto payment processor today. Most decentralized crypto payment gateways offer you complete freedom to transact globally without any restrictions. Embrace cryptocurrency today and step into a decentralized world thats safer, and more transparent.
See the article here:
Cryptocurrency offers the cannabis industry an alternative to banks - Finextra
Mr. Hankey Cryptocurrency Takes Social Media by Storm Before … – Analytics Insight
Shitcoins are cryptos that dont necessarily have a specific utility but certainly have the potential to grow and bring gains. A completely new crypto now gives another meaning to this term because it plays with it and is inspired by the character from South Park Mr. Hankey, the beloved Christmas character from South Park. Get ready to immerse yourself in this extraordinary experience and prepare to be entertained by the hilarious presentation of Mr. Hankey Coin!
>>> Get Mr Hankey Coin Now<<<
If you thought that wordplay is just on the website, you were pretty wrong this coin seems to be created to generate laughter after so many difficulties that crypto investors have been facing. Meme coins have certainly turned many heads, leaving a trail of success.
Now, it seems that this moment is the perfect one to play a little more and simply surprise the community of crypto enthusiasts with humor that goes a step further. Having this token wrapped in a stinky package according to the brownpaper on its official website, makes it impossible to forget.
Harnessing the power of Ethereums ERC-20 standard, it encapsulates a fusion of blockchain sophistication and unfiltered enjoyment, unrivaled in the realm of cryptocurrency. Brace yourself for an unparalleled experience that pushes boundaries and redefines the crypto landscape. It is the reason why it may generate success faster than expected!
>>> Get Mr Hankey Coin Now<<<
South Park is a satirical TV show that has captured the attention of many people across the globe. Even though it is rated as 12+, the content can be fully understood only by adults who love its profane and uniquely bizarre humor. The backdrop for South Park unfolds within the fictional Colorado town, sharing its name, centering primarily on the misadventures of four elementary school boys: Eric Cartman, Stanley Marsh, Kyle Broflovski, and Kenneth (Kenny) McCormick. While many episodes revolve around these four boys, the show also delves into the lives of various recurring characters who reside within the town.
>>> Get Mr Hankey Coin Now<<<
Over time, it has also garnered acclaim for its astute parody episodes. These episodes showcase a wide spectrum of parodies, ranging from satirical interpretations of renowned films like The Silence of the Lambs and Scarface to humorous takes on contemporary phenomena such as the Twilight craze. South Parks parody episodes exemplify its ability to mock and satirize various cultural trends and references cleverly.
South Park fans eagerly await news about Mr. Hankey crypto because it is inspired by the ninth episode broadcasted on Comedy Central in the United States on December 17, 1997. The episode revolves around Kyle, who experiences a sense of isolation from the towns Christmas festivities due to his Jewish background. He discovers solace in an extraordinary character named Mr. Hankey, a talking and sentient piece of feces. Now, with this new crypto, the popularity of this unusual character comes to life again!
>>> Get Mr Hankey Coin Now<<<
Everything about this crypto is unusual and, therefore, highly interesting. The presale will be small, making it extremely important to buy early. One billion tokens will be in circulation, but only 40% of the total supply will be available during the presale. The same amount is reserved for the liquidity pool, while 10% is reserved for marketing with the goal of promoting this unique crypto. In addition, 5% of the tokens are planned for team and development, and the same amount will be reserved for CEX (centralized exchange).
>>> Get Mr Hankey Coin Now<<<
The comprehensive strategy is scheduled for implementation in the following period encompassing various milestones such as token development, community expansion, token presale, public release, and an ambitious endeavor to secure listings on numerous centralized exchanges. The powerful marketing machinery behind the project and the fact that this coin has featured on CoinGecko, DEX Screener, and PooCoin mean that the potential for virality is palpable.
The ultimate goal extends beyond generating mere trading volume; it aims to establish market dominance, catalyzing a whirlwind of attention and propelling Mr. Hankey Token to become the most rapidly trending and top-performing token of the year 2023.
>>> Get Mr Hankey Coin Now<<<
The world of cryptos has just become even more interesting Mr. Hankey is unusual and uncensored and therefore presents a unique opportunity to impress crypto enthusiasts in a new way. With the vast community of South Park fans, it is easy to understand why the success of this crypto is expected to occur pretty soon. With the community growing before the launch, joining early will be a guarantee of entry and timely notifications, so dont miss out!
