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The Daily Coins

Cryptocurrency updates with expert analyses of the market.

Guides

A Short Guide on Starting Cryptocurrency Investment

December 13, 2018 By Gediminas Ginkevičius

A Short Guide on Starting Cryptocurrency Investment

Due to the inceptive nature of the technology and platform, the cryptocurrency market is subjected to a lot of fluctuations and drops. These fluctuations are just a minor bump in the road that will eventually lead to a strong economy of cryptocurrencies. One of the initial questions that potential investors ask themselves is how much to invest in this new market? Due to the tumultuous nature of the current markets, investors should be careful towards their investments and should aim to go slowly. There are a number of factors to consider before investing.

  • Pick a kind of cryptocurrency- Deciding upon a kind of cryptocurrency is the first step towards making an investment. It is extremely necessary to understand the various strategies and features of all the digital assets and how they perform in the market. This also determines the levels of risk. It is crucial to know about Initial Coin Offerings and the history of the cryptocurrency. Some of the things to consider are the market cap, the underlying technology, and its history in the market so far.
  • Determine the type of investment- Once the cryptocurrency has been selected, the next step involves selecting the nature of the investment. There are short-term, medium and long-term trading options available. The term and nature of trading decide the amount of investment that will be put up by the investor.
  • Pay attention to market statistics- This is doubly true for the cryptocurrency markets. Analyzing and understanding market behavior at different points of time is a tried and tested strategy that yields better results. Market dynamics attain special importance when the investor is looking for short-term trading. After identifying the cryptocurrency of choice, market charts can be pulled up, and various market trends can be identified for further action.
Gediminas Ginkevičius

Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.

Filed Under: Guides

What is Monero Coin? Is it Untraceable?

December 13, 2018 By Gediminas Ginkevičius

What is Monero Coin?

Monero coins are famous in the crypto-world for granting total anonymity to its users during transactions. Monero, also known as XMR, differs significantly from popular cryptocurrencies such as bitcoins. Like all other cryptocurrencies, Monero can be used to buy things and exchange them for other cryptocurrencies or fiat money.

Monero is known as a privacy coin. Privacy coins provide complete anonymity just like physical cash. Bitcoin transactions are not completely untraceable, and user keys can be tracked during multiple transactions. Monero is based on Bytecoin, which is the world’s first privacy cryptocurrency.

The Monero currency uses a ring signature cryptography that reduces the amount of information that is drawn during cryptocurrency transactions. This gives the participating parties in the transaction to verify the process anonymously without revealing identity or address. With an infinite supply, a streamlined blockchain and strong encryption, Monero is the most private and untraceable cryptocurrency in the world.

Monero is the safest privacy coin in the world which is resistant towards CryptoNote bug which affects other private cryptocurrencies like Bytecoin. It uses a two-key authentication process for all its transactions on blockchains. In Monero, the public key is used by the sender to generate a random one-time key, and a private key is used by the receiver to receive the money. Such systems are resistant against brute-force attacks, even considering attacks based on quantum-computing.

This is where the ‘ring structure’ becomes especially useful. In the ring signature cryptography, every output has multiple false outputs which can trick the system. Monero is the currency of choice for transactions that take place on the dark web. Monero started as a fork from Bytecoin and has grown into one of the largest cryptocurrencies in the world with an extremely high market cap. XMR or Monero is compatible across multiple digital platforms.

Gediminas Ginkevičius

Gedi is passionate about fast cars, video production, travels and the Internet. He has years of experience working as User Interface Engineer with a demonstrated history of working in the information services industry. Skilled in Web Applications, NodeJS, React, Redux and UI. Growing interest in Bitcoin and cryptocurrencies, he joined TheDailyCoins as a writer.

Filed Under: Guides

What is Ethereum?

December 12, 2018 By Andrej Burcev

What is Ethereum?

Ethereum is an open-source blockchain platform that allows all kinds of decentralized cryptocurrencies and crypto-projects to be built and implemented without designing a blockchain from scratch.

Ethereum has the second largest market capitalization in the world (after bitcoin), and it has drawn healthy attention from investors and crypto-enthusiasts. Ethereum has not only disrupted the cryptocurrency market but has also provided the platform for the deployment of various blockchain applications as per the requirements of various industries. Ethereum is of immense value to computer programmers and application developers, but consumers who are less tech-savvy are finding it difficult to grasp all the features of the coin and platform completely.

