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Fake ETF News On BlackRock Pushes Ripple XRP Up By 12%

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As the name suggests itself the word crypto wallet means that it is like a digital wallet for cryptocurrency, which functions similar to a physical wallet where we store cash and cards. However, do get confused as  crypto wallets technically don’t store your crypto. Crypto wallets basically store public and private keys, which keep crypto safe and accessible, and it also allows to send, receive, and spend cryptocurrencies like Bitcoin and Ethereum.

Before delving into what types of crypto wallets you should look at, let’s learn more about what private and public keys are?

Understanding Public and Private Keys in Cryptocurrency

Public Key: Think of it like your bank account number. It’s safe to share with others because they can use it to send you money (cryptocurrency).

Private Key: This is like your secret password or PIN for your bank account. Keep it super safe, like a hidden treasure. It’s what lets you access and control your cryptocurrency.

These two keys work together to keep your transactions secure. Others can send you money using your public key, but only you, with your private key, can access and use that money. It’s like having a secret key to your digital wallet.

Types of Crypto Wallets 

There are mainly two types of crypto wallet, one is hot whereas the other one is cold wallet. 

Hot Wallets: They’re like an online wallet which are always connected to the internet and these wallets are easy to use but also easier for hackers to target because they are online.

Cold Wallets: These are like a super secure safe for crypto. They’re offline, like hiding our money under the mattress. They’re harder for hackers to reach because they’re not connected to the internet.

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Which one to choose?

When choosing between hot and cold wallets, it really comes down to what you prefer. If you’re into everyday trading and need quick access to your cryptocurrency, a hot wallet is worth considering. On the other hand, if you’re planning to store a large amount of crypto and prioritise maximum security over convenience, then a cold wallet is the way to go. It’s all about what suits your needs best.

Now, you must have also heard about custodial and non-custodial wallets? Let’s shed some light on the same.

Custodial Wallets: These are like wallets offered by crypto exchanges. They’re easy to use, especially for newcomers and active traders. But here’s the catch: in this we trust the exchange to keep our money safe because they control our private keys. They use security measures like two-factor authentication, email confirmation, and biometric checks. So, if one is okay with trusting others to safeguard the crypto and want low transaction fees, this is an option.

Non-Custodial Wallets: With these, we are in full control. We have a secret phrase to access the money, and it’s super important to keep it safe because if one loses it, then the funds are gone. It’s like having the money in our own safe, and we are responsible for its security.

Which is Better? 

It really depends on individual preference. If we want someone else to handle the security and don’t want to worry about losing access, go with custodial. If one prefers complete control and is careful with your security, go non-custodial. It’s all about what suits you best.

After getting a basic understanding of what types of crypto wallets do we have, let’s explore more about the exact need for these and is it actually necessary? 

Why is There a Need For a Crypto Wallet?

If you have cryptocurrency, how you keep it safe is extremely important. So, storing it on an exchange where you buy and sell is okay for small amounts or if you trade often. However, if you have a significant amount of cryptocurrency, it’s better to put most of it in a special wallet, whether it’s hot or cold. This way, you retain control of your money, much like having your own secret key. It’s similar to having your own safe for your savings, and that’s much safer.

Conclusion

There’s no one-size-fits-all solution for crypto wallets. Each type has its pros and cons. It depends on what suits you best: If you’re okay with some risk and want to make quick online payments, go for a convenient hot wallet. But if you’re a bit more cautious and plan to keep your coins for the long term, a secure offline device like a hardware wallets is a good choice. The final decision is yours.

However, it’s smart to use a combination of cold and hot wallets for better security, especially if you have a lot of cryptocurrency.



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Cryptocurrency

Cryptocurrency Market Update: Bitcoin Slips Below $70,000 Amidst High Liquidation

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In a swift turn of events, Bitcoin (BTC), the pioneering cryptocurrency, dropped below the $70,000 threshold early on Wednesday following a wave of investor sell-offs. Just a day prior, Bitcoin had crossed the $71,000 mark, but market sentiment swiftly shifted, dragging other major altcoins—including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC)—into the red zone.

According to CoinMarketCap data, the overall Market Fear & Greed Index stood at 75 (Greed) out of 100, indicating a mix of optimism and apprehension among traders. Notably, the Bittensor (TAO) token emerged as the top gainer with a remarkable 24-hour surge of over 7 percent, while dogwifhat (WIF) experienced the largest loss, plummeting nearly 16 percent.

Bitcoin (BTC) Price Update Bitcoin’s price tumbled to $69,089.01, marking a 24-hour dip of 3.05 percent, as reported by CoinMarketCap. On the Indian exchange WazirX, BTC was priced at Rs 60.93 lakh.

Other Major Cryptocurrencies Ethereum (ETH) saw a 24-hour loss of 4.81 percent, trading at $3,508.86, while Dogecoin (DOGE) registered a dip of 5.59 percent, currently priced at $0.1879. Litecoin (LTC) and Ripple (XRP) also experienced losses, with Solana (SOL) marking a 24-hour loss of 3.44 percent.

