Heroes of Ukraine

«Market Leader» - news and previews making you rich.

Sunday, 10 December 16:06 (GMT -05:00)

Foreign exchange market

What is the best place to store cryptocurrencies?

The most common reason why people get their digital currencies stolen is that their e-wallets are often poorly secured and therefore vulnerable. Apparently, such apps do have vulnerabilities. However, there are certain tips and tricks that will help you to increase your security when it comes to storing digital currencies, Market Leader reports.




According the recent research data released in late August, mover 30 000 Euthereum users have already fallen prey to various scams. According to New York-based company Chainalysis, the average loss amounts to $7500 per victim. The experts say that it’s all about insecure e-wallets.
For those of you who don’t know, an e-wallet is a certain app providing you with the access to your digital funds. According to Alexander Shvets, product manager for blockchain-based advertising ecosystem Papyrus, an e-wallet resembles the key to a deposit box. The difference is that this is not a physical box inside a bank vault but rather a box in a digital crypto-vault.
Such a digital vault allows you to take control over your balance, transfer funds and exchange one currency for another. Most of those e-wallets out there make it possible to store various digital currencies at a time, which is fairly convenient, since there are hundreds of digital currencies, and the number is still growing. So, the software allows you to work with multiple currencies of the same type.
Apparently, the most popular digital wallets are those designed for Bitcoin, the world’s first and most popular and expensive cryptocurrency. The wallets for Ethereum are the second most popular apps of that kinds. As we have already said, there are multi-currency e-wallets allowing you to accumulate multiple digital currencies in one app.
According to Dmitry Lazachev, co-founder of crypto-bank Wirex, says that all e-wallets out there can be divided into 2 major groups – the ones based on hardware and the ones based on software. Online wallets are often referred to as “hot wallets” since they allow you to transfer anytime you want provided that you are online.
The second type of e-wallets is not connected to the Internet. Such wallets are installed on a physical drive. The funds are stored in a “cold wallet” after registering the address with the blockchain. The funds can be withdrawn only after connecting the drive to a PC and going online.
According to Vasily Trofimchuk, co-founder of blockchain project BitCave, if your wallet is accessed using a private digital key, it’s a good idea to store the key the “cold” way – you can print out the private key or turn it into a QR code.
Always remember about risks when it comes to cryptocurrencies
As a rule, hackers exploit security system vulnerabilities or their victims’ imprudence.  According to Vladimir Smerkis, co-founder of cryptocurrency investment fund The Token Fund, the most common reason for hacking e-wallets is related to vulnerabilities in the smart-contact code or the wallet itself. Basically, this is how hackers managed to steal $460 million in Bitcoins from Mt.Gox. they exploited an error in the transaction system existing since day one. The secretly transferred tiny amounts of money from the exchange accounts to their personal accounts for a rather long period of time. Some vulnerabilities in the Bitfinex exchange allowed hackers to get access to thousands of e-wallets.
Fishing is another popular way for hackers to get the required info to access e-wallets. They create fake requests or even fake services to talk the user into providing their credentials. For example, during an ICO they fake a web address, and the victims are confident that they are investing in an ICO while they are just transferring money to the hackers. It’s easy to change a letter in the domain of a popular source and register a fake website. The victim opens a fake account (e-wallet) with the fake service and transfers fund to the hackers. With that being said, Masterforex-V Academy experts recommend that you always double-check the domain name and take other security steps to avoid getting hacked.
While commenting on the risks of losing digital funds, Masterforex-V Academy experts say that imprudence is the key reason why people fall prey to frauds and hackers. This holds especially true for the so-called lite e-wallets that require minimal credentials to get access – login and password.  
The most vulnerable are “hot” services that store the private key and the seed phrase required to restore the access. On the contrary, “cold” services are the most secure ones.




You are free to discuss this article here:   forum for traders and investors


Add to blog
Got a question? – Ask it here »

Masterforex-V Expo Names Best Forex Broker for Beginners in November 2017

Each forex broker is unique to some extent. Most of them choose to specialize in a certain kind services. Practice shows that novice traders who are just getting their feet wet in forex usually lack the required expertise to follow the right track and therefore make the same mistake. The thing is that they have some artificial knowledge about forex brokers and the services they offer. Therefore, their choice is usually random or dictated by some trivial things. In other words, it’s not well thought out.

Publication date: 10 December 07:50 AM

40% of Bitcoin Is Owned by 1000 Users

According to Bloomberg, with reference to Aaron Brown form AQR Capital Management, 40% of Bitcoin is owned by roughly a thousand users around the globe. The expert says that those “whales” may exchange information and coordinate their efforts to move the BTC exchange rate in any direction they want.

Publication date: 10 December 03:26 AM

Bitcoin Exchange Rate Exceeds $18K

The world's first cryptocurrency set another all-time high after exceeding the $18K threshold. The other day, Bitcoin reached the highest point to date at 18328,9 USD/BTC, which was confirmed by Сoinmarketcap. At that point, the market cap exceeded 306 billion dollars. It’s interesting to note that the world’s first and most expensive digital currency managed to gain 25% in 24 hours.

Publication date: 09 December 09:43 AM

Bitcoin Goes Higher and Higher

Bitcoin has been extremely volatile and setting new all-time highs one after another over the last few weeks. It’s getting harder and harder to track the BTC exchange rate since the price ups and downs are frequent and rapid. What’s the reason behind this roller coaster?

Publication date: 04 December 06:52 AM

Bitcoin and other Altcoins – Currencies or Commodities?

The cryptocurrency phenomenon has been the most discussed to topic related to financial markets this year. International experts have been discussing the essence and prospects of digital currencies.

Publication date: 30 November 12:09 PM

Bitcoin Reached $11K and Dropped by $2K Instantly

On November 29th, Bitcoin beat another threshold. This time, the world’s largest cryptocurrency exceeded the $10K threshold and set another all-time high at 11377 USD/BTC, only to crash by 20% at a time down to 9290 USD/BTC, Coindesk reports. All of that happened within a couple of hours.

Publication date: 30 November 09:42 AM

Bitcoin Has Easily Broken Above $10K, Setting New All-Time High

Overnight, Bitcoin set a new all-time high by exceeding a major psychological level – $10000! This unprecedented event took place on South Korean exchange Bithumb. For the first time in history, the BTC exchange rate reached 10223 USD/BTC. It was a sharp increase in the Asian demand for Bitcoin that backed this rally to the new all-time high. It’s interesting to note that Bitcoin has gained 18% over the last 48 hours!

Publication date: 28 November 06:22 AM

Aggregate Cryptocurrency Market Cap Exceeds $300 Billion

Yesterday, on November 27th, the aggregate market capitalization of all cryptocurrencies altogether exceeded $300 billion for the first time in history.

Publication date: 28 November 06:03 AM

Bitcoin Goes Over $9000

Over the weekend, Bitcoin reached two psychological thresholds. On Saturday, November 25th, the world’s first and largest cryptocurrency gained $280 per 1BTC at a time and reached 8700 USD/BTC. On Sunday, November 26th, Bitcoin gained $400 per 1BTC at a time broke 9000 USD/BTC, thereby setting another all-time high, even though the exchange rate retraced back shortly after the record.

Publication date: 27 November 03:58 AM

Alpari Cashback Paid Clients Over $6 Million in 3 Years

There are tons of various forex bonuses, promos and loyalty programs out there. Alpari Cashback, a loyalty program by Alpari broker, is especially popular with millions of international traders. Alpari, is one of the largest forex brokers in the world, with nearly 2 decades of expertise and spotless reputation.

Publication date: 26 November 02:52 PM