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Edge CEO Shares Top Things to Know About Storing Cryptocurrency

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Whether you consider yourself a newcomer to cryptocurrency, an amateur investor, or an expert, it’s always helpful to get a download on the latest perspectives on keeping your crypto assets secure.

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It’s also important to understand that everything in cryptocurrency revolves around keys. When it comes to transacting with cryptocurrency, everyone needs a public key. Public keys are essentially what connect you and your cryptocurrency to the blockchain ledger. Alternatively, private keys are known only to you, and are the tool that you must use to verify or sign transactions involving your cryptocurrency.

Paul Puey is the CEO and founder of Edge, a multi-currency crypto wallet. He elaborates on the nature of blockchain security and the need for these keys, “One of the biggest misconceptions about blockchain technology is the belief that it helps make data secure. In actuality, data on a blockchain is inherently public and visible to everyone. However, the keys used to access a blockchain need to be very secure, as those keys are now money. Therefore, blockchains have not created a new form of security, they have motivated its creation.”

This “cryptographic achievement” as Erik Schmidt, Executive Chairman for Google once called Bitcoin and its underlying technology, helps keep your assets secure, allowing you to use them freely without fear of getting hacked or losing your funds. Another critical thing to keep in mind is that all of these keys are usually lengthy strings of numbers, so it’s essential to have a secure place to keep them, so they don’t get stolen, and so you don’t forget them.

People rely on various types of wallets to store and secure their cryptocurrency. There are a number of options for this, including hardware, paper, desktop, online, and mobile. No matter which option you chose it’s important to make sure it has some key traits to keep your assets secure. Puey shared some of the top features to consider when evaluating cryptocurrency storage options:

Security
First and foremost you have to assess the safety of the storage option you’re considering. In most cases, decentralized options are going to be your best bet. Puey explains, “The problem with centralized security is that it takes everyone’s data and puts it in one place. This puts a massive bullseye on that central location for hackers and attackers to target. It’s a lot like a city or a castle. You might have really thick walls, but you’re still at the top of a hill waving a flag, and all it takes is one person, breaking one brick, to start a chain reaction that allows them to get in. It’s the same with centralized security.”

Wallet options that encrypt data on the user’s side are more secure than those that hold assets in a centralized location. Puey continues, “When it comes to Bitcoin and other cryptocurrencies, we’ve seen this create a huge loss of assets. Any time a wallet is hacked, those funds are lost for good, and there is no crypto version of the FDIC to restore them. So, it’s vital that funds are always secure.” The Mt Gox hack in 2014 is a prime example of how costly security errors can be.

Multi-Currency
With the diversity of currencies available on the market these days it’s essential to work with wallets that will allow you to quickly exchange your currency in case you have a desire to invest in one that is up and coming, or sell when prices start to get volatile. Puey shares, “We found that our users all around the world were clamoring for a private, secure, open-source, and easy to use multi-asset wallet they could depend on.”

That demand is driven not only by an increase in the volume of cryptocurrencies, but also the increased number of applications in which cryptocurrencies can be used. With the rapid growth of the dApp industry, has come an increased need for flexible, multi-currency storage.

Convenient
Finally, any storage option you use must meet your needs and feel convenient. Otherwise, you aren’t likely to manage it as frequently as you should. A cryptocurrency wallet is just like your regular wallet: it holds your money and (if you are active in the cryptocurrency space) you will be using it frequently. If you will be using something so often, it’s reasonable to demand that it provide a certain amount of convenience.

Any good wallet should have simple, secure options for authenticating your identity. Puey explains how his company worked toward this goal, “We worked to provide an integration of three core offerings: a hyper-secure and private personal vault, a friendly user interface for blockchain networks and services, and an encrypted single sign-on solution for decentralized applications.” Any wallet you use should have these functions to make it easy for you to use on a regular basis.

When it comes to securing your cryptocurrency, be sure to work with reputable companies, ones that have been recognized as trustworthy by both media experts, and industry influencers. Be sure to vet every option and verify that the company is transparent about their technology, and participating in the community at large.

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Winklevoss Twins Believe the SEC is Waiting for More Market Surveillance and Protections

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According to Cameron and Tyler Winklevoss, the popular twins in the cryptocurrency world and founders of the Gemini exchange, the U.S. Securities and Exchange Commission is searching for more market surveillance and protections.

During an interview with Fortune Ledger, they talked about the SEC and the different concerns it has about the crypto market. Furthermore, they talked about the Bitcoin ETF and cryptocurrencies.

Back in July 2018, the SEC rejected the approval of a proposed rule change that was made by the Winklevoss brothers. According to the regulatory agency of the United States, there were some issues related to market manipulation and the lack of market surveillance. In this way, the SEC rejected two different Bitcoin ETF proposals made by the twins.

Nevertheless, SEC’s commissioner Hester Peirce, which is a supporter of virtual currencies, commented negatively about the decision taken by the regulatory agency. She mentioned that the proposed rule change had all the pre-requisites for the approval of this specific rule change.

