Cryptocurrency
The term cryptocurrency means virtual or digital currency that is built on blockchain and is secured by cryptography. Cryptocurrencies are digital money that works as a medium of exchange over the internet. One of the defining features of cryptocurrencies is that they are usually not by a central authority, making them immune to government intervention or manipulation.
The three important concepts on which cryptocurrency is based include blockchain, decentralization, and cryptography. Blockchain, in the case of cryptocurrency, is a digital ledger, the access of which is distributed among authorized users. This ledger maintains a record of transactions related to various assets, such as money, house, or even intellectual property (IP). Any information that blockchain records are not tamperable even by an administrator.
The term cryptocurrency means virtual or digital currency that is built on blockchain and is secured by cryptography. Cryptocurrencies are digital money that works as a medium of exchange over the internet. One of the defining features of cryptocurrencies is that they are usually not by a central authority, making them immune to government intervention or manipulation.
The three important concepts on which cryptocurrency is based include blockchain, decentralization, and cryptography. Blockchain, in the case of cryptocurrency, is a digital ledger, the access of which is distributed among authorized users. This ledger maintains a record of transactions related to various assets, such as money, house, or even intellectual property (IP). Any information that blockchain records are not tamperable even by an administrator.
How to Avoid Cryptocurrency Scams: Part 1 🕵️♂️
There are several actions you can take to avoid being scammed. If you notice any of the signs, you shouldn’t click on any links, dial a phone number, contact them in any way, or send them money. Additionally:
Ignore job listings to be a cash-to-crypto converter or crypto miner.
Do not fall for claims about explicit material they have of you that they will post unless you send cryptocurrency, and report it.
Don’t accept “free” money or crypto.
There are several actions you can take to avoid being scammed. If you notice any of the signs, you shouldn’t click on any links, dial a phone number, contact them in any way, or send them money. Additionally:
Ignore job listings to be a cash-to-crypto converter or crypto miner.
Do not fall for claims about explicit material they have of you that they will post unless you send cryptocurrency, and report it.
Don’t accept “free” money or crypto.
📰 Stablecoin Market Capitalization Hits $138 Billion as Volume Grows by 4.5% this Month
The stablecoin market capitalization has soared 1.95% to hit $138 billion in February recording a fifth consecutive monthly growth since September 2023.
A new market report by cryptocurrency analytics firm CCData shows a stablecoin market capitalization and trading volume rise.
Stablecoin Dominance Plunge Continues
The report hinted at a higher figure this month as a result of $440 billion in trading volume recorded as of February 16. Although stablecoins saw increasing figures and activities, their overall market dominance plunged from 8.15% to 7.09% this month.
The stablecoin market capitalization has soared 1.95% to hit $138 billion in February recording a fifth consecutive monthly growth since September 2023.
A new market report by cryptocurrency analytics firm CCData shows a stablecoin market capitalization and trading volume rise.
Stablecoin Dominance Plunge Continues
The report hinted at a higher figure this month as a result of $440 billion in trading volume recorded as of February 16. Although stablecoins saw increasing figures and activities, their overall market dominance plunged from 8.15% to 7.09% this month.
📰 Hacker Behind 2023 KyberSwap Attack Moves $2.5 Million From Arbitrum to Ethereum
The hacker responsible for the November 2023 KyberSwap attack has been spotted transferring nearly $2.5 million in cryptocurrency.
According to a February 26 X post by blockchain analytics firm PeckShield, the hacker moved 798.8 Ether, valued at approximately $2.49 million, from Arbitrum to the Ethereum blockchain.
KyberSwap Attack
The KyberSwap attack which occurred on November 23 last year was one of the most notable DeFi hacks of 2023.
Shortly after the attack began, KyberSwap informed its community of a “security incident,” urging users to withdraw their funds. It was initially reported that approximately $46 million in digital assets were taken, but subsequent investigations revealed a sum closer to $49 million.
