This article is the perfect guide to help you create one if you are looking to build a Bitcoin wallet application. Technology has been revolutionising the digital currency sector by introducing currencies independent of the market’s physical status and with a completely decentralised system.

With Bitcoin, there is a possibility to have real-life virtual money, and it can be redeemed to be exchanged for products. When talking about currency with no physical existence, there has to be a way to keep them for better allocation.

Thus, the need for wallets, with a Bitcoin wallet app, you can have instant access to send and receive bitcoins with being private and anonymous at the same time.

Initially, this might seem a bit hard to get a hold of things, to understand how this works.

To make it an easy process, let us break it down into steps

Basics of bitcoin and its significance

What is bitcoin Wallet ?

Building an app from scratch 

How a bitcoin wallet app functions ?

Technology stack required

The primary term blockchain means a collaboration of informative digital datasets connected with the help of chains cryptographically. The best part about the blockchain mechanism is that it can be unchanged.

There is complete transparency. There is no intervention from intermediaries like the government and the banks eliminating additional costs. 

The data is accessible through any device but is unbreakable due to its encryption.

Bitcoin is a result of an idea that Satoshi Nakatomi had in 2009, who coined the term digital currency. This led to the inventions of much more coins in the same stream.

There are more than 5000 cryptocurrencies in the global market, and the numbers are still growing.

A bitcoin wallet is a safe and secure place to store, buy, and sell bitcoins or any other cryptocurrencies. 

Three Ways To Access The Wallet With The Help Of The Following

This can be electronic safe deposits or wallets that can be accessed with desktops and mobile devices.

The data regarding the account and coin details are stored on a hardware device for better accessibility at all times.

 Paper format print-outs are visual proof of existence for bitcoins, making it a liability as it always poses a threat of getting misplaced and destroyed.

It is always recommended to use pre-existing methods for the blockchain wallet development process in the initial stages. There are quite a few tools and methods that are adopted by many developers, as they are easily compatible with the wallet app and also process each transaction made through the blockchain network. 

To build an app requires coding with significant programming skills. Here is a list of things that a programmer needs to address to avoid failures during the first time.

For Better Ease Of Flow, It Is In The Approach Towards Each Of These Steps.

A Bitcoin wallet transaction is made based on an asymmetric key with cryptography for better security. This can be accessed with the help of a public key and private key.

When a transaction is made from one account to another through a wallet, there is an exchange of coins from the owner to the seller.

These transactions are recorded and analysed with the help of respective Bitcoin wallets. Learn More Difference Between Ethereum and Bitcoin

There is an abundance of public libraries that can be used for blockchain app development  in the online space. One can use these libraries to implement the standard functionalities.

 If looking to build a web application, Angular JS 4.0 must build the front end and HTML5 and CSS3, whereas for the backend Node JS is used.

The Android app will require the code input from Java to build an extensive frontend, and as for the API services, Python should be implemented for the backend.

In the case of the IOS app, the swift method can be implemented, which is similar to the Android version using Node JS or Python.

The bitcoin wallet app can be provided better security with additional features such as 2-step authorisation. This will raise any irregular activity related to the account.

This is due to the rise in popularity of bitcoins and the wallets to store them. It’s essential to be secured and have configured the features right to rest depending on the wallet’s usability.

Bitcoin has proven to be a big game-changing player in the market; it’s essential to stay updated with the newest developments in the crypto world. Simultaneously, there are continuous efforts to build a bitcoin wallet, as the demand for them has skyrocketed.

Though it is challenging to build a wallet, with high rewarding compensation for such solutions, there would be a great position to hold in the lucrative market.

 It is a great time to start Blockchain app development. The rise in popularity of bitcoin apps has increased the demand for bitcoin wallet apps, where the only expectations from an online wallet is to be safe and secure.

It is certain that in the coming years other currencies would also require crypto wallets and the demand for them would be consistent.

Blockchain is an emerging technology and will find its applications in almost all industries in the future. If you understand the blockchain basics and wish to become a blockchain developer or want to learn more about blockchain to make a career in this field, upGrad, in association with IIITB and IMT, provides several courses on Blockchain for working professionals to learn and upgrade their career. If you are interested in blockchain, you can visit these courses:

HODL. DApp. Ethereum.

No, these are not words from a newly-discovered alien language. They’re among the many new and key terms in the language of cryptocurrency.

Cryptocurrency isn’t just a novel investment option, and in many ways represents a different world altogether compared to traditional stocks and bonds. Between unfamiliar acronyms, emerging technologies, and keeping up with memes and tweets, just learning the basics takes time, even for seasoned traditional investors.

As with any investment, it’s important to understand exactly what you’re investing in before you start. That’s especially true when it comes to a speculative — and still evolving — asset like crypto. 

There are a few prerequisites we recommend before you buy into crypto, like stocking your emergency fund, paying down high-interest debts, and securing a traditional retirement plan. And, like we’ve said before, you should only ever put into crypto what you’re willing to lose, and experts recommend dedicating no more than 5% of your portfolio to these digital assets. 

But another item you should add to your checklist is at least a beginner’s understanding of what you’re getting into, including how crypto differs from other investment strategies, and the different factors that can affect a cryptocurrency’s market value.

Here are some of the terms and phrases that will help beginners better understand the world of crypto investing. 

Crypto Terms You Should KnowAltcoin

Any coin that’s not Bitcoin. Altcoins can be anything from the second-most popular coin, Ethereum, to any of the thousands of coins with very minimal market value. Experts say you should largely stick to the bigger, more mainstream cryptocurrencies as an investment.

[RELATED]: Follow These Personal Finance Experts if You’re Curious About Crypto

Bitcoin

The first and most valuable cryptocurrency, launched on Jan. 3, 2009. While its value has climbed steadily since then, it has seen wild fluctuations. In the past months alone, the price of Bitcoin has fluctuated from a record high of $60,000 to below $30,000.

Bitcoin Cash

A peer-to-peer electronic cash system that formed from a fork of the original Bitcoin. Where Bitcoin is widely accepted as too volatile to be useful as a currency, Bitcoin Cash is designed to be better optimized for transactions.   

[RELATED]: Bitcoin — The First Cryptocurrency

Block

Groups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell coins. Each block can hold only a certain amount of information. Once it reaches that limit, a new block is formed to continue the chain.

A digital form of record keeping, and the underlying technology behind cryptocurrencies. A blockchain is the result of sequential blocks that build upon one another, creating a permanent and unchangeable ledger of transactions (or other data).

Coin

A representative store of digital value that lives on a given blockchain or cryptocurrency network. Some blockchains have the same name for both the network and the coin, like Bitcoin. Others can have different names for each, like the Stellar blockchain, which has a native coin called Lumen. 

Coinbase

A popular centralized cryptocurrency exchange. Coinbase made history recently as the first cryptocurrency exchange to go public on the Nasdaq.

Cold Wallet/Cold Storage

A secure method of storing your cryptocurrency completely offline. Many cold wallets (also called hardware wallets) are physical devices that look similar to a USB drive. This kind of wallet can help protect your crypto from hacking and theft, though it also comes with its own risks – like losing it, along with your crypto.

[RELATED] A Crypto Wallet Can Help Keep Your Coins Safe. Here’s How to Decide if You Need One 

Cryptocurrency

A type of currency that’s digital and decentralized. Cryptocurrency can be used to buy and sell things, or as a long-term store of value.

Decentralization

The principle of distributing power away from a central point. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority.

Decentralized Finance (DeFi)

Financial activities conducted without the involvement of an intermediary, like a bank, government, or other financial institution. 

Decentralized Applications (DApps)

Applications designed by developers and deployed on a blockchain to carry out actions without intermediaries. Decentralized finance activities are often completed using decentralized apps. Ethereum is the main network supporting activities in decentralized finance.

Digital Gold

Experts sometimes compare specific cryptocurrencies to real gold based on the way it can store and increase in value. Bitcoin is commonly referred to as digital gold.

Ethereum

The second largest cryptocurrency by trade volume, Ethereum is a crypto network and software platform that developers can use to create new applications, and has an associated currency called ether.

Exchange

A digital marketplace where you can buy and sell cryptocurrency.

Fork

When a blockchain’s users make changes to its rules. These changes to the protocol of a blockchain often result in two new paths — one that follows the old rules, and a new blockchain that splits off from the previous one. (Example: a fork of Bitcoin resulted in Bitcoin Cash).

