Category Archives: Blogs

What Are Fan Tokens?

What Are Fan Tokens
What Are Fan Tokens

What Are Fan Tokens?

 
The rise in cryptocurrencies and digital assets has permeated many industries across the globe over the past few years. No longer are they utilized only in business, too, as they’ve also entered into the world of sport and sports memorabilia.
 
From NFTs featuring basketball players in action in the NBA to the rise of the fan token, which are bringing supporters of various sports teams closer to their favorite clubs. The world of assets built on the blockchain is more popular than ever.
 

But what are fan tokens?

 
While people may see the tokens as NFTs, that’s not strictly the case. Owners of Non-Fungible Tokens have ownership rights of their items by digital copyright. They cannot be exchanged or used to access other items or services, whereas fan tokens are interchangeable. While the token owner has his own uniquely identifiable digital token branded in the colors of his favorite club, owners can also use them to access exclusive product lines or services from the club they represent.
 

Fan token benefits

 
Aside from the monetary value, and the memorabilia aspect, we’ve already touched upon token ownership as allowing access to other items. But what are they? The added value to some of the offerings includes access to VIP experiences, free match tickets, and voting on club surveys. These votes can range from naming new facilities, kit designs, celebration songs, and more. Schemes such as these also open the doors for a new type of membership, where token owners become a community of the most devoted fans. It’s opening a new level of engagement between the clubs and their most significant group of stakeholders, the fans, than ever before, which is a huge attraction for sports lovers.
 

Can they be traded?

 
Yes, investors or fans can purchase and trade them in the same way as other digital assets. However, when selling fan tokens, the seller determines the price of their property, but even that is subject to change based on the popularity of the token and the market value at the time. This can vary, and due to their limited availability, the value of the fan token is more often influenced by ongoing matters at their associated organization. For instance, when the French soccer club Paris St Germain was about to sign Lionel Messi last summer, Reuters reported a rise in the PSG fan token value by 130%.
 

How would I go about buying them?

 
Fan tokens like those from Socios are bought through an app with $SCHZ (Chiliz), the application’s native currency. Chiliz are an ERC20 utility token secured on the Ethereum blockchain and can be independently traded. However, as they’re purchased through the app to exchange for fan tokens in this instance, you don’t need to worry about choosing a wallet for your crypto?
 
Fan tokens are on the rise. They’ve had a groundswell of interest throughout the last year, and many analysts expect further growth in 2022. However, like with any investment, there is no way to know for sure which way the market will go. Still, we hope this article has helped you to understand more about the fan token and assist you in deciding if it’s something you’d like to get involved with.
 
 
Exclusively written for yadawallets.com by Jamie Baxter

Pump-and-Dump Schemes Revealed

Pump and Dump schemes revealed
Pump and Dump schemes revealed

Pump-and-Dump Schemes Revealed

What stands for Pump-and-Dump Scheme?

Pump-and-dump schemes are a part of the securities market, and there is nothing to do with that except avoid them skillfully.  

It happens when a group of traders spreads puzzling or false information to impact the asset’s price before selling off their shares at a much higher price. 

That’s when regular investors can lose their money, and it mostly happens when buyers don’t know much about a coin and are tempted by online promotions.

So, “pump” means a stock market fraud that involves artificially inflating a stock price with fake, misleading, or inflated price claims. As for “dump”, it’s a high price received by those who began the crypto talk to raise the price.

Likely, a new stock owner will lose a prominent percentage of their investment since the stock price will suddenly drop.

These schemes are usually focused on small-capitalization companies as they are easy to deal with and do not need a big number of new buyers to drive a stock higher.

If we’re talking about the law, it’s surely forbidden — “To gain money or property by means of any inaccurate statement of a substantial fact or any failure to state a significant truth,” according to The Securities Act of 1933.

But once it concerns crypto, there is no such regulation still. But that’s definitely a gap that should be fulfilled sooner or later. 

How to uncover the scheme

In the past, scammers just loved using cold calling to set up Pump and Dump webs for traders. But that’s not an option anymore, as we have the Internet, we have even more varieties starting with sending emails, spam, and spreading fake news, of course.

Those bad actors send out emails on the Internet forcing investors to buy stock as quickly as possible, assuring that they have exclusive inside information about an impending stock price increase. When traders fall for the bait, the scammers sell their assets immediately, causing the price to skyrocket and new investors to lose their money forever.

Most famous Pumps-and-Dumps cases

The ‘traditional’ Pump and Dump system

The strategy goes around misrepresenting facts about a firm and its activities. It can involve stock presentations over the phone, fake news releases, and the distribution of “inside” information that might influence the asset’s price and force investors to buy it impulsively.

Pump and dump in the boiler room

A boiler room is a small business intermediary with some brokers that use deceptive sales tactics to sell investors high-risk assets. Those dishonest brokers sell cheap stocks that the firm buys or sells as a market maker over the phone. To make their stock higher, brokers in the Boiler Room must sell as many shares as possible. The corporation sells its shares for a benefit as soon as the price goes up.

A “Wrong Number” strategy has been devised

This one is relatively new, and it works by delivering voice messages to those who provide investment advice to a “friend.” If a person who receives the message believes it happened to him by chance, they may fall into the trap by buying the stock suggested by the “UNfriendly advice.”

A phishing scam

A phishing scam asks for your personal information using a link or website that looks like it came from an official source. For instance, if you hold your crypto assets at Binance, you might get an email looking like a Binance recourse that will ask for your login information due to a recent security breach or some other type of urgent matter. Such requests can look absolutely legitimate, so you’ll want to click on a link or respond to these types of requests giving such info as a username and alike.

Ways to avoid scam

Forewarned is forearmed, as the saying goes. So, what’s the best way to stay aside and not be involved in all those schemes above?

Focusing on equities listed on well-known exchanges is a nice thing to avoid a pump-and-dump scheme in the stock market. Why is it so? The matter is that such exchanges have strict listing rules and do not allow pump-and-dump schemes to occur. You’re safe once you stick to well-known and widely used cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) and well-known exchanges like Coinbase, Binance, SimpleSwap, etc. Most exchanges display all of an asset’s orders and the order history. It’s also a yummy piece for fraudsters since they use emails, direct messaging, social media, and phone calls to contact their victims to get money from them by pumping the stock.

First and foremost, don’t neglect the DYOR notion since anyone who knows how to code may easily mint new tokens. If you find a new currency that promises you a fortune, do your homework to avoid pump-and-dump schemes. If it’s an ICO (initial coin offering), the currency should have a clear “white paper” that contains proper information about it.

FOMO is no good; cryptocurrency is still poignant, but it’s also risky – there are a lot of fraudsters out there, and they know you’re anxious for cash. That’s why the bad guys are employing a unique strategy to influence your decision to invest in cryptocurrencies.

