What is DYOR In The Crypto Industry?

The cryptocurrency market is growing at a high rate. It has its own platform, currency, and even its own language. Many terms are often used as catchphrases in the industry, and DYOR is one of them. It is short for “Do Your Own Research.” DYOR is one of the most well-known catchphrases in the crypto world.

 Remember to do your own research (DYOR). You must have heard about this term if you are bonded to the crypto space. Have you considered what this “do your own research” means and how people follow it? Don’tDon’t worry; we have conducted complete research to help you know the importance of DYOR and why we need them in the Crypto industry.

But, before we start our journey, learning about the basic Crypto terms in Cryptocurrency exchange India will be great. This can be beneficial if you are a beginner in the crypto industry. We have prepared a list of applicable Crypto terms for everyone. Check on our Bitcoiva blogs to learn more about it.

What is DYOR?

The term “DYOR” is frequently used in the crypto industry. Its main objective is to remind people of the importance of extensive studies on projects before investing in them and prevent them from acting haphazardly on other people’speople’s recommendations. The consequence is there will be fewer misinformed investors in all projects.

Investors may research a mixture of topics mentioned in this blog before investing in any cryptocurrency. It is always preferable to cross-check it with reliable sources. Further, remember that the cryptocurrency market is highly volatile; therefore, DYOR cannot always minimize project risks; rather, it extends the possibility of the project’sproject’s success.

Now that you know what DYOR in crypto means, let’slet’s check the following section about undertaking it and making yourself a pro!

Two main reasons provide importance to the term DYOR. Let’sLet’s take a check out!

Why is DYOR important?

Decision making

It is one of the finest methods for mitigating risks linked with impulsive decision-making in the industry. When the market is suddenly active, and everyone starts to invest in a particular hyped-up project, the investor can easily fall prey to investing in the project because of FOMO. But, if they have thoroughly researched the project, they can make an irrational decision about the investment.

Sybil attacks

The cyber-world keeps facing constant online fraud schemes to take control of the blockchain network, and the crypto industry is no different. Different fraudsters keep bothering investors with their fake projects. They even create many social media accounts to show authenticity. This usually leads to a false impression of the crypto projects. And the false identities are only one to people on the outside. But a person who has properly researched will avoid falling for such schemes. 

To Avoid Shilling

Shilling is a practice many people choose to advertise their own coins to influence their prices in the market. Shillings are often used by honest organizations, too, so it can be confusing for people to invest in that particular coin or project. As cryptocurrency traders, you can be deceived by such eye-catching advertising and invest in the coins that a person is only promoting for their own gain. But there will be clarity if the person is well-researched.

Here are Some Ways to Do Your Own Research (DYOR)

These methods will help you in achieving a solid DYOR.

1. Fundamental Analysis of the Cryptocurrency Market

Choosing the fair value of a cryptocurrency India is made a lot easier with fundamental analysis. Studying a crypto project’sproject’s sponsoring firm, whitepapers, core team, future roadmap, and other elements are part of the process.

This analysis is vital in deciding the actual value of cryptocurrency and its viability in the market. It also adds investigating and assessing the whole crypto industry and the competitors to understand the cryptocurrency volatility to make an investment decision fully.

2. Technical Analysis

Technical analysis provides you with the technique you require while entering the market, while fundamental analysis tells you of the value of cryptocurrencies on the cryptocurrency exchange India. Understanding the market and knowing when to enter and quit the trade concerns comparing and considering the crypto price movements you want to invest in. You can conduct technical analysis by examining cryptocurrency price charts, interpreting trends, indications, candlestick patterns, and more.

3. Sentimental Analysis

Sentimental analysis studies traders’ views and ideas of a particular crypto asset or the state of the crypto market. Market events are often affected by how traders feel about their options. Depending on this, the crypto asset is either oversold or overbought.

4. On-chain Analysis

Though it is quite complicated, this analysis will aid you in deciding whether to invest in cryptocurrencies or not on the crypto app India. The on-chain analysis deploys blockchain data. It considers various variables, such as a cryptocurrency’s transaction value and count, transaction fees, hash rate, staked tokens, etc.

Real-time on-chain analysis determines how stable the cryptocurrency’s blockchain network will be. Then, you can use it to see crypto patterns.

5. Social Media Analysis of the Cryptocurrency Market

During DYOR in crypto, social media analysis is essential; this research’s initial step entails assessing the website for the cryptocurrency project. This would provide you with all the details and possible outcomes of a particular cryptocurrency project.

The next step is to check social media channels to discover what experts and influencers say about your favorite cryptocurrencies.

6. Read Whitepapers

A whitepaper is a document that describes a cryptocurrency’s future possibilities from start to finish. The cryptocurrency history, the reason for its creation, the future plans, and the growth possibilities can be known. Reading the whitepaper is very important before investing in cryptocurrencies.

7. Read News about Cryptocurrency Market

There is no option to this fundamental DYOR crypto phase. Hence, it would help if you stayed current and updated on everything in the global crypto market. You should develop the practice of watching out for any new developments, regulatory adjustments, or almost anything that could affect your investment.

Bottom Line

The cryptocurrency market is highly volatile compared to other financial markets; thus, no amount of study can guarantee 100% success, but research can still help your journey in the crypto business. So, always DYOR and mitigate the investing risks.

Visit us at: www.bitcoiva.com

What is PAX Gold(PAXG)?

In the past few years, people have seen so many changes in how they make investments. Cryptocurrency India, NFTs, and other investment options have gained much attention worldwide. No matter how many new investment options make their way, gold investments have stayed intact and will continue to. Gold has been one of the most prominent and safest investment options for people, particularly in countries like India.

By keeping this in mind, the crypto company, Pax Gold (PAXG), has planned to give a modern touch to gold ownership. The company allowed investors to trade gold just like any other cryptocurrency India. Pax Gold has found a way to merge crypto with actual gold assets, which attracts investors and encourages them to try this alternative investment method.

In this blog, let’s overview how you can buy Pax Gold.

What is Pax Gold (PAXG)?

PAX Gold (PAXG) is a crypto asset backed by actual gold reserves held in the custody of the Paxos Trust Company. It is an ERC-20 token operating on the Ethereum blockchain, and PAX gold is tradable on the crypto platform India. Each PAX Gold token is redeemed by one troy ounce of a 400-ounce London Good Delivery gold bar in secured Brinks vaults. Since PAXG symbolizes actual gold, its value is directly connected with the current market price of that actual gold.

Paxos undergoes monthly audits to ensure that the PAXG supply tokens match the amount of gold it has to guarantee that it always maintains its reserves. 

How Does Pax Gold Function?

PAXG is an ERC-20 token part of the Ethereum blockchain network. It works with Ethereum wallets and is easy to trade on crypto exchanges. PAX gold can also be used on platforms that support it, like the dApps and DeFi.

PAXG doesn’t charge custodial fees compared to holding actual gold bars. Instead, it just costs gas fees for transactions. This is appreciably more manageable for people who want to get away from all the burden of expenses related to owning gold.

Lastly, the system is made to protect the user. To ensure the network’s security, this is accompanied by regular “smart contract audits.” Additionally, separate protection is provided for consumer and company assets. This assures that your assets will stay safe even if the business files for bankruptcy.

Benefits of Pax Gold Coin

Trusted Issuer

The Paxos Trust Company has a record of managing and developing stablecoins, including Paxos Standard (PAX).

Completely Collateralized

The Paxos Trust Company ensures that the PAXG’s circulating supply is backed at 1:1 by the physical gold bars in secure Brink’s vaults.

