What is a Cryptocurrency Wallet?

It’s been a long time since digital wallets appear but we are obviously not going to talk about Paypal or subway cards. We will tell you about cryptocurrency wallets, necessary for dealing with digital coins.

A cryptocurrency wallet is a service that allows to store and transfer cryptocurrency. The number of such services increases with growing popularity of virtual currencies.

All cryptocurrencies are based on public key cryptography. A user sends their “visible” public key to another, the information is encrypted using this key and transferred back. Then a user decodes the information with their private key. You might say: “Well, that’s exactly how digital signature looks like!”, and you’ll be absolutely right. Wallets enable users to exchange keys or, roughly speaking, cryptocurrency itself.  The open key is user’s public and available cryptocurrency wallet address where others send cryptocurrency. The user will then use the private key to “decode” the cryptocurrency and, thus, will be able to manage it.

All cryptocurrency wallets are based on blockchain technology. Depending on the way the wallet works with blockchain, one differentiates local and online wallets. Local wallets, like Bitcoin Core, download the whole blockchain on user’s computer and permanently update following the general chain of data. This type is the most secure, however, not every user can afford storing such an enormous amount of data on their hard drive. Later so-called thin wallets appeared. A thin wallet is a client that works with blockchain stored on the wallet’s server. Users don’t have to keep gigabytes of data on their computer, however, such systems are not that secure. That’s the way usual digital wallets, such as webmoney, operate. Among thin cryptocurrency wallets Electrum is probably the most popular.

Online wallets are the most easy-to-use and respectively the most popular. These are, for example, wallets that users create on cryptocurrency exchanges (Mt.Gox, Kraken, Bittrex, Poloniex) or other online services. Although it is rather convenient to use such wallets, users have to bare some risks. If the exchange goes bankrupt, or its funds are arrested, or it simply closes (there have been many cases already) – you are likely to lose your funds or at least to have problems with their withdrawal. Anyway, online wallets are fast and easy, and that’s why hundreds of thousands of users are in favor of this option.

Sometimes users also store their digital keys using printed QR-codes or even write them down in their notebook. Hackers will never find your private key if you keep it in your pocket, so this security measures are quite efficient. However, users still have to import their keys to online platform to carry out operations with their digital currency. Some online wallets, like for example, Bitcoin Wallet for Android also can work on mobile devices.  

Moreover, there are wallets that work with one digital currency, like myetherwallet.com that supports only Ethereum, or with multiple currencies.

Finally, you can choose any wallet you like, but the most important thing is to keep your private key secure, so that nobody can access it both physically and virtually.

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800% Increase In Money Laundering Cases Connected To The Cryptocurrency

According to the report published by the news media outlet “The Japan Times”, the National Police Agency in Japan registered about 6000 cases of money laundering connected to the cryptocurrency industry. The figures were taken from the research in the period from January to October 2018.

The amount of cases has raised showing an 800% increase in compare to the period from April to December 2017.

An NPA official commented on this situation:

“We have seen some large-scale cryptocurrency thefts, and operators are believed to be scrutinizing transactions more rigorously.”

In the report, NPA also emphasized on the vulnerabilities of the cryptocurrency transactions. Anonymous transactions can be transferred to overseas, due to different cryptocurrency regulations in various countries, it is hard to track the culprit.

We remind you

How to Determine Whether a Cryptocurrency Is Reliable and Invest Your Money Properly?

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Lightning Network of Bitcoin Blew Up: A 1600% Increase Since Last February

The BTC Lightning Network which was created to fight with the issue of Bitcoin scalability is developing at a huge pace. The story began last February. Back then, the network only had 1 thousand channels, worth 4 BTC per channel.

The network started growing. In August it already had 11 thousand channels with a price of 97 BTC per channel. We remind you:

The Number of Channels in the Bitcoin Lightning Network Exceeded 11 Thousand

And then Bitcoin Cash hardforked, and things went wild. The Lightning Network literally blew up. At the time of writing, the number of its channels equals to 16677. This means an increase by 1600% since the February of 2018.

