BlockPrism: Blog BlockPrism: Blog https://www.blockprism.org/blog/ Copyright by BlockPrism en BlockPrism Wed, 18 May 2022 22:09:21 -0400 Register and Get $8 Bonus, One of the Best Cloud Mining of 2022 Meet – hashlists.com – New generation of cloud mining systems.

Mining cryptocurrencies is one of the best ways to make money in the cryptocurrency industry.An innovation in simplicity, a specially simplified cloud mining platform provides exceptional service and cryptocurrency mining for clients without skill or equipment.

You don’t need any special hardware or software or even keep your computer on to do cloud mining.All you have to do is pay for a mining contract and then sit back and receive your daily profits. Nothing else is required from you during the entire process. 

Hashlists is currently operating large data centers in Kazakhstan, Myanmar and Iceland. Hashlists is also the only company in the world that has been granted a license to support land lease and exploitation by the Kazakhstan government within 5 years .With Hashlists cloud mining, you can invest as little as possible with a 100% chance of making profits. 

Hashlists’s business model is simple: you make a deposit like any bank and automatically receive dividends in USD on your account every day. The initial deposit can only be withdrawn at the end of the contract period, when the contract expires, you can choose to withdraw money or continue investing.

Can I make money by not investing?

Yes, we have a free experience plan that gives you $8 when you register. You can use $8 to buy the free plan and get $0.8 per day. When you reach $100, you can withdraw money.

The best referral program

A life time 3% Commission, you can start earning money even if you do not invest.For example,if someone purchases a $100 order using your referral code, you'll get $3 for free.

A variety of investment plans

Hashlists believes everyone should be entitled to easy passive income. To ensure this is possible, it has a variety of plans for you. The plans range from as low as $8 to as high as $6,500. 

Mining contracts also range from daily to 60-day contracts. This gives a lot of flexibility of investment for you. The best part is you don’t need to know anything about Bitcoin mining to invest in this great opportunity.

Returns are paid daily, so you are sure of getting payment every single day. The returns are fixed for any period of time for which you invest. 

For example, the $100 investment for 3 days has a fixed return of $5.4 dollars, paid daily over the 3-day period. 

For example, the $1800 investment for 20 days has a fixed return of $700 dollars, paid daily over the 20-day period. 

For example, the $6,500 investment for 60 days has a fixed return of $8,200 dollars. That is 126% return spread and paid daily over the 60-day period. 

How to participate?

To start enjoying daily passive income from Hashlists, all you have to do is sign up and pay for a mining contract. Just provide your email address and create a password, then verify that you are a human (we don’t work with robots) and you are in. 

Backed by an Experienced Team

The number of Hashlists users is almost 240,000 today! The company has raised over $ 8,000,000 in investments. No other company has been able to replicate this result. The secret of success lies in stable profit accrual, favorable terms of cooperation and flawless work.

Hashlists ranked # 1 in user growth and profitability in the first half of 2021. A high level of profitability and 2 years of flawless work brought Hashlists to a leading position among all cloud mining services in the world. Hashlists is a reliable partner and an excellent solution for your investment.

In conclusion, Hashlists is the perfect cloud mining platform for crypto enthusiasts that want to increase their earning opportunities. It offers full guarantee for all investments and has a team of qualified analysts and experts working daily to ensure consistent customer rewards. 

To learn more about Hashlists visit its website at https://www.hashlists.com to check out mining plans and start your mining journey. 

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posts https://www.blockprism.org/blog/register-and-get-8-bonus-one-of-the-best-cloud-mining-of-2022/ https://www.blockprism.org/blog/register-and-get-8-bonus-one-of-the-best-cloud-mining-of-2022/ Editor Sun, 17 Apr 2022 04:03:34 -0400
Play to Earn NFT Games: Get Ready for the NFT Drop of the First P2E Cricket Game

Since the first video games got along well with the youth of the 1970s and 1980s, they have resulted in the formation of a separate business segment. Many movies were created on the concept that suggested humans could very soon become part of video games in real life, such as the famous Spy Kids series. With the arrival of blockchains, everything they touched had a change that would last forever, and it was not different when it came to video games. Blockchain-based games transformed the way video games are looked upon by the general public, and the positive changes inflicted might stay on forever. Now, people lead their livelihoods through earnings from such games based on the play-to-earn (P2E) model, and more people could soon join the new age game revolution.

The current era in the gaming industry is nothing short of a revolution since games have started giving back to its player, which was not the case before. Non-fungible tokens (NFTs), which back the in-game assets are the primary reason behind the P2E model’s universal success. Now, the gaming revolution could see a huge spike in P2E adoption due to a single announcement that has amazed the gaming community. The announcement of the NFT drop event for the world’s first-ever NFT cricket game by a popular NFT applications development firm has already garnered widespread attention across the world. In this blog, we will see more about the upcoming NFTs of the P2E game’s first drop event, and some of the assumptions found in social media that could actually turn out true.

More About the Announcement in Discussion

We are looking at Super Loot, the NFT drop event from Jump.trade, an NFT cricket game developed by GuardianLink, a firm developing NFT application products. The ultimate aim of the NFT marketplace and the drop hosted there would be towards forming the first metaverse cricket game from India (possibly the world’s first here too), with the P2E game Meta Cricket League as the foundation. An important statement from the official press release was that the Super Loot drop event aims to gather cricket, gaming, and NFT enthusiasts under a single umbrella. This leaves onlookers to speculate that the NFTs involved in the drop might be of various categories and might probably include a range of digital and physical NFT products, which could provide some extra utilities apart from being in-game assets. Also, the drop could increase the size of the P2E gaming community, particularly in the cricket-cherishing regions in Asia, and the Caribbean, which are among the populous developing countries. In a nutshell, the new NFT cricket game is setting itself to reach the level of the Axie Infinity ecosystem, with an added metaverse experience setting it apart.

Play to Earn NFT Cricket Game – What Will It Mean for a Player?

In the present day, multiple cricket games across platforms have a massive fan following, although there have been accusations of dismal graphics and the one-way expenses associated with such games. With the play-to-earn model, though, the disadvantage of spending a lot of money knowing it could not be redeemed gets out of context. When played consistently, a P2E NFT cricket game might well give back your investments in a short time, depending on your skill level. After that, all the rewards achieved goes totally as profits, and a passive income is hence guaranteed. Such income could exist at any point in time, given that there would be a dynamic in-game economy that we have witnessed from the current day blockchain-based NFT games. Even if a player wishes to stop playing the NFT cricket game at any point in time due to some reason, the NFTs possessed by the player can easily be traded within the game’s metaverse.

How is Social Media Getting Ready for the Super Loot Drop?

Since the official press release first came out earlier in March, there have been talks generating huge levels of interest around the upcoming NFT drop. Also, many social media posts supporting the game can be seen. It is worth noting that the hashtag #jumptrade has been trending across social media platforms. The excitement is not only among cricket-savvy social media users but general users across the world as well. The major reason for the world-level reach is that the Super Loot drop could mostly come with benefits, irrespective of which region of the NFT space or target audiences they belong to. Broad-minded ventures such as Jump.trade always collect huge support, and it has been proven yet again. With the Super Loot countdown inching closer to its end, one can only expect huge excitement sprayed around the new Play-to-Earn NFT cricket game. If all the social media buzz around the Jump.trade NFT marketplace’s Super Loot drop, then one could expect new records to be set in the NFT world.

Would the NFT Drop Go A Long Way Down in History?

The upcoming Super Loot NFT drop event for the new NFT cricket game could be remembered for a long time when it comes to Play-to-Earn metaverse gaming. This can be clearly seen by the amount of excitement and hype seen among cricket fans, gamers, and NFT enthusiasts across different social media platforms globally. Therefore, it can be easily said that the nearing Super Loot NFT drop event could pave a long way for metaverse-based Play-to-Earn cricket games and become a turning point in the gaming industry in the history of video gaming.

Some Summarizing Thoughts

As a final thought, we can say that the upcoming Super Loot NFT drop during mid-April has the power to script a big page in the annals of gaming history. The present excitement levels have been immense, and with the drop set to take place during the busiest month in the cricketing calendar, vibrations could only get positive. So, it could possibly be a missed opportunity if some cricket geeks miss out on the event and feel like people who understood cryptos much later.

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posts https://www.blockprism.org/blog/play-to-earn-nft-games-get-ready-for-the-nft-drop-of-the-first-p2e-cricket-game/ https://www.blockprism.org/blog/play-to-earn-nft-games-get-ready-for-the-nft-drop-of-the-first-p2e-cricket-game/ Editor Thu, 31 Mar 2022 09:34:10 -0400
The Fastest Blockchains with Lowest Transaction Costs

Blockchains are one of the most revolutionary technologies of the past few decades. However, its possibilities have largely been limited by the high transaction costs and slow transactions. Older blockchains like Ethereum and Bitcoin have especially become problematic as they are not able to handle many transactions in short periods. While Binance Smart Chain is considerably faster, it’s still not in the top 5 among the quickest blockchains. You can learn more in a BSC review here, or simply make a few transactions on various blockchains and compare. However, BlockPrism can save you the trouble and will in this post bring up the 5 quickest blockchains with the lowest fees.

It is important to remember that faster blockchains can be conveniently used for purposes like value data transfer and high-frequency trading. Over the past few years, developers have created cryptocurrency ecosystem that have very low verification periods, high transactions per second, and very low transaction costs. Let’s begin with some of the best alternatives.

Fantom

Fantom was created in 2018 and serves as a blockchain platform for decentralized finance, crypto dApps, and various enterprise applications. The blockchain uses a leaderless proof of stake system to verify transactions. One of the key benefits of Fantom is that it conquers the blockchain trilemma, which means it is scalable, secure, and decentralized. It can process thousands of transactions in a second. In comparison, Ethereum can only handle 15 transactions in a second.

When you make payments on Fantom, you can expect the transactions to be completed in less than two seconds and often in less than one second. When using Ethereum, your transactions can be completed in 5 minutes, but depending on the number of transactions, the payment can take up to four hours and the fees are way higher. Being a seriously scalable blockchain with limited users so far, Fantom is able to process transactions for only $0.0000001 – which is among the cheapest blockchains out there. Go through Crypto Lists review of Fantom blockchain in order to learn more, where ratings for various blockchain parameters can be seen.

Summary of Fantom:
+Transaction speed - Less than a second
+Transaction cost- $0.0000001

Solana

Solana was developed to support scalable user-friendly dApps. This network has been growing extremely fast, and this is due to its marketing, low transaction cost, and fast blockchain. While its adoption levels are still far below Ethereum, Solana is still highly impressive. It can handle more than 65,000 transactions per second, and to date, it has verified more than 60 billion transactions. The average gas fee on this blockchain is usually $0.00025. This network processes transactions in a fraction of a second, and these qualities have even rivalled established fintech giants like Visa. The high scalability of the network ensures that the transaction costs will remain low forever. As the hardware gets faster, the speed of the blockchain will also keep going up. Solana is one of the most used networks for NFTs, gaming and DeFi. There are plenty of useful information for potential Solana developers on the official site.

Summary of Solana:
Transaction speed - Less than a second.
Transaction fee - Around $0.00025

Terra

Terraform Labs was started in 2018 and was backed by several established companies in the crypto space. The then 25 year old founder Do Kwon from South Korea, is one of the most influential in crypto in 2021 according to CoinDesk.

The company launched the Terra blockchain soon after it was launched and its goal was to create a decentralized payment system. Still, you should note that the network has been used to launch lots of other stablecoins, and these track various fiat currencies around the world. You can read an intro to Terra here.

The native token of the smart contract blockchain is the LUNA coin (see review), which has increased over 70% in price over the last few week.

At the moment, the network is able to process a thousand transactions per second, and its transactions are completed within six seconds. The developers are planning to add the Cosmos Tendermint technology to the network, and this will allow for 10,000 transactions per second. With this development, the transaction speed will go down to two seconds. Transaction fees on the Terra blockchain are known as the tax rate, and they range from 0.1% to 1%. The current rate has been set at 0.6%. Many crypto and finance related newspapers has written about Terra, such as CNBC.

Summary of Terra:
Transaction speed – Usually between two and six seconds.
Transaction fee - 0.1% to 1%.

Polygon (MATIC)

Polygon (official site) was launched in 2017 under the name Matic Network. This network uses the proof of stake system to verify transactions, and successful validators of transactions are compensated in MATIC tokens. Polygon works as a secondary scalability solution for the Ethereum network and helps to connect and grow Ethereum-compatible projects and blockchains. Since the consensus mechanism of this blockchain is able to complete the transaction confirmation process in a single block, the network has been able to maintain high transaction speeds. On average, transactions are processed within 2.1 seconds. The transaction fees on this network are also extremely low, averaging at about $0.01.

Summary of Polygon:
+Transaction speed – Between 2-6 seconds
+Transaction fee - $0.01

Aleph Zero

This is a DAG platform that has officially been peer-reviewed and accepted for publication at the Advances in Financial Technology conference. To maintain high levels of decentralization, this protocol uses a large, rotating, and random committee. Aleph Zero stand by the proof of stake system to verify transactions, and this helps to lower its environmental impact.