Scammers may be hiding on your favorite social media platforms, such as Discord, Twitter, Instagram, Telegram, and alike. Be reasonably skeptical of anyone who starts promoting a freshly issued token; there’s a good chance they’re imposing a fraud.

Be also skeptical of crypto influencers you follow who frequently discuss cryptocurrencies but then, out of nowhere, start advertising a token. Find a real, trusty specialist if you need any financial help.

If the token is still available but the project’s development looks frozen, it’s best to stay away. Pay attention if the project you’re interested in has a clear objective, claims realistic advantages and perks, has a neat roadmap, or is linked to prior bad actors, these are all warning signs.

It is also crucial to have a secure place where you can store all your crypto assets. Use trustworthy, secure, and self-custodial wallets, such as SimpleHold.io, Metamask, and alike. It might be a good idea to avoid using custodial ones. 

There are some specially built programs that detect and reveal such dishonest schemes. Have a look at  Crypto Pump Detector Bot, for example. It can help you to protect yourself.

And finally, remember the golden rule: “Don’t invest more than you’re willing to lose.” You should be aware of the idea that if you make an investing error, you will lose all your holdings.

Bottom line

A pump-and-dump scam is a kind of a necessary evil. It’s a reverse side of the finance sector. Someone earns and someone loses. Fraud and its various faces are common, so there is no need to cry over spilled milk, but it’s better you must be equipped with information and tools that will help you keep the crypto safe and secure. Have a try using a SimpleHold wallet as your everyday crypto-wallet and be safe of the crypto you keep! If you follow the advice we’ve given you here, you’ll be able to avoid the pump-and-dump scams that are popping up all over the place.

Written by: SimpleHold wallet.

10 Best Klaytn wallets for 2022

10 best klaytn wallets
10 best klaytn wallets

10 Best Klaytn wallets for 2022

The Klaytn blockchain is a project started by the huge Korean company Kakao.  Kakao plans to run some of its business on this new public blockchain. To enjoy this fast new blockchain you of course need a Klaytn wallet. So in this post, we share our 10 best Klaytn wallets for you!

What is Klaytn?

Started by a large public Korean company named Kakao. The Klaytn blockchain stands in the middle of its blockchain ambitions. Services such as a digital bank, Kakaotalk, and Kakao taxi are all services run by Kakao that could/will make use of its new Klaytn blockchain. On top of the fact that anyone else can always submit or add Dapps to their public blockchain as well. The blockchain supports a full set of features similar to Ethereum but with more scaling building from the start.  In this post, we will go over the best 10 wallets for the Klaytn blockchain. But it is important to tell you that the Klaytn blockchain is EVM compatible. This means that you can add it manually to many EVM wallets like Metamask. We have already written a post about how you can do this “How to add Klaytn MetaMask?”. Here you can also find more info about the blockchain itself so check it out now!

But now let’s take a look at the 10 best Klaytn wallets for 2022!

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1. Bitkeep

Founded in Singapore in early 2018, the BitKeep wallet provides a reliable and trusted service for all sorts of crypto users. Including users of the Klaytn blockchain. With more than 5 million users around the world, the Bitkeep wallet has come to our first place for this list. Because of its great design and user-friendly look. With the Bitkeep, users can enjoy the full set of Klaytn features on their blockchain. With things like NFTs, Dapps, and much more running on the chain.  Bitkeep offers features for NFT collectors, crypto traders, and investors alike. With special taps for launchpads, Swaps, and interest-earning Dapps. This way you can enjoy the full potential of the new multi-chain decentralized world.

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2. Kaikas

As a wallet specially made for the Klaytn blockchain the Kaikas wallet finds itself in our number 2 spot on the list. Kaikas comes with a clean design made for the everyday person that wants to safe keep their own Klaytn NFTs. Although the app is very simple it allows collectors of NFTs and NFT gamers to fully enjoy their collection from their phones. This way they can easily show-of their collection to anyone and also use it on-chain whenever they want.

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3. Metamask

The Metamask extension and mobile wallet is one that can not be missed from this list. The very popular crypto wallet lets its users easily connect to any Dapp for the blockchains that the wallet supports. Because Klaytn is an EVM blockchain, you can very easily add it to Metamask. To see how to do so, click here! With Metamask you can easily add custom tokens to your wallet. But also enjoy all the Dapps on-chain. For old (and new) crypto users Metamask can be the right choice if they already are familiar with the wallet. This makes it much easier as you can use Metamask for Ethereum the same as for the Klaytn blockchain. Check out our Metamask review here!

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4. Coinbase Dapp

With the Coinbase (non-custodial) wallet you can add any EVM blockchain, just as with Metamask. The wallet has a great design making it easy for new and old crypto users to get started with the world of blockchains.  With the Wallet extension, you can use hundreds of Dapps, swap tokens on any DEX, earn interest on your cryptocurrencies, and purchase NFTs. The Coinbase wallet extension ensures compatibility with all desktop apps. So you can use one wallet for all the blockchain features. And you don’t have to switch from wallet to wallet.

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5. Klaytn wallet

The Klaytn web wallet is a Klaytn blockchain account management tool that connects to the Klaytn network through any web browser. This Klaytn Wallet was developed by the team to help blockchain application development and was not specifically targeted to serve end-users. However, if you are just getting started with Klaytn and want to try out a wallet to simply send and receive tokens. This wallet could be useful to you. You can add send and receive custom tokens with the wallet. And you always keep the private key stored yourself on your own device.  The Klaytn team recommends that you use this wallet only on the testnet (Baobao). And when you use the Klaytn wallet to manage your assets on the mainnet (Cypress), that you be very careful. Because only you are responsible for the safety of your digital assets.

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6. Brave Browser

The Brave browser gets listed quite often in our lists of wallets. Because the browser has this builtin Metamask like wallet. This makes the browser one of the best ones for crypto users and makes it super easy to get started. No need to search for more wallets when you already use Brave.  Besides the fact that it is easy to use and can connect to any Dapp. It also can bring you some revenue from surfing the web. Because if you turn on your ads in the Brave browser you will receive small amounts of BAT tokens. Which is the ecosystem token of the Brave browser.

Midas protocol wallet

7. Midas

Next on the list, we have the Midas Protocol wallet. This is a multi-crypto mobile wallet that allows users to send, receive, and store their crypto coins and tokens. It allows access to Dapps and both centralized and decentralized exchanges in the same app. With the Midas Protocol wallet, you can access Binance, Biki, OKEX, Kucoin, Changeally, and Totle exchange. But also decentralized DEXes like Kyber and the Binance DEX. With Midas wallet, you can manage your assets in different groups with multiple profiles. This can be perfect for the management of your Defi portfolio. If you like to use Defi then this wallet can be perfect as it can connect to Dapps, making the world of web3 available to you. The wallet is fast and lightweight and works both for iOS and Android.

