It has become quite common for an Exchange to get hacked.
Apart from basic security measures that I know as a user, which are 2FA, not your key, not your coins & non custodial wallet. Did anyone here investigated of the kind of wallets used by an Exchange.
My understanding is based on what Google gives me on its SERP. I never found out, what kinds of wallets are used and how they are used.
I am aware that exchanges use a combination of hot and cold wallet. I am still on the process of learning. Is it possible for someone in this forum make me understand first what is hot & cold wallet and then how it function on an exchange.
Thanks.
PS: Please ignore my typo and sentence mistake
Exchanges usually have their own built-in wallets that are used to store the cryptocurrencies traded on their platform. These wallets are often referred to as "hot wallets" because they are connected to the internet and are more vulnerable to hacking attempts. Some exchanges also offer users the option to use their own external wallets, which are typically more secure and provide users with full control over their private keys. These external wallets are called "cold wallets" because they are not connected to the internet and are therefore less susceptible to cyber attacks. It's important to note that each exchange has its own policies and procedures regarding the storage and security of cryptocurrencies, so it's essential to do your research and understand the risks associated with using a particular exchange and its wallet system |
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It is becoming more strict to transact crypto in Nigeria as the CBN now plant agents on Binance P2P to trade with you and intentionally add crypto keywords to the payment transaction so it can alert the bank to block the receiver's account. This however is becoming outrageous for the Nigerian government and with no single doubt, the non-compliance of the young Nigerians not believing and making use of their newly launched E-naira must have triggered this action. These wise traders are just exhausted of having their money controlled by the government. Source: https://cointelegraph.com/news/nigerian-banks-tracking-customer-accounts-for-crypto-tradingNigeria has had a complicated relationship with cryptocurrencies. In February 2021, the Central Bank of Nigeria (CBN) issued a circular prohibiting banks and other financial institutions from servicing cryptocurrency exchanges, effectively banning crypto trading in the country. The CBN cited concerns around the use of cryptocurrencies for money laundering and terrorist financing. This move was met with criticism from the crypto community in Nigeria, as well as from some government officials and lawmakers who saw the ban as a barrier to innovation and economic growth. However, the ban was recently lifted in October 2021, allowing Nigerians to once again participate in the crypto market. Despite this, the crypto market has continued to experience volatility, influenced by various global and local factors such as regulatory actions, market sentiments, and economic conditions |
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There can be various reasons why the crypto market is experiencing a drastic dump. Some of the common reasons include:
Market Sentiment: Market sentiment plays a significant role in driving the price of cryptocurrencies. When there is fear, uncertainty, and doubt (FUD) circulating in the market, investors tend to sell off their holdings, which leads to a market downturn.
Regulatory Measures: Governments and regulatory bodies around the world have been cracking down on cryptocurrencies in recent years. These measures include strict regulations, bans, and restrictions, which can negatively impact the market.
China's Crypto Ban: China has been cracking down on cryptocurrencies for years, and in 2021, it intensified its measures. The Chinese government has banned mining operations and has issued warnings to financial institutions against dealing in cryptocurrencies. This has caused a significant drop in the price of cryptocurrencies.
Elon Musk's Tweets: Elon Musk, the CEO of Tesla and a prominent figure in the crypto world, has been known to tweet about cryptocurrencies. His tweets have caused significant volatility in the market, and his recent tweets about Bitcoin's energy usage have caused a drastic drop in the cryptocurrency's price.
Technical Factors: Technical factors such as low trading volumes, a lack of liquidity, and increased volatility can also contribute to a market dump.
It's important to note that the cryptocurrency market is highly volatile, and market downturns are a common occurrence. It's crucial to stay informed and make well-informed decisions based on research and analysis
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PROOF OF REGISTRATION Forum Username: touseefahmad1999 Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2661529Telegram Username: @CryptochangeML1fe Participated Campaigns: Twitter , Telegram, Article, Instagram, Signature, BSC Wallet Address: 0xE647Df29Fe72d47421B8D76B56105eb4E975f78B |
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Proof of Authentication Post Bitcointalk Username: touseefahmad1999 Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2661529Telegram Username: @touseefahmad1669 Campaign Category Participated: Twitter, FACEBOOK , ARTICLE , VIDEO , SIGNATURE Erc20 (ETH)Wallet Address: 0x08632eCf8b7994cBf1060092B552C2410aF00964 |
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Here is how Im doing it:
1. DYOR - always following my gut.
2. Check out website of project. Included in reading white pepper, see roadmap.
3. Check out the project's social media.
Following these three steps, I can determine whether it is worthwhile to invest in something.
How about you, would you add something to my list?
