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There is little denying the fact that cryptocurrencies have been the biggest investment story of the last decade. In addition to the vast fortunes cryptocurrencies and other digital assets have generated for certain individuals, the crypto world has in many respects been defined by the widespread adoption they have seen by individual retail investors.

In fact, according to recent polling by the Pew Research Center, cryptocurrencies are so popular that 16% of Americans have invested in, traded or used them. Additionally, 86% of Americans surveyed had heard of cryptocurrencies. This is significantly up from the last time the Pew Research Center asked these questions in 2015, when 48% of Americans had heard about crypto, of which only 1% had ever traded or used them.

Although there is certainly still room to grow based on the latest figures, these statistics are all the more impressive when you consider the fact that Bitcoin first emerged in 2009!

Despite this impressive growth, however, the cryptocurrency world is still rife with misinformation and misunderstandings. More importantly, many first-time investors are still worryingly ignorant when it comes to what cryptocurrencies are, how they work and what the longer-term risks of investing in them are.

In this short article, we will do a quick run through of some common mistakes you should avoid when investing in cryptocurrency. With these tips in mind, you will hopefully be able to avoid some of the shocks many novice crypto investors suffer when the ETH price or Bitcoin value swings so wildly up and down!

Use cold storage

There are two types of wallets that you can use to store crypto: a hot wallet and a cold wallet.

Hot wallets are digital, always online and connected to the network, which allows for quick and easy access. However, as they are always online and stored on a server, they are also more vulnerable. As such, you should always opt to store your crypto in a cold wallet meaning one that is held offline on a physical device. You connect these to the blockchain network using a private key, which keeps them safe from unwanted access.

Avoid gas fee waste

Although gas fees are inevitable if you want to make transactions using cryptocurrency, you should be careful to avoid paying above the going market rates.

Gas fees are the reward that are paid to the network for verifying the transaction on the blockchain. Typically, they are calculated based on the network congestion when the transaction is initiated.

With that said, unless a transaction you need to make is time-sensitive, avoid making simple, regular transfers and transactions when the network is clogged. You can use specific tools to help you find out when network usage is relatively low.

Know your risk tolerance

As a new type of asset that is still relatively young compared to others, there is still quite a lot we dont know about the longer-term prospects of cryptocurrencies such as Bitcoin or Ethereum, so they are still considered a speculative investment.

As with any other speculative investment, you should only ever invest as much as you are willing to lose. How much this is will depend on what your level of risk tolerance is. If you really cant stomach the idea of potentially losing your initial investment, cryptocurrencies might not be for you!

Dont be afraid to diversify

Another important thing to keep in mind relates to diversification, which is the process of spreading your investments out across a number of different asset classes.

If you are building up a cryptocurrency portfolio, dont be afraid to diversify by investing in different coins rather than just the most popular ones. Having your assets spread across a number of different assets will ensure you are more resilient if there is a market downturn, particularly if the Ethereum price turns against you!

Be prepared to be in it for the long haul!

Something many novice crypto investors overlook when they are first getting started is that cryptocurrencies are very much a long haul form of investment. This is because cryptos are still at a relatively early stage of their development and we dont really know what the ceiling is.

You need to be prepared to wait for the long haul to see what direction the development and adoption of cryptocurrencies goes. This means being resilient when the Ethereum price proves volatile or when the markets turn against you completely!

It also means you should pay careful attention to any crypto business news to keep on top of any industry developments.

Read more from the original source:
Common mistakes to avoid when investing in cryptocurrency - Baltic Times

Ethereum, the second largest cryptocurrency, will complete a plan to lower its carbon emissions by more than 99% in the next month, the foundation that controls the platform has confirmed.

The project, called the merge, will result in ethereum switching the underlying technology it uses for validating crypto transactions to a new process that requires less energy to manage.

Once complete, the merge will end the role of miners in the ethereum ecosystem, helping to dramatically reduce electricity usage. These users run huge quantities of powerful, purpose-built technology all day, every day, to generate random numbers that affect the security of the overall network.

The energy consumption of ethereum mining is currently estimated at about 72 terawatt-hours a year, according to Alex de Vries, a Dutch economist who runs the Digiconomist website. That is comparable with the power consumption of Colombia, with a carbon footprint equivalent to that of Switzerland.

The changeover will lead to the platform moving away from a proof of work process, which requires cryptocurrency miners to generate random numbers to verify records stored on the blockchain the technology underpinning digital currencies such as ethereum and the more popular bitcoin.

Ethereum will instead use a proof of stake process, in which the network will be secured by users who stake sums of the cryptocurrency, committing themselves to acting honestly at the risk of losing it.

De Vries said the switchover would eliminate the majority of electricity usage. They could cut off a huge chunk of their power demand. I will be working on quantifying that more accurately but at least 99% (probably even 99.9%) reduction should be achievable. This translates to something like the electricity consumption of a country like Portugal (a quarter of all data centres in the world combined) vanishing overnight.

