Cryptocurrency – the background

What is Cryptocurrency? – Cryptocurrency is a virtual currency that is used as a mode of exchange and is secured with cryptography, leaving negligible possibilities of forging. Unless some specified conditions are fulfilled, changing an entry becomes difficult.

If you are wondering what cryptography is, here is what you need to know; it is generating of codes that allow confidentiality of information. Cryptography converts the data into an unreadable format for someone who is not an authorized user.

 

Back in the 90s, systems like DigiCash, Beenz and Flooz attempted creating such virtual currencies, however, due to various inevitable issues like financial glitches, fraud and internal clashes, the whole idea of having digital currency failed terribly. After the failures of these ideas, digital currencies weren’t reevaluated for quite some time.

 

In 2009, a group of programmers under the name Satoshi Nakamoto presented the first blockchain based cryptocurrency and called it Bitcoin. It was considered as ‘peer-to-peer electronic cash system’, and was totally decentralized.

While there are numerous alternatives, Bitcoin is still one of the most popular and valuable cryptocurrency.

 

Bitcoin uses the blockchain technology as it’s central function to store an online book-of-records for all the transactions, and provides a data structure for the book-of-records that is quite safe from hacking and almost impossible to copy or forge the transaction history.
However, though technologies have the potential of being abused, only small groups have been observed attempting it.

Since the cryptocurrencies aren’t real and don’t have a central repository, there are chances of a complete wipe-out in case the computer crashes without back-up, or a loss of the privacy key.

EOS blockchain is one of the most recent projects entering the cryptocurrency market. EOS blockchain aims in becoming a decentralized operating system, to support the industrial-scale decentralized applications, and has claimed to have the below two features, that has caught a lot of attention:

  1. Plans over completely removing the transaction fees
  2. Ensuring an ability to handle millions of transactions per second.

 

EOS blockchain is going to be a significant blockchain in the coming years, facilitating, quick, free and accessible transactions.

Crypto Scanner

 

Imagine being the first one to find about the price drop of the coin you want to buy and grabbing it at a discounted price. Imagine saving your precious time and making the volatile and chaotic crypto trading a lot easier and safe. That is what a Crypto scanner helps you do.

 

What is Crypto scanner? Crypto scanner is a tool for cryptocurrency analysis that sends you alerts when favourable changes occur for your crypto trading. They shortlist the best opportunities based on different KPIs ( Key Performing Index) like price, volume, order books.

With a crypto market scanner, you can:

  1. Just glance over the RSI (relative strength index) oversold/overbought crypto
  2. Find out where MACD (moving average convergence/divergence) crossovers are
  3. currently taking place on multiple timeframes
  4. Know where there are the most volume/price % changes on all timeframes, almost

A good crypto scanner can help you set alerts, such as notifications when RSI is oversold for a particular cryptocurrency or a MACD crossover has taken place. It acts as a booster for traders who have their strategies in place and helps them improve their trading and bolsters the number of signals they receive for potentially successful transactions by specifying the appropriate filter and alert values on one of the platforms.

 

After the parameters are set, the scanner starts scanning the specified markets to shortlist the cryptocurrencies that meet the established criteria. Now, let us look at some of the top crypto market scanners which you can use for accurate alerting possibilities.

 

Crypto Base Scanners

The tools you get in the Crypto Base Scanner are

  1. Trading bots
  2. Orders
  3. Fat fingers alerts
  4. Save bases
  5. Base scanners

The main features are:

  1. discover trading opportunities
  2. quick scanner
  3. follow your trades
  4. sync your orders

 

Algory

The tools you get in the Algory are:

  1. cryptocurrency scanner
  2. crypto news aggregator

The main features of Algory are:

  1. Criteria based custom crypto scanners
  2. More than 100 crypto alerts and filter
  3. Find the hottest crypto to invest in real time

Advantages of using Cryptocurrency

 

A digital money, which is an encrypted series of data is known as cryptocurrency. It is monitored by peer-to-peer internet protocol and does not have any government influence. There are many types of cryptocurrency available in the market but Bitcoin is leading them all. It is an encrypted line of business web which is a closed and independent network.