As one of the most scalable blockchains, this network can handle up to 40,000 transactions per second. On average, transactions are processed within 0.6 seconds, and this is the fastest speed recorded on any blockchain. When transacting on the network, you will need to pay a fee of 0.0003 AZERO, which is close to zero USD. At the time of writing, one AZERO is equal to $1.36, which means the transaction cost will be about 0.0003 USD. Again, this is among the lowest transaction fees in the crypto world. Aleph Zero is mainly used by enterprise, quite often for privacy enhancements rather than for trading and investments.

Summary of Aleph Zero:
Transaction speed – Usually less than 1 second.
Transaction fee - 0.0003 AZERO (roughly $0.0003).

Conclusion

Fast blockchain transaction speed and low transaction fees are extremely important in crypto. The fastest blockchains with the lowest gas fees are Fantom, Solana, Aleph Zero, Terra, and Polygon. When comparing fast blockchains, it is essential to also check the scalability of the networks as this will determine the costs and speeds in the future. A scalable blockchain will be able to maintain its transaction speeds and costs even with mass adoption. Many of the fastest blockchains today are not even near the size of Binance Smart Chain (BSC) or Ethereum.

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posts https://www.blockprism.org/blog/the-fastest-blockchains-with-lowest-transaction-costs/ https://www.blockprism.org/blog/the-fastest-blockchains-with-lowest-transaction-costs/ Editor Tue, 08 Mar 2022 09:51:45 -0500
How to save your blockchain data? In this article, we will talk about the security of your products. Today's popular blockchain, though considered anonymous and secure, is still susceptible to hacking. And the purpose of this article is to describe a method that will help you reduce the chance of hacking and keep your users safe.

Why do you need to improve the security of your product?

But first, let's talk about why blockchain security has become an issue. Hacks have been on the rise lately, primarily because of the blockchain's anonymity principles. This allows cybercriminals to launder and cash out stolen funds without much difficulty.

Amid a wave of hacks, Blockchain Security startups like Hacken, which do not just audit code, but also audit smart contracts and wallets by hackers, are gaining popularity.

Some experts are inclined to think that it is not so profitable to maintain a staff of testers from the point of view of objective detection of errors in the code. But nevertheless, penetration testing performed by a specialist increases your security level. That's why you should not run after acceptable penetration testing pricing, but use only professionals.

Penetration testing

A penetration test is an opportunity to assess the level of protection of an information system against illegal intrusion into it from public networks. The essence of the test is to identify security weaknesses by looking at it through the eyes of a cybercriminal who is interested in gaining unauthorized access to the information system.

In the course of penetration testing, the following tasks are solved:

  •  Checking the possibility of an employee gaining access to sensitive information.

  •  Evaluating the business logic of critical services in order to determine whether fraudulent schemes are possible.

  •  Detection of unauthorized access to sensitive information (personal and authentication data, key configuration files).

  •  Detection of vulnerabilities in information security and options for their exploitation.

  •  Verification of possible privilege escalation by the rank-and-file employee.

  •  Recommendations are developed to neutralize the detected vulnerabilities.

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posts https://www.blockprism.org/blog/how-to-save-your-blockchain-data/ https://www.blockprism.org/blog/how-to-save-your-blockchain-data/ Editor Tue, 01 Mar 2022 07:24:01 -0500
Is Bitcoin cloud mining profitable 2021?

Bitcoin cloud mining is an alternative method of bitcoin mining. In this way, the person does not enter the process of purchasing and providing the necessary facilities to perform difficult and time-consuming calculations of the blockchain. Rather, it somehow invests in the mining of other persons or organizations and receives a return on its investment.

At the beginning of the Bitcoin era, mining the currency was considered a high-income hobby. Those who accepted the currency from the beginning had the chance to mine 50 bitcoins from a room in their house every 10 minutes.

If someone in 2010 successfully produced only one block of bitcoins in a mining operation and kept it, it is as if he could have about $ 450,000 bitcoins in his pocket in 2021.

If you are interested in a semi-passive income and profitability from mining or bitcoin cloud mining in 2021, first know a few basic principles about getting started and then decide if bitcoin mining is possible for you or not. These are listed below.

What is Bitcoin mining activity?

For participating in bitcoin cloud mining you should know about mining. Mining is the basis of all blockchains that work with proof-of-work algorithms. The network that includes bitcoin mining hardware is so vast that the chances of users mining a block and thus receiving a block reward are very low.

Suppose Hashrate Bitcoin equals 100 EH / s or 100,000,000 TH / s Bitcoin, in which case a WhatsMiner M20S ASIC miner with 68 TH / s would be able to mine a bitcoin block, approximately 1 at 1470588 is a chance. This means that due to the creation of a block every 10 minutes, this user must wait about 16 years for mining that block.

What hardware devices are needed for mining?

The hardware required for bitcoin mining is specific hardware designed and manufactured solely for use in bitcoin mining. For bitcoin mining to benefit you, you need to use more powerful hardware. It is very expensive for ordinary people to buy these devices.

Given these problems, it seems impossible for an ordinary user to afford to buy hardware and pay electricity bills. Therefore, the profitability of bitcoin mining is very unlikely for ordinary people.

Besides, these devices require a lot of electricity to supply energy. By participating in Bitcoin cloud mining, you will get rid of the hassle of providing mining hardware and paying staggering bills.

What is the role of Hashrate in bitcoin mining?

Hash rate is used to measure the computing power of mining devices. In 2009 and the beginning of bitcoin mining, hash rates were initially measured in seconds (H / s) but are now measured with Petahash in PH / s, which is equivalent to quadrillions of hashes/second.

It means that the more miners and, consequently, the computing power of bitcoin mining devices, the more rewarding blockchain users can be, the more difficult it will be to solve mathematical equations. It is a competition of computing devices. If mining hardware has more computing power, it can find more solutions.

This means that individuals or corporations that can have the most computing power or the most hash rates can mine the most bitcoins and get more rewards.

How much does it cost to sell bitcoins you gain from mining?

One thing that is often overlooked about the bitcoin profitability calculator of mining is the fees that the user has to pay to sell their mined bitcoin. If you are an independent person, you will have to sell your coins in cryptocurrency exchanges such as KuCoin or Binance. Sometimes the fees you have to pay are high, depending on the rules of the exchange fees. If you subscribe to a Bitcoin cloud mining company you will not have to worry about this.

Bitcoin profitability calculator

What is the meaning of block reward?

It takes ten minutes to produce each new bitcoin. Every ten minutes, a bitcoin is allocated to someone who has a mining hardware device and can discover new blocks faster than anyone else.

In 2009, Bitcoin creator Satoshi Nakamoto set a mining bonus of 50 BTC. He also coded halving to control the number of bitcoins being rewarded in later years.
Bitcoin halving is pre-coded to halve the number of bitcoin releases almost every four years. In 2009 the number of bitcoins was 50, in late 2012 this number dropped to 25 bitcoins. The halving event halved to 12.5 bitcoins again in mid-2016. The halving event took place in May 2020 and the number of produced bitcoins decreased to 6.25.

Because you do not have access to inexpensive electricity, buying modern and powerful mining hardware requires a lot of money, so mining may not be the most efficient way to make a profit.

Investing in bitcoin mining can be very lucrative, but it can take the hassle out of managing devices and using different equipment, but Bitcoin cloud mining or Cryptocurrency cloud mining makes the process a lot easier.

How does bitcoin cloud mining work?

The simple definition of cloud mining is that the process of mining cryptocurrency takes place in a large data center. Several miners work in this data center and it works with shared processing power. People involved in Bitcoin cloud mining can participate in bitcoin mining or other cryptocurrencies, but do not need to know how to manage complex mining hardware. For mining, you need to know the mining devices and ASIC miner profitability ranking. For instance, you need to know the Antminer S9 profitability to decide on mining.

In Bitcoin cloud mining, Bitcoin and different cryptocurrencies can be generated in large volumes. They bring together powerful mining machines in large numbers and create a large, cohesive network. In these places, they set up large cryptocurrency mining farms. The devices in these farms have a lot of processing power.

Many people around the world can use the power of the devices of these farms. Due to a large number of devices, the chances of the whole network being able to get more rewards increase. The reward given to the whole network is distributed among all members of the network. If an ordinary person wants to work in bitcoin mining individually, his chances of mining bitcoins or other cryptocurrencies generated by the PoW algorithm will be much less and in some cases impossible.

What are the advantages of cloud mining?

If you like to participate in mining and gain profit you can be a member in Bitcoin cloud mining partnerships so you will enjoy the following benefits:

  • You are comfortable with a lot of noise in the home environment due to the installation of mining equipment.
  • You do not have to pay staggering electricity bills.
  • You do not need to worry about storing or selling equipment when you no longer need it
  • You will not have problems with cooling devices and ventilation of the equipment installation place.
  • You do not need to learn to work with mining software.

The company or organization preparing cloud mining services accepts all the problems and hassles of mining, and people who want to participate in mining through these companies, it is enough to invest in this matter by purchasing partnership contracts.

Cloud mining advantages

What are the types of cloud mining partnerships?

If you want to partner with a Bitcoin cloud mining company for profit, you can usually do this in three different ways:

  • In the Hosted mining method, you can rent a mining device hosted by a cloud mining company.
  • In the Virtual hosted mining method, you rent a private virtual server and install and run your mining software on it.
  • In the Leased hashing power method, you can rent some hash power from a Bitcoin cloud mining Services Company without the need for mining hardware. This is one of the most popular ways to cooperate with a Bitcoin cloud mining platform.

Various accounting services can show you the benefits of mining by receiving the required information. Be careful these services are designed to work with your hardware parameters. It May is not suitable for cloud-mining parameters, but you can easily use them with a clear understanding of the costs of Bitcoin cloud mining.
Cryptocurrency mining calculators often ask you for electricity bills and initial budgets for hardware to calculate profitability. They generally take the initial capital and expenses you incur during the mining process from you.

Therefore, since the cost of electricity is borne by the companies providing Bitcoin cloud mining, you can enter the monthly cost of mining instead of the cost of electricity.
Of course, the conversion process is not that simple. For hardware mining, you can calculate your monthly cost by multiplying your electricity cost (for example, a few dollars per kilowatt-hour by the unit energy consumption and by the conversion factor of 0.744. This factor is the ratio per second to joules of energy per kilowatt-hour.
But to Bitcoin cloud mining, you have to choose other methods because the server pays you monthly. Therefore, you should get the equivalent cost per kilobyte of hours. To do this, you have to divide the monthly cost by the conversion factor of 0.744 mentioned above.

What should be considered in a profitable partnership with Bitcoin Cloud Mining?

  • When it comes to mining any of the cryptocurrencies, you have to take risks and consider the risks, but if you make the right decisions and go the right way, you will make a big profit.
  • In experimental calculations, you will probably find that some Bitcoin cloud mining services are profitable for several months, but as the bitcoin difficulty level increases, you will probably lose money after 4 to 6 months. The solution offered by Minerland in this situation is to reinvest everything you have earned to maintain a competitive hash rate.
  • Investors should research the Bitcoin cloud mining Company before investing and become a member of trusted companies such as Minerland to avoid being abused in Bitcoin cloud mining.
  • It is better for investors who want to enter this field to take risks and invest with money that they do not need. In this case, they will be happy with the profit they earn.
  • Read about Bitcoin cloud mining on websites and social media pages and act with great awareness and readiness to buy partnership contracts.

Minerland Bitcoin cloud mining profitability

Can we count on the profitability of Bitcoin cloud mining?

Participating in Bitcoin cloud mining may be the most appropriate type of bitcoin mining for users who do not have the space or capital to set up their mining system. If these people want to have a stake in the booming mining business, they can make a profit from the industry by purchasing contracts from Bitcoin cloud mining companies.

Bitcoin cloud mining companies prepare and maintain modern and powerful mining equipment at vast places called Mining farms. Ordinary people can use this equipment online and participate in digital currency mining only by concluding a contract. Service providers also deduct a percentage of the profits from the mined currencies and pay a percentage of the profits to investors according to the contract.
You can see Minerland contracts as examples:

  • If one participates in the Soldier Plan with an investment of $ 15.99, the daily income of this plan is equal to 150 Satoshi and 1 point.
  • By investing in the amount of 49.99 dollars in the Major plan, the daily income of this plan is equal to 700 Satoshi and 5 points.
  • If you participate in the Captain plan, the daily income of this plan is equal to 6250 Satoshi and 60 points, and the investment amount is 444.9 dollars.
  • The capital required to purchase the Lord plan is $ 1999. From this plan, 28000 Satoshi and 280 points can be earned daily.

Conclusion;

If you want to get the desired profit from the cryptocurrency market, every person must know the various ways to earn money from this industry through complete research. Then proceed to invest according to the volume of your assets.

Whether one goes for bitcoin mining or what method one chooses depends on many things that are different for different people. When you enter this field, it also plays a very important role in your decision to make a profit from cryptocurrencies.

