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With the rise of cryptocurrency, and its potential to revolutionize cross-border finances, individuals and businesses have started taking full advantage of digital currency. Unfortunately, this means that hacking has become an ongoing risk for crypto users. With media headlines continuously describing cases of stolen funds due to poor security practices it has become increasingly important to know how to protect crypto from hacks. In this blog post Ill be discussing what experts expect will look like by 2023 guiding you on what tools and strategies you need currently implement into your workflow for maximum protection against hackers.

A February 2023 report from Chainalysis, a blockchain forensics firm specializing in tracking down fraudulent activity, indicated that 2022 was an unprecedented year for crypto hacking with $3.8 billion stolen from cryptocurrency businesses and organizations. Crypto security involves how to keep crypto safe while managing risks, understanding how cryptography works with data encryption and virtual ownership and how to keep crypto safe that can result in financial loss. Understanding how to securely store digital tokens, as well as how to handle exchanges and activities involving cryptocurrencies, are important steps in utilizing crypto security most effectively. By having a smart strategy for crypto security, individuals can protect their investments in digital currency from potentially malicious actors.

Taking a multi-layered approach to asset management is critical for cryptocurrency protection. Without a comprehensive view of the risks associated with cryptocurrency, massive losses can occur due to unanticipated or uncontrollable events. Implementing protective layers such as vaulting, threat intelligence and timely notification systems are all crucial components of any cryptocurrency security measures. Various tools such as wallets, hardware, and firewalls should be employed to secure cryptocurrency assets. Building a culture of safe cryptocurrency storage practices within an organization is also key in protecting cryptocurrency investments. Taking these steps can significantly reduce the risk of theft or unauthorized access to your cryptocurrency funds while speeding up processes and simplifying ongoing management tasks.

Storing large amounts of crypto in an offline cold storage wallet is an excellent security measure to protect against pump-and-dump schemes and other malicious tactics prevalent in the crypto space. Cold storage wallets are not connected to the internet, making them significantly less vulnerable than online storage solutions that can be broken into more easily by digital criminals. Furthermore, you can check this article to protect yourself from the pump and dump crypto schemes. As pump and dump schemes have become more common, so have cold storage wallets, with their added safety measures becoming the go-to choice for those looking to store substantial sums of cryptocurrency securely.

Using a Virtual Private Network or VPN can help to secure crypto transactions while still allowing users access to the websites they need. A reliable VPN will encrypt data sent from your device, so if it is intercepted by cyber attackers, it cannot be read. Furthermore, a VPN can unblock websites that have geo-restrictions, ensuring access to important information. Additionally, using a VPN will keep your browsing history and IP address hidden, protecting you from tracking by hackers. VeePN is a great example of those VPNs that allow you to access exchanges from any location. Of course, if you want, you can check this useful content, to find numerous reviews. Also, consider using a VPN extension while browsing crypto websites. Why? Well, a VPN extension can lead you to a secure website, which helps protect your data from potential malware or phishing attempts. But, be careful to use free ones, because free VPN servers can have many security issues, and they are not as reliable. Moreover, free VPN servers can sell your data.

It's important to protect your private keys and not share them with anyone, not even those you trust the most. Sharing your private keys makes it easy for someone to access your digital accounts or valuable assets without permission, which could put you at considerable risk of identity theft, financial fraud, or other malicious activity. Before you consider sharing or entrusting private keys with someone else, make sure that you understand all of the potential risks. Your security is too important to put in anyone elses hands.

While many people are aware of the importance of utilizing strong passwords, two-factor authorization is an additional measure that can greatly improve security. Two-factor authorization requires both something you know (such as a password) and something you have (such as a physical token or your smartphone). This makes it much more difficult for an unauthorized person to gain access to your account, even if they have your password. Many major websites and online services now offer two-factor authorization, and it is highly recommended that you take advantage of this security measure where possible.

To ensure that your assets are safe, it is essential to regularly monitor your cryptocurrency wallets for any unexpected or unauthorized transactions and withdrawals. This can be achieved through vigilant tracking of your wallets using robust security protocols, such as two-factor authentication, which provides an extra layer of security against hackers and other forms of cybercrime. By deploying multiple wallets and software programs, you can take the necessary steps to actively manage your cryptocurrency portfolio giving yourself a peace of mind knowing that each transaction is strictly monitored. With these simple yet effective measures, owning crypto assets just became much more secure and organized!

