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The Excitement of Blockchain Technology!
Blockchain technology and the digital world go hand in hand. Blockchain technology is one of the most important platforms for keeping up with digital assets. Since blockchain technology is becoming an exciting part of the digital world, it is important to understand why using blockchain technology is so crucial.
With blockchain technology being all the hype, it is important to understand why this type of technology is becoming popular and the answer lies in the exploration and revolution of blockchain technology. Blockchain can offer better security than a conventional database can offer and with improved security, this type of technology could benefit countries and nations that have problems with censorship.
Blockchains are also valuable beyond just security, but they offer practical uses such as a payment portal, communication links, data recording and other distributed ideas, across different nations. Blockchain offers ways for people to transfer money and to inventory financial business with many different industries. Check out www.cognizant.com for more information on the value of blockchain technology.
Why is Blockchain Technology Useful?
There are many different reasons why people and companies are choosing to use blockchains over conventional databases and these include peace of mind, reduction of costs, transparency, and quicker transactions.
Peace of Mind
Having protection is one of the most important factors when conducting business. With blockchain technology, there is more protection of data information than that of conventional databases.
Hacking seems to happen everywhere, but with blockchain technology, there is much less chance that transactions and information can be hacked and that targeting a blockchain will cause the blockchain to decline the transaction before any potential harm can be done. When a network is full of nodes, the network will be more secure and will be safer for the user.
One exciting blockchain that most people know about is bitcoin and this is one blockchain that is considered to be secure and reliable. IBM talks about how blockchains provide better security and is a better place to make transactions that are both recorded, encrypted and approved so that information is difficult for hackers to retrieve. Read more.
Reduction of Costs
The DevOps system can be maintained if blockchain technology is being run over different nodes and this will help to reduce costs because it will cut down on the additional staff that is needed to maintain the program.
When companies are small, savings are important and by using blockchain technology, small companies can take out the middle man for both jobs and financial services.
Transparency
Blockchain technology can be changed to fit the company that is utilizing it. With different organizations, the need for transparent business transactions is important and with blockchain technology, this is possible.
With the different network nodes, blockchain technology can be modified to fit the information that the company is looking to save. Modifying blockchain technology is possible for any company.
Blockchains are simple and can keep perfect records of data both securely and easily. Find out more about this here.
Quicker Transactions
Banks and other financial institutions can take days or even weeks to completely make a settlement or transaction. This happens because the bank uses software applications that have advanced protocols and since the banks are only open during regular business hours, the transferring only takes place during these times.
When organizations are in different time zones, transactions can become more complicated and that is where blockchain technology really comes in handy.
Blockchain technology works around the clock, 24 hours a day and seven days a week and so the transactions take much less time than a regular bank transaction does. Blockchain users can make transactions on the internet without having to use a bank or other third parties and this helps transactions to work in real time. More can be found on https://www.happiestminds.com/Insights/blockchain/.
Conclusion
Even though there are certainly limits to using blockchain technology, most studies have proven that blockchain can be very beneficial compared to contemporary databases and that it can provide better technology and better quality for our busy and innovative lives.
What is CEX.IO?
Dated back to 2013, The CEX.IO cryptocurrency exchange was given a startup in London and made an astronomic rise which is as double as cloud mining service until 2015. Its simplicity and user friendliness have clinched it the position of the most popular exchange till date. As a beginner, CEX.IO affords the newbie an easy to learn curve. You will be astonished even as an experienced institution and trader at first use. CEX.IO offers a system that is fully a fit for use multi-level account for use.
How to get started on CEX.IO
To register on the CEX.IO, login to the website and enter your registration details (name, email, password and phone number). This process does not need any further authentication as this is done automatically
How to set up payment on CEX.IO
CEX.IO among other exchange offers a simple payment system which enables customers to pay via credit and debit card in which identity verification of the user is confirmed within 48 hours by matching the user identity to the card details gotten from the selfie of the user with the payment card. It also has an option of simple bank transfer
Fees on CEX.IO
Credit card payments to account incur a charge of 3.5% + $0.25. CEX.IO charges a flat rate of $10 for bank transfers. Which option is the cheaper one depends on the amount you’re transferring? CEX.IO also has a 7% service charge on all transactions made directly from them. Trading on the different markets incurs different fees. Some of the fees are as low as 0.2%, so its economical shop around.
Transaction limits on CEX.IO
Trading on CEX.IO has a limitation based on the type of account the user has and it is pertinent for a user to be abreast of the limitations when trading on CEX.IO.
Basic accounts requirements includes a copy of a government-issued ID, and gives the user an option to buy $500 worth of Bitcoin and Ethereum tokens in a day and a maximum of $2,000 per month.
For an account to be verified, it is required for the user to have a government-issued ID and a proof of residence and will raise the limit to $10,000 per day and $100,000 per month
Much more information are required to be submitted for identity verification in verified plus and corporate accounts of either an individual or business
Making withdrawals on CEX.IO
Another unique feature of CEX.IO exchange is the opportunity to withdraw funds directly to your payment card. Although the withdrawal is limited and is liable to extra charges. CEX.IO gives room to withdraw €2,000 per day to your payment card, and maximum €50,000 per month. Charges on Withdrawals for Visa cards is a flat rate of $3.80 and an extra 1.2% on top of the flat rate is charged for MasterCard withdrawals. Finally, CEX.IO makes it possible for withdrawal of funds to your bank account. Bank withdrawals costs a flat rate of $50 per transfer. One of the advantages of Crypto Capital is that its economical and a lot of money can be saved which is a blockchain-based banking service and also reduces withdrawal fee to 1%.
Want to learn more about the different cryptocurrency exchanges? Read our ultimate guide HERE.