The proof-of-stake model is currently being used on an experimental beacon blockchain, where it has been tested to ensure that the theoretical security it provides is sufficient for the multibillion-dollar economy that sits on top of the ethereum network. Now the experimental blockchain will take over the work of the main network.

Imagine ethereum is a spaceship that isnt quite ready for an interstellar voyage, the ethereum foundation said, explaining the merge. With the beacon chain, the community has built a new engine and a hardened hull. After significant testing, its almost time to hot-swap the new engine for the old midflight. This will merge the new, more efficient engine into the existing ship, ready to put in some serious lightyears and take on the universe.

There are still potential problems ahead. The foundation said users needed to watch out for an increase in scam activity because hackers could take advantage of the confusion around the switchover to try to trick users into giving up their passwords, their funds or both. You should be on high alert for scams trying to take advantage of users during this transition, the organisation said. Do not send your ETH anywhere in an attempt to upgrade to ETH2. There is no ETH2 token, and there is nothing more you need to do for your funds to remain safe.

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The final stages of the merge are expected to begin on 6 September, the foundation said, with the old blockchain switched off at some point between 10 and 20 September.

Ethereum will not be the first network to use proof of stake, and others including cardano and solana have demonstrated the technology at a smaller scale. But its switchover will leave bitcoin, the largest cryptocurrency, facing renewed criticism for its continued reliance on proof of work.

The bitcoin network uses 130TWh of electricity a year, De Vries estimates, a sum that will be increasingly difficult to defend if the ethereum blockchain demonstrates that the same capabilities can be achieved in an environmentally friendly manner.

Read the original:
Cryptocurrency ethereum plans to cut carbon emissions by 99% with upgrade - The Guardian

The crypto industry has seen an immense growth in the last few years, with several countries introducing laws to regulate them.

Cryptocurrencies are digital assets representing value which can be digitally stored, traded, transferred or even used as a payment tool. Unlike legal tender or fiat currency, cryptocurrency is not issued by banks or governments, but is based on a decentralized structure which exists across a public network, allowing it to be outside the control of central authorities.

Crypto Scams

But with the growing popularity of the crypto industry all over the world and in the UAE, crypto scams have also seen a huge increase.

Crypto scams are unfortunately, a reality and occur on a regular basis with scammers using various techniques and methods to scam buyers and sellers.

In some cases, the trade offers a high return with no explanation, which could be a sign of scam.

In other cases, the scammer may pose as a broker, and offer the buyer and the seller a very profitable deal. Once the scammer has convinced the parties that the deal is worthwhile, he may insist the parties to meet in person for completing the transaction. The buyer would typically bring cash to this meeting and send his account details to the broker. The broker will forward his own account details to the seller instead of the buyers, and the seller would end up sending cryptocurrency to the scammers account.

In another type of scam, fake crypto coins are bought by the buyer. Fake mobile applications which look like authentic apps, fake crypto websites and emails which appear to be genuine correspondence from a crypto website, are also other forms of scams.

Are there Laws in the UAE regulating crypto currencies?

Yes, at present there are limited laws in the UAE which regulate crypto currencies. For example, the Securities and Commodities Authority Decision No. 23/RM/2020 regulates the offering, issuing, listing and trading of crypto assets in the UAE.

The Emirate of Dubai issued Law No 4 of 2022 on the Regulation of Virtual Assets, which aims to regulate the virtual asset industry in the Emirate of Dubai.

Additionally, Abu Dhabi Global Market also has issued specific regulations on crypto currency activities such as crypto currency exchanges, custodians, intermediaries, brokers etc.

There may also be penalties if you are involved in crypto scams.

Under the Cybercrime Law of the UAE, propagating a cryptocurrency without a license from the competent authorities could lead to imprisonment of 5 years. It could also result in fine of up to 1 million dirhams. This has been provided under Article 41 of the Federal Decree-Law No. 34/2021 Concerning the Fight Against Rumors and Cybercrime.

Article 41 states as follows.

Everyone calls for or propagates a competition or crypto-currency or creates or manages false portfolio or company to receive or collect funds from the public for investment, management, utilization or development, without license from the concerned bodies, shall be sentenced to detention for a period of not more than (5) five years and/or to pay fine of not less than (250,000) two hundred fifty thousand Dirhams and not more than (1,000,000) one million Dirhams. The court shall order the recovery of the seized funds.

Further, under Article 48 of the Cybercrime Law, advertising, promoting, mediating or dealing in any form of virtual currency, or crypto currency which is not officially recognized in the UAE or which doesnt have a license from the competent authority will result in penalties including detention and fines.

Article 48 of the Cybercrime Law states as below.

Everyone commits either of the following acts through the information network or information technology method shall be sentenced to detention and/or to pay fine of not less than (20,000) twenty thousand Dirhams and not more than (500,000) five hundred thousand Dirhams: 1. Promotion of goods or services through misleading advertisement or misstatements. 2. Advertisement, promotion, mediation or dealing in any form or encouraging the dealing in a virtual currency, cryptocurrency, stored value unit or any payments unit not officially recognized in the state or without license of the competent body.

