Search Results For: fees
Impact of DeFi on the Cryptocurrency market of 2021
Short for decentralized finance, DeFi is a new wave taking over the world’s financial market; the cryptocurrency world. DeFi is the conception that entrepreneurs can provide traditional financial institutions functions through a decentralized medium. There are cryptocurrencies like Bitcoin and Ethereum, the former of which has been causing significant ripples in the crypto-world since the last quarter of 2020 and the beginning of this year.
Although Bitcoin and Ethereum are the forerunners of DeFi, newer and somewhat better altcoins are coming into view. An example is Dai, a bitcoin-resembling digital token that hopes to remain independent of the world’s central banks’ influence. Unlike centralized finance and traditional banks, DeFi takes away all the cumbersome operations, go-betweens, and high costs often involved. This it does via smart contracts and to the benefit of the end-user. The closure of many industries during this era of the COVID-19 pandemic has served as a wake-up call to consumers of fiat currencies on the futility and loss of value of such coins.
This wake-up call has been occurring in places where the government has been pumping more money into their economies even though they have taxes to be paid. Such practices make the value of such currencies questionable. As a result of such act, fiat currencies’ values have been seen to fluctuate and fall considerably, often leading to inflation. An example is in Venezuela’s economy where inflation has risen by more than 1,000,000% due to the influx and pumping of more bills into the economy.
Often, the influx of newly minted bills into the economy does not mean these bills will get to such currencies’ end-users. These often serve as injections into the banking sector. But when they come as benefit checks and government aids, this inflation in money supply results in taxes. Also, they help boost the stock market and the stocks of the top 1%, rather than help the thousands and millions of individuals and businesses that need such aids.
The Impact of DeFi in the cryptocurrency market
The increasing dissatisfaction and discontent with traditional banks and centralized financial systems are momentous. The high availability of information about the growing offers in the crypto sector is finally providing people with better alternatives to traditional banks. These alternatives come in the form of DeFi (decentralized finance) where people can now take part in a mode of operation that will work for them. This means that people’s money will now work for them instead of the other way round.
Investing in the cryptocurrency market is becoming more comfortable and more widespread than when it first emerged with Bitcoin as its forerunner. As the first DeFi system, this paved the way for other altcoins, including Ethereum, Tether, Polkadot, XRP, and Cardano. These cryptocurrencies have come a long way and have become potential collaterals when taking out traditional bank loans. These loans can be collected regardless of what your credit score is. They serve as a way of getting cash when you need it irrespective of the availability of physical collateral.
The influence of cryptocurrency is rising steadily in developing countries where inflations often caused by government policies and central bank cash injections result in the loss of value of people’s savings and business capitals. Buying and investing in DeFi systems has provided a remedy to that, whereby the value of fiat currencies that have been converted to cryptocurrencies experience growth and provide means of decentralized financial transactions with relatively low costs from traditional banks.
Opportunities and Growth
The opportunities created by cryptos seem even better in developed countries. Large amounts of money are readily available and can be invested in trusted cryptosystems where stable profit and immense gain are assured. This steady return has been made evident in Bitcoin and Bitcoin price prediction, which has been steadily increasing more than fiat currencies. Its independence from centralized financial systems has served as a contributing factor rather than a deterring factor.
Amidst the use of DeFi systems by individuals and some businesses, there is a need to increase its development and efficiency to encourage its adoption by institutions. Through this, the DeFi industry will rise from the position now as a Billion-dollar transaction pathway to a trillion-dollar one, where the costs of transactions go down while profits and investment increase. This aim of getting institutions into the DeFi industry is already in motion. Individuals and groups are coming together to develop decentralized financial apps that are better and more decentralized than their forerunner. Such a better DeFi system could come in the form of large and small security circles where a single user cannot overturn the currency’s stability, and a central body cannot determine a price change.
With this growth in the use of DeFi systems and the coming in of institutions into the crypto market, real-world assets can be brought into the blockchain, which will help and promote the growth of DeFi. This would include transferring trillions of fiat currencies and precious stones such as gold or silver onto the blockchain. And their movement can be done at the cost of no more than a nickel and no intermediary fees and liquidity limits. With DeFi as an alternative to centralized financial systems, governments will have little to no control over the wealth that cannot be generated by individuals that make use of the system.
Conclusion
With the growth of decentralized financial systems in the last two decades, the move from fiat currencies to cryptocurrencies seems irreversible. And that’s a good thing since, through DeFi systems, the distribution of wealth among crypto-users can be regularized and stabilized. This would ensure equal wealth distribution on the platform, which can only be influenced by cryptocurrency owners when they invest more fiat currency into the platform.
BIO John Edwards
John Edwards is a writing specialist who works at The Writing Judge. He is looking for ways of self-development in the field of writing and blogging. New horizons in his beloved business always attract with their varieties of opportunities. Therefore, it is so important for him to do the writing.
