The Gemini Exchange Will Support Operations with Zcash, Bitcoin Cash and Litecoin

Now the Gemini exchange supports operations with Zcash altcoins as well as with the digital coins Bitcoin Cash and Litecoin. Before the upgrade, only Bitcoin and Ethereum could be purchased inside the exchange.

According to Forbes, depositing of Zcash will be available from this Saturday, the 19th of May. Trading in pairs with dollars will be launched on the 22nd of May. The exchange will be available for 48 US states, as well as Washington D.C., Puerto Rico, Canada, Hong Kong, Singapore, South Korea and the UK.

After announcing that Zcash is now available at Gemini, the coin has grown in price by 40%. At the moment it costs $349 with the previous price of $225. At the time of writing, the cost of Zcash was at around $323.

The President of Gemini Cameron Winklewoss made a comment that the addition of new currencies became possible due to the close cooperation of the exchange with NYDFS:

“Our approval makes Gemini the first licensed Zcash exchange in the world. It also makes the NYSDFS the first regulatory agency in the world to supervise Zcash.”

Zcash is an anonymous currency that supports two addresses: the unshielded one which is open and also the hidden one. The Gemini exchange will accept deposits from two accounts, however, coin withdrawal will be supported only for open addresses.

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Bitcoin Miners Are Fooling Around While Earning Tens of Millions of Dollars

According to the recent research made by Diar: Bitcoin, Ethereum, Litecoin, and Dash miners made more than $18 billion without any transaction.

Let us start with the two most famous cryptocurrency – Bitcoin and Ethereum. These two coins were the most popular proof-of-work blockchains, however, they processed the fewest amount of empty blocks, the report shows that Ethereum paid out $65 million in rewards for such blocks in 2017.

Bitcoin Cash, in his turn, has created more than 3300 empty blocks since the end of summer of 2017. It means that monthly about $5 million was gained across all networks. Moreover, Bitcoin Cash miners have earned more than $1 billion since its for on November 15, 2018.

Litecoin is a fast cryptocurrency, and due to its network underutilization, the coin has the most empty blocks. Litecoin miners are mostly hunting for lite blocks, thus its block time is considered to be about 2 minutes. Indeed, the time varies from the difficulty of mining, but in overall every 2 mins, the block is created.

The report suggests miners “fooling around”, because a lack of transactions rises up their reward by far less than gaining the block reward. Let us look on the example.

Block 1586699 which was processed on Tuesday has only transaction less than 1 LTC, nonetheless, the block paid out the mining reward of 25 LTC. It means that the miner has made over $1000 to process less than $50. There is another example, block 1586709, the miner has earned more than $1000 for processing $0 in transactions. Unfortunately, there is no such a thing in the fiat world.

We remind you

How to Get Bitcoin And How Profitable is Mining in 2019

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Where is it Better to Buy Litecoin and What Wallet to Choose?

Litecoin is one of the “eldest” cryptocurrencies. It has been in the top 10 on the coinmarketcap site for a long period of time. Now the project occupies the 4th place, with a total capitalization of just over $2 billion. If Bitcoin is often compared to gold, then Litecoin is considered silver in the cryptocurrency world. Buying this coin is a relatively stable investment, which can bring good profit in the future. In this article, we will talk about how to get Litecoin and what wallet is better to choose.

1. How to choose a Litecoin wallet?

Initially, in order to become the owner of this cryptocurrency, it is necessary to acquire a wallet that supports LTC. There are few variants for storing Litecoin. Let’s take a closer look at each of them:

  • Online wallets are the most convenient in use, but unfortunately, this method is the most unsafe. The fact is that private keys to wallets are on the servers of companies. Potentially, they can be subject to hacker attacks. This may lead to a total or partial loss of assets. For this reason, it is better not to keep all your savings in online wallets. A short list of popular services that support LTC (Cryptonator, LiteVault, block.io, Rahakott etc)
  • Software wallets are intended for installation on desktops or laptops. There are two types – “heavy” and “light”. To install the former, you need a lot of free disk space (hundreds of gigabytes), since the clients of “heavy” software wallets contain the entire blockchain network database. These wallets are fairly secure; one of the most popular full-length official wallets for Litecoin is Litecoin Core. “Light” wallets do not require downloading the entire blockchain, they are more convenient to use but less secure. List of lightweight wallets (Electrum LTC, Exodus etc)
  • Mobile wallets are applications for smartphones and tablets. One of the most popular LTC storage applications on the Android operating system is LoafWallet. If we talk about multiplatform solutions, then these are Coinomi and JAXX.
  • Hardware wallet is an upgraded USB flash drive, which has an auxiliary protective mechanism built into it. They can be made manually, but here is a list of ready-made solutions: Ledger Nano S, Trezor, KeepKey.
  • Paper wallets are one of the most reliable ways to store cryptocurrency. This option is suitable for long-term storage, as using coins on a daily basis through a paper wallet is not very convenient. You can generate a new wallet for LTC at https://liteaddress.org.