Accessibility

People can obtain fractional ownership of London Good Delivery gold bars at retail investor-friendly rates because of the low minimum order requirement of PAXG.

Interest Accounts

 In this way, PAXG holders can earn interest via the crypto asset interest accounts companies offer. Through the platforms, the users also receive short- and medium-term loans backed by their PAXG tokens.

Fractional Ownership

Physical gold bars are typically out of reach for investors. Yet, a minimum buy of 0.01 PAXG (currently equal to $19) gives traders a ticket to fractional gold ownership as an option.

Legitimacy

The Paxos Trust Company, the issuer of PAXG, is wholly governed and authorized by NYDFS. Customers’ balances are cumulatively pegged 1:1 by the supply of PAXG tokens in circulation due to the company’s ongoing, publicly accessible audits.

So, this was a summary of Pax Gold. In the next section, let’s learn how to buy Pax Gold coins in India.

How to Buy Pax Gold (PAXG) Coins?

Here are a few simple steps to buy the PAXG token in India with Bitcoiva, the most trusted and widely used Crypto exchange India.

P2P trade is the best way to buy PAXG tokens. To get solutions to all your questions related to the P2P trade, check on Bitcoiva crypto app India.

Step 1 – Sign-Up on the Bitcoiva platform

To start buying and selling PAXG Crypto, first, you must create an account on the Bitcoiva crypto trading platform India by signing up. And you can directly Log-in if you are an existing user on the platform.

For your concern, here’s how to open an account on Bitcoiva.

Step 2 – Set up your account by verifying your email address.

The second step is the email address verification process. After you sign up on the Bitcoiva platform, you’ll get a verification link on your registered email. You’ll get two options to ensure the account’s security by clicking on that link: the authenticator app and mobile SMS.

Step 3 – Complete the KYC process.

After selecting your country, you can move with completing the KYC process. 

Note: You must complete your KYC verification to trade P2P or withdraw funds on the Bitcoiva app.

Step 4 – Add funds to your Bitcoiva account using P2P.

After adding your bank account to your Bitcoiva account, you can buy cryptocurrency India through P2P to the Bitcoiva wallet. The cryptos will serve as funds to assist you in buying your favorite crypto buy in India.

Step 5 – Finally, buy PAXG on Bitcoiva.

You can now easily buy PAXG tokens using P2P trade on the platform. 

 After logging in to your Bitcoiva account, you can choose crypto from the “Exchange” tab. Users can also check all the price charts, order data book, and an order input form on the right side of the screen.

After entering the amount, click “Buy” and check the total crypto amount to be paid.

According to the price you have input, your order will be placed. A seller willing to sell for a price will be notified, and then, using P2P, you can exchange the tokens.

The order might take a few minutes to complete, but you will receive the PAXG Coins you purchased in your Bitcoiva wallet as soon as it is executed.

Happy Trading With Bitcoiva!

Visit us at: www.bitcoiva.com

What is Crypto Cipher?

As engines are to vehicles, ciphers are to the blockchain. The blockchain’s key feature, security, is delivered via crypto ciphers. So let’s learn more about what cipher is in cryptocurrency India, its purpose, how it works, and its different types.

What Exactly is a Cipher?

Cipher – an algorithm for encrypting and decrypting data in cryptology in the study of cryptographic algorithms.

Symmetric operating ciphers are necessary for symmetric key encryption, also called secret key encryption. When deploying symmetric encryption algorithms, data is encrypted using the same key, yet of whether the intent is to convert plaintext into ciphertext or ciphertext into plaintext. A cipher changes data by converting the original plaintext or other data into ciphertext. Ciphertext should be shown as random data in crypto exchange India.

Ciphers often used these two types of transformation:

Transposition ciphers: It keeps the original data bits in a byte, but their order changes.

Substitution ciphers: Here, specific data sequences are swapped out for different data sequences. For example, one type of substitution would be to change all bits with values of 1 to 0 and vice versa.

Purpose of Cipher in Cryptocurrency India

The “key” to the encryption is usually a piece of private information that is employed in cipher algorithms. Whether symmetric or asymmetric, the encryption scheme changes from system to system. Asymmetric encryption requires two keys, whereas symmetric encryption needs one.

Computers use most modern cryptography methods. However, evidence from the time of the ancient Greeks, which dates to roughly 400 BC, shows they were used to encode messages.

Today, they are generally used to secure online communications. Further, many network protocols use them to protect exchanged sensitive data. For example, VPNs use secure algorithms to stop unintentional data leaks to hackers or scammers.

An Overview of the Traditional Cipher in Cryptocurrency India

A single character is considered the unit of data to be encrypted in a traditional cipher, the oldest and most basic type of cipher. This is of two types:

1. Substitution Cipher – Each character in the substitution cipher is swapped out for a different character. It again comes in two forms:

a) Monoalphabetic Substitution Cipher: This cipher always replaces a character in plain text with a set character in the ciphertext, regardless of the character’s position in the plain text.

b) Polyalphabetic Substitution Cipher: A character in the plain text is substituted with a different character in the ciphertext, depending on the original character’s position in the plain text in the polyalphabetic substitution cipher. In this instance, plain and ciphertext characters have a one-to-many relationship.

2. Transposition Cipher – This type of cipher uses characters still in plaintext form but moves them around to create the ciphertext. The two-dimensional table’s arranged text and a key are employed to change the columns.

How Does Cipher Work?

A common misunderstanding about cryptography is that it applies to turning plain text into ciphertext, effectively encrypting the original message. Yet, once finished, the intended recipient can only decrypt this ciphertext.

Ciphers may sound like they belong in a science fiction book but they are quite common. You use ciphers when you use online banking, sign in to your Google account, send an email, or make an Amazon purchase.

Cryptographic ciphers operate differently, though. Blockchains use cryptography to retain transactional data and wallet addresses. A few common use cases include:

· For example, a transaction is completed using public keys.

· Bitcoin is mined by verifiers using hash ciphers.

· Blocks are organized in chains using Merkle trees.

Cryptocurrency India and Trading

Crypto cipher also provides cryptocurrency trading and exchange services to help businesses and individuals buy and sell digital currency. This is so important because it allows people to invest in the most popular cryptocurrency in India and take advantage of the growing popularity of digital currencies. 

Crypto cipher provides a reliable and secure platform for trading cryptocurrencies and has become a trusted name in the cryptocurrency exchange India. We can provide legal assistance to businesses setting up a cryptocurrency exchange or offering cryptocurrency trading services. 

Cryptocurrency India: Altcoins, Ethereum, and Bitcoin

Crypto cipher supports many top cryptocurrency in India, including altcoins like Litecoin and Ripple, Ethereum, and Bitcoin. This is vital because it allows individuals and businesses to choose the best cryptocurrency that suits their needs

For example, Ethereum is a popular cryptocurrency used to build decentralized applications. At the same time, Bitcoin is one of the top 5 cryptocurrency in India widely used for trading and investing. We can help businesses choose the right cryptocurrency to suit their needs, guide them on tax implications, and ensure compliance with all applicable laws and regulations.

Final Words

Modern encryption techniques are 100 percent secure. Even when hackers are aware of the cipher, they can resist attacks. By employing various techniques, computers may encrypt ordinary text in a million different ways within a few seconds. Nowadays, our data is accessible online, new security measures should be created, and we should invest in new technology.