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How Blockchain Is Changing Media and Entertainment Industry
When people talk about the entertainment industry and media, blockchain isn’t exactly the first thing that comes to their mind.
Wall Street and eCommerce are way ahead of the entertainment industry in terms of blockchain adoption, there’s growing evidence that things could change pretty soon. As more and more use cases for the technology emerge, major players in the industry are increasingly looking at blockchain as something that has the potential to resolve some pressing issues.
Warner Music Group, for example, has recently joined an $11 million investment round in Dapper Labs, a blockchain company seeking to create Flow, a rival to Ethereum. Already, the company is exploring a number of use cases for the cryptocurrency, including sales of digital merchandise with financial tokens.
The slow but sure progress of blockchain in the media and entertainment might be a sign that a breakthrough might be approaching. Currently, the technology is known to provide the following solutions.
Reduce the Dependence of Artists on Middlemen and Labels
The problem of middlemen is persistent and very well-known in the music industry. Even though it has come so far in terms of technology, it’s still in the same place when it comes to compensation distribution. The biggest losers in this situation are often the artists, who end up with a lack of opportunities to get sponsorship contracts with big-time labels.
The only viable option for an artist to minimize the dependence on managers and distribution services is streaming services. However, the compensation they get for the music is often inadequate, even for the well-known artists. Here are some examples (source: CNBC):
- Taylor Swift’s compensation for her famous song “Shake it Off” was between €240,000 and €335,000 even though it attracted more than 46 million streams
- 1 million plays on a streaming service like Shopify translates only about €6,000 in earnings for the artist
- 1 million plays on Pandora gets the artist less than €1,700.
All of this translates into between €0.004 and €0.007 of pay per play.
Blockchain can reduce artists’ dependence on labels and other middlemen because it’s not run by a central body but rather everyone on the network. This means that the financial transactions – compensation for songs, etc. – could be conducted without the involvement of the middlemen.
Secure Peer-to-Peer Sales
Contract distribution and payment for property in the entertainment industry can be a complicated thing. The biggest problem is the sheer amount of work involved in payment processing, making exclusive distribution agreements, providing licensing, and other things. On top of that, there’s high fees and a lack of control over the process for artists.
Many artists delegate these business administration responsibilities surrounding contacts, licensing, and payment to their agents. As a result, the artists are once again left with high losses because they simply cannot sell their work directly peer to peer.
A blockchain-powered marketplace for entertainment content is a solution here.
“Since blockchain is a distributed digital ledger system, it can enable almost complete automation of all business administration work surrounding payments, contracts, and licensing,” says Jason Rowe, a technology reporter. “The biggest benefit here, however, is the ability to enable artists to license their content directly to customers.”
WeMark is one example. It’s a distributed marketplace for stock photography that seeks to reduce the dominance of agencies like Getty Images and Shutterstock. According to WeMark’s white paper, these agencies now charge photographers up to 85 percent of the photos’ sale price, so the latter are left with a fraction of potential earnings.
Here’s how the WeMark platform works to provide artists with distribution agreements.
The solutions offered by blockchain-powered marketplaces like WeMark include:
- Reform of the super-centralized system for distributing digital content
- Artists license their content directly to users, keep all the rights and manage pricing
- More secure content distribution terms and fees with smart contracts that are programs that are unchangeable unless all the conditions are met
- More effective referral programs to assist artists to share their content and reach more customers.
Once blockchain marketplaces get more popularity among artists, chances are good they will prefer to use them instead of agencies like Getty Images. Each of the marketplaces will accept the most common cryptocurrencies as a payment method; moreover, as the costs of crypto mining gradually go down as blockchain gets more acceptance, chances are that artists will be willing to use cryptocurrencies for peer-to-peer sales.
Combat Piracy
The number of visits to media piracy sites in 2018 rose to 17.3 billion in the U.S. alone. With the volume of video-based traffic rapidly increasing around the world, online media piracy has skyrocketed; in fact, the television and film industry estimates about $52 billion in lost revenues by 2022.
Blockchain might be one of the solutions that will finally start to battle online privacy effectively. Its main promise, more comprehensive protection of digital assets, is perfectly aligned with the goal of combating pirates. For example, the technology can allow artists to transfer media files securely while having the complete visibility of the operation.
Another benefit of bitcoin is allowing it to catch pirates by identifying illegally obtained files. For example, if you’re a moviemaker looking to distribute a file to reviewers, you can use a blockchain-powered video distribution platform that embeds a special code, or a wallet, in every copy that gets distributed. The code remains in the file despite conversions or other processing operations.
If the file is leaked and found, then identifying the presence of the code, therefore, an illegally obtained file, becomes possible. The adoption of blockchain is still a problem, but it’s clear that the technology is on the way to become the future of the anti-piracy tactics (Warner is already investing in a blockchain company, remember?)