View post:
Mr. Hankey Cryptocurrency Takes Social Media by Storm Before ... - Analytics Insight
Dynamite to metaverse’ and ‘hawala to cryptocurrency’ is a matter of concern: Amit Shah – CNBCTV18
Union Home Minister Amit Shah warned the global community on Thursday about security threats that have developed from "dynamite to metaverse" and "hawala to cryptocurrency", and encouraged G20 countries to go beyond traditional borders to combat such crimes.
Speaking at the inaugural session of the 'G20 Conference on Crime & Security in the age of NFTs, AI & Metaverse', Shah said that technology has transcended conventional boundaries, encompassing geographical, political, and economic realms. However, he raised the alarm about certain anti-social elements and global forces exploiting technology to inflict economic and social harm upon citizens and governments alike.
One of the key concerns addressed by Shah was the exploitation of virtual assets by terrorists for financial transactions. Additionally, he pointed out that terrorists are using the Darknet to mask their identities and propagate radical material. Shah stressed the need to comprehend the activities occurring on the Darknet and adopt a coherent approach to crack down on the use of virtual assets.
While discussing the internet vision, Shah advocated for striking a balance between excessive freedom that threatens national security and isolationist structures such as digital firewalls. He emphasised the need to find a middle ground that preserves both security and connectivity.
The Home Minister also drew attention to the evolving methods employed by terrorists to perpetrate violence, radicalise youth, and raise financial resources. He warned that virtual assets have become a new avenue for terrorists to carry out financial transactions.
The two-day conference on July 13-14 aims to bring together over 900 participants from G20 countries, nine special invitee countries, international bodies and technology leaders, and domain experts from India and across the world.
Follow this link:
Dynamite to metaverse' and 'hawala to cryptocurrency' is a matter of concern: Amit Shah - CNBCTV18
Next Cryptocurrency Bull Run Could Begin in 2024, Predicts Analyst – Watcher Guru
The cryptocurrency markets rallied hard in 2021 and Bitcoin, Ethereum, Dogecoin, and other leading assets skyrocketed reaching their all-time highs. The markets began declining in late 2021 and the bearish grips continued well into 2022 testing the patience of investors. 2023 is a bag of mixed cycles as the markets remain on a see-saw swing trading in both directions. Nonetheless, making profits in these conditions is challenging as the window to make quick decisions to sell is narrow.
Also Read: Shiba Inu: SHIB Forecasted To Rise 1,300%, Heres When
Investors are waiting for the next bull run that could catapult prices and deliver returns like it did in 2021. However, when will the next bull cycle begin? The question remains unanswered at this point. A leading cryptocurrency analyst has given a prediction claiming that the bull markets will begin in 2024.
Chris Burniske, the author of the book Crypto Assets took to Twitter to predict that the cryptocurrency markets will begin to rally in 2024. He said to his 262,500 followers that the rally will come only after the markets face another 20% to 40% decline in prices this year.
The bears probably get one more shot at a 20%-40% decline in quality cryptocurrency assets this year before the party starts for real next year into 2025. The question is from what prices will that decline begin, he predicted.
Also Read: VeChain: When Will VET Reclaim Its All-Time High of $0.28?
Da bears prob get one more shot at a 20-40% decline in quality #cryptoassets this year before the party starts for real next year into 2025. The question is from what prices will that decline begin
Fed's gonna push it til something breaks, @2xdog said so
According to Burniske, the catalyst for the cryptocurrency market decline is the hawkish stance of the Feds raising interest rates. However, when inflation is controlled and brought on track, the cryptocurrency markets could rally, he said.
Also Read: Top 3 Cryptos To Watch Below $1
BREAKING: US inflation falls to 3%, lower than expectations.
Inflation in the U.S. is now down to 3% and is much lower than expected. From March 2022, the Feds raised interest rates with 10 consecutive adjustments to fight inflation. Read here to know if inflation in the U.S. can fall below the target of 2% in the coming months.
View original post here:
Next Cryptocurrency Bull Run Could Begin in 2024, Predicts Analyst - Watcher Guru
Cryptocurrency The Sandbox’s Price Increased More Than 3% Within 24 hours – Benzinga
July 12, 2023 3:00 PM | 1 min read
Over the past 24 hours, The Sandbox's (CRYPTO: SAND) price has risen 3.07% to $0.43. This is contrary to its negative trend over the past week where it has experienced a 0.0% loss, moving from $0.42 to its current price. As it stands right now, the coin's all-time high is $8.40.
The chart below compares the price movement and volatility for The Sandbox over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The trading volume for the coin has decreased 17.0% over the past week, while the overall circulating supply of the coin has decreased 0.27% to over 1.87 billion. This puts its current circulating supply at an estimated 62.32% of its max supply, which is 3.00 billion. The current market cap ranking for SAND is #50 at $798.06 million.