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8. nBlocks

nBlocks wallet is one of the easiest ways to create an account for the Ethereum, EOS, and Klaytn blockchain networks. In a few seconds, you can log in with your Google account. Making it very accessible for anyone. Although your login with Google, you still hold your own private key as it is stored in different parts, and in different locations. One of these locations is your Google drive.  If staking Klaytn is your way to roll, then this wallet might be one for you. As it allows staking your funds to some of the verified stakers on the Klaytn blockchain.  So you can earn a nice yield on your crypto.

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9. TokenPocket

TokenPocket is by now one of the classic long-standing crypto wallets. With their own token and a constantly growing ecosystem and userbase. They made it once again to one of our lists because of the wallet’s smooth look, and great service overall.  TokenPocket supports many different chains and Dapps within the app, with one of these chains being Klaytn. With already more than 10 million users from around the globe TokenPocket is one of the most popular places for storing crypto. But it is not only limited to storing crypto. You can also use the wallet to bridge between different blockchains and layer 2’s. Or simply use the Dapps on any of these chains. With the world becoming more multi-chain by the day, a wallet like TokenPocket could be ideal for you.

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XDEFI

Also known as the Ethereum killer. The XDEFI non-custodial wallet has also made it to our list. For you as a multi-cryptocurrency user, XDEFI could be the perfect match. With not only support for custom EVM blockchains but also Bitcoin and ThorChain.  On top of the supported blockchains, XDEFI has features for displaying NFTs from all chains in an Instagram-like gallery. This makes it easier to show your NFTs to all your friends. And makes the collecting of them much more fun.  Or swap your tokens cross-chain with swaps over ThorChain. This way you can swap your tokens in an instant without having to pay super-high gas fees all the time. Check out more about XDEFI here!

Klaytn wallets F.A.Q.

Where can I find the official Klaytn wallet?

You can find the official Klaytn wallet on their website. It is however Web-only. Although their official wallet, they do recommend that you only use it for their testnet and you use another one with a better interface for your daily dose of the Klaytn blockchain.

How much does it cost to store Klaytn on these wallets?

Luckily, nothing at all. All the wallets that we have listed above are free to use. So you can enjoy crypto from anywhere at any time! Besides that, almost all crypto wallets come completely free. Except for Hardware wallets.

Where can I safely store my Klaytn?

Sadly we can never really answer this as it depends a lot on you. All the wallets in this blog are non-custodial. Meaning that if you use one of them, you will be responsible for the security (and no one else). So always be careful and make sure that you have a backup of your keys somewhere safe. Plus a good virus scanner and password that protects you from viruses, outsiders, etc. 

Does Klaytn support games?

Yes, the Klaytn blockchain can most definitely support crypto games on top of it. With their latest focus pointing towards the Metaverse. And already many projects building on top of it. Projects like Sheepfarm, Klaycity, Mudol, Jun Meta, and many others. 

What is the current Klaytn price?

We never make price predictions at Yada as that is not our specialty. But you can find the current KLAY token price on websites like CoinmarketCap & CoinGecko.

Does Klaytn have its own native DEX?

Yes, you can swap your token directly on the KlaySwap DEX. Just make sure you have a wallet that can connect to Dapps. We really hope this blog helped you find a place to put your KLAY coins and tokens. But if you prefer a wallet that was not included in our list, you can go to our filter page. Here you can find a wallet for any type of cryptocurrency, NFT, or token. If this blog helped you then don’t forget to check out the others and give us a like and follow on Facebook, Telegram, and Twitter! We also made a great list of the best Avalanche wallets! Check it out here! And the best Harmony One wallets! Check it out here!

10 Best Harmony One wallets for 2022

10 best harmony one wallets
10 best harmony one wallets

10 Best Harmony One wallets for 2022

Last updated on March 21, 2022

To combat the current slow and expensive Ethereum, Harmony One is trying to improve on the old system. By making the blockchain world faster and more interoperable. 

What is Harmony One?

Harmony One is an EVM-compatible (Ethereum Virtual Machine) blockchain network that focuses on scaling and connecting different blockchains. Users of the Harmony blockchain can enjoy high transaction throughput at a low cost. But also trustless bridges from one chain to another. This makes Harmony function as a hub between chains, making the world more interoperable and scalable one block at a time. Because of these facts, the blockchain has seen an increase in popularity and users. With many people asking the question “How to add Harmony to MetaMask?“. So that is why in this article we take a look at the 10 best Harmony One wallets for 2022!

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1. CoinBase wallet

As one of the most used crypto wallets in the world, we give our nr 1 spot to Coinbase. Although the wallet did not always support ONE it has since added the possibility to add your own EVM. Making it a hub for many compatible chains. The Coinbase wallet exists for both web extensions, and for mobile phones. But be aware that it is not the same as the Coinbase (centralized) exchange. Although they hold the same name. With the (non-custodial) wallet only you hold the keys and access to your crypto funds.  Coinbase wallet supports a large variety of different crypto networks, Dapps and NFTs. So if you want to start using the web3 to the fullest with Harmony. Take a look at their product!

metamask harmony one banner

2. Metamask

One of the most used EVM wallets in the world. Metamask works originally as an Ethereum wallet. But these days people use it for many other EVM chains as well. Metamask comes as both a browser extension and a mobile app, making it perfect to connect to your favorite Dapps. Because you can manually add chains to Metamask you can run the Harmony One blockchain and many other smart chains one it in no time. This makes it a perfect ONE wallet for those that make use of multiple blockchains. Adding Harmoney to the Metamask is easy and can be done in no time. To see how to do so check our blog here Have you not heard of Metamask before? Check out our Metamask review here!

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3. Mathwallet

As a long-standing crypto wallet for all sorts of devices and support for hardware wallets. Mathwallet scores quite high on our list. Mathwallets gives you the chance to become the safeguard over your own financial assets. So you never need a bank again. The crypto wallet has many built-in features to support Defi applications and NFTs. Not only for Ethereum or BSC but also for Harmony and many other EVM blockchains.  With a wallet like Math, you can make sure you earn some interest on your crypto or find a suitable DEX. So you can trade all the tokens you want.

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4. Trust Wallet

Trust wallet is the most popular mobile crypto wallet in the world. Not just for Ethereum but also for many other blockchains. And it of course supports Harmony. Because Trust wallet focuses on an easy UI and UX making a super user-friendly environment. The wallet has a smooth look with support for many different blockchains. So if you already use other blockchains, Dapps, or NFTs that you could bridge them from one chain to another from within the crypto wallet. Trust wallet comes with not only strong features and a great design but also a strong team behind it. The project was launched with the backing of Binance. Making it one of the best-funded and fastest crypto storage projects on the market right now.

