Can Bitcoin Get Shut Down / Turned Off
Just as Bitcoin has never been successfully 51% attacked, it has also never been shut down, even for a short amount of time. Many actors such as government institutions and banking officials have proposed shut-downs of the Bitcoin network before but Bitcoin has run with virtually 100%-uptime for almost ten years.
Under really extreme circumstances, there are few scenarios that could spell the end of Bitcoin as we know it. For instance, a massive global power outage shutting down all communications and the internet around the globe could prevent nodes in the network from contacting each other, causing the system to fail.
Scenario two: a Bitcoin update contains a critical bug which remains undetected despite intensive testing and peer-review inherent in the Bitcoin protocol. Such a situation would most likely result in a temporary impairment of the network, and consequently, a steep drop in Bitcoin price and a fork of the blockchain.
Just as Bitcoin has never been successfully 51% attacked, it has also never been shut down, even for a short amount of time.
As Bitcoin is decentralised, the network as such cannot be shut down by one government. However, governments have attempted to ban cryptocurrencies before, or at least to restrict their use in their respective jurisdiction. Governments could still try to jointly ban Bitcoin. Yet in the long term, it is much more likely that governments will impose regulations to protect individual investors and to collect taxes.
Play Free Mobile Games To Earn Crypto
Some free mobile games will actually give you cryptocurrency simply for playing them.
That said, the amount of crypto you earn is relatively small compared to NFT-based games, but they can still be a cool way to pass time and earn a little bit of cryptocurrency.
Here are a few examples.
Coin Hunt is a free mobile game that is basically the crypto version of Pokémon GO.
You download the app and explore the real world searching for various-colored keys, which you then use to open vaults.
When you open a vault, the game asks you a trivia question, and if you answer the question correctly within the time limit, you are rewarded in Bitcoin or Ethereum.
And by real world, yes, I mean the real world. The game has a GPS map of your location and points you in the direction of the nearest key. You then have to go to that location to find the key to open a vault.
Ive found that most keys are located in busy locations such as malls, plazas, etc.
CryptoPop is a free match-two game for Android by Vweeter Limited that pays you Ethereum just for playing.
All you have to do is download the app in the Google Play Store, link your Ethereum wallet, and start playing.
If you dont have an Ethereum wallet, you can set one up easily at any major cryptocurrency exchange such as the ones we mentioned previously in this article.
You basically just connect adjacent letters to form words.
Not Maintaining A Trading Journal
This is perhaps the biggest mistake many beginner crypto traders commit. Writing down why you are taking a trade and analyzing them at a later stage helps you answer the following:
- Why specific trades are giving excellent results?
- Why you are losing some trades?
Maintaining a trading journal will help you to improve your trading strategy with time.
Here is how Im doing it:
You can always use excel or a paper journal. It is something that has proven to graduate a beginner to the next level of mastering crypto trading.
Recommended Reading: How Do I Track My Bitcoin Transaction
What Is A 51% Attack
A 51% attack is quite possibly the most significant threat to blockchains. Such a scenario would look like this: If a single individual or organisation were to succeed in taking control of the majority of the networks mining power , the transaction history of the Bitcoin network could, in theory, be changed and overwritten.
A majority is always required to decide which transactions to approve and which to decline. This means that a majority of 51% could potentially alter a blockchainâs distributed ledger in a way that double spending would be enabled. This situation, however, is extremely difficult to achieve and highly unlikely to happen.
How Does Cryptocurrency Work
While cryptocurrency may sound complex, and in many facets it is, the idea of cryptocurrency is actually rather simple.
Rather than a centralized form of physical currency, cryptocurrency is a digital peer-to-peer currency that is tracked through a public digital ledger.
This public ledger is called a blockchain, and one of the most common ways to earn cryptocurrency is to mine the blockchain.
This mass running ledger is encrypted to secure user data and to secure the entire system.
Cryptocurrency can be used just like any other form of currency it is simply housed digitally rather than being physically printed and minted.
You also have the opportunity to invest in cryptocurrency through cryptocurrency exchanges, which are similar in some respects to stock exchanges.
Rather than storing, receiving, and transferring money through a traditional bank, however, digital wallets are used to make these digital transactions.
These wallets secure cryptocurrencies, make online transactions streamlined, and even give you access to the public ledger.
Recommended Reading: How To Buy Etn Crypto
How Does A Cryptocurrency Transaction Work
Cryptocurrency transactions occur through electronic messages that are sent to the entirenetwork with instructions about the transaction. The instructions include information such asthe electronic addresses of the parties involved, the quantity of currency to be traded, and atime stamp.
Suppose Alice wants to transfer one unit of cryptocurrency to Bob. Alice starts the transactionby sending an electronic message with her instructions to the network, where all users cansee the message. Alice’s transaction is one of a number of transactions that have recently beensent. Since the system is not instantaneous, the transaction sits with a group of other recenttransactions waiting to be compiled into a block . The information from the block is turned into a cryptographic code and minerscompete to solve the code to add the new block of transactions to the blockchain.
Once a miner successfully solves the code, other users of the network check the solution andreach an agreement that it is valid. The new block of transactions is added to the end of theblockchain, and Alice’s transaction is confirmed.