The hacker responsible for the November 2023 KyberSwap attack has been spotted transferring nearly $2.5 million in cryptocurrency.
According to a February 26 X post by blockchain analytics firm PeckShield, the hacker moved 798.8 Ether, valued at approximately $2.49 million, from Arbitrum to the Ethereum blockchain.
KyberSwap Attack
The KyberSwap attack which occurred on November 23 last year was one of the most notable DeFi hacks of 2023.
Shortly after the attack began, KyberSwap informed its community of a “security incident,” urging users to withdraw their funds. It was initially reported that approximately $46 million in digital assets were taken, but subsequent investigations revealed a sum closer to $49 million.
How To Avoid Cryptocurrency Scams: Part 2 🕵️♂️
Scammers are always finding new ways to steal your money using cryptocurrency. To steer clear of a crypto con, here are some things to know.
To avoid business, government, and job impersonators, know that
No legitimate business or government will ever email, text, or message you on social media to ask for money. And they will never demand that you buy or pay with cryptocurrency.
Never click on a link from an unexpected text, email, or social media message, even if it seems to come from a company you know.
Don’t pay anyone who contacts you unexpectedly, demanding payment with cryptocurrency.
Never pay a fee to get a job. If someone asks you to pay upfront for a job or says to buy cryptocurrency as part of your job, it’s a scam.
Blackmail scams
Scammers might send emails or U.S. mail to your home saying they have embarrassing or compromising photos, videos, or personal information about you.
Scammers are always finding new ways to steal your money using cryptocurrency. To steer clear of a crypto con, here are some things to know.
To avoid business, government, and job impersonators, know that
No legitimate business or government will ever email, text, or message you on social media to ask for money. And they will never demand that you buy or pay with cryptocurrency.
Never click on a link from an unexpected text, email, or social media message, even if it seems to come from a company you know.
Don’t pay anyone who contacts you unexpectedly, demanding payment with cryptocurrency.
Never pay a fee to get a job. If someone asks you to pay upfront for a job or says to buy cryptocurrency as part of your job, it’s a scam.
Blackmail scams
Scammers might send emails or U.S. mail to your home saying they have embarrassing or compromising photos, videos, or personal information about you.
Trading Strategies: A Comprehensive Guide ‼️
Swing Trading
In the Swing trading strategy, people hold the position for several days or few weeks. This trading type follows short to intermediate-term trends ranging typically between 1-30 days. The person who is not active on a daily basis and dedicated their time to their jobs can implement this type of trading strategy. Here, you do not need to worry about the daily ups and downs because in swing trading you will not hold the cryptocurrency for just a day. However, keeping up with the trend and checking the daily analysis will help you gain the optimum profits.
Position Trading
In this type of trading strategy, you need to focus on the long-term price shifts. In order to gain maximum profit, major price shifts are considered by the trading experts. Position trading is also known as “trend trading”, as traders tend to hold the position for more extended periods of time.
Swing Trading
In the Swing trading strategy, people hold the position for several days or few weeks. This trading type follows short to intermediate-term trends ranging typically between 1-30 days. The person who is not active on a daily basis and dedicated their time to their jobs can implement this type of trading strategy. Here, you do not need to worry about the daily ups and downs because in swing trading you will not hold the cryptocurrency for just a day. However, keeping up with the trend and checking the daily analysis will help you gain the optimum profits.
Position Trading
In this type of trading strategy, you need to focus on the long-term price shifts. In order to gain maximum profit, major price shifts are considered by the trading experts. Position trading is also known as “trend trading”, as traders tend to hold the position for more extended periods of time.
Proof of Stake (PoS) 📰
Proof of Stake is a type of consensus mechanism used by blockchains to verify transactions and add them to the existing blockchain. A consensus mechanism allows a blockchain to be the single source of truth despite not having a single central authority.
A blockchain maintains its integrity by publishing all the transactions in the form of a block. Any further transaction that contradicts an already published transaction is reverted. Proof of Stake allows a way for the blocks to be published. It is an important mechanism that secures the blockchain from malicious activities like double-spending.
