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Crypto Communities and Where to Find Them: Looking for Crypto Trading Tips, Discussions, and Fights

Crypto Communities and Where to Find Them: Looking for Crypto Trading Tips, Discussions, and Fights

June Katz 9 min read
There are many crypto communities on the Internet where people communicate on the topic of cryptocurrencies. There are so many that it is sometimes difficult to find really useful sites. Therefore, we have made a selection of crypto communities where crypto-enthusiasts can get new knowledge, tell about their experience and find like-minded people. Note that nothing in this article should be interpreted as trading advice. Neither do we necessarily agree with the opinions of the personalities and members of the communities mentioned below: we just think that discussions make the crypto world more vibrant and interesting. Reddit Cryptocurrency Boards The Reddit platform is built on discussion, allowing subreddit participants to benefit from the knowledge of more experienced participants. In addition, Reddit's boost and downgrade feature can help you distinguish useful information from harmful. Subreddits are small communities dedicated to a specific topic in the Reddit ecosystem. This has made Reddit a great tool for the fast-growing diverse crypto industry, where topics covering all aspects of cryptocurrency are discussed. Here is our selection of the 10 most popular subreddits for crypto enthusiasts in 2022. Crypto News & Discussion r/CryptoCurrency If you are looking for a reddit board with crypto news, the chances are good that you will find it in the Cryptocurrency News & Discussion community. With over 4.9 million members, it is the single largest crypto reddit. This subreddit is home to thousands of active users who are constantly sharing their opinions, analysis, and thoughts on a wide range of coins, tokens, and blockchain developments. Bitcoin for Beginners r/bitcoinbeginners This bitcoin reddit is one of the best places for beginners who are not familiar with Bitcoin and cryptocurrency in general yet. There are posts dedicated to teaching newcomers how crypto and blockchain technologies work, their future use, and the best ways to trade. The guides described in this subreddit are not limited to bitcoin and include the most popular altcoins . CryptoMarkets r/CryptoMarkets This is one of the best subreddits dedicated to crypto trading and market analysis. The participants also offer excellent information about cryptocurrency exchanges and various applications that will help you better analyze the market. Crypto General r/Crypto_General Although the name implies that this subreddit discusses general cryptocurrency topics, the emphasis is on high-quality, in-depth reviews on topics in various crypto areas. Altcoin r/Altcoin If you want to learn about any cryptocurrency other than bitcoin, then the Altcoin subreddit is for you. The discussions are based on news, trends, market indicators, and forecasts regarding cryptocurrencies such as Ethereum , Cardano , and BNB, as well as recently launched altcoins. DeFi r/DeFi The revolutionization of traditional financial services has made decentralized finance one of the most discussed crypto topics. This crypto subreddit is dedicated to informing you about all the developments in the DeFi ecosystem and how to use DeFi protocols. ICOCrypto r/icocrypto Discussion of new crypto projects that are about to be launched through initial coin offerings (ICO), mass sales, and token sales. Cryptocurrency Technology Focused Discussions r/CryptoTechnology This subreddit with more than 331 thousand participants is dedicated to serious technical discussions discussions about cryptocurrency and the underlying blockchain technology. Unlike most other similar subreddits, there are no discussions of cryptocurrency prices, market indicators, advertising content, or memes. Crypto Moonshots r/CryptoMoonShots If you want to find a crypto project that is about to make a quantum leap in its market capitalization, then you should visit this subreddit. Discussions are centered around the analysis of cryptocurrencies with low market capitalization and growth potential. It became a fan favorite, garnering more than 1.6 million subscribers. Bitcoin r/Bitcoin One of the oldest crypto-subreddits dedicated to the pioneer cryptocurrency closes the list. Since 2010, this community has focused on everything related to Bitcoin, from news to opinions, trading guides, and memes. Telegram Crypto-groups Subscribing to telegram channels is an easy way to keep up to date with the news, be the first to learn about all events, and receive trading signals and forecasts for digital assets on time. Unfortunately, not all Internet resources are equally effective, and the topic of cryptocurrency