Don’t trust anyone in the crypto space and stop treating crypto personalities as God. Entrepreneurs, Influencers, and Employees in crypto are all humans and humans have emotions and moods. Humans get corrupted easily and there is no limit to human greed. Do not invest while relying on a piece of individual advice. No matter how big the name is! In 2008 during the Lehman Brothers crisis, everyone thought Lehman is too big to fail. Since it was a regulated space the US government intervened and printed $5 trillion to save its reputation and confidence among people. In crypto, no one will save y ..read more

Curious to learn about the basics of Web3 & Crypto, but don’t know where to begin? We’ve got a list compiled for you – below is a list of resources to get you started. History of Money Bitcoin Blockchain Private & Public Blockchain Web3 NFTs Metaverse With the above videos, you can get started with the basic understanding of Web3 & Crypto. Let us know your thoughts in the comment below. The post Crypto and Web3 Basics appeared first on Bitinning ..read more

What is a Blockchain Explorer & how to read one? On any cryptocurrency blockchain, many transactions are batched in a single block. The blocks when ‘chained’ together on a decentralized ledger give meaning to what we generally refer to as ‘blockchain’. The transactions in the blocks are ‘confirmed’ by a lot of anonymous computers through ‘Proof of Work’. However, in ‘Proof of Stake’, the people who have ‘staked’ their tokens get to process transactions – the higher the stake, the larger the reward. Blockchain Explorers in essence provide information about all the transactions that are pr ..read more

Source : Google 1. INVEST YOUR TIME FIRST TO UNDERSTAND THE PROJECT Ask yourself: What issues does the project solve? Is it viable in the long run? What value will it hold? How scalable is the solution? etc. 2. ROADMAP OF THE PROJECT Has it delivered as per/before timelines? What are the plans for the upcoming quarter(s)? What is the overall experience of the team managing the project? How is the developer ecosystem of the project? 3. FINANCIAL VIABILITY OF THE PROJECT Is the project bootstrapped? Does the project have enough financial liquidity to survive the bear market (which may extend ..read more

ERC (Ethereum Request for Comments) are Ethereum application-level specifications, such as token standards, name registries, library/package formats etc. Anyone can make an ERC token with Ethereum Blockchain app development, but the author must clarify their standard and gain community approval for it to be adopted widely. Source : Google Few important and well-known ERC Standards below: ERC-20 It is most widely used for all smart contracts on the Ethereum blockchain to date. ERC20 tokens are digital assets that can be sent and received on the Ethereum blockchain. It simplifies developm ..read more

There were a lot of things that went wrong in Crypto CeFi in the recent times; let’s looks at how we can learn from it. Before moving into the details, let’s understand CeFi in Crypto. Centralized finance (CeFi) is a type of financial practice within the cryptocurrency sphere where users primarily can earn interest and get loans through centralized platforms. In most ways, Crypto CeFi is very similar to traditional banking where a bank is in custody of your funds, however CeFi is not backed by any govt., instead it is backed by private individuals & corporations. Source : Google Whi ..read more

What is Consensus Mechanism, in layman’s terms? Source : Google Have you ever tried asking your friends to watch a movie together? Everyone will have their own choices and it is very difficult to reach a consensus. In our daily life we all struggle to convince people to reach a consensus. Isn’t it? In a central entity, to arrive at a consensus is easy. Why? Because you have an authoritative figure who dictates terms which everyone has to agree to, eventually. Even if they don’t like it. But to reach consensus in the Decentralized network where there is no central entity and everyone is a ..read more

Bitcoin wallets generate & store a user’s keys, allowing them to easily send/receive bitcoin, track their transaction history, & check their balances. Wallets are in the form of hardware devices, software applications, & online, custodial services. In this blog, we explore the different types of wallets and their pros & cons. Types of Bitcoin Wallets: 1) Custodial Cold Storage The custodian keeps its users Bitcoin in a cold storage facility that is physically stored in military grade vaults (Class 5 IPS containers) with non-mechanical locks that require multi-person authent ..read more

Why investors need to consider Bitcoin separately from other digital assets This blog summarizes the extensive research done by Fidelity Digital Assets and breaks down the report into key points. 1)  Bitcoin is at the heart of it a computer code & Bitcoin the network is made up of millions of computers all running this identical Bitcoin software. This code acts like a protocol & provides the rules that govern the Bitcoin network. The network operates a payment system, where users can send/receive BTC. 2)  Characteristics of “Good Money” – | BTC | Bitcoin clearly possesses ..read more

How to avoid Bitcoin & other Cryptocurrency Scams? Most scams are social attacks, not technological hacks or viruses. Do not trust people who promise enormous gains, free money, or who ask for bitcoin. Various types of social attacks include: Source : Google Phishing Phishing scams are one of the most widely used methods across the Finance & Banking industry. A phishing scam is characterized by the impersonation of your bank, Bitcoin wallet, or exchange provider. This can be done through fake emails/links, lookalike websites. Phishing emails usually contain a link that will red ..read more