Conclusion

It is crucial to be fully aware and informed while dealing with crypto currencies to ensure that you are not being scammed out of your monies. Crypto transactions should be undertaken using licensed and recognized exchange platforms. It is also prudent to confirm the authenticity of the website or online crypto application before providing any personal information or details.

See the original post here:
What You Need to Know About Cryptocurrency Scams in the UAE - JD Supra

Tether (USDT) issuer Tether expects law firm Roche Freedman to be removed as counsel from the Bitfinex and Tether class-action lawsuit after a motion from Kyle Roche to be removed as counsel in the case, as stated by Cointeleraph.

According to Cointelegraph, through a court order request by Elliot Greenfield of Debevoise and Plimpton LLP, the law firm for Tether and Bitfinex gave out the request for Roches law firm to be removed from the case completely with the certification of them returning or destroying every defendant-issued document which have not been shared by any third-party, including Ava Labs. Following the request, Roche gave a notice of motion to withdraw from the Tether class-action lawsuit during ongoing fallout from a recent CryptoLeaks expose, which made the allegations that the United States lawyer had made a secret pact to bring harm to Ava Labs competitors in exchange for AVAX tokens and Ava Labs equity.

On the basis of information by Cointelegraph, Greenfield raised the point that Roches statements published on the CryptoLeaks website raised concerns around Kyle Roches probable abuse of the discovery process and misusing of information learned through litigation. He states that he is Ava Labs crypto expert because he sue[s] half the companies in the space and know[s] where this market is going because he has seen the insides of every single crypto company, Roche mentioned.

Moreover, Cointelegraph noted that Greenfield emphasised that the concerns show relevance to the case, declaring that Roche Freedman LLP has been at the receiving end of certain document requests to seek information that has no apparent link to the claims and defenses in the lawsuit. The class-action lawsuit of 2019 alleged that Tether and Bitfinex manipulated the cryptocurrency market by issuance of unbacked USDT, with the aim to signal the market on demand for cryptocurrencies.

(With insights from Cointelegraph)

Also Read: Carlyle Groups David Rubenstein on his investments in different cryptocurrency companies

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Read more:
Cryptocurrency based Tether asks for removal of Roche Freedman as counsel - The Financial Express

LONDON, Sept. 2, 2022 /PRNewswire/ --Meco Limited (mecobit) unveiled the much-anticipated Ultimate Solar Power System (a solar power system with amazing backups and cryptocurrency miners) at an elite launch event at the Hong Kong Technology Bureau in August 2022.

Compact Solar Station Solar Panel Kit (Complete) Solar Array M4000 Highlights One of the most memorable solar powered crypto equipment in the world. Essential equipment that helps keep running or affects equipment such as appliances, dryers, pool siphons or electric car chargers, or even cryptocurrency mining equipment. We are looking for a boost from the global problems of fossil fuel by-products, high levels of electricity consumption. "It improves the way we approach imagination and planning. Moreover, make this progress reasonable for the customer," said B. FRANCI, CEO of MECO LIMITED.

With the solar-focused part of the controlled hash rate seemingly easy to develop, many see the potential for sustainable electricity use in Bitcoin mining as a cycle of justice Mecobit provides an extreme boost to cryptocurrency mining by enabling the mission to use sustainable electricity. The cheapest electricity imaginable will encourage more tasks to focus exclusively on environmentally friendly sources such as solar energy.

Key features of our miners:

Capacity: BTC-4850 TH/s, ETH/ETC-20000 MH/s

Calculation: SHA256, Ethash

8 x Nvidia RTX 3090 (includes warranty)

2 x Mining Frame/Shelf

3 x 930W 110-220V fully modular power supplies.

Hash Rate: BTC 450TH/s, ETH/ETC 2000MH/s

Power: 1400 watts

Calculation: SHA256, Ethash

Connection: Ethernet/Wireless

Hash Rate: BTC 650 TH/s, ETH/ETC 2300 MH/s

Power: 1800 watts

Calculation: SHA256, Ethash

Connection: Ethernet/Wireless

About Mecobit

It was launched in 2015 with the determination to create and demonstrate to the world a solar-powered digital currency mine, and depending on the miner's inclination, Ethash, SHA-256 or Scrypt innovations can be used. The organization says it is the absolute first solar-powered digital currency mining project on Earth. "We need to disrupt the solar charger business by providing more power at a more reasonable value than was recently thought to be the case." - B. Franci (founder). Based on Chiswick High Road in London, UK, Mecobit has locations in various urban communities around the world, including the US. Additional information about the organization and its projects is available on the organization's website http://www.mecobit.com

Contact:

Ben Lukas[emailprotected]

SOURCE MECO LIMITED

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Meco Limited announces the launch of world first advanced solar-electric cryptocurrency mining rigs for enhanced performance. - PR Newswire