has always attracted scammers due to a large number of new, inexperienced users. Beware of "signals" and channels that seek to make money on their subscribers, promising profit. No one will give you the " secret of success" because there is none. Below is a selection of telegram channels about cryptocurrency. "Flagship Funds | Investments" Flagship Funds | Investments The author's channel of a Swiss investment fund specializing in decentralized finance and NFT . The channel tells in detail about the latest trends in the cryptocurrency market, NFT, DeFi, and initial placements (IDO/IFO). The channel's authors are recognized experts with many years of experience in the largest investment banks and funds. All information is presented in a structured form and is easy to understand. On the channel, you can get acquainted with reviews of transactions, analytics of initial placements, and investment ideas. “Altcoin & Bitcoin Trading” Altcoin & Bitcoin Trading Telegram channel about cryptocurrencies, specializing in technical analysis of the market, current news of the blockchain industry, as well as investment signals. “Rocket Wallet Signals” Rocket Wallet Signals Telegram channel about trading. Its authors publish cryptocurrency signals daily and assess the current market situation. There is a lot of information that appears faster than in the media. Rocket Wallet Signals can automatically execute cryptocurrency signals via a trading bot. The project will be useful for both novice traders and professionals. The authors of the channel give important explanations of the signals and regularly share the results of their work. Discord Cryptohub Cryptohub Discord A great channel for those who have just started their journey in the world of cryptocurrency. Here beginners can get basic knowledge and direction for further development. r/CryptoCurrency r/CryptoCurrency Discord This discord is the channel of the largest cryptocurrency subreddit, where there are subchannels about almost everything: trading, DeFi, NFT, farming, altcoins, mining , and whale transactions! Larva Labs Larva Labs Discord Larva Labs is the largest Discord NFT server created for discussing where you can buy and sell NFTs and get updates on what is happening in the crypto world around them. Spacestation Spacestation Discord Although the server was created as a community in which Ethereum miners communicated, now some subchannels cover almost all the main topics related to cryptocurrency. Twitter Personalities Vitalik Buterin (@VitalikButerin). The creator of the Ethereum blockchain, on which the entire sphere of DeFi and NFT sits tightly. An impressive (albeit eccentric) leader of the Ethereum community and an authority on the crypt. Barry Silbert (@BarrySilbert). CEO of Digital Currency Group and Grayscale, the largest regulated crypto company that creates "traditional" financial instruments based on crypto. Gavin Wood (@gavofyork). One of the main startupers in the crypt. Participated in the founding of Ethereum, Kusama Network, Parity Company, and the Web3 Foundation. He also became the founder of Polkadot and now writes mainly about it and the direction of Web3. Mike Winkelmann (@beeple). One of the most famous NFT artists of our time hails from the USA, known to many under the pseudonym Beeple. Paves the way for art in the fields of VR and AR, which in the future will have a great impact on the development of metaverses. Rekt Capital (@rektcapital). A trader who supports his forecasts about price trends with high-quality charts. Andreas Antonopoulos (@aantonop). Economist and author of bestsellers about crypto, bitcoin, and the global economy: "Mastering Bitcoin", “Mastering Ethereum" and “The Internet of Money". Brian Armstrong (@brian_armstrong). Founder and CEO of Coinbase. After it went public in the US in 2021, Coinbase became the most expensive crypto company in the world. Coinbase is the most popular crypto trading platform in the United States, and the company also operates in dozens of other countries. Cryptomedia Bloomberg Crypto (@crypto), CoinDesk (@CoinDesk), The Block (@TheBlock__), Cointelegraph (@Cointelegraph), Decrypt (@decryptmedia), Bitcoin Magazine (@BitcoinMagazine). On-chain analytics platforms Messari (@MessariCrypto), Glassnode (@glassnode), Santiment (@santimentfeed), CryptoQuant (@cryptoquant_com), CoinMarketCap (@CoinMarketCap), CoinGecko (@coingecko), Dapp Radar (@DappRadar), DeFi Pulse (@defipulse), Whale Alert (@whale_alert). Market news and analytics Income Sharks (@IncomeSharks), Bankless (@BanklessHQ), Bitcoin News (@BTCTN), Altcoin Daily (@AltcoinDailyio), Real Vision (@RealVision), Bitcoin Archive (@BTC_Archive), Documenting Bitcoin (@DocumentingBTC). Investment funds and investments Paradigm (@paradigm), Pantera Capital (@PanteraCapital), Blockworks (@Blockworks_).