2. Online exchanges

According to most users, the best place to buy Litecoin is online exchange. Before making an exchange in any service, it is necessary to make sure that it is working and secure. The fact is that there is a huge number of fraudulent services on the Internet, which either exchange at a very low rate, or do not pay a penny at all. For this reason, it is necessary to be very careful and attentive. Here is a small list of honest and good services that have been operating for years now:

AlfaCashier. This exchange supports a huge amount of different coins and fiat. For example, here it is possible to buy Litecoin with cash Perfect Money, MoneyPolo etc.

Indacoin  – is it very popular online exchange that works in many countries of the world. The main advantage of this service is the ability to acquire LTC or any other cryptocurrency using a credit or debit card Visa/MasterCard.

Large exchanges have physical places where it is possible to buy almost any popular cryptocurrency for cash. But unfortunately, these kind of services are not numerous, and they are concentrated mainly in large cities.

3. LTC purchasing on the stock exchange

Many more advanced users know the answer to the question “Where can I buy Litecoin profitable with minimal cost?” – on cryptocurrency exchanges. These sites are first of all intended for trading cryptocurrency assets, but if you are not going to engage in trading, but want to buy cryptocurrency at the most favorable rate that changes in real time, you still need to register at one of these sites:

Livecoin – a convenient small exchange that has minimal commissions, does not have a minimum deposit amount and works with Fiat.

EXMO – a large choice of languages, moderate commissions and the ability to replenish your account with fiat currencies make this exchange a very convenient tool for purchasing digital coins.

HitBTC – has a friendly interface, low commissions, and also supports USD.

4. Other methods to acquire LTC

It is possible to buy Litecoin through direct transfer of funds to a person who wants to sell his coins. The advantage of this method is that you do not need to pay commissions to intermediaries, to register at various services, etc. But in this case, there is a possibility that the second participant in the transaction may turn out to be a fraud and you can say goodbye to all your money. There are various forums for searching for direct sellers and buyers of cryptocurrency, but they should be used only at your own risk.

5. Conclusion

Many people mistakenly think that it is possible to buy Litecoin stock as simple as Apple, Tesla, Microsoft, etc. But it should be understood that Litecoin is not a company that represents the stock market, it does not have stocks, it is a cryptocurrency project that has its own coins, which can be easily purchased using online or offline exchanges, cryptocurrency exchanges, directly from another person, etc. Many beginners are interested in an important question: “When to buy Litecoin?”. Unfortunately, there is no exact answer to this question. Nobody knows when the best time for purchasing comes. The main things to know about investments in LTС or any other cryptocurrency:

  • don’t invest your last money;
  • don’t buy cryptocurrency for a short term;
  • forget about this money and be morally ready to say goodbye to it.

Only in this case, you will be able to calmly experience the huge volatility and wait for the next growth.

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The CEO of Circle Believes That a Clearer Policy of the SEC Will Cure the Crypto Industry

The CEO of the project Circle, backed up by the major bank Goldman Sachs, Jeremy Allaire started a thread on Reddit together with his co-workers, where they debated the accomplishments of the company in the recent time, talked about prospects for the future and discussed the overall situation on the crypto market.

According to the representatives of Circle, one of the main issues with crypto in the US is the lack of regulatory framework and, most importantly, the inability of the Securities and Exchange Commission to clearly define cryptocurrencies as belonging to a particular type of assets.

We remind you:

The SEC: Unlike ICO Tokens, Bitcoin and Ethereum Can Not Be Securities

There absolutely needs to be more regulatory clarity to really make this fly — in particular around who can issue these, how they can be stored and transmitted, and what markets can allow their trading. There’s a lot of attention on this and we absolutely expect to see these issues resolved and for far more real world experiments to hit the markets this year,” said Jeremy Allaire.

Also, the CEO of Circle claimed that the US should follow the example of France and have a separate kind of taxation for crypto-to-crypto transactions.

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“51% Attack” Hit Ethereum Classic: A Full Analysis Of The Process

As we have reported earlier, Ethereum Classic was hit by 51% attack, it means that hackers obtained more than 50% of network’s mining hashrate.

A Malicious “51% Attack” Hit Ethereum Classic, The Loss Allegedly Accounts For $460 000

Slowmist, Chinese-based blockchain journal, has released a full report on the attack. The earliest hit occured on January 5, the culprit hacked some exchanges, like Bitrue, Coinbase, Gate.io, however, this was noticed only two days later.