Massive returns are possible within this market! For a limited time, get access to the Benzinga Insider Report, usually $47/month, for just $0.99! Discover extremely undervalued stock picks before they skyrocket! Time is running out! Act fast and secure your future wealth at this unbelievable discount! Claim Your $0.99 Offer NOW!
Advertorial
Powered by CoinGecko API
This article was generated by Benzinga's automated content engine and reviewed by an editor.
2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
See more here:
Cryptocurrency The Sandbox's Price Increased More Than 3% Within 24 hours - Benzinga
Cryptocurrency Conundrum: The Lummis Gillibrand Bill An … – Cryptopolitan
Description
The recently introduced Lummis Gillibrand Responsible Financial Innovation Act, which contains significant implications for the future of cryptocurrency, is under debate in the Senate. This 274-page bill covers a wide array of cryptocurrency-related topics, from securities and commodities regulations, taxation, and broad interagency coordination to the regulation of payment stablecoins. However, its future is uncertain Read more
The recently introduced Lummis Gillibrand Responsible Financial Innovation Act, which contains significant implications for the future of cryptocurrency, is under debate in the Senate. This 274-page bill covers a wide array of cryptocurrency-related topics, from securities and commodities regulations, taxation, and broad interagency coordination to the regulation of payment stablecoins. However, its future is uncertain due to resistance from Banking Committee Chair Senator Brown and some fellow Democrats.
Despite the magnitude and potential implications of the bill, its chance of becoming law is compromised by political dynamics. Senator Sherrod Brown, the Banking Committee Chair, has expressed strong opposition to the bill, implying that it may never be granted a hearing. This political resistance is significant, as committee chairs can effectively terminate bills that they oppose by refusing to put them on the agenda.
The journey to becoming law is fraught with challenges. Every year, thousands of bills are introduced in Congress, but only a few hundred manage to pass one chamber, and even fewer become law. In order for a bill to progress, it needs to go through a committee. Bills introduced by Committee chairs stand the best chance, but the bill needs to at least not be strongly opposed by the Chair.
Despite its uncertain future, the Lummis Gillibrand bill has the potential to significantly impact the McHenry Thompson bill in the House. As the McHenry Thompson markup is due later this month, members can propose amendments to the bill at the markup. By releasing the Lummis Gillibrand bill now, parts of this bill that are crucial or beneficial could be incorporated into the McHenry Thompson bill, which has a higher chance of becoming law this year.
Among the potential policy changes that could be adopted from the Lummis Gillibrand bill are several that are significant. For example, this bill includes a definition of a smart contract, a term that is not defined in the McHenry Thompson bill. This definition includes taking possession or control of a crypto asset and transferring the asset, which could have significant legal consequences.
The Lummis Gillibrand bill also mandates proof of reserves for crypto asset intermediaries and requires regular financial audits of these reserves. In addition, it contains stricter penalties for money laundering involving crypto assets, making such crimes punishable by up to five years in prison.
Another important change is in relation to the categorization of digital assets. The bill essentially bifurcates digital assets into either securities or commodities, with most assets likely falling into the latter category. This simpler system contrasts with the more complex framework in the McHenry Thompson bill, which categorizes assets based on a variety of metrics and triggers.
One last significant proposal in the Lummis Gillibrand bill is the creation of a self-regulatory organization (SRO) for crypto. Despite calls for such an organization, its difficult to establish from scratch. The Lummis Gillibrand bill simplifies this process but still requires approval from the SEC, CFTC, and FinCen, as well as presidential appointments to the board.
Whether or not the Lummis Gillibrand bill passes, its clear that it holds the potential to significantly impact the future of cryptocurrency regulation. The outcomes of these political processes, with their potential to rewrite rules and redefine practices, will undoubtedly shape the future of the cryptocurrency landscape in a profound and lasting manner.
See the article here:
Cryptocurrency Conundrum: The Lummis Gillibrand Bill An ... - Cryptopolitan
Cryptocurrency Wallets: How To Choose And Secure Your Digital … – MENAFN.COM
(MENAFN- CoinXposure) cryptocurrency wallets serve as your gateway to digital currencies, enabling you to store, send, and receive your valuable assets. As the popularity of cryptocurrencies continues to soar, it's crucial to understand the significance of proper storage and security for your digital assets.
In this comprehensive guide, we will explore the intricacies of cryptocurrency wallets, guide you in choosing the right one, and provide essential tips for securing your digital assets.