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What’s Up with the Ethereum Upgrade? The State of the Network in 2022

What’s Up with the Ethereum Upgrade? The State of the Network in 2022

June Katz 4 min read
The entire crypto community is waiting for the release of the second version of Vitalik Buterin's cryptocurrency network. It will allow you to receive passive income for altcoin storage, increase the transaction speed by almost 70 times and forget about mining . It has long been known that Ethereum developers are planning to switch to Proof-of-Stake. This will mean the termination of the use of the Proof-of-Work (PoW) algorithm, - ETH mining by solving complex mathematical problems (mining). Now the key value will be played by the number of tokens that are stored on the user's account. The transition to Ethereum 2.0 is announced for 2022, the release date has been pushed back.  In a conversation with a blogger Compass Mining, key developers of Ethereum 2.0 Ben Edgington, and Tim Beiko said that everything is almost ready, but the 1st quarter of the year is already over, and the transition is not completed yet. Despite all its achievements, the low scalability and high cost of financial transactions remain the "Achilles heel" of the Ethereum network. There is a real danger of "competition for transactional space and the use of blockchain has already become expensive, but soon the cost of services may increase by another five times.  At the moment, the altcoin blockchain is capable of conducting up to 15 transactions per second. This indicator is more than two times higher than that of bitcoin . However, for a large number of users, this speed is not enough. For example, the Visa payment system can carry out up to 24 thousand transactions per second. The development of Optimistic Rollup will help solve the scalability problem. According to Vitalik Buterin, the creator of Ethereum, its implementation will occur after the altcoin network is updated. This will increase its throughput to 1000 transactions per second. As a solution, Buterin sees a departure from the verification model of each device in the network of each transaction and switches to a random verification model. Yes, this will slightly reduce security, but it will significantly reduce costs (up to 100 times from each transaction). Another solution to the scalability problem will be the introduction of sharding. Now the Ethereum network is a common database. After the update, the blockchain will be divided into autonomous, interacting shard chains, each of which will process its transactions and smart contracts . Vitalik Buterin in an interview with The Toronto Star stated that what he cares about is taking blockchain technology behind bitcoin that makes decentralized cryptocurrency possible and making it more general-purpose so that other things can be decentralized in the same way. Several big steps have already been taken to solve the problems facing the ecosystem. In the spring of 2021, The Berlin hard fork was launched. It was a network upgrade that changes the underlying Ethereum protocol, created new rules to improve the system, regulates gas fees, and adds new transaction types. Now it's the turn to launch the London hard fork which will go live on block 12 965 000 (On 15 April it’s 12,624,311).  London hard fork should solve the problem of mining centralization. The mining process in the Ethereum blockchain is gradually ceasing to be fair. Miners with a reserve of funds buy special integrated circuits designed for ETH mining. This gives them the ability to mine blocks faster than users with GPUs. As a result, ordinary miners with GPU began to underwork, and some of them switched to mining other assets. Ether developers are aware of the fact of the problem with the complexity of mining and plan to replace the consensus mechanism. Approximately in the 3rd quarter of 2022, the Ethereum blockchain will switch to the Proof-of-Stake system. When switching to the Proof-of-Work algorithm, the network operation will be provided by remote servers running the master node software. It can be a home computer or a laptop with a certain amount of funds. To participate in Ethereum stacking, you need to keep at least 32 ETH in your wallet. In June 2020, the number of addresses with more than 32 ETH was close to 120,000. In the first 5 months of this year, this value increased by 13%. According to the roadmap of the project, the annual return on stacking will vary from 1.81% to 18.1%. At the moment, the exact values are unknown. The profitability will depend on the number of participants. The more of them there are, the lower the amount of remuneration will be.  Together, the growing shortage of coins, increased demand, as well as the influx of capital from large investors can have a serious impact on the price and its growth, respectively. At the moment, the value of ETH has already exceeded $ 3,000. Sometime after the activation of the hard fork in London, the price may rise even more. The potential goal of ETH is to update the historical maximum, which is at around $ 4380. Thus, only if the record value is updated, investors can potentially make a profit of almost 50%. Unlike investors in the United States, who are still waiting for certainty in the regulation of the crypto market, investors in the CIS can already legally and safely invest in cryptocurrencies. You can exchange and buy cryptocurrencies on the SwapSpace crypto exchange .
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The Drawbacks of Centralized Crypto Exchanges: Binance Russia Case

The Drawbacks of Centralized Crypto Exchanges: Binance Russia Case

June Katz 4 min read
