Category Archives: Cryptocurrency
Ethereum (ETH) Has Prospective Remote Cryptocurrency Jobs for Technical and Non-Technical Talent in the Ec … – The Cryptocurrency Analytics
Developers, Researchers & Academics know how to get started with Ethereum (ETH) blockchain. Those who have non-technical skills are not sure where to start with ETH. Writing content on Ethereum, Offering to take notes for community calls in ETH, Translating ETH content in your native language are ways in which non-technical people can get involved in ETH.
Financial professionals and accountants can contribute to DeFi apps and in accounting. Product manager roles, marketing, and communication roles are available in the Ethereum Ecosystem.
Sydney Ifergan, the Crypto Expert, tweeted: Ethereum Jobs (ETH) might become a career goal at the time of the pandemic where many are losing employment. It can help get discovered by companies looking for a typical professional DNA suitable to Ethereum Ecosystem.
Maybe those developers, researchers, academicians, non-technical talents, marketing skills might find breakthrough luck by searching for jobs and exploring companies.
Those who have had fancy jobs before might not have had the time to explore the job opportunities in the cryptocurrency ecosystem. Perhaps, one might not land gainful employment right now during the pandemic. This might be the time to know where opportunities exist, and perhaps when all becomes normal, one might find a way to pay a few bills using the cryptocurrency jobs. Some might be lucky to find the best opportunity of their life during the lockdown.
Ethereum Meet Up groups helps enthusiasts, HODlers, users, technologists, and developers from across the world to get involved in the Ethereum community. There are many online forums, meetup groups, and events, which users and developers who are willing to contribute to the project can make use of as a mode of getting involved in the Ethereum community.
Those who are willing to get involved with Ethereum will be able to do it in more than one ways depending upon ones skill and professional background. There are some methods that help contribute directly.
Sharing news, talking about technical issues, debating on the recent developments are all the key ways in which contributions are done to help Ethereum Network Imagine its future. Those who are willing to know more about the community need to kick start with influential Ethereum Twitter Accounts, chat rooms, and forums.
The upcoming events scheduled for Ethereum will help develop new skills and to develop employment opportunities.
Ethereum enthusiasts organize meet-ups at a local level, which is a chance for people who are interested in Ethereum to get together and to learn more about Ethereum. Several active meet up groups gets organized across different countries like in Austin, Barcelona, Berlin, Buenos Aires, Columbus, Cape Town, Denver, Hong Kong, Jakarta, and in several countries.
There are ways for artists, accountants, and developers to contribute their skill set in one area or the other.
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Ethereum (ETH) Has Prospective Remote Cryptocurrency Jobs for Technical and Non-Technical Talent in the Ec ... - The Cryptocurrency Analytics
4 platforms to push cryptocurrency trading to the next level – Coinlist
By Coinlist Posted on 17 April, 2020 0 Comments
Since the cryptocurrency boom in 2017, many investors have seen the potential of these financial instruments and included them in their investment strategies. Their intrinsic volatility makes them the grail of the most intrepid traders, mixing risk with opportunity for faster results. However, to get the most out of these instruments, only the best platforms should be used. In this article we present 4 cryptocurrency trading platforms that we believe can take your strategies to the next level.
eToro is a regulated exchange platform that distinguishes itself from the rest of the market for its model of operating, which combines the typical characteristics of a traditional investment platform with a kind of social network. The platform has gradually become involved in the cryptocurrency market and has expanded its coin offerings, with a number that today amounts to an impressive 17 digital currencies.
One of the great advantages of operating through eToro is that the investor has the possibility of expanding their strategies both in the short and the long, since cryptocurrencies are offered through Contracts for Difference (CFD).
Cryptocurrencies act as underlying derivatives to set the price of CFDs. The advantage is that the operator can open long trades, which win if the price of the cryptocurrency increases, but short trades can also be opened, which win if the currency price falls. In addition, advanced tools such as leverage are included, which increases risk exposure but accelerates results.
Going a step further, eToro has also included the possibility of converting these CFDs into real cryptocurrencies that are stored in a wallet (eToro Wallet) that has advanced security elements integrated.
But eToros greatest feature is social trading. On this platform, the trader can monitor the strategies of other successful traders from around the world. If you so choose, you can literally copy your portfolio and transactions in real time. With hundreds of experts with different risk profiles, it is a unique opportunity for investor, regardless of their level of experience.