Visit us at: www.bitcoiva.com

Security Measures Every Crypto Investor Should Take

The top Cryptocurrency in India, like bitcoin, relies upon a peer-to-peer system enabling anyone to send and receive payments anywhere. You can send and receive hassle-free payment instead of carrying cash. These transactions are recorded as entries in a public ledger, and you keep cryptocurrency India in a digital wallet. The transactions are encrypted, and encryption provides the security of the transaction. Sounds good! But how secure is your cryptocurrency investment? Many people need to understand the importance of security measures before starting a crypto currency trading platform. Cryptocurrency is not unhackable. You increase your risk if you reveal sensitive information or surrender to various security loopholes.

Here are a few security tips that every crypto investor should take:

Selecting Security Password

Select a strong and unique password for your crypto exchange India. If your password is simple and weak, you expose yourself to the attackers. Avoid using the same password used for other purposes. Try to change your password often.

Two-factor Authentication (2FA)

It is always wise to use Google Authenticator / Authy-type software-based authentication system rather than SMS-based authentication. All cryptocurrency exchange India allows users to enable software-based authentication systems like Google Authenticator / Authy. Always keep the authentication key in a safe place. If your exchange login ID/password is compromised by chance, the hackers will find it challenging to log into your exchange account if you keep 2FA activated.

Don’t Click Questionable Links

Online scams are widespread nowadays. You may receive many suspicious giveaway links through spam emails or social media. You’ll be encouraged to disclose confidential information when you click the link. Avoid opening voluntary lottery, airdrop, beneficiary, or charity emails that ask you to do cryptocurrency-related activities. You can’t understand anything when you see such a link, but it may demand secret information about your wallet when you click.

Use an Updated Antivirus For Top Cryptocurrency in India

Often you can get allured to download malicious files, and with a single click, you may be tricked before you understand what is happening. Many malware can steal browser data, usernames, passwords, and the contents of cryptocurrency wallets. Always protect your computer with reputed antivirus software. Don’t use any unsolicited free antivirus software. Scan your computer regularly and ensure your antivirus software is always up to date.

Take Your Time with Software Updates

Even if your antivirus is updated, your system can get infected with malware if you use outdated operating systems or popular programs. Such devices are attacked easily by cyber criminals. Many programs roll out regular patches, preventing a potential data breach.

Be Careful with Flash Drives

Be careful when inserting a flash drive or USB drive into your computer. Any such device can contain malware, and it may affect your computer. Always scan such devices with an antivirus before using them. If your computer is affected by malware, you are prone to terrible risks while trading from that device.

Mobile Trading

Smartphone trading is very convenient, but your mobile device is more prone to be compromised. Trojans constitute 98% of mobile banking threats and are generally the most prominent mobile threats that target Android devices. When you trade many assets, don’t compromise the security measures.

Using Public Wi-Fi

Avoid using any public Wi-Fi network to do any cryptocurrency-related confidential activity. These networks often need to be more secure, and you may get trapped. A free tea shop Wi-Fi may bring a possible hacking attack on your device.

Be Cautious with Mobile Apps

Cryptocurrency-related mobile apps are straightforward, but mobile app stores have countless fake apps. Find out the download link of your preferred mobile app from the developer’s official website. Many fake crypto app India copy everything, starting from the user interface, logo, and onboarding experience. Copycats are overgrowing. If you use the right app, you might retain all your investment. Please check the app’s reviews and ratings While downloading a crypto-related app from the mobile app store.

Second Layer Security of Mobile Apps

Maximum cryptocurrency-related mobile apps allow you to enable second-layer security like fingerprint or PIN code. Please enable that. Otherwise, you will find it difficult in case of device loss. 

Storing Top Cryptocurrency in India

The users need to know how to store their cryptocurrencies. You can keep your cryptocurrency in your centralized exchange. That is the easiest method, but people often like storing cryptocurrency in their wallets. If you are considering storing your cryptocurrency for a long time, consider keeping it in individual wallets. Every wallet has unique types of security measures.

Transferring Top Cryptocurrency in India

While you transfer cryptos, copy the public address carefully. Otherwise, you won’t be able to retrieve it if there is a mistake. Besides the public address, you must include a tag or memo while transferring funds for some coins. Be cautious before transferring funds, and go through the transfer screen properly. Double-check the amount before transferring. Some tokens are issued on different blockchains nowadays.

Handling Your Keys

You get a private and public key while creating a cryptocurrency wallet. The public key is similar to a bank account address, everyone can view it, but the private key is like your PIN; it’s secret. Always keep your private key in a safe place. Many wallets provide you with a helpful phrase to remember the private key. You can write down the helpful phrase on paper and keep it secure. Keep your private key confidential. Anybody can steal your money with that data.

Be Cautious with DAPP Interaction

Many cryptocurrency investors use decentralized applications(DAPPS) to perform different trading activities. With the recent boom of decentralized finance or DeFi, many DAPPs like Uniswap and Yearn are popular. Finance has sky-rocketed. All DAPPs demand interaction through Web 3 browsers or customized browser plugins. You must interact with the DAPPS using your wallet and confirm transactions. Please only do this if you have good ideas about the cited functioning. Start using the DAPPs when you have the proper know-how to use these. There are numerous fake clones of the reputed DAPPs, also. Do your own research before spending your hard-earned money.

Visit us at: www.bitcoiva.com

Best Crypto App India: Why Bitcoiva is the Best?

Cryptocurrency trading platform is steadily expanding mainstream among Indian traders. No wonder India ranks fourth in crypto adoption and has the world’s highest number of crypto owners. Indian users are looking for the best app for trading cryptocurrency in India in 2023: Beyond the speculative bets, cryptocurrencies are gaining mass traction as viable long-term investments, which can act as a wall in your investment portfolio besides providing handsome returns. The new buzzwords like NFTs, metaverse, Defi, gaming, web3, and the tokens built around them are gaining popularity in the digital world. Trading cryptocurrencies is most convenient when done through a crypto app. 

Cryptocurrency is a dynamic and exciting genre in itself. The other news regarding the new evolving asset class voiced from different perspectives gives the readers much more options to equate their views. Given the volatility aspect of the asset class, the news of scams and incidents from hackers is a given. Apart from the vibrant possibilities, investing and trading in Bitcoin and other Cryptocurrencies has always been challenging. Many cryptocurrency exchanges in India have been working on making investment easier for both investors and traders from all spheres. 

The most common concerns regarding crypto investments and cryptocurrency trading circulate security measures and the safety of investing in cryptos. This article is curated to provide detailed pointers on India’s best cryptocurrency exchanges. Whether you want to invest in Bitcoin for the short term or if you want to buy the digital gold and HOLD it for long-term benefits, trade frequently, or look for easy usage within the various exchanges available, the listicles provide different cryptocurrency investment apps for any use cases you might have in mind. 

 There are apps that cover all types of cryptocurrency exchanges in India, like fiat to crypto and crypto to crypto.

Follow along after the brief introductions to determine which crypto exchange suits your need best. Remember there are certain precautions you must take care of once you choose an exchange for your crypto trading journey—a complete guide on the security measures to help you assist in the industry’s best protection. 

For any Indian trader, choosing the best app to buy cryptocurrency in India in 2023 is the first step to starting their crypto trading journey. Well, we have got you sorted! 

The Bitcoiva app is India’s most trusted and secure cryptocurrency exchange app, with over 5 lakh users. The app is available on Google Play, Windows, and Apple App Store. With over 5 lakh downloads, the Bitcoiva app is the most popular app for traders in India. 

There’s a lot that makes Bitcoiva app the best app for trading cryptocurrency in India in 2023:

Extensive Crypto Trading Pairs on Offer

Bitcoiva app offers over 250 cryptocurrencies, including BTC, ETH, BCH, USDT, DOGE, ADA, SHIB, LTC, SOL, USDC, etc., and over 200+ crypto trading pairs for traders to trade in. 