Bitcoins are used to buy everything, which includes groceries, hotel room, flight tickets and many more things. The advantages of cryptocurrency can include

  • Fraud resistance– the cryptocurrency series is fully encrypted and takes documentation of every single action. The process cannot be backtracked, counterfeited or reversed by anyone.
  • Avoid interference of third parties– any kind of financial transaction needs a supervisory, intermediately, or legal working body to monitor the financial transaction. But in the case of cryptocurrency, the interference of third party is completely eliminated.
  • Low transaction fee– when payment is completed by cryptocurrency, any kind of transaction fee is low in comparison to the payment with credit/debit card.
  • Approachability– cryptocurrency is reachable to everyone who has a smart phone and an internet connection. People from the developing countries or less developed countries are also able to make a bitcoin wallet even though they do not have much physical money.
  • Decentralized- it is a network on which individuals can able to access and also work on due to its peer to peer system.
  • Worldwide recognized– it is accepted by many countries as a digital currency and does not need any formalities such as bank approval, transaction charges, exchange rates, or any other kind of charges. Anyone can send or receive money from anywhere in the world.

The market of cryptocurrency is wide and provides a large platform to use it on the global level. The benefits of cryptocurrency are many and its increasing day by day. Digital money has wisely made its place in the world and will continue to grow in future. There are many advantages of cryptocurrency and these are increasing day by day. Many people are now aware about cryptocurrency and starting to use it gradually.

What are the Types of Crypto Wallets?

 

If you want to use any cryptocurrency then you will need to have a digital wallet. Crypto wallet is a software program that stores private or public keys and interacts with various blockchains so that the users can transfer digital currency and monitor their balance.

Crypto currency wallets are being used by millions of people. But these digital wallets do not work as traditional pocket wallets. In crypto currency wallets, currencies are not stored in a single place. Currencies don’t exist in a physical form in crypto wallets. In fact, the records of transactions are stored in blockchain.

There are various kinds of crypto wallets. They are mainly divided into three categories – Software (mobile, desktop or online), hardware and paper.

Mobile

Mobile wallets are simpler and smaller. Mobile wallets can be run on an app in phone which can be used almost everywhere including retail shops.

Desktop

Wallets can be installed on your desktop or laptop. It offers highest levels of security. But if the desktop or laptop gets hacked or gets a virus you may lose all your funds.

Online

Crypto wallets can run on the cloud. You can access them from any computing device in any part of the world. But online wallets store your private keys online and is run by a third party which makes it less secure.

Hardware

Wallets can be stored in hardware devices like USB. Hardware wallets are stored offline which provides  highest security. Although the transactions are made online. Hardware wallets are very compatible and can support different currencies. It’s pretty simple and easy as you just plug in your USB on any internet-enabled device, enter your pin and send or receive your money. You can easily transact your money keeping it offline and safe.

Paper

Paper wallets simply refer to a printout or a physical copy of your private keys. It is a piece of software which securely generates keys which are then printed. If you want to transact all you have to do is transfer your currency from your paper wallet to your software wallet.

The security level of crypto wallets depend on the type of wallet. So it’s up to you which wallet you choose.

Crypto Websites you should know about

 

It is very important to keep yourself updated on all fronts in the crypto world otherwise you won’t be able to gain profits. Thus, if you are a beginner or even an expert in the crypto market, you should definitely know about these websites. These websites should always be added in your favorites and always present on your homepage if you are a cryptocurrency enthusiast or a trader/investor. Here is a guide of top cryptocurrency websites you should know about:

  1. CoinDesk

If you want to know about every single and big thing which happens in the crypto market, then CoinDesk is the best news portal to gain all the news about the crypto world. In addition to news, you can find tutorials, guides, the latest information about ICOs and start-ups, conferences and industry developments in the blockchain industry.

  1. Bitcointalk

If you want to know everything which happens in the crypto world, Bitcointalk is the best website for you. This website coordinates everything beginning from ICO, Bitcoins, discussions, forums, bonuses, coin announcements, latest news and much more. The trick is to know which writer is worth reading judging from the high number of messages and who is not worth reading.

 

  1. Cyber Fund

Cyber Fund gives all the information about the new ICOs and the new projects starting in the cryptosphere. This website gives all the relevant information about the number of projects raising funds at present and their past history on fund-raising projects.

 

  1. CoinMarketCap

If you are a trader, CoinMarketCap is the best website for you. It gives real-time data of all the trading platforms including information about daily volumes, percentage change, market cycle, market value etc. In short, it is the leading cryptocurrencies index in the market.