Blockchain: The Missing Link in the Entertainment Industry?
When people hear blockchain, they tend to think about Bitcoin. However, the technology stands to benefit many industries, including entertainment, and is already showing some good progress. The industry is highly centralized and there’s a great potential to increase earnings for people doing the creative work.
As the applications of blockchain become more common and the benefits visible, it’s possible that artists will be more willing to use the technology. However, the massive adoption is still yet to come, so stay tuned to blockchain news.
About the author: Jessica Fender is a content editor for TopWritersReview.com and a tech blogger. She is passionate about technology trends and finding new ways to help students improve their skills and become more successful.
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Digital Token Development: the Future of Finance?
The last five years have seen an incredible development in the blockchain industry. Because of its fast development, new and innovative ways of implementing blockchain technology and accepting cryptocurrency have emerged in the business world. One of the most promising developments is that of digital tokens. The idea of digital tokens has its roots in data security. Its scope in the financial field is fast-tracked on the path of transforming the way businesses handle their finances and specifically, secure their assets. Even though it is still a new development, the advantages of digital tokens are already taking the business world by storm. Among these, include accessibility at a lower cost and increased liquidity and security. Businesses who want a competitive advantage are increasingly looking hire C# coder teams with experience in implementing digital token development, to transform their financial processes to include digital tokens.
What Is Digital Token Development?
To understand digital token development, you have to understand what digital tokens are. Just like a coupon can benefit you with a product of a certain value at a grocery store, digital tokens work in the same way. A digital token is a unit of cryptographic information that can be used to facilitate different transactions, which includes trading, redeeming or assigning to another party.
Digital tokens can either be inherited or constructed using the software. Some of the most common examples of inherited digital tokens are Ether and Bitcoin.
Token development exists to represent assets of value which can be traded. This can include basic commodities and cryptocurrencies, such as Bitcoin. With token development, a standard template on a blockchain is followed to develop new tokens. Because it is emerging so quickly, choosing the best token development service provider is important when entering the blockchain technology field.
When Can You Use a Digital Token Development?
Recently, digital tokens have gained a lot of popularity with businesses, specifically because it offers secure transactions. But it has many other uses. Let’s explore a few ways digital token development can be used:
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Payment between parties
Many businesses are accepting digital tokens as a form of payment. This makes it convenient for two parties to securely trade without involving cash. Some examples of leading businesses and industries that are already using digital tokens include:
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Internet Services Providers (ISPs)
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The hospitality industry
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The e-commerce industry
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Digital asset ownership
The process of digital asset tokenization includes the act of breaking a large asset, for example, a real estate investment, into small chunks. Furthermore, each broken chunk of that asset is individually represented with a specific token, and the ownership of that asset is recorded on a ledger system that resembles a blockchain.
Those specific tokens can then be traded in the open market casually, making the broken chunks of the larger asset tradable.
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Rewards
Some businesses offer digital tokens as rewards to clients or customers. This is typically to encourage people to shop online and can be a valuable award for individuals who invest in digital currencies.
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Donations
Some organizations are embracing digital tokens as a form of donations. It is a safer and faster way of donating.
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Investments
Many are realizing the value of digital tokens and are starting to use it as an investment possibility. Instead of investing money in banks, stock markets, mutual funds or investment bonds, investing in digital tokens is faster and much more secure.
As the interest in blockchain and cryptocurrency increases, businesses are slowly starting to adopt the use of digital tokens. Compared to traditional ways of managing finances and transacting, digital token development generally provides both an alternative and more secure currency instrument and a convenient payment infrastructure. Transforming to digital tokens can be complicated for businesses and they generally require expert developers to implement it into their infrastructure. As a result, the C# programmer demand is also increasing. C# programmers are typically experienced in blockchain technology and successful digital token development.
The Emergence of Token Technology Platforms in the Blockchain Ecosystem
Fast-developing blockchain technology combined with the existing finance ecosystems produces new business model opportunities every day. One of the most innovative models is the idea of each finance ecosystem developing its own digital currency. Ever since Bitcoin came into being, it became more attractive for businesses to invest in blockchain technology.
The typical process of blockchains is storing data in different blocks that are interlinked with each other in a way that portrays the entire path of transactions in chronological order. Due to a blockchain’s distributed and transparent nature, people can transfer ownership from one party to another while eliminating the necessity of a trusted intermediary.
An experienced C# coder can develop structures to help businesses invest in token development. With the help of the C# programmer framework, businesses can develop digital tokens that can be used for safe and secure financial transactions.
Why Are Tokens a Big Deal in the Future of Finance and How Can They Be Used in the Field of Finance?
As businesses are embracing the modern world and cutting-edge technology, the field of finance is also changing. Specifically, businesses in the financial field must take the opportunity of implementing digital tokens to gain a competitive advantage. The benefits include:
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Enhanced liquidity and accessibility
Liquidity means how quickly a business or individual can get access to assets. Digital tokens allow stakeholders to access specific assets which are seldomly traded almost immediately.
