Let’s face it. The cryptocurrency industry is complicated. Ranging from the sheer number of cryptocurrencies to the pace of development, a massive amount of hype, and a complete overload of information, it can be difficult to cut through the mist to get to grips with the industry. But those that do find themselves in an industry full of opportunity — which would be difficult to find in such abundance elsewhere. With that in mind, we take a look at how you can fast-track your progress and crypto like the pros in no time.
USE A HARDWARE-POWERED WALLET
As you are likely aware, most cryptocurrencies have experienced what can only be described as meteoric growth in recent months, with the average cryptocurrency gaining close to 1,000% in the last year alone. For those that use and transact with cryptocurrencies regularly, this has undoubtedly been a welcome turn of events — but many investors have found themselves struggling to balance keeping their funds accessible and liquid, with staying secure. After all, with opportunities abound, but scams also prevalent, it’s important to ensure your funds are protected.
Coin Wallet, a multi-asset cryptocurrency wallet available on mobile and desktop platforms, is currently one of the more popular ways to benefit from hardware-grade security without compromising on ease of use since it features support for the budget-friendly Yubikey security stick. In an industry where speed and security are paramount, you’d likely struggle to find a crypto expert whale that doesn’t keep at least the bulk of their portfolio safely under the lock and key of a hardware-enabled wallet solution.
LEVERAGE DECENTRALIZED FINANCE
The reasons behind this popularity are many, but it mostly boils down to either the potential profitability of some of these platforms, or their simple efficiency compared to traditional financial solutions. Right now, a large proportion of DeFi platforms offer ways to leverage the untapped potential of idle assets to either turn a profit or unlock some other benefit. For example, many decentralized exchanges allow users to act as liquidity providers to earn a share of the transaction fees; open lending platforms let users fill over-collateralized loans to earn a (relatively) safe yield, and liquidity mining platforms allow users to mine new tokens without paying anything — to name just a few potential DeFi avenues.
Experts are busy leveraging these platforms to their benefit, why shouldn’t you? Just be sure to do your due diligence first, as not all DeFi platforms are reputable.
HOW THE PROS TRADE CRYPTO
Right now, odds are you’ve tried your hand at trading, and it didn’t end well. At least, that’s how the story goes for around 95% of cryptocurrency traders, who end up losing more than they start with. But while it is true that the large majority of cryptocurrency traders fare poorly, it’s important to acknowledge that the 5% can make incredible profits — but only if they’re able to do what 95% of people couldn’t.
Unfortunately, the vast majority of retail traders leap into the market without either — which is why most end up in the red. But it doesn’t have to be this way. By taking the time to learn your options from your futures, and your leverage from your margin, you can avoid some of the common pitfalls other traders make, and potentially join the 5% that strike it big trading.
There are a number of platforms to help you find your trading-legs before you dive in, including NewsCrypto and Binance Academy — both of which provide a range of free tutorials to set you on your way.
Binance’s Trading Volume Hits $100 Billion in Just One Day
Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles
Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.
The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.
Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.
Eerier this month, the trading platform also announced a $1 billion ecosystem fund.
Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.
Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack
As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.
Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.
The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.
The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,
“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”
PeckShield provided some details about the same noting,
According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,
“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”
Actions taken by the team
The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.
They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.
NBA Makes Coinbase Its Exclusive Crypto Partner
Coinbase has joined FTX in scoring major partnerships in the sports industry
The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.
Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues.
As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.
Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:
The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.
The shares of Coinbase are up roughly 3% at press time.