Just like bitcoin, even Ethereum works on the principle of a decentralized ledger which maintained publicly. The transactions on the ledger are verified by various miners who earn the cryptocurrency for their services. While both the cryptocurrencies bitcoin and Ethereum can be mutually traded there are significant differences between the two.

Ethereum also utilizes DAPP or the decentralized app ecosystem. The main advantage of the Ethereum platform is that it allows its users to make smart contracts. These smart contracts are basically pieces of code written to execute transactions automatically when certain conditions are met by the participating parties. These smart contracts are executed by the EVM or the Ethereum Virtual Machine. The cryptocurrency that is used in the Ethereum network is known as Ether and can perform two main functions. It provides compensation for mining full nodes that powers its entire network. Secondly, it pays people who are under such above mentioned smart contracts. This motivates various kinds of employees and businesses to work with the Ethereum platform.

The Ethereum system went live in 2015, and by the year 2017, it had reached a market cap of $36 billion.

Andrej Burcev

Andrej Burcev got into Crypto while completing his Bachelor of Science at Kingston University in London. Andrej now works as Senior Software Engineer. He is currently collaborating and writing articles for TheDailyCoins with his focus in innovative technology and its cultural and social influence.

thedailycoins.io

Filed Under: Guides

Know more about the first Blockchain Smartphone

December 12, 2018 By Gustavo Fonseca

Know more about the first Blockchain Smartphone

The first blockchain based smartphone is finally here. Finney by Sirin Labs was being awaited by cryptocurrency and tech enthusiasts alike. After one of the top-5 biggest initial coin offerings of 2017 and an endorsement by Lionel Messi, the smartphone reached token sales value of about $157.8 million. The smartphone is priced at $999 and its built-in cold-wallet storage system, and the DApp ecosystem must now compete with giants in the industry like Apple and Samsung. There is also another rival blockchain based smartphone being released into the market known as Exodus 1 by HTC.

The main feature of the Finney smartphone is that it comes with a cold storage wallet that is physically separated from the other main hardware components. The Sirin-OS is certified by Google and is an AI-driven mode of Android that comes with cyber-threat detection features and allows direct exchange of cryptocurrencies which have been selected. The vision associated with the smartphone Finney is to make cryptocurrencies more easily accessible and combine the worlds of blockchain and smartphones. The blockchain technology is being made available to a more mainstream audience, and it also provides a more practical and streamlined way for cryptocurrency enthusiasts to manage their coins.

Finney aims to be a one-stop shop for activities associated with cryptocurrencies. Before Finney, a crypto enthusiast needed a separate wallet, ledger, a computer and an exchange for converting cryptocurrencies. Finney is the first phone that does it all from a single platform for its users. The phone aims to bridge the gap between the blockchain economy and the common consumer markets. Transactions with Sirin’s Finney are extremely quick and seamless. One simply needs to open the cold storage wallet (by sliding the phone upwards) and touch the relevant options on the smartphone screen.

Gustavo Fonseca

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

Filed Under: Guides

Bitcoin Vs. Ethereum: What Are The Differences

December 10, 2018 By Gustavo Fonseca

Bitcoin Vs. Ethereum:

 

Bitcoin was the first cryptocurrency that worked on the blockchain principle. It was introduced back in 2008, and it only exists on digital ledgers. This means that there are no physical coins only data entries in publicly maintained anonymous ledgers. The nature of the blockchain technology and bitcoin provided complete anonymity to its users.

This set the format for the development of all future cryptocurrencies. All cryptocurrencies work on the principle of blockchain technology. Blockchain is a cryptographic technology that makes the immutable and encrypted ledgers of cryptocurrency transactions. The transactions that are recorded on such ledgers are verified by other users who are known as “miners.” These miners get paid in the cryptocurrency for validating each transaction. Blockchain thus makes the ledgers a secure, tamper-proof and anonymous network for carrying out all kinds of cryptocurrency transactions.

Ethereum is the second most popular cryptocurrency in the world today after bitcoin. Ethereum takes the blockchain technology one step further and offers a platform for the development of different kinds of blockchain-based applications. Ethereum network also supports what is known as DApp or decentralized app environments. The cryptocurrency that operates in the Ethereum network is known as Ether. While bitcoin simply served one function of working as a digital currency, Ethereum is a platform that allows its users to code various kinds of smart contracts and apps based on cryptocurrency and blockchain. Smart contracts allow users to monetize any kind of work and ensure automatic payment automatically.