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5. imToken

Launched in 2016 imToken is one of the multi-chain crypto wallets that has been standing around for some time already. The wallet has support for many different tokens, Dapps and layer 2’s. On top of its build-in Dapp browser.  With imToken you hold the keys, placing you in full control of the tokens/coins and NFTs you hold. So you do not have to put your trust in any other centralized entity for your financials. We have also reviewed this wallet so give it a look now!

guarda wallet banenr

6. Guarda

The Guarda wallet is available for basically any type of platform. This way you can use Guarda to store your, Harmony, everywhere you want. And in your full control. Because Guarda is fully non-custodial. With support for all the big blockchains out there and their tokens.  This makes Guarda a hub for staking, Defi, and much more. Just like Harmony, it supports the whole multi-chain ecosystem from Cardano to Zcash. Plus it supports Touch ID or Face ID to access your crypto storage without having to type the whole password each time.

cobo wallet harmony one

7. Cobo

Cobo is one of the first wallets ever to create POS revenue within the wallet. Enabling users to safely store, use and invest in their crypto assets. Cobo supports multiple tokens, which can be stored safely. Cobo keeps their product up to date, innovating along with the crypto industry.  If you are looking for a fast multi-chain wallet that can sync on different devices, has partnered with blockchains like EOS, ETH, and many more, Cobo might be the right fit for you.

edge wallet harmony one

8. Edge

As a long-standing multi-language and multi-chain wallet. The edge wallet has made it to our list. The wallet works great for all crypto-asset holders and traders alike. Because it supports a large number of digital assets like Bitcoin, Avalanche, Monero, and many more.  The wallet gives 100% of the control to you. Making it so that neither they nor any other 3rd party has access to your cryptocurrencies or wallet data. This way you will stay in control of your financial data and your privacy. Expressing exactly what blockchains set out to do.  If you have not started with crypto but are looking into it you could start with Edge as they give you the option to buy and sell crypto with fiat all from within their app.

frontier harmony

9. Frontier

The Frontier wallet does as its name says. It brings you to the frontier of crypto. Because with Frontier you can enjoy all the benefits of the multi-chain ecosystem. From Defi, NFTs, to blockchain gaming. With over 4000+ crypto assets supported within the wallet, you can store all your digital assets.  If earning interest is your thing you can also use Frontier to stake your coins on-chain and earn a yield on your crypto or stable coins all from one single app. But do remember that with Frontier, like the other wallets in this blog. Only you hold control over your assets making you responsible and in control.

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10. Bitpie

Are you a Bitcoin user? One that likes to use the lightning network? But also enjoys someone that likes Harmony One? Well, then Bitpie might be a great wallet for you. Although the last wallet on our list, Bitpie offers a lot of great features for the non-custodial crypto holder.  With its support for many different blockchains and sidechains. That you can not just transact with but also use for Dapps from within the Bitpie wallet. So wheater you want to trade on PancakeSwap, UniSwap, or just transact fast and quickly over the lightning network. With Bitpie you can do it all.  If you want to learn more about Bitpie? Then check out our Bitpie review here!

Harmony One wallet F.A.Q.

Where can I find the official Harmony One wallet?

You can find the official Harmony One wallet on their website. It is however Web-only, and no longer upgraded as other wallets have integrated with the chain. 

How much does it cost to store ONE  on these wallets?

Nothing at all. All the wallets that we have listed above are free to use. So you can enjoy crypto from anywhere at any time!

Where can I safely store my Harmony One?

Sadly we can not really answer this as it depends a lot on you. All the wallets in this article are non-custodial. Meaning that if you use one of them, you will be responsible for its security, and no one else. So please be careful and make sure that you have a backup of your wallet somewhere safe.

Does Harmony support games?

Yes, the Harmony blockchain can support crypto games on top of it. With Harmony Puzzle, DefiKingdom, and Freyala already running on top of it.

What is the current ONE price?

You can find the current ONE price on websites like CoinmarketCap & CoinGecko.

We really hope this article helped you find a place to put your ONE coins and tokens. But if you prefer a wallet that was not included in our list, you can go to our filter page. Here you can find a wallet for any type of cryptocurrency, NFT, or token. If this blog helped you then don’t forget to check out the others and give us a like and follow on Facebook, Telegram, and Twitter!

We also made a great list of the best Avalanche wallets! Check it out here!

A Introduction to PeakDefi

Peakdefi banner
Peakdefi banner

Last updated on January 11, 2022

PEAKDEFI Ethereum wallet is a decentralized, non-custodial Ethereum blockchain wallet that helps you manage your decentralized finances to grow your wealth. So it is your one-in-all solution for DEFI, available for iOS and Android phones and tablets.

And the best? Because the complete app is free! No hidden costs, no hidden subscriptions, a completely free app.

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Developed by crypto enthusiasts for crypto enthusiasts.

The PEAKDEFI Ethereum wallet, which launched in August 2020, is a fully functional decentralized Ethereum wallet to manage ETH and all ERC20 tokens, which features the latest security standards for non-custodial blockchain wallets. With just a few clicks, you can create your own decentralized Ethereum wallet or import an existing wallet. It has never been easier to create a new Ethereum DEFI wallet within a few seconds.

In addition to the basic functions of a decentralized Ethereum wallet, such as creating a wallet, importing an existing wallet, sending and receiving Ethereum and all ERC20 tokens. Our PEAKDEFI wallet offers some special features that make it almost unique.

Watchmode

In addition to creating a new wallet. And restoring an existing wallet, there is the so-called watch mode. The watch mode is suitable for monitoring ETH addresses and ENS (Ethereum Name Service). You only need to enter the respective public key. And immediately see the current crypt values and transactions.

More than just a pure wallet app!

The PEAKDEFI app has an integrated DEX (decentralized exchange). Which allows you to exchange all ERC20 tokens. The app is using the 1inch and Uniswap protocol to deliver you the best prices for a decentralized exchange. With a few clicks, you can exchange your ETH to PEAK or other ERC20 tokens at any time. And all this without ever leaving the app.

In addition to the decentralized exchange function. The PEAKDEFI wallet also offers the possibility to buy cryptocurrencies directly via our cooperation partner Moonpay. A simple click takes you to the menu to buy cryptocurrencies with a credit card, among other things. It couldn’t be easier!


And if that’s not enough. We have a great extra feature for you. PEAKDEFI Ethereum Wallet app also offers the option to order a crypto-backed credit card. So by clicking in the upper right corner. It is possible to get to a separate section of the app. Where you can order a virtual and a physical crypto credit card. Thus, in the PEAKDEFI Wallet app you can buy cryptocurrencies, store cryptocurrencies and in the end also easily spend cryptocurrencies again. An all-in-one solution for every DeFi lover!

Highest security standard

We pay attention to the highest industry standards when it comes to security. Therefore, your private keys are stored locally on your device in a vault where no one else has access to them. Not us, not anyone else, only you have access to your data. At no time do we have access to your private keys or data.

To further protect your data, the first step you have to do when you create a new wallet or import an existing wallet is to set up a PIN. We took extra security measures by encrypting core wallet data using asymmetric encryption algorithms after you set a pin code.