Multiple channels for making Deposits

 The app allows users to make INR deposits in numerous ways, including UPI, IMPS, bank transfers, and net banking. Users can start trading in cryptos via this app and use any method to deposit funds in their accounts. Bitcoiva traders can deposit and withdraw INR funds instantly, 24/7. 

Simple and Intuitive Interface

The Bitcoiva app has a simple and intuitive interface that allows newbies to navigate crypto trading without friction. The app offers real-time open order books, stop limits, TradingView charts, and trade history to trade and invest in some of the world’s best-performing digital assets. These features make Bitcoiva one of the best app for trading cryptocurrency in India for beginners in 2023. 

Security

Since you would be transacting all your trades via the app, we’re sure the trading app must be secure. Bitcoiva app, besides the 2-factor authentication, for safe crypto investment transactions, offers in-app passcode. The Bitcoiva team uses the best industry practices to offer its users best-in-class security. The Bitcoiva team is committed to making Bitcoiva India’s most secure exchange app. Bitcoiva invests in regular security audits in order to keep the security mechanisms fool-proof and robust.

Hassle-Free Onboarding

This app offers a hassle-free onboarding experience for both beginners and investors. Bitcoiva traders can register on the app and get their KYC verified in just a few hours with easy steps. This crypto trading platform uses top-of-the-line identity verification systems to process the KYC quickly while providing the right KYC protocol. 

Quick Transactions and Low Costs

With lakhs of users on board, the platform offers high liquidity and low latency to all Bitcoiva users. Bitcoiva can handle thousands of transactions. The infrastructure is well designed to scale up within a few seconds to match surging demand. The platform offers one of the lowest fees in India and can be called one of the best app for trading cryptocurrency in India for beginners in 2023. 

Highly Liquid

Bitcoiva app has the world’s auto-matching P2P (peer-to-peer) crypto engine with high liquidity. Both newbie investors and professional traders trust the Bitcoiva app. The platform also has high liquidity in India in the INR market.

About Bitcoiva 

Bitcoiva trading app has become India’s most trusted cryptocurrency exchange, built by a crew of hardcore traders and passionate blockchain believers. The platform is one of the world’s largest cryptocurrency exchange, serving users in many countries. The exchange started in 2020 and has gradually increased the number of users since then. The exchange witnesses trading volumes and has been growing exponentially. The exchange has over 5 lakh users and can be accessed via several platforms, including iOS, Android, and desktop. 

If you are a new trader looking for the best app to invest in cryptocurrency trading in India for beginners in 2023, Bitcoiva is your go-to option. You can trade like a pro on the best app for trading cryptocurrency in India, in 2023, in hundreds of cryptocurrencies, and enjoy the fastest and most seamless user experience. Stay Ahead in Crypto Trading with Bitcoiva!

Visit us at: www.bitcoiva.com

Cryptocurrency: What Does Going’To The Moon’ Mean?

A cryptocurrency market that experienced a significant upward trend is said to be “mooning,” a term frequently used as a verb. “To the moon” is a phrase that often relates to a firm conviction that the price of a particular cryptocurrency will soon increase dramatically.

Let’s learn what this phrase means in this blog.

Birth of the “to the moon” Phrase

The cryptocurrency and financial ecosystems have given birth to several words and colloquialisms, just like many other specialized fields (slang and memes). The phrase “to the moon” is often used within the cryptocurrency market community, particularly among investors and traders, even though it is not only for the blockchain business.

However, “to the moon” is overused because a clear upward tendency is not always there. It’s necessary to note that many cryptocurrency India supporters and influencers use the term to convince people online via social media that a particular token or coin is about to fly to the moon. In reality, however, most are just “shilling their bags,” trying to sway the markets in favor of their assets.

This phenomenon was most noticeable during the 2017 bull market, when traders, investors, and even the general public became thrilled about the rising value of the top cryptocurrency in India and the price of Bitcoin.

How Does Crypto Gain that Much Value To Go’to the moon’?

Mooning can be beneficial when you have the right cryptocurrency; however, why and how does one cryptocurrency gain in value while another might fall? The same factors that define value in other markets also decide more or less on demand and supply.

Holders of a particular cryptocurrency (supply) may demand a higher price on the cryptocurrency exchange India when there are more buyers (Demand). The supply and Demand for NFTs, houses, vehicles, and the stock market will also determine value and prices.

Some Examples of “to the moon” Cryptos

Depending on how you define “mooning,” cryptocurrencies frequently engage in it. For example, we already mentioned one of the top 5 cryptocurrency in India, Bitcoin’s mooning in 2017. But here are a few more examples:

From about $0.01 in January 2021 to more than $0.70 in May 2021, Dogecoin’s (DOGE) price increased.

Also, in 2021, the value of Ethereum (ETH) “mooned,” increasing from less than $1,000 to about $5,000 between January and October 2021.

Reasons Behind Cryptos Going “To the Moon”

1 Hype/Fear of Missing Out (FOMO)

One of the main factors that cause a cryptocurrency to hype is when it is pushed up by a marketing company, an influential investor, or even an acquaintance. When an item is adequately hyped, the price will undoubtedly increase as investors want to get in on the action before it explodes as predicted.

Then, in addition to the excitement, we experience fear of missing out, or as commonly known, FOMO. It may cause people who have yet to invest in feeling like they are losing out on a chance, which may push them to begin purchasing.

Hype and FOMO, by themselves, can send cryptocurrency to the moon. However, remember that assets that move due to FOMO and excitement nearly invariably return to Earth.

2 New Partnerships

Another logical reason for a virtual currency to soar is if it enters with other blockchain projects, organizations, and governments into strategic partnerships.

3 Announcements/News

News and announcements are more reasonable justifications for a crypto asset to soar. However, this could imply several things.

Any specific actions that will increase the asset’s value and utility can be announced by a project, such as switching to their chain, airdropping new tokens to stakeholders, changing the network’s protocols, or migrating to their chain. As investors predict the coin or token’s future worth, the price rises incredibly.

4 Bull Run/Market

The most evident justification for cryptocurrency’s rise to the moon is this. It is called a bull run when the market is soaring or predicted to rise.

When a new high is achieved, the run can stretch past the moon, but prices will eventually fall, so be careful when investing in a bull market. In this scenario, the “bulls” are buyers who sense an opportunity and start buying crypto, pushing it to record new highs.

A Cautionary Story

The year 2022 has been very different hear for crypto. Cryptocurrency prices have been hit hard rather than soaring “to the moon.” Inflation has ended the early pandemic’s easy money and investing period. Higher interest rates are putting downward pressure on asset prices, especially high-growth, highly volatile assets such as cryptocurrencies that are still relatively new in the investment world.

That doesn’t mean crypto is dead. It’s likely to have another heyday at some time in the future. “Mooning” could make a comeback. But remember to keep a level head when that time comes. Investments don’t skyrocket to the moon forever. Eventually, gravity injects some reality back into the mix, and prices normalize — or even crash and completely reverse soaring investment gains.

Don’t pile all in when others trumpet “to the moon.” Even when crypto seems to be the best game in town, maintaining discipline and having a diversified investment portfolio with multiple investment classes, such as stocks and bonds, is vital.

Bottom Line

In the cryptocurrency ecosystem, the Indian cryptocurrency coin that has experienced a sharp increase in value is referred to as going to the moon.

“To the moon” is just one phrase insiders use in crypto. You can learn more about such terms in the Bitcoiva blog.