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More transparent transactions
The transactions conducted with digital tokens are much more transparent. Both the seller and the buyer know their rights and are aware of exactly who they are trading with.
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Lower transaction fees
Because they work on blockchain tech, the administrative cost involved in transacting with digital tokens is much more cost-effective compared to traditional financial functions that involve third parties or legal entities.
Considering this, it is important to keep in mind that bringing the culture of digital currencies in the financial field can be a complex task. Developing and implementing a blockchain can take time because it requires thorough design and consideration. To launch an idea successfully, it is crucial to rent a coder team with experience in the field.
The Bottom Line
With the benefits digital tokens offer, more and more businesses and individuals are adopting it as an alternative to traditional financial processes. With the growing number of things that can be done with cryptocurrencies, it is clear that the world is slowly transforming into a more digital way of doing business.
Businesses who want to achieve better competitiveness by tapping into the liquidity, transparency and accessibility offered by tokenization, should implement digital token development. It appears that it is fast becoming the future of finance. The right way to go about it is to hire senior programming teams with experience in blockchain and digital token development to ensure successful implementation, from start to finish.
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9 Reasons Cryptocurrencies Are So Important
Image courtesy of GammaLaw
Digital currencies have created a buzz since the sudden rise of the Bitcoin price. They have, over time, become a new trend in the global money market due to their incredible benefits. Here are some of the aspects that tend to make cryptocurrencies so important.
Safety
Bitcoin and Litecoin are arguably the most trusted and safest digital currencies in the world. In a world where looters and cons are everywhere, virtually everyone wants to trade safely. Cryptocurrencies give online traders that assurance, and that’s why people consider them as a reliable means of exchange.
Policies
The recent increase in the demand for Litecoin and Bitcoin can be attributed to policies that govern cryptocurrency networks. Cryptocurrencies are a digital currency, which means traders rarely need a third-party to complete a transaction. That often gives online traders a sense of security and reassurance. Cryptocurrencies tend to allow online retailers to transact anytime and anywhere.
Cost
Bitcoin and Litecoin are considered a low-cost means of transaction. The cost of transacting with cryptocurrencies can be far less than other currencies. The fact that the cryptocurrency network is responsible for compensating miners tends to eliminate transaction fees. Low-cost transactions could mean that cryptocurrency users won’t shell out money in exchange for Bitcoin and Litecoin. All a cryptocurrency user may need to transact is knowledge of cryptocurrencies and a smart phone.
Storage
Cryptocurrencies can be stored in a safe e-wallet or USB drive. Storing your bitcoin or Litecoin in either an e-wallet or USB drive may not attract any fee.
Privacy
Privacy has been a concern for most people transacting over the internet. Cryptocurrency users can expect their financial transactions to be highly confidential. You can transact using bitcoin and still be anonymous. With digital currencies, the seller and buyer don’t transfer money directly. Instead, the cryptocurrency network often serves as an intermediary, which means that users may not share their credentials with anyone. Cryptocurrencies can be used as a new measure to curb identity theft, which has become a menace in the global money market. If something seems doubtful, you are at liberty to share any information you may want with your merchant. By accepting payment in digital currencies, online traders tend to accept and welcome clients who would wish to remain anonymous. Accepting payments in bitcoin can make a brand an industry leader and increase its awareness.
Investment
Cryptocurrencies can be bought in a fraction. That means you can invest any amount of money in cryptocurrencies. For example, if you can’t afford a full unit of bitcoin, you can split it and invest in a quarter or half of it. That can help reduce the cost of investing in cryptocurrencies and avoid overspending. With a crypto converter, an investor can find out the price of any digital currency in their country.
Autonomous
Using digital currencies can make you autonomous. Cryptocurrencies tend to eliminate third-parties, so you can be sure that no fees or commissions are involved. These currencies can also allow online traders to manage their accounts.
Decentralization
Decentralization is a feature that often makes cryptocurrencies lucrative for merchants and customers alike. It means that digital currencies can’t be subservient to any authority or agency. No one owns digital currencies, which means no individual can have control over it. Digital currencies can provide online retailers with the freedom to transact without worrying about geographical barriers.
Digital currencies are considered a game-changer in the global money market. Their incredible benefits are arguably the reason behind their recent popularity. Cryptocurrencies are considered the safest and most trusted currencies around the world. You can store Bitcoin and Litecoin in the cloud or USB drive and move with them anywhere around the world. By using bitcoin, online traders can expect their transactions to be confidential. Digital currencies are also a reliable medium of exchange that can give sellers and buyers control over their accounts. The fact that Bitcoin and Litecoin can be bought in a fraction can make digital currencies an affordable investment.