On April 21, Binance released an official statement according to which it will restrict access to its services for users who live in Russia and have assets worth more than $10 thousand. Such clients will no longer be able to deposit additional funds to their accounts or trade on the exchange. They will only be able to withdraw funds. In March, Binance denied that it was preparing to freeze the accounts of Russians, as this contradicts the concept of the cryptocurrency industry. The company said it was not going to impose restrictions on Russian bidders with the words: "Cryptocurrencies are designed to provide greater financial freedom to people all over the world. A decision to unilaterally ban consumers from accessing their cryptocurrencies would be contrary to what this industry exists for". It is worth saying that in the current situation, cryptocurrency is the only financial instrument that allows Russians to try to protect their savings from inflation. A few weeks ago, the Central Bank of the Russian Federation persistently convinced Russians that the cryptocurrency market is extremely risky for private investors and that the only way to save and increase their savings is through the Russian stock market and the national currency. Such news reminds us that one of the biggest problems of cryptocurrencies at the moment is the centralization of services. Blockchain processing requires a lot of computing resources and time. Therefore, ordinary users who just want to transfer a few coins prefer to use centralized services for this. Most Bitcoin users trust blockchain.info, Ethereum users trust myetherwallet, etc. If these popular wallets are compromised, the funds of a huge number of users will be stolen.. Trust in centralized services leads to the appearance of a single point of failure in cryptocurrencies, allows censorship, and endangers user coins. As another example, we can cite the protests of truckers in Canada, when the court froze the protesters' funds in cryptocurrency for millions of dollars. These events have shown us that the state has leverage to carry out censorship in the sphere of cryptocurrencies, which seemed to many before, was beyond their control. Unfortunately, any centralized financial institution can block access of their clients and users to funds: payment systems, banks, classic or crypto exchanges. The problem with crypto exchanges is that they operate based on issued licenses, they have services that are responsive to the regulator and the competent authorities of the countries that issued the license, up to criminal liability. Therefore, at the request of the regulator, a centralized exchange must restrict access or seize its client's funds. Centralization as solution Centralization is increasingly seen as a solution to problems. A large network is slowly synchronized, so many cryptocurrencies offer to use a limited number of trusted "master nodes", "witnesses", etc. to "solve the problem" of too many nodes in the network. The number of these trusted nodes may be different, but by using this method to solve scalability problems, developers are also destroying the decentralized nature of the blockchain, since the result of this will be the formation of a cryptocurrency with one functioning node that processes transactions very efficiently, without delays, confirmations, and forks, but in this case, the blockchain becomes unnecessary. Today, most users do not understand the technical details, so such centralized blockchains will continue to attract them, because centralized services will always be easier to develop and more convenient for the user. Decentralized Exchanges : an Alternative Decentralized exchanges (English Decentralized Exchanges, or DEX) are an alternative to CEX. Here you don't have to trust your assets to someone else. Unlike traditional CEX, transactions and trades on such platforms are automated using smart contracts and decentralized applications, and DEX acts only as a platform that only connects the buyer with the seller who wants to sell their tokens. DEX cannot be closed by any government and regulators, since no organization is responsible for them. But such decentralization has its price. This is a low trading volume, low liquidity, lower transaction speed, and a poor UI, as a result of which it is more difficult to work with such exchanges. Also, the differences between decentralized and centralized exchanges include the fact that some DEX bet on experienced users. For example, they do not have support services, and they also do not use fiat gateways, unlike CEX. Decentralized exchanges are aimed at more experienced users who work only with their wallets and want to fully control their digital assets. At the same time, they sacrifice other benefits provided by centralized exchanges. This is an easier user experience, a large trading volume, and higher liquidity. Examples of DEX’es are Binance DEX, Uniswap , and SwapSpace . Summary We have already written that although governments can't ban blockchain use they can marginalize it and slow down its growth until the necessary tools for control will appear.  If a few years ago the marginalization of cryptocurrencies was facilitated by its widespread use on the black market and opacity , now users' fears of simply losing access to funds due to belonging to any social group or nationality have been added to this. Of course, the listed risks do not outweigh the convenience of CEX for everyone, but it is important to understand that the original essence of cryptocurrency was that an ordinary user could be outside countries, governments, and banks, so attempts to take it away are very alarming.
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What Is a DAO And How Does It Work?

What Is a DAO And How Does It Work?

Ruth Kise 10 min read
Until recently, the concept of blockchain was only known in the context of cryptocurrencies, but today this technology is actively used in business. What's more, the new acronym DAO is entering the mainstream. So the "untraditional" business model appears along with JSC and attracts the attention of business enthusiasts more and more. DAO Definition and Key Features DAO (decentralized autonomous organization) is a company that is based on blockchain technology, managed using smart contacts. It does not have owners in the traditional sense, as well as controlling and governing bodies like the board of directors. In other words, decentralized autonomous organizations lack a hierarchical structure, and all participants in the ecosystem have the same rights and can vote for changes in the protocol on an equal basis with other participants. strong >Main features of DAO: In contrast to JSC, the «command and control» structure in formal union of groups of people is not applicable in this case. There are no executive boards and the company is managed by the community by voting on any relevant matter relating to the activities of the organization; Instead of traditional hiring, a person receives a smart contract based on the project. After that, the members of the community discuss the offer and vote. After its adoption, the work of the executive begins directly; Quitting is also becoming a consensual issue. So, if a person does not cope with the tasks set for him, token owners who voted to hire him can withdraw their