Many now believe that the time to profit from bitcoin mining is coming to an end and without ideal facilities, it would not even be economically viable. It seems Bitcoin cloud mining will be profitable for you in 2021. So it makes sense that if you want to make a profit from the bitcoin mining market, join a strong team instead of a monopoly one. By choosing a reasonable Bitcoin cloud mining contract, you can save time, energy, and possibly money.

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posts https://www.blockprism.org/blog/is-bitcoin-cloud-mining-profitable-2021/ https://www.blockprism.org/blog/is-bitcoin-cloud-mining-profitable-2021/ Editor Sun, 24 Oct 2021 08:39:41 -0400
How to evaluate a blockchain development company Blockchain came into being in 2008 as the distributed ledger behind bitcoin transactions. In the intervening years and to date, the technology has been deployed in many industries. Its rapid development has grabbed the attention of many entrepreneurs who are figuring out how to implement the technology to improve their operations. Some of the perks of blockchain technology include immutability, irreversible transactions, and lower transaction costs. Blockchain is still evolving and lacks developers with the skills required. So, hiring the best blockchain development company in the market, like TokenMinds, has a bearing on the success of your project. Here, we share tips for evaluating a blockchain development company. 

Assess their past projects

Any experienced company has a portfolio of work that it has delivered to various clients. It's essential to request the company you're evaluating to share with you its portfolio. You can assess the quality of work through past projects and determine whether the developer can meet your needs. Companies that lack previous work samples may be young in the industry and lack the skills to offer high-quality services.

Find out about what the team can do

Developers in the blockchain industry must possess vast technology skills related to the field. You need to inquire about the programming language the developer applies and the frameworks the team uses. Also, find out about the size of projects they can manage. Complex blockchain projects need a team with various professionals who can coordinate to develop them. Companies that focus on startups may lack the expertise to deliver sophisticated blockchain projects.

Following the latest industry trends

These days many businesses are trying to experiment with blockchain. When evaluating a blockchain development company to hire, it’s the key to assess whether it follows the latest trends and innovations in the industry. Hiring a team that’s up to date with the latest developments and innovations in the industry can help you create a high-quality project.

Customized solutions

Each business has peculiar needs that require specific solutions. So, a blockchain development firm should deliver bespoke solutions that meet the needs of various projects. If the available platforms don’t fit your needs, you should determine whether the company provides customized services.

Evaluate third-party reviews

Due to technology, it’s possible to find the views of various individuals about a specific blockchain developer. Platforms like GitHub, Bitcointalk, and LinkedIn contain many objective reviews about a development company you intend to hire. The best company has raving reviews from previous clients. On the other hand, a preponderance of negative reviews indicates that the company lacks the experience and skills to deliver high-quality blockchain projects.

Security and customer support services

Each business requires a secure blockchain solution that protects its data from hackers. Although blockchain integrates encryption technologies, huge transactions can sometimes overwhelm the security aspects. Thus, the company you're evaluating should guarantee you a consistent, secure system. At the minimum, the company should integrate two-factor authentication (2FA) and multi-signature elements.

In addition, the company should have a reliable customer support service that’s ready to handle any issues you may encounter.

‘Thirteen companies dealing with cryptocurrency and blockchain tech received a total of 43 vulnerability reports in the period between February 13 and March 13, as per bug reports submitted to vulnerability disclosure platform Hacker One.’

Source: TNW

Assess their pricing and contract conditions

Each blockchain development firm has different prices for its services. It would help to find out whether your company of choice can match your budget and offer the best solutions. It's important to request a quotation that captures details of various services and their prices.

The company you choose should be flexible in accepting various options of payments. If your budget is tight, the developer should evaluate your objectives and develop a contract to fit your needs. For example, suppose you lack the money to pay for the entire project. In that case, the company can develop a contract that enables you to share a specific percentage of your profit once the project is operational.

Examine the team’s experience

The company you're assessing should showcase its team's skills on the pages of its platform. You can also check social networking sites, like LinkedIn, for more information on each member's experience.

Smart contract Development

Smart contracts have become an integral aspect of blockchain development solutions. The team you hire should understand how to develop virtual contracts that can accelerate your transactions. Before you hire the company, evaluate the type of smart contracts it develops to determine if they meet your needs.

Final Words

Evaluating a blockchain development company to hire can be a challenging task. With many developers emerging in the industry, it can be a tall order to decide the right company to work with. Here, we’ve shared actionable tips and tricks to use to evaluate the best company you can hire in the market.

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posts https://www.blockprism.org/blog/how-to-evaluate-a-blockchain-development-company/ https://www.blockprism.org/blog/how-to-evaluate-a-blockchain-development-company/ Editor Thu, 14 Oct 2021 06:35:45 -0400
6 Basic Features That Determine a Good Trading Platform

Over the past couple of years, there have been significant changes in how finances get handled worldwide. The Introduction of different cryptocurrencies gave rise to trading with these cryptocurrencies.

Following this recent development is the Introduction of different trading platforms that offer a diverse variety of services to assist traders by creating a safe place to trade. It is no surprise as to why finding a suitable trading platform is not an easy task.

Online trading platforms are beneficial for several reasons, such as easy to use, educational opportunities that assist investors when trading, and many other benefits.

Essentially, online trading platforms are used for opening, closing, and managing market positions through a financial intermediary or online broker.

Why Is It Difficult To Find A Reliable Trading Platform?

Finding a reliable platform to trade with can be a challenge on its own, especially for beginners who haven’t fully grasped how to go about the trading procedures.

There are so many different platforms with distinct features out there it is no surprise that it can be challenging to pick one.

Brokers offer these platforms at a discount rate or for free, all in exchange for maintaining a funded account and placing a particular number of trades. In this stage crypto coin trading platform.

Some people decide what platform to use based on other people’s experiences and reviews, which is not bad. It gives an insight into what to expect and what a particular brand has to offer.

While some of these platforms are beginner-friendly and straightforward, others can be more complicated and targeted towards more advanced traders, making it difficult for someone new to trading to utilize these platforms profitably.

Cryptocurrency is growing and advancing at a fast pace, with so many people still trying to jump on this opportunity of a reasonable investment before it’s too late. Because of the complex nature of crypto trading, it can be challenging to take the risk when online trading platforms are too complicated.

Some Problems Posed By Online Platforms To Traders

One of the biggest plagues of the online crypto trading platform is poor user experience, so many traders have complained about their experience using some of these platforms.

Crypto traders need to understand that it may not necessarily be right for others because it’s suitable for some people.

As a trader, it is essential that the platform you choose to trade with offers good returns and is easy to use. However, some of the top platforms out there may not provide this. here are a few problems you may face with platforms

  • Functional only in a few countries; some of this platform may not be available in your country.
  • High risk of a security breach 
  • Some are only app-based with no desktop platform, and the app may not be very functional. 
  • The interface isn’t easy to understand 
  • Favor more advanced traders and is not beginner-friendly as it would be complicated for someone who is just starting to work on this platform
  • The tedious registration process with so many steps and requirements to open an account.
  • Higher fees as some may require a ridiculously high amount to access their platform (etc.)

These are just a few problems you might have to deal with when trying to choose a trading platform.

A Recommendable Platform You Can Trade With Today

As I mentioned earlier, there are a lot of trading platforms in the marketplace, with distinct features, many of which may suit your taste or not.

However, Paragontraders is a highly recommendable platform and aims to serve both advanced and new traders in the market.

A success rate of 90% makes Paragontraders a platform of high profitability compared to other platforms in the market today.

It offers several features and services like an easy and swift registration process, excellent and reliable customer support system, regular optimization of the platform to ensure profitable trade orders by its users.

Paragontraders is also assessable worldwide and has no global boundaries. It offers a secure place to trade cryptocurrencies like ethereum and bitcoin, with specific wallet address created for users upon registration through which traders can easily make deposits and trades.

Although Paragontraders is a new platform in the market, it has been built to accommodate the changing environment of cryptocurrency trading and is regularly updated to serve its users optimally.

The primary goal of this platform is to provide its users with a trustworthy place where crypto trades can be placed and profitable returns guaranteed at the end.

Why You Can Trade With Paragontraders

The trading market is not an easy one. Asides from having the right mindset while trading, it is also essential that the right tools are available to traders for a successful trading process.

That’s where the platform you choose to trade with comes to play, as this is one of the tools a trader needs on the road to success.

Some of the things that Paragontraders has to offer includes;

  1. Reliability

Paragontraders is offering a reliable platform and not subjected to frequent crashing or freezing of its system, and this platform provides its users with a stable place to trade at all times. Hence this platform aims to be accessible to traders.

As a trader, you must choose a stable platform that never or rarely crashes; this Is what Paragontraders provides to its users.

  1. User-friendly Interface

Another vital feature users of this platform get a user-friendly interface that accommodates both beginner and advances trader needs.

Cryptocurrency trading can be a very complicated feat, and there is no need for the platform you decide to use to make the whole process more confusing.

This is precisely what Paragontraders wants to eliminate, thereby making it easier to place trades and manage trading procedures with less complicated steps and processes. So with this platform, trading is made more comfortable and less complicated.

  1. Automatic Trading

This platform also provides algorithms that offer you suggestions on possible investments to yield profits with your trades.

You can also allow the software to make this investment automatically at an amount you specify. This is set in place to assist its user and ensure that profits are made when trading.

Conclusions   

Trading with Paragontraders offers all the above, and also, you can rest assured that you’re trading with one of the most trusted upcoming online brokers out of the numerous trading platforms out there.

As cryptocurrency continues to grow worldwide and the increase in demand for digital assets keeps rising, there is no better time to begin your investment journey in cryptocurrency.

So ensure select a good platform that offers the latest features in the market, and you can start by using the forum mentioned above.

However, in our effort to fight crypto scams, you have to sign up with an invitation link from the website, so this way, we make sure we have a real and active community of traders.

 

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posts https://www.blockprism.org/blog/6-basic-features-that-determine-a-good-trading-platform/ https://www.blockprism.org/blog/6-basic-features-that-determine-a-good-trading-platform/ Editor Mon, 11 Oct 2021 03:07:57 -0400
Trading Cryptocurrencies through a Forex Broker

Is it possible to trade cryptocurrency on a forex or CFD platform? In a nutshell, yes you can. When opposed to trading the underlying commodity on a cryptocurrency exchange, there are significant differences that apply to crypto trading on FX and CFD platforms that must be properly considered.

How are Cryptocurrencies Traded on Forex/CFD Exchanges?

It should be mentioned that most forex/CFD platforms trade cryptocurrency contracts for difference (CFDs). To put it another way, the trader agrees with the CFD supplier on a financial commodity (such as Bitcoin). These derivatives are based on the market volatility of their underlying things, but they do not require an exchange or possession of the digital currency.

This indicates that no real cryptocurrencies are being traded, and there are no wallets or addresses to be concerned about. This also lowers the chance of hacking, which is a severe concern to even the most reputable crypto exchanges. CFD traders can concentrate on how to profit from market swings. When you hold a Buy position and the cryptocurrency's sale rate rises beyond its starting buy rate, you can profit from coin trading on forex/CFD systems. When the buy rate goes below its initial sell rate, you benefit if you have a Sell position. If the sale rate goes below the opening buy rate, buy positions will lose money, and sell positions will lose money if the buy rates go up above the initial sell rate.

Why is Cryptocurrency so popular with FX brokers?

Let's look at Bitcoin (BTC) as an example. The nature of the coin holds the answer. It is the first application of ground-breaking blockchain technology, which is widely regarded as the primary financial tool of the future. The use of bitcoin is expanding all the time, as is its acceptance by governments worldwide. Bitcoin has quickly progressed into the world of internet trading after effectively conquering the field of OTC trades and investments. The bitcoin exchange rate's long-term rise drew in investors who increasingly see cryptocurrencies as a viable alternative to traditional financial tools. It's only logical that forex firms have started to accept bitcoin as a trading asset. At the same time, the crypto market overall, and bitcoin in specific, is susceptible to extremely high instability, which, under the right circumstances, can result in big profits as well as heavy losses in a relatively short period. The cryptocurrency market's ambiguous regulation and extreme volatility pose significant dangers to private investors. In such circumstances, selecting a reputable bitcoin broker becomes even more critical.

Bitcoin Trading vs. Forex Trading

There are a few key distinctions between trading cryptos on a forex/CFD platform and trading them on an exchange:

  • In either of the trading transactions, no digital cryptocurrencies are traded.
  • It is not necessary to have a cryptocurrency wallet.
  • You trade cryptos under the forex/CFD provider's user terms and conditions.
  • The trading of crypto CFDs is leveraged.
  • Unlike most cryptocurrency exchanges, where you can only exchange crypto-to-crypto pairs, you can transact crypto-fiat pairings like BTC/USD or LTC/USD.
  • Only fiat currencies are accepted for money transfers.

The Process of Trading Cryptocurrency

If you've ever traded forex or CFDs on one of the main MT4 platforms, you shouldn't have any trouble figuring out how to trade cryptocurrency CFDs. They usually are listed on the system with any other CFD instrument.