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What Are the Investment Returns on Bitcoin Mining
You know about Bitcoin: The original digital currency based on blockchain. Every transaction is written to a shared ledger and verified by the rest of the network. Each set of approved transactions is a “block” added to the chain.
But you may have missed the buzz on Bitcoin mining. It’s not just for web geeks or digital currency traders. There are thousands of people around the world looking to profit in this way.
What is Bitcoin Mining?
Participants try to guess a random number generated by the system. Those who get the answer “own” the next block of transactions and collect a reward; currently 12.5 bitcoins. If you manage this, you can also collect fees on transactions in the block you created.
This number comes from a complex equation. In the early days it was handled by ordinary computers, and then GPUs (graphics processing units), which were better suited to the task. Over the years the equation has evolved in difficulty to regulate the rate of discovery.
Technology
Bitcoin miners now rely on hardware-intensive systems known as ASICs (Application-Specific Integrated Circuit), which appeared in 2013. If you own or can get access to such a system, you stand to guess a fair amount of numbers on the blocks constantly taking shape.
If this sounds like an easy way to profit, it is. Many people have joined the ranks of digital currency miners. However, with so much competition, the big question is whether there are still decent profits to be made.
Can You Still Make Money?
The more computers that are trying to capture the number, the harder the equation becomes and the fewer numbers you get.
But Bitcoins also tend to go up in value. It was a price spike in 2013 that launched mining as a popular investment option. Speculators agree that the value of Bitcoin should continue rising as its popularity grows.
Investments Required
To maximize your return on Bitcoin mining, you need an ASIC system. These computing solutions utilize high-end hardware that generates a lot of heat. Such a setup requires state-of-the-art cooling and ventilation systems along with higher utility bills to operate all of this.
Without an ASIC of your own, your odds of scoring aren’t good. It is possible to save some money by leasing an ASIC rather than buying one outright.
Other Options
Fortunately for the smaller investor, recent years have seen the rise of cloud mining, or cloud hashing. This response to growing demand is basically another cloud service where you get to lease a portion of someone else’s ASCI-enabled data center.
A cheaper option, albeit with smaller potential rewards, is a mining pool. This is a third-party service that uses investor funds to do their own mining and shares out the profits. The upside of this is that you don’t need technical or financial knowledge at all; you just need to come up the minimum investment required by the service.
Profit Potential
You can join some of these investment pools for as little as $500. Some of these third-party services state that you could earn your investment back in as little as two months or so, and start seeing profit after three. When these claims are legit, or even close to it, you’re seeing a remarkable and fairly consistent ROI better than most forms of investment.
However, transaction fees are currently voluntary on the part of individual users of Bitcoin, as is whether the transaction should even be included in a block. This is encouraged as the transaction is more quickly verified if it’s part of a block. Even so, your profit depends on the current value of Bitcoin, the number and size of transaction fees involved, and the number of people sharing the rewards.
Federal Regulation
In 2015 the Commodity Futures Trading Commission (CFTC) declared that digital currency trading is legal and subject to fair trading laws. However, this doesn’t guarantee that you’re protected. Prudent investors always do the homework: Know who you’re dealing with and determine realistic expectations.
Risks in Bitcoin Mining
The Bitcoin reward is halved every 210,000 blocks, or about four years. As the reward approaches zero, it may not be profitable at all unless transaction fees are increased and enforced. And while the general trend is up, there’s also fluctuation in Bitcoin value.
There’s also a question of integrity. As more cloud services spring up, you’ll have a widely varying scenario of payouts, contract stipulations, and the potential for dishonest reporting; even outright fraud. Also, on the downside: The IRS says that mining profits may be taxed as individual investment gains!
Is Bitcoin mining still a good investment? At the present time, yes, and hopefully for years to come with appropriate changes. Are you ready to sit back and let the computers make you bitcoins?
Jen McKenzie is a writer at Assignyourwriter company (https://assignyourwriter.co.uk/team/jen-mckenzie/) and an independent business consultant from New York. She writes extensively on business, education and human resource topics. When Jennifer is not at her desk working, you can usually find her hiking or taking a road trip with her two dogs. You can reach Jennifer (https://twitter.com/jenmcknzie) @jenmcknzie (https://twitter.com/jenmcknzie)
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What’s Wiser: Storing Crypto at the Exchange or in a Wallet?
Exchanges are the entry gate for newcomers in the crypto world. Apart from direct deals which are pretty rare at the moment, these platforms represent a great option to get some cryptocurrency for fiat money. But are the exchanges fully secure?
Surely, websites are pretty convenient and user-friendly as they are targeted on different traders including total newbies. But their security isn’t ideal. Just remember the hack of Coincheck in January 2017 or the famous history of Mt.Gox’s rise and fall.
Despite threats and risks, some crypto investors keep their money at the exchanges’ in-built storages. Others prefer private wallets. Who is right? Let’s try to figure it out and reveal where your coins will be safer.