The main difference between Ethereum and Bitcoin is in their purpose. Bitcoin was simply designed to function as money on the digital space. Ethereum, on the other hand, was designed to make customized transaction and payment contracts using cryptocurrencies. Ethereum doesn’t aim to be the most popular currency but rather the most dominant platform for the development of DApps. 

Gustavo Fonseca

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

Filed Under: Guides

Safety Tips on Cryptocurrency Usage

November 27, 2018 By Gustavo Fonseca

Safety Tips on Cryptocurrency Usage

Cryptocurrency has exploded into the marketplace, and more and more people are using it. The cryptocurrency market has been strongly established, and it has become more important now to protect crypto assets and follow secure transaction practices.

There have been numerous instances of targeted attacks on cryptocurrency wallets and accounts. While most cryptocurrencies have built-in security features that protect them from these attacks, the investor is ultimately responsible for his/her capital. If the user of the currency themselves become the vulnerability, then it is easy for cybercriminals to gain access to wallets.

Keeping this in mind, there are certain secured transaction practices which when followed can keep crypto wallets safe from attacks. Mentioned below are some of these tactics that can be used by investors:

  • Ensure that the PC has been properly fortified with proper firewall and the latest anti-malware software. Crypto users should switch to secure operating systems such as Qubes or Linux.
  • It is always a good idea to have a dedicated device and network for all crypto operations. This means that investors are encouraged to use just one mobile or computer and a single internet connection for all of their cryptocurrency transactions. This simple practice lowers the chances of attacks significantly.
  • Encrypt data and communication. Encryption of data is one of the most successful ways of keeping crypto wallets safe from attacks. Encryption can be easily set up on Linux systems. Added to this, two-factor authentication is always recommended, and one should only go for those cryptocurrencies that provide this feature.
  • One of the most vital things to do is to create a backup of all important data. In case of loss of hardware or computers getting attacked, one can easily rely on the backup. Added to this, one should always be very careful with any authentication done through cellphones.
Gustavo Fonseca

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

Filed Under: Guides

What You Need to Know About Bitcoin Private Keys

November 27, 2018 By Gustavo Fonseca

What You Need to Know About Bitcoin Private Keys

In the world of cryptocurrencies, keeping track of the private keys safely is of crucial importance. A bitcoin wallet simply stores the private keys to access the wallet, making in effect the key your money. Bitcoin works on the principle of two sets of keys- public keys and private keys. This structure makes bitcoin one of the safest and most widely used cryptocurrencies.

The private key is like a key to your personal account. Anyone involved in the transaction can send you money on your public bitcoin address, but in order to access and spend that money, you need to use your private key to unlock it. This is primarily why private keys are not shared with anyone. Anyone who gains access to your private key gains access to the bitcoins stored at that address. The key must also be protected against loss. If the unique key is lost, then the funds are gone too because now the address is inaccessible forever.

The private key is an alpha-numeric sequence or password that is used to spend bitcoins from the wallet. The money from the wallet, once the private key has been given, is sent to the receiver’s public key or public address. The private key is a 256-bit long number which is randomly picked as soon as a wallet is made. The degree of the randomness of the key and its strength is determined by cryptographic algorithms that are used.

The private keys are used to make irreversible transactions using bitcoins. The irreversibility of Bitcoin transactions is ensured by mathematical signatures which are linked to the transaction as soon as a private key is used. Each transaction has a unique signature even if they are generated from the same private key.

Gustavo Fonseca

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

Filed Under: Guides

Understanding How a Cryptocurrency Wallet Works

November 26, 2018 By Gustavo Fonseca

Cryptocurrency has exploded into market-space with its anonymous ledgers and instant transactions. Initially, there was only Bitcoin, the first cryptocurrency; today, you can find a wide range of currencies with various features and strong security and cryptographic measures. One of the main components of using cryptocurrency is the use of cryptocurrency wallets.

Cryptocurrencies work on the principle of the blockchain. Interacting with the blockchain requires the holder of crypto cash to have a set of public and private keys that allow the user to make and receive payments securely. Cryptocurrency wallets allow users to send and receive money and are a prerequisite in crypto cash transactions.

How does a cryptocurrency wallet work?