Maximum flexibility

We want to give you maximum flexibility when you want to send your cryptocurrencies. Therefore you can set how much you want to pay for each transaction. To make the decision easier for you. Our app checks the current average transaction costs and then calculates different speeds and transaction costs for you. And all you have to do is make your selection, and the PEAKDEFI app will do the rest.

WalletConnect

Our PEAKDEFI wallet features the very popular “WalletConnect” open-source protocol for connecting wallets to Dapps.

What is WalletConnect?

WalletConnect is an open-source protocol for connecting decentralized applications to mobile wallets with QR code scanning or deep linking. So a user can interact securely with any Dapp from their mobile phone. Making WalletConnect wallets a safer choice compared to desktop or browser extension wallets.

Clear menu navigation and multiple languages

A very simple and clear menu makes it easy to navigate through the app and makes it possible to reach every function with just a few clicks. Additionally, the app offers different languages. Currently supported:

  • English
  • Russian
  • Chinese
  • Vietnamese

The PEAKDEFI App, a DEFI multitool for every crypto enthusiast!

The PEAKDEFI app was developed by crypto enthusiasts for crypto enthusiasts and offers numerous, very helpful decentralized finance functions to help you manage your cryptocurrencies and assets.

In addition to the current features, the app currently offers. We have more features planned.

So our goal is that the PEAKDEFI app will find its place in every Defi crypto portfolio. And make it easier for people to manage and monitor their cryptocurrencies and assets.

PEAKDEFI app — The one-stop DEFI solution for your assets.

If you want to try the app yourself. Just search for PEAKDEFI in the iOS or Android App Store and you will find it quickly!

Have fun and success using the PEAKDEFI App


Written by:
Jonas Mehmood
peakdefi.com

Check out what other people think about this wallet. Or write a review about this wallet yourself on the PEAKDefi wallet page!

And we hope this article helped you get a better understanding of PEAKDefi. So if you have any Questions regarding Blockchain or Bitcoin? Feel free to ask them on our Facebook or Telegram group. Because we are happy to help whenever we can!

Ready to start using a Crypto wallet? Because we have the right tool for you. So have a look at our wallet finder functions!

Cardano explained for beginners

cardano explained for beginners
cardano explained for beginners

Cardano explained for beginners

Posted on December 18 2020 – By Rob Kieboom
Last updated on December 10 2021

I became interested in Cardano 2,5 years ago. I’m a layman when it comes to computer programming or understanding all the ins and outs of the blockchain. I’m over 50 years old, trained as a veterinary doctor, and working as a Leadership trainer and consultant. The philosophy behind blockchain intrigued me, I bought some bitcoin in 2018 and started reading about alternative coins.

Why Cardano?

• Scientific background
• Proof of Stake
• Decentralized finance (no banks involved)
• Philosophy: bank the unbanked
• Transparent and frequent communication via Twitter and YouTube

History

The Cardano blockchain founded in 2015 by Charles Hoskinson, a brilliant mathematician who became interested in Bitcoin in the early days and later co-founded Ethereum. Hoskinson was always intrigued by the philosophy of Bitcoin: a decentralized financial system. Decentralized means that you are not reliant on governments or banks to be able to pay for something and you store your digital money simply on the blockchain, easily accessible via your computer, tablet, or phone.
Hoskinson’s big dream is to bank the unbanked. Millions of people in the world cannot take part in the economy simply because they cannot use formal banks. Most of these people live in Africa and India. Hoskinson wants to give these people the opportunity to be in control of their own finance and hence can enter the economical marketplace.

He also saw the downsides of BTC, because of the enormous energy consumption. The tendency of being dominated by just a few parties (and hence losing decentralization) and the fact that you cannot do anything else with it then use it as value storage or pay with it.

Hoskinson called BTC “deaf and dumb” and was looking for a way to have more utility in a crypto-currency. In Ethereum he found a way of adding information to the coin. Via smart contracts a coin could be more than just a means of finance, but could be used for many purposes, like creating contracts, safeguarding digital identity, and tracking logistical processes.

Creation of Cardano

Hoskinson is a genius, but perhaps not the easiest man to work with. He left Ethereum because of disagreements with the other Ethereum founder Vitalik Butyrin (another genius) and started Cardano.

Basically, Cardano is a Proof of Stake blockchain. The Cardano coin AKA “ADA”. The blocks are being made by stake pools. Anyone who knows a little bit about computer programming can start a stake pool. A stake pool allowed to make a block after winning a kind of lottery. The more ADA in the stake pool, the higher your chance that you win the lottery and can make a block. For every block made by a stake pool operator, he or she gets a reward. The more blocks created, the higher the reward. Owning a stake pool can thus be very profitable.

Staking

For people like me, who don’t know enough about computer programming and don’t feel comfortable starting their own stake pool, there is another way to earn rewards. You can delegate your ada’s to a stake pool. This is good for the stake pool because they now have more ADA’s and have a bigger chance of winning the lotteries and making blocks, but it is also good for you because the stake pool will offer you part of the reward in exchange for this delegation. The average award you get lies around 5-5,5% yearly.

The good thing about staking your ADA’s with a stake pool is that it will pay you your rewards every period of 5 days (called 1 epoch) and that you don’t put your ADA’s at risk. You cannot lose them. Your ADA’s stay in your wallet. When you stake, the system adds your ADA’s virtually to the stake pool, but in reality, they stay in your possession. So you get your reward, without any risk involved. You can also at any time use your ADA’s, take them from your wallet, and do anything you like with them. They are not locked or anything. Of course, the ADA’s you remove from your wallet and spend will not count anymore for the staking rewards.

What makes Cardano different

This Proof of Stake system is totally different than the Proof of Work protocol most other coins (like bitcoin) use. There you have to solve a mathematical problem before you can mint a block. The process of solving the problem takes a lot of computing power and that’s why the mining of bitcoins takes so much energy and the making of blocks in a Proof of Stake system almost doesn’t cost energy. This is one of the major advantages of Cardano over Bitcoin. The other big advantage as previously mentioned is the possibility to work with smart contracts on the Cardano blockchain.

Summary

Charles Hoskinson is a scientist. His goal is to have a totally reliable, stable system that can upscale so that billions of users can use it. He also wants the system to be interoperable, which means that it can work together with all the other blockchains in the world. It takes years to build such a system. He built it from scratch, using a process called “peer review” to check if everything is totally scientifically sound.

The Cardano scientists wrote dozens of papers, presented them to all the big shots in the crypto-world and to all the professors in the field. And only when there is overall agreement that all is well, the systems are being implemented. They also developed their own smart contract software and their own staking system. The staking system is live since the summer. It will probably take till the second quarter of next year before the smart contracts are live.

Building a thorough and innovative blockchain takes time. More time than many crypto-fans are willing to give. That’s is the main reason why the value of the Cardano coin still is ridiculously low. The market wants quick results and Cardano is not giving this. So when investing in Cardano, understand that you need patience. Personally, I have this patience and I expect that it might take another 3 years before Cardano will fly. But when it flies, my personal opinion is that it will fly very high!