votes, leaving the employee "overboard." Thus, possible conflicts are excluded in the DAO due to lobbying for the interests of certain persons; Agility and flexibility to innovate. This is due to the fact that companies are organized not around people, but around values​ and smart contracts . In a peer-to-peer system, much faster. In a "flat" organization, the community can rally faster and "fund" the best and most promising idea. As noted above, decisions are made by vote; Absence of meetings and colleagues in the traditional sense. DAO organizational policy Note that DAO is also characterized by the presence of internal company policies, but it has a number of differences. In classic business, in particular, management determines the actions of the entire organization. In the case of DAO, the value is the main factor on which all efforts will be focused. Therefore, every community member, who decides the future of the compound protocol, is motivated to bring the maximum benefit without looking back at the leader’s wishes. Since the DAO model does not involve a centralized hierarchy, it relies on alternative approaches, such as token-based memberships. Typically, such governance tokens can be freely purchased and filed on decentralized exchanges , or earned by providing liquidity or computing power for mining or staking. In any case, by holding governance tokens, you become a kind of shareholder and gain access to voting, which determines the organization's development strategy. Managing the DAO: What Are Governance Tokens? Governance token — a token that allows its owner to take part in the management of an organization. Thanks to governance tokens, users can propose, discuss and make changes to the project, and they do not need to rely on the project team or require its participation. "DAO is an organization that can operate on its own, using code, without anyone's responsibility for decision-making," explains blockchain enthusiast Travis Miller. "Imagine a corporation without a CEO." In addition, participants can use tokens to delegate voting rights to other users and monitor the distribution of funds allocated to support the project. DAO in Crypto: Examples The first thing you should note is that the meaning of the DAO economy is to attract users to actively manage and develop the ecosystem of a particular platform. As a rule, users who participate in voting can receive a reward. Thanks to Ethereum , the built on smart contracts infrastructure of DAO has appeared in the crypto industry. There are few examples of DAO including Maker, Compound, Forth ( Ampleforth ). DAO Maker DAO Maker — is a decentralized platform based on Ethereum. It was the first who made it possible to create DAI stablecoins , and various other cryptocurrency assets are accepted as collateral. One of the main features of the DAO Maker platform is that the DAI stablecoin is always equal to US $ 1 per 1 DAI unit.  Since this is DAO on the platform uses governance tokens — MKR, a million of which were distributed between the first users of the platform. In the DAO Maker ecosystem, MKR tokens are used as the "fuel" of the entire system, just as gas is used in Ethereum. As soon as the commission is paid, the received MKR tokens are destroyed (burned). New MKR tokens are released as needed, so the system is constantly in a certain balance. Compound Another of the largest credit protocols in the DeFi. In addition to interest on issued loans secured by cryptocurrency, it charges creditors COMP tokens to motivate the community to issue more crypto loans. COMP tokens allow their owners to make decisions about changes to the Compound protocol. When the user enters tokens into the Compound pool, in return he receives cTokens. These cTokens represent the depositor's share of the pool and can be used at any time to redeem the underlying cryptocurrency originally deposited in the pool. For example, when deposited in an ETH pool, in return you will receive a cETH. Over time, the exchange rate of cTokens of the underlying asset increases, which means that you can exchange them for a larger amount of the underlying asset than you originally invested - this is how the interest distribution occurs. Ampleforth This is an Ethereum-based cryptocurrency with an algorithmically regulated number of tokens in the circulating offering. It is intended for use as the base currency of the new decentralized economy and is an asset that is not subject to demand inflation and remains independent of the price movement of other cryptocurrencies, in particular bitcoin (BTC). Besides AMPL the platform has governance tokens FORTH. Ampleforth has a 6-step protocol change process. When the proposal successfully passes the first five stages, the FORTH holders vote for the proposed change. If a majority is reached during voting, then the change is automatically made to the protocol. DAO Pros and Cons Pros: There is no hierarchical ladder, so a separate group or control center cannot make decisions that ignore the interests of the rest of the participants. Decentralized management system. With this approach, the actual power passes into the hands of only those persons who are really interested in this and are ready to develop the project. All rules, requirements and conditions for working with the DAO platform are known in advance and can only be changed with the approval of most owners of control tokens. As a result, only really useful offers "pass." All transaction records are publicly available, eliminating asset fraud. Cons: Slow response to threats. If something atypical happens, you need to vote among all governance token holders to solve the problem. At the same time, the decision must first be prepared by someone, which also requires certain costs. As a result, the reaction is very slow, which threatens potential problems. The development also requires a vote. Moreover, you need not only to offer a further way of development, but also to find an executor who will be ready to do the work. It slows down the development of the DAO platform. Despite the high potential of blockchain in managing systems, it hides many risks associated with protocol security. And history knows the hard chapter with the first DAO case in 2016, when the platform was hacked . But it connected with the organization of decentralized and open platforms. Anyway DAO attracts a lot of enthusiasts from different business areas, and has been already realized in such spheres as art, culture, gaming, automatizing and so on.