Technical (market analytics) and fundamental (trading based on real-time economic headlines) assessment, as well as a disciplined trading mindset and a good set of risk mitigation tools, are all required when trading a cryptocurrency on a CFD platform. Because cryptocurrency pairs are among the most unpredictable assets on any CFD trading platform, risk management is critical. Prices fluctuate in the tens or hundreds of currency units every day, instead of FX assets, which fluctuate in decimal percentage points, or volatile commodity assets, such as crude oil, which fluctuate in single currency digits per day. While implementing technical and fundamental methods, controlling risk can make a significant difference in your prospective gains or losses.

When it comes to fundamental research, the price fluctuations of popular crypto CFDs are heavily influenced by media attention. Some prominent cryptocurrency websites or their social media outlets are good sources of news for cryptos.

When it comes to bitcoin news, there are two sides to the story. To begin with, there is no economic calendar to use; thus, it is impossible to predict when market-moving news will be issued. Second, the type of cryptocurrency news that affects the markets revolves around a few points: adoption, regulatory approval, and listing on a major exchange.

Keep an eye on Price Correlations

Correlations are also essential to consider. For example, Bitcoin Cash ABC and Litecoin were constructed using Bitcoin's framework and are effectively replicas of Bitcoin (also referred to as altcoins). As a result, Bitcoin's price tends to drive down Litecoin's.

Tips when choosing a Crypto FX Broker

Check what authorities the company has been licensed by and the length of time it has been active in the market while looking for a bitcoin forex Broker.

Check to see whether there are any other pairs available outside the basic BTC/USD, as well as the minimum investment size, deposit conditions, spread, and leverage.

Consider the ease with which funds can be transferred between your forex and cryptocurrency accounts, as well as the provision of technical and economic analytics.

When entering this lucrative industry, choosing a broker based on these considerations will help you decrease your risks. The number of different varieties of cryptocurrency is the significant difference between brokers: the larger the list of available currencies, the more options a trader has.

Conclusion

These are the most basic requirements for trading cryptocurrencies on FX or CFD platforms. Pay attention to the headlines; everything you hear about hacks or regulatory changes, as well as news concerning hard splits, will have an impact on cryptos' fluctuations. You should also keep an eye on price connections between similar cryptos like LTC and BTC.

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posts https://www.blockprism.org/blog/trading-cryptocurrencies-through-a-forex-broker/ https://www.blockprism.org/blog/trading-cryptocurrencies-through-a-forex-broker/ Editor Sun, 26 Sep 2021 11:30:00 -0400
Top 8 NFT marketing agencies to get huge limelight to your NFT

More than collectibles, now NFTs are serving all possible utilities. They aid and support various different professionals and various businesses, such as NFT for art. The NFT’s influence in the crypto market is very strong. It emerged as an instance from the blockchain and crypto space, but when time flies, NFT has made its own market where its instances are now a billion-dollar business model. Many are showing interest in NFTs, the greatest celebrities to the biggest Multi - corporation. Everyone started adopting NFTs for various reasons.

NFT - Need for NFT marketing Agency

Some use NFTs for popularity, and some use them for promotions of brands. More than anything, NFT acts as a huge support to the people who are creators by letting them enjoy various benefits like offering them royalty, etc. All these perks made NFT a preferable tokenizing method. So people started making their move towards NFT, and now NFTs crowd is very high. There are many services and new developments that are emerging day to day in the daily span.

Standing out in the crowd needs immense effort and support from technical and market expertise. NFT marketing services can be a very good solution. The Need for NFT marketing services becomes an essential thing as the market’s surge is very high, and strategies are needed to be carried out in order to get your NFT in the limelight.

There are many different NFT marketing services or agencies in the crypto market, but the challenge lies in picking the best NFT marketing services for your product. And in the blockchain and crypto industry where new services are launched very often, only the best NFT marketing services can bring the actual result.

Top NFT Marketing Companies

1. Blockchain App Factory

The Blockchain App Factory is the pioneer among the crypto-based development firms, which has immense experience in the market. It is one of the biggest NFT marketing companies, where the marketing strategies are unique, and they tend to make a difference. And their partnership products are now literally ruling the entire crypto space. They use various marketing tools and methods to keep their partnership always in the limelight. Since it has a strong development background, they know what they market, and they are well aware of what people expect in the NFT. The Blockchain app factory’s prominent marketing tool to acquire the best results is their social media marketing strategies and marketing through popular NFT influencers. The excellence of the Blockchain App factory in NFT marketing will go on endless, and they have the ability to act as the deciding factor of NFTs popularity. The trustability for the Blockchain App Factory as an NFT marketing company is very high among the people. So, they can be the best solution when it comes to NFT marketing.

2. Firecask

Firecask is basically a digital marketing company and excellent NFT marketing agency that knows how to bring an NFT product to people of various kinds. They made it to the top of a tier by offering the best customer support and exclusive assistance for the requirements the NFT owners need. Firecask being in the digital marketing field for years knows how to handle those platforms. And they are such potential people who take the output perfectly with their marketing strategies.

3. TF Labs

TF is a growing NFT marketing agency. By pulling the right strings and working with the perfect clients, they made it to the top NFT marketing agency in a very short period of time. Though it may be a startup, they are known for bringing in new ideas in NFT marketing. They are the one who gives priority to all social streams and even works on podcasting to promote the NFT product.

4. X10

X10 - a digital marketing agency, which also provides NFT marketing services to the client. They are very well known for their excellent Media PR and media-related promotional services. The team is well known for their growth hacking work, and they analyze everything before and after performing their work.

5. Pop machine agency

Pop Machine agency is a branding and marketing agency, which provides various services like website design, graphic design, Public relations, and various other services. Now Pop machine agency also enters into the NFT marketing services. The major reason for its ranking in the top 8 is the work they have done so far. As a full marketing service agency, they have done various projects and made good results in them. And they are well aware of making a product popular.

6. Darq Tec

Darq Tec is an NFT development and marketing agency, and they do have various development and marketing strategies to bring the NFT product to the limelight. The Darq Tec is one of the well-reputed Blockchain developers in the Australian region. And they are a very good option when it comes to performing NFT marketing at a feasible charge.

7. Flexe.io

Flexe.io is a complete marketing agency, which is now one of the best options for NFT marketing. There are various NFT marketing strategies that Flexe.io used to bring the NFT products to be noticeable. And the major winning shot of FLexe.io is the PR they offer to the NFT marketing. They know how to handle them efficiently.

8. Chaincella

Chaincella is an emerging Crypto development and marketing company. Within a short span, they managed to hold a very strong position in the market of both development and marketing services. Their NFT marketing services are very exclusive, and people are showing more interest in availing the services of chaincella as the marketing works are more innovative and their strategies are more unique.

Wrapping Up

NFT marketing services are most important at this time as many products and services are making their debut in the NFT marketplace. To keep up the pace and to grab the attention of the people, NFT marketing services are one very important key. However, there may be many marketing services that provide NFT marketing services. The one with proper knowledge of NFT can do the best.

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posts https://www.blockprism.org/blog/title-top-8-nft-marketing-agencies-to-get-huge-limelight-to-your-nft/ https://www.blockprism.org/blog/title-top-8-nft-marketing-agencies-to-get-huge-limelight-to-your-nft/ Editor Sat, 18 Sep 2021 09:10:04 -0400
SuperRare Clone: How to launch an NFT Art Marketplace Like SuperRare?

“Genuine, Precious, and Unique” are the 3 special qualities of the SuperRare NFT trading platform. Operating on the sturdy Ethereum blockchain, it is now the center for selling authentic digital artwork. Content creators across the world can organize exhibitions and special releases on the online marketplace.

SuperRare is undoubtedly a record-setter. 1460 users purchased and bought art pieces worth $22.48 million in the last 30 days as per DAppRadar. Entrepreneurs aiming to build their wealth can get hold of a customized SuperRare clone. They can reach out to an NFT platform company development company and entice artists.

Why acquire a White-label NFT Marketplace like SuperRare?

The world of crypto-collectibles is intensely competitive now.  Techpreneurs can stand tall in the industry by getting a ready-to-launch NFT trading platform. They can lure interested collectors and talented artists.

Accordingly, entrepreneurs will get an advantage by buying a white-label NFT marketplace SuperRare clone from an NFT development company like Appdupe. They need not incur a huge investment initially. The returns will be high in the long run. Importantly, owners of a SuperRare like platform can modify brand elements like logo and name according to their requirements.

What are the core characteristics of the SuperRare Clone?

Featured Releases - Artists will get a high demand from investors by uploading their works on the Featured Releases section. Mostly, award-winning content creators would list their limited-edition collections. Subsequently, users can check out the number of favorites and views.

Live Auctions Option - Entrepreneurs can make a big buzz in the market by organizing real-time auctions. Likewise, buyers can purchase one-of-a-kind collectibles after viewing the deadline.

They have to tap the Reserve Met button before the start of the sale. Investors can view the current highest bids made by another buyer, the number of blocks left for the auction to end, price in ETH and USD, photos, and videos.

Market Stats dashboard - “Transparency” is the hallmark of the SuperRare NFT marketplace. It shares real-time information with artists, investors, and speculators. They will know live data about primary sales, resale value, and secondary sales. Accordingly, buyers can make the right decision while purchasing a crypto collectible.

Multi-wallet compatibility - Both creators and investors can use digital wallets like Fortmatic, MetaMask, and WalletConnect. They can safeguard their Non-Fungible Tokens (NFTs) by using private keys or secret passwords.

Submit Artist Profile - Only selected artists can enlist their content on SuperRare. Hence, investors can purchase opulent crypto collectibles. Similarly, the Ethereum-based NFT marketplace has clear-cut guidelines related to legal art pieces, originality, and non-tokenization of assets (for digital purchases) anywhere on the Internet.

They should enter details like their email address, name, portfolio, a small description, and social media link. Further, they should tap the Confirm button to guarantee that their works do not fall under copyright infringement.

24x7 technical support - Entrepreneurs should offer round-the-clock technical assistance to both artists and investors.  Users can report issues like bidding glitches, changing of passwords, file deletion and removal, intellectual property infringement, and payment processing problems.

Top Collectors Section - Digital collectibles are being bought in huge quantities by both institutional and retail investors. Subsequently, the marketplace identical to SuperRare splits the purchases into 4 periods (daily, 7 days, 30 days, and 12 months).

Users can check out the total sales in Ethereum (ETH), as well as, US Dollar (USD). Insightful information is available about the average price, most valuable bid, number of NFTs (collected and owned), total purchases, and resales.

Trending Artists Panel - Highly admired artists would be ranked depending on the total sales. NFT buyers will know the average secondary market cost, selling price, the background of the content creator, the highest sale, and secondary market sales. They can purchase lucrative collectibles as per their requirements.

How is the $RARE token special for SuperRare?

The Rarible NFT marketplace launched its Rarible Governance Token (RGT). Similarly, the SuperRare trading platform came out with $RARE, a curation token for artists.  All the holders of the $RARE token can influence development and governance. They can make crucial decisions and vote on the guidelines of the online marketplace.

Importantly, the valuable tokens ($1.68 each) can be obtained by both artists and collectors through airdrop programs. Currently, SuperRare is giving away free $RARE digital assets for the next  3 months. The Ethereum smart contract forms the basis of the virtual tokens. Investors can buy it from platforms like Gate.io and Uniswap.

Why is the future of the SuperRare NFT marketplace bright?

According to Jonathan Perkins, the founder of SuperRare, monthly trading volume has increased from $100,000 in 2020 to $25-30 million now. Interestingly, the Ethereum-based NFT trading platform will conduct an In Real Life (IRL) exhibition named Art Basel on the beaches of Miami.

Moreover,  SuperRare is aiming to enhance the overall NFT experience. It has tied up with top brands like Samsung and VOLTA. The fast-growing NFT marketplace will also launch SuperRare Spaces in the coming months. Artists can create their own storefronts and sell their collections.

Generally, all the members of the SuperRare community can vote publicly by tapping the Space Race section. Hence, this will help the SuperRare NFT trading platform to become a powerful Decentralized Autonomous Organization (DAO).

What is the cost of SuperRare clone development?

The budget of creating a White-label NFT marketplace like SuperRare depends on numerous factors.

The key determinants of the total expenditure are

  • Addition of all the basic and premium features in the online platform.
  • Deployment of the Ethereum blockchain network and integrating the smart contract.
  • Hourly/ Weekly rates paid to the blockchain and crypto developers.
  • Level of customization demanded by entrepreneurs.
  • Multi-platform compatibility.
  • The total time is taken for front-end and back-end development.

Wrapping Up

SuperRare is growing stronger every day. It is partnering with more artists after raising $9 million in funding from investors in March 2021. Above all, the number of collectors and the featured pieces is 3600 and 15000 respectively. Besides that, 1000 new investors are purchasing crypto-collectibles every month.

Entrepreneurs can transform how the whole world views art by launching a SuperRare clone. They can approach an NFT marketplace development company like Appdupe now and emerge as a strong force in the world soon.

Author Bio

Jennifer Atkinson is a content writer at NFT development company, Appdupe. Having worked with tech experts, she has gotten lucky to author in-depth guides that teach entrepreneurs, ways to build, grow and scale their business in the on-demand apps and crypto industry. Learning new tech news and jotting them down to a plan for people is her favorite pastime.

