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The price of Litecoin has seen a decline after LitePay’s debit card launch, which was scrubbed at the last minute and delayed indefinitely.

Litecoin Price Drops By 4%:

The cryptocurrency market has sustained to shake off the crash that it has experienced this weekend, and most of the large-cap cryptocurrencies have seen strong gains against the US dollar.

The cryptocurrency market index has increased by almost 7%, while Litecoin has seen a decline in its price by almost 4%. At this very moment, the price of Litecoin is $212, which shows that this cryptocurrency has seen a single-day decline of 4% and has the market cap of $11.7 billion. The huge chunk of Litecoin trading volume is focused on OKEx, which accounts for more than 31% of all LTC volume. Especially, KRW pairs, which frequently spike on altcoin recovery, contain a comparatively small amount of Litecoin trading at this time.

litecoin price drops

The current decline in the price of Litecoin appears to be related to the planned launch of LitePay (fintech startup), which was planned to take place on 26th February, but was partially postponed at the last minute and delayed indeterminately.

According to a report, LitePay is intended to offer a solution based on LTC payments that will make it quite simple for traders to accept Litecoin. This service will also issue a debit card, which will be LTC-funded, letting the users to circuitously spend their coins at almost any business.

The statement that LitePay would be launched on 26th February, led to a momentous Litecoin price rally. Though, the company also sent an email to its users just ahead of the planned launch, notifying them that an essential factor of the firm’s business model which is the “LTC-funded debit card” had been postponed indeterminately due to the antagonistic activities by card issuers towards crypto communities.

It is also said by LitPay, that it will open trader’s registration as planned, however, the indeterminate delay on the debit card service of it, caught lots of users by unexpectedly and have likely contributed to the bad performance of Litcoin today.

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Looking for Bitcoin Information? Here Is Everything You Need to Know

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Bitcoin Information

Bitcoin is a digital currency that only exists electronically. To be more precise, it’s a cryptocurrency that is based on code and encryption keys. The currency first came into circulation in 2009 and was created by an anonymous programmer called Satoshi Nakamoto.

The currency is relatively new and not many people have any idea about how Bitcoin works. The goal of this post is to give newbies clearer understanding of what bitcoin is, how it works and how it can be used to buy/sell services and goods.

What Are Bitcoins?

People often confuse the terms Bitcoin (capitalized) and bitcoin (not capitalized) with each other, not realizing that these two are completely different entities.

Bitcoin latest news refers to the Bitcoin Network while bitcoin information refers to the currency itself (i.e. 1 bitcoin, 2 bitcoins).

What Makes Bitcoin So Special?

There are several factors that make Bitcoin special and give it an edge over traditional currency. The list is unending. However, I’m going to write some advantages of Bitcoin to give you a clear idea as to what makes Bitcoin so special.

  • Bitcoin is a peer to peer currency and is autonomous to third party influence.
  • Bitcoin transactions are stored in a public ledger called blockchain. The recorded information is transparent and offers open access to its users, making transactions more transparent.
  • Since the Bitcoin transactions don’t go through a clearing house (Government, MasterCard, Visa Card, etc.) the fees involved are extremely low.
  • The currency is stored in a Bitcoin wallet which is equivalent to bank accounts for traditional currency.
  • The security level of Bitcoin is extremely high. The currency is secured with encryption keys and only the owner of the coins can know about it; which makes stealing coins nearly impossible.
  • Bitcoins are finite and their value depends on the volume of usage. The more people use this currency, the higher it goes in value.

These are some of the key features that make bitcoin special.

Are Bitcoins Decentralized?

Yes, bitcoins are decentralized. There is no government/private agency, a monitoring authority or clearing house to monitor bitcoin flow. This makes the digital currency spendable nearly anywhere around the world.

Due to it being decentralized, Bitcoin is also dubbed as “the currency of internet”. This is because the Bitcoin transactions are not bound to any physical boundaries and can be sent to/received in any part of the world.

Is Bitcoin Anonymous?

Bitcoin transactions used to be completely anonymous. But now many bitcoin escrow service providers have started implementing KYC (Know Your Customers) and AML (Anti Money Laundering) regulations.

These regulations bound the users to provide proof of identity and residence which makes it harder to achieve anonymous transactions.