Basics of storing crypto
Crypto isn’t tangible as fiat money. It exists online and records transactions by using blockchain. For storing assets, you can use in-built storages at the exchange platforms and crypto wallets which are unique addresses and can function both online and offline.
Each wallet consists of public and private keys. Public keys can be compared to email addresses – in order to receive some coins, you have to share this number with a sender. Private keys work like a password, as only the owner knows them. They can be subjected to frauds which is why it’s essential to secure your crypto as much as possible.
Storages at the exchanges – easy to use but vulnerable
Centralized crypto trading platforms which allow users buying and selling various coins are similar in one: they control accounts by not disclosing private keys to users. Сustomers just have to trust exchanges in keeping their coins secure. Of course, large projects like Coinbase, Binance, or CEX.IO have strong security teams and offer offline storages and multi-signatures to protect users’ funds better. But they also can be a sweet spot for hackers who focus on big-volume websites. Any reputable guide will warn you about the dangers of storing coins this way.
Cryptocurrency exchanges are vulnerable to market manipulations and can be hacked even when they have all the security measures needed. While choosing a platform to trade at, check hacking statistics, explore different opinions and overviews to be sure that the website you’ll be using cares about keeping your funds safe.
Apart from the problems with ownership and security, there’s an issue with the lack of regulation. Your coins aren’t totally protected as long as your country doesn’t move to the crypto legislation. While influential countries like China ban crypto activities, the market remains highly unstable which affects the level of security.
Keeping crypto at the exchanges has its advantages, too. These platforms are really convenient in terms of using the funds for trading. Customers like doing everything in one place: buying crypto with fiat (this option is not available everywhere, though), selling or trading coins. Using crypto-to-fiat exchanges like Kraken or CEX.IO, you can perform different actions at once.
Briefly summarizing, in-built storages at the exchanges are very convenient, especially when you don’t want to lose time and effort on setting up a wallet. But it’s better to keep coins there only for active trading, as there are no solid guarantees that your funds will remain safe.
Storing in wallets – various options
The level of security varies depending on the wallet’s type. Similarly to exchanges, you can store coins online or offline: the first option is represented by web-based and software wallets, while the seconds one is about paper and hardware ones.
Hot wallets
Web-based wallets are connected to the Internet. Desktop and mobile ones can be installed offline, but for their security not to be compromised, you need to keep them on a spare device with no access to the Internet. The main advantage of hot wallets is that they allow transferring money anytime and very quickly which is especially beneficial for active traders.
As for drawbacks, such systems are extremely vulnerable to fraudsters and phishers, no less than exchanges. It’s not recommended to use them for large amounts of crypto. If you’re still going for hot wallets, make sure you realize what risks it entails. Use it for day-trading or petty cash and avoid common mistakes: not calculating fees or spending unconfirmed outputs.
Cold wallets
Unlike the first type, these systems work offline which makes them practically immune to hackers and frauds. The most secure wallets are paper and hardware ones. Using the paper type is easy and free, but it holds risks of damage (paper can easily be destroyed) and the human factor (users can simply forget where they’ve put their wallets).
Hardware wallets that function as a flash drive are the most flexible: you can connect them to your device any time you want to perform a transaction and you can do it as many times you need. There’s one notable flaw, though – hardware devices are not free. For wallets like Trezor or Ledger, you’ll have to pay about $100. Also, they may be not that easy to use, but this is not important in contrast to the security they offer.
Final tips
If you’re planning on having active and diverse crypto activities, it’s advisable to combine both approaches to crypto storing: keep your main funds offline and have some money at the exchange. While dealing with hot storage, choose trusted platforms and wallets, enable two-factor-authentication, don’t open suspicious links that might look like actual services. As an additional measure, write your private keys down – keep this backup in a place only you can access, and do the same with paper wallets.
Risks related to storing crypto bring the issue of trust to the foreground: while centralized systems designed to work with decentralized currencies often fail to guarantee a perfect security level, it indicates the need for a new approach which would be more relevant to the very idea of crypto.
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Welcome to the Universal Wallet and Exchange, Enjin coin.
If you thought about holding or exchanging ENJ Enjincoin, now you can do so directly with your HolyTransaction Universal Wallet.
We have successfully integrated Enjincoin and it’s now possible to add ENJ wallet to your dashboard and use it to access and exchange all cypto supported, instantly. This is just one of the many recent adoptions that increased the possibilities of our platform, by bringing the number of cryptocurrencies accepted to 29.
Now you are free to store ENJ on HolyTransaction, transfer them to any other wallet, and make crypto-to-crypto transfers from and to ENJ.
All HolyTransaction customers can create a new address for their own Enjincoin Wallet with the maximum ease.