Those are great steps to take when considering an investment opportunity! Here are a few additional things you may want to consider: Look at the team behind the project - Who are the founders and developers? Do they have a good track record in the industry? Do they have experience in successfully launching and maintaining similar projects? Analyze the market and competition - What is the market demand for the product or service the project is offering? Are there already established competitors? What sets this project apart from its competitors? Examine the tokenomics - How is the project's token designed? What is the total supply and circulating supply? What is the token's use case? How is it integrated into the project's ecosystem? Check for community support - Is there an active and engaged community supporting the project? What are their thoughts and opinions on the project's development and progress? By considering these additional factors, you can gain a deeper understanding of the project's potential and make a more informed decision on whether to invest or not. |
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You are correct in pointing out one of the key differences between the forex and cryptocurrency markets. In the forex market, central banks and other regulatory bodies can intervene to stabilize the market if they believe that a sharp drop in currency value could have a negative impact on the economy.
In the cryptocurrency market, there is no centralized authority that can intervene in the same way. This is partly due to the decentralized nature of cryptocurrencies, which are not tied to any specific government or financial institution.
Instead, the cryptocurrency market is largely driven by market forces and investor sentiment. This can lead to a high degree of volatility and rapid price movements, which can be both a risk and an opportunity for traders and investors.
Ultimately, the decision to invest in either market should be based on a careful evaluation of the potential risks and rewards, as well as an understanding of the market dynamics and the factors that can influence price movements.
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Hello buddies, I am considering buying Solana coins and holding for a very long time. I want to know if this is a good idea before forging ahead to buy it.
Thanks for your responses.
I dont think that its a good idea to buy Solana and hold it for a very long time. Some short flip maybe if you are good at trading, but definitely not for long term. The only coin worth holding for many years is Bitcoin as everything else is a big gamble. It's true that there are risks associated with investing in any cryptocurrency, including Solana, and that investors should carefully evaluate their risk tolerance and investment goals before making any investment decisions. While it's true that Bitcoin is often considered a more established and relatively stable cryptocurrency, it's important to note that there are no guarantees in investing and the cryptocurrency market is known for its volatility. Ultimately, the decision to invest in Solana (or any other cryptocurrency) and hold it for a long term should be based on your own research and analysis of the potential risks and rewards. It's always a good idea to seek professional financial advice before making any investment decisions |
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Satoshi Nakamoto is very meritorious because he has created digital money, namely bitcoin.
and I also can't imagine if Satoshi didn't create bitcoins.
and to be honest I am very happy with bitcoin because of course it has helped the economy of people around the world. and I can't say anything but thanks to Satoshi Nakamoto.
Yes, Satoshi Nakamoto's creation of Bitcoin has indeed had a significant impact on the world. Bitcoin has revolutionized the way we think about and use money, and has opened up new possibilities for global commerce and financial transactions. In addition to its economic benefits, Bitcoin has also sparked new interest and research in blockchain technology, which has the potential to revolutionize many other industries beyond finance. While the true identity of Satoshi Nakamoto remains unknown, their contribution to the world of cryptocurrency and blockchain technology is undeniable. We can certainly appreciate the impact that Bitcoin has had on the global economy and express gratitude for the innovation that Satoshi Nakamoto brought to the world. |
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Yes, that is correct. The amount that someone invests in Bitcoin will affect their potential returns. If someone invests a small amount, such as $30, the potential returns will be limited by the small initial investment. This is because the percentage gains or losses on a small investment are smaller than on a larger investment.
Additionally, the cryptocurrency market is highly volatile, and the value of Bitcoin can fluctuate greatly over short periods of time. When the market is down, the value of the investment will decrease, and the investor may experience a loss. It is important for investors to understand the risks associated with investing in cryptocurrency and to only invest what they can afford to lose.
Finally, it is always recommended to do proper research and seek professional financial advice before making any investment decisions.
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PROOF OF REGISTRATION
Forum Username: touseefahmad1999
Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2661529
Telegram Username: @touseefahmad1669
Participated Campaigns: Twitter , Telegram, Article, Facebook, Discord, Telegram, Video,signature, meme/gif/tiktok
BSC Wallet Address: 0xE647Df29Fe72d47421B8D76B56105eb4E975f78B
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PROOF OF REGISTRATION Forum Username: touseefahmad1999 Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2661529Telegram Username: @CryptochangeML1fe Participated Campaigns: Twitter, Telegram, Facebook, Instagram, Discod, Tiktok, article, Reddit, YouTube BSC Wallet Address: 0xE647Df29Fe72d47421B8D76B56105eb4E975f78B |
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Proof of Authentication
Forum Username: touseefahmad1999
Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2661529
Telegram Username: @CryptochangeML1fe
Participated Campaigns: Twitter, talegram, signature, Facebook, Article,
Bsc Wallet Address: 0x08632eCf8b7994cBf1060092B552C2410aF00964
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Proof of Authentication
Forum Username: touseefahmad1999
Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2661529
Telegram Username: @CryptochangeML1fe
Participated Campaigns: Twitter, talegram, signature, Facebook, Article,
Bsc Wallet Address: 0x08632eCf8b7994cBf1060092B552C2410aF00964
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You raise some valid points. It's important to understand that no signal or strategy can guarantee 100% accuracy, and traders need to be prepared for losses as well as wins.