What’s next?

If you would like to stay updated on the developments in the cryptocurrency world, please check out our website. The website currently only exists in Dutch, but if you are interested in a basic course in cryptocurrency in English, just contact us and we will offer this to you!

Written by:
Rob Kieboom
cryptocurrencycoaching.nl


We hope that this Blog about Cardano helps you get a better understanding of the crypto space. If you have any Questions regarding Blockchain or Bitcoin? Feel free to ask them on our Facebook or Telegram group. We are happy to help whenever we can!

Ready to start using a Crypto wallet? Take a look at our website

How to add BNB Smart Chain to MetaMask

How to add Binance Smart Chain to MetaMask
How to add Binance Smart Chain to MetaMask

How to add BNB Smart Chain to MetaMask

Last updated, March 30, 2022

In this blog, we show you how to add Binance Smart Chain to MetaMask wallet. First, we talk a bit about what BSC is and what it does, etc. If you do not want to read about that and directly want to see how to add Binance Smart Chain to MetaMask. You can go down this page and start reading “Getting BSC on MetaMask”.

What is Binance Smart Chain

The Binance Smart Chain was launched as an initiative of the Binance centralized exchange. But note that the Binance exchange does currently not control the network and that the community runs the chain completely. However, Binance does show its support for the blockchain. The BSC has as its purpose to support the current Defi, NFT, and gaming Dapps on the blockchain. This mostly functions alongside Ethereum as it currently experiences a lot of network congestion. Because of the high fees of Ethereum (1.0), the popularity of BSC has risen a lot and currently processes multiple millions of transactions every day. Not only that but it can also bridge to ETH in a simple way. This works because it functions as an EVM blockchain. This makes it super simple to go from one chain to the other. And users often can connect to both blockchains from within the same wallet.

Dapps on BSC

As Binance Smart Chain is already one of the biggest blockchains out there. It also has some of the biggest Dapps. Because of the huge ecosystem on the chain. The Dapps range from Defi, NFT’s, games, and everything in between (plus, maybe more in the future). One of the well-known Dapps, PancakeSwap has already soared to the top of DEX’s and has a higher transaction volume than its Ethereum competitor Uniswap on some days. Native Binance Smart Chian Dapps like PancakeSwap and BurgerSwap have performed very well running only on top of BSC. But there exist also many Dapps that have decided to launch on both Ethereum and Binance Smart Chain. This is mostly to reach more users and make use of the cheap transactions on BSC. Projects like SushiSwap, 1inch, and many more have captured some extra market share with this technique. But also Binance Smart Chain explorers have seen a good run with the popularity of the blockchain. Because a lot of people check their or other people’s transactions on-chain using a BSC explorer

Proof of Staked Authority

Like every blockchain, BSC has a consensus algorithm. Blockchains use this consensus algorithm to decide who gets to process the next block of transactions. So who will get the transaction fees and/or the block reward? Well, unlike Bitcoin, the Binance Smart chain does not use the Proof Of Work algorithm (P.O.W.). But instead, it uses a Proof of Staked Authority (P.O.S.A) algorithm. With these mechanisms holders of the BNB token can stake their tokens to a validator on-chain. Because the chain at all times only has 21 validators. A stake to any validator on-chain can thus be seen as a vote to that validator. These validators of course can also buy a lot of tokens and stake them themselves. The 21 validators with the most votes/stake to them thus get elected to be one of the 21 that process the transactions and earn the reward for doing so.

Token bridging

To send tokens from any smart chain to the BSC, you can not just send them from one address to another. No, you have to send it through a chain bridge. Because these EVM chains may give you the possibility to use the same address on different chains, they are still different blockchains. Meaning that a Binance Smart Chain address stays the same when you use another EVM chain. So a token bridge is the only way to switch from chain to chain. The BurgerSwap bridge and Binance.org bridge are 2 that are very well known. Both let you send tokens from Ethereum to Binance smart chain and vice versa. But the bridge on Binance.org also lets you bridge BEP-2 tokens to BEP-20 from the Binance Chain network and bridge tokens from the Polkadot ecosystem.

How to pay fees on Binance Smart Chain

BSC has its own token that you need to pay for transaction fees on-chain. The Binance token BNB. You need this token to make any transaction on-chain and without it, you can’t use the blockchain. Besides its use case as a gas token on the smart chain, you can also use it on the other Binance Chain. And as well as a discount for trading fees on the Binance exchange. Although users do need the token for making transactions, they do not need much. Because of the low transaction fees on the network.

Smart Contracts on Binance Smart Chain

Because BSC works as an EVM (Ethereum Virtual Machine) deploying smart contracts on it goes in a similar fashion as on Ethereum. This is mostly the reason that Dapps deploy on both chains, and sometimes others too. Dapps, Staking features and much more can thus move/function on multiple chains. But it always depends on the team behind the smart contract whether or not they deploy on certain chains.

Wallets that support Binance Smart Chain

Since the start of Binance Smart Chian, the network has grown like crazy. So as expected the amount of wallets supporting the chain has too. It can work as a nice way for wallet users to reduce their gas fees while the ETH gas fees go through the roof. This way users can still keep on using Defi and more during this period. The best for wallets supporting both chains would then of course be to also have a bridge integrated into the wallet. This is so that users can easily switch their tokens between chains whenever they want. All of these wallets supporting BSC can be found on our Binance Smart Chain wallet filter page. And yes, Metamask is found there too. But you will have to add BSC to Metamask manually. You can find the instructions to do this below. So now read below how you get the BSC network Metamask and start using the power of the Web 3.0.

Getting Binance Smart Chain on MetaMask

So to add the Binance Smart Chain to MetaMask you have to open the MetaMask wallet (In case you don’t have MetaMask yet, please get it on this page). Once you have MetaMask installed, open it up on the full screen. So you will have the same screen as in our example here.

Binance smart chain metamask 1

Now go to the top right of the screen where it says “Ethereum Mainnet” and click on the little arrow pointing down next to it. This opens the network’s tap where you can select all different types of EVM blockchains (Ethereum virtual machine) networks. Now here you can click on the Custom RPC to add a new custom EVM blockchain network of your choice. In this case, the BSC.

Binance smart chain metamask 2

Now Metamask will ask you for the data needed to connect the wallet to the Binance Smart Chain. Please fill in the list below.

Network Name: Binance Smart Chain
RPC URL Binance Smart Chain: https://bsc-dataseed.binance.org/
BSC Chain ID: 56
Symbol:  BNB
Block Explorer URL: https://bscscan.com
Binance smart chain metamask 3

When you have done this, you can just click save. And now you have added the BSC to your MetaMask wallet. If you would like to switch between the EVM blockchains. Simply click on the Network button in the top right of the screen to select another blockchain. Because adding different types of EVM blockchains works the same, you can add any EVM blockchain in the same way. But instead of the list given in this blog, you replace that with another network’s ChainID, symbol, etc. We hope this blog post helped you to integrate a new EVM into your MetaMask crypto wallet. So that you can now use BSC as much as you want.