Enjincoin Wallet features
Just like Bitcoin and all the other 28 digital currencies supported, you can now:
• Send ENJ to any address, even to addresses of other crypto, with instant conversion on the fly;
• Receive transactions;
• Exchange ENJ with any supported coins;
• Make instant transactions between HT users;
• Get real time exchange rates on the website;
• Set OTP for additional protection.
If you are not able to see your newest Enjincoin Wallet, you just need to click on the “plus” button on the top right of the balance page, once you successfully login into your own wallet.
About EnjinCoin:
The EnjinCoin Team built a “modular platform enables you to explore endless use-cases for blockchain technology”. The Platform allows to Integrate blockchain really quickly “without writing a single line of code – or go all in and create custom tokens & contracts from scratch”.
An all-in-One Blockchain Game Development Platform
Enjin offers a completely flexible, free platform for creating, integrating and scaling tokenized gaming assets. Here you can find a list of features as reported in the official website.
Non-Fungible Tokens
Create unique gaming assets – rare cards, scarce weapons & heroes. Use the ERC-721 token standard or mint them with ENJ.
Fungible Tokens
Forge in-game currencies, virtual goods, gold coins, cards, generic loot items, mineable resources and other abundant gaming assets.
Modular
Use everything from bound tokens & whitelists to trading fees & token bundles to supercharge your token & game mechanics – and increase your revenue.
Mint & Melt
Back your tokens with ENJ and provide the ultimate value proposition for your audience, true ownership of meltable gaming assets that have real-world value.
Integrate
Use our easy to use SDKs to integrate blockchain with your game. Use pre-built Token Supply models or code your own smart contracts.
Scale
Take advantage of Efinity, our sidechain instant token scaling network to build everything from CCGss, Dapps to massive, MMO gaming multiverses.
Applications:
Video Games
Level up your published titles with blockchain technology – or build everything from groundbreaking MMOs and MOBAs to full-blown gaming multiverses.
DApp Games
Whether you’re an experienced blockchain solidity developer or a total newbie, ENJ platform is everything you need to power the next crypto-collectible DApp.
eSports
Mint custom tokens and galvanize your audience – boost online interactions, supercharge your marketing efforts and give prizes to your biggest fans.
Rewards
Incentivise activity and encourage engagement by automatically rewarding your community members or gamers with tokens that have real-life value.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Welcome to the Universal Wallet and Exchange, Digixdao.
If you thought about holding or exchanging DGD Token, now you can do so directly with your HolyTransaction Universal Wallet.
It’s now possible to add DGD wallet to your dashboard and use it to access and exchange 26 different crypto, instantly. Everything in one account.
Now you are free to store DGD on HolyTransaction, transfer them to any other wallet, and make crypto-to-crypto transfers from and to DGD. All HolyTransaction customers can create a new address for their own DGD Token Wallet.
DGD Wallet features
Just like Bitcoin and all the other 25 digital currencies supported, you can now:
• Send DGD Token to any address, even to addresses of other crypto, with instant conversion on the fly;
• Receive transactions;
• Exchange DGD Token with any supported coins;
• Make instant transactions between HT users;
• Get real time exchange rates on the website;
• Set OTP for additional protection.
If you are not able to see your newest DGD Wallet, you just need to click on the “plus” button on the top right of the balance page, once you successfully login into your own wallet.
About DigixGlobal and DigixDAO:
DigixGlobal is the first organization built on Ethereum that tokenizes physical assets onto the Ethereum blockchain, specifically 99.99% London Bullion Market Association (LBMA) approved Gold bars through our Proof of Asset (PoA Protocol). They anticipate that synergies amongst all Decentralised Applications (DApps) on Ethereum will eventually lead to an increased volume of Digix Gold tokens.
DigixDAO is a suite of smart contract Decentralized Autonomous Organization (DAO) software created and deployed by DigixGlobal on the blockchain, and aims to work with the community to govern and build a 21st century gold standard financial platform on Ethereum. It wants to establish a standard in being an open and transparent organization using the power of Ethereum smart contracts, such that DigixDAO token holders can directly impact decisions dedicated to the growth and advocacy of the DigixCore Gold Platform. In return, token holders are able to claim rewards of transaction fees on DGX from DigixDAO every quarter on the Ethereum platform.
All raised Ethers will be kept in a publicly disclosed Ethereum address. The DAO will have a project pledging mechanism in place, where token holders are eligible to pledge their approval /rejection of project proposals suggested by DigixGlobal, before any of the raised ETH can be unlocked from the DAO’s multisignature contract wallet.
DigixDAO wants the community to directly influence the allocation of raised ETH in a transparent manner. All project proposals will be uploaded onto the InterPlanetary File System (IPFS) and is publicly available. Token holders will get to pledge their support for projects on the blockchain before any of the cryptocurrency raised can be released to DigixGlobal.
They predict that their product will revolutionize the digital gold industry by providing an open and transparent asset backed token on Ethereum.
