USE Crypto (Page 4)

According to the latest news, Bitcoin is trending currently in the digital market. Digital currency and assets are in demand. Digital assets are trying to change the financial face of the globe. Recently, Mrs. Janet Yellen also provided her opinions on cryptocurrencies. Yellen is a nominee of Joe Biden’s Treasury Secretary. In addition, she will be holding an important post in Biden’s cabinet if selected. Her comments on cryptocurrency changed significantly in the recent few days.

The preliminary thoughts

She was against cryptocurrency. Moreover, she mentioned that digital currency is a real concern. The digital currency has its usage majorly for illicit financing. She focused on the technology that we need to adapt to deal with the crypto world. She said that we need to have new methods to deal with the matters like tech terrorist financing. We should adapt as per the trends. Moreover, we have to be ready to deal with the crime these technologies will bring. She thought of staying away from crypto.

Cryptocurrency is a magnet for cyber thieves. The blockchain is anonymous and nobody gets caught. There is no control over the blockchains. No individual agency can control these financial networks. Above all, there is no law enforcement agency or regulatory body to regulate its activities.

Her recent meeting at the senate

Mrs. Janet Yellen made a follow-up comment after two days on cryptocurrency. Her opinion in her statement seemed quite contrary to the previous one. Now, she showed a lot of confidence in the potential of digital currencies. After that, she presented her views in the senate committee on finance.

Questions imposed on her

She got few questions to answer regarding new technologies in the senate committee. The question is to present her view on the new emerging technologies. She has to answer on the potential benefits and threats of these on the U.S. national security. Also, she got asked to propose ways to safeguard and regulate digital and cryptocurrencies. She mentioned the wide array of benefits cryptocurrencies have brought in today’s world. Digital currency has the potential to improve the efficiency of the financial system.

Yellen’s changed opinion

She gave emphasis on the legitimate use of Bitcoin. Also, she focused on developing a regulatory framework to effectively use digital assets. As per her, we have to find ways to encourage the use of digital currency for legitimate purposes. With that, we have to also prevent its usage for illegal and malign activities. Yellen wants to co-ordinate with the Federal Reserve Board. In addition, she wanted to implement a regulatory framework for cryptocurrency and digital assets. Above all, she wants the co-operation of federal banking and securities regulators for this step.

Conclusion

Janet Yellen’s concern regarding cryptocurrencies is actually valid. The reason is the risks involved with cryptocurrencies. Along with the risk factor, multiple thefts and hacking also take place. Moreover, there is no regulatory body overseeing the complete digital world of finance. The wide acceptance of crypto payments has also increased complications. The involvement of cryptocurrency in scams is high in today’s world. This is majorly due to its decentralized nature. Most of the time, the funds lost are never retrieved.

About Ethos

Ethos is one of the leading cryptocurrency service providers. It is a platform that is like a bridge between blockchain and financial institutions. Ethos provides multiple products for the crypto world. Some of them are Ethos Universal Wallet, Ethos Bedrock, and many others. The Universal Wallet provides security to its users to keep their crypto assets safe. It provides its services for free. The Wallet is on the Bedrock platform. Bedrock is the foundation that makes the blockchains more accessible. It provides security for the users and the financial institutions. Ethos has a global presence and its headquarters is in Singapore.

Bedrock – The foundation platform

Bedrock is a very sophisticated high perform platform that provides blockchain financial services. Its main aim is to make blockchains and cryptographic protocols easily accessible. With Bedrock, financial institutions will safely use the best of digital technology. The institutions could also use multiple crypto financial services. The services include custody, liquidity, brokerage, and lending. However, as mentioned earlier, the Universal Wallet works completely on Bedrock. Bedrock is up and running and supporting many customers. Till now, it supported 90,000 users across the globe. It helped to perform more than 400,000 transactions seamlessly. Above all, these transactions involve multiple blockchain networks.

Expert Opinion

The founder and CEO of Ethos are  Shingo Lavine. He provided his views on this. He said that most of the fintech firms see blockchain as the next big thing in the digital finance world. But there is a lot of things that are very complex and not accessible. They are a wide range of blockchains and crypto protocols and frameworks. So, Bedrock is the platform that combines all this. Moreover, it provides a framework that is very easily accessible. So, with Bedrock, a lot of blockchain-based products and services will be available for the users. He believed that this technology will provide enormous power to the digital economy.

Its Uses

Bedrock has a wide array of functions. It supports multiple functionalities for the financial institutions. In addition, it provides the platform for financial institutions to create their own crypto wallets. It helps to provide a lot of services like liquidity, custody, and many others. Also, it provides customized solutions. These are blockchain integration, alerts, identity, and transaction monitoring.

The technology behind it

The technology used for the bedrock platform is very complex and sophisticated. The platform uses open peer-reviewed standards like BIP32, BIP39, and BIP44. It is with the help of these standards that help users keep their digital assets safely. It also has an abstraction layer. This offers support to multiple blockchains and custom digital wallets.

The Ethos token powers up the Bedrock platform. This token provides access and utility to the complete Ethos ecosystem. So, the business partners can utilize the Ethos token to get access to the system. They can also pay fees and get discounts. Therefore, it is such a platform that created a win-win ecosystem for both its users and business partners. In conclusion, it operates seamlessly and cost-effectively delivering all the benefits to both parties.