Visit us at: www.bitcoiva.com

5 Tips to Deal with the Cryptocurrency Market Crash

The all-time highs of cryptocurrency India in 2021 and 2022 now seem like a fading memory. Significant digital assets have lost value following the 2022 cryptocurrency market crash, which ended their legendary bull run.

So, why is crypto falling? First, it’s crucial to remember that crypto assets are not the only ones in this most recent cycle. Additionally, there has been a downtrend in the stock market.

However, the top cryptocurrency in India has been impacted particularly hard since investors have moved away from riskier assets. Additionally, institutions and other significant participants in the space that made investments close to the market’s peak are under pressure due to decreased cryptocurrency prices.

5 Ways The Investors Can Deal with the Crypto Market Crash

Crypto investing has never been for the fearful. Digital assets are highly volatile, and such changes have already occurred.

Uncertainty, fear, and doubt are terms people use to represent the negative sentiment spread in the crypto community. Although these emotions might aid in spotting warning signs, it’s important to maintain composure and consider how short-term instability can impact your long-term objectives.

What then happens when digital currencies like Bitcoin crash? First, let’s understand how investors can respond to a downturn in the cryptocurrency market.

5 Tips The Investors Can Deal with the Crypto Market Crash

1. Maintain a Long-Term Perspective

The best platform to invest in cryptocurrency in India is highly volatile. On the chart for 2021, you can already observe several large price drops. However, cryptocurrency values have risen after each fall and continue to climb high.

Avoid concentrating on the 24-hour charts. Zoom out instead and consider the entire year. All market-type cycles have ups and downs but are more dramatic with a new and somewhat untested investment like crypto. You can expect to wait out the dips if you haven’t made the short-term investment you need.

2. Don’t Panic-sell

It’s natural to want to sell your assets when you watch the price of your crypto investments fall. However, this often results in you selling at a low and missing out on any subsequent recovery.

Imagine you sell your crypto holdings after it drops by 20%. What would happen if the price suddenly increased to its previous level? Since you lost 20% of your investment, you might hesitate to repurchase it.

You can only predict how prices will behave in a short period. They could keep falling, but they might also suddenly shoot upwards. Therefore, have faith in your original research and investing idea. The price will increase if you think your crypto investment will be valuable in the long run.

3. Analyze the Reasons for the Market’s Decline

Understanding why prices decline is good if it affects your initial investment notion.

For example, suppose you invested in crypto because you believe blockchain technology would change a specific economic sector. However, the price of the technology began to decline on speculations that the advances in quantum computing have made that technology obsolete. If such rumors are accurate, it is time to reconsider your investment because your original justification is no longer valid.

4. Consider Purchasing the Dip

Although it’s often said that you should purchase at lows and sell at highs, it isn’t accessible to time the market in this way.

However, significant price drops can allow you to buy more of your preferred tokens for a discount. For example, you could have some tokens on your watchlist that you’ve been waiting to purchase. Alternatively, if you believe that specific tokens you possess have excellent long-term potential, you might wish to buy more.

Avoid the pitfall of panic buying as well. It serves no purpose to purchase an asset you haven’t thoroughly investigated and don’t desire just because it’s on sale. And it’s not a brilliant idea to borrow money (or worse, spend the money you need to fulfill other financial goals) to purchase the dip.

Since there are still many unknowns in the cryptocurrency market, they are still prone to volatility. If you attempt to purchase the dip, prices can decline even further.

5. Make Sure Cryptocurrency Makes up a Minimal Portion of Your Overall Portfolio

Finally, these unexpected price drops serve as a helpful reminder that investing in crypto is quite risky. Making money might seem simple when prices are rising. But every investment requires time and effort — and prices don’t grow.

You can reduce the risk by including crypto in a tiny portion of your entire portfolio. Instead, balance your risk exposure by retaining a healthy proportion in stocks, ETFs, and real estate, as many other investment alternatives are available. This will prevent financial catastrophe if the present dip signals the start of a more significant crash.

Final Thoughts

Crashing cryptocurrency India buy prices are unavoidable in this kind of investing. The best advice is to hold tight and hopes prices rise if this is your first dip. Investing in crypto can be too stressful for you, which is understandable. But avoid making hasty judgments. Give yourself and the market room to breathe before you begin trading. Happy trading!

Visit us at: www.bitcoiva.com

What is Cloud Mining in Crypto and How Does It Work?

Cloud mining is a technique used for mining cryptocurrency India, such as Bitcoin. This crypto strategy highly profits both miners and third-party suppliers. Further, crypto cloud mining is cost-effective, unlike classic mining programs.

In this blog, we will have a summary of crypto cloud mining and its function and model types.

What is Cloud mining in Cryptocurrency India?

Cloud mining is a type of cryptocurrency mining, such as bitcoin employing rented cloud computing power rather than installing and running the gear and software directly. Anyone can register an account and engage in bitcoin mining remotely for a small fee, since cloud mining companies allow anyone, making mining more accessible to people worldwide. Additionally, because this type of mining works on the cloud, it eliminates problems like equipment maintenance and direct energy costs.

Cloud miners join a mining pool, allowing users to buy “hash power” for a certain amount. Then, each user receives a pro-rata share of the payments based on how much hashing power they rented.

Understanding Cloud Mining in Detail

The cloud mining approach is deploying cloud computing to build blockchain-based coins. Cloud computing is a rapidly growing technological trend in which computer services such as processing, file storage, hosting services, database services, software, analytics, networking, applications, and servers are available via the cloud over the Internet. Such businesses’ bills depend on consumption, similar to how we pay for electricity and water.

Mining, on the other hand, is the bedrock of cryptocurrency schemes such as bitcoin, the top cryptocurrency buy in India. It validates and adds transactions to a public ledger called the blockchain. It is also the procedure used to distribute new currencies. Thanks to the combination, individuals in rural areas with little or no technical competence or physical infrastructure can engage in mining.

Characteristics of Cloud Mining

1. Cloud mining may be utilized to mine cryptocurrencies by employing mining equipment from third-party cloud providers.

Cloud mining reduces the total cost of mining and allows even beginners with no experience to mine cryptocurrency.

2. To start a mining operation, hash power is necessary.

3. The only downside of cloud computing is that its final earnings are subject to demand fluctuations in its final earnings.

How Does Cloud Mining Function?

Whether done locally or on the cloud, mining for top cryptocurrency in India, like bitcoin, does not require any actual mining. While this process does result in new cryptocurrency tokens being issued to miners, the mining operation is far more critical for guaranteeing the security of a distributed ledger technology like a blockchain. Bitcoin mining is carried out by high-powered computers that tackle challenging computational arithmetic problems that are pretty difficult to finish by hand and complex enough to drain even the most powerful computers.

Part of bitcoin miners’ function is verifying whether the new block transactions on the blockchain are correct. Bitcoin miners, in particular, ensure that bitcoin is not copied, a peculiar feature of digital currencies known as “double spend.” Of course, counterfeiting is always a concern with printed money. However, the cashier usually has your bill after spending $20 at a store. But it’s a different technique with digital currency. Miners employ their processing capacity to solve cryptographic challenges that prevent double-spending in a decentralized fashion.

Types of Cloud Mining Models 

There are majorly two types of models in Cloud Mining. They are below:

Host Mining:

Host mining is the most commonly used cloud mining model. To mine, miners must purchase or lease mining rigs. The miner is then responsible for the setup and upkeep. The overhead expenses associated with access to energy are reduced by host mining. This technique also allows miners more control over the rig, directing the hashing power generated to mining pools.

