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How to Secure My Seed Phrase?
Your seed phrase (also known as recovery phrase) is the gateway to your wallet and cryptocurrency holdings. It's a sequence of 12 to 24 words that serves as your wallet master key in case you lose access to your wallet or need to migrate to a new device. Below are some tips on how to secure your seed phrase.
Store your seed phrase offline
The moment you get your seed phrase, avoid saving it in local folders or cloud storage. Storing the phrase online may expose it to potential hacks. The safest approach is to store them offline.
One way to do this is by investing in a hardware wallet that can generate your seed phrase and store it offline. Another option is to back up your seed phrase physically inside a vault or safe. You could use a paper backup, but it’s safer to use a metal plate with the seed phrase engraved.
Split your seed phrase
If you want to enhance the security of your seed phrase further, you may split it into multiple parts and store them in different secure locations. Keep copies of your seed phrase in various physical places, such as bank vaults, safety deposit boxes, or trusted individuals. Ideally, no one but you should have access to all parts of your seed phrase.
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Your seed phrase (also known as recovery phrase) is the gateway to your wallet and cryptocurrency holdings. It's a sequence of 12 to 24 words that serves as your wallet master key in case you lose access to your wallet or need to migrate to a new device. Below are some tips on how to secure your seed phrase.
Store your seed phrase offline
The moment you get your seed phrase, avoid saving it in local folders or cloud storage. Storing the phrase online may expose it to potential hacks. The safest approach is to store them offline.
One way to do this is by investing in a hardware wallet that can generate your seed phrase and store it offline. Another option is to back up your seed phrase physically inside a vault or safe. You could use a paper backup, but it’s safer to use a metal plate with the seed phrase engraved.
Split your seed phrase
If you want to enhance the security of your seed phrase further, you may split it into multiple parts and store them in different secure locations. Keep copies of your seed phrase in various physical places, such as bank vaults, safety deposit boxes, or trusted individuals. Ideally, no one but you should have access to all parts of your seed phrase.
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What are SRC-20 tokens and how do they work?
What Are SRC-20 Tokens?
SRC-20 tokens are tokens that utilize the Bitcoin Stamps technology to attach data to Bitcoin. The SRC-20 token standard expands the utility of the Bitcoin network, enabling the creation of fungible assets. It’s likened to the BRC-20 token standard, but the two have several distinct differences. Now, let’s take a look at how SRC-20 tokens work.
How Do SRC-20 Tokens Work?
Through the use of Bitcoin Stamps, which inscribe data onto unspent transaction outputs (UTXOs), SRC-20 tokens ensure immutable data storage. This allows for the creation of tokens that run parallel with Bitcoin's native coin, with transaction fees paid in BTC, while offering similar functionality to other token standards such as BRC-20.
BRC-20 vs. SRC-20
While both BRC-20 and SRC-20 token standards increase the utility of the Bitcoin blockchain, they rely on different methods. Let’s take a look at the key differences between BRC-20 and SRC-20.
Data storage
SRC-20 tokens utilize the Bitcoin Stamps protocol, allowing information storage directly on UTXOs on the Bitcoin blockchain. In contrast, BRC-20 tokens use the Bitcoin Ordinals protocol, which stores information in the witness data. While details in the witness data can be modified by a syncing mode, Bitcoin Stamps data can’t be pruned.
Data pruning
SRC-20 token data stored on UTXOs can’t be pruned, ensuring immutability and permanence. On the other hand, data attached to Bitcoin ordinals can be pruned by nodes, potentially affecting data longevity.
Transaction costs
SRC-20 tokens offer flexible data storage, letting creators attach data of arbitrary sizes. However, larger data sizes result in higher transaction fees. BRC-20 tokens impose restrictions on information size, ensuring standard transaction costs. Additionally, BRC-20 token data is stored in the Witness section of a transaction. That contributes to cheaper transaction costs.
Adoption
BRC-20 tokens have experienced wider adoption, being listed on centralized exchanges, and multiple protocols are developing technologies to embrace them. In contrast, SRC-20 tokens are still in their early stages, with limited wallet and protocol integration.