Top Gainers and Losers Bittensor (TAO) led the pack of gainers with a 7.30 percent surge, while dogwifhat (WIF) suffered the most significant loss, dropping by 15.58 percent.

Market Analysis and Expert Insights Experts weighed in on the market scenario, attributing Bitcoin’s downturn to heightened liquidations and cautious sentiment ahead of the upcoming US CPI data release. While Bitcoin’s immediate support rests at $67,700, resistance is expected at $70,400. Ethereum proponents face challenges amid hopes for an ETF approval, with the SEC providing limited updates on the matter.

Final Thoughts The cryptocurrency market remains highly dynamic, with prices fluctuating rapidly and investor sentiment playing a pivotal role. As the market navigates through volatility, it’s essential for investors to stay informed, exercise caution, and seek expert advice before making any investment decisions.

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Cryptocurrency: A Scapegoat for Foreign Policy Failures?

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Cryptocurrency has once again found itself at the center of a heated debate, this time regarding its alleged role in facilitating illicit activities and circumventing sanctions imposed by the United States. The Biden administration, in particular, has come under scrutiny for its handling of the issue, with some accusing it of using digital assets as a convenient scapegoat for broader foreign policy shortcomings.

In a recent hearing before the Senate Banking Committee, Deputy Treasury Secretary Wally Adeyemo raised concerns about the misuse of cryptocurrencies by foreign adversaries such as Iran, Russia, North Korea, and militant groups like Hamas. Adeyemo’s remarks underscored a growing unease within the U.S. government regarding the potential national security implications of unregulated digital currencies.

However, voices from within the cryptocurrency industry and Congress have pushed back against the administration’s narrative. Faryar Shirzad, Chief Policy Officer at Coinbase, one of the leading cryptocurrency exchanges, pointed out that the prevalence of illicit activity in the crypto space is relatively low compared to traditional finance. Instead of demonizing cryptocurrencies, Shirzad argued, the focus should be on targeting bad actors operating offshore.

Senator Tim Scott, the ranking Republican on the Senate Banking Committee, echoed these sentiments, accusing the Biden administration of using digital assets as a distraction from its failure to effectively combat financial flows to sanctioned entities. Scott’s criticism reflects broader skepticism among some lawmakers about the government’s approach to regulating cryptocurrencies.

One area of potential agreement between the Biden administration and the cryptocurrency industry is the need for clearer regulations governing stablecoins, a type of digital asset pegged to a fiat currency like the U.S. dollar. Both sides recognize the importance of addressing the potential risks associated with stablecoin issuance and usage, particularly in the context of national security and financial stability.

The debate over stablecoins has intensified following reports of their alleged role in facilitating illicit transactions, including those linked to Russia’s war effort in Ukraine. The Treasury Department has called for increased oversight of stablecoin issuers and transactions, while also advocating for legislation that would subject them to stricter regulatory standards.

Despite the contentious nature of the discussion, there are signs of bipartisan cooperation on certain aspects of cryptocurrency regulation. A bipartisan bill addressing stablecoin regulation passed the House Financial Services Committee last year, signaling a potential path forward for legislative action in this area.

As the debate over cryptocurrency regulation continues to unfold, it is clear that finding the right balance between innovation and security will be paramount. While concerns about illicit activity and national security must be addressed, policymakers must also recognize the potential benefits of cryptocurrencies in fostering financial inclusion and technological advancement.

Ultimately, the resolution of these issues will require thoughtful collaboration between government officials, industry stakeholders, and lawmakers to develop a regulatory framework that promotes innovation while safeguarding against misuse. Only through constructive dialogue and cooperation can we ensure that cryptocurrencies fulfill their potential as a force for positive change in the global economy.

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Bitcoin Resurgence: Why Wall Street Is Embracing the Crypto Revolution

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Andrew Pratt of Wiser Wealth Management in Marietta, Ga., finds little resistance as he proposes Bitcoin investments to his firm’s committee. With Bitcoin surging 140% in the past year and backed by giants like BlackRock, skepticism has waned. Pratt sees the potential to allocate a modest 1% of client portfolios to Bitcoin, acknowledging the limited downside risk compared to potential gains.

The debate over Bitcoin’s intrinsic value seems to have lost its relevance amidst its soaring market performance. Once dismissed, Bitcoin now boasts a market value of $1.3 trillion, driving the total crypto market to $2.5 trillion. Wall Street, once wary, now views cryptocurrency as an opportunity for profit rather than a speculative venture.

Despite lingering doubts about Bitcoin’s utility beyond speculation, Wall Street executives are increasingly supportive. BlackRock’s CEO, Larry Fink, notably reversed his stance, endorsing Bitcoin’s long-term prospects and championing the iShares Bitcoin Trust, now one of the largest Bitcoin ETFs with nearly $18 billion in assets.

While skepticism persists about Bitcoin’s status as a real asset or currency, its growing acceptance on Wall Street underscores the evolving landscape of finance. As institutions embrace cryptocurrencies, Bitcoin’s journey from pariah to portfolio asset highlights the transformative power of digital assets in reshaping traditional investment strategies.

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