In this article, we will discuss how to send and receive cryptocurrencies. For sending or receiving cryptocurrency, the first thing you need is a cryptocurrency wallet. The next requirement is the public address of the recipient, whom we have to send money to. This is mostly very simple, just like scanning a QR code. Then we have to enter the amount we need to send. After that, we have to follow any wallet specific instructions, if any and click on the send button. Once the above process is complete, the transaction needs to settle on the blockchain. Let’s understand the process in detail below.

Transferring cryptocurrencies

Cryptocurrencies like Bitcoin, Litecoins, Ethereum, etc get stored in cryptocurrency wallets. These wallets have different features and functionalities. Each coin also has its own set of wallet options. So, basically, the process depends upon the wallet and the type of cryptocurrency used. Let’s view the process in general.

1. One has to log into his cryptocurrency wallet.
2. After login, go to the send/receive page.
3. Please select the option of send or receive cryptocurrency. Please note that one can send and receive like-coins. For example, one can send or receive Bitcoin to Bitcoin. One can’t send Bitcoin to an Ethereum wallet.
4. To send: Please enter the public wallet address of the person you want to send money to. Next, enter the amount you want to send. Before hitting the send button, kindly double-check everything. It is important to note that there will some transaction fees. So, your wallet should have enough balance to pay for it. Make sure the public address you entered is correct before sending the coins. One can also write a note with the transaction. This will help the sender and the recipient to know about the transaction in the future. It is advisable to use a QR code instead of typing the public address manually.
5. To receive: For receiving cryptocurrency, one does not have to do anything. Once the person sends the cryptocurrency, it will get credited to the account. One does not have to follow any procedure for it. To receive cryptocurrency to his wallet, one has to share the public address of his wallet. It is better to share the QR code for the public address instead of sharing the link.

Few tips and tricks

1. While sending cryptocurrency to someone, please make a note of this point. It is better to send a very small amount to the new public address for the first time. Please don’t send a lot of cryptocurrency in the first go to a new address. If you send a test amount to a new address, it will help to know everything is right.
2. If you are sending coins through an exchange, you have to use the withdraw or deposit button on the exchange. Please follow the directions very carefully. Some exchanges have specific directions as well. For example, one has to write a note with the transaction or one can only send the whole number of coins. One may have to use authentication codes as per requirement.
3. To exchange one type of cryptocurrency for another, one can use a platform like Shapeshift. This is for the conversion of coins from one type to another. This is useful when one wants to send Bitcoin to an Ethereum wallet.

      4. Keep your private key safe and only with you.

The crypto world is growing day by day. More and more people are joining the crypto world every day. The value of cryptocurrency is reaching new heights. Big corporates to multi-millionaire investors are putting their money in it. Cryptocurrency is the next big thing. Many new investors are willing to get higher returns from it.

The interest in cryptocurrency is increasing. More people are showing their belief in digital currency. So, people are trying to cash on this opportunity. For buying and trading in cryptocurrency, one needs to choose a cryptocurrency exchange. A cryptocurrency exchange is an important platform for all cryptocurrency holders. Choosing the right cryptocurrency exchange is a vital step. Below is the list showing important aspects while selecting a cryptocurrency exchange.

Security

Security is the most important concern when it comes to cryptocurrency. Also, security is the primary aspect while selecting a cryptocurrency exchange. So, one has to do a lot of research before selecting an exchange. It is essential to choose a legitimate and secure platform for this purpose. Recently, there are a lot of scams that are coming into the picture. So, an authentic and safe cryptocurrency exchange is the only option.

Purchasing method

The method of purchasing and transacting differs among multiple platforms. Different exchanges have different ways of accepting deposits. Some accept bank transfers and some accept PayPal. If one is new to this crypto world, one has to choose the exchange accepting fiat currency. Moreover, the transaction time also differs between different platforms.

Supported tokens

Most of the cryptocurrency exchange support Bitcoin and Ethereum. There is a long list of digital currency present in the market. Binance supports a long list of altcoins. Coinbase supports only four cryptocurrencies. So, this is also a vital factor while making a choice.

Trading platform / P2P exchange / Broker

There are three types of cryptocurrency exchange. The trading platform is very common. Here the users place their orders for buying or selling cryptocurrency. P2P exchange is a more open type of exchange. Here the buyers and sellers interact directly and trade among themselves. Cryptocurrency brokers are different from the above. Here the brokers fix the price and the buyer can purchase as per his choices.

Fee structure

The fee structure and the transaction fees also vary among platforms. This is also a critical aspect. Some exchanges offer discounts. While some exchanges charge for trading, but the purchasing of tokens are free. So, exchanges have a variety of offers. Therefore, you should choose based on your requirements.

User interface and user experience

Another important aspect is the user interface and its functionalities. The interface should be user-friendly. From new to seasoned users, the user interface plays an important. It is essential for the user to understand the functionalities and use them at his convenience. Moreover, different people like different interfaces. Mostly, the exchanges with the best user experience see maximum growth.

So, the above-mentioned points are important while selecting a cryptocurrency exchange. All exchanges are different and they have different offerings for the users. So, it is important to understand your own priorities before selecting an exchange. It is good for one to choose an exchange that suits his criteria best.