Gas

A fee that developers have to pay to the Ethereum network in order to use the system. Gas is paid in ether, the native cryptocurrency of Ethereum. 

Genesis Block

The first block of a cryptocurrency ever mined. 

HODL

Stands for “Hold On for Dear Life” though the term originated from a user typo on a Bitcoin forum in 2013. It refers to a passive investment strategy in which people buy and hold onto cryptocurrency — instead of trading it — in the hopes that it increases in value. 

[RELATED]: The Price of Bitcoin Continues to Fall. Here’s How Worried Investors Should Be, According to Experts

Halving

A feature written into Bitcoin’s code in which after a certain number of blocks are mined (typically every four years) the amount of new Bitcoin entering circulation gets halved. The halving can have an impact on Bitcoin’s price.

Hash

A unique string of numbers and letters that identify blocks and are tied to crypto buyers and sellers.

Hot Wallet

A software-based cryptocurrency wallet connected to the Internet. While more convenient for quickly accessing your crypto, these wallets are a bit more susceptible to hacking and cybersecurity attacks than offline wallets — just as files you store in the cloud may be more easily hacked than those locked in a safe in your home.

Initial Coin Offering (ICO)

A way that funds are raised for a new cryptocurrency project. ICOs are similar to Initial Public Offerings (IPOs) of stocks.

Market Capitalization

For cryptocurrency, market cap refers to the total value of all the coins that have been mined. You can calculate a crypto’s market cap by multiplying the current number of coins by the current value of the coins. 

Mining

The process whereby new cryptocurrency coins are made available and the log of transactions between users is maintained. 

Node

A computer that connects to a blockchain network.

Non-fungible Tokens (NFTs)

Non-fungible tokens are units of value used to represent the ownership of unique digital items like art or collectibles. NFTs are most often held on the Ethereum blockchain.

[RELATED] Ethereum: What You Should Know Before You Invest

Peer-to-peer

Two users interacting directly without a third party or intermediary. 

Public Key 

Your wallet’s address, which is similar to your bank account number. You can share your public wallet key with people or institutions so they can send you money or take money from your account when you authorize it.

Private Key

The encrypted code that allows direct access to your cryptocurrency. Like your bank account password, you should never share your private key. 

Satoshi Nakomoto

The pseudonymous creator of Bitcoin. No one knows the true identity of Nakomoto — or if it’s more than one person.

Smart Contract

An algorithmic program that enacts the terms of a contract automatically based on its code. One of the main value propositions of the Ethereum network is its ability to execute smart contracts. 

Stablecoin or Digital Fiat

A stablecoin pegs its value to some other non-digital currency or commodity. A digital fiat represents a fiat, or government-backed currency on the blockchain. (Example: Tether, which is pegged to the U.S. dollar)

[RELATED]: The 10 Most Popular Cryptocurrencies, and What You Should Know About Each Before You Invest

Token

A unit of value on a blockchain that usually has some other value proposition besides just a transfer of value (like a coin). 

Vitalik Buterin

Programmer who invented Ethereum in 2015.

Wallet

A place to store your cryptocurrency holdings. Many exchanges offer digital wallets. Wallets may be hot (online, software-based) or cold (offline, usually on a device).

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The price of Bitcoin has been up and down all year, from an all-time high of $60,000 in April to under $30,000 in July. Meanwhile, Americans’ interest in Bitcoin and cryptocurrency has grown alongside, at least according to their Google searches.

We’ve taken an interest in crypto this year, too — especially after noticing the lack of guidance for long-term investors more interested in retirement savings than getting rich quick with some new meme coin. Amid the constant price fluctuations, we’ve shared how investors can incorporate crypto into their portfolio without risking their other financial priorities — and weather the volatility along the way. Whether you’ve already invested and want to find the best form of wallet storage or you’re only beginning to explore how cryptocurrency actually works, we’re here to help guide you through the world of crypto. 

Many of the topics we’ve covered are the same ones crypto-curious investors are asking about on Google. Based on Google autofill results, related search terms, and “people also ask” suggestions, we’ve rounded up some of the most common questions, along with the answers and expert advice that can help you be a smarter investor.

Cryptocurrency is a completely digital, decentralized form of currency. It can be used as a means of payment or exchange (though that’s not a very practical use today), or as a potential store of value. Since it’s a digital currency, you can’t carry Bitcoins around physically in bill or coin form; all transactions take place online. Cryptocurrency is also decentralized, meaning it’s not backed by government authority the way the U.S. dollar, for example, is. Instead, it’s maintained by its users.

When you buy, sell, or trade crypto, those transactions are recorded on a decentralized ledger called blockchain, which is a permanent, unchangeable record. Any changes to a blockchain must be approved by a majority of users, which also makes it a highly secure form of record keeping.

There are many different kinds of crypto, but the most popular (and largest by market cap) are Bitcoin and Ethereum. 

[READ MORE]: You Have Cryptocurrency Questions. We Have Answers

For true crypto novices, just knowing where to begin your research can feel like an uphill battle. 

The questions you should ask about crypto will depend largely on your financial situation and goals. If you’re just beginning to explore digital currencies, you may want to start by learning the important terms and getting more familiar with how crypto works as an investment. If you’ve covered the basics and you’re considering buying crypto, these are the four most important questions you should ask yourself before you begin investing, according to experts we’ve spoken to:Why do you want to buy crypto?What is your risk tolerance?Where — and how — do you plan to buy cryptocurrency?Which cryptocurrencies would you buy?

Have a strategy before you put money down: Clarify your intentions, evaluate your ability to take the risk, and then make a buying plan. 

[READ MORE]: Does Crypto Belong in Your Investment Portfolio? These 4 Questions Can Help You Decide

What is the purpose of cryptocurrency?

The original intention behind Bitcoin, the first cryptocurrency, was to create an electronic cash system people could use in daily transactions. You technically can buy and sell things with it, but Bitcoin’s price fluctuates quickly, which makes it a poor fit for spending instead of cash. You could spend $50 worth of Bitcoin on something today that ends up being worth $20 tomorrow. It’s also not widely accepted as a form of payment yet, so you’ll have very limited purchasing power. 

While it’s not a great means for exchange, Bitcoin and Ethereum have shown investors they can be potentially valuable — if speculative — as investment assets. In other words, people purchase crypto in hopes of cashing out for a profit after it increases in value, just like more traditional investments. Bitcoin, for example, has already shown growth over time: just eight years ago, in late 2013, the price of 1 Bitcoin was around $200, and it now hovers around $30,000 (with plenty of ups and downs between). 

[READ MORE]: You Can Buy More Things Than Ever With Crypto. Here’s Why You Shouldn’t

Is cryptocurrency taxable? 

Yes. But if all you do with crypto this year is use U.S. dollars to purchase crypto and then keep it in an exchange or your personal crypto wallet, you won’t owe taxes on it. In general, the more active a crypto trader you are, the more tax implications there might be. Taxable crypto events include things like selling your crypto back into U.S. dollars, trading one crypto for another (for example, Bitcoin to Ethereum), earning crypto income, and using it to make purchases. 

For tax purposes, the IRS treats cryptocurrency like other personal assets such as stocks or gold. If you sell or exchange your investment, that transaction’s capital gains are taxable. The complexity of your transaction history will determine how much you’ll need to do to prepare for tax season if you have crypto. While there are new companies that promise to organize your crypto for tax filing, it’s ultimately your responsibility to keep track of your crypto transactions and report them to the IRS; so if you’re making frequent crypto moves, you’ll want to stay on top of this. 

[READ MORE]: Your Crypto Is Taxable. Here’s How to Report Virtual Currency to the IRS

Who controls cryptocurrency? 

Cryptocurrency creators can set certain parameters when they make a new crypto — such as how much there will be or rules around buying and selling — and those typically cannot be changed. But because cryptocurrencies are decentralized, control of day-to-day operations is distributed among users, and any changes require majority approval from these users — known as nodes. 

Because cryptocurrency is so new and different from traditional forms of finance, the world is in unknown territory when it comes to regulation. There’s little existing legislation around the ownership and trade of digital currencies, although the U.S. government has expressed interest in establishing cryptocurrency regulation. 

[READ MORE]: Cryptocurrency Terms to Know Before You Invest: A Beginner’s Guide

Investing in CryptocurrencyHow to start investing in crypto?