Cryptocurrency wallets are software programs or hardware devices allowing users to store and manage their digital assets securely. These digital wallets enable you to securely store, manage, and interact with your digital assets.
Cryptocurrency wallets, such as software, hardware, or paper, come in various forms. They function as your vault for cryptocurrencies, enabling you to send and receive funds, monitor balances, and perform other essential transactions.
Unlike traditional wallets holding physical cash and cards, cryptocurrency wallets store your private keys , which are essential for accessing and controlling your digital funds. These wallets interact with various blockchain networks, enabling users to send and receive cryptocurrencies, check their balances, and monitor transaction history.
With a wide range of wallet options available, it's crucial to understand the different types and their unique features to make an informed choice.
Cryptocurrency wallets are essential tools for securely storing and managing digital assets. They enable users to store their private keys, which are required to access and manage their cryptocurrencies.
There are various types of cryptocurrency wallets, each with its advantages and considerations:
Software wallets, also known as digital wallets, are applications that can be installed on your computer or mobile device. They offer convenient access to your digital assets, allowing you to manage your cryptocurrencies on the go.
Software wallets can be further categorized into two types: hot wallets and cold wallets.
Hot wallets are connected to the internet, making them easily accessible for daily transactions. However, they may be vulnerable to hacking or malware attacks.
On the other hand, cold wallets are offline devices that provide enhanced security by keeping your private keys offline. They are ideal for long-term storage but may require additional steps to access funds when needed.
These are software applications installed on a computer or laptop. They offer convenient cryptocurrency access but require proper security measures to protect against malware or hacking.
These wallets are designed for mobile devices such as smartphones or tablets. They provide on-the-go access to cryptocurrencies and can utilize features like QR code scanning for transactions.
Also known as web wallets, these wallets operate on web-based platforms. They are accessible through a web browser, making them convenient but potentially vulnerable to online threats.
These wallets combine multiple software wallet types, such as desktop and mobile wallets, to provide users with flexibility and convenience.
Hardware wallets are physical devices designed to store your private keys offline. They offer high security by keeping your keys away from potential online threats.
Hardware wallets are immune to malware attacks and are highly recommended for those holding substantial cryptocurrency assets. Although they come at a cost, the peace of mind and added security they provide make them a worthwhile investment.
These physical devices connect to a computer via USB and securely store private keys offline. They offer enhanced security by isolating private keys from online threats.
Examples include Ledger Nano S, Ledger Nano X, and Trezor One.
These wallets use smartcard technology and provide an additional layer of security by storing private keys on a secure chip.
Examples include Ledger Nano X, Trezor Model T, and CoolWallet S.
Designed specifically for mobile devices, these hardware wallets connect to smartphones via USB, Bluetooth, or NFC and provide secure offline storage.
Examples include Ledger Nano X (with mobile support), CoolWallet S, and BitBox02.
These wallets use cameras to scan QR codes for transaction verification, combining the convenience of mobile devices with enhanced security.
Examples include Coldcard Wallet and Cobo Vault.
It's worth noting that the specific models and types of hardware wallets available may vary as new products are released, and existing ones are updated.
paper wallets are a form of offline storage where you print your private and public keys on a piece of paper. While they may seem low-tech, paper wallets offer an additional layer of security as they are not vulnerable to online attacks.
However, it's crucial to keep your paper wallet in a secure location and protect it from physical damage or loss.
Here's how paper wallets typically work:
The process begins by generating a new cryptocurrency address and corresponding private key using a trusted offline or secure computer. Various online tools or offline software can be used for this purpose.
Once the keys are generated, they are printed onto a physical piece of paper. This paper usually contains the public address (to receive funds) and the private key (to access and spend the funds).
To enhance security, printing the paper wallet on a printer that is not connected to the internet is advisable. Additionally, steps should be taken to protect the paper wallet from physical damage, theft, or loss.
To use a paper wallet, you can send funds to the public address printed on it. When accessing the funds, you typically import or sweep the private key into a software or online wallet. Afterward, you can spend or transfer the funds as desired.
To navigate the world of digital assets, it is crucial to understand the importance of cryptocurrency wallets.
Here are some key reasons highlighting the importance of cryptocurrency wallets:
Cryptocurrency wallets provide a secure way to store your digital assets. They utilize cryptographic techniques to protect your private keys, essential for accessing and managing your funds.
By storing your cryptocurrencies in a wallet, you reduce the risk of theft or loss associated with keeping them on exchanges or online platforms.