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SRC-20 tokens are tokens that utilize the Bitcoin Stamps technology to attach data to Bitcoin. The SRC-20 token standard expands the utility of the Bitcoin network, enabling the creation of fungible assets. It’s likened to the BRC-20 token standard, but the two have several distinct differences. Now, let’s take a look at how SRC-20 tokens work.
How Do SRC-20 Tokens Work?
Through the use of Bitcoin Stamps, which inscribe data onto unspent transaction outputs (UTXOs), SRC-20 tokens ensure immutable data storage. This allows for the creation of tokens that run parallel with Bitcoin's native coin, with transaction fees paid in BTC, while offering similar functionality to other token standards such as BRC-20.
BRC-20 vs. SRC-20
While both BRC-20 and SRC-20 token standards increase the utility of the Bitcoin blockchain, they rely on different methods. Let’s take a look at the key differences between BRC-20 and SRC-20.
Data storage
SRC-20 tokens utilize the Bitcoin Stamps protocol, allowing information storage directly on UTXOs on the Bitcoin blockchain. In contrast, BRC-20 tokens use the Bitcoin Ordinals protocol, which stores information in the witness data. While details in the witness data can be modified by a syncing mode, Bitcoin Stamps data can’t be pruned.
Data pruning
SRC-20 token data stored on UTXOs can’t be pruned, ensuring immutability and permanence. On the other hand, data attached to Bitcoin ordinals can be pruned by nodes, potentially affecting data longevity.
Transaction costs
SRC-20 tokens offer flexible data storage, letting creators attach data of arbitrary sizes. However, larger data sizes result in higher transaction fees. BRC-20 tokens impose restrictions on information size, ensuring standard transaction costs. Additionally, BRC-20 token data is stored in the Witness section of a transaction. That contributes to cheaper transaction costs.
Adoption
BRC-20 tokens have experienced wider adoption, being listed on centralized exchanges, and multiple protocols are developing technologies to embrace them. In contrast, SRC-20 tokens are still in their early stages, with limited wallet and protocol integration.
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What are Hardware Wallets?
Hardware wallets are physical devices that store cryptocurrency keys offline (cold storage), providing an extra layer of security. Even though they're safer from online threats, they can be a bit tricky to use and access compared to other wallets. But, if you plan to keep your crypto for a long time or have a lot of it, a hardware wallet might be a good choice.
You can set up a PIN code for extra protection, and most of them let you create a backup recovery phrase in case you lose your wallet. Trezor and Ledger are popular examples of hardware crypto wallets.
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Hardware wallets are physical devices that store cryptocurrency keys offline (cold storage), providing an extra layer of security. Even though they're safer from online threats, they can be a bit tricky to use and access compared to other wallets. But, if you plan to keep your crypto for a long time or have a lot of it, a hardware wallet might be a good choice.
You can set up a PIN code for extra protection, and most of them let you create a backup recovery phrase in case you lose your wallet. Trezor and Ledger are popular examples of hardware crypto wallets.
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Bitcoin Halving Impact on Miners and Price
1. Reduced Income: Miners receive 50% fewer rewards for validating transactions, impacting profitability.
2. Increasing Competition: Declining rewards force miners to upgrade equipment and seek cost-effective operations, fostering a competitive environment.
3. Effect on Supply: Bitcoin halving reduces the rate of new BTC circulation, enhancing scarcity and potentially driving up Bitcoin prices.
4. Historical Price Surge: Previous halving events correlated with significant Bitcoin price increases, emphasizing the impact on market dynamics.
5. Mitigation Techniques: Miners adopt strategies like increased efficiency, sustainable energy use, and diversifying income sources to navigate challenges and market volatility.
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1. Reduced Income: Miners receive 50% fewer rewards for validating transactions, impacting profitability.
2. Increasing Competition: Declining rewards force miners to upgrade equipment and seek cost-effective operations, fostering a competitive environment.
3. Effect on Supply: Bitcoin halving reduces the rate of new BTC circulation, enhancing scarcity and potentially driving up Bitcoin prices.