If you’re new to investing in crypto, experts say Bitcoin or Ethereum are probably the best cryptos to start with. When you’re ready to buy in, here are a few of the first steps you should take:

: A crypto exchange is the online trading platform you’ll use to buy your crypto. Some details to consider include security, fees, and available coins. Fund your account: As you would with a traditional investment account, you’ll need to move U.S. dollars into your crypto exchange account. Place an order: This differs by exchange, but you’ll essentially trade the dollars in your exchange account for the cryptocurrency you want. Practice safe storage: Decide whether you want to keep your coins within your exchange account or move them into your own hot or cold wallet. 

[READ MORE]: How to Buy Bitcoin: A Guide for New Crypto Investors

much of my portfolio should I invest in crypto?

If you’re able to tolerate the risk that comes with crypto investment, experts say it can be a good diversifier for your portfolio. But the crypto market is extremely unpredictable, so you’ll only want to invest a small portion of your portfolio — and only after your other financial priorities are in order (things like saving for emergencies, paying down high-interest debt, and investing in a conventional retirement account). 

Experts we’ve spoken to recommend investing anywhere from 1%-5% of your portfolio in crypto, depending on your financial situation. The volatility level of crypto is high, so you don’t want to risk more than you’re willing to lose. As personal finance icon Suze Orman puts it, the amount you invest in crypto “depends on how much money you are willing to lose.”

[READ MORE]: How Much to Invest in Cryptocurrency, According to 5 Experts

Should I invest in crypto or more traditional funds?

Considering how speculative crypto is, we would never recommend investing in it over traditional investment funds. Before you put any money in crypto, you should make sure you’ve set up a retirement fund, like a 401(k) or Roth IRA. Plan for your retirement by investing in an ETF or index fund —  low-cost portfolio investments with proven long-term records of building wealth. 

If you already have a healthy portfolio, you may look to diversify with crypto in addition to more traditional funds. It all comes down to your specific financial goals and how much risk you feel comfortable taking. If you do invest, here are some best practices experts recommend: 

Keep the percentage of your portfolio in crypto low — no more than 5%Be prepared to lose the money you investInvest for long-term growth, and avoid short-term fluctuations 

[READ MORE]: Curious About Crypto? What 10 Financial Advisors Are Telling Clients About Investing In It

Which cryptocurrency should I invest in?

In general, experts recommend beginner crypto investors stick with Bitcoin or Ethereum, the two largest by market cap and trade volume. They’re still highly speculative and volatile, but are a little less risky than the thousands of other coins available.

Non-Bitcoin cryptocurrencies (known as altcoins) are often designed for unique purposes, like being more energy efficient (and thus eco-friendly) than Bitcoin or as a potentially better means for transactions. But most of them have an even smaller chance of growing in value, and altcoins can put your investment at even more risk than with the comparatively more stable Bitcoin and Ethereum.

You can always take the gamble and consider an altcoin if you see promise in it. Just proceed with a healthy dose of skepticism —  investing in cryptocurrency is already extremely speculative, and becomes even more so when you choose an altcoin with little to no history. For most retirement-minded investors, experts emphasize Bitcoin or Ethereum are better options.

[READ MORE]: The 10 Most Popular Cryptocurrencies, and What You Should Know About Each Before You Invest

Can I be hacked? How do I protect myself?

Yes, the exchange you use to buy your crypto and the wallet you use to store it can be hacked. If you choose to hold your crypto in an exchange or on a software-based hot wallet, make sure you choose a platform that has robust security measures in place. The most secure protection from hackers is cold storage — because it’s completely offline, there’s zero chance for hacking. But that extra security isn’t without cost either: If you lose your USB-like cold wallet or the encrypted keys to get into it, you likely lose any crypto held on it, too.

Hacking is one risk, but as crypto’s value has grown, cryptocurrency crime has too. If you invest, be on the lookout for fraud. Recognizing common scams can help you protect yourself and your money. Here are a few crypto scams to watch for:

Someone who will only accept payment for goods or services in cryptocurrency Unsolicited offers to help you make money or increase your holdingsInitial coin offerings for fake cryptocurrencies Crypto pump and dump schemes 

[READ MORE]: Cryptocurrency Crime Is Booming. Here’s How to Invest Safely

The Future of CryptocurrencyWhat is the future of Bitcoin? 

Given cryptocurrency is still in its relative infancy, many questions regarding its future remain unanswered. Bitcoin has only existed for a little over a decade — amid constantly evolving technological advances and regulations. The value of both Ethereum and Bitcoin has steadily risen over the years (with plenty of dips along the way), but with so little historical record compared to the stock market, it’s difficult to make any concrete forecasts. 

More financial institutions are starting to hold crypto, and some large corporations are adding crypto to their balance sheets. Federal regulators have also taken an interest in more formal guidance and even the creation of a central bank digital currency (CBDC). Beyond that, many experts see the potential for innovation backed by blockchain technology that could transform our lives in the future. 

But there is also a long list of risks associated with crypto that could limit its potential value. From the concerns of cybercrime to high market volatility susceptible to celebrity influence and the environmental impact of crypto mining — there’s no shortage of reasons to remain cautious as we look to the future of crypto. 

Is there any potential for the widespread use of cryptocurrency as a currency? 

As of right now, there are few instances in which using cryptocurrency to buy things would make sense. Of the platforms that do accept crypto payment today, many only accept Bitcoin, which is especially ill-suited for payments, given its extreme price fluctuations. 

There is a chance that payment with digital assets could become more common in the future, especially as digital currencies like stablecoins — which are pegged to existing currencies and less volatile — become more popular and take on potential government regulation. 

The U.S. government is also considering a central bank digital currency (CBDC). It would operate using blockchain technology like other cryptocurrencies, making it faster and more secure than today’s digital transactions. Unlike crypto, a CBDC would be centralized and backed by the Federal Reserve — making it much more useful for purchases. 

[READ MORE]: Fed Chairman Says U.S. Might Need More Crypto Regulation. Here’s What That Means for Investors

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A SPAC is a publicly traded blank-check company. Merging with a SPAC has become a popular way to become a publicly listed company for tech companies.

According to Circle, the deal should value the company at $4.5 billion. Investors involved in the merger have committed $415 million in PIPE financing. The company also recently raised $440 million in capital. In other words, Circle will have plenty of capital on its hands if the merger goes through.

Created in 2013, the company originally wanted to create a mainstream bitcoin payment platform. But the company later pivoted to create a social payments app. Circle became a sort of Venmo clone with some blockchain technology under the hood. At some point, Circle even removed the ability to send and receive bitcoins.

“We never thought of ourselves as a bitcoin startup. The media certainly classified us that way because we were involved with the technology. From the day we founded the company three years ago we’ve focused on trying to build a new consumer finance company. And one that makes money work the way the internet works,” Circle co-founder and CEO Jeremy Allaire told TechCrunch’s Natasha Lomas in 2016.

While that consumer play didn’t take off, it’s interesting to see that Allaire was already thinking about being able to programmatically move money. In 2017 and 2018, the company pivoted once again to focus on cryptocurrencies. It launched an over-the-counter trading desk for big cryptocurrency investors.

It acquired Poloniex, one of the largest cryptocurrency exchanges in the U.S. at the time. It also launched Circle Invest, a really simple mobile app that let you buy and sell a handful of crypto assets.

But Circle’s most promising product has been its stablecoin — USD Coin, or USDC for short. As the name suggests, 1 USDC is always worth 1 USD. Unlike traditional cryptocurrencies, you can be sure that the value of USDC isn’t going to fluctuate like crazy. Auditing firms regularly check that issuers always keep as many USD in bank accounts as USDC in circulation.

With USDC, moving money from one wallet to another becomes as easy as using standard API calls. The company has then added various infrastructure products around USDC, such as Circle Accounts. Circle has also built ramps to bridge the gap between fiat currencies and cryptocurrencies.

There are currently $25 billion USDC in circulation and the company believes there will $190 billion USDC in circulation by the end of 2023. And Circle plans to leverage the popularity of USDC to build financial services that take advantage of USDC.

a16z’s new $2.2B fund won’t just bet on the crypto future, it will defend it

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Investors are more interested than ever in cryptocurrency. Criminals are too.

Reports of cryptocurrency crimes have increased 312% per year on average since 2016, according to a report from Crypto Head, a cryptocurrency news outlet that used Federal Trade Commission data to analyze cryptocurrency crime trends in recent years. These crimes can include everything from hackers stealing investors’ coins to people falling for scams related to crypto investing.