Key Features Access the worlds most popular Crypto assets including Bitcoin Automatically copy the trades of top Crypto traders Deposit using PayPal + 9 other deposit options
Key Features
Payment Methods
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, Crypto, ETFs, indices and commodities. eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
For those who really want to be connected not only with the market, but with the underlying technologies of cryptocurrencies, Binance is a great candidate. It has remained one of the most important exchanges over the last 3 years and is currently positioned according to CoinMarketCap as the exchange with the highest reported volume of operations in the world.
In addition to the intrinsic benefits of the experience and stable trading platform of this Malta-based company, Binance has introduced advanced trading tools. Among them is margin trading, which allows you to use and establish a loan model, providing benefits for all parties.
For its part, the Binance Launchpad platform allows participation in decent ICOs (Initial Coin Offering) previously audited by the Binance team, which places operators in the closest place to a typical IPO (Initial Public Offering).
Finally, Binance offers hundreds of cryptocurrencies in over 400 different currency pairs. They are stored in real wallets and the user decides what to do with their digital currencies, bringing them closer to the technology that these digital assets are built upon.
Key Features
Payment Methods
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
If are not necessarily looking for a balance between risk and opportunity, BitMEX could be the ideal platform for cryptocurrency trading. In a market that is moving so fast, it is important to be in the right place.
BitMEX agglomerates 8 cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, TRON, Bitcoin Cash, EOS and Cardano) into 12 different currency pairs. As with eToro, these pairs are contract-based, although futures contracts are traded in this case. These have an expiration date and are typical in professional investment environments.
With a more advanced interface, BitMEXs true unique feature is its leverage rate. Here, traders can open positions with a leverage rate of up to 1: 100 (for BTC). In this way, in exchange for greater risk exposure, the investor can multiply his initial investment by 100. The advantage is that with just a 1% increase in the price of the cryptocurrency, the operator can make 100% profits. However, the risk increases dramatically and 1% would mean the loss of the entire investment, a concept known as position liquidation.
Thus, BitMEX is not a platform for everybody, and has received hundreds of criticisms for its regulatory loopholes and for the fact that it does not require a mandatory KYC identity verification. However, it remains the favourite of many followers of the digital currency market.
Traders who are more familiar with traditional trading will be able to enjoy a modern interface, but with similar elements to legendary platforms such as the MetaTrader MT4 / MT5. This broker has all the relevant regulatory compliance, but also offers very competitive conditions at the level of spread and maintenance fees.
Plus500 offers 7 different cryptocurrencies and includes an index whose value moves according to the price of the top 10 digital assets currently on the market. Its cross-platform scheme allows user access through mobile devices (iOS, Android, Windows Phone), a desktop application for Windows and the exchange platform can also be accessed through any web browser.
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4 platforms to push cryptocurrency trading to the next level - Coinlist
Cryptocurrency Market Update: Bitcoin breakdown to $6,000 awaiting confirmation, Ethereum and Ripple in consolidation – FXStreet
The cryptocurrency market is facing heightened volatility after a four-week winning streak culminated in a bearish momentum over the week. At the time of writing, the bulls who dominated the market during the Asian hours are slowly being ousted and sellers taking over. Expanding volatility, especially for the major cryptos points at a major drawback is around the corner.
BTC/USD is trading at $6,846 after adjusting from $6,862 (opening value). During the Asian session, Bitcoin buyers stamped down their feet as they pulled the price towards $7,000. However, a high reached at $6,832 marked the end of the bull-run. Looking at the 4-hour chart, BTC/USD is dancing below a bearish pennant pattern whose support was shattered over the weekend following the retreat from $7,500 to $6,575. Unless Bitcoin bulls pull above $7,000, a bearish cloud will continue to hang above BTC and threaten to have support at $6,000 retested. For now, the price is dancing between the 100 SMA support and the 50 SMA resistance.
ETH/USD continues to struggle with increased selling activities at $160. Little progress has been made northwards from $156.77 (opening value). Instead, ETH/USD is trading at $156 amid a bearish trend and expanding volatility. It is apparent that Ethereum has to break the resistance at $160 to be able to forge another breakout above $170.