Proof of Stake is a type of consensus mechanism used by blockchains to verify transactions and add them to the existing blockchain. A consensus mechanism allows a blockchain to be the single source of truth despite not having a single central authority.
A blockchain maintains its integrity by publishing all the transactions in the form of a block. Any further transaction that contradicts an already published transaction is reverted. Proof of Stake allows a way for the blocks to be published. It is an important mechanism that secures the blockchain from malicious activities like double-spending.
South Korea’s Ruling Party Delays Proposal to Ease Crypto Restrictions 📰
outh Korea’s ruling People Power Party has indefinitely postponed its plans to ease crypto regulations, including the lifting of the ban on local spot Bitcoin (BTC) exchange-traded funds (ETFs).
According to a report from local media outlet Chosun Biz, the party recently removed virtual assets from its list of policy priorities, effectively abandoning its plan to make a pledge to ease regulations.
Previously, the People Power Party, led by Representative Yoon Chang-hyun of the National Assembly’s Political Affairs Committee, intended to announce a virtual asset pledge ahead of the general election scheduled for April 10.
An official familiar with the party’s situation stated that the party leadership is currently focused on constituency nominations and personnel selection for the People’s Future, a proportional satellite party.
outh Korea’s ruling People Power Party has indefinitely postponed its plans to ease crypto regulations, including the lifting of the ban on local spot Bitcoin (BTC) exchange-traded funds (ETFs).
According to a report from local media outlet Chosun Biz, the party recently removed virtual assets from its list of policy priorities, effectively abandoning its plan to make a pledge to ease regulations.
Previously, the People Power Party, led by Representative Yoon Chang-hyun of the National Assembly’s Political Affairs Committee, intended to announce a virtual asset pledge ahead of the general election scheduled for April 10.
An official familiar with the party’s situation stated that the party leadership is currently focused on constituency nominations and personnel selection for the People’s Future, a proportional satellite party.
Mobile App 📱
Coming December 2024
Your new Favorite App for Cryptocurrency Trading.
A new take on the functionalities you love, now with improved user experience and cutting edge design.
Quickly Buy and Sell
Buy Bitcoin, Ethereum and 100+ cryptocurrencies. Seize the power of Dollar Cost Averaging with scheduled recurring purchases.
Manage Your Portfolio
Conveniently deposit, withdraw and maintain your cryptocurrencies in the Bitstape multi-asset crypto wallet with industry- leading security.
Trade Over 100 Cryptocurrencies
Trading variety right at your fingertips. Easily check market prices, create alerts, and buy or sell your assets.
Bitstape.com
Coming December 2024
Your new Favorite App for Cryptocurrency Trading.
A new take on the functionalities you love, now with improved user experience and cutting edge design.
Quickly Buy and Sell
Buy Bitcoin, Ethereum and 100+ cryptocurrencies. Seize the power of Dollar Cost Averaging with scheduled recurring purchases.
Manage Your Portfolio
Conveniently deposit, withdraw and maintain your cryptocurrencies in the Bitstape multi-asset crypto wallet with industry- leading security.
Trade Over 100 Cryptocurrencies
Trading variety right at your fingertips. Easily check market prices, create alerts, and buy or sell your assets.
Bitstape.com
What is mining? ℹ️
Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions. It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with new coins. It’s a virtuous circle: the miners maintain and secure the blockchain, the blockchain awards the coins, the coins provide an incentive for the miners to maintain the blockchain.
How does mining work?
There are three primary ways of obtaining bitcoin and other cryptocurrencies. You can buy them on an exchange like Bitstape, receive them as payment for goods or services, or virtually “mine” them. It’s the third category that we’re explaining here, using Bitcoin as our example.
Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions. It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with new coins. It’s a virtuous circle: the miners maintain and secure the blockchain, the blockchain awards the coins, the coins provide an incentive for the miners to maintain the blockchain.