A cold wallet — an offline device not connected to the internet— is the safest place to keep your crypto investment, according to experts.

Bitcoin has the most crime reports of any cryptocurrency, which makes sense since it’s also the oldest and most-widely held crypto. Beyond digital crimes, Bitcoin’s safety as an investment is often questioned thanks to the frequency and scale of its value fluctuations.

Despite an increase in fraud and theft, many experts tout the safety of Bitcoin investments — at least in terms of cybersecurity if not investment stability — thanks to secure blockchain technology. So, is investing in Bitcoin safe? Here’s what you need to know about Bitcoin’s safety as an asset and keeping your cryptocurrency secure if you invest.What to Consider Before Buying Bitcoin

First things first: The money you put into Bitcoin is not safe from value fluctuations.

Bitcoin is a volatile investment. If you’re looking for a “safe” investment with guaranteed returns, then don’t invest in Bitcoin — or any cryptocurrencies for that matter. Just over the past few months, the price of one Bitcoin has fluctuated between $30,000 and $60,000. Bitcoin isn’t the only volatile cryptocurrency, and other, smaller coins may be even riskier. 

“Understand that these are very volatile investments, so if big fluctuations cause you to lose sleep, this isn’t the space for you,” says Dan Herron, a CFP with Elemental Wealth Advisors in San Luis Obispo, California.

Experts recommend keeping any cryptocurrency investments to less than 5% of your portfolio for exactly that reason — and to make sure you’ve got a solid conventional retirement investment plan in the first place. It’s also recommended you have an emergency fund and pay down any high-interest debts before you put any money into Bitcoin or any other cryptocurrency.

(Read More: Here’s How Much of Your Investing Portfolio Should Be in Crypto, According to 5 Experts)

What Are the Risks Associated With Bitcoin?

The biggest security concern for many people when it comes to Bitcoin investing — like any other digital activity — is the risk of hacking and fraud. Cryptocurrency crimes are on the rise, according to data from the Federal Trade Commission, and resulted in a median loss of $1,900 per report between October 2020 and March 2021.

Often, reported crypto crimes involve scammers requesting payment in cryptocurrency, or sending unsolicited offers to help you make money or increase your holdings, according to the FTC. “One sure sign of a scam is anyone who says you have to pay by cryptocurrency,” the agency says. You should also avoid any unsolicited offers related to crypto; do your own research and buy your coins yourself using a reputable crypto exchange. Other types of scams to look out for

Initial coin offerings (ICOs) for fake cryptocurrencies

When a cryptocurrency is offered to investors before it’s launched to the market, it’s called an ICO (similar to a new stock’s IPO). But sometimes these new coin offerings can be fabricated, leading investors to put their money in a cryptocurrency that doesn’t actually exist. 

Always research any cryptocurrency before you invest. If it looks too good to be true, it probably is. Read the project’s white paper and check out the founders as part of your research. For most investors — and especially beginners — it’s smart to stick to established, popular coins like Bitcoin or Ethereum.

Crypto pump and dump schemes 

A small group of investors may pump a lot of money into a specific crypto, falsely inflating the price while convincing private investors to also invest. Then the original investors sell their shares for a profit before the price falls again. This type of scheme exists for more traditional investments, too.

Again, if an investment seems too good to be true, it probably is. Watch out for coins that have risen a lot in value without any clear reason why, the Crypto Head report recommends. This may be a sign of a pump and dump scheme.

to Keep Your Bitcoin Safe

Hackers can gain access to individuals’ crypto wallets or breach entire cryptocurrency exchanges to steal their holdings. That’s why it’s essential to store your crypto in a safe place, and practice good digital security habits.

Cryptocurrency exchanges and third parties offer storage for your coins through hot wallets, which are secure, but still online (and therefore still susceptible to hacking). Crypto held on an exchange or in a wallet is not FDIC-insured like money in the bank. Make sure you trade and hold your crypto on a platform that offers robust security measures — including keeping a significant amount of holdings in its own cold storage and two-factor authentication for users. Some exchanges may even have private insurance policies in case of theft or hacking.

For the best protection against online fraud, many experts recommend cold storage through an offline device not connected to the internet, similar to a USB drive. But even cold storage comes with risks, like the possibility of losing access to your investment completely if you forget your password. 

(READ MORE: A Crypto Wallet Can Help Keep Your Coins Safe. Here’s How to Decide If You Need One)

Bitcoin Security vs. Privacy 

While you can take measures to secure your crypto holdings from hacking and theft, Bitcoin may not be any more effective at keeping your personal information private than any other traditional investment. 

“Security and privacy are two separate topics,” says Kiana Danial, author of “Cryptocurrency Investing for Dummies” and the personality behind @Investdiva on Instagram.

While trades you make in Bitcoin may be harder to trace than credit card purchases or direct bank withdrawals, Bitcoin transactions are not private. Bitcoin trades are tied to a hash code — a string of letters and numbers —  that are unique to you, says Ollie Leech, learn editor at CoinDesk, a leading cryptocurrency news outlet.  

“You’re really not anonymous, more like pseudonymous,” says Galen Moore, director of data and indexes at CoinDesk. While your activity isn’t directly tied to personal details like your social security number, the blockchain is public and there are ways that people can identify you.  

But even though Bitcoin transactions aren’t private, that doesn’t mean every user can see exactly how much everyone else has bought or sold. 

“In order to download the Bitcoin blockchain you would need massive, massive, computing capacity, like a supercomputer,” says Danial. “The day-to-day average Joe can’t go in and see what transactions are happening in the Bitcoin blockchain.” 

If you want total privacy when you transact, then neither Bitcoin nor Ethereum — the second largest cryptocurrency by market capitalization — are for you. Other smaller cryptocurrencies are designed for this total privacy, though experts recommend avoiding these lesser known cryptos as an investment.

(READ MORE: Ethereum: What You Should Know Before You Invest)

“With Bitcoin and Ethereum, all those transaction details being open is part of how the network is maintained as people watch,” says Moore. The open system helps the blockchain retain accountability. 

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The U.S. government this week laid more groundwork for potential future cryptocurrency regulation.

Federal Reserve Chairman Jerome Powell spoke Wednesday, July 14 about the Fed’s interest in regulating stablecoins and the potential for a central bank digital currency (CBDC), while testifying before the U.S. House Committee on Financial Services.

Stablecoins (Tether and USD Coin, for example) are a category of cryptocurrencies that peg their value to an existing fiat currency, like the U.S. dollar. That helps stabilize their value, so they’re better suited for digital payments — unlike more volatile digital assets like Bitcoin. Ideally, these coins are underwritten by a reserve of the currency they’re tied to, but today there’s little official regulation enforcing that.  

Powell compared them to money market funds or bank deposits, which have a strong regulatory framework in the United States. “That doesn’t exist for stablecoins,” he said. “And if they’re going to be a significant part of the payments universe — which we don’t think crypto assets will be, but stablecoins might be —  then we need an appropriate regulatory framework, which frankly we don’t have.”  What Does This Mean for Crypto Investors?

Experts we’ve spoken to largely agree that long-term crypto investors should stick with well-known cryptocurrencies like Bitcoin and Ethereum. Unless you’re doing more active trading — and are comfortable with the risks of buying lesser-known coins — the two most popular currencies are the best options for most people.

Regulation like what Powell is talking about is more likely to impact stablecoins and other smaller altcoins, experts say. “They have different use cases,” says Mike Uehlein, founder and financial planner at WealthU Advisors, referring to Bitcoin versus stablecoins. 

If Bitcoin is “digital gold,” stablecoins are more comparable to the current money system, he says, having an infinite supply and centralization. Bitcoin is a store of potential value, while stablecoins are better suited for digital transactions and converting digital assets to and from “real” money.

“Investors buying Bitcoin as a store of value and buying stablecoins for a store of value are two different things,” says Tyrone Ross, a financial advisor and CEO of Onramp Invest, a cryptocurrency platform for other financial advisors. A central bank-backed digital currency would be a market competitor for stablecoins, but not Bitcoin, Ross says. 

Still, any new regulation has potential to affect your portfolio. 

While stablecoin regulation or a CBDC may not have a direct effect on Bitcoin — which is decentralized and operated by users across the globe —  it is likely regulation could bring more volatility to the crypto market. Already, we’ve seen crackdowns on cryptocurrency regulation from China play a role in Bitcoin’s recent $30,000 price drop. We’ve also seen how the price of coins often follow each other — when Bitcoin’s price takes a hit, altcoins often follow. Regulation could eliminate many cryptocurrencies available today, Uehlein says. 