4. Historical Price Surge: Previous halving events correlated with significant Bitcoin price increases, emphasizing the impact on market dynamics.
5. Mitigation Techniques: Miners adopt strategies like increased efficiency, sustainable energy use, and diversifying income sources to navigate challenges and market volatility.
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What is Binance LaunchPool?
Binance Launchpool is a platform that lets cryptocurrency holders stake their assets to earn new tokens. It combines the principles of DeFi yield farming with the security and convenience of a major exchange like Binance. Unlike Binance Launchpad, which primarily involves token purchases, Launchpool allows users to farm new assets and receive token rewards by staking BNB and other supported tokens at no cost.
Participating in Binance Launchpool offers several benefits. Firstly, the process of earning new tokens is straightforward: you deposit tokens into a pool and receive rewards in other tokens. The rewards are proportional to the amount of tokens you stake and the duration of your stake.
Binance Launchpool also offers flexibility in earning and controlling tokens. Users can harvest pending rewards at any time and unstake their funds at their discretion. Additionally, the platform provides support to projects featured on Launchpool, including advisory services, community engagement, and marketing reach.
Key benefits of Binance Launchpool include:
- Earn from staking without needing to make a purchase.
- Flexibility and control over your staked assets.
- Early access to innovative projects.
- A safe token launch environment.
- Global exposure for projects.
- Fair token distribution.
- Access to world-class market liquidity.
- Professional guidance and support from Binance.
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Binance Launchpool is a platform that lets cryptocurrency holders stake their assets to earn new tokens. It combines the principles of DeFi yield farming with the security and convenience of a major exchange like Binance. Unlike Binance Launchpad, which primarily involves token purchases, Launchpool allows users to farm new assets and receive token rewards by staking BNB and other supported tokens at no cost.
Participating in Binance Launchpool offers several benefits. Firstly, the process of earning new tokens is straightforward: you deposit tokens into a pool and receive rewards in other tokens. The rewards are proportional to the amount of tokens you stake and the duration of your stake.
Binance Launchpool also offers flexibility in earning and controlling tokens. Users can harvest pending rewards at any time and unstake their funds at their discretion. Additionally, the platform provides support to projects featured on Launchpool, including advisory services, community engagement, and marketing reach.
Key benefits of Binance Launchpool include:
- Earn from staking without needing to make a purchase.
- Flexibility and control over your staked assets.
- Early access to innovative projects.
- A safe token launch environment.
- Global exposure for projects.
- Fair token distribution.
- Access to world-class market liquidity.
- Professional guidance and support from Binance.
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What Are Bitcoin Layer 2?
What Are Bitcoin Layer 2?Bitcoin Layer 2 are protocols built on top of the Bitcoin blockchain. They are typically designed to address performance issues or other limitations of the main chain. Layer 2 protocols process transactions off the main blockchain, providing advantages such as improved scalability, enhanced programmability, and expanded capabilities to support various decentralized applications.Why Bitcoin Layer 2?Bitcoin's initial design as a decentralized and secure payment system faced limitations when it came to scalability. The average block creation time of 10 minutes and a throughput of seven transactions per second (TPS) proved insufficient during periods of high transaction volume, leading to increased fees and delays. The Bitcoin blockchain's limited scripting language also restricted its ability to support complex smart contract and decentralized applications (DApps).Examples of Bitcoin Layer 2 SolutionsSeveral Layer 2 solutions have emerged within the Bitcoin ecosystem, each contributing to scalability and introducing new functionalities.1. Lightning NetworkLaunched in 2018, the Lightning Network uses state channels to enable microtransactions on top of the Bitcoin Layer-1. It facilitates fast and low-cost transactions by conducting multiple transactions off-chain and settling the opening and closing balances on the main blockchain.2. Rootstock (RSK)Operating as a sidechain, Rootstock pioneered smart contracts on the Bitcoin blockchain. It allows users to send Bitcoin to the Rootstock network, where it becomes a locked-up smart Bitcoin (RBTC) in the user's RSK wallet, enabling faster and cheaper transactions.3. Stacks ProtocolThis Layer-2 blockchain (formerly Blockstack) enables smart contracts and decentralized applications on the Bitcoin blockchain. Stacks utilizes microblocks for speed and a Proof-of-Transfer (PoX) mechanism, tying transactions to the Bitcoin blockchain.4. Liquid NetworkLiquid Network is a Bitcoin Layer 2 sidechain that allows its users to move their bitcoins back and forth using a two-way peg mechanism. When BTC is transferred to the Liquid Network, it’s converted into Liquid BTC (L-BTC) at a 1:1 ratio. It also supports the issuance of tokens and other digital assets.#TrendingTopic #Write2Earn #LearnAndGrow
What is a WhitePaper?