How does mining work?
There are three primary ways of obtaining bitcoin and other cryptocurrencies. You can buy them on an exchange like Bitstape, receive them as payment for goods or services, or virtually “mine” them. It’s the third category that we’re explaining here, using Bitcoin as our example.
📰 El Salvador President Nayib Bukele Confirms No Bitcoin Sell-Off for Now
El Salvador does not have plans to sell its Bitcoin (BTC) reserves at present, the pro-crypto nation’s President Nayib Bukele confirmed Wednesday.
His remarks come after El Salvador’s Bitcoin holdings hit massive profit following Bitcoin’s notable increase in price recently. The crypto was trading around the $57,200 on Wednesday.
In a post on X (Twitter), President Bukele slammed the critics who wrote about El Salvador’s supposed losses when BTC price was low. He criticized the media’s alleged silence when El Salvador is seeing 40% gains in its crypto holdings.
El Salvador does not have plans to sell its Bitcoin (BTC) reserves at present, the pro-crypto nation’s President Nayib Bukele confirmed Wednesday.
His remarks come after El Salvador’s Bitcoin holdings hit massive profit following Bitcoin’s notable increase in price recently. The crypto was trading around the $57,200 on Wednesday.
In a post on X (Twitter), President Bukele slammed the critics who wrote about El Salvador’s supposed losses when BTC price was low. He criticized the media’s alleged silence when El Salvador is seeing 40% gains in its crypto holdings.
What is bitcoin? ℹ️
Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions. It is rewarded to blockchain miners for the work done to verify transactions and can be purchased on several exchanges.
Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto.1
It has since become the most well-known cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies. These competitors either attempt to replace it as a payment system or are used as utility or security tokens in other blockchains and emerging financial technologies.
Learn more about the cryptocurrency that started it all—the history behind it, how it works, how to get it, and what it can be used for.
Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions. It is rewarded to blockchain miners for the work done to verify transactions and can be purchased on several exchanges.
Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto.1
It has since become the most well-known cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies. These competitors either attempt to replace it as a payment system or are used as utility or security tokens in other blockchains and emerging financial technologies.
Learn more about the cryptocurrency that started it all—the history behind it, how it works, how to get it, and what it can be used for.
Paying With Cryptocurrency? 🕵️♂️
There are many ways that paying with cryptocurrency is different from paying with a credit card or other traditional payment methods.
Some information about your transactions will likely be public. People talk about cryptocurrency transactions as anonymous. But the truth is not that simple. Cryptocurrency transactions will typically be recorded on a public ledger, called a “blockchain.” That’s a public list of every cryptocurrency transaction — both on the payment and receipt sides. Depending on the blockchain, the information added to the blockchain can include details like the transaction amount, as well as the sender’s and recipient’s wallet addresses. It’s sometimes possible to use transaction and wallet information to identify the people involved in a specific transaction. And when you buy something from a seller who collects other information about you, like a shipping address, that information can also be used to identify you later on.
There are many ways that paying with cryptocurrency is different from paying with a credit card or other traditional payment methods.
Some information about your transactions will likely be public. People talk about cryptocurrency transactions as anonymous. But the truth is not that simple. Cryptocurrency transactions will typically be recorded on a public ledger, called a “blockchain.” That’s a public list of every cryptocurrency transaction — both on the payment and receipt sides. Depending on the blockchain, the information added to the blockchain can include details like the transaction amount, as well as the sender’s and recipient’s wallet addresses. It’s sometimes possible to use transaction and wallet information to identify the people involved in a specific transaction. And when you buy something from a seller who collects other information about you, like a shipping address, that information can also be used to identify you later on.
📰 SEC Flags Terraform Labs’ $166 Million Payment to Lawyers – What’s Going On?
The United States Securities and Exchange Commission (SEC) has flagged Terraform Labs $166 million in payments to Denton since 2023.