Still, the regulations Powell mentioned would likely have a much bigger impact on the value of stablecoins or smaller altcoins, rather than Bitcoin. “DeFi, stablecoins, and other things are ripe for regulatory scrutiny,” Ross says. “Don’t make large bets in the space now, and stay educated on recent developments and news.”Why Regulate Stablecoins?

Because crypto trading and prices move very quickly, stablecoins can help traders move their funds within an exchange faster than if they were depositing cash from a bank account. Trading coins for actual dollars in and out of your bank account could take several days (and charge higher fees) than exchanging a coin for a stablecoin.

But without regulation, even these coins are risky. 

“Stablecoins are currently used as a replacement for the U.S. dollar, pegged 1:1 with the dollar,” Uehlein says. “Verifying this peg has been in question for many investors and regulators. Many investors would feel better knowing the dollars are backed by the U.S. treasury.” And that’s where a potential U.S. government-issued digital currency comes in — since it would have that backing.

What’s the Purpose of a Central Bank Digital Currency?

Powell’s testimony also reiterated the Fed’s interest in a central bank digital currency for the United States. A CBDC would make it easier to make transactions digitally. Because it would (hypothetically) work on a blockchain network, those transactions would also be secure and much faster than money transfers are today. 

While it’s generally unwise to use crypto to make a purchase, that’s exactly the purpose a potential central bank digital currency could serve. “A fed-backed CBDC could replace stablecoins such as Tether or USDC,” Uehlein says. 

As far as any real implementation of a CBDC, both Fed officials and the experts we spoke to believe there’s a long way to go before we reach that point, at least in the United States. While he says he’s very interested in seeing how CBDCs in countries across the world continue to evolve, Uehlein says “it is too soon to tell how serious the U.S. is about a CBDC.”

What’s Next In Crypto Regulation?

Now, all eyes are on a coming report from the Federal Reserve, which Powell expects to publish around early September.

“We’re going to address digital payments broadly,” he told the committee. “So that means stablecoins, it means crypto assets, it means CBDC. That whole group of issues and payment mechanisms, which we think we’re really at a critical point in terms of the appropriate regulation.” 

In addition, the Fed plans to ask the public about the risks and benefits of cryptocurrency and a potential CBDC, alongside consultation with national groups, including Congress. The purpose of the report, Powell said, is “to lay out the possible potential benefits and also the potential risks” of a central bank digital currency, and how regulators might weigh those costs and benefits. 

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A virtual currency guidance and advisory issued by the U.S. Treasury Department’s anti-money laundering (AML) unit on June 30, 2021 clarified regulatory expectations, riled some cryptocurrency players and signaled a potential new global standard for combating financial crime.

The statement added that the guidance “does not establish any new regulatory expectations” and “consolidates current FinCEN regulations, guidance and administrative rulings.” FinCEN has broad international reach to any business doing substantive business with U.S. persons and therefore international businesses need to be paying attention if they source cryptocurrency from U.S. exchanges or interact with U.S. consumers.

Any time FinCEN issues an advisory, compliance officers in both banks and virtual currency companies will spend a fair amount of time over the next few days reviewing the advisory in the context of their businesses and customers. Concerns include another round of bank account closures, not because customers are engaging in illegal activity, but because compliance officers and managers lack an understanding of the technology underlying cryptocurrencies as the easy way out rather than invest the time and effort to learn more about the space.

           Although owners of blockchain based investments most commonly hold cryptocurrency, blockchain technology is expanding into non-currency areas. In both, however, there are risks mainly because 1) estate planners and family members are ill-informed about the presence and nature of blockchain assets,  2) clients fail to realize that wills and trusts must have specific language to allow Personal Representatives and Trustees to manage those assets after incapacity or death, and 3) the regulatory environment, taxation, reporting, application if intestacy laws and other issues have yet to be resolved.

Traditional planning entities also have a hard time owning cryptocurrency, especially if there is a fiduciary duty owed to beneficiaries to prudently invest assets.  Without specific language, a trust or other entity will not be able to hold cryptocurrency, but if that language is written too broadly, the fiduciary may be exempt from damages due to willful neglect. Also, cryptocurrency is treated as property rather than as currency by tax authorities for tax purposes meaning that the fair market value is set by conversion into the taxing authority’s currently, that is U.S. dollars for the IRS, at “a reasonable exchange rate” and transactions involving cryptocurrency are subject to the capital gains tax regulations. This can result in the cryptocurrency being taxed at one value in one country and another value in another country. 

On top of all this, care needs to be taken to preserve the benefits of cryptocurrency. Cryptocurrency is highly secure, but that security is in jeopardy if the private key or seed phrase is carelessly recorded. With the right private key or seed phrase, anyone can access the cryptocurrency, so planning and procedures have to include how to secure this information. Like cash, cryptocurrency is not traceable. There is no electronic or paper trail linking the parties together in a transaction involving cryptocurrency. To preserve that privacy, you will need to plan that other documentation in the transaction does not reveal these identities, or at least that information is privileged. Shorter transfer delay and lower costs. Unlike hard currency, transferring cryptocurrency takes only moments and there are few, if any, transfer costs. 

So, what to do? First, educate your estate planner and family about any blockchain based assets, especially cryptocurrency, you own. If the value of those assets exceeds $10,000, and the assets are in custody with a fiduciary or institution that is “offshore” Make sure that you are also reporting that investment annually and that the custodian that holds the assets has the capacity to invest the time and effort required to comply with the myriad changes as they occur.

As a fourth generation estate attorney and managing partner of Erskine & Erskine LLC, I provide creative estate and strategic tax planning for business owners,

As a fourth generation estate attorney and managing partner of Erskine & Erskine LLC, I provide creative estate and strategic tax planning for business owners, collectors, and their families.My true passion is customized planning for collections as well as legacy real estate and family businesses. A love for history and the law drive me to achieve the objectives of security, satisfaction, and growth. Counseling families since 1876, our firm has provided me great perspective in this area of law. Utilizing tools like personal trusts, dynasty trusts, private foundations, and family offices is our specialty. Based in the Worcester, Massachusetts area, I am an active member of the American Antiquarian Society, Worcester Economics Club, and the John J. Kittredge Numismatic Foundation. A Lawrence Academy alumnus, I received my B.A. in Medieval History from Carleton College, and J.D. from Suffolk University Law School.

Bitcoin and cryptocurrencies captured our rapt attention with their amazing gains, creating newly minted millionaires and billionaires. There’s also talk about the volatility associated with buying digital assets and the recent sell-off in Bitcoin, along with other coins. What’s left out of the conversation is the dire need for top talent to work at these fast-growing companies. 

The U.S. economy and job market have roared back to life. Businesses—ranging from small mom-and-pop restaurants to investment banks—are engaged in a heated war for talent. Companies complain that they can’t keep up with customer demands and find enough suitable workers to satiate their needs.  

The lack of experienced talent is particularly problematic within the turbo-charged crypto community. The exchanges need highly specialized professionals, such as software engineers, compliance, legal, risk management, marketing, sales and recruiting personnel to manage, scale their businesses and deal with the anticipatory tighter regulations and government oversight.

According to Bloomberg, crypto firms are finding it tough to find the appropriately skilled candidates for thousands of open roles across the world. This sector faces a number of challenges recruiting people. Since it's still an emerging area, there aren’t large numbers of job seekers with five or 10 years of relevant experience for the specific nature of most of the job openings. 

Some people are enamored with the space, but there is an equal—or larger—number of potential candidates that shy away from the crypto field. They are afraid of the unknown, concerned about career safety and would rather pursue more traditional roles. 

With cryptos going mainstream, there is now intense competition from major banks, investment banks, hedge funds, FinTechs and all sorts of other financial institutions. Apple, Facebook, Square, Tesla, MicroStrategy and other tech companies are looking to get in—or already are in—on the action. Even the country of El Salvador got in on the game, making Bitcoin legal tender. A large number of job openings seek software developers and engineers, and these folks are in high demand everywhere.

Frederick "Fred" Ernest Ehrsam III is an American business executive and investor who is the cofounder and managing partner of cryptocurrency investment firm Paradigm. He is also the cofounder of cryptocurrency exchange Coinbase. In an interview with Bloomberg, Ehrsam contends that the crypto industry has the potential to create as many or more jobs than the internet. 