Find your wallet here

In case you want to see all the other wallets supporting Binance Smart Chain. You can simply take a look here to filter between all wallets that do!So we hope this article taught you more about how to add Binance Smart Chain to MetaMask wallet. But in case you have Questions regarding Crypto or Ethereum? Feel free to ask them on our online Facebook or Telegram groups. Because we are happy to help whenever we can! So are you ready to start using your own Blockchain wallet? Take a look at our unique wallet finder functions here! So you can find the perfect wallet for your blockchain.

How to add Polygon to MetaMask

Add Polygon to Metamask
Add Polygon to Metamask

How to add Polygon to MetaMask

In this blog, we show you How to add Polygon to MetaMask wallet. First, we talk a bit about what Polygon is and what it does, etc. If you do not want to read about that and directly want to see How to add Polygon to MetaMask wallet. You can go down this page and start reading at “Getting Polygon on MetaMask”.

What is Polygon

The Polygon network started out under the name Matic Network. This with its own token for transacting on the network called Matic. But after its mainnet launch Matic rebranded to the Polygon network. AKA Ethereum’s internet of blockchains. Polygon works as an Ethereum virtual machine (EVM) compatible network. Essentially Polygon does everything Ethereum does but faster and for a cheaper price. This with the idea to support Ethereum and create a multi-chain Ethereum ecosystem. Besides Polygon’s first (plasma) chain it also looks at developing other sidechain solutions. They currently have these types of chains planned for the future: zK rollups, Optimistic Rollups, and Validum Chains. Because Ethereum’s scaling problem is becoming a real issue, Polygon has gained a big share of the market at a fast pace. With already millions of daily transactions occurring on the Polygon network. Plus a rapid price increase of its Matic token. This speedy growth of course did not come without any Dapps. Because Polygon has attracted many Dapp developers as well.

Dapps on Polygon

It did take a little while for Polygon to start attracting some Dapps. But from the point that Ethereum transactions became expensive, many Dapps started turning their heads towards Polygon. Many developers have made their famous Dapps on Polygon. With Dapps like Polymarket Aavegotchi, Decentral Games, SportX, Easyfi, and Neon District running on the chain. Polygon even has one of the most used decentralized exchanges in the world, Quickswap. This DEX already processes hundreds of millions in trades every day. But not only Defi Dapps take an interest in Polygon. No, many of the Dapps building on Polygon these days focus on gaming. This is because Polygon has cheap transactions which are perfect for gamers. Plus it is possible for applications to sponsor the transaction fee. Making it free to transact with some tokens/coins.

Bridging tokens to Polygon

To transfer your tokens to the Polygon chain you can not just send your tokens from Ethereum directly to Polygon. No, Users do need a bridge to transfer the tokens from an EVM compatible chain to Polygon. The best and easiest bridge for this is the one from Polygon itself. You can find this bridge on their website. Here you can bridge any token type from Ethereum to Polygon or back. Depending on what you want to do with your tokens this can have great advantages. Especially if you want to transact a lot with these tokens. In that case, the Polygon chain can help you out.

Staking on Polygon

To stake on Polygon you need the Matic token. Doing this can give you some nice interest on your Matic tokens. So they don’t waste away in your account. When you stake your Matic tokens you can delegate your stake to a validator on the Polygon network. This way you give your support to that validator and earn some sweet interest at the same time.

Wallets that support Polygon

When Polygon started we tried to find wallets that supported the chain. Sadly enough at the beginning, we could almost find none except for the Matic wallet by the Matic team. But times have changed and with the fast adoption of the Polygon sidechain. The chain’s adoption into wallets came along. As of now, many wallets support the Polygon sidechain and they can all be found on our Polygon sidechain filter of course. Besides wallets, we also see that multiple centralized exchanges start to accept token deposits and withdrawals from the Polygon network. Both these exchanges and wallets you can find on our Polygon page. And in case we missed one, please let us know. Plus down below we of course show you How to add Polygon to MetaMask.

Polygon after ETH 2.0

Something many people wonder about. What happens to Polygon after ETH 2.0 launches? Well, Polygon plans to stay around, even after ETH 2.0. Because ETH 2.0 solves a lot of the scaling problems related to Ethereum 1. It may seem like Polygon turns irrelevant after this. But we think that this will not happen. As ETH 2.0 does scale Ethereum. It does not scale enough for the whole world to use. Because of this Ethereum will most likely always need some sidechain solutions to support the network. Polygon plans to stay and support Ethereum into the future with many different sidechain solutions. Currently for ETH 1 and in the futures for ETH 2.0. So the switch to ETH 2.0 should not make Polygon irrelevant.

Getting Polygon on MetaMask

So how to add Polygon to MetaMask? You have to open the MetaMask wallet (In case you don’t have MetaMask yet, please get it on this page). Once you have MetaMask installed, open it up on the full screen. So you will have the same screen as in our example here.

Polygon Metamask 1

Now go to the top right of the screen where it says “Ethereum Mainnet” and click on the little arrow pointing down next to it. This opens the network’s tap where you can select all different types of EVM blockchains (Ethereum virtual machine) networks. Now here you can click on the Custom RPC to add a new custom EVM blockchain network of your choice. In this case, the Polygon.

Polygon Metamask 2

Now Metamask will ask you for the data needed to connect the wallet to Polygon. Please fill in the list below.

Network Name: Polygon Network
New RPC URL: https://rpc-mainnet.maticvigil.com/
ChainID: 137
Symbol:  Matic
Block Explorer URL: https://explorer.matic.network/
Polygon Metamask 3

When you have done this, you can just click save. And now you have added Polygon to your MetaMask wallet.
If you would like to switch between the EVM blockchains. Simply click on the Network button in the top right of the screen to select another blockchain.
Because adding different types of EVM blockchains works the same, you can add any EVM blockchain in the same way. But instead of the list given in this blog, you replace that with another network’s ChainID, symbol, etc.
We hope this blog post helped you to integrate a new EVM into your MetaMask crypto wallet. So that you can now use Polygon as much as you want.

Find your wallet here

In case you want to see all the other wallets supporting Polygon. You can simply take a look here to filter between all wallets that do!

So we hope this article taught you more about How to add Polygon to MetaMask wallet. But in case you have Questions regarding Crypto or Ethereum? Feel free to ask them on our online Facebook or Telegram groups. Because we are happy to help whenever we can!

So are you ready to start using your own Polygon wallet? Take a look at our unique wallet finder functions here! So you can find the perfect wallet for your blockchain.

