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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.
Every day the number of people using cryptocurrencies is growing, this is facilitated by the fact that managing your funds has become very easy and convenient when all transactions and even the center of storage is in your phones. In a word, mobile wallets allow you to feel all the innovation and usability of cryptocurrency. Mobile wallets, as you can understand by the name of is a mobile app where you get access to your crypto-storage. These mobile applications provide a convenient ability to store cryptocurrencies and conduct transactions, and almost all applications support the most popular operating systems like Android and iOS. These wallets use virtual copies of the blockchain with the support of simplified payment verification (SPV) and you do not need to download the entire blockchain to your phone, which saves disk space on your device.
What are main functions of mobile wallets?
There are two main functions of mobile wallets for consumer use. It is mainly used either to store your funds in coins or\and as an transaction tool. If you choose to store your coins in an app on your mobile device you will be able to use phone as payment method in places where cryptocurrency is accepted. There are several methods to make payment with your mobile wallet but the most popular one is QR codes. You just need to scan it to get all information where to transfer coins. On the other hand you can use you wallet app to track all your transactions and analyze balance.
What are the pros and cons of mobile wallets?
The main advantage of mobile wallet is that it provides you a mobility and rescues you from being attached to some place or exact PC with wallet. In simple words it gives that freedom which cannot give any other wallet platform so you can do your transactions or manage the balance anywhere on even on street. Also it simplifies the whole transaction process down to just scanning QR code with mobile device to send or receive funds. It makes small in store payments very ease and possible to use in everyday life.
The main disadvantage of app wallet is related to security but it is a always a case with mobile stuff. Almost all app wallets use your keys to operate it is risky if your device gets stolen or somebody will have and access to the app. In that cases you may lose all of your funds if thieves will gain access to phone or the key. But it is very easy to prevent such case by just taking safety measures such as installing an app pin code and one of blocking systems to phone.
How to choose the best mobile wallet just for you?
As in case with a lot of alternatives you need to determine criteria and one of the main and important factor is security of wallet as mentioned before. So you should look for a wallet with high focus on securing your funds form the thieves. Another criteria is obviously the variety of supported coins because you do not want to have separate wallets for different coins. So you have to look for wallets where you can store and manage different types of coins.
And last but not least point is fee for the wallet app, most of the wallets on market are free but some developers charge for it. Well it is completely up to you because if wallet is free it just means that developers have different profit model so maybe paying some money directly might be easier. But you definitively want wallet that costs less and allows more and provides wide range of functions. Usability, interface design and customer support are also important factors to consider.
Online crypto wallets make storing and sending cryptocurrencies online possible. It is accessible wherever you are. But a third party managed your private keys since it is stored online that makes it risky and prone to hackers.
A lot of online cryptocurrency wallets offers plenty of features such as its possible to connect to all online devices like desktop computer, tablet and even mobile phone. If you are using a bit of cryptocurrency, we suggest preferring these wallets.
How does it work?
Research is the first key and we’re doing the first step now. Choose the best online crypto service that you prefer, after that you can use cryptocurrency as a payment on the items/products you buy online. The server of your wallet service provider will keep your private keys. You will receive a crypto code after your keys have been saved which allows you to access your online wallet and make transactions. Don`t forget that when you use your online crypto wallets, its information will be accessible to third parties, thus your private keys will own by the company and they can access your wallet. Therefore we highly recommended that you choose your provider carefully.
How to get the full benefit of your online wallet?
Users that are unable to make transactions from their online wallets is a possible case. We highly suggest that you must prefer an online wallet company that has been for a long-serving on this kind of business. They are more trustworthy on protecting client’s crypto money.
Choosing a reliable one on using online wallets is a must. Additional security functions for your coins is one of the features that you should consider. Reading the reviews of different suppliers is a good way to know their pros and cons.
What are the pros of online wallets?
Online cryptocurrency wallets guarantee fast transactions that make buying goods online more convenient. It is always on the go that also makes it perfect for active trading. Most of them are not limited to only single cryptocurrency, in that case, it is easy to manage.