A quick search on both Indeed and LinkedIn’s job boards shows thousands of listings for roles related to “bitcoin,” “cryptocurrency” and “blockchain.” Writer Sarah Butcher, in a piece for eFinancial, shares some crypto companies that are aggressively hiring.

Coinbase, the U.S.-based cryptocurrency exchange that recently went public, has been hiring from investment banks, like HSBC, Barclays and JPMorgan. At the end of last year, Coinbase employed 1,249 people globally. It plans to keep hiring “meaningfully" and currently has around 183 jobs open globally, including 26 for recruiters. 

Binance is one of the world’s largest cryptocurrency exchanges. Founded by Changpeng Zhao, a former head of Tradebook futures development at Bloomberg, Binance is currently advertising over 350 jobs globally. The job listings include software developers, data scientists, compliance, legal, marketing sales and human resources professionals around the world.

"We are hiring aggressively," Zhao, Binance CEO, told Bloomberg. He said, "We see the industry growing exponentially on a year-to-year basis, and we need to scale our team to cope with it," Zhao added, "We are a geo-equal-opportunity employer. We don't mind where people are, as long as they produce results." 

Blockchain.com runs a crypto exchange and says it's "rebuilding finance from the bottom up"  and is the "easiest and most powerful crypto wallet." The company has about 40 open headcounts, which could be based remotely. The jobs include low-latency developers, commonly found at high-frequency trading firms, data scientists, data analysts, quant developers, traders and even someone to work in M&A. 

BlockFi is a crypto-management platform that offers cryptocurrency trading, pays interest on cryptocurrencies and offers loans with crypto as collateral. It's currently hiring 100 people internationally, including both in-office and remote options.

Grayscale Investments, a crypto asset manager based in Stamford, Connecticut, seeks 15 people. The listings include positions for engineers and ETF professionals.

Anchorage Digital, the first federally chartered digital asset bank, has about 50 job openings globally, seeking traders, engineers and risk and compliance professionals. 

Gemini, the crypto exchange founded by the Winklevoss twins, has plans to increase hiring in Singapore. Crypto.com, based in Hong Kong, has over 200 openings—with more than half of them based in Asia.

To fight the war for talent, crypto firms are upping the compensation, promoting remote-work options across the globe and offering other incentives to entice people to join their companies.

I am a CEO, founder, and executive recruiter at one of the oldest and largest global search firms in my area of expertise, and have personally placed thousands of

I am a CEO, founder, and executive recruiter at one of the oldest and largest global search firms in my area of expertise, and have personally placed thousands of professionals with top-tier companies over the last 20-plus years. I am passionate about advocating for job seekers. In doing so, I have founded a start-up company, WeCruitr, where our mission is to make the job search more humane and enjoyable. As a proponent of career growth, I am excited to share my insider interviewing tips and career advancement secrets with you in an honest, straightforward, no-nonsense and entertaining manner. My career advice will cover everything you need to know, including helping you decide if you really should seek out a new opportunity, whether you are leaving for the wrong reasons, proven successful interviewing techniques, negotiating a salary and accepting an offer and a real-world understanding of how the hiring process actually works. My articles come from an experienced recruiter’s insider perspective.

What do you give a middle-aged pop star who seemingly has everything? If you are the government of Senegal, you give him permission to build his own city. You also give him the go-ahead to power the economy of that city entirely with cryptocurrency. Sound far-fetched? It's not. Akon (Aliaune Damala Bouga Time Puru Nacka Lu Lu Lu Badara Akon Thiam), the 46-year-old Senegalese American singer and producer has been working on plans to build Akon City for several years. He just received government clearance to begin working on the project utilizing some 2,000 acres of land just outside of Dakar. Once Akon City is ready to begin receiving visitors, it will be marketed as a sustainable ecotourism destination.Powering Akon City's economy will be Akon's very own cryptocurrency, known as Akoin. Cointelegraph reports that Akoin will be "at the center of transactional life" and likely the only currency tourists will be able to spend inside the city. However, that remains to be seen. Indeed, a lot of what Akon promises with his new city remains to be seen.Crypto's sustainability problem Sustainability and environmental friendliness are the name of the game in Akon City. The singer and his partners absolutely want the city to be a model of sustainability throughout Africa. As such, the city will focus on sustainability in everything from renewable energy to transportation. And yet, there seems to be a slight problem: cryptocurrency has a sustainability problem.If you know anything about Bitcoin, you know that mining it requires tremendous energy resources. According to the Bitcoin Energy Consumption Index, Bitcoin miners consume more than 51 TWh of electricity every year. Electric consumption is expected to jump above 73 TWh annually in the very near future.If those numbers do not mean much to you, try this one: the amount of power consumed while processing just a single Bitcoin transaction is enough to power 22 American homes for a single day. Now do you understand the scale we are talking about here?All of the cryptocurrency mining going on in the world right now consumes a ton of electricity. Producing that electricity consumes natural resources like oil and gas. It also produces CO2 when those fossil fuels are burned. This does not work well when your goal is to be as environmentally friendly and sustainable as possible.Akon City is destined to become Africa's first certified Leadership in Energy and Environmental Design (LEED) city. Still, no one is quite sure how Akoin will power the city's economy without hampering efforts to be eco-friendly and sustainable.The carbon credit solution There is no way to get around the excessive power needs that come with cryptocurrency mining. The nature of blockchain simply demands too much raw computing power. Having said that, environmental activists have proposed a way of making cryptocurrencies more sustainable. They propose offsetting crypto's energy consumption with carbon credits.A carbon credit is essentially a permit allowing a business to produce so much carbon dioxide. The credits are purchased from issuing agencies who then ostensibly turn around and use the money to offset carbon emissions by planting trees, investing in renewable energy, etc. Carbon credits and offsets are not mandatory anywhere in the world yet, but that might change in the future.Imagine Akon City buying a massive amount of carbon credits in order to have permission to run the city on Akoin. They could use some of the money raised by those credits to fund their own renewable energy solutions. Though it would be circular investing, it would allow the city to say that its cryptocurrency is more sustainable than, say, Bitcoin.The city could also sell any excess credits it did not need, increasing revenue that could be put into infrastructure and services. All the while, Akoin would be the currency that makes the city run. Tourists planning a visit would purchase Akoin on a cryptocurrency exchange, spend whatever they want in the city, then convert whatever remains back to fiat or another crypto.The question is whether or not carbon credits would be enough to offset all of the unsustainable activities going on in Akon City. It is a legitimate question that will have no answer until the city is up and running. But knowing what we know about the laws of physics, chemistry and human behavior, there is reason to believe that Akon City will not be as sustainable and eco-friendly as its planners hope.Daily life with Akoin For the remainder of this post, we will set aside Akon City's environmental and sustainable goals and concentrate only on daily life with Akoin. This is an important exercise inasmuch as the world is inevitably heading in the direction of totally eliminating all cash. At some point, we will all be conducting our daily business exclusively with digital currencies.You may be of the opinion that the future belongs to private cryptocurrencies like Bitcoin. On the other hand, you might be sold on the idea of central bank distributed currencies replacing what we now know as fiat. What the digital currencies of the future look like is less important than the fact that we will all be using them sooner or later. There is fast coming a day when cash is extinct.If Akon City has enough infrastructure and buildings in place to start welcoming tourists five years from now, they could very well be the first legally recognized municipality with an economy that runs entirely on cryptocurrency. Let us imagine what that might be like.A wallet on your phone The first thing you need if you intend to transact business with cryptocurrency is a wallet. No, not a leather wallet embossed with your initials. You need a digital wallet capable of holding your digital coins. Those of us who possess Bitcoin even now do so with digital wallets. Some Bitcoin holders use online wallets while others keep their wallets on their computers or mobile devices.In Akon City, wallets will be utilized on cell phones. There doesn't seem to be any way around it. A digital wallet will have to be mobile to enable you to pay for things at various merchants around town. You cannot very well carry your laptop computer everywhere you go, so that leaves your phone.It is theoretically possible that city planners could come up with a purpose-built hardware device similar to a USB flash drive but doing so seems completely unnecessary when smartphones will do the job adequately enough. Thus, it is highly likely that the phone will become the payment vehicle of necessity in Akon City.Pay by swiping Imagine you are lucky enough to be hired as an Akon City employee. You get paid in Akoin every two weeks. When it's time to buy something at a local store, making payment is as simple as swiping your phone. You are not fumbling around trying to retrieve a plastic card or count coins at the cash register.Truth be told, you might not even have to swipe your phone to pay. You might just have to hold your phone close to a payment terminal so that the two can communicate with one another. The terminal would initiate a transaction requesting your phone push coin from your wallet to the merchant's. The entire thing takes less than a second.You may decide to help a family member who is facing tough financial times. Rather than handing that family member cash or writing a check, you pull out your phone and transfer some Akoin to his wallet. He immediately has access to the money. He doesn't have to go to the bank or run down to his local MoneyGram outlet.No more chargebacks Akoin payments will also be quite different from the merchant's perspective. For example, merchants will no longer be subject to chargebacks and the expense that comes with them. Why? Because chargebacks are impossible with immutable cryptocurrencies. Immutability is one of the hallmarks of cryptocurrency security.The principle of immutability dictates that transactions, once verified and added to the blockchain, cannot be modified or deleted. A verified transaction becomes a permanent transaction that will forever remain in the record. That means there can be no chargebacks even if customers are unhappy and are demanding a refund.Needless to say that eliminating chargebacks is a huge benefit to merchants. Under our current financial system, merchants are always at a disadvantage when embroiled in disputes with customers. Their disadvantage is the result of credit card companies and payment processors taking the customer's side regardless of who is right or wrong. Customers get their money back and merchants get the privilege of paying a fee for the chargeback.Eliminating chargebacks levels the playing field for merchants. Because they do not have credit card companies and payment processors standing over their shoulders and forcing them to offer a refund, merchants are free to work with each unhappy customer on an individual basis. This allows them to find creative ways to solve problems without suffering economic loss.Completion of Akon City is expected to take between 50 and 100 years. Akon himself is unlikely to live long enough to see it finished. Once fully operational, the city should be a shining example of what future cities will look like. At the heart of it all will be an economy powered by cryptocurrency. That is pretty amazing.Byline: This article was published by Henry. About: I'm a bitcoin advocate and admin of Coinbet.com. Next article: What is the difference between stablecoins and CBDCs?Why real-world utility is the Holy Grail of cryptocurrency27/01/2020Cryptocurrency enthusiasts talk frequently of real-world utility. They... What if cash were new and cryptocurrency old?26/01/2020Cryptocurrency takes a lot of heat from people who don't like it. But ... Create a crypto, build a city from scratch25/01/2020Imagine a futuristic city built around the principles of sustainabilit... What is the difference between stablecoins and CBDCs?21/01/2020As cryptocurrency has evolved, we have witnessed the emergence of stab... Could Bitcoin prove a wartime safe haven?19/01/2020It wasn't long ago that the crypto community was discussing Bitcoin as... Akoin Akoin

