Learn Crypto

Struggling is an important phase of our lives. We need to face struggle to improve ourselves and learn from it. Without it, it’s just an illusion of a comfort zone. Learn Crypto✅️

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Where to store large amounts of crypto If you have accumulated a significant amount of cryptocurrencies (congratulations), you should strongly consider storing your coins in a hardware wallet. However, sometimes, there is a problem: There are coins that are not supported by any existing cold storage. At the same time, storing coins on an exchange, as you know, is not recommended. So, what should you do in such a situation? If the amount is substantial and you don’t want to store it in a regular software non-custodial wallet on your PC or smartphone, do this: Get a separate laptop exclusively for storing coins. Don’t use it for surfing the internet at all—just install the necessary blockchain wallets and open it strictly when you need to make a transaction with coins. Thus, in a sense, your computer is a “semi-cold” vault. Yes, a regular hardware wallet is still safer (since it is never connected to the internet), but the solution we have proposed is the best one to offer in a situation where you can’t get a large amount of coins into Ledger, Trezor, SafePal, and other cold devices. Learn Crypto✅️

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Is it possible to hack a blockchain? 51% attack. Although hacking big-name blockchains is almost impossible, it’s theoretically possible. Today, we’ll explain one of those attack vectors for a proof-of-work (PoW) blockchain: a “51% attack.” The goal: Control 51% of the network’s computing power. If hackers gain control of 51% or more of the network’s computing power, they’ll be able to manipulate the blockchain at will: — They can prevent all other miners from discovering new blocks, effectively keeping the block rewards for themselves. — They can “double-spend” coins to steal from service providers, exchanges, and traders. — They prevent transactions and blocks from being confirmed. — During the attack, they collect all the block rewards and transaction fees. How much energy would it take to launch a 51% attack? If we use the Bitcoin network as our case study, it would require an astronomical amount of computing power =) Hackers would either have to steal 51% of the computing power from all miners (worldwide, by the way) or buy enough mining rigs and hardware to increase their share of the computing power closer to 51%, which would cost billions of dollars. As mentioned above, taking over popular PoW networks like Bitcoin is practically impossible. The cost of buying the necessary equipment and paying the electricity bills would be so expensive—in the billions of dollars—that mathematicians have even made the calculations and concluded that the costs would greatly outweigh the benefits (or profits). However, a 51% attack is more likely on newer and less popular blockchains; the fewer miners there are on the blockchain, the higher the chance the network can suffer a 51% attack. Learn Crypto✅️

Crypto speak: Boomer “Boomer” is a name for the Baby Boomer generation in the United States (born between 1943 and 1962). In a broad sense, using the term “boomer” in a crypto context means something or someone is outdated. Since the crypto space is developing at breakneck speeds, sometimes even relatively new concepts can be called boomers. For example, Bitcoin is sometimes derisively called Boomercoin (especially during corrections). Boomer mentions are often accompanied by memes. Learn Crypto✅️

An Indian resident created a fake Coinbase website and “earned” $9.5 million. A 30-year-old Indian man and his accomplices created a fake website for the U.S. cryptocurrency exchange Coinbase (Nasdaq: COIN) in 2021. Between June 2021 and the end of 2023, the site was used by at least 542 people who tried to deposit over $9.5 million on the exchange, but the funds went into the attackers’ pockets. It was possible to find him thanks to the fact that he used an e-mail with his real name to communicate with his accomplices =) He used the same e-mail address to obtain a tourist visa to the US to meet his relatives. The man managed to buy Porsches and Lambos and travel the world, but now he faces a prison sentence of at least 20 years. Let this be a lesson when using cryptocurrency services: Pay attention to the URL in the address bar. Learn Crypto✅️

After the halving, transaction fees on the Bitcoin network have skyrocketed. A typical BTC transfer will cost $70–$90 and, in some cases, more than $100😱 The reason for the sharp increase is the commissions of the Bitcoin-based Runes protocol, which allows for minting tokens on top of the main network. Learn Crypto✅️

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💲 Crypto speak: Paper hands You’re already familiar with the term “diamond hands,” but today, we’ll look at its opposite — “paper hands.” Paper hands are investors who succumb to FOMO and FUD and sell their assets too early because they’re afraid to take risks. Such depositors start selling off their coins at the first signs of a drop in price. Remember: Having nerves of steel will serve you better in this industry🙃 Learn Crypto✅️