XRP/USD happens to be the worst-hit among the top three cryptos. It has lost over 2% on its value on the day. Ripple has a market value of $0.1842 after adjusting from $0.1880 (opening value). While support at $0.1800 is still in place, resistance at $0.1900 is proving to be an uphill task. However, another break above $0.20 will give the bulls a fighting chance towards $0.30.
The Chinese government has released the list of members making up its blockchain committee. The committee is tasked with coming up with industrial blockchain standards. It is made up of 71 members and interestingly, executives members from Chinese tech firms been included such as Baidu and Tencent, and Huawei. The committee is chaired by the country's Ministry of Industry and Information Technology (MIIT) deputy minister Chen Zhaoxiong assisted by five vice presidents.
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Cryptocurrency Market Update: Bitcoin breakdown to $6,000 awaiting confirmation, Ethereum and Ripple in consolidation - FXStreet
MCS, Robust Cryptocurrency Derivative Trading Platform, Launches Its TestNet on April 13 – PRNewswire
SINGAPORE, April 14, 2020 /PRNewswire/ -- A global cryptocurrency derivatives trading platform MCS (mycoinstory.com) has announced the launch of its TestNet on April 13. MCS, headquartered in Seychelles, is the next-generation cryptocurrency derivatives trading platform consists of finance and cryptocurrency experts.
A perpetual contract, which has the highest trading volume in the cryptocurrency market, allows traders to capitalize on the rise and fall of asset prices. Therefore traders can profit even in the bear market while at the same time use leverage to control a larger amount of equity in the market.
MCS introduces an innovative 'multi-position' function, which allows traders to manage three positions in one account at once. This unique asset management function shares one order bookkeeping the liquidity of the multiple positions in one place providing a robust trading experience. The 'multi-position' function expands the horizon from having one or two positions to being able to manage a total of three different positions at the same time. With this function, traders can diversify their trading strategies through hedging and speculating with different leverage for each position.
The industry has demonstrated instabilities in the systems, especially in the mark price, a reference price of a derivative, which is used as the trigger for liquidation. Many exchanges in the market currently adopt the BTC/USD trading pair, however, since there are only a limited number of exchanges that handle the BTC/USD trading pair, the lack of liquidity and reference points lead to an increased likelihood of resulting in unnecessary liquidations from systematic errors. At MCS,BTC/USDT trading pair is used to protect traders from these kinds of circumstances.
Dong Wook Seo, CEO of Rade Lab Inc., the developer company of MCS, said that "as you can see from the slogan, #Be_a_Trader, MCS has a great mission to provide a real 'trading' experience through various functions and training materials."
Dong Wook Seo is also an adjunct professor in the Department of Blockchain at the graduate school of information and telecommunications at Konkuk University. He had worked at Meritz Securities and Coinone COO, which is one of the top 3 exchanges in South Korea, and founded blockchain companies R2V Inc., and Rade Lab Inc.
In commemoration of the TestNet launch, various events will be held for traders around the world for 4 weeks starting from April 13th. The events are Bug Bounty, BTC/USDT Perpetual Mock Trading Competition, and Early Bird Registration for traders to experience first-hand the robust platform. Also, traders who successfully participate in the event will receive a lifetime 40% off on trading fees.
MCS Bug Bounty- April 13, 2020 -May 4, 2020- Reward: Up to 100 USDT worth BTC Bonus
MCS BTC/USDT Perpetual Mock Trading Competition-April 20, 2020 - May 4, 2020- Reward: Up to 2,400 USDT worth BTC Bonus
MCS Early Bird Registration- Details TBA
For more information, please visit the MCS website andits official blog, or email [emailprotected].
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mcs.png MCS #Be_a_Trader
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MCS, Robust Cryptocurrency Derivative Trading Platform, Launches Its TestNet on April 13 - PRNewswire
FBI Expects a Rise in Scams Involving Cryptocurrency Related to the COVID-19 Pandemic FBI – Federal Bureau of Investigation
Fraudsters are leveraging increased fear and uncertainty during the COVID-19 pandemic to steal your money and launder it through the complex cryptocurrency ecosystem.
People of all ages, including the elderly, are being victimized by criminals through cryptocurrency-related fraud schemes. Developments in cryptocurrency technology and an increasing number of businesses accepting it as payment have driven the growing popularity and accessibility of cryptocurrency. There are not only numerous virtual asset service providers online but also thousands of cryptocurrency kiosks located throughout the world which are exploited by criminals to facilitate their schemes. Many traditional financial crimes and money laundering schemes are now orchestrated via cryptocurrencies.