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posts https://www.blockprism.org/blog/launch-nft-art-marketplace-like-superrare-clone/ https://www.blockprism.org/blog/launch-nft-art-marketplace-like-superrare-clone/ Editor Fri, 17 Sep 2021 07:56:23 -0400
Zaddex.io recommends using only verified wallets to avoid the loss of digital assets If you decide to convert your savings into cryptocurrency(exchange for electronic money) or start earning cryptocurrency, you will need to choose a reliable wallet for storing it. Without such a repository, the accumulation or use of an alternative monetary unit is impossible, because it does not have a material embodiment, exists and develops in the vastness of the blockchain network.

Using an online wallet is very convenient for new users, in particular, it does not require installation and functions are not inferior to desktop utilities. Cryptocurrency differs from traditional money primarily in that it is not stored in a wallet or some virtual bank, but directly in the blockchain ecosystem. The coins themselves, information about the distribution of digital assets between users, transaction history-all this data is stored by the chain.

Here are some e-Wallets, that are well-known for their reliability:

Zaddex

The Zaddex.io platform serves as the basis for creating solutions based on distributed registry technologies with a modular architecture and supports the use of one or more networks. The ability to provide a high level of security, flexibility, reliability, and scalability makes Zaddex suitable for developing enterprise-level solutions. It also has following advantages:

  • The best way to manage your bitcoins;
  • Perfect for anyone connected to the cryptocurrency market and willing to spend BTC on stores and online shopping without a problem;
  • This system makes it easy to convert your bitcoins into supported currencies;
  • No hidden fees or unfair pricing;
  • User support service within five minutes;
  • Simplicity and convenience of working online and high reliability of the operator;
  • The highest degree of security of funds today. There was not a single case of theft of funds on Zaddex;
  • Full decentralization.

Matbea

This is a crypto-wallet and an exchange in one service, providing customers with the opportunity to create a bitcoin wallet, exchange cryptocurrencies and store them in one place. To protect bitcoins, a security system of the latest generation has been implemented. In case of safety, the Matbea wallet uses three-factor authentication: SMS code, email code, and PIN code. Even if a virus has settled on your computer, it will not be able to read the code from the SMS in any way. The service is reliable, because there is a regular backup of files with bitcoins, so even in the event of an accident or failure of hard drives, the bitcoins of customers will be immediately restored.

Blockchain

This wallet, which was developed by the company of the same name, is the most time-tested and well-known online service for managing bitcoin and other cryptocurrencies. It is actively used by more than two million people around the world. Every day, tens of thousands of transactions are made through the Blockchain wallet. During the entire existence of the online service in bitcoin, over twenty million dollars were transferred through it.

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posts https://www.blockprism.org/blog/zaddexio-recommends-using-only-verified-wallets-to-avoid-the-loss-of-digital-assets/ https://www.blockprism.org/blog/zaddexio-recommends-using-only-verified-wallets-to-avoid-the-loss-of-digital-assets/ Editor Wed, 01 Sep 2021 23:47:02 -0400
The Rise of Initial DEX Offering (IDO) - Benefits and Risks of an IDO As the crypto world evolves, new practices are in place now - especially liquidity exchanges. Let us explain. Initial DEX offerings or IDOs are basically a means to launch crypto tokens through decentralized liquidity exchanges.

Meaning that, once an IDO coin is launched via Uniswap or Binance, it can be traded by anyone without much external control. That's why IDOs are taking the spotlight for now.

Before we delve into details, let's do a quick walkthrough of what it means to launch tokens. In general - ICO, IEO, STO, and IDO are popular among investors particularly. Setting up funds for a business was a hassle back in the day with traditional banking methods. But now, as cryptocurrencies become mainstream, companies are starting to use crypto tokens to raise millions.

IDO is the latest succession, it is far better in most aspects - faster, transparent, and provides instant liquidity access. Here are a few noteworthy IDO examples:

Successful IDO Projects

The Raven Protocol

An AI-based decentralized training protocol - they launched IDO back in 2019 and haven't looked back since. The Raven Protocol was one of the first ones to do so and even acknowledged the risky decision.

A product that depends on blockchain technology to bring revolutionary changes in AI, sufficient funds are needed. With their signature Raven Token on IDO, contributors raised over $500k in the long run. Under 24 hours, a total of 3% Raven Token was assigned, each coin went up to 0.00005 BNB in value.

Launch X

Another highlight, a decentralized IDO launchpad platform helping startups and individuals raise capital across blockchains. A leading name in the Binance Smart Chain economy, the company is powered by huge crypto reinvestment hubs - Marshland Capital, Raptor Capital, and Vendetta Capital.

Recently, Launch X closed at $600k for their new cross-chain launchpad on the website. David Marshall, the co-founder of Marshland Capital has optimistic views about the future of Launch X - hoping that a public IDO would do wonders.

UMA Protocol

Universal Market Access (UMA) protocol allows DeFi developers to issue and trade synthetic assets on the Ethereum-based platform. Not long ago, a token was released publically for an offering of $0.26 per token via an IDO supported exchange, Uniswap. UMA pulled over $535k in Ethereum.

Anyhow, the calculations didn't go as planned. The graph of the token went through a sharp bonding curve and in hindsight, the coin went more than $2 after going public - disappointing traders. This wasn't UMA's fault entirely, it had more to do with the exchange.

MAID

MAID is an emerging DeFi platform that runs a DEX offering on the MISO platform of SushiSwap (a decentralized exchange).

On 4th August, MAID IDO generated 448 ETH in just 20 minutes, going far above expectations. People on Twitter were lined up to participate in the Dutch Auction type. 30k $MAID coins were set in line, each one started at 0.015 ETH.

SushiSwap, a competitor to UMA - another decentralized exchange agency operating on Ethereum - encourages users to openly trade with MAID or keep such assets. An important takeaway is realizing what the selling point for MAID was. The anime appeal combined with easy registration (IDO) generated profitable results.

How it is Different - Compared with IEO/ICO/STO:

You might be wondering, what difference does an IDO make? It might seem the same but there's more to it. Keep reading.

To sum it up, IDO offers better liquidity returns. Older crypto funding models such as - initial coin offerings (ICOs), security token offerings (STOs), and initial exchange offerings lack (IEOs) behind in terms of accessing funds and the overall mechanism.

If we go into detail, ICOs and IDOs have a lot of overlapping features but staggering differences too. ICOs are regulated centralized exchanges while IDOs are free-for-all and decentralized. But we won't deny that ICOs raise far more money. IDOs are quick but high fees along with "stages to access" make them inaccessible for some investors.

To learn more about ICOs, click here.

However, IDOs are popular in decentralized (DeFi) markets and non-fungible token (NFT) based projects. IEOs rely on centralized exchanges (CEX) as well. Any ruling by CEX needs to be followed strictly:

  • Do not go over fundraising limits
  • Token should be listed separately
  • Restricted pools

With IDOs, open a pool and trade freely. Lastly, let's talk about STO - it deals with asset-backed security tokens. When looking to convert, STOs are not recommended - low liquidity due to centralization policies. Hence, IDOs win over.

Benefits of an IDO - Know Well

Know what you're getting yourself into - proper crypto insight is necessary before making any sort of financial decision. Read thoroughly and evaluate:

Clear Fundraising

The most notable "pro" point, it's open to everyone and everything is transparent. Participating in an IDO-based fundraising allows multinational capital funds to invest, as well as the common person.

Usually, whenever a token goes public, private investors buy it in bulk and then sell it later for a higher price - this drawback led to lots of precautionary investment decisions being taken. Small businesses didn't even bother to go through auctions. Fortunately, an IDO-based fundraising approach revolutionized everything.

Swift Liquidity

Let us brush up on your concepts a bit, liquidity defines how easily and efficiently you can convert an asset or security to cash. With IDOs, tokens get in a liquid state instantly - even the price stays stable that way. With other fundraising models, you need to wait a while - pay exchange fees, and then wait for approval. With IDOs, as we've said - it is decentralized.

Risks of an IDO - Be Aware

Everything about IDOs might seem ideal right now but unfortunately, there are a few setbacks that you need to be aware of. It's a new fundraising model after all.

Authority

A decentralized platform has its own set of problems too. No regulation whatsoever can cause prices to fluctuate massively, financial forecasts are unpredictable. So, research before investing. With no proper authority to look over, you should expect such problems to occur:

  • The price of a token fluctuates massively at the very first swap
  • No audit. There are no statistics to see how many tokens one's buying
  • The bonding curve model can't be easily analyzed

The Cost

Gatekeeping. Yes, investors tend to withhold token prices in a way because there's no limit set - buy as much as you want. And then a bonding curve graph shows up, leaving a lot of scattered data. Some traders even use technology to their advantage.

Once at BZRX, a decentralized Ethereum-based exchange platform, a group brought a bot along with them. The algorithm was fixed in a way that they bought all the project tokens at the initial price. With the surplus, they sold the tokens later - getting a huge profit by using just a bot.

The Future of IDO

The IDO mechanism was founded to be the "better" version of its predecessors (ICO, IEO, STO) - has it succeeded? We can't tell yet, it has only been a few years. So far, the concept of decentralized exchanges where you can quickly raise funds and not go through any processing steps seems idealistic but the subtle loopholes can't be ignored.

With just a few control mechanisms in place, IDOs can be trusted. Otherwise, token prices will keep on fluctuating, you'll have to make risky decisions. To conclude, IDOs are definitely here to stay nonetheless - better start investing!

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posts https://www.blockprism.org/blog/the-rise-of-initial-dex-offering-ido-benefits-and-risks-of-an-ido/ https://www.blockprism.org/blog/the-rise-of-initial-dex-offering-ido-benefits-and-risks-of-an-ido/ Editor Fri, 06 Aug 2021 23:23:29 -0400
Top four rules to invest in the crypto trading industry Investing money in the crypto industry has become a very challenging task. If you look at experienced traders, you will notice that all of them have extensive analytical skills. They never invest their hard-earned money without following fixed sets of rules. Things will be challenging and you will often become frustrated with your actions. But you should never lose hope while learning to trade the market. Learning the art of currency trading is more like completing a bachelor's degree in a top-tier university. So, if you expect that you will become a skilled trader without doing the hard work, you are walking on the wrong path.

There are thousands of ways by which you can improve your trading performance. But today, we are going to highlight the top four rules by which you can invest money in the crypto trading industry without increasing the risk factors.

Know the basics

The first step which you need to do is to know the basics. Without learning about the basics of the market, it will become a very challenging task to make a regular profit from this market. As you know nothing is predictable in the investment market. Anything can happen to the price of a certain asset. Try to learn the basics as it will allow you to deal with unexpected market movements. Stop aggressively taking the trades and develop a strong understanding of the support and resistance level.

You may also consider taking a professional course on cryptocurrency trading. Never think that it will be a waste of money. If you manage to find a good mentor, he can give you the proper guideline to learn the important details of this market. By following his guideline, you should be able to deal with the critical issues at trading.

Chose a very good broker

The majority of retail traders don’t realize the importance of choosing a high-end broker. Visit the official website of Saxo Bank UAE and see their offered feature. Soon you will realize that the high-end brokers are spending a huge amount of money just to ensure access to the professional trading environment. Things might be very challenging at the initial stage but once you go through the important details of the broker, you will never trade with the low-end broker.

The low-end brokers are always trying to scam you. On the contrary, elite brokers like Saxo works hard to give you the best resources. You can even use their free education contents which will improve your decision-making skills and let you trade the market in a very structured way.

Develop a trading strategy

Investing money in the crypto trading industry requires you to learn about the overall trading process. Unless you are good at technical and fundamental analysis, you will never the perfect time to execute the trades. Moreover, you also need to learn about closing of the trades and only then you can expect to make big profits from this market. That’s why you need to work hard and develop a professional trading strategy by using a demo account. Never think you can beat the market without following core rules of investment.

During the development phase, try not to make the overall trading process complex. Keep the things simple as it will allow you to trade the market in a more standard way. Never follow the aggressive method and use strategic actions to earn more money.

Trade with discipline

The only way by which you can protect your trading capital is by following strict trading discipline. No matter what you do in your life, you should not break discipline. If possible, write down your trading plans so that you can do well in the market. Never think you know everything about this market. Become a student of this market and try to extract quality information regarding cryptocurrency investment.

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posts https://www.blockprism.org/blog/top-four-rules-to-invest-in-the-crypto-trading-industry/ https://www.blockprism.org/blog/top-four-rules-to-invest-in-the-crypto-trading-industry/ Editor Tue, 22 Jun 2021 05:38:36 -0400
5 Reasons Why Blockchain Money Transfers Are on the Rise

Blockchain technology has become a popular topic in the business world. With all of the talk about cryptocurrencies, many people are now interested in blockchain technology. It is revolutionizing the way money is transferred. Because blockchain technology provides a plethora of benefits that traditional methods don't offer. For example, if you want to convert CAD to Naira, you have to visit a money exchange transfer. But in the blockchain system, you can do it without any help from third parties.

Blockchain technology has been around since 2008. But it has recently become popular among the mass of people. It is a decentralized public ledger that stores the record of crypto transactions all over the world. Nowadays, people are using this system for money transfer also. In this article, we will discuss what blockchain technology is and the top 5 reasons why blockchain money transfers are on the rise.