Joining multiple signal groups can be helpful, but it's also important to do your own research and analysis before entering trades. It's a good idea to have a solid understanding of technical analysis and market trends so that you can make informed decisions.
Additionally, as you mentioned, it's important to take all the signals into account and not just the ones that fit a specific pattern or strategy. This can help to improve overall profitability and reduce losses.
Ultimately, every trader will have their own approach and strategies that work best for them. It's important to constantly learn and adapt to the market conditions, and to have a solid risk management plan in place
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It's always difficult to predict the future movements of the cryptocurrency markets, as they can be quite volatile and unpredictable. While there are certainly many factors that can influence the price of Bitcoin and other cryptocurrencies, it's important to remember that there are no guarantees when it comes to investing.
That being said, many experts and analysts do believe that we could see some significant price movements in the cryptocurrency markets over the coming months and years. Some believe that the continued mainstream adoption of cryptocurrencies, as well as the ongoing development of new blockchain technologies and applications, could help to drive prices higher.
Ultimately, it's up to each individual investor to decide whether or not to invest in cryptocurrencies, and how much to invest. It's important to do your research and to only invest what you can afford to lose, as there are always risks involved with any type of investment
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Hi! That's a great question. Getting started in crypto can seem daunting, but it's actually quite simple. Here are some steps to help you get started:
Research: Before investing in any cryptocurrency, it's important to do your own research. Learn about the technology behind each coin, their price history, and any recent news or developments related to them.
Choose a cryptocurrency exchange: Once you've done your research, you'll need to choose a cryptocurrency exchange to buy and sell crypto. There are many exchanges to choose from, such as Binance, Coinbase, and Kraken.
Create an account: After choosing an exchange, create an account and complete the necessary KYC (know your customer) and AML (anti-money laundering) verifications.
Fund your account: Once your account is set up, you'll need to fund it with fiat currency (such as USD, EUR, or GBP) using a bank transfer, debit card, or credit card.
Buy cryptocurrency: After funding your account, you can buy the cryptocurrency of your choice. You can purchase whole coins or fractions of coins, depending on your budget.
Store your cryptocurrency: After purchasing cryptocurrency, it's important to store it in a secure wallet. You can use a hardware wallet (such as a Ledger or Trezor) or a software wallet (such as Exodus or Atomic Wallet).
Monitor your investment: Finally, it's important to monitor the value of your investment regularly. Cryptocurrencies are known for their volatility, so it's important to be aware of any fluctuations in price
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Binance provides the nonself custodial hot wallet to its users where they can store their funds.
You could use the term " custodial" instead of nonself custodial to avoid confusion. Centralized trading platforms provide high security to the funds and if the user manages well on his end the security is enough to block serious hacker attacks.
No! Not your keys, not your coins. - https://chainsec.io/exchange-hacks/Time in spot trading trade is executed in real-time and in the future as per name the trade is executed in future time.
I do not understand this. I have never heard of real and future time before. All that I have known before is spot and future price. Time is just time, nothing like real or future. What if I go for perpetual future. You can also close any position opened at any time, even in traditional future. Perhaps he just meant that "futures trading" is a bet on the future price of a specific asset, such as bitcoin. This is why we have the concepts of " shorting" and going " long." When we say "short," we are betting that the price will go down, while going "long" is betting that a specific stock will go up. Additionally, the term "future" refers to the date in the future when a price has been agreed upon to buy/sell something, hence it is called a "contract. And binance also offers that service too! The "perpetual future" you are referring to is a bit different. In perp trading, it does not have any expiry date, and that's the reason why you can close any open position at anytime. Yes, that's a good explanation. Futures trading involves speculating on the future price of an asset by entering into a contract to buy or sell that asset at a predetermined price and date in the future. Traders can go long or short on a futures contract depending on their market expectations. Perpetual futures are similar to traditional futures contracts, but they have no expiration date, allowing traders to hold their positions indefinitely. This type of contract is often used in crypto trading to provide traders with more flexibility and liquidity. Binance, along with many other exchanges, offers perpetual futures trading for various cryptocurrencies |
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