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Cryptocurrency Prices Today, December 7: BTC Dropped by 12% in a Day, Cryptocurrency Collapsed

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost a record 12.4% over the past 24 hours. The price at the time of writing is $3377 per coin.

Following BTC, cryptocurrencies fell in price:

Bitcoin Cash lost 19.11% over the past 24 hours and costs $110 per coin;

Ripple fell by 12.3% and has a rate of $0.30;

EOS minus 25.04%, and its price is $1.70;

Litecoin decreased by 14.9%, and its cost is $25;

Cardano lost 17.72%, and its value is $0.028;

Stellar became cheaper by 17.42% and costs $0.10;

IOTA dropped by 17.53%, and its value is now $0.24;

Dash fell by 21.65%, and its price is $61;

Monero lost 2.18% and costs $45.

Over the past 24 hours, Ethereum dropped by 17.63% and continues to decline. The coin rate crashed down to $84, according to Coin 360.

The total market capitalization fell to $107 billion. Bitcoin accounts for 55.2% of the total volume. In monetary terms, it is $59 billion.

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Cryptocurrency Prices Today, December 6: Ethereum Is on the Verge of a Psychological Mark of $100

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) added 0.6% over the past 24 hours. The price at the time of writing is $3869 per coin.

Cryptocurrencies continue to decline:

Bitcoin Cash lost 11.17% over the past 24 hours and costs $145 per coin;

Ripple dropped by 1.54% and costs $0.34;

EOS minus 4.37%, and its price is $2.22;

Litecoin fell by 1.62%, and its cost is $29;

Cardano lost 3.79%, and its value is $0.034;

Stellar decreased by 5% and is $0.13 in price;

IOTA lost 1.49%, and its value is $0.27;

Dash fell by 3.30%, and its price is $79;

Monero dropped by 2.18% and costs $53.

Over the past 24 hours, Ethereum decreased by 4% and continues to decline. The cost of the coin is $102, according to Coin 360.

The total market capitalization is $123 billion. Bitcoin accounts for 54.7% of the total volume. In monetary terms, it is $67 billion.

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“Don’t do it in Beijing”: Chinese Authorities Banned Security Token Offerings

According to Chinese news media outlet Caijing, Beijing government decided to do away with any types of token sales, namely they banned security token offering (STO) in “Northern Capital”.

The statement was announced at the ‘2018 Global Wealth Management Forum’ by Huo Xuewen, the chief of Beijing’s Municipal Bureau of Finance:

“Recently, ICOs have been abandoned, and a new concept called STO has been advertised. With today’s platform, I will make a risk warning to those who are propagating in Beijing and want to issue STO. Don’t do it in Beijing. If you do it in Beijing, you will be taken away from illegal financial activities. When we have the authority to approve you to do an STO, we will say.”

The STO is a friendly-regulated kind of an initial coin offering (ICO). The STOs are enable to possess securities or stakes in business, as well as get the profits from it. The tokens represent tangible assets.

We remind you that China banned all foreign ICOs inside the country back in April this year. The SEC also decided to introduce fines for celebrities who promote scam ICOs.

SEC Is Going to Fine Social Media Celebrities Who Promote Scam ICOs

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Almost 30% of Freelance Workers Would Like to Receive Their Salary in Crypto

An online platform Humans.net conducted a research which involved 1100 people all over the US, working on the base of freelance. The survey made it clear that 29% of participants chose the decentralized way of being paid over the centralized one.

Out of the 29 crypto-inclined percent, 18% would prefer to get their remuneration solely in digital assets, whereas the remaining 11% wish to have a part of their salary in crypto.

The reason why almost a third of freelancers might soon turn to crypto is pretty simple. They suffer from all the shortcomings of the conventional bank system: high transaction fees, low level of security, low transaction speed, withdrawal limitations. All of those are eliminated in case with cryptocurrencies and blockchain.

We remind you:

The Gibraltarian Football Players Will Receive Salary in Cryptocurrency

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