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How to Recognize a Crypto Scam: 7 Warning Signs of Pump-And-Dumps And Other Fraud

How to Recognize a Crypto Scam: 7 Warning Signs of Pump-And-Dumps And Other Fraud

Ruth Kise 7 min read
As you start using cryptocurrencies, you realize that, since crypto is a new financial mechanism, such transactions are associated with risk. Every month dozens of new tokens and apps launch. Blockchain technology is developing, and even experienced investors may find it hard to keep up with its rapid pace. We are not talking about the unpredictability of markets. The crypto market opportunities grow the interest among a broad pool of investors and automatically pander to frauds. Among successful blockchain-related startups and legitimate cryptocurrencies, attackers still try to warm themselves into users' confidence. We've talked about some scams before - now it's time for a deeper look. The Most Notable Scams of 2021 According to Chainalysis reports crypto scammers stole around $7.7 billion from people through various crypto frauds and pumps-and-dumps this year. Here are some of them: Squid Coin A cryptocurrency inspired by the popular show "Squid Game" created significant hype among investors reaching values of around $3,000 in a matter of few weeks. Even legacy media fell for this altcoin . But the developers abandoned the project and fled, robbing investors of $3.36 million. It was a rug pull - a malicious method in the cryptocurrency world, where crypto developers abandon a project and escape with the funds they got initially. SavetheKids Charity Token The cryptocurrency was promoted by e-sport social media influencers as a token that redistributed the wealth of charities. Followers were scammed into buying the coins but later drawn into various pump-and-dump schemes that devalued the currency. In this scheme, proponents typically artificially pump the crypto price up through false advertising and ruthless promotion to sell their tokens and pocket the profits, while investors watch their money going down the drain. Africript South African brothers Ameer and Raees Cajee created the cryptocurrency exchange service called Africript in 2019. Both vanished after announcing that $3.6 billion in bitcoins was stolen from their platform as a result of a hack. However, the story is still unclear, and investors pointed fingers at the Cajees, trying to compensate their funds. Bored Ape Yacht Club NFTs Crypto fraudsters tricked Calvin Becerra into sending over three NFT digital art pieces from the 'Bored Ape Yacht Club' collection under cover of technical support. It is counted that each of them was worth $225,000. But Beccera declared the three apes were together worth $1 million. Poly Network Poly Network is a decentralized finance platform that went through one of the biggest hacks of the year. A hacker found a fault in the protocols that let more than $600 million from users' accounts transfer to his wallet. However, the hacker was a 'white hat hacker' (a nod to the term defining an ethical hacker that tries to expose security flaws so they can be fixed before a nefarious actor comes along). In a few weeks, the hacker returned the complete sum of money and even got rewarded $500,000 by the Poly Network for exposing the vulnerability. How To Recognize a Crypto Scam? There are several methods fraudsters use to manipulate you. Some signs below can help you avoid crypto frauds and keep your funds safe. 1. Hurry. In most cases, scammers hurry their clients and try not to give them time to understand what is happening. Often they use manipulation and threats for this purpose. Do not go along with those who try to confuse and rush you, do not forget to get acquainted with all the available information. Do your research, find the project white paper, and read through it. The document should lay out the background, financial models, legal concerns, SWOT analysis, and a roadmap for implementation. 2. Social media promotion. If suddenly the people you follow (except for known financial experts) are talking about a cryptocurrency, stop and ask yourself, why is this media influencer doing this. It's best to check out whether the project has its website and social media presence. Go straight to the source instead of relying on information from third parties. 3. Exclusive information. To attract attention, fraudsters use a ruse about secret trapdoors in the system. On social networks, fraudsters often share information about an allegedly erroneous exchange rate or successful exchange chains. Both are the loss of money. 4. Low data verification requirements. If you got requirements to operate with tokens in payment systems with low data verification, such as QIWI, then you should take this very carefully. Fraudsters very often use the features of these systems in their favor. For cryptocurrencies, these are non-refundable transactions. 5. Too good to be true. Refuse if you see offers that promise outstanding gains such as free coins and NFTs – often extending into double or triple figures. Pump-and-dump schemes also fall into this category, where the costs of digital assets are bloated, provoking investors to get applied for fear of missing out. Then they’re left holding cryptocurrency that’s worthless when the price suddenly falls. 6. Cryptocurrency trades. Take a look at how it goes. If it's on a well-regarded exchange, it's more likely to be a safer asset. Legitimate companies and endeavors make the system itself and the progress of the token sale easy for probable investors to view. Look for the token sale figures as the ICO is going on. Better yet, monitor the token sale over time to see how it is moving. 7. Fake applications. Another common trick that cryptocurrency investors often fall for is fake applications placed on Google Play and the Apple App Store. Although such applications are usually quickly recognized and removed, some users may become a victim. Thousands of users make such a mistake and download fake applications for working with cryptocurrencies. Investments are always risk-related. In addition to the currency crash due to economic or political movements, there is a risk of hacking the smart contract of improperly secured blockchains. Crypto exchanges also can be hacked . But where risk is high, there are more opportunities. To keep funds a far lesser degree of danger, learn how to properly manage your risks. And the last piece of advice: select and operate only with trusted exchanges with licenses verified by users - such as those offering their services through SwapSpace .