Unlike traditional wallets, a cryptocurrency wallet does not store money. In the world of cryptocurrency transactions, the money is not physically stored, and the currencies are not stored in any particular locations. Rather, the system is based on the maintenance of accurate records in a publicly maintained ledger. These records are stored in the blockchain and require a set of public and private keys for interaction with the user. These keys are present with the user.

So, these wallets are basically software tools which store the public and private key for the users. It also contains the necessary interface that the users can utilize to interact with blockchain and participate in transactions. They can monitor their balance, check payment records, and conduct other currency management tasks using their wallets. When a person has to receive cryptocurrency on their wallet, the sender signs off on the transfer on the receiver’s wallet address. In order to store and use the money that has been received, the private key of the receiver must match the public key of the crypto cash that has been transferred. Once the public and private keys match, a record of the received money is stored in your wallet. Since crypto is not physical cash, all that is stored are records of these various payments and transactions which calculates the net cryptocurrency someone possesses.

There are many kinds of wallets which are accessible from a number of platforms such as desktop, smartphones, and so on; there are even USB based-hardware wallets. Hardware wallets have grown in popularity due to their superior security measures and easy portability. These USB-based wallets are compatible with a number of web interfaces, and all the data and transaction records are stored offline in the device.

Gustavo Fonseca

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

Filed Under: Guides

Cryptocurrency Escrow – How Does It Work

November 26, 2018 By Gustavo Fonseca

Escrow services, or simply an escrow, is a secured and controlled way of storing financial assets and conducting transactions with them. Escrow is a legal device that is governed by a third-party not participating in the transaction. Using an escrow establishes a third-party moderator for the transactions. The funds or assets are held by the escrow and is released to the other party only after the payer has received the purchased service. This is a sure-shot way of ensuring that commitments tied to such transactions are fulfilled. This service has proven to be of immense importance and benefit in the cryptocurrency market.

Cryptocurrencies work on anonymous ledgers that are publicly maintained. Since there is only an exchange of keys and update of data without any kind of further interaction or binding agreement, it makes sense to use an escrow service. What if someone pays for a service via crypto only to have never received the service after the payment? Anonymity will make it incredibly difficult to track the service provider. Having an escrow service in this situation can solve this problem and establish mutual trust between the participating parties.

The payer can choose to put up the funds on the escrow service. The funds will be released only after the service provider delivers the service. Both developments in mathematics and finance have proven the effective nature of escrow services. A lot of secure algorithms have been developed to keep escrows safe.

The only reason escrow is not hugely popular is due to the complexities involved in using and learning it. The models used for escrow are complicated and have to be for security reasons. Added to this, incorrect implementation of escrow can be capital intensive and will be a costly mistake.

Gustavo Fonseca

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

Filed Under: Guides

Best Crypto Exchange to Buy or Sell Any Cryptocurrency

November 5, 2018 By Gustavo Fonseca

Are you looking for the best and secure cryptocurrency exchanges to kick off your crypto venture? We’ve compiled a list of some of the most reliable and secure crypto exchanges. A cryptocurrency exchange is an online platform where crypto users can exchange one crypto coin for another crypto coin (or for paper of fiat currency). There’re three types of cryptocurrency exchanges operating in the market: traditional cryptocurrency exchanges, cryptocurrency brokers and direct cryptocurrency trading platform. So, it’s important that you should do your research to see what exchange best meets your needs. There’s no point in picking the wrong exchange that can’t provide you with your desired services.   If you’re having trouble finding your favorite crypto exchange, be sure to consider the following exchanges:

Binance

Binance is a very popular crypto exchange recognized for its crypto-to-crypto exchange services. Although it’s fairly new in the crypto market, it has somehow managed to attract the majority of crypto enthusiasts and investors. What makes this exchange stand out from the rest is that it offers low trading fees along with other cool features you don’t find with other exchanges. It’s a safe crypto exchange you can choose for your crypto venture.

Coinbase

Headquartered in San Francisco, CA, Coinbase is an online currency exchange that provides you with the most trusted and easiest platform to buy, sell and manage cryptocurrencies with the greatest efficiency. In addition to offering exchange services, Coinbase also serves as a wallet provider and Bitcoin broker.

Bittrex

Bittrex is best known for offering a wide range of trading pairs. It’s a crypto to crypto exchange, meaning you can’t buy digital currencies with fiat currencies on this exchange. However, you can invest with USDT, a digital currency whose value is tethered to the US dollar’s value. So, one US Dollar Tether = one USD.

Gustavo Fonseca

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

Filed Under: Guides

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