 

  1. Bitcoinwisdom

The last but not the least, Bitcoinwisdom is a website showing the real-time price of Bitcoin on the seven major exchanges in the crypto market. And the website also shows the real-time graphs for Altcoins also. It is a fast website and user-friendly.

All these above websites are a must for beginners and experts alike.

Best Cryptocurrency Wallets for You

 

If you are into investment in crypto currencies lately, you must have come across the term wallet which is necessary to use cryptocurrencies. Being a digital asset, a digital wallet is assigned to store these values and it enables the user to utilise or trade the crypto currency acquired. It stores and transacts both the private and public keys in it which is the primary function of a digital wallet. Now, in the current time when there are a lot of different crypto currencies, there have been a growth in the number of wallets as well. To ease you out, here are some of the best wallets out there. Read more here.

TREZOR:

It is self-proclaimed and also acclaimed by users to be one of the most secured wallets in the current time. It has an open source and makes sure of the privacy of the users with a clean user interface.

Ledger Nano S:

A multi-asset digital wallet that has layered security patterns to keep bugs away. This has U2F authentication and supports multiple platforms with chrome or chromium. One great feature it has that it supports offline currency storage which is backed up in short intervals.

JAXX:

A truly anti-hack digital wallet that stores multiple currencies and helps trade without any hassle. This has control over bitcoin management which they claim to be superior to others. This can freeze your deposits upon third party involvement, making it secure.

MYCELIUM:

This is one of the best android based wallet that helps to store and trade crypto currency values. This also offers layered security and does not allow third party applications to take over in any operation along with HD security. Find out More.

EXODUS:

One of the few digital cryptocurrency wallets that helps to store private keys in that application itself. The interface of the software is exceptional making it easy to operate. It provides utmost control over the keys and multiple assets. The interface is customisable and offers detailed security for the users. The platform is limited to Windows, Mac and Linux since it is designed for desktop use.

Bitcoin Address for beginners

 

With the cryptocurrencies taking over the world in a fast-moving revolution, it is important to understand the basics of Bitcoin and the way to use them.

Bitcoin is a digital currency which can transfer any amount of value from anywhere anytime in the world. Bitcoins supply is fixed so it is finite in nature which makes it valuable.

When hearing about Bitcoins, the first question that comes to mind is “How do I get a Bitcoin?”. In order to understand the source of Bitcoins, one should understand the Bitcoin address.

What is a Bitcoin Address?

A Bitcoin address is similar to an email address where all your emails (coins) are stored and people use it for a mode of communication with you.

It can also be seen as a bank account where your money (coins) are stored and you can check your bank balance. The account number will represent the Bitcoin Address for you.

If you have never seen a Bitcoin address, it will be a series of random alphanumeric string.

Formats

The different kinds of address formats of Bitcoin address are:

  1. P2SH: It starts with number 3.
  2. P2PKH: It starts with number 1
  3. Bech32: it starts with bc1

 

How to get a Bitcoin Address?

You can get a Bitcoin address via digital wallets. The Bitcoin clients or wallets generate address with the help of cryptographic operations. A private key is generated via an asymmetric signature algorithm and then the private key is derived from the public key.

The private key is signed by the user and that signature is verified with the public key.

Importance of Bitcoin Address

Bitcoin address can be used for accepting any kind of payments across countries. If you are an online business, it is highly recommended for you.

With a help of Bitcoin address, you can receive billions of dollars’ worth Bitcoins from across borders. You can receive and sell Bitcoins and even get settled in another country just with a BTC address.

The Bitcoin address is very important because if you send your Bitcoins to an invalid address, they will be immediately lost in the cyberspace.

How to choose the perfect Cryptocurrency wallet?

 

A wallet is very important to keep your cryptocurrencies safe and secure and if you choosing you wallet randomly, you are doing it all wrong. Here are some of the tips which will help you in choosing the right wallet.

How to select a wallet for your cryptocurrencies?

The features which should be seen while choosing a Bitcoin wallet are:

  1. Compatibility: You should see if the wallet is compatible with different kinds of operating systems.
  2. Control of private keys: You should always choose a wallet where the user has complete control over the private keys of your currencies.
  3. Simple to use: The wallet should be easy to use and fast. It should also be lightweight and should not require to download the entire blockchain.
  4. Backup: The backup seed eyes and pin codes should be very strong for any wallet.
  5. Type of wallet: The wallet should be a hot or cold wallet. You should choose accordingly.
  6. HD wallet: Wallets which generates new addresses itself should be used.
  7. KYC: A wallet not requiring KYC is preferred.