In a new filing, the financial regulator opposed the retainer payment to the law firm arguing that Terraform Labs should not retain their services during the trial, Reuters reported.
SEC Suggests Funds Should be Used to Settle Investors
The regulator suggests that the sum could be channeled to repay creditors and investors who lost assets after the bankruptcy filing.
Terraform Labs had previously asked the court to grant permission to hire Dentons as special counsel with a cost hitting $6.3 million. The legal fees include a $3.25 million earmarked for employees’ legal bills. Other payments by the firm include $1.3 million for a pending lawsuit in the UK.
The United States Securities and Exchange Commission (SEC) has flagged Terraform Labs $166 million in payments to Denton since 2023.
In a new filing, the financial regulator opposed the retainer payment to the law firm arguing that Terraform Labs should not retain their services during the trial, Reuters reported.
SEC Suggests Funds Should be Used to Settle Investors
The regulator suggests that the sum could be channeled to repay creditors and investors who lost assets after the bankruptcy filing.
Terraform Labs had previously asked the court to grant permission to hire Dentons as special counsel with a cost hitting $6.3 million. The legal fees include a $3.25 million earmarked for employees’ legal bills. Other payments by the firm include $1.3 million for a pending lawsuit in the UK.
ℹ️ Understanding Bitcoin
On Jan. 3, 2009, the first Bitcoin block was mined—Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps proof that the block was mined on or after that date, and maybe also as relevant political commentary.4
Bitcoin rewards are halved every 210,000 blocks. For example, the block reward was 50 new bitcoins in 2009. On May 11, 2020, the third halving occurred, bringing the reward for each block discovery down to 6.25 bitcoins.5
One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places.
Bitcoin, as a form of digital currency, isn't too complicated to understand. For example.
On Jan. 3, 2009, the first Bitcoin block was mined—Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps proof that the block was mined on or after that date, and maybe also as relevant political commentary.4
Bitcoin rewards are halved every 210,000 blocks. For example, the block reward was 50 new bitcoins in 2009. On May 11, 2020, the third halving occurred, bringing the reward for each block discovery down to 6.25 bitcoins.5
One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places.
Bitcoin, as a form of digital currency, isn't too complicated to understand. For example.
Referral Program
Bitstape Referral Program is a return to all our loyal users who also recommend Bitstape to others.
The program aims to provide an easier referral system where users can earn stars through referrals, and stars can be exchanged for prizes. Bitstape Referral Program launched its open beta testing on November 25, with 10 prizes waiting for you to unlock.
Each Bitstape user will have a unique referral link/code. With this link/code, referrers can earn commissions from referees on both Spot market and Futures market at the same time.
Please check below for commissions earning eligibility regarding your existing referees (those who registered with your referral link/code before the program upgrade).
Commissions will be generated every 24 hours (00:00 - 24:00 UTC).
Users and channel partners whose behaviors violated Bitstape Risk Control Rules will be ineligible for any commissions
Join Referral Program
Bitstape Referral Program is a return to all our loyal users who also recommend Bitstape to others.
The program aims to provide an easier referral system where users can earn stars through referrals, and stars can be exchanged for prizes. Bitstape Referral Program launched its open beta testing on November 25, with 10 prizes waiting for you to unlock.
Each Bitstape user will have a unique referral link/code. With this link/code, referrers can earn commissions from referees on both Spot market and Futures market at the same time.
Please check below for commissions earning eligibility regarding your existing referees (those who registered with your referral link/code before the program upgrade).
Commissions will be generated every 24 hours (00:00 - 24:00 UTC).
Users and channel partners whose behaviors violated Bitstape Risk Control Rules will be ineligible for any commissions
Join Referral Program
What Is Ethereum?
At its core, Ethereum is a decentralized global software platform powered by blockchain technology. It is most commonly known for its native cryptocurrency, ether (ETH).
Ethereum can be used by anyone to create any secured digital technology. It has a token designed to pay for work done supporting the blockchain, but participants can also use it to pay for tangible goods and services if accepted.