Without a wallet, cryptocurrencies are typically stored in exchange accounts, which can be vulnerable to hacking or other security breaches.
A cryptocurrency wallet gives you complete control and ownership over your digital assets.
When you hold your cryptocurrencies in a wallet, you possess the private keys needed to access and transfer your funds. This control ensures that you are not dependent on third-party services to manage your assets and allows you to maintain full ownership of your funds, unlike traditional financial systems where banks or other intermediaries control access to funds.
Wallets allow users to send and receive cryptocurrencies. They provide:
With wallets, users can easily send payments to others or receive funds from external sources.
Cryptocurrency wallets are designed to support a wide range of digital assets. Whether Bitcoin, Ethereum, or other popular cryptocurrencies, wallets offer compatibility with different blockchain networks.
Some wallets also support various tokens and decentralized applications (DApps), enabling users to interact with the broader ecosystem.
Cryptocurrency wallets come in different forms, catering to user preferences and security requirements. Some software wallets (desktop, mobile, or web-based) provide convenience and accessibility.
Hardware wallets, such as USB devices, offer enhanced security by keeping your private keys offline. Paper wallets, and physical printouts of your wallet details, provide an extra layer of protection against online threats.
The availability of diverse wallet options allows users to choose the most suitable solution for their needs.
Cryptocurrency wallets enable you to access your funds from anywhere at any time, as long as you have an internet connection. This accessibility allows for easy and convenient management of your digital assets.
Additionally, wallets can be portable, meaning you can transfer them to different devices or even physical hardware wallets, providing flexibility in accessing and securing your funds.
Cryptocurrency wallets often include backup and recovery mechanisms. Users can create backups of their wallets' private keys or recovery phrases, which are used to restore access to funds in case of device loss, damage, or theft.
This feature adds an extra layer of security and ensures that funds can be recovered even in adverse situations.
Cryptocurrency wallets align with the decentralized nature of cryptocurrencies, empowering individuals to participate in the global financial system. They enable users to transact directly with others, regardless of geographical location or traditional banking infrastructure, fostering financial inclusion for the unbanked or underbanked populations.
Some cryptocurrency wallets support staking or earning interest on your digital assets. Staking involves holding cryptocurrencies in your wallet to support a blockchain network's operations; in return, you can earn rewards.
You can generate passive income from your cryptocurrency holdings by utilizing wallets that offer these features.
Storing your cryptocurrencies in a wallet reduces the risk of exchange hacks or failures. If you keep your funds on an exchange and it experiences a security breach, your assets may be at risk.
By using a wallet, you have control over your private keys, reducing the vulnerability of your funds to hacking attempts or exchange-related issues.
When selecting a cryptocurrency wallet, it's important to consider several factors:
Security should be your top priority when choosing a cryptocurrency wallet. Look for wallets that provide strong encryption, two-factor authentication, and backup options.
Consider the wallet's reputation and whether it has been audited or undergone security assessments.
Consider your technical expertise and choose a wallet with a user-friendly interface that suits your comfort level. A good wallet should have a clear and intuitive design, making it easy for beginners and experienced users to navigate.
Some wallets are designed for specific coins, while others offer compatibility with a wide range of digital assets. Ensure your chosen wallet supports the cryptocurrencies you plan to store or trade.
The wallet's development community is crucial in maintaining and improving its security and functionality. Look for wallets with a dynamic and reputable development team that regularly releases updates and addresses user concerns, as this is an excellent way to gauge their credibility and responsiveness.
Once you've chosen a cryptocurrency wallet, it's crucial to implement adequate security measures to protect your digital assets . Here are some essential steps to follow:
Choose a strong and unique password for your wallet. Avoid using common phrases or personal information that can be easily guessed. Consider using a password manager to generate and store complex passwords securely.
Enable two-factor authentication (2FA) to add an extra layer of security to your wallet. This typically involves entering a verification code from your mobile device in addition to your password when accessing your wallet.
Regularly update your wallet software to ensure you have the latest security patches and bug fixes. This helps protect against potential vulnerabilities.
Regularly back-up your wallet and store the backup in a safe location. This ensures you can recover your funds in case of wallet loss, theft, or hardware failure.
Avoid clicking on suspicious links or sharing sensitive information with unverified sources.
Choosing a wallet type that aligns with your security needs, convenience preferences, and the specific cryptocurrencies you hold is important.
Security measures, ease of use, and backup options can help you find the most suitable wallet for your cryptocurrency storage and management.
Read the original post:
Cryptocurrency Wallets: How To Choose And Secure Your Digital ... - MENAFN.COM