How Can You Use Bitcoins?

Bitcoins can be used in a similar fashion as traditional currency i.e. to buy/sell goods, services, and for investment purpose. Another use of bitcoin is to generate revenue through money transfer.

How to Earn Bitcoin?

There are two major ways to earn bitcoins: buying and mining.

Buying Bitcoins:

Bitcoin can be bought through many online exchanges. The exchanges operate on both local and global scale. You can also buy bitcoins from other people via LocalBitcoins.

Bitcoin Mining:

In Bitcoin mining, users on different computers assemble together to form a block and work to solve mathematical algorithms. Those who successfully solve the problems earn their reward in bitcoin.

Conclusion:

Bitcoin is well secured and the fact that Bitcoin transaction data cannot be deleted or tampered with makes it even more protected. Moreover, the currency is cost effective and many major corporations have shown their interest in accepting Bitcoin as payment. The future seems pretty cool!

 

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Cryptocurrency Security – Here’s All About Its Three Layers!

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So, what’s a decentralized system? In simple words, we can say that a decentralized system works with no servers and each member is permissible to execute transactions. But in the case of the blockchain, each member must have to do some system-tasks as well, such as; storing transactional data.

cryptocurrency Security

Fork: Even a group of members can run an alternate-version of reality, which is called “fork.” The fork works by the similar regulations as the original decentralized system – though it might have a diverse state.

Let’s enlighten you about the hierarchical nature of cryptocurrency security!

First Layer – Tokens and Crypto Coins

  • One of the first and foremost thing in the crypto world is your cryptocurrency security.
  • Whenever you choose a cryptocurrency, you take all the perils and risks related to the protocol.
  • If someone can recognize and utilize protocol flaws, they can compromise the whole network, even including you; it won’t be much important which exchange/wallet you are using.

In the first layer, you can find two different types of currencies which include, the coins (Bitcoin, Ethereum, Bitcoin Cash etc.) and all ICO-issued tokens such as; MOBI or EOS.

What is the Difference?

Well, the difference is in the technical features. Each coin is either an independent network protocol or just a copy of some of it. When you research a crypto protocol from a security stance, make sure to find out if it can be centralized.

Let’s take an example!

In the case of Bitcoin, it’s now centralized around four major mining pools which also means that if all of them collaborate, they can possibly compromise the whole network.

Another advice! Whenever you look for proof-of-stake crypto, make sure to have a look at the genesis. This is also quite imperative, as whoever keeps the preliminary and initial stake can vote for transitions, as well as the network will be also trusting those who have higher stakes. If we take an example of NEO, a PoS network of China, which is same as Ethereum, was distributed 50/50 amid its ICO sales and developer community – unlike Ethereum distribution. Also, the NEO token distribution makes sure that no major stakeholder from the exchange platform or the developing side has enough stake to compromise the whole network.

Tokens

  • Now if we talk about tokens, all of them are based on a smart-contract aspect of few of the coins, which means their reliability and security is first based on the parent cryptocurrency – only subsequently on the smart contract’s code that issued it.
  • Mostly, all ICO coins (tokens) are based on Ethereum and just some of them are issued by smart contracts.
  • Also, it is imperative to point out that Ethereum got hacked a few years ago due to the DAO protocol hack – later hard forked and rolled back to the state. This also shows that the founders of Ethereum probably have a time machine as it looks like they have the ability to go back in time – yet again if it’s required.

Second Layer – Exchanges

One thing that everyone must understand about the exchanges is that they are written in custom-code with infrastructure security and has got nothing to do with blockchain. If we talk about an exchange, it is just a standard centralized web service arrayed in a data centre. That’s why whenever we talk about the exchanges, we always mention reliability and trust.

Almost every month we hear news about the data breaches and security events that occur because of exchanges.

Examples

Here are some latest examples!

  1. Back in December 2017, $63 million in cryptocurrency was stolen from NiceHash by hackers.
  2. At the beginning of this year, January 2018, more than $500 million in cryptocurrency was stolen from Coincheck by hackers.
  3. In February 2018, almost $195 million in cryptocurrency was stolen from BitGrail by hackers.