How to add Hoo Smart Chain to MetaMask

Hoo smart chain with metamask
Hoo Smart Chain with Metamask

How to add Hoo Smart Chain to MetaMask

Last updated on April 5, 2022

About Hoo Smart Chain

The Hoo Smart Chain (HSC) is a decentralized, efficient, and energy-saving EVM blockchain. Which can provide developers with an efficient and low-cost blockchain environment to run decentralized applications (DApps) and store digital assets on. So the Hoo Smart Chain is an open and user-friendly blockchain platform built by Hoo Group based on the ecological resources of the blockchain, based on Hoo technology, and the advantages of new projects.

Getting Hoo Smart Chain on MetaMask

To add the Hoo Smart Chain to the MetaMask wallet we will have to start by opening the MetaMask wallet. (So if you don’t have MetaMask yet, you can find it here). When you have MetaMask installed, open it up on full screen. So you will have the same screen as in our example here.

Open Metamask

Now go to the top right of the screen where it says “Ethereum Mainnet”. And click on the small arrow down next to it. So this will open the network tap where you can select different types of EVM (Ethereum virtual machine) networks. Click on the Custom RPC to add a new EVM network of choice, in this case, the Hoo Smart Chain.

Select different types of EVM

Now you will be requested by MetaMask to give the data needed to connect to the Hoo Smart Chain.

Fill in the following.

Network Name: Hoo Smart Chain Mainnet
New RPC URL: https://http-mainnet.hoosmartchain.com
ChainID: 70
Symbol:  HOO
Block Explorer URL: https://hscscan.com
How to add Hoo Smart Chain to MetaMask

When you have done this, you can simply click save and you have added the Hoo Smart Chain (HSC) to your MetaMask. So if you would like to switch between any of the EVM networks. Just simply click on the Network button in the top right of the screen to select another network. We hope this blog post helped you with integrating a new EVM into your MetaMask wallet. And that you can now use Hoo Smart Chain with ease.

Find your wallet here

If you want to see what other wallets support the Hoo Smart Chain. Just simply click here to filter between all wallets that do! We hope this article helped you get a better understanding of how you can add Hoo Smart Chain to the MetaMask wallet. If you have any Questions regarding Blockchain or Bitcoin? Feel free to ask them on our Facebook or Telegram group. Because we are happy to help whenever we can! Ready to start using a Crypto wallet? Take a look at our wallet finder functions!

How hard would it be to destroy the Bitcoin ledger?

how hard would it be to destroy the bitcoin ledger
how hard would it be to destroy the bitcoin ledger

How hard would it be to destroy the Bitcoin ledger?

Very, very hard. Or almost impossible. If it wasn’t some central entity would have probably already done it.

In this blog, we take a look at what it takes to take down the Bitcoin network. If we can destroy Bitcoin and how to do it. Although we use the Bitcoin blockchain as an example in this blog. Many other blockchains could be taken down in a similar way. Because of the nature of a blockchain. 

To understand how to destroy the Bitcoin ledger, you need to understand the parts that make up the network. For Bitcoin, the network has 3 parts. The miners, nodes, and holders. Miners are the part of the machine that computes a lot of difficult math answers by guessing. The miner to gues first can validate the transactions for the next block and earns a reward for doing so. Second, we have the nodes. These are computers run by thousands of people that all store a copy of the Bitcoin ledger. And last but not least. The holders of Bitcoin. These people hold just BTC, but when they hold it on their own wallet only they have access to those funds. Not even the miners or nodes can access their funds. 

To take down any crypto network you will have to find a way to destroy/hack any of these 3 parts. But how do we do that?

Can the Bitcoin network be destroyed?

Yes, it could be destroyed. But it ain’t as simple as you think. Taking down the network would cost a lot of money, electricity, and time.

Destroying the network could be done in 2 ways. One by taking down the hardware or software, or 2 by making it unusable. In the next part, we will take a look at how we can do so with hardware or software. And here we take a look at how we can make it unusable. 

The simplest method to do so is just by banning (a part of it). We have seen this happen in China with many attempts to ban Bitcoin mining, trading, transacting, etc. But sadly for their government, they can not really do so. Simply because no government has control over the network. Meaning that they can not stop a transaction or take the network down if they do not like it. Because of this people in countries like China can still access Bitcoin but might have to jump through some looks to get it. And then make sure that they keep that private. To avoid a penalty from their government. 

Luckily Bitcoin’s layer 2’s make more things possible and with the most popular BTC scaling solution the lightning network comes much more privacy for those people that need it. 

How to destroy Bitcoin

You could destroy Bitcoin on a hardware level by taking out either the nodes, miners or by breaking the encryption on a private key.

Doing so is just not that easy. To take control of the upcoming transactions on the chain you would need to control at least 51% of the mining power. This so you would have a bigger share of the network. But mining Bitcoin comes with its own cost. Because miners need to buy a lot of computers to do so and pay for the electricity that powers them. Considering how much money goes into mining by many different parties, it would cost 1 party many billions to take even a few percentages of control. 

Second, we could destroy all nodes, as they store the record of all transactions ever made, AKA the blockchain. To do so you would have to destroy them ALL! If one node survives so does the network. Currently, pleps and experts host thousands of nodes around the globe and even one in space. Tracking down all of them and taking them offline thus seems like an impossible task to do.

Last but not least. You could try to crack the SHA-256 encryption that protects the bond between a private and public key. Doing so would let you use someone’s public Bitcoin address to figure out their private key and thus take control of all their funds. Till now no one has ever cracked this algorithm. And it is very unlikely anyone ever will as the possible options far exceed the grains of sand on our planet.

Check out more about individual blockchain ownership here!

Can Bitcoin ever be deleted?

It could be deleted if all nodes would be destroyed. Or if you would lose your funds to a non-active address.

When we say non-active address we take about a Bitcoin address that has never transacted. Thus probably does not have an owner. Sending your BTC to an address like this would make them basically stuck forever. As an enormous number of BTC addresses exist. The chance of anyone ever using that non-active address is very small. So if you would send your coins to an address like this, you could consider the coins lost or deleted.

The same would go for if you have some crypto in an account but lose access to it. Many because you did not make a backup. ALWAYS MAKE A BACKUP!!!! Coins on a device that broke down or fell in the water etc. And do not have a backup will probably never see the light of day. As from then on no one has access to them. Although they would not really be destroyed. No one could ever touch them again. Making them more or less destroyed BTC.

Can Bitcoin be shut down by governments?

Nope, no government can shut down the Bitcoin network. But they could ban the currency or the mining or it.

As we mentioned before some countries like China do try to remove Bitcoin from their country. Sadly for them, they can not really do that. Really shutting down the network would acquire the collaboration of everyone in the network. And so far no government has really involved itself with it, except for El Salvador. Because El Salvador holds and mines BTC they do form a part of the network. But do not really control any significant amount of it. And even if more governments join the BTC wave. Neither of them will hold much of a majority stake of the network either. As the more countries opt in the more people will do so as well. Making the network only more decentralized. Thus giving the full control of money back to the people.