What is blockchain technology?

Blockchain technology is a decentralized public ledger that stores data across its network nodes rather than in one centralized location. David Chaum proposed this system in 1982. He proposed a decentralized system where every transaction will be completed automatically. As a result, there won’t be any third party that can manipulate or influence the money transfer system. Then in 2008, after Satoshi Nakamoto invented Bitcoin, blockchain technology started working. Since then, people are using this technology as a better alternative to the traditional money transfer system.

5 Reasons Why Blockchain Money Transfers Are on the Rise

There are many reasons why blockchain technology is popular. It has already gained the trust of people, which helps to enhance its usage. There are many reasons why people are using this new form of technology to send and receive money. Here are the top 5 reasons why blockchain money transfers are on the rise:

1. Transparency

Transparency is one of the top advantages that blockchain technology offers. Its decentralized network provides an increased level of transparency when compared to centralized systems such as banks. There are many people who use this system because they want to be completely transparent about their transactions and investments. With a decentralized public ledger, it's easy for everyone in the world to see every recorded transaction.

It is easy to check every transaction system, and that is totally free. There is no need to seek validation from any organization. Furthermore, no one can manipulate or change the transaction’s information as it is recorded by a computer-automated system.

2. Security

Blockchain technology offers a secure platform that cannot be hacked or tampered with. This means that your information is totally safe. Because every information is sensitive. Blockchain gives priority to the security of data. It keeps records of transactions through an encrypted system. Blockchain uses an advanced computerized method to run the whole system. Therefore if anyone wants to manipulate a record, the system will deny it. As a result, he won’t be able to break the system. Another thing is this system is immutable. It means a recorded data is unmodifiable and irreversible.

3. Low-cost transaction

One of the biggest problems in traditional money transaction systems is the transaction cost. But blockchain offers lower fees in money transactions than the traditional banking system. Transaction fees are much lower because there's no intermediary involved. You just need a crypto wallet and internet connection for transactions. As a result, you can avoid the hassle of visiting a bank or money transfer agency. For example, a bank can charge up to $50 per international transaction. But in the blockchain system, the transaction fee is relatively lower than the traditional banking system. 

4. Traceability

Another reason why blockchain money transfers are on the rise is traceability. That means it records all transactions and stores them in the blockchain ledger. As a result, every transaction can be traced back to its originator with ease. In the traditional system, it is hard to trace a good. But when any company uses a blockchain network to connect with a vendor, it becomes easy for them to trace the records. For this reason, the rate of fraud in the blockchain system is impossible. Because the blockchain supply chain is more transparent than the traditional system. 

5. Speed and efficiency

Blockchain technology is not only cheaper and safer but also faster. As a result, it has increased efficiency and speed in money transfer. Blockchain technology allows transactions to be completed more quickly, with no central authority or a middleman. This transaction process can take seconds. Whereas traditional methods usually need time for verification from a centralized banking system. For these reasons, blockchain money transfers are on the rise because they offer more efficient ways to send funds around the world without any downtime between the sender and the receiver.

These are the top 5 reasons why blockchain money transfers are on the rise. Blockchain technology will continue to grow as people become more aware of its astounding benefits. In addition, experts have proved blockchain tech as highly secure and reliable. That means that it guarantees security against hacking and frauds; its distributed public ledger records every single transaction. Moreover, there's also protection against counterfeit goods through digital signatures. So, all these make blockchain a reliable method of the money transfer system.

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posts https://www.blockprism.org/blog/5-reasons-why-blockchain-money-transfers-are-on-the-rise/ https://www.blockprism.org/blog/5-reasons-why-blockchain-money-transfers-are-on-the-rise/ Editor Mon, 21 Jun 2021 01:57:36 -0400
5 Reasons Why Buying Crypto is Easier Than Buying Stocks

Cryptocurrencies are becoming the latest frontier of finance, and Wall Street is taking care. People are always discussing the next big ICOs, engaging in blockchain technologies, and also incorporating cryptocurrency into their portfolios.

Through its ups and downs, cryptocurrency is always going high. In fact, it's safe to say that cryptocurrency is becoming a more common phenomenon. Also, large investment banks, such as Merrill Lynch, have begun to launch funds that include Bitcoin and Ethereum. There are numerous ways to trade crypto; take a look at the following best coinable alternative

One major problem with cryptocurrency is how investors view it. Often newcomers don't understand the distinctions between cryptocurrency and stocks, and as a result, they go follow the wrong deal.

Before you invest in cryptocurrency, keep in mind that investing in crypto is not the same as investing in stocks. 

The greatest distinction between crypto and stocks is about how they are priced

Stocks are backed by real businesses and are supposed to make money. They have real properties as part of their calculation, and you can use math to decide if a stock is properly priced based on market price.

Companies, on the other side, should not always back cryptocurrencies. They are mainly valued based on the excitement around them, but some are also valued based on their features. Since it is a more subjective valuation, predicting whether a currency is worth it is not always straightforward. 

A blockchain can be created by anybody, while stocks can only be created by exclusive groups

One of the reasons cryptocurrency has earned the moniker "rebellious software" is because anybody may build their own blockchain ledger. Many long-standing digital coins, such as Dogecoin, were created by teams of bored programmers.

Since anybody can create a blockchain coin, it's simple to launch your own ICO. However, the same cannot be said for securities, especially those traded on the NYSE, NASDAQ, or Dow Industrial.

When stocks are produced, they must be cleared and audited by government agencies. They must also comply with such laws before they can even enter the industry.

Stocks are created for a rather specific reason; Cryptocurrencies are unique in that a single currency may serve several functions.

Some cryptocurrency tokens may be used as the foundation of a blockchain for gaming and programming. Others are solely for fundraising, although even others may be seen in conjunction with other websites.

The primary distinctions between crypto and stocks are often related to the reasons on which they are sold. It makes sense, given that cryptography is nothing more than machine code. Stocks, on the other side, are motifs used in paperwork and fundraising. 

Before you decide to invest in cryptocurrency, take a look to see if your cryptocurrency would do. It may be more than just a financial investment. 

The volatility varies

Do you know how the majority of cryptocurrencies are priced depending on their reputation? As a result, the stock is very competitive, with extreme peaks and lows. The fall of Bitcoin had many people lose hundreds of dollars but its rise gained them thousands of dollars!

The cryptocurrency industry is volatile and vulnerable to unexpected coin crashes. This results in one of the most noticeable disparities between crypto and stocks in terms of trading activity.

During periods of uncertainty, equity holders choose to keep their positions, knowing that things will finally settle down. Since crypto is so volatile, it's not really a good idea to hold it for long unless you’re absolutely sure.

As a consequence, panic selling is more popular, and at times, also recommended, in the cryptocurrency scene.

Stocks are normally less vulnerable to theft than cryptocurrency

Stocks are highly monitored, and most must undergo yearly checks in order to begin trading on the exchange. Because of the intense attention that comes with creating your own stock, it's very rare that the stocks you buy-in would be fake.

Owing to its decentralized and unchecked form, cryptocurrency, on the other side, is extremely vulnerable to theft. Not only do real ICOs and cryptocurrencies have the potential to escape fraud, but actual cryptocurrency trading controversies suggest that you may rapidly risk your portfolio.

A stock exchange transaction would not be rife with the risk of theft that crypto exchanges are. That alone makes stocks even safer. Proceed with care while dealing with cryptocurrency.

Speaking of theft, there is another significant distinction between cryptocurrency and stocks. When you purchase a stock, it is distributed in your name, and proof of your ownership is available. People can't even steal shares of stock because of all the surveillance and record-keeping that goes into stock transactions. 

With Great Risk Comes Great Reward

For all of the cryptocurrency's issues, you'd assume people would resist it like the plague. It would be the case if it had consistent returns. However, unlike bonds, cryptocurrency does not always have "normal" returns.

Many long-term holders have seen returns of more than 1,000 years. Except in the short term, ICO returns are usually about 150 percent. As a result, the incentive is accessible.

To swap stocks, you can use investment apps such as Stash or Robinhood to start a trade. It's really easy and clear. Learning how to exchange cryptocurrency, despite being increasingly common in recent years, remains much more difficult.

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posts https://www.blockprism.org/blog/5-reasons-why-buying-crypto-is-easier-than-buying-stocks/ https://www.blockprism.org/blog/5-reasons-why-buying-crypto-is-easier-than-buying-stocks/ Editor Sun, 23 May 2021 03:15:18 -0400
Cryptocurrency Stellar (XLM) and its forecast for 2021

Stellar cryptocurrency is a universal platform that allows transactions with payment instruments. XLM cryptocurrency entered the crypto market in 2015. A detailed study of this cryptocurrency shows that it is a clone of Ripple. At the same time, the creators of this currency eliminated a number of shortcomings inherent in its predecessor.

Stellar cryptocurrency differs from its progenitor by the following advantages:

  • The implementation of an elaborate system of coin distribution among the user audience, which made it possible to achieve the financial stability of the project;
  • In contrast to Ripple, the creators of Stellar did not keep the bulk of the tokens. Thus, it was possible to exclude the possibility of manipulation by the founders. As a result, this crypto will be dependent on the market situation;
  • ensuring the maximum speed of transactions using the platform's internal services, as well as the minimum amount of commission.

Such innovations inherent in blockchain-based digital currencies can be dangerous for the banking system. Already now many large commercial structures, as well as financial companies on the wave of Stellar's growing popularity have begun to implement technological solutions used in this cryptocurrency. Due to this, the popularity of the coin is expected to grow, as well as its rate, which will help attract investors.

How was the XLM coin created?

The Stellar cryptocurrency network was developed in 2014 by Jed McCaleb as a fork of the popular Ripple cryptocurrency. At the first stage, the program code and structure of the new coin were based on Ripple. Since 2015, Stellar began to use its own open-source protocol, which can be called an advantage of the platform for third-party developers. At the same moment, Stellar coins (XLM) entered the market, which, some time later, began to be called Lumens on the Poloniex exchange.

The situation with the separation of the two cryptocurrency platforms occurred against the backdrop of increasing criticism of Ripple for its creators' policy of centralization. The arguments of Ripple's opponents were the cryptocurrency's closed code and the fact that all of these coins were actually controlled by a small group of individuals. At the same time, Stellar managed to combine all the advantages of its progenitor and get rid of its inherent flaws, entering the top of the largest cryptocurrencies.

Features of XLM

As any financial project, the cryptocurrency Stellar Lumens has a number of specific features that distinguish it from other similar coins.

The characteristic features of XLM include:

  • Stellar Development Foundation acts as the creators of the project;
  • The authors of currency are Jed McCaleb and Joyce Kim;
  • the software component of the coin is written with the help of C++ language;
  • on crypto-exchanges the following trade name of currency is used: XLM;
  • it takes no more than 5 seconds to confirm transaction on the network;
  • support of thousands of transactions in one second
  • the ability to implement any transaction involving the sale of cryptocurrencies, fiat money or tokens;
  • open source software code;
  • Instead of the usual Proof of Work scheme, this currency uses SCP;
  • All technical documentation related to the functioning of the network is open to users;
  • simplified and clean API, multi-signature and smart contracts support;
  • distributed information base;
  • 100 billion XLM coins were initially released to the market;
  • the coin received a fixed inflation rate of one percent per year;
  • Since Stellar does not use a mining scheme, all coins are available online at once;
  • A significant portion of XLM is held by the Stellar Development Foundation.

Not all of the listed features can be attributed to the merits of the coin. For example, many crypto-enthusiasts, having learned about the appearance of this payment instrument, tried to understand how to mine XLM. As it turned out, this currency cannot be mined, which was a real disappointment for part of the cryptocurrency community.

Advantages of XLM cryptocurrency

According to experienced participants of the cryptocurrency market, the main advantage of the digital coin Stellar can be considered the scalability and openness of its source code. A telling aspect of this cryptocurrency's system is that it can easily handle thousands of transactions conducted within one second. At the same time, it takes no more than 5 seconds to confirm a transaction, which is an unattainable result for today's cryptocurrencies. Such characteristics of Stellar allow it to compete on an equal footing with bank remittance services.

Also, one of the most important advantages of this coin is the support of SCP technology, which allows network participants to exchange cryptocurrencies, fiat money, as well as tokens and other assets without restrictions.

At the same time, we should also note the support for the ability of users to use smart contracts, as well as multi-signatures. This makes it possible to significantly expand the functional component of this crypto.

It is quite possible that these positive aspects of Stellar will allow it in a short time to win a loyal audience, appreciating the constant technical innovations that can improve the work inside the crypto network.

The advantages of XLM also include the following specific features:

  • The ability for users to create a large number of microtransactions while inside the Stellar network;
  • low commissions for conducting even large transactions using the software tools of the network;
  • full compatibility of the platform with other financial instruments;
  • availability of any fiat currencies and cryptocurrencies, which is an additional factor that expands the functionality of the crypto-network;
  • Coin operates in real time, so it is fully dependent on the market situation, which makes it possible to predict its exchange rate to the dollar and other fiat currencies;
  • the advanced crypto-encryption system is used inside the network, which increases the overall safety and reliability of transactions;
  • support of the automatic exchange of tokens;
  • based on the Stellar Lumens software protocol, third-party developers can create clients and various plug-ins focused on facilitating the work with the currency.