Soups Ranjan, director of data science and risk at Coinbase, has left the cryptocurrency exchange after three and a half years.Ranjan announced his departure Thursday in a tweet and a lengthy blog post, in which he wrote:“Last week marked the end of my tour of duties at Coinbase where I built many systems and teams from ground up (data, risk, tools, identity). It was an exhilarating three and half years and Coinbase is quite a rocket-ship that I am immensely grateful to have had a front row seat on.”He added that at Coinbase, he started to enjoy “building things from scratch” and suggested that readers “stay tuned” to his next move.Ranjan is on the board of directors of RiskSalon, a monthly roundtable on risk management based in San Francisco Bay Area, which he co-founded with Nate Kugland, data science manager at Airbnb. It’s unclear if he has made any decision about his next career move.It’s also unclear whether Coinbase has filled his position, or intends to. Neither Ranjan nor Coinbase responded to request for comments at press time.Reacting to Ranjan’s announcement, Linda Xie, a former Coinbase manager and the co-founder and managing director of Scalar Capital, tweeted: “End of an era! It was such a pleasure getting to work closely together over the years.”According to Ranjan’s own account, at Coinbase he supervised the risk team,  building security features for users’ accounts, tools “to streamline workflows for legal, compliance, accounting teams” and managing identity verification and know-your-customer (KYC) integration. He also led the data science team working to automate Coinbase’s processes for identity and anti-fraud checks.In his farewell post, Ranjan noted that in the beginning, Coinbase had had “a pretty hard payment fraud problem due to the instant and irreversible nature of cryptocurrencies,” so he and his team developed a system of users’ risk scores and machine-learning-based mechanisms detecting if a customer “is using a stolen payment instrument to purchase cryptocurrencies.”Another accomplishment he listed was the introduction of step-up authentication at Coinbase, when users need to produce additional proof they are who they say they are to sign in when there is a risk of account takeover.He also recalled problems Coinbase ran into during bitcoin’s unprecedented rally in December 2017:“During the crypto bull run of 2017, we had huge backlogs in Identity document verification. We had to turn away several customers. We quickly overhauled our verification infrastructure and went from a fully manual process to one where an automated system does a first pass at annotating and validating IDs followed by a fallback to the manual process.”Ranjan thanked his supervisors and colleagues and Coinbase, noting that it became a kind of “crypto university,” whose alumni gain enough knowledge to start something new and share their expertise with the community.For more updates on who’s going where in the world of blockchains and cryptocurrency, follow @CoinDeskMovers on Twitter and join the CoinDesk Movers and Shakers LinkedIn group.The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Albert Isola, Gibraltar’s Minister for Financial Services and Gaming, spends a lot of time thinking about blockchain. That’s because over the past few years, Gibraltar has been trying to become something of a hotspot for crypto commerce in Europe; Isola’s charge is to oversee regulation without stifling growth.

Officially, Gibraltar is an overseas territory of the United Kingdom, much like Turks and Caicos or Bermuda. But Gibraltar is unique among these British territories in that it’s in continental Europe, at the southernmost tip of the Iberian Peninsula. It has its own currency—the Gibraltar pound—which is exchangeable with the British pound, but technically distinct. And its government, though very much partnered with the UK’s, is its own entity.

In an interview on the Decrypt Daily podcast yesterday, Isola offered a glimpse into more of his thinking on blockchain and elaborated on some of his plans to turn Gibraltar into a haven for blockchain users. 

“There is a whole string of different reasons as to why we would want to engage with digital currencies,” said Isola. “It's not so much a burning need to have an alternative currency, but more wanting to encourage innovation, fully understanding that innovation can only happen if it comes within some form of regulatory framework.”

Isola explained that the Gibraltarian government is setting up blockchain education plans to spread the gospel. “We have set up courses, hand in hand with private sector firms,” he said, “to leverage their expertise at our teaching establishments, like our university, in furthering education and knowledge and research in the blockchain space.”

Isola also spoke about some of the unique challenges Gibraltar faces as a British territory. He explained that the government’s small size gives it a unique opportunity. “All small territories like ours have to be agile,” he said. “And the agility is what gives us the ability to provide niche markets, and be good at them better than some of the larger jurisdictions.”

Agility, in this context, means taking advantage of Gibraltar’s size and encouraging companies to come in and start working with crypto. Isola said the government has already shepherded 15 companies into the blockchain space in the territory, and that 10 more are currently applying to operate from Gibraltar. This doesn’t feel like a big deal, until you consider that there are only 34,000 people living in Gibraltar.

Asked about Bitcoin’s recent surge and what it might mean for the future of crypto adoption, Isola was optimistic: “I believe that there will be greater and greater adoption...as it becomes more and more regulated, and international standards are applied to its usage in the future.”