Ethereum is designed to be scalable, programmable, secure, and decentralized. It is the blockchain of choice for developers and enterprises creating technology based upon it to change how many industries operate and how we go about our daily lives.
It natively supports smart contracts, an essential tool behind decentralized applications. Many decentralized finance (DeFi) and other applications use smart contracts in conjunction with blockchain technology.
Learn more about Ethereum.
At its core, Ethereum is a decentralized global software platform powered by blockchain technology. It is most commonly known for its native cryptocurrency, ether (ETH).
Ethereum can be used by anyone to create any secured digital technology. It has a token designed to pay for work done supporting the blockchain, but participants can also use it to pay for tangible goods and services if accepted.
Ethereum is designed to be scalable, programmable, secure, and decentralized. It is the blockchain of choice for developers and enterprises creating technology based upon it to change how many industries operate and how we go about our daily lives.
It natively supports smart contracts, an essential tool behind decentralized applications. Many decentralized finance (DeFi) and other applications use smart contracts in conjunction with blockchain technology.
Learn more about Ethereum.
Coinbase Faces Technical Issues as Trading Volume Surges, Some Users See $0 Balances
Coinbase’s trading platform is once again encountering technical problems amid heavy trading activity in the cryptocurrency market, with some users experiencing issues such as displaying a $0 account balance.
In response to these issues, Coinbase reassured users that their funds are safe and stated that its team is actively investigating the situation. Despite the technical glitches, trading functionality has not been affected at this time.
Coinbase’s trading platform is once again encountering technical problems amid heavy trading activity in the cryptocurrency market, with some users experiencing issues such as displaying a $0 account balance.
In response to these issues, Coinbase reassured users that their funds are safe and stated that its team is actively investigating the situation. Despite the technical glitches, trading functionality has not been affected at this time.
The Future of Ethereum
Ethereum’s transition to the proof-of-stake protocol, which enables users to validate transactions and mint new ETH based on their ether holdings, is part of a significant upgrade to the Ethereum platform. Previously called Eth2, this upgrade is now referred to only as Ethereum. However, Ethereum now has two layers. The first layer is the execution layer, where transactions and validations occur. The second layer is the consensus layer, where attestations and the consensus chain is maintained.
The upgrade added capacity to the Ethereum network to support its growth, which will eventually help to address chronic network congestion problems that have driven up gas fees.
Ethereum’s transition to the proof-of-stake protocol, which enables users to validate transactions and mint new ETH based on their ether holdings, is part of a significant upgrade to the Ethereum platform. Previously called Eth2, this upgrade is now referred to only as Ethereum. However, Ethereum now has two layers. The first layer is the execution layer, where transactions and validations occur. The second layer is the consensus layer, where attestations and the consensus chain is maintained.
The upgrade added capacity to the Ethereum network to support its growth, which will eventually help to address chronic network congestion problems that have driven up gas fees.
Bitcoin Returns To All-Time High In Canadian Dollar After PM Said It “Destroyed” People’s Life Savings
The price of Bitcoin (BTC) now trades at an all-time high against the Canadian dollar roughly seventeen months after the nation’s leader slammed digital currencies as an “irresponsible” investment.
The asset soared to over $91,500 CAD when the stock market opened on Monday, shattering its previous record of $86,954 established on November 10, 2021. Ten months later, a slew of high-profile corporate crypto failures sent BTC crashing back to $26,000 CAD, which made a great headline for its political detractors.
The price of Bitcoin (BTC) now trades at an all-time high against the Canadian dollar roughly seventeen months after the nation’s leader slammed digital currencies as an “irresponsible” investment.
The asset soared to over $91,500 CAD when the stock market opened on Monday, shattering its previous record of $86,954 established on November 10, 2021. Ten months later, a slew of high-profile corporate crypto failures sent BTC crashing back to $26,000 CAD, which made a great headline for its political detractors.