The FBI advises you to be on the lookout for an increase in the following cryptocurrency fraud schemes related to COVID-19:
Blackmail Attempts. Threatening emails or letters in which scammers claim to have access to your personal information or knowledge of your dirty secrets and demand payment in Bitcoin to prevent release of this information have been circulating for years. With the advent of COVID-19, there is a new twist on this scam. The correspondence claims that the writer will both release your information and infect you and/or your family with coronavirus unless payment is sent to a Bitcoin wallet.
Work from Home Scams. Scammers, posing as employers, may ask you to accept a donation of funds into your own bank account and to deposit them into a crypto kiosk. The so-called donation is likely money stolen from others. Your acceptance and transfer of the stolen money is considered illegal money mule activity and potentially unlicensed money transmission.
Paying for Non-Existent Treatments or Equipment. Scammers have been known to lure customers from trusted e-commerce sites offering products that claim to prevent COVID-19 onto unrelated and unregulated messaging sites to accept payment in cryptocurrencies for products that do not actually exist.
Investment Scams. Criminals often pitch fraudulent investments in a new and developing cryptocurrency, such as an initial coin offering (ICO) or other investment vehicle to take a victims money. These scams typically involve scenarios that seem too good to be trueoffering large monetary returns for a short-term, small investment. The reality is that scammers steal the investment money for personal use and utilize the complexities of cryptocurrency to hide the true destination of the stolen funds.
Although there are legitimate charities, investment platforms, and e-commerce sites that accept payment in cryptocurrency, pressure to use a virtual currency should be considered a significant red flag.
By remembering the following tips regarding finances and cryptocurrency, you can better protect yourself from fraud:
The FBIs Criminal Investigative Division has an entire team dedicated to preventing and combating cryptocurrency money laundering and frauds. If you believe you are the victim of a fraud, or if you want to report suspicious activity, please contact your local field office or visit the FBIs Internet Crime Complaint Center at ic3.gov.
For accurate and up-to-date information about COVID-19, visit:
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FBI Expects a Rise in Scams Involving Cryptocurrency Related to the COVID-19 Pandemic FBI - Federal Bureau of Investigation
Cryptocurrencies Price Analysis: Bitcoin, Ethereum, and Ripple Where Are They Heading? – Coingape
The market cap for the entire cryptocurrency industry dropped by a total of over $10 billion during just the past few days, largely driven by Bitcoin dropping back beneath $7,000 to reach the current $6,773 trading price.
This week will be extremely important for Bitcoin (and the rest of the market) because a drop beneath the $6,700 level could cause Bitcoin to unwind toward the $6,000 level. However, with the Bitcoin block halving only 27 days away, it is unlikely that Bitcoin should stay beneath $7,000 for too long.
BTC/USD Daily CHART SHORT TERM
Looking at the daily chart above, we can see that Bitcoin ran into resistance at the $7,400 level last week which caused the cryptocurrency increase to stall and reverse. It went on to drop back beneath $7,000 until finding support at the $6,800 level which had provided strong resistance in March 2020 (now turned to support).
In todays trading session, Bitcoin dropped further beneath this support as it dropped as low as $6,550. It has since recovered slightly as it attempts to remain above the .236 Fibonacci Retracement support at $6,765.
Bitcoin is still considered as neutral at this moment in time but a close beneath $6,765 would turn it bearish in the short term.
If the sellers do push lower, the first level of support is expected at $6,500. Beneath this, support can be found at $6,320 (.382 Fib Retracement), $6,000 (.5 Fib Retracement), and $5,600 (.518 Fib Retracement).
On the other hand, if the bulls rebound from the current $6,765 support, the first level of resistance is located at $7,000. Above this, resistance lies at $7,174, $7,400, and $7,676 (1.618 Fib Extension).
The RSI has recently dipped beneath the 50 level to show that the momentum is starting to shift back into the bearish favor. If it continues to dip lower this will indicate that the bearish momentum is increasing and we can expect further declines.
ETH/USD Daily CHART SHORT TERM
Ethereum managed to climb as high as $176 in last weeks trading period as it ran into resistance at a short term 1.414 Fibonacci Extension level. It went on to reverse from here as it dropped into support at $160.
In todays trading session, we can see that ETH has fallen further lower from $160 to reach the current support at $154 which is provided by a .236 Fibonacci Retracement level.