Using this model gives you total control over your earned benefits. The mining farm scale of economies lowers the high mining costs, such as storage and electricity. However, the initial cost may be large, but it will reduce with time, and you may expect to earn handsomely.

Leasing Hash Power:

For mining success, a high hash rate is required. The cloud mining approach does not charge you for maintenance or setup. However, you must sign up for a relevant plan supplied by the mining business to get your portion of the profit the mining far earns.

According to their shares of hash power, profits from freshly found blocks are divided among all users. In comparison to bitcoin, altcoins are mined with cloud mining.

Advantages and Disadvantages of Cloud Mining in Cryptocurrency India

Advantages of cloud mining:

1. You have the option of mining whichever cryptocurrency you choose on crypto exchange India.

2. All of the regular mining difficulties are handled by the business.

Cloud mining deployment can reduce the costs of running mining equipment.

3. Using “someone else’s” equipment generally provides more earnings than using your own.

4. Fast scaling (capacity expansion) is only possible with equipment failure and resulting in revenue loss.

Disadvantages of cloud mining:

1. Mining revenues are lowered because of the commissions of hiring a storage facility.

2. You should monitor the cryptocurrency and react to what’s happening in the cryptocurrency market.

3. As the network grows more complex, the cost of renting more capacity rises.

Bottom Line

Cloud mining is a viable alternative to traditional hardware crypto mining. Miners do not need to invest in costly mining equipment or worry about its upkeep and improvements. Moreover, the cloud crypto mining procedure is fairly straightforward, and anyone with no prior understanding of the crypto environment might try it.

 If cloud crypto mining is done correctly, it can pave the way for large-scale crypto adoption in the future.

Visit us at: www.bitcoiva.com

Best Tips to Secure Your Crypto Wallet From Crypto Hackers

We already know the cryptocurrency market is highly volatile, and the popularity and rise in crypto prices mean that hackers will have a sharp eye on these digital currencies and want to profit from these valuable digital assets on crypto app India. According to crypto industry experts, as digital currencies grow in value and become more common every day, hackers will keep coming up with new ways to hack them.

In this blog, we have worked on bringing out the eleven best tips to secure your crypto wallet from cyber-attacks.

What is Crypto Wallet or a Digital wallet?

A digital or cryptocurrency wallet is a service, app, or physical wallet like a USB stick. It stores private and public keys, which keeps your cryptocurrency protected. These keys are strings of alphanumeric that allow you to encrypt & decrypt while doing crypto transactions.

1. Choose Your Crypto Wallet Wisely

Online wallets are also called hot wallets. These are becoming increasingly popular and drawing cybercriminals’ attention. Hence, keeping your crypto assets in cold wallets or offline would be the best approach. However, you can have small digital money in your online wallet. The cold wallet must be kept in a safe place, like a safe or safety deposit box. And, to keep your wallets safe, you should have separate private and public keys and secure them with strong passwords.

2. Keep Changing Your Passwords Regularly Or Use a Password Manager

Looking at today’s environment, you can expect that your credentials will eventually be compromised. Therefore, creating a strong password, keeping it safe, and changing it often are ways to keep your password secure.

Try to avoid passwords with any personal information on the crypto exchange India. It is safer to keep passwords in a password manager than on your browser. Finally, switch your password every six months.

3. Always Have 2-Factor Authentication (2FA) Active

Getting a cryptocurrency India wallet with two-factor Authentication (2FA) is vital. Moreover, it adds a layer of security for your funds and assets by demanding authentication before indulging in account activities like signing in, withdrawing, or sending funds. This will always ask for your 2FA code, so you can immediately catch if someone is trying to access your wallet.

4. Make Use of the Multi-Signature Feature

Getting a multi-sig wallet is one of the powerful ways to keep your money safe if you have a lot of virtual currency. This feature stops unauthorized users from accessing the wallet without their digital signatures, and some crypto wallet companies support them.

Hackers won’t be able to access your wallet and risk your crypto holdings illegally without the support of these people. Enable this feature if you haven’t already. 

5. Have a Regular Backup of Your Wallet

You can back up your wallet’s data with some wallet providers. By creating a backup of your wallet, you can access your data in case of software and hardware failures. Backup helps you quickly recover your money and data if lost or stolen. Deploy multiple backup devices for easy account recovery.

6. Safely Keep your Seed Phrase in Place

A wallet provider like MetaMask will develop a set of 12 to 24 random phrases as a “seed phrase.” You need to input this seed phrase in the same order you received when you signed up.

Unfortunately, there isn’t a legit “forgot your password” option. Therefore, with no exception, if you misplace your seed phrase, you lose access to your wallet. So keep the seed phrase offline in a secure place. 

7. Private key Should be Kept Private

Your private key is similar to your bank PIN. You better keep this safe because it holds the key to your hard-earned earnings.

Keeping your private keys offline is one approach to protect your wallet and crypto funds. You can either use cold storage devices that you can easily access offline or write them down on paper and store them safely to prevent damage.

8. Never Click on Suspicious Links

Cybercriminals often use tricky links to set their traps. They will try to catch the target’s attention and convince them to click on odd links that take them to suspicious websites where they could be used to steal sensitive information and harm electronic devices.

Try to avoid clicking on links that are unknown to you because doing so could risk your crypto wallet.

9. Use a Reliable, Secure Internet Connection

Working from home is a gift. After the pandemic, companies have allowed employees to work remotely by having their favorite cup of coffee at a nearby cafe. But here comes the risk: public WiFi is unsafe and certainly not an option while making an online transaction from your crypto bank account or wallet. Always use a reliable VPN when connected to public networks.

10. Use Updated Antivirus Programs

Several antivirus programs provide unique protection features against crypto hacking and phishing attempts. These programs scan all incoming emails and flag potential phishing attacks to safeguard your wallets.

Make sure you buy antivirus software of licensed versions and update them with the latest database.

11. Always Double-Check the Recipients Wallet Address

The wallet address identifies a sender or receiver of cryptocurrency. This address is a string of letters, numbers, and special characters that allow crypto transactions. Always double-check the recipient ID before sending the cryptocurrency to another wallet in cryptocurrency exchange India.

Malicious software can paste and edit the wrong wallet address belonging to a hacker. Once the transaction is made, it can never be changed on crypto currency trading platform as it uses a blockchain network. Therefore, it’s more reasonable to be safe than sorry.

Wrapping Up:

Maintaining the security of your cryptocurrency may seem hectic work, but doing so is necessary to protect your funds from hackers. If you can easily log in and access your crypto wallet, remember that it is easier for the hacker too. Since any online transaction can be susceptible, executing the tips mentioned above will help you secure your crypto wallet and safeguard your regular online interactions.

Visit us at: www.bitcoiva.com

Making Income with Cryptocurrency without Making a trade is possible!

The primary objective while investing your money in the cryptocurrency buy in India market would be to see growth in your net worth. Investing in multiple investment niches and types is an approach to diversifying your portfolio. Ideally, you’ll be able to sleep soundly at night, knowing that your investment decisions generate additional income for you. Design your portfolio to create passive income and let your money work for you.

However, getting a passive income source in an uncertain economy might be challenging. Due to the wide swings that can develop in any investment, you must select a reliable source of income. To build a successful passive income strategy, you should first define what it means to be passively wealthy.

Passive income is money earned by your investments without your intervention. It may include income from a rental property, automated sales for a business, dividends from stock investments, or any other kind of income. Another form of passive income is the interest you get on your bank deposits and, more lately, your cryptocurrency assets. Any investment that earns money on its own is assumed passive.