A selection of key terms for understanding:
DigixDAO Token (DGD): DGD Token entitles you to pledge for project proposals at Digix and allows you to claim a reward on transaction fees collected on the system every quarter. They are divisible to 9 decimal placings and are transferrable.
Gold Asset Ownership Card: A digital Gold asset card issued to the purchaser of a Gold bar as listed on the Digix Web Application marketplace.
Pledging: Every DGD token automatically entitles the holder to pledge on proposals that are submitted by Proposers or Digix Developers. Your pledge significance is directly proportional to the amount of DGD tokens held in your ethereum address.
Proposer’s Badge: The Proposer’s Badge entitles the Proposer to formally propose a project or a feature he/she will like to see on the Digix platform. For example, it could be as simple as an add-on button feature, a live Gold visual chart or an additional product offering. Proposer badges also allow you to vet on other Proposer’s projects. Proposer badge significance is directly proportional to the number of badges you hold in your ethereum address. Proposer badges are different from pledging.
Number of DigixDAO (DGD) tokens in existence:
2,000,000 DGD tokens.. DGD Token ownership is transferable to anyone who has an Ethereum Wallet.
Source: https://bravenewcoin.com/assets/Whitepapers/digixdao-info.pdf
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Welcome to the Universal Wallet and Exchange, Groestlcoin.
If you thought about holding or exchanging GRS Groestlcoin, now you can do so directly with your HolyTransaction Universal Wallet.
It’s now possible to add GRS wallet to your dashboard and use it to access and exchange 25 different crypto, instantly. This is just one of the many recent adoptions that increased the possibilities of pur platform, by bringing the number of cryptocurrencies accepted to 25.
Now you are free to store GRS on HolyTransaction, transfer them to any other wallet, and make crypto-to-crypto transfers from and to GRS. All HolyTransaction customers can create a new address for their own Groestlcoin Wallet.
Groestlcoin Wallet features
Just like Bitcoin and all the other 24 digital currencies supported, you can now:
• Send GRS to any address, even to addresses of other crypto, with instant conversion on the fly;
• Receive transactions;
• Exchange GRS with any supported coins;
• Make instant transactions between HT users;
• Get real time exchange rates on the website;
• Set OTP for additional protection.
If you are not able to see your newest Groestlcoin Wallet, you just need to click on the “plus” button on the top right of the balance page, once you successfully login into your own wallet.
About GroestlCoin:
Groestlcoin is a fast and secure coin with almost zero fees that is privacy oriented. Launched on 22nd March 2014 with a focus on technological advancement, Groestlcoin has major development releases every 3 months.
Groestlcoin is a blockchain pioneer due to it being the first coin that activated SEGWIT and first to performed Lightning Network transactions on mainnet.
“ You can send GRS across the blockchain with almost zero fees. The fee for transferring 10,000 GRS with Groestlcoin Core wallet is 0.000045 GRS, that means $0.0006 at current price.”
The Groestlcoin Team has developed wallets for every platform: Android, iOS, BlackBerry, Windows, macOS, Linux, Chrome OS and Web. And besides that, the Groestlcoin Samourai wallet enables you to send GRS anonymously.
“The Groestlcoin Samourai wallet, boasts its anonymity and security, as it allows for private stealth addresses with both TOR and VPN support, as well as onboard AES-256 encryption.”
The main idea of creating Groestlcoin was to establish an electronic payment model that was purely based on mathematical proof. It uses the proof of work system (POW) to facilitate secure online money transactions. A system that is independent of influence from centralized authorities, a currency transferable electronically, and instantly at a very small fee.
Using 2 rounds of Grøstl-512 mining algorithm, makes Groestlcoin an ASIC resistant cryptocurrency.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Send to Bitcoin SegWit bech32 addresses!
SegWit on HolyTransaction
We are very excited to announce that HolyTransaction has implemented support for Bitcoin bech32 address formats on its platform. You can now enter a bech32 address when sending bitcoin from HolyTransaction. When depositing, you can also transfer the bitcoins to HolyTransaction from a bech32 address. HolyTransaction is the first web wallet to implement the native SegWit address format.
Native SegWit address bech32
Bitcoin bech32 addresses start with “bc1”. Segwit bech32 format has some technical benefits over the already used SegWit address format, which includes decreased transaction fees and increased throughput. Moreover, the new address format is case-insensitive and consists only of lower cases so the chance of typing an error is lower.
SegWit
SegWit makes it possible to rearrange the information in a block. Consequently, the block can contain more information and it makes transaction processing more cost-effective. Therefore, the blockchain can process much more transactions per second. This is a big step for the entire cryptocurrency community.
We believe this improvement will be welcome by the community. Tell your friends!
Check your wallet and try it out.
Open your free digital wallet here to store your cryptocurrencies in a safe place.