Etheruem is also considered to be neutral right now and would still need to break beneath $140 before we can consider it to be bearish. It would need to close above $180 to be considered as bullish in the short term.
If the sellers do push ETH beneath the current $154 support, we can expect immediate support at $150. Beneath this, added support lies at $142 (.382 Fib Retracement), $132 (.5 Fib Retracement), and $122 (.618 Fib Retracement).
On the other hand, if the bulls can hold $155 and push higher, resistance lies at $160, $172, $176, and $187.
The RSI is still trading along with the 50 level as indecision looms within the market. If it does drop beneath 50 we can expect the bearish pressure to increase and ETH to fall beneath $150.
XRP/USD Daily CHART SHORT TERM
Looking at the daily chart above, we can see that XRP managed to climb as high as $0.20 in last weeks trading session. However, it was unable to overcome this resistance, provided by a bearish .382 Fibonacci Retracement level, causing the market to roll over and fall.
It dropped as low as $0.18 today but has since recovered slightly to trade above the .236 Fibonacci Retracement support at $0.184.
XRP remains neutral until it can break above the $0.20 level. A break beneath $0.17 would likely turn XRP bearish in the short term.
If the sellers push lower, support can be found at $0184 (.236 Fib Retracement), $0.18, and $0.17 (.382 Fib Retracement). Beneath this, support lies at $0.159 (.5 Fib Retracement) and $0.147 (.618 Fib Retracement).
On the other hand, if the bulls regroup and push higher, the first level of resistance is located at $0.2. Above this, resistance lies at $0.211, $0.22, and $0.229 (bearish .5 Fib Retracement).
The RSI is also trading at the 50 level as indecision is seen within the market. If the RSI can remain above 50, this will be a very promising sign for the XRP bulls.
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Cryptocurrencies Price Analysis: Bitcoin, Ethereum, and Ripple - Where Are They Heading?
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Bitcoin saw a sharp 6% price drop this week as it breaks beneath $6,800 again.Ethereum witnessed a 4% price decline after rolling over at $172 to reach the current $155 trading price.Ripple saw a small 2.3% price drop as failed to break above $0.2 to reach $0.186.
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Yaz Sheikh
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Coin Gape
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Cryptocurrencies Price Analysis: Bitcoin, Ethereum, and Ripple Where Are They Heading? - Coingape
Reddit is finally adding cryptocurrency, screenshots show – Decrypt
Discussion forum Reddit appears to be building a points system that runs on a blockchain, according to a video posted by one Redditor.
Redditor MagoCrypto, who according to his profile is a community manager at Unstoppable Domainswhich builds censorship resistant websitesuploaded the video yesterday. It appears to show a beta implementation of the system.
Screenshots show a wallet, which comes with a blockchain address. Image: Reddit.
"I opened my app yesterday morning and saw the 'wallet' menu option. Went through it, saw 'blockchain' and got super excited to share with rest of y'all," MagoCrypto wrote on Reddit.
A Reddit spokesperson told Decrypt that it is testing a blockchain-based feature but only for one community.
"We continuously experiment with ways to support communities on Reddit. In this instance, were working with one community to test a feature that represents a users involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities, the spokesperson said.
According to the screenshots, the main feature is a cryptocurrency wallet where the user can collect points. But each user will have their own blockchain address where they will be able to see their points.
The FAQ gives some more clues as to what's coming. Image: Reddit.
It appears that these points will have some value. In the frequently asked questions, there is a section called "Tipping and Transfers." This suggests that the points can be sent to other Redditors and will have value, probably as cryptocurrency. It is unclear whether these points can be sent outside of the Reddit app.
It is possible the points will have futher functionalities in the Reddit ecosystem. Other questions involve memberships and voting, implying that they could be used to contribute to Reddit's development.
Reddit has long been a popular source of information for cryptocurrency projects. It is home to many crypto communities, with r/Bitcoin boasting 1.4 million members and r/Cryptocurrency with 994,000. But so far, it has held off on implementing a blockchain-based system. Maybe the crypto-loving Redditors have good karma after all.
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Reddit is finally adding cryptocurrency, screenshots show - Decrypt
Bitstamp integrates with Fireblocks to enable faster cryptocurrency transactions – CryptoNinjas
Bitstamp, a European cryptocurrency exchange and largest by trade volume, today announced they have integrated with Fireblocks to enable select institutional clients to move assets more efficiently by becoming the first exchange on the platform to support transactions with just one confirmation.