What about the cons?
Higher risk of online security breaches such as scams and hacks when using cloud-based wallets is its drawback. Third parties can also access your funds and can be a reason for online cryptocurrency wallets are less attractive.
Conclusion
Even though online wallets are convenient and practical to use, they are not safe for cryptocurrency most especially for a small number of coins.
What Is a Loyalty Program?
The idea of a loyalty program is designed as a marketing technique.
Merchants use this technique as an encouragement to customers to patronize their products or services. Loyalty programs usually require customers to register so they can gain commitment points in every purchase or usage in merchants’ services. Some loyalty programs allows the customers to use their acquired points on accessing new services and products. It can also be used for discounts and even get free merchandise. Other loyalty points can also be used as regular flier miles of airlines, hotel points and restaurant points.
Why it is important?
Loyalty program helps any business on keeping their customers to continue patronizing their product or service.
It is more costly if business focuses on getting a new client than selling products or service to the current customers. As the figure shows, it is between 5 and 25 times more expensive. Therefore, offering rewards like loyalty programs is a good idea to pleased existing customers.
Are loyalty points important?
Yes they are.
According to 2017 Colloquy Loyalty Census Report, sign-ups in loyalty programs increased by 15% between 2015 and 2017. This development rate that was recorded in 2015 is 26% therefore, subscription sign-ups progressing slowly. Professionals concluded that abundance is the main reason of decreasing interest of customers. Having a lot of loyalty programs makes an average consumer to hardly monitor each loyalty program they sign-ups. In this case, consumers had the difficulty on acquiring enough points to get the benefit of the loyalty program. Based on Maritz Loyalty Marketing report, 70% of consumers quit on loyalty programs because of the very slow progress on accumulating enough points for redemption.
Consumers found loyalty points not urgently important and don`t mind not coming back. In this case, this will lead to more expense in selling their products and services. Guaranteed increase in consumers retention rate can be possible if making reward points more critical to consumers that it will be easy for them to actively take part.
So Blockchain can include them worth?
Sure it can! Blockchain can decentralize and put back together the broken loyalty benefits gap. As a decentralized network, a good result is still expected on benefit points.
Elements, a new cryptocurrency is aiming to do such. Element cryptocurrency is using X11, a chained hashing algorithm that works for “Proof of Work” calculations. This new cryptocurrency has the main goal to pleased various merchants as the mainly loyalty cryptocurrency.
Elements as a “proof-of-work” cryptocurrency, can be mined with someone who has a system in a computer that has required processing power to do such. Miners can use their accumulated loyalty coins for shopping and buying tickets.
How do merchants benefit from it?
Basically, loyalty coins make it easy for a business to build interaction on their clients.
Merchants that are giving commitment points for consumers can somehow lead them to be valuable. Consumers will find those points helpful and will actively participate to accumulate points. Competitors will take in consideration on how they will encourage consumers to sign-up and the value of loyalty coins they can offer.
Universal commitment cryptocurrency can help merchants to lessen their loyalty liability. Liability is what a company’s obligation to other services or individuals. This is one of the entries in its balance sheet . Commitment points will be recorded as a liability because it is like a promised lesser rates and complimentary items to consumers. If each consumer always redeem their points, it will badly affects the company’s financial books. Since Mining is open to everyone, like in Elements coins, merchants could mine as well and provide loyalty coins to consumers. They can also benefits from the commitment coins of other merchants.
If you spend a traditional commitment points, merchants will consider this as no value. Therefore, merchants can take more advantage because a Blockchain-based currency can be exchanged for a fiat currency that will help them recover with loyalty points’ few sales.
How is this valuable to miners?
Rewards are also given to miners.
Scientists at Research and Markets predict that by 20123, the market size of the loyalty management market would reach its worth at $6.2 bln. Cryptocurrencies monetary value and great benefits might make consumers accept it at once and will definitely increase its worth.