After this, Gemini decided to partner with Nasdaq and have their market surveillance services at the exchange.

Although in February the SEC has to take a final decision regarding the ETF proposal presented by VanEck and SolidX, Cameron believes that is hard to predict when the approval will happen. He mentioned that they have been working for six years to have a Bitcoin ETF approved and that they will continue working in the future for it to happen.

Cameron commented about it:

“We understand the commission’s concerns. We’ve heard them loud and clear and they are basically calling for more market surveillance and protections in the marketplace to avoid, prevent against manipulative behaviour and stuff like that. So, Gemini has built a market surveillance team.”

Additionally, he went on saying that their crypto exchange is working on the Virtual Commodity Association, a self-regulatory organization in the United States related to the crypto world. The intention is to have similar standards in the industry and build integrity in the market.

Cameron explained that they understand the decision taken by the SEC since these will be the first products related to cryptocurrencies. It is very important for companies to work in order to help this process and be compliant with all the requirements needed.

The Winklevoss brothers have also a different perspective regarding regulations in the cryptocurrency world. They believe that with regulations it is possible to open new accounts and start new companies in the space.

In general, the BitLicense given by regulators in New York seems to be very difficult to be acquired. There are several enthusiasts and crypto experts that have criticized this decision to impose these regulations in the space.

However, Cameron and Tyler Winklevoss believe that regulation has been a big win for New York State. Additionally, they’ve mentioned that Gemini is trying to take the best protection measures and bring them into the crypto industry.

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Kraken CEO advises traders to move coins off exchanges after Cryptopia hack

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Kraken CEO Jesse Powell has tweeted following the recent hack on New Zealand based cryptocurrency exchange Cryptopia, stating that traders should move their coins off exchanges, including Kraken and look to store their coins on hardware wallets rather. 

The tweet came after Binance CEO Changpeng Zhao tweeted about the hack stating that complete opposite. CZ tweeted that it would be safer storing your coins with “the most reputable, proven secure, exchanges” rather than storing them on cold storage.

The tweet was met with criticism from many on twitter, who believe the motto ‘not your keys, not your coins’. The motto simply refers to the fact that if an exchange holds the private keys to access your coins, then they do not in fact belong to you in the first place. This makes them more susceptible to hackers.

The backlash to CZ’s tweet included Kraken CEO who echoed the sentiment of Pierre Rochard, who commented on the tweet from CZ stating “More individual exchange accounts have been hacked than individual wallets. Disappointing but not surprising to see “industry leaders” spread bad info.”

Exchange hacks don’t appear to be slowing down with the Cryptopia hack occurring just two weeks in to the new year.

Source. chepicap

 

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Banks Warn of Impending 1930s-Type ‘Catastrophe’ As No-Deal Brexit Looms

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UK Finance CEO Stephen Jones has issued a stark warning ahead of the March 29 deadline for exiting the EU, describing the scenario of a no-deal Brexit as a “catastrophe”. In an interview with the UK’s Channel 4 News, Jones stated that leaving the EU without a deal would not only lead to the replacement of London as a global financial center, but could potentially lead to an economic depression and widespread social dislocation of the type not witnessed since the mid 20th Century.

Coming from the head of an organization which acts as the collective voice for the UK’s banking and finance industry with over 250 members across the country, the warning is the latest in a series of grim predictions about the potential consequences of the UK leaving the world’s largest free trade area without a trade deal.

“Social and Economic Catastrophe”

Theresa May. Image from Shutterstock

According to Jones, a no-deal Brexit will have the twofold effect of undermining the UK’s position as a global financial center as well as wreaking real havoc on the economic and societal fabric of the country. Speaking to Channel 4 News he said:

A no-deal Brexit on 29 March, where we crash out of European Union, is a catastrophe. It’s a social catastrophe, it’s an economic catastrophe. I don’t wish to be labelled a doom mongerer… but if our economy contracts by 10 per cent that’s 1930s-style contraction. That is a massive increase in credit card losses, mortgage losses, vehicle loan losses. This is about jobs, this is about people not being able to pay their mortgages, not being able to pay back their loans, and that’s really bad news and it’s an outcome we can avoid.

Explaining the projected impact on the UK’s financial industry he went on to state that regardless of whether a Brexit occurs with a deal or no deal, the days of London as Europe’s financial nerve center are “over”. In his opinion, Paris and Frankfurt will become more important than London in the context of European finance.

CCN recently reported that the Brexit deal proposed by Prime Minister Theresa May was shot down yesterday in Parliament by a majority of 230, which made it the heaviest parliamentary defeat for a Prime Minister in the past 100 years. In the light of the vote which effectively turns Brexit into a likely scenario of a no-deal exit or a revocation of Article 50 via a second referendum, European Council president Donald Tusk tweeted:

Source. ccn

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