In conclusion, using a multi-layered approach to crypto security is essential to protecting digital assets. Utilizing the seven workflow steps outlined in this blog post will increase your level of protection when utilizing cryptocurrencies and blockchain technologies. Cold wallets are best when securing large amounts of crypto; make sure not to share your private keys with anyone, and deploy two-factor authorization wherever possible. Additionally, dont forget to employ a virtual private network (VPN) to unblock websites and encrypt data when using public networks. To stay up-to-date with the trends of cryptocurrency security, be sure to check out this article from Forbes. Thanks for reading and keep your crypto safe!

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The White House Council of Economic Advisers has criticized crypto assets. In the Economic Report of the President, published on March 20, there are over 30 pages detailing the councils thoughts on crypto assets. The report noted flaws and problems related to crypto assets.

The Economic Report noted, among other things, that none of the benefits promised by cryptocurrencies have materialized. These benefits include cryptocurrencys promise to improve payment systems, increase financial inclusion, and more.

Furthermore, the Economic Report criticizes crypto assets as a form of investment. According to the report, crypto assets do not currently have a fundamental value, serve as a substitute for fiat currency, increase financial inclusion, or improve the efficiency of payments. Instead, their innovation has been mostly about creating artificial scarcity in order to support crypto assets prices, according to the report.

Then, the Economic Report points out how DeFi creates serious risks to investors. Namely, the report points to the use of significant leverage and the performance of regulated functions without compliance with appropriate regulations. According to the report, DeFi platforms that operate as unregulated banks, broker-dealers, exchanges, etc. should adhere to all applicable laws and regulations.

The White House Council of Economic Advisers accuses some supporters of crypto assets of being ignorant of fundamental economic principles in a particularly harsh statement. Although advocates often claim that digital assets, particularly crypto assets, are a revolutionary innovation, the design of these assets frequently reflects an ignorance of basic economic principles that have been learned in economics and finance over centuries.

Ultimately, the Economic Report emphasized the need for effective regulation within the crypto asset space. Although the report acknowledges some of the potential of crypto assets and the technology that underpins them, it also claims that there are currently more issues than advantages.

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Notably, the report discussed how a U.S. CBDC might modernize the countrys financial system without the dangers or irrational exuberance that come with crypto assets.

The post White House Economic Report: Cryptocurrency Falls Short of Promises appeared first on Coin Edition.

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As Circles $USDC has lost ground, Tether-issued $USDT is now the dominant stablecoin on both Ethereum and Polygon.

Regulatory FUD from U.S. authorities has helped to catalyze a regime change in the world of cryptocurrency stablecoins, as $USDC has lost its dominant position to $USDT on both the Ethereum and Polygon blockchains.

The March 11 collapse of Silicon Valley Bank certainly shook crypto holders faith in the stability of $USDC (at least in the very short term), as it was disclosed that $USDC issuer Circle had more than $3 billion in reserves stored at the failed financial institution. $USDC suffered a major but brief de-peg, and it regained its $1 value a few days later, when Circle executives were able to reassure investors that the SVB collapse did not impact its ability to maintain the 1:1 backing for the stablecoin.

The apparent irony is that U.S. regulators statements and actions against stablecoins (notably $BUSD) have incentivized crypto holders to abandon stablecoins from U.S.-regulated issues (such as Paxos and Circle) in favor of issuers like Tether who are not subject to U.S. regulations.

According to DefiLlama, $USDC lost its dominant position on Ethereum to $USDT on March 18, a week after the SVB debacle. $USDc had accounted for the plurality of stablecoins on Ethereum since the beginning of 2022. However, $USDT rose to the top spot as it benefitted from investors switching out of $USD and, since December 2022, $BUSD.

The narrative on Polygon is different but has the same result: $USDT has surpassed $USDC as the dominant stablecoin on the Ethereum sidechain.

The wrinkles in the story, however, are that $BUSDs market share on Polygon was never significant; $USDC had always been the dominant stablecoin on Polygon; and $USDTs ascent came at the expense of $USDC and $DAI.

Perhaps most importantly, $USDT surpassed $USDC on Polygon on March 2, according to DefiLlama, more than a week before SVBs failure accelerated the abandonment of $USDC.

Overall, $USDT has strengthened its grip on the entire USD stablecoin marketplace, increasing its share of stablecoin holdings on all blockchains from less than 50% to nearly 60% since the beginning of the year.

The Tether-issued stablecoin accounts for almost all stablecoin holdings on Tron and is rapidly gaining even more ground on BNB Chain as $BUSD is being phased out.