Years back, the only way to profit from digital assets was to buy low and sell high, but that is no longer the case. Several best crypto trading platform India now even pay interest on your cryptocurrency holdings, and that is only the tip of the iceberg. The best thing is that you don’t have to sell anything to grow your assets. All of this is made possible by the constantly innovating crypto sector.

How to generate Passive Income with your Crypto holdings?

The cryptocurrency industry is a land of opportunities for everyone, especially millennials. The eighties and nineties generation might have missed the opportunity to invest in last-generation innovations like Google and Facebook – Now, we have an even bigger opportunity ahead of us. The blockchain realm has made investing a lot easier, simpler, and more inclusive. Here are some of the most popular crypto industry services to generate substantial passive income.

Staking

Blockchains are transaction databases that are managed by no single authority. Proof of work (PoW) blockchains, such as Bitcoin, rely on mining to address the challenge of securely verifying transactions. Mining uses powerful computers vying to solve cryptographic problems. However, mining involves costly hardware and significant power consumption to reach out to the population.

Proof of stake networks like Polkadot, Cardano, and Ethereum 2.0 replace it with a staking mechanism. It is the safest and easiest way, and it is profitable for both new and experienced traders alike. 

Like miners earn crypto for their labor (all that are gas-guzzling computation), validators get crypto when they stake crypto. Every staker that delegates crypto to the validator obtains a share of the payouts.

As a result, staking may be a financially appealing alternative for crypto investors who want to hold assets rather than day trade them, no matter how tiny they may be. While staking is based on sophisticated mathematics, it requires minimal technical understanding.

Yield rates differ between platforms and might alter based on the number of validators in the network. 

There are two methods of staking.

The first option is to act as a validator, operating your own node. This method needs some bootstrapping. To host your own validator node, you must have a secure and dependable technological infrastructure and the required knowledge. 

But, more typically, staking is performed by delegation—you delegate your coins to a validator with the necessary setup. Validators will undertake the grunt work of running a node for you in return for a cut of your staking earnings. Simple as that!

There is now an entire business called staking-as-a-service that has evolved (SaaS). Some of the biggest SaaS providers are:

Staked

Figment Network

MyContainer

Stake Capital

Stake.Fish

Certain staking systems allow you to withdraw if you don’t like the concept of your rewards compounding.

Another option is staking via cryptocurrency exchange India like Bitcoiva. Most cryptocurrency exchanges in India run validators, which enable clients to stake with them via the exchange’s user interface.

Staking on exchanges is frequently comparable. However, the staking options of different crypto exchange India vary regarding which cryptocurrencies are accessible for staking, their fees, and the locking time (if any).

Some exchanges have to stake on their main menu, making it easier to locate. Others, such as Binance, will feature it under “Generate,” which includes other methods to earn passive income from cryptocurrency buy in India, such as lending.

Mining

Mining is deploying computer resources to secure a network in exchange for a reward. It is one of the oldest ways of generating passive income in the cryptocurrency industry, even though it does not need cryptocurrency holdings.

In the early days of Bitcoin, mining with a normal Central Processing Unit (CPU) was a possible alternative. As the system hash rate rose, most miners upgraded to more powerful Graphics Processing Units. As the competition intensified, it became almost a game of Application-Specific Integrated Circuits devices that use mining chips explicitly built for this purpose.

Lending

Lending allows you to earn interest on your cryptocurrency assets. Many peer-to-peer (P2P) lending services will enable you to lock your funds for a specific period in exchange for interest payments later. The interest rate might be fixed (which is set by the platform) or variable (determined by you depending on current market rates).

This option is natively available on the platforms of several crypto currency trading platform that allow margin trading. This strategy is appropriate for long-term investors who want to build their portfolios with minimum effort. It is crucial to note that protecting money in a smart contract is risky.

Running a Lightning Node

The lightning node is a second-layer protocol built on top of a network, such as the blockchain of Bitcoin. It is an off-chain payment system network used for fast and quick transactions that do not require immediate transmission to the underlying blockchain.

Most transactions on the Bitcoin network are one-way, which means that if Phoebe sends a bitcoin to John, John will not be able to send the same coin back to Phoebe via the same payment channel. The Lightning Network uses bidirectional channels that need prior agreement between the two parties on the terms of the transaction.

People that operate Lightning Network nodes can charge fees for processing transactions over their Lightning channels, earning small sums of BTC in the process.

Bottom Line

The number of possibilities to generate passive income in the blockchain industry is constantly expanding. Blockchain companies that provide generic mining services have executed some of these techniques. As cryptocurrencies become more reliable and secure, they may eventually represent a viable option for a steady source of income.

Visit us at: www.bitcoiva.com

Common Crypto Mistakes to Avoid As a Beginner

Whether you’re a toddler or a veteran of the crypto world, you’ve faced some failures or losses at one time or another. Failures are part of the learning process, but the challenge is, what if you could learn without suffering significant failures? Let’s see some of the worst advice in crypto as an illustration of what not to do while trading cryptocurrency and other blockchain assets in the cryptocurrency market.

Buying the All-Time High

Buying the ATH (all-time high) or buying a coin at the top is a classic mistake, sure to result in a loss. It can happen if you watch prices pump and experience fear of missing out (FOMO) or if others persuade you. When the price crashes, your losses can easily reach 30 to 40%, if not more. Sure, you may not know the top, but good investment guidance would prioritize not losing your money over trying to make money.

To overcome this, there are a few things you can do to avoid failures:

1. Open up the coin’s financial charts on the best crypto currency exchange in India like Bitcoiva.

2. Verify whether the current pump is bearable or not.  If the price curve is parabolic in shape, there is little chance that the cryptocurrency growth is natural, and it is unlikely that the coin will reach ATH again. 

3. In the case of linear price growth, there may still be the hope of minimizing your losses or even turning a profit. You need to be patient and check the charts until you find a fair price to sell at. All this is super-simplified, of course. To understand charts, you should head to the Bitcoiva blog and read up on its posts around the technical analysis of cryptocurrency India.

Buying Micro-cap Coins From Cryptocurrency Market

A newbie’s mistake is buying a coin simply because it is cheap or supported by an individual or group. Most coins that come under this category have either a minimal use case, no use case, or best-case scenario –are someday to prove their potential. Always check the market cap of a coin rather than its token price to avoid making this mistake. It is because the market cap determines how much crypto can pump its price.

If you’re unsure how to check how much a top cryptocurrency in India has potential in terms of growth, check other coins in the same coin category and compare their daily traded volumes, online engagement, and market cap to see where it stands.

Buying A Coin Because Of Endorsements

Never invest in a cryptocurrency or Crypto Exchange India just because a public figure promotes it. It likely owns a large share of the cryptocurrency market supply. Avoid every coin shilled by famous people since high-quality coins don’t need advertising to perform well in the market. It’s always wise to read a coin’s whitepaper before deciding to buy, and it also saves you from getting trapped in any scams that may occur.

Falling Prey to Cryptocurrency Market Scams

Be watchful of cryptocurrency buy in India deals that sound too good to be true. We outlined a few common crypto scams you could be mindful of:

Cloud multiplier scams

Fraudsters often contact victims by text or email with an “investment opportunity.” They promise to give users double or triple the amount if they send their cryptocurrency to a particular digital wallet.

Malicious wallet software

Be aware of malicious software scams, as this software deceives investors by asking them to click on the link and installing the software to steal money. The best crypto tips will always teach you to stick with big-name crypto wallets, such as Ledger, Trezor, Exodus, or MetaMask.