Alice sends instructions to transfer cryptocurrency to Bob. Anyone using the network can view the message.
Miners group the transaction together into a ‘block’ with other recently sent transactions.
Information from the new block is transformed into a cryptographic code.
Miners compete to find the code that will add the new block to the blockchain.
Bob receives thecryptocurrency.
Anonymous Or Fake Identities
The lack of KYC protocols on blockchain is a major question mark for its widespread use, says Jonathan Padilla, former PayPal head of blockchain strategy and CEO and co-founder at Snickerdoodle Labs, a California-based blockchain data security company thats looking at using blockchain to give consumers ownership of their cookies and browsing data.
With a decentralized platform, theres really no safeguards in place to say who is a good actor and who is a bad actor, Padilla explains. Its really just buyer beware.
On a promising note, blockchain can provide a new form of transparency: Since data cannot be altered or removed on blockchain, all transactions are public record. When Colonial Pipeline paid anonymous hackers 63.7 Bitcoin back in June, U.S. Justice Department investigators were able to track the transactions on blockchain and seize the ransom money.
used a hosted wallet to move the Bitcoin around, which means found them in about five days, Padilla says. Theres transparency built in , and now with the tools , you can use sophisticated software to do an on-chain analysis and track where these things go.
Thats a very real concern, says Padilla. For example, you could get money from Columbia, go buy an NFT with what was previously cartel money, and it could be washed in an NFT.
Mass-scale money laundering isnt super prevalent, Padilla says, but the tools and the compliance framework needs to catch up fast.
Read Also: How To Accept Crypto Payments On Website
Read Articles On Publish0x
Publish0X is a cryptocurrency publishing platform that gives both writers and readers a portion of the ad revenue generated by the site.
Heres how it works:
1. You sign up for Publish0X here.
2. You read cryptocurrency articles.
3. At the end of each article, you will be asked how much of your rewards you want to keep for yourself and how much you want to give to the author of the piece you just read. Make your selection.
4. See the cryptocurrency immediately deposited into your account.
I earned $0.02 of a cryptocurrency called FARM for reading an article that took me less than a minute to read.
FARM is a liquid cryptocurrency listed on Coinbase its not some obscure token that you would have to sign up on some shady DeFi platform to use.
So you wont earn a fortune with Publix0X, but if you want to learn more about cryptocurrency anyway, it can be a good option.
Just remember that theres not a whole lot of editorial oversight on Publish0X really anybody could publish an article if they want to so just like with anything in cryptocurrency, take what you read on Publish0X with a grain of salt!
Add Value To Your Account
Depending on how you choose to pay, you may have to fund your account before purchasing any crypto. If you’re using fiat currency, most exchanges allow debit and bank transfers. Some also allow you to fund a purchase with your credit card, though this can be a risky move with a volatile asset like cryptocurrency because interest costs can deepen your losses if your investments decline in value.
If you already own cryptocurrency, you can transfer it into your account from a digital wallet or another platform, then use it to trade. Just be sure to verify that your crypto exchange allows trading between the assets you’re looking at. Not all cryptocurrencies can be directly traded for one another, and some platforms have more trading pairs than others.
Another thing to note is that exchanges fees vary depending on what you’re buying and how you’re buying it, so review these details carefully.
Also Check: How To Buy Bitcoin Using Bitcoin Atm
What Are Some Common Cryptocurrency Scams
In the U.S., almost 7,000 people lost upwards of $80 million in crypto scams from October 2020 through March 2021, according to the Federal Trade Commission , based on scam reports filed in the U.S. Thats a huge jump over the 570 cryptocurrency investment scams and $7.5 million in losses during the same months just the year before. With cryptocurrency scams on the rise, here are some patterns to look out for:
Know When To Use A Crypto Wallet
Just like your physical wallet, you need to protect your digital wallets from hackers. Practice good digital security habits akin to how youd handle large sums of physical cash by putting them in a safe or FDIC-insured savings account.
Experts say small-scale investors with a few hundred dollars worth of crypto are probably OK keeping it on a mainstream exchange like Coinbase. However, if you amass thousands of dollars worth of crypto, it probably makes more sense to incorporate a wallet for additional safekeeping.
There are two types of crypto wallets, typically described as hot wallets and cold wallets.
Hot wallets are hosted, or stored online. They are secure, but more susceptible to hacking than cold storage, which is when you store crypto offline on a piece of hardware. Think of cold storage as kind of like a safe in USB-drive format. Its more secure, but if you forget your password or lose the device, you could lose access to your money forever.
Crypto held in hot wallets is not FDIC-insured like cash in the bank. Youll therefore want to make sure that whatever platform or wallet you store your crypto in has robust security measures, including:
- Two-factor authentication
- Storing a portion of holdings in its own cold storage
- Private insurance policies in case of theft or hacking
Read Also: Where To Buy Foam Crypto
Get Crypto Signup Bonuses
The quickest way to get free cryptocurrency is to get signup bonuses from cryptocurrency exchanges.