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Soups Ranjan, director of data science and risk at Coinbase, has left the cryptocurrency exchange after three and a half years.Ranjan announced his departure Thursday in a tweet and a lengthy blog post, in which he wrote:“Last week marked the end of my tour of duties at Coinbase where I built many systems and teams from ground up (data, risk, tools, identity). It was an exhilarating three and half years and Coinbase is quite a rocket-ship that I am immensely grateful to have had a front row seat on”He added that at Coinbase, he started to enjoy “building things from scratch” and suggested that readers “stay tuned” to his next move.Ranjan is on the board of directors of RiskSalon, a monthly roundtable on risk management based in San Francisco Bay Area, which he co-founded with Nate Kugland, data science manager at Airbnb. It’s unclear if he has made any decision about his next career move.It’s also unclear whether Coinbase has filled his position, or intends to. Neither Ranjan nor Coinbase responded to request for comments at press time.Reacting to Ranjan’s announcement, Linda Xie, a former Coinbase manager and the co-founder and managing director of Scalar Capital, tweeted: “End of an era! It was such a pleasure getting to work closely together over the years.”According to Ranjan’s own account, at Coinbase he supervised the risk team,  building security features for users’ accounts, tools “to streamline workflows for legal, compliance, accounting teams” and managing identity verification and know-your-customer (KYC) integration. He also led the data science team working to automate Coinbase’s processes for identity and anti-fraud checks.In his farewell post, Ranjan noted that in the beginning, Coinbase had had “a pretty hard payment fraud problem due to the instant and irreversible nature of cryptocurrencies,” so he and his team developed a system of users’ risk scores and machine-learning-based mechanisms detecting if a customer “is using a stolen payment instrument to purchase cryptocurrencies.”Another accomplishment he listed was the introduction of step-up authentication at Coinbase, when users need to produce additional proof they are who they say they are to sign in when there is a risk of account takeover.He also recalled problems Coinbase ran into during bitcoin’s unprecedented rally in December 2017:“During the crypto bull run of 2017, we had huge backlogs in Identity document verification. We had to turn away several customers. We quickly overhauled our verification infrastructure and went from a fully manual process to one where an automated system does a first pass at annotating and validating IDs followed by a fallback to the manual process.”Ranjan thanked his supervisors and colleagues and Coinbase, noting that it became a kind of “crypto university,” whose alumni gain enough knowledge to start something new and share their expertise with the community.For more updates on who’s going where in the world of blockchains and cryptocurrency, follow @CoinDeskMovers on Twitter and join the CoinDesk Movers and Shakers LinkedIn group.

Blockchain technology and cryptocurrencies have long been slated as tools that can be used to create new sources of value. In the past, we have seen examples of this in financial trading, data collection and application building. More recently, various forms of blockchain tech have been making a splash in cultural spheres: NFTs took the art world by storm earlier this year. Now, the conversation is shifting toward gaming.

A growing number of blockchain researchers, analysts and startup companies are working on developing video games that are equipped with the technological capabilities to support functioning secondary economies. In-game currencies are being reinvented as blockchain tokens: imagine that your wealth in a virtual world could translate into wealth in real life.

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Samson Mow is the Chief Executive of Pixelmatic, a social mobile game development company that is currently developing Infinite Fleet, a video game that will operate with INF, an in-game blockchain token. Additionally, Pixelmatic is holding a security token offering to fund the development of the game.

Moreover, Samson is the Chief Strategy Officer of blockchain technology provider, Blockstream, which has contributed to the development of Bitcoin’s Lightning network. In addition, Blockstream is responsible for the development of the Liquid network.

We spoke with Samson about the intersection of the work that Pixelmatic and Blockstream are doing to create functioning economies in virtual worlds. Samson also spoke in-depth about Bitcoin’s status as digital cash, the Lightning Network, and Coinbase’s recent public offering.

This text is an excerpt that primarily focuses on Samson’s thoughts about virtual economies. To hear Finance Magnates’ full interview with Samson Mow, visit us on Soundcloud or Youtube.

Samson explained that Infinite Fleet, Pixelmatic’s new massive multiplayer online (MMO) game, is leveraging crypto technology in two important ways.

First of all, the game is fundraising with a security token. “This is a token issued in the Liquid Network,” which is a sidechain-based settlement network that was developed on the Blockstream Amp platform. “Amp is a management platform to control the tokens in Liquid Network and add a layer of permissions onto them so that you can have things like securities,” Samson explained.

“We have transaction restrictions, dividend payouts and all sorts of things that basically allow for the recreation of a financial system on top of Bitcoin-based technology,” he continued.

Infinite Fleet players can purchase the security token, called the EXO token, and ‘effectively be investors’ in the game’s development. “So, if you’re going to make a decision to invest years of your life, most MMO players play for two years if not more, you can also own a piece of equity” in the game.

The EXO token “will pay out 20 percent of the profits not only from Infinite Fleet but also from subsequent games that are published by the publisher, Exordium.”

This equity-ownership model “is a very new paradigm,” Samson explained. “We haven’t seen many games try this yet, and much less in a tokenized format. So, we’re one of the forerunners of that.”

In addition to the security token, Infinite Fleet will also operate with the INF token, another crypto asset token that exists in the Liquid Network.

“Unlike the EXO security token, this is a pure utility,” Samson said. “It can’t be bought. We’re not selling this token, so it’s not an ICO or anything like that.” Instead, “we’re simply replacing the game currency.”

“If you take World of Warcraft as an example, you would be replacing World of Warcraft gold with a crypto asset,” he continued. “Our goal for that is to have a more open economy where players can freely use this game currency: they can take it out of the game, they can use it for other purposes (you could potentially buy someone a coffee with this token down the road), and you can also have peer-to-peer trade of your assets in the game.”

In Infinite Fleet, these in-game assets are spaceships. “These ships are all non-fungible tokens (NFTs),” Samson said.

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“We pondered the decisions to make the ships into NFTs for a long time,” he said. “We weren’t sure if we were going to go that route, but in the end, we decided that we needed to because the NFTs and the INF token both live on the Liquid blockchain.”

Because both of these assets exist on the same blockchain, “players can perform what we call ‘atomic swaps,’” Samson explained. “These are trades that are ‘trustless’. There is zero counterparty risk.”

“So, if you want to buy my ship and you have the INF token, we can construct a transaction that only executes if both of us sign off on the agreed terms.”

In essence, “you’re reducing the amount of complexity and need for trust and risk for players. In the past, if you were playing an MMO game like World of Warcraft, and you wanted to buy gold from a gold farmer, you would have had to send the money first, and the gold farmer may or may not deliver the products. It could be a scam.”

“So, this is a way to understand and embrace the fact that game users are going to develop secondary economies and give them a more open platform to enjoy and augment their game experience. In a way, what we’re doing is kind of a precursor to ‘Ready Player One,’” Samson said, referencing the 2018 film directed by Steven Spielberg.

For example, “you can play the game, invest your time, level up a ship, and then trade that ship for INF with another player.” Players could also potentially earn passive income through building and operating “space stations” and other services in the game.

What could the future of these virtual economies look like?

“The trend will be to empower the players,” Samson said. He drew a parallel with the growth of the Bitcoin network: “the reason why Bitcoin is so dominant is because it’s the freest money, and the freest money will win.” The term “freest” means that it is “the most permissionless money. You can have custody of the asset yourself. It can be sent across borders. Effectively, it’s ‘unstoppable money.’”

“[…] I think that the same thinking will increasingly apply to the game industry and for digital assets for games,” Samson said. “Right now, if you play Fortnight, and you buy their ‘Vbux’ currency, it’s not portable. You’re locked in. If you don’t spend all of your Vbux, they’re gone.”

Therefore, “you have this problem where you play games, you buy currencies from the games, and you have these residuals that are locked up. So, our thinking is that we just want to open it all up: you can freely move it, you can do what you want with it, you can trade peer-to-peer with other players, and make it a more welcoming and open experience.”

NFTs could also continue to play an increasingly important role in gaming, perhaps more so than in other industries.

For example, “for the art industry, NFTs are an interesting tool that artists can use to establish closer relationships with their supporters and fans: they can sell something directly to a purveyor of art; they can fractionalize their artwork. But, I think the real frontier for NFTs is the game industry.”

“It’s going to be the more disruptive startups, like Pixelmatic, that push this concept forward,” he said, adding that the PIxelmatic team is operating with a high level of understanding of blockchain technology. “Bigger incumbents, like EA or Activision. They’re not going to touch this.”

Why not? “They’re so entrenched in their existing business models,” Samson said. “Why would they give up revenue? Why would they allow players to have a secondary economy when they can just keep selling players stuff that is not portable and locked into their own ecosystems?”

“NFTs give players a much broader range of reach,” Samson explained. “They can trade items more freely, and you can have those peer-to-peer economies.”

However, simply adding the NFT concept to the gaming industry does not necessarily change anything about the gaming world. “The key thing here is that the technology should enable new use cases,” Samson said. “If you just make an NFT, and there’s no way for players to trade it freely, then there’s no point. It’s just a collectible. It wouldn’t really matter if it was or was not an NFT.”

“That’s why I think games that enable player-to-player trade, like online MMO games, are the perfect venue for applying this technology.”

We covered a lot of ground in this interview, including Samson’s thoughts about Bitcoin as digital cash, the Lightning Network, and Coinbase’s recent public offering. This text is an excerpt. To hear Finance Magnates’ full interview with Samson Mow, visit us on Soundcloud or Youtube.