Buying A Coin Because of Social Media

Social media sites such as Reddit, Twitter, and Instagram are full of pages shilling for coins you probably have yet to hear of or with terrible use cases. They often talk about prices’ going to the moon if you hold long enough. Keep in mind that everyone who shills for a particular coin is either paid by the developers or has invested too much time and money in the project, resulting in them being biased heavily in its favor. 

To prevent getting blinded by the hype on social media, it is essential to DYOR or Do Your Own Research. Doing your own research is a way of knowing whether the coin has future potential or is a scam being used to deceive beginners.

Sell Because A Market Crash Is Coming

It is a mistake that even experienced traders can occasionally fall victim to. Fears of a market crash are a constant in both the equity and the crypto ecosystem. People often need to remember that a market crash is never permanent. A hit is followed by a pump, sooner or later. In this case, the best solution is to hold. Or at least not sell the bottom.

As we all know, the cryptocurrency market is unpredictable. In February, there were fears of a massive crash due to the Russian invasion of Ukraine. The next day, these fears were in vain since the markets went up instead of down.

Go All In 

The worst mistake is not diversifying their portfolio and investing all their funds in a singular coin. While it works once in a blue moon, more often than not, it could be better. A significant investment in any single coin is a considerable risk, as even a slight dip can wipe out a large percentage of your profits. 

The only way to prevent this is by diversifying your portfolio. Diversifying your crypto portfolio is smart and will help minimize losses if one crypto goes down.

Forgetting Your Crypto Keyphrase

If you deploy a hardware wallet for storing your crypto offline, forgetting your keyphrase is like losing the keys to a bank vault. All your cryptos will be irretrievable without your keyphrase. So always remember your crypto keyphrases.

Conclusion

After going through this list of “things not to do when investing in crypto,” hopefully, you are a bit more aware of some common mistakes a crypto trader can make, no matter how long they have been trading. Armed with this information, what coin are you investing in next?

Visit us at: www.bitcoiva.com

Lessons to Learn from Crypto Hacks 

The global crypto markets have been showing staggering growth since 2016, and the journey has yet to be smooth. Besides the inherent uncertainty and volatility prevailing in the cryptocurrency exchange India market and others have received many notorious cybersecurity breaches and crypto hacks. At the same time, all these hacks have something to learn from each. 

Let’s discuss some top crypto hacks from which the crypto app India exchanges and traders can learn their lessons and identify the responsibility of handling crypto assets worth millions of dollars.

The top nine biggest crypto thefts in the past include:

Ronin Network-$614M

Poly Network-$611M

Coincheck-$547M

Mt.Gox-$480M

KuCoin-$285M

BitGrail-$170M

Bitfinex-$72M

Zaif-$62M

NiceHash-64M

The Ronin Network Crypto Heist, March 2022

The $625 million worth of crypto hack on the Ronin network, which is home to Axie Infinity, was the most recent and the largest exploit in the history of cryptocurrency networks. The gaming-focused network reported that ether lost 173,600 and 25.5 million USDC, valued at hundreds and millions of dollars in the exploit. 

How did it happen?

Ronin sidechain has nine validators deployed on its chain and needs five signatures for withdrawals. The security agreement is in place to protect the blockchain against these crypto attacks. But the attacker used a backdoor entry through Ronin’s gas-free RPC node. The node was abused to obtain the signature for the Axie DAO validator. As seen on Etherscan, the attacker used hacked private keys to forge fake withdrawals from the Ronin Bridge across two transactions. The exploit affected the validator nodes for Sky Mavis, responsible for publishing the Axie Infinity game and Axie DAO. 

The address deployed in this crypto theft was a new address that had transferred ETH from the top cryptocurrency exchange in India, Binance, one week before the attack. Except for the 6,250 ETH transferred to various other addresses, most of the loot remains in the attacker’s address. The Ronin network and Katana AMM have been paused until the investigations continue. 

The Poly Network Hack, August 2021

Another significant and most recent crypto attack is the Poly Network hack. Around $611 million worth of crypto assets were stolen from Poly Network On August 10, 2021. It is a smart contract platform where users can exchange tokens between blockchains like Ethereum and Bitcoin. 

How did it happen?

The attacker found a way to reach Poly Network’s security and buy tokens without selling the corresponding tokens on other blockchains. Within a week, the hacker returned the assets except for $33 million worth of USDT, as they had been frozen immediately after the attack. The attacker apparently said the hack was for ‘fun.’ But the hack revealed the drawbacks of the current Defi systems and experts understood some lessons needed to be learned to strengthen the security of the Defi ecosystem. 

The Coincheck Hack, January 2018

The $547 million hack happened when hackers breached the Coincheck Inc exchange’s system on August 10, 2021, and stole hundreds of millions of NEM tokens. Coincheck Inc. confirmed a security lapse but denied that it was an insider’s work. 

How did it happen?

Usually, crypto currency trading platform keep customers’ crypto assets in cold wallets that aren’t connected to external networks. Still, Coincheck keeps customer assets in hot wallets, vulnerable to outside attacks. Also, the exchange did not have multi-signature as an additional layer of wallet security. 

The 11 addresses to which the stolen NEM tokens were identified, but it could not be identified to whom these addresses belonged.

Each address has been labeled with the tag _accept_trades: owner_of_this_account_is_hacker. The developers of the NEM protocol developed a tracking tool that would help exchanges reject any trades concerning these stolen funds. 

Mt. Gox Crypto Heist, February 2014

This crypto hack was the most widely posted attack on a Japanese exchange, Mt. Gox. The heist ran up to $480 million in value, all in Bitcoin. Over 8,50,000 bitcoins were stolen or considered lost, which amounted to 7% of the total bitcoins in circulation. Their valuation would be in billions today.  

How did it happen?

The exchange was set up in 2010 as a site for trading ‘Magic the Gathering game cards. By 2014 the exchange was handling 70% of Bitcoin transactions. In February 2014, the exchange suspended its operations abruptly, closed its services, and filed for bankruptcy. Despite years of investigation, they couldn’t track the culprit and concluded that the Mt. Gox hack had been an outsider’s job. 

KuCoin Crypto Hack, September 2020 

KuCoin exchange, which has its headquarters in Singapore, became a victim of a $275 million cryptocurrency hack in September 2020. The theft involved $127 million worth of ERC20 tokens used in the Ethereum smart contracts.

How did it happen?

This hack was another incident where the exchange’s slack security mechanisms were responsible for the theft. The hackers started the attack by getting access to the private keys of the hot wallets belonging to the exchange. Later, almost all the funds were recovered, including 15% of the stolen funds covered under KuCoin’s insurance. And it was reported that none of the clients lost their crypto assets. 

Bottom Line

While cyber security will always remain an issue, there are specific ways via which you, as a trader, can ensure the safety of your assets. Regarding this, the first step is to choose a trusted crypto exchange like Bitcoiva. Check that the exchange’s security mechanisms are in place, including multi-signature wallets, KYC checks, two-way authentication, and other AML procedures. 

Next, make sure that the cryptocurrency exchange India doesn’t use hot wallet systems to store its client’s funds. As a preventive measure, if you aren’t actively trading your crypto assets, move them to a cold storage system that is an offline wallet or a hardware wallet to keep them protected. Never share your private keys with anyone. Always check the authenticity of the project in which you invest your funds. Invest in crypto projects that have been thoroughly audited in simple funds. And finally, make sure the crypto exchange India from where you are promoting your crypto trades has insurance to cover the losses in case of a cyber attack or hack.  

Head over to Bitcoiva for a safe and seamless trading experience!  

Visit us at: www.bitcoiva.com