Similar to stock market bonuses, you need to deposit or trade a certain dollar amount within the platform within a certain period of time in order to be eligible for the bonus.
In the table below, weve compiled the best ways to get cryptocurrency signup bonuses as of January 2022.
The SoFi one is particularly interesting because there is no deposit required if you use our link to sign up for a SoFi Invest account and then use your $5 in rewards to set up a SoFi Crypto account.
That said, if you do have at least $100 to deposit, you can use this other link to sign up directly for SoFi Invest and you will get a $25 stock bonus that you can sell and redeem for crypto.
Create And Verify Your Account
Once you decide on a cryptocurrency broker or exchange, you can sign up to open an account. Depending on the platform and the amount you plan to buy, you may have to verify your identity. This is an essential step to prevent fraud and meet federal regulatory requirements.
You may not be able to buy or sell cryptocurrency until you complete the verification process. The platform may ask you to submit a copy of your drivers license or passport, and you may even be asked to upload a selfie to prove your appearance matches the documents you submit.
Also Check: Do Any Banks Accept Bitcoins
Watch Videos On Coinbase Earn
Coinbase is one of the largest cryptocurrency exchanges in the world.
It has recently rolled out a section of its site called Coinbase Earn that allows you to earn free cryptocurrency simply by watching educational cryptocurrency videos.
So not only are you getting free crypto but free education as well.
Note that CoinMarketCap also has an earn feature, but I found it to be a bit clunkier than Coinbases.
Can You Receive Crypto Dust Without Doing Anything
Yes, its possible to receive crypto dust without doing anything, and this is called a dusting attack or just dusting. In a dusting attack, dust is sent to a huge number of addresses, usually tens of thousands, in order to try to track payments and connect them to a business or individual. However, dustings are not always malicious they have also been used for good to send messages and advertise in the cryptocurrency space, for example.
You May Like: How To Transfer Bitcoin Into Cash
Join The Cryptosrus Giveaway
Crypto YouTuber CryptosRUs is giving away five Ethereum on January 1, 2022.
Five lucky contestants will win one Ethereum each.
To get a chance to win, and complete as many tasks as you can, including:
- Visiting CryptosRUs on YouTube, Facebook, Instagram, Patreon, and Teachable
- Following CryptosRUs and CRUNewsDesk on Twitter
- Referring friends to the giveaway
You should be able to pick up at least 15 or so entries simply by doing simple social media follows.
Note that as of the time of writing there are over 700,000 entries, so your chances of winning are relatively small, but who knows? It might be your lucky day.
Why Crypto Is So Volatile
Crypto is worth what people are willing to pay for it.
This means that the price of crypto-assets can fluctuate at extreme levels based solely on market speculation. Factors that can influence the price of crypto include:
- media focus
- public announcements
- the actions of individuals who hold large amounts of a crypto or who influence the price through social media
Recommended Reading: How To Transfer Bitcoins From Coinbase To Wallet
Trading Based On Pump/dump Calls
There are Telegram/Discord groups that provide signals for buying/selling crypto. But do they work?
Especially as a beginner, you are better off avoiding such pump and dump schemes.
Such groups are not practical. When thousands of users are acting on the same trading call, the chances of those Signals working is bleak to none.
Moreover, the smart money has already moved in or out and now the beginner trader money is at stake.
It may work when the group is small and the owner is a pro-trader with high ethics. Such groups are paid and are usually very small in size . Either way, you need to have the basic trading skills to take advantage of such signals.
Like other indicators of technical analysis, use these calls as only an indicator and not an actual trade. The trade situation may change wherein you would end up losing more than gaining.
Could Cryptocurrencies Replace Cash
At the beginning of the cryptocurrency boom, Bitcoin seemed to be the unquestioned leader. Up until early this year, Bitcoin accounted for the vast majority of the industrys market capitalization then, in a span of just weeks, Ethereum, Ripple, and other currencies rushed to catch up. While Bitcoin is still in the lead, the rapid turnover in the industry has some analysts debating if cryptocurrencies are actually currencies. Some are predicting that even bigger changes could be ahead. Among them? The idea that cryptocurrencies could come to replace cash entirely.
Read Also: Can You Make Money Mining Crypto
The Us Government Is Targeting Cryptocurrency To Expand The Reach Of Its Financial Surveillance
One of the most important aspects of cryptocurrencies from a civil liberties perspective is that they can provide privacy protections for their users. But EFF is concerned that the U.S. government has been increasingly taking steps to undermine the anonymity of cryptocurrency transactions and importing the widespread financial surveillance of the traditional banking system to cryptocurrencies.
On Friday, the Department of the Treasurys Financial Crimes Enforcement Network announced a proposed regulation that would require money service businesses to collect identity data about people who transact with their customers using self-hosted cryptocurrency wallets or foreign exchanges. The proposed regulation would require them to keep that data and turn it over to the government in some circumstances .
The proposal appears designed to be a midnight regulation pushed through before the end of the current presidential administration, as its 15-day comment period is unusually short and coincides with the winter holiday. The regulations authors write that this abbreviated comment period is required to deal with the threats to United States national interests posed by these technologies, but they provide no factual basis for this claim.