Fireblocks is an enterprise platform for securely moving digital assets. It is used by some of the largest institutions to safely and easily move assets between exchanges, counterparties, custodians and other wallets, which simplifies operations and provides a high level of security for organizations that often move large amounts of assets.
By integrating with Fireblocks, Bitstamp has made it easier for their customers to move assets between the different platforms they use. Additionally, Bitstamp is introducing an optimized process for the clearing and settlement of cryptocurrency transactions on Fireblocks.
As the infrastructure available to institutional cryptocurrency traders continues to mature, transaction speed is increasingly coming into focus as a potential bottleneck, by integrating with Fireblocks, weve made it much simpler for our customers to initiate transactions between different platforms. The lower confirmation requirement weve introduced is the next step towards more efficiency, allowing the transactions themselves to complete faster. Miha Grar, Bitstamps Global Head of Business Development
As the first exchange to enable faster clearing and settlement of crypto transactions on Fireblocks, Bitstamp is taking a proactive approach to what seems to be the next frontier in institutional cryptocurrency trading. Currently, cryptocurrency transactions with just one confirmation are only available to select institutional customers, with plans to expand availability to more of the Fireblocks network soon.
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Bitstamp integrates with Fireblocks to enable faster cryptocurrency transactions - CryptoNinjas
What You Need to Know about Cryptocurrency… – Coinspeaker
Most of the weaknesses of crypto security are attributable to the human factor, particularly a failure to adequately secure personal crypto wallets.
For years, crypto proponents have touted the security of cryptography and blockchain-based digital currencies. These are supposedly extremely difficult to hack. Thats why its puzzling why theres never a shortage of news that involves hacking or theft of Bitcoin and other cryptocurrencies.
In mid-2019 Taiwan-based Binance, the worlds largest cryptocurrency exchange based on transaction volume, admitted that they became the victim of a large scale data breach, which resulted in the loss of over US$40 million worth of cryptocurrency. Binance said that over 7,000 BTC was stolen from the companys hot wallet. Also, in early 2019, the Ethereum Classic blockchain was reportedly compromised.
Cryptocurrency hacking and theft may only be a small part in the cyber threat index, but they are a significant risk worth getting acquainted with. Strategies range from the simple to the sophisticated and large-scale, all of which emphasize the need for cybersecurity mindfulness.
Blockchain unhackability may no longer be a bragging right for cryptocurrency advocates. In January 2019, Coinbases security team observed irregular activities in the Ethereum Classic network, as the alternative currencys history of transactions appeared to be under attack.
A hacker managed to take control of the Ethereum Classic networks computing resources. This enabled the rewriting of the transaction history, which led to double spending of crypto coins. The hack allowed the hacker to steal coins equivalent to $1.1 million.
This attack is dubbed as the 51%, wherein a hacker succeeds in controlling more than half of the computing capacity of a cryptocurrency network (half+1%). Armed with more computing resources than everyone else in the network combined, the hacker gains the ability to tamper with the blockchain.
Once the consensus mechanism is compromised, its difficult to guarantee the integrity of the system. If its any consolation, though, 51% attacks have only worked on smaller cryptocurrencies so far. There were reports of such attacks on Vertcoin, Monacoin, Verge, and Bitcoin Gold, but none on Bitcoin, Bitcoin Cash, Ripple, and other top digital currencies.
This blockchain-defeating hack requires humongous computing power, which has to be at least 51% of the entire cryptocurrency network, hence the name. Multiple superfast computers working together or millions of devices infected by cryptojacking malware would be needed. This tremendous computing power requirement is the reason why 51% attacks have mostly focused on less popular cryptocurrency, since their underlying network of computing resources is correspondingly small.
The attack does not directly snatch coins from wallets. What happens is that the attacker generates an alternative and isolated version of the blockchain. The attacker builds blocks that are not broadcasted (which in normal situations ought to be broadcasted) to other miners. This results in a forkone that is followed by the regular miners and another by the attackers miners.