The hype around cryptocurrencies is due to the number of data breaches. Many exchanges have recently started their business – without investing in proper security measures. Simultaneously, if someone steals tokens/crypto coins from an exchange successfully, it’s nearly impossible to do anything about recovering it.

Third Layer – Wallets

Well, the third layer is linked to your personal security in the crypto world and you must’ve heard a lot about it before.

When you select a wallet for cryptocurrencies, you’ll have two options:

  1. Hot Wallet
  2. Cold Wallet

Hot wallet Vs Cold Wallet

  • The hot wallet is just like an account in exchange or in simple words, it is a website-based wallet.
  • In the case of a hot wallet, your tokens/coins are under the control of your wallet provider.

Whereas, a cold wallet can be a hardware, software or just a paper.

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Checking your current balance using any Bitcoin wallet address

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Bitcoin Wallet

A bitcoin wallet is basically a vault for your private keys. After installation, a bitcoin address will be generated, which you can disclose to your friends in order to carry out a transaction. A Bitcoin address is generated at random and is just a sequence of numbers and letters. You can generate a new bitcoin address for each transaction. All of the confirmed transactions are added to the blockchain.

The private key is used to sign the transactions in order to prove that it has come from its rightful wallet owner. Just like a Bitcoin address, it is also a combination of alphanumerics, but this cannot be disclosed to anyone. To know more about Bitcoin wallets, go here.

 

To ensure that your bitcoin address has received the funds or just to view the previous transaction history, you can use the Blockchain explorer.

A Bitcoin Blockchain Explorer is a web tool that lets you view information about blocks, different addresses and details on when transactions have taken place.

All you need to do is paste your address into the search box, and the website will display all the transactions taken place linked with that bitcoin address.

You can even search multiple addresses at once. This will display the transaction history of each of those addresses, as well as the overall balance of bitcoins. You can separately view each transaction’s details- date and time, input, output and miner fee.

bitcoin wallet address

 

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Cryptocurrency Market Cap Has Once Again Dropped Below $300 Billion

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98 of the top 100 cryptocurrencies have badly dropped within the 24 hours and once again we’re seeing a day in the red for the cryptocurrency markets. The price of Bitcoin headlined the retreat by seeing an 80-day low decline, and other top coins have also fared quite poorly. The cryptocurrency market cap has declined by more than $60 billion and is currently valued at $292 billion, which represents a single-day reduction in the price of all cryptocurrencies.

Bitcoin Price Falls Below $7000:

The decline has reduced the price of Bitcoin by almost 23% and has brought the most leading cryptocurrency to an 80-day low. The price of Bitcoin is currently trading at $6,307, with the market cap of $106 billion only.

Fintech platforms like Square’s Cash App and Robinhood Crypto will probably play an important role in the coming time. Robinhood’s cryptocurrency trading platform could literally see a speed in its recovery real soon. Plus, other financial institutions are also trying to ban their customers from using their credit cards to buy these cryptocurrencies.

Cryptocurrency Market Cap

Ethereum Price Drops Below $700:

Well, many investors believed that the downturn in the cryptocurrency market would provide an opportunity to Ethereum for finally becoming the largest cryptocurrency and surpassing the Bitcoin’s price. But it didn’t go so well in that case because the price of Ethereum also got largely tracked with the Bitcoin’s decline.

The price of Ethereum dropped below the $700 mark today and is currently trading at $618 with the market cap of $43 billion, which clearly shows a single-day decline of 27%.

 Drop in The Altcoin Markets:

Overall altcoins declined worse than the Bitcoin, which represents that diversifying into the altcoins won’t essentially provide the investors with a hedge against the declines in the major cryptocurrencies market. Both, the price of Bitcoin Cash and the price of Ripple has declined by more than 20%, which reduces the 3rd and 4th largest cryptocurrencies to the current values of $0.62 and $820, respectively.

Number 5th cryptocurrency in the ranking, Cardano, showed the worst performance as compared to any top 10 cryptocurrencies, as it has dropped by 23% and is currently valued at $0.28. Meanwhile, Litecoin and EOS have returned single-day declines of 24% and 27% respectively.

Stellar, which is ranked on number 8th has seen a decline of 25% today, which demonstrates the austerity of this downturn. NEO and NEM have finished out the top 10 with the declines of 34% and 24%, reducing their prices to $71 and $0.40.

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