 

Purpose of the wallet

While selecting the wallet for your Bitcoins, one should be aware of the purpose it has to be used. Some of the purposes which people generally use their wallets for are:

  1. Daily transactions

For daily transactions, you can use mobile wallets or web wallets but the user does not control the private keys in these wallets which makes it risky to store your coins in these wallets for more than 2-3 days.

  1. Long-term savings

If you want to save your Bitcoins for a long-term saving purpose, then you need to store your cryptocurrencies in cold storage which never come in contact with the internet and your Bitcoins are secure. Also, these wallets are HD wallets and do not use the same public address which makes them free from hacks.

  1. Short term HODL and trading of cryptocurrencies

If a user wants to HODL their tokens or coins for a short period of time then desktop wallets are the cheapest and safest wallets to use. These type of wallets can go online and are known as hot wallets.

Cryptocurrency is making a Huge Impact on Some of These Sectors

 

There is little doubt that the blockchain revolution is well and truly underway. This has been exemplified by the huge number of businesses within each sector who have begun accepting cryptocurrency for purchase of products and services. A few sectors though, may be set to completely evolve with the introduction of blockchain technology and cryptocurrency paving the way.

Music and Entertainment Industry

In recent years with the development of so many streaming platforms and the ability to download music and TV with ease, these are industries which have really suffered.

Through the use of blockchain technology though, it is hoped they can begin a steady recovery. The advantage which the blockchain holds within this industry is the ability to cut out unrequired intermediaries from the process. This gives the artists a much greater degree of control over their work and also a closer connection to platform users.

With the implementation of many incentivized platforms from which advertisers can also benefit, it is hoped this will rejuvenate the industry, and act as a turning point for many artists.

Shipping Industry

A key concern within the shipping industry is always security. Reliability and speed of delivery are also very close to the top of this list. By incorporating blockchain technology in to the industry courtesy of many start up projects, all of these issues can be addressed.

Security will be provided thanks to immutable smart contracts and the complete transparency which the blockchain provides, speed and reliability can be improved through the removal of ineffective intermediaries’ which have commonly slowed down the system.

The fact that the blockchain allows for total and easy tracking also ensures that all parties in the industry benefit vastly from its introduction.

Payment Services Industry

Much alike some of the key concerns in the shipping industry, the payment services sector can be overly bureaucratic and tiresome to engage in. That has all changed with the introduction of blockchain technology. Suddenly, the world has opened up like never before, with a range of platforms offering ultra-cost-effective, fast, and reliable payments across the globe in a borderless fashion, and all assisted by various cryptocurrencies and blockchain supported platforms.

Red Flags to Watch Out for When Investing in an ICO

 

There is no denying that ICOs are all the rage at the present moment. Even In the current bear market, ICOs are being released by the dozen week after week. All of the hype may have you interested in taking a punt on an ICO. This is especially true if you are already a somewhat experienced crypto investor who wants to delve deeper into the market. This could be in search of gains or perhaps you are very passionate about a certain project. Whatever your motivation, you should be able to recognize the key point of an ICO and what separates good, bad, and ugly. Here are a few pointers:

Teamwork Matters

You can go a long way to learning about the validity of a project based on who is involved in the team. Starting an ICO is no small feat. That usually means there should be at least 8-10 team members encompassing all business areas.

If there are only a small number of team members or a little reliable information on their backgrounds. This could be taken as your first warning sign to be careful.

Community Integration

The blockchain community is still relatively small. Small and strong. This usually means that in order to raise the required capital, the heads of the project will need to engage with this community successfully. This means establishing solid profiles and engaging on forums such as BitCointalk. You should monitor these communications to obtain feedback for good or bad from other community members.

A lack of presence in these vital areas and lack of a good quality LinkedIn profile containing in-depth information is another huge red flag if it occurs.

Poor Design and Marketing

One of the most obvious warning signs of a shady ICO is a poorly written Whitepaper or a poorly designed website. These simple matters should be a pre-requisite of any investable project in any industry, let alone one which proposes to harness the latest innovations in blockchain technology. This could be a clear indication to run very fast in the other direction.