The first action was a transfer of more than 5000 ETC from Binance to the criminal’s address 0x24fdd25367e4a7ae25eef779652d5f1b336e31da. This amount of coins moved to a mining node, that created block 7254355. After that, the hacker deposited 4000 ETC to Bitrue exchange in block 7254430, yet, this transaction vanished from the Ethereum Classic chain. Another 9000 ETC was stolen in the same way. The Bitrue address 0x2c9a81a120d11a4c2db041d4ec377a4c6c401e69 no longer exists, and the official history is clear. Though, Bitrue managed to save some records:

The scheme of the hacker attack is simple:

  • make a deposit;
  • withdraw to a safe address;
  • to double coins – just move the coins to other addresses.

One of the biggests victims is Coinbase exchange. It was estimated that the loss from the attack accounts for $1 million. The above-mentioned report also provides the information about two attacker addresses which were blackmailed by Coinbase later. They are:

– 0x090a4a238db45d9348cb89a356ca5aba89c75256
0x07ebd5b21636f089311b1ae720e3c7df026dfd72

In Twitter, one of users (nickname: @OGBTC) claimed that he knew the culprit personally.

https://twitter.com/OGBTC/status/1082559086070136832

Another user (nickname: @sebseb7) indicated that it was he who knew the hacker.

The “51% Attack” is over for now. All we can do is to estimate the losses and to take measures so that it will not happen again.

The report also stated:

“[W]e recommend that all digital asset services platform block transfers from the above malicious wallet addresses. And strengthen the risk control, maintain a high degree of attention, and be alert to double spend attacks that may erupt at any time.”

We remind you:

The Dark Overlord Threatens To Reveal The Truth of 9/11 Attacks Unless Ransom in Bitcoin is Paid

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GMO Will Keep On Mining Bitcoins at a Different Location

One of the world’s largest IT companies, Japan-based GMO has published its monthly report regarding its mining activities and the profits coming from them.

We remind you:

Japanese GMO Releases a Monthly Update: What Has Changed As For Mining?

Based on the December’s document, the revenue from mining cryptocurrency has dropped down  significantly which implies that immediate measures must be taken.

One of the biggest pitfalls of mining is the amount of electricity consumed and its high price. Thus, GMO made a decision to relocate its main mining center into a different area, where electricity will cost way less.

We will relocate the mining center to a region that will allow us to secure less expensive power supply,” reads the report.

Moreover, the company refuted all the rumors regarding its alleged plans of giving up mining completely. Since 2017, when GMO first engaged into mining, it has earned massive profits and still sees potential in crypto.

As we may see in the statistical data, the mining reward for Bitcoin increased a lot in the last month of December, whereas Bitcoin Cash suffered a hard fall. But the crash of the crypto market and Bitcoin in particular could not be controlled by GMO and affected its business quite badly, making it “move houses”.

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A Malicious “51% Attack” Hit Ethereum Classic, The Loss Allegedly Accounts For $460 000

An operator of Ethereum Classic mining pool has confirmed that a 51% attack has hit ETC network on January 7. This attack refers to a malicious attack on blockchain when hackers obtained more than 50% of mining hashrate of network.

The hackers got the ability to reorganize blocks and even replace them on blockchain, moreover, the culprits are able to “double spend” coins, i.e. the same coins can be transferred several times.

The rumours that ETC has been experiencing a hacker attack originally appeared on CoinNess, Chinese journal on the 6th of January. The report says that SlowMist, Chinese blockchain security firm, was the first to notice the attack.

The article reads:

“The ETC community followed up on the development of the incident immediately and learned that there is a private mining pool…that achieves more than 50% of the total network hashrate at certain times.”

The spokesman of Ethereum Classic has responded in Twitter, saying the network “operated normally”.

However, in just a few hours, the representative asked all mining pools to “allow a significantly higher confirmation time on withdrawals and deposits (+400).”

Later, without any confirmation or comment, the official account of Ethereum Classic retweeted the report made by Chinese journal.

On January 7, the cryptocurrency exchange Coinbase has posted a report saying that they detected this attack on the 5th of January. Mark Nesbitt, Coinbase Security Engineer, who wrote that report, stated that since the disclosure of malicious attack, there had been 8 chain reorganizations worth approximately $460,000.

Ethereum Classic refuted to the report of Coinbase, claiming that the later did not “connect  with ETC personnel regarding the attack.”

While it is still unknown who was the first to detect the malicious attack and what are the consequences of it, we want to remind you

The Dark Overlord Threatens To Reveal The Truth of 9/11 Attacks Unless Ransom in Bitcoin is Paid

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