One area where $USDC has maintained its edge over $USDT is on the fast-growing Arbitrum blockchain, where $USDC has 63% of the stablecoin market.

Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).

Website | Twitter | Documentation | Whitepaper | Reddit | Discord | Youtube | GitHub | Ethereum Foundation Blog |

Polygon is a sidechain scaling solution that runs alongside the Ethereum blockchain allowing for speedy transactions and low fees. MATIC is the networks native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.

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Over the past 24 hours, Stacks's STX/USD price has risen 6.33% to $1.22. This continues its positive trend over the past week where it has experienced a 28.0% gain, moving from $0.88 to its current price. As it stands right now, the coin's all-time high is $3.39.

The chart below compares the price movement and volatility for Stacks over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has fallen 77.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has decreased 0.68%. This brings the circulating supply to 1.37 billion, which makes up an estimated 75.21% of its max supply of 1.82 billion. According to our data, the current market cap ranking for STX is #38 at $1.72 billion.

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The iGaming Industry has experienced a significant surge in popularity thanks to the integration of cryptocurrencies into payment methods. Cryptocurrency payments provide greater security and anonymity and eliminate the need for intermediaries like banks, credit card companies, or payment gateways. The absence of intermediaries allows for reduced transaction fees, making crypto payments faster and more efficient than traditional methods.

For instance, a study by Mordor Intelligence has projected the global online gambling sector to grow by an annual compound growth rate (CAGR) of 11.5% from 2018 to 2028. This growth can be partly attributed to the implementation of cryptocurrencies in the iGaming sector.

Cryptocurrency payments offer increased security and privacy measures compared to traditional payment methods. Transactions are secured through cryptography, ensuring that players funds and personal information remain safe from cyber threats. Additionally, crypto transactions are more cost-effective as they bypass the fees associated with traditional payment processing. It allows iGaming companies to offer better bonuses, promotions, and lower house edges, enhancing the overall gaming experience for users.

The integration of cryptocurrencies in iGaming has led to a shift in user experience. Crypto transactions provide a layer of anonymity not available with traditional payment methods, as they do not require players to share sensitive personal information. The added anonymity may encourage responsible gaming and reduce disputes between players and operators. For example, Cloudbet offers a completely anonymous gaming experience, requiring only an email address and a Bitcoin wallet to get started.

The use of blockchain technology can revolutionise the iGaming industry by making it more secure and efficient. Thanks to its decentralised nature, it offers faster and more transparent transactions with heightened security. Smart contracts can also be used to ensure fair play in games, with the blockchain automatically executing contracts based on pre-set conditions.

In 2018, FunFair Technologies launched the first blockchain-powered casino platform, demonstrating the potential of blockchain technology in the iGaming sector. This platform offers unparalleled transparency and security to both players and operators.

The unique features of cryptocurrencies, such as lower fees, increased privacy, and pseudonymous identities, make them an attractive option for players. Offering zero-fee cryptocurrency payments can help players maximise profits while enjoying their favorite games. For example, Edgeless, an Ethereum-based casino, offers players fun playing blackjack online, poker, and zero-house edge games, allowing players to enjoy a fair gaming experience with minimal fees.

iGaming operators are increasingly investing in new technologies like blockchain and fraud-detection systems to protect their customers and businesses. Blockchains transparent nature allows operators to identify and prevent fraudulent transactions, ensuring a safe gaming environment for all parties involved.

In 2020, DAOBet, a blockchain-based iGaming platform, introduced advanced security measures, including random number generation and a decentralised affiliate system, to protect its users and maintain a secure gaming ecosystem.

The integration of cryptocurrencies into the iGaming industry has brought numerous benefits, making them an indispensable part of this rapidly growing sector. Crypto payments offer quicker, more cost-effective, and more secure transactions, promoting responsible gambling and minimising overspending. Blockchain technology has the potential to strengthen security protocols and boost gaming performance. As the iGaming industry continues to evolve, embracing the power of cryptocurrencies and blockchain technology will shape the future of online gaming, drawing in more players, offering better prizes and benefits, and fostering innovation in the sector.

By leveraging the advantages of cryptocurrencies and blockchain technology, the iGaming industry can continue to grow and adapt to the ever-changing landscape of online entertainment. As more players become familiar with the benefits of crypto payments and blockchain-based gaming platforms, the iGaming industry will continue to push the boundaries of innovation, making it more accessible, secure, and enjoyable for all.

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