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What Is Telcoin and How to Buy It?

What Is Telcoin and How to Buy It?

June Katz 6 min read
What Is Telcoin?  Telcoin (TEL) is an ERC-20 token developed by Telcoin Pte. Ltd., a Singapore-based telecom-focused team of developers. The project aims to integrate blockchain technology with worldwide mobile networks: Telcoin has a goal of bringing instant international money transfers to all mobile phone users. The company initially released the TEL token itself and the Telcoin Wallet app. Nowadays, the Telcoin platform includes TEL token, Telcoin app, TELx Network which provides liquidity for the Telcoin users, and a settlement layer — an Ethereum sidechain called Rivendell.  The Telcoin app can be downloaded off of the App Store or through Google Play. The app allows users to transfer TEL to third parties without paying the commission fees normally associated with global money transfers. The Telcoin app allows the user to secure, store, and trade digital assets and send and receive fiat remittances in 16 countries. How Does Telcoin Work? Since Telcoin’s launch in 2017, the project has garnered a lot of attention for its ambitious plan to merge the telecom industry with blockchain technology. Telcoin is all about making money transfers easier and smarter — both in peer-to-peer transactions to individuals’ phone numbers and while interacting with e-commerce stores.Telcoin is working closely with major mobile networks in areas of the world where getting access to traditional financial institutions is a hassle. This partnership benefits disadvantaged populations by providing access to previously unavailable financial services with the only requirement for participation being a working smartphone with a phone plan.The project utilizes an API that helps promote network interaction and cooperation. Operators and networks can integrate with Telcoin via this API; this, in turn, qualifies them to receive constant TEL issuance. Networks that receive more traffic and have a higher integration maturity will earn more TEL as a reward.In addition to the company’s official wallet, Telcoin can be integrated with existing mobile wallets. Payments transferred through partnered mobile wallets are free with the only fees being the ones from converting TEL into other cryptocurrencies and converting those cryptos into fiat. Free in-app operations with conversion supported by local telecom companies will undoubtedly help both consumers and business owners looking for ways to cut down on extra costs.The project’s end goal is to facilitate the overall unbanking of the world by providing an alternative to traditional money transfer platforms via cheap remittance, payments, credit, and other perks that can be achieved through blockchain technology. Telcoin Benefits and Drawbacks Pros:  strong >Worldwide accessibility. Telcoin partners with many mobile operators and all the major electronic wallets as an ERC20 token, which allows the project to reach an unprecedentedly large community of users. Cost-effectiveness. As per the most recent research, global remittance fees average at around 7%, while Telcoin is targeting an average cost of less than 2% of every transaction, and only 0.5% commissions for a remittance. Experienced team of developers. The staff behind Telcoin boasts an experience of over 10 years in both blockchain and telecommunication. Cons: Might be unprofitable as an investment. As of June 2022, TEL ranks 181 in the list of cryptocurrencies. Its price has usually been lingering below $0.035, except for a brief spike during the insanely bullish crypto market in mid-2021. Not backed. Telcoin is not backed by any physical commodity or fiat currency. Telcoin Future During a crypto winter, such as the one that’s going on now, in mid-2022, the future can seem kind of bleak across the market. TEL is not the exception, with the Telcoin price falling to ~$0.0014 in June. However, its rate of loss of value has stabilized in 2022: on average, 30-day price change doesn’t exceed this of such giants as Bitcoin and Ethereum . Besides, the platform is being actively developed, which promises great future: for example, one of the latest Telcoin news is a new TELx liquidity mining policy, which attracts users to the platform.  How and Where to Buy Telcoin? As of today, TEL tokens can only be bought in exchange for other cryptos. If you want to buy it for cash, you’ll need to buy BTC or ETH first.  Coinbase – the most prominent place to buy Telcoin Latoken – a reliable exchange to get some TEL tokens KuCoin – one more well-established crypto exchange to buy Telcoin Uniswap – DEX providing Telcoin buying options Balancer – buy Telcoin on DEX If you prefer to buy Telcoin for crypto, we would recommend going for instant exchanges. Here’s how you can get your hands on some TEL tokens: Go online to find an exchange or a crypto exchange aggregator – these allow users to analyze the real-time costs of crypto on multiple exchanges at the same time in order to find the best bargain possible. SwapSpace works best: these list TEL against most other crypto coins. Compare exchange rates and swap any crypto in your inventory for TEL. The Telcoin whitepaper also proposes that soon consumers will also have the option of buying TEL directly from their mobile operators by using their account credit or wallet holding. How to Store Telcoin? TEL is an ERC-20 token and can be stored on any wallet that supports the protocol. The best Telcoin wallets include: The official Telcoin App . MyEtherWallet , available as a browser extension or as a downloadable app. MetaMask , an in-browser wallet. Ledger , a highly-trusted hardware wallet. Trezor , another secure physical wallet perfect for storing ERC-20 tokens . Conclusion The international remittance market dominated by large players like Western Union has been long due for a revolution. The integration of mobile technologies and blockchain could very well provide a solution to the drawbacks these big players experience, including slow transaction rates and uncomfortably-high fees. The need for cheap and fast global transactions will only increase over time. Telcoin’s attempt at pioneering an untapped market has the potential to yield outstanding results. On the other hand, the project’s entire business model is highly dependent on the cooperation of major phone operators’ willingness to integrate Telcoin’s technology into their own. Most analysts view TEL as a high-risk high-reward investment with the potential to either blow up in the market or entirely fizzle out over time.