The 5 Best Hardware Wallets
Hardware wallets are secure means for storing Bitcoins and other Cryptocurrencies. The wallets are genuine and secure. They come in the form of USB flash drives. If you are looking for a secure means to store your cryptocurrencies, then you can try the hardware wallets. The following are the best five hardware wallets in the market that you can choose.
Trezor One
Trezor One is a signing and coin storage tool which was introduced in 2014. The founder of Trezor One is the CEO and IT developer. He is one of the figures in the sector of crypto. This is the oldest hardware wallet in the market. The wallet helps the users to use the cryptocurrencies easily.
The wallet has a simple design and a user interface that is easy to use. It supports Bitcoin, Etherium, Litecoin, Dash, and other coins except for Ripple. Trezor offers everything to protect the cryptocurrency coins together using advanced features like 2-factor authorization and password manager.
The Nano Ledger S hardware wallet
The hardware wallet has an intuitive user interface, a sleek design, and support over 30 different coins. Trezor One is its main opponent. You can use Ledger live to access your wallet; it is a free application on the desktop where you can control your devices, receive, and send cryptocurrencies when you want. The wallet is relatively expensive when compared to other companies. It is secure and easy to use. The hardware can be used on any computer system safely. The wallet comes with a micro-USB cable, a recovery sheet, a keychain, and a lanyard.
The storage space is low, to use the coins in the wallet, you need to download the wallet you want.
Coolwallet S
Coolwallet S is not like the other hardware wallets. It is in between the online and offline wallets. The coolwallet S uses an electronic card that has the same size and durability as the credit card. Other than the wallet card, the box comes with a recovery card, charging cable, and a plastic charger. The card is waterproof and durable; you can carry it in your wallet. The wallet supports various cryptocurrencies like Ripple, Bitcoin, ERC-20 tokens, Etherium, and other coins. The card is connected to the wallet app using Bluetooth.
KeepKey Wallet
The KeepKey Wallet has a large design. It was released in 2015 and is one of the leading wallets in the market. It offers access to few Cryptocurrencies. The wallet also helps the users to create and keep a variety of keys. It supports various coins like Bitcoin, Testnet, Ethereum, Dash, Litecoin, Namecoin and Dogecoin. You can use the keepKey wallet with Linux, PC, Android, and Mac; they should have Google Chrome. The wallet is relatively expensive as compared to other wallets. It has a digital screen and metal body. It is safe and easy to use. It has an in-wallet exchange for trading one cryptocurrency for another without an external exchange.
https://keepkey.myshopify.com/
BitBox wallet
If you are trying to get a cheaper and secure hardware wallet, BitBox wallet is the one. You can use it to receive, send, and store cryptocurrencies. It supports ether, bitcoin, LTC, and ERC20. The wallet has a microSD which support several keys to avoid the need to write them down. You can set up the wallet easily and use it. The device has a touch button and led indicator to confirm transactions. It uses 2-factor authentication.
Could you even imagine the horror when you open to check on your cryptocurrency wallet, there were no more tokens? And most of all, that there are some shady transactions to unknown addresses. It’s every crypto investor’s nightmare. And you would immediately question on the crypto wallet security now that the possible method you could think of is that there had been a hacking activity on your account.
The nature of cryptocurrency is its anonymity. So, ownership is only by codes.
The Possible Things That Could Happen On A Hacked Crypto Wallet Security
Should there be an alarm of a possible hack on a crypto wallet security? When you notice that there was a suspicious exchange or transactions, rest assured that some payment on your crypto wallet will follow.
But, how to keep your cryptocurrency wallet safe from a disreputable business? One thing’s for sure that the most excellent method a crypto wallet owner can do is to be cautious of all the activities. That means to be mindful of using the wallet correctly to avoid possible dangers.
No one except you, the crypto wallet owner, can take full responsibility for your investment decisions and transactions. That’s why it’s crucial to think it thoroughly before investing and making business.
But Is There A Possibility Of A Hack On A Crypto Wallet?
Hackers are getting trickier, wiser, and subtler in misleading cryptocurrency users. For these online thieves, here are several ways to hoax a crypto wallet holder. One is to send you a counterfeit email consisting of a fake URL to your wallet service. This email may vary by only one or of several letters from the original URL of your wallet service. And these online thieves can also reroute even the safest URL to a phoney URL when you enter your online wallet account.
So, here we present the common questions about cryptocurrency wallet security:
Is There An Absolute Best Location To Save Our Private Keys?
Most common errors that crypto wallet owners commit are either of these; keeping the crypto wallet on their email, or Dropbox, or Google Drive, or on any of the notes app on their smartphones. These are the very first locations hackers check to try to get in.
What Will Happen When We Lose Our Private Keys?
One important note to always remember is understanding and recognizing your backup expression. Most large software application wallets require those backups. A backup expression is usually a remarkable phrase which is generally around twelve words.
The backup expression is essential in case you forget your PIN. So, when you can’t remember your PIN, delete or uninstall the app. Install the app once again and now using your backup expression. Then create a brand new PIN.
The Reason Why Wallet Addresses Change
The technique is also known as HD-safe or Hierarchical Deterministic. An HD-safe suggests that when you send or receive funds, there’s a new address generated for your wallet.
It’s a convenient method as it makes every transaction you make more difficult to track. Most especially, it’s difficult for hackers to figure out the exact amount of loan you save at your wallet. The best recommendation is to split an enormous amount of coins to transfer into several transactions.
Is There A Safest Cryptocurrency Wallet Security?
The immense amount of existing online cloud wallets or hot wallets take advantage of the two-factor authentication in case online thieves try to enter your email. Until now, the best approach to crypto wallet security is the USB stick or this unique gizmo called cold wallets. These cold wallets are hardware ones. According to reliable reports, even these hardware wallets are not foolproof.