Eventually, the attacker will take advantage of the isolated alternative blockchain to reverse transactions or enable double spending. This is done by broadcasting the isolated blockchain to the network and, with the superior computing resources, outpace other miners in completing blocks. Since most blockchain-based cryptocurrencies are designed to defer to the rule of the majority, the regular miners are forced to acknowledge the faster, longer, and heavier alternative blockchain version (created by the attackers miners) as correct and switch to it as the new canonical transaction history.
The setting of a new transaction history does not mean that new crypto coins are created out of nothing. Rather, the hack makes it possible to re-use coins that were already spent or transferred to other wallets. In the process, previously confirmed transactions can be reversed or ongoing transactions may be voided to give way to a new transaction history. The latter can mean the loss of coins held by an original owner to recognize a new holder based on the new transaction history.
Hackers messing with blockchains sounds highly alarming. However, 51% and other similar attacks are extremely challenging to undertake, especially when used on the leading digital currencies such as Bitcoin and Ripple. The 51% attack against the Verge blockchain back in April 2018 only succeeded because of a flaw in the Verge blockchain protocol, which made it possible to quickly generate a longer version of the blockchain.
Thats why cybercriminals still turn to the usual attack methods to steal bitcoin and other crypto assets. These attacks usually involve social engineering and malware.
One early example of a social engineering attack on Bitcoin happened in 2013 when 4,100 coins were stolen from the now-defunct digital wallet Input.io. The attacker succeeded in deceiving the sites owner to provide the details needed for a password recovery request via email. The attack has since put Input.io out of commission.
When it comes to the use of malicious software, there are several possible variants. The most popular of which involves a clipboard hijacker or a malware that copies the information stored in the clipboard when someone copies something. Hackers take advantage of the natural instinct of most cryptocurrency owners to do the copy-paste combo when inputting their private keys to set up their online crypto wallets.
Attackers may also employ screenshot takers and keyloggers to steal login credentials and access online wallets. There are also those that use compromised crypto-trading add-ons written in JavaScript. Moreover, attackers may also use slack bots, which send fake notifications about nonexistent wallet issues in an attempt to convince the target to enter their private keys.
These crude attacks may not be as advanced direct assaults on blockchains, but they work because of the human factor in security weakness. Many still fail to use strong passwords, two-factor authentication, and other security measures. Others continue frequenting unsafe websites, exposing themselves to various kinds of malware.
Cryptocurrency security is far from perfect. However, security issues are not enough to discourage the use and further development of this new class of digital assets. Most of the weaknesses of crypto security are attributable to the human factor, particularly a failure to adequately secure personal crypto wallets. Yes, Bitcoin and other cryptos are hackable, but this is not reason enough to ditch the idea of decentralized currency.
Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Masters degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
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What You Need to Know about Cryptocurrency... - Coinspeaker
Cryptocurrency Market Update: Bitcoin and gold toying with a massive selloff, is $1,000 in the picture? – FXStreet
Bitcoin price managed to stay above $7,200 support in the wake of rejection from levels under $7,500. The most traded cryptocurrency has stepped above $7,300 but is currently struggling with the resistance at $7,400. Across the cryptocurrency market, bears appear to be taking over control. All the top three cryptoassets are slightly in the red. Ethereum is trading marginally below the opening value at $173.31 while Ripple is down 0.88% to trade at $0.20.
A cryptocurrency trader and analyst on Twitter Henrik Zeberg is not afraid to openly speak of Bitcoins possible dive to $1,000. Zeberg is choosing to remain bearish in spite of Bitcoin price recovery from levels around $3,864 (reached in March) to highs close to $7,500 (earlier this week). Using the chart below, the trader points out that Bitcoin is vulnerable at $7,200.
Alongside the gold, the worlds most precious metal, Bitcoin is likely to fall into another selloff. Zeberg says that Bitcoin and gold are so misunderstood at this point! We have strong illiquid phase in front of us.
According to the daily chart, Bitcoin upside is limited by the 50-day SMA. Movement above $7,400 (tipping point) could push the price above $7,500. This is likely to shift the focus back to $8,000.
However, in relation to Zebergs bearish prediction, a bearish pennant patent puts Bitcoin in grave danger of breaking down to retest the support at $6,000 or even $5,000.
Meanwhile, short term analysis shows Bitcoin is likely to embrace consolidation as long as the RSI keeps on with the leveling motion between 50 and 60.
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Cryptocurrency Market Update: Bitcoin and gold toying with a massive selloff, is $1,000 in the picture? - FXStreet