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What Is the Gemini Dollar and How to Buy It?

What Is the Gemini Dollar and How to Buy It?

June Katz 4 min read
What is Gemini Dollar? GUSD is an ERC-20 token developed by the Gemini Trust Company — a New York-based trust overseen by the Department of Financial Services. GUSD is a USD-pegged stablecoin : a single Gemini Dollar is equivalent to the USD at a 1:1 ratio and offers little to no fluctuation in price. Gemini holds the funds that back their crypto in a State Street bank and have had their product insured by FDIC. With the project compliant with the stringent demands of the NYDFS, the trust has to be audited by an unaffiliated third party. The initial audit was concluded by Trail of Bits, a company that does security research and penetration testing, with the report publicly listed on Gemini's official site. The report shows that neither the coin nor the system itself has any weaknesses that could potentially expose users’ assets to attacks. Since that, Gemini token has been undergoing independent monthly audits from an accounting firm BPM LLP. strong >Pros: GUSD's reliability and undisputed security is what sets it apart from other similar tokens – like Tether or Pax; Gemini is an ERC-20 token which allows it to benefit from the many advantages of the Ethereum blockchain, including full smart contract functionality and programmability; The project integrates the perks of blockchain with the security of the U.S. Dollar and the supervision of official regulators; The coin boasts high rates of turnover and retrieval in comparison with many other stablecoins; Users with a BlockFi Interest Account (BIA) can earn compound interest on their GUSD. Cons: Interacting with GUSD requires proving your identity and passing certain KYC procedures; GUSD is a regulated stablecoin, which has certain advantages in safety and stability, but for some, regulation defeats the purpose of crypto. Regulated tokens can be censored or confiscated if an activity or transaction associated with them is deemed illegal by authorities. How does the Gemini Dollar work? Users looking to buy GUSD need to open up an account on the Gemini website. During registration, users can enable two-factor identification, which adds security to the account. After that, users will be asked to specify a bank account that they will transfer USD to and from. The platform requires all users to verify their identity by uploading a photo of any government-issued form of identification. GUSD tokens are issued when purchased off of the Gemini platform. A minimum of $100 can be swapped for GUSD at a 1:1 exchange rate at any time. The user withdraws GUSD from their Gemini account to any ERC-20 wallet they specify. At the time of withdrawal, an equal amount of USD is subtracted from the bank account that the user had specified during registration. The issued GUSD are redeemed when they are put back into the account by the user. After this, the system deposits an equivalent amount of USD back into the user's bank account. Where to buy GUSD crypto? GUSD is commonly swapped for USDT, BTC, and ETH. The coin can currently be found on most major exchanges, including these: OKEx Bibox HitBTC You can also get Gemini Dollar on the SwapSpace cryptocurrency exchange aggregator, which is a quick and easy way to obtain the required amount of GUSD. How to exchange GUSD on SwapSpace? On the SwapSpace homepage , select GUSD in the “You send” section and the cryptocurrency you would like to receive in the “You get” section. Enter the amount of GUSD you want to exchange. Choose the instant exchange service that suits you most. Specify the recipient address and check if all the data is correct. Send your GUSD coins to the address you will see on the screen. Wait until the exchange is complete. How to store GUSD The Gemini Dollar can be stored on any wallet that supports ERC-20 tokens . The best GUSD wallets are Ledger , Trust Wallet , MyEtherWallet , and MyCrypto . You can learn more about the pros and cons of each wallet in this article .  Conclusion Being a government-regulated stablecoin, the Gemini Dollar offers a secure and simple on-ramp for budding crypto enthusiasts. The token is well suited for a beginner investor, while seasoned traders may find the limited selection of trading tools to be restricting. GUSD's strict modulation may also deter crypto-users that are looking to steer clear of censorship and over-regulation. The GUSD coin still has plenty of room to grow and the team can make significant improvements to the current functionality of both the platform and their exchange. What makes GUSD stand out, however, is its spotless security record, which may be just what the token needs to continue accumulating interest from the community.
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