Disadvantages of XLM

In general, there are not many, and they are not contained in the coin itself, but in external factors. The fact is that many governments are engaged in the development of legislation aimed at regulating the use of cryptocurrencies. News about the next legislative initiative constantly negatively affects the quotations of major coins. For example, XLM's direct competitor, XRP, is currently under pressure from the U.S. Securities and Exchange Commission (SEC), which could bury the cryptocurrency in the long run. There is no guarantee that after dealing with XRP, the U.S. authorities will not take on XLM, because technically these cryptocurrencies are very similar.

Outlook for Stellar in 2021

Based on the initial plans of the creators of Stellar coin, its further prospects will depend on the number of financial institutions that will cooperate with this platform. The information about the new contract signed between the representatives of XLM coin and the new company has a positive effect on the rate of this currency. The most promising partnership contract for the Stellar platform was the cooperation with IBM, the world leader in computer technology. Such a partnership will undoubtedly benefit Stellar.

However, when considering the prospects for 2021, it is not worth believing the predictions of economists and cryptocurrency market reviewers without a second thought. It is important to understand that XLM is a volatile asset, so its value is extremely difficult to predict. To make money, you need to analyze the market and guess the direction of its movement.

The advisability of investing in XLM

Investors should understand that when investing in Stellar (XLM), you should not expect a large profit in a month. This project was originally positioned as a platform focused on long-term existence and the gradual conquest of the audience. Analyzing XLM, we can say that depositors will have to forget about the funds for at least two years. Before that, it is not worth waiting for a financial return. As for specific figures, in 2021 Stellar is unlikely to cross the mark of $1, given that its value is now about $0.6.

So, this cryptocurrency will not suit fast profit seekers. Therefore, they should pay attention to other coins, such as Bitcoin, Ether or Z-Cash.

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posts https://www.blockprism.org/blog/cryptocurrency-stellar-xlm-and-its-forecast-for-2021/ https://www.blockprism.org/blog/cryptocurrency-stellar-xlm-and-its-forecast-for-2021/ Editor Wed, 19 May 2021 08:14:59 -0400
China’s Crackdown on Cryptocurrencies

China's crackdown on cryptocurrencies is not new. China has targeted Bitcoin since 2013, banning financial institutions from processing Bitcoin transactions, and over the years the country has repeated its crackdown on the crypto market.

China's Crackdown on Bitcoin in 2013

In 2013, China banned Chinese banks from handling Bitcoin. According to the statement published at the time, Bitcoin was classified as a "special virtual commodity" and therefore did not have the legal backing to function as a currency. More specifically, the ban was imposed because the digital asset was not backed by any nation or central authority. The PBoC also noted that Bitcoin was a potential money laundering valve. Although the regulator did not prevent individuals from trading Bitcoin, it advised those involved to be aware of the risks involved.

Following the ban on Bitcoin transactions, the PBoC allegedly met with leading third-party payment service providers in China on December 16 and instructed them to stop doing business with Bitcoin exchanges. Two days later, BTC China (BTCC), the country's largest bitcoin exchange at the time, announced that it was no longer accepting yuan deposits, causing the price of bitcoin to fall further. As a result, it became very difficult to buy or sell bitcoins in China.

China's Crackdown on ICO in 2017

In 2017, China banned Initial Coin Offerings - the crypto version of an IPO - in which a cryptocurrency startup sells coins or tokens to raise money for the company.

The PBoC viewed ICOs as an illegal fundraising mechanism. It banned the ICO platforms from issuing ICO tokens and ordered that the funds raised through ICO must be returned to investors. The regulator found, among other things, that ICOs threaten the stability of the country's economy and pose the risk of "business failure". The order also stipulated that financial institutions and non-bank payment companies may not offer services that support token-based fundraising activities.

While the Chinese crypto community was still grappling with this new reality, regulators issued another directive compelling crypto exchanges to voluntarily cease operations by September 15. The leaked document sent to the exchanges revealed that they were expected to cease operations and put in place procedures that would allow users to withdraw their funds. As a result of this development, some China-based exchanges relocated their operations to other countries while others had to close down. 

To get around this limitation, Chinese crypto traders started using offshore exchanges or peer-to-peer platforms for all of their trading activities.

China's Crackdown on Crypto Trading and Mining in 2021

As recently as earlier 2021, China announced further measures to shut down crypto mining facilities that process and verify crypto transactions, and reiterated its ban on Chinese financial institutions offering crypto services. Chinese financial institutions offering crypto services have been banned again, and the PBOC announced it will step up monitoring of crypto transactions.

With the recent ban on all activities related to cryptocurrencies, China is sticking to its stance. According to experts in the field of cryptocurrency, this time around, the Chinese government is likely motivated by the development of its digital yuan and central bank digital currency. China is also striving to meet its climate goals and aims to become carbon neutral by 2060. Mining cryptocurrencies like Bitcoin is extremely energy-intensive and uses a lot of computer power.

The internet access to cryptocurrency-related websites and services has also been further restricted. China has been blocking foreign websites including most cryptocurrency exchanges. To access those websites, users in China have to reply on a limited number of VPNs that still work in China, or in Chinese: 翻墙软件, to bypass the blocking. In 2021, more crypto-related websites are blocked in China, making it more difficult to access crypto services outside of China.

In addition, the country's regulators decided in September to completely ban crypto trading. In contrast to previous measures against crypto transactions, the country's central bank, in collaboration with nine other government agencies, including the police and the Supreme Court, has dispelled all doubts about the country's stance on cryptocurrencies and left no room for misinterpretation.

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posts https://www.blockprism.org/blog/chinas-crackdown-on-cryptocurrencies/ https://www.blockprism.org/blog/chinas-crackdown-on-cryptocurrencies/ Editor Sat, 01 May 2021 02:57:23 -0400
What are NFTs? Here's the breakdown you need to know about the new Crypto Collectibles

Introduction

If you keep in touch with news from the finance sector, you may have heard about NFTs. They sure made a stir when a collage composed of 5,000 digital pieces, created by Mike Winkelmann, an artist known as Beeple, was auctioned for a whopping 69 million USD. Since then, NFTs have made many such appearances on the news such as Nyan Cat being sold for 172,000 USD or a New York Times column earning half a million dollars in charity. So what is NFT and how do you get into the market of it yourself? We will break it all down in this article.

What is an NFT?

You may be aware that in a decentralised framework, you can “tokenize” your physical assets by assigning them a digital value. These tokens can now be used in a variety of ways; some are "fungible," meaning that they can be broken down into different components which can be interchanged, while some others are "non-fungible," meaning the above does not apply to them and they can only be traded as a whole. Currency and gold, for example, are fungible because a certain amount of each may be substituted with the same amount of the other. Artwork or a blog post, on the other hand, is non-fungible since they are not divisible in sections and cannot be replaced by another, even though it is a duplicate of the same. These non-fungible tokens are abbreviated as NFTs.

NFTs are mostly used to tokenize rare and valuable non-fungible assets such as paintings, music records, and the like. However, you can use NFTs to represent and trade any tangible or intangible item such as a computer, a coupon, virtual items within video games such as skins, virtual currency, weapons and avatars, collectibles like digital trading cards, video footages of iconic sports moments, or even a tweet. You receive a digital certificate of ownership of the said asset, in exchange for the NFT. A blockchain public ledger, similar to cryptocurrencies, keeps track of who owns what. Smart contracts can also be embedded in NFTs, giving the artist a share of any potential token sales in the future.

How do NFTs work?

The majority of NFTs right now run on Ethereum blockchain, however, other blockchains can also offer their own versions of NFTs. The main reason for this to be done on a blockchain platform is to avoid piracy. The multiple layers of blockchain security protect the ownership and keep the data from being hacked, all the while maintaining an automatic and immutable track of each registration, transaction, and ownership. While the file that is being sold can have copies, its NFTs cannot be replicated. The concept is similar to owning an original art form and its copy. One set of NFTs includes unique information that sets them apart from other NFTs and allows them to be easily verified. Since each object can be traced back to the original issuer, the creation and circulation of fake collectibles become pointless. Having been built on a blockchain platform, these can also not be even deleted or destroyed; and so stay on forever.

What is more, being built on blockchain, blockchain-based NFTs are compatible with anything built using that particular blockchain. So you can trade the NFTs you have for an entirely different set of NFTs on the same marketplace. For example, you can trade an artform with a concert ticket. You can even use the music album you own as collateral for a loan.

What decides the value of NFTs?

To be completely frank, the value of NFTs are decided by nothing but what someone is willing to pay for them. The more unique a piece of item is, the more people will pay for it - a simple rule of supply and demand applies to NFTs. The value of NFTs is determined by the sum of the following:

  • Utility:

The utility of NFTs is determined by how they can be used. The uniqueness of the item certainly creates value, but the value will go even higher if the same item can have multiple uses. So for example, if you are to buy a rare and powerful card relevant to one game that will have value in multiple games, its worth will go up.

The utility of your of NFTs will also increase if the people who would be holding your NFTs get extra benefits because of them from other companies as well. Therefore, you may collaborate with other companies to increase the value of the NFTs you create or hold.

  • Ownership history:

Ownership of NFTs provide value to them just the way you expect them to - the more influential the original owner of an item is, the more valuable it is. It can be a famous artist, a celebrity, or a famous brand/company whose property the original item was. So either the artist, celebrity, or the brand itself sells the NFTs of the item, or a buyer of the same resells it.

  • Future value:

An NFT's future value is obtained from both valuation shifts and future cash flow. Speculation influences valuation, which can be the primary force of price appreciation in some cases. This valuation is again conducted with the application of the simple law of demand and supply. Once you generate demand for an item by creating scarcity, you can add price speculation to increase the value further. For instance, one of the reasons StockX, a sneaker marketplace, is valued at $1 billion because it stimulates people to bet on the price of shoes, creating a rare sneaker market.

The interest or dividends received by the NFT's original owner are referred to as future cash flow. SuperRare, for example, pays the original artists a 3% royalty any time the NFTs coming from their artwork is subsequently sold on the secondary market. Moreover, NFTs are just like any other assets, as mentioned earlier. So additional cash flow can be created when they get leased and used as collaterals in loans.

  • Liquidity premium:

In simple terms, the high liquidity of an asset means a higher value for its NFTs. NFTs created using Ethereum usually have more potential buyers than the ones created on other blockchain platforms, since they can be effectively traded on secondary markets with anyone who owns ETH, without much competition. This creates a higher trading volume for these NFTs, which means higher liquidity, and thereby higher value. Investors prefer these because of their low risk - even if the NFTs lose their utility value after a linked platform closes, highly liquid NFTs will retain their value as long as people are willing to buy and sell them.

How do you create, buy, or sell NFTs?

Most NFT platforms are completely open for everyone - anyone can create NFTs on them. However, a few of them require pre-approval of the artist by the platform or the blockchain community. Once this stage is completed, you must find secure cryptocurrencies payment solutions for the entire process. First, decide the marketplace(s) you want to list your NFT(s) on, as this will influence how and where you should create your NFTs. Currently, it is best to choose an Ethereum platform as they have the highest user base as discussed before. There are many such NFT creations and/or trading platforms, like OpenSea, SuperRare, Mintable, Nifty Gateway, Sorare, and several others. Once you are registered with a platform, it’s not that difficult to trade in NFTs.

Creating and selling NFTs

Different blockchain platform may have their own instructions for creating NFTs. Nevertheless, the basic process is pretty much the same -

  1. First, create a blockchain wallet supported by the platform that you pick for creating NFTs. This is where you will store your digital currencies. Some of the popular wallets are Metamask, Trustwallet, Dapper, etc. You will find simple chrome extensions for these. These will partner with platforms to help you buy and sell your artwork on the blockchain. They serve a dual purpose - of a wallet and of an e-signature.
  2. Create an account on the platform of your choice.
  3. Create digital content that you want to sell.
  4. Upload it to the platform with a link which you will find on the platform.
  5. Choose a price and whether you want to copyright the content to be transferrable.
  6. Finally, list the item on the platform by signing the transaction with your particular blockchain wallet.

Buying NFTs

Once you have an account and a wallet on a marketplace, buying NFTs is a piece of cake. All you have to do is fund your wallet with some cryptocurrencies of the blockchain platform of your choice (e.g., ETH for Ethereum platform). Exchanges such as Coinbase, Kraken, Binance, etc. enable you to buy ETH with your credit card. The verification of your wallet may take up to a few days, but once it’s done, your account is ready as an NFTs buyer, and you can simply select NFTs and start bidding. You can either bid on an NFT's primary offering or wait to see what the secondary market value is.

Legalities to keep in mind while dealing with NFTs

NFTs are a relatively new concept, and strict legal regulations regarding them have not arisen yet. However, the more they grow and common people end up making millions of dollars, the more we come close to government regulations being levy on them. So it is best if you keep yourself out of bounds of legal complications beforehand. So before you decide to be on an NFTs platform in any role, it is advisable to take the guidance of experienced blockchain lawyers. In any case, you should be aware of the legal implications in the following scenarios:

Securities regulations:

NFTs usually do not grant the purchaser, i.e. the token holder, any profit-sharing or decision-making power in their blockchain. As a result, they sometimes do not meet the definition of "security tokens" and thus do not fall under the existing financial regulations governing blockchain tokens. However, NFTs in the following scenarios may be considered as security tokens, and the financial regulations will apply:

  • Projects with a large number of NFTs, which are difficult to manage.
  • When the artist creates a platform to make secondary trading of NFTs easier,
  • NFTs “fractionalised” and sold to private investors,
  • When NFT buyers collect a royalty or valuation from the underlying asset, and the tokens are considered to be profitable investments.

Anti-money laundering and sanctions:

Anti-money laundering (AML) laws, such as the Bank Secrecy and Confidentiality Act and restrictions placed by the Australian Department of Foreign Affairs and Trade (DFAT), can apply to any cryptocurrency or token exchange transaction.

Regulatory requirements are waived for companies that arbitrate transactions necessary and important to differentiate goods or services. NFT-related businesses may need to conduct compliance audits to see if they fall under this exemption.

If an NFT involves a smart contract to execute a payment, further scrutiny of compliance conditions is needed. NFT transactions that fall under the definition of a regulated process under the Bank Secrecy and Confidentiality Act would be subjected to strict AML requirements and standards.

Cybersecurity:

In this day and age, absolutely anything on the internet can face a gruesome cybersecurity assault. Even though blockchain technology protects them from most hacks, 51% attack still remains a possibility, where even blockchain falls vulnerable. Therefore, a company should keep itself prepared with an insurance plan where they specifically add insurance policies to include NFT hacking.

Intellectual property rights:

Intellectual property right aka copyright is one of the biggest concern while selling any original art form, especially on the internet. As there still isn’t any separate law regulating digital copies, the initial smart contract defining the rights of the seller and the buyer needs to be bullet-proof and absolutely comprehensive.

Conclusion

Soon into the future, NFTs may be used to tokenize any real-world asset, rendering asset ownership transparent and incorruptible. There may be NFTs for real estate deeds, car names, company ownership, and many such big and complicated matters. Now that you understand what they are, how to create, sell, and buy them, and the legal matters that you need to keep in mind; you are now ready to delve into the NFT world and we hope you will thrive in it. We wish you all the best.

Author Bio: 

Ralph Kalsi is an entrepreneur, blockchain consultant and blockchain enthusiast who collaborates with businesses in Australia. With his vast knowledge and industry experience in blockchain, he helps to drive sustainable business growth. He is the CEO and proud founder of Blockchain Australia.

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posts https://www.blockprism.org/blog/what-are-nfts-heres-the-breakdown-you-need-to-know-about-the-new-crypto-collectibles/ https://www.blockprism.org/blog/what-are-nfts-heres-the-breakdown-you-need-to-know-about-the-new-crypto-collectibles/ Editor Mon, 19 Apr 2021 05:16:08 -0400
3 to Buy Bitcoin Using a Bitcoin ATM

If you've ever wanted to know how to use a Bitcoin ATM and ways to buy bitcoins at an ATM, then this is the article for you. Everyone knows what cryptocurrency is and how to buy and sell it online. But nowadays, you can easily buy a cryptocurrency for yourself from a Bitcoin ATM. This thing makes it more easy and convenient for crypto users. There are a lot of different ways to buy bitcoins at an ATM machine. However, they can be very confusing, especially if you do not know where to look. The best way is to search online for places where the Bitcoin ATMs are located. Then, when you have the location, go there and purchase your desired amount in a secured process. In this short guide, you will find the most popular ways to buy bitcoins at a Bitcoin ATM for your wallet. Before you go out and start buying yourself cryptocurrencies on an ATM, keep reading.

3 Ways to Buy Bitcoin Using a Bitcoin ATM 

If you're interested in buying a cryptocurrency, you can easily buy it from a Bitcoin ATM. They work the same as the ATM used by many banks. But the key difference is these machines use Bitcoins instead of traditional currency such as the dollar. They are only allowed to transact bitcoin between users. This step-by-by-step tutorial will show you how to buy the first Bitcoin with a Bitcoin ATM.

There are different types of Bitcoin ATMs. But they all use almost the same process while buying or selling bitcoins. Some processes may be different from each other; the ultimate result is a secured and better transaction. With most ATM machines, all you need to do is provide some information. After you've entered that information, the machine will match it with available funds. As soon as it finds the right amounts, it will automatically credit your account. That's really all there is to it. So here are the top 3 ways to buy bitcoin using a Bitcoin ATM.

Genesis1 bitcoin machine (Genesis Coin)

Genesis Coin is a USA-based company that manufactures mainly three types of Bitcoin ATM. They are Genesis 1, Satoshi1, and Satoshi 2. In this instance, the process of purchasing bitcoins might involve:

  1. Press on “Buy Bitcoins.”
  2. Input a cell phone number.
  3. Input received OTP.
  4. A check of the fingerprint.
  5. Choose crypto. You can also select Litecoin, Dogecoin besides buying Bitcoin.
  6. Select your wallet.
  7. Scan your wallet.
  8. Insert value.
  9. Press the send button.
  10. Print the receipt.

General Bytes BATMTwo

The General Bytes ATM is another ATM that provide services to:

  • anonymous users
  • anonymous users + fingerprint scan
  • registered users

This system totally depends on the operator, how it is set to work. Though this ATM doesn't provide a printed receipt but instead, it allows the customer to give an email where the encrypted private keys will be provided with additional directions for the next steps. The method of purchasing bitcoins using your email address is as such:

  1. Select language.
  2. Select "Buy Bitcoins."
  3. Input amount.
  4. Select receive by email.
  5. Save the password decryption key, which will be used to decrypt the contents of the file.
  6. Insert cash bills.
  7. Then select “Buy Bitcoins.”
  8. Finally, click on "Done.”

BitAccess

Another common Bitcoin ATM is Bit Access which can be found in Canada, the United States, and European countries.

The method of purchasing bitcoin in this machine is:

  1. Select language.
  2. Click Start.
  3. Input your mobile number.
  4. Input OTP.
  5. Select if you have a Bitcoin wallet or not.
  6. Scan the QR code.
  7. Insert cash bills.
  8. Select "I'm done."

The transaction is completed, and you will get an email confirmation when finished. You can even print a receipt.

Where can I find a Bitcoin ATM?

Bitcoin ATMs can be found in pubs, restaurants, or stores that are supportive of this modern cryptocurrency. But still, there are some restrictions about cryptocurrency. That's why it is not a common thing everywhere. Thankfully, there are a number of apps to locate the closest Bitcoin ATM. It's possible to find a Bitcoin ATM using apps such as CoinATMRadar and Bitcoin ATM Map.

Before you actually decide to purchase them via ATM, you need to know how a Bitcoin ATM works. You should always be very careful when dealing with any kind of money. You need to remember that there are different levels of "protection" that you can use. If you want to be safe, you should only buy small amounts. This way, you won't have to worry about leaving a suspicious trail that could bring down all of your assets. You may also want to consider purchasing these from only reputable locations.

These days, it's easier than ever before to find some pretty good places to buy these digital currencies. It is also one of the cheapest ways to buy Bitcoin. To avoid dealing with unscrupulous individuals, it's important to buy your bitcoins from a reputed Bitcoin ATM service provider that is well-established and one that is reliable. There are plenty of Bitcoin ATM service providers out there that are reliable and trustworthy for crypto users. 

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posts https://www.blockprism.org/blog/3-to-buy-bitcoin-using-a-bitcoin-atm/ https://www.blockprism.org/blog/3-to-buy-bitcoin-using-a-bitcoin-atm/ Editor Mon, 15 Mar 2021 04:58:04 -0400
Beware of These Top Crypto Scams In recent years, many technological advances like online banking and cryptocurrency have improved our lives, often with a cost. Cryptocurrency is a digital currency secured by cryptography, making it impossible to counterfeit.

One of the most popular and largest cryptocurrencies in the market is Bitcoin. The history of Bitcoin is short, but many people are now already using this virtual currency. Many stores accept Bitcoin as a form of payment for products and services. The use of Bitcoin involves recording every transaction publicly, so it’s difficult to copy or make fake bitcoins or spend ones that aren’t yours.

But just like real money, there are plenty of scams when it comes to cryptocurrencies. Crypto scams are a real and present threat, and they can result in millions of dollars being lost every year. Despite efforts from crypto security experts, fraudsters are becoming more and more sophisticated.

Here are some of the crypto scams you should be aware of and how to avoid them.

Fake crypto exchanges

Fake crypto exchanges offer a bogus cryptocurrency as an alternative to legitimate ones. In some fake crypto exchanges, scammers pose as an affiliate branch of a respectable and legitimate organization. Another scam involving crypto exchanges is where the buying and selling of cryptocurrencies is done under the guise of a trading platform. Since some countries have no regulatory bodies that oversee these exchanges, perpetrators are able to carry out their illegal trade.

Tip: Stick with popular, well-known crypto exchanges and forums. Do not be fooled by those that present themselves as part of a trading platform. Check the URL addresses for legitimacy. Do not visit unsecure websites. Some exchanges even promise heavy discounts on bitcoins to lure victims—do not fall for these.

Fraudulent wallets

Another common scam regarding cryptocurrencies is the sale of a wallet with a compromised pre-configured seed phrase. This security issue allows hackers to steal funds from the victim.

A hardware wallet is a physical device that allows crypto investors to protect their virtual currencies via offline means. Knowing this, fraudsters have branched out into selling compromised wallets that they can hack. Once the wallet is activated via a backdoor, scammers can steal its funds.

Another form of scam related to cryptocurrency wallets involves apps, which users use to manage their cryptocurrency portfolios. Fraudsters clone crypto-wallet apps, and when the money goes in, the scammers will then take them.

Tip: Many of these fake apps have been discovered on Google Play Store, and the company is making the necessary efforts in rooting these out. Despite this development, there are still hundreds of illegal apps that need to be filtered out. If you are going to download a crypto-wallet app, check its legitimacy by doing proper research. The same goes for hardware wallets. Buy ones from trusted sources only.

Ponzi schemes and pyramid schemes

Ponzi schemes are a form of investment fraud that pays existing investors with money collected from new investors. Fraudsters will promise to invest money, but it is not their money that they’re using. Instead, fraudsters solicit money from investors, and in exchange, they promise investors with shares from cryptocurrency mining pools.

Another form of Ponzi scheme is the pyramid scheme. This scheme involves recruiting investors who are willing to pay or invest upfront, and then have them recruit more investors. Some fraudsters are willing to have adverts made and published by credible publications, put ads on Facebook and other social media pages, and even use a picture of well-known celebrities and entrepreneurs and claim these to be among their investors.

Tip: Do proper research before committing to invest in any company or getting involved in any project. You can also check the social media pages of these celebrities to determine if they really do endorse such activities or are affiliated with certain cryptocurrencies.

Impersonation

Impersonation takes on a lot of forms. Phishing is when fraudsters create a website or social media account to imitate a reputable company or high-profile exchange. Then there’s spoofing, which is when scammers manipulate a phone number to make the victim believe that they are communicating with a legitimate crypto exchange.

Another form of impersonation is when fraudsters contact someone claiming to be from official organizations and telling that person that he/she owes a substantial amount of back taxes. Scammers go as far as threatening their victims with fines unless they pay with their crypt assets.

Tip: Always double-check the URL or number that scammers used to contact you. Watch out for typographical errors in the address or the social media page created. If you received a call demanding money for back taxes or fines, contact the company and ask them if someone placed a call from their office. Be ready to provide specific details about the call, too.

Malware

Malware is software designed to disrupt, damage, or gain unauthorized access to a computer system. Fraudsters will use malware to steal confidential information such as credit card details, and in the case of Bitcoin and other cryptocurrencies, drain the wallets of crypto users. This kind of scam happens when the victim inadvertently clicks on a suspicious download link included in an email or other forms of online communication.

Ransomware is another software that scammers use that locks the victim’s computer until they pay a fee using Bitcoin. Scammers also use this to target big organizations and companies for blackmail, promising them that they can regain control of their system or data once they pay the hackers.

Tip: Basic precautions must be done to prevent any of these from happening. Boost your online security and conduct transactions from a secure endpoint. Make sure that passwords are protected and only log into legitimate websites. Do not download or click suspicious-looking links or ads. If you’ve encountered a suspicious link, run a quick scan on your computer’s system to root out lingering Bitcoin miners.

Beware of Crypto Scams

When it comes to money and investment matters, always proceed with caution. If something sounds too good to be true, then it probably isn’t something to enter into. Do not accept crypto trading with companies or startups that are not powered by blockchain. In the case of Bitcoin, you can check the Bitcoin’s authenticity being offered to you since all transactions are on a public ledger.

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posts https://www.blockprism.org/blog/beware-of-these-top-crypto-scams/ https://www.blockprism.org/blog/beware-of-these-top-crypto-scams/ Editor Mon, 08 Mar 2021 07:22:09 -0500