A whitepaper is typically a detailed document aimed at informing readers about a specific topic or project. In the blockchain realm, it serves as a guide outlining the key features and technical aspects of a particular cryptocurrency or blockchain venture. While many whitepapers focus on coins or tokens, they can also cover various projects like decentralized finance (DeFi) platforms or play-to-earn games.
These documents often include statistics, diagrams, and explanations of the project's governance structure, team composition, and development roadmap. However, there's no one-size-fits-all approach to creating a whitepaper, as each project tailors it to suit its unique needs. Ideally, whitepapers should be unbiased and informative, providing clear insights into the project's objectives and functionality.
Investors should approach whitepapers with caution, scrutinizing them for persuasive language and ensuring they offer sufficient information without making unrealistic promises. While cryptocurrency whitepapers are akin to business plans, they're typically released before the project's launch, serving as a foundational document outlining the project's vision and goals.
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A whitepaper is typically a detailed document aimed at informing readers about a specific topic or project. In the blockchain realm, it serves as a guide outlining the key features and technical aspects of a particular cryptocurrency or blockchain venture. While many whitepapers focus on coins or tokens, they can also cover various projects like decentralized finance (DeFi) platforms or play-to-earn games.
These documents often include statistics, diagrams, and explanations of the project's governance structure, team composition, and development roadmap. However, there's no one-size-fits-all approach to creating a whitepaper, as each project tailors it to suit its unique needs. Ideally, whitepapers should be unbiased and informative, providing clear insights into the project's objectives and functionality.
Investors should approach whitepapers with caution, scrutinizing them for persuasive language and ensuring they offer sufficient information without making unrealistic promises. While cryptocurrency whitepapers are akin to business plans, they're typically released before the project's launch, serving as a foundational document outlining the project's vision and goals.
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What is a Fakeout?
A fakeout is a term used in technical analysis (TA) that refers to a situation where a trader enters a position expecting a price movement that ultimately doesn’t happen. In fact, in most cases, a fakeout is used to refer to a situation where the price goes in the opposite direction of the trade idea or signal.
A fakeout may also refer to a “fake breakout,” or false breakout, where price breaks out of a technical price structure, only to reverse shortly.
A fakeout can amount to a considerable loss. Technical analysts may identify a pattern that fits perfectly with their strategy, and looks to be playing out as expected. However, the price may reverse very quickly due to outside factors, and the trade can quickly turn into a hefty loss. As such, in anticipation of a fakeout, many traders will plan their exit strategy and put on stop-loss orders in advance of entering trades. In fact, this is quite a common strategy for basic risk management.
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A fakeout is a term used in technical analysis (TA) that refers to a situation where a trader enters a position expecting a price movement that ultimately doesn’t happen. In fact, in most cases, a fakeout is used to refer to a situation where the price goes in the opposite direction of the trade idea or signal.
A fakeout may also refer to a “fake breakout,” or false breakout, where price breaks out of a technical price structure, only to reverse shortly.
A fakeout can amount to a considerable loss. Technical analysts may identify a pattern that fits perfectly with their strategy, and looks to be playing out as expected. However, the price may reverse very quickly due to outside factors, and the trade can quickly turn into a hefty loss. As such, in anticipation of a fakeout, many traders will plan their exit strategy and put on stop-loss orders in advance of entering trades. In fact, this is quite a common strategy for basic risk management.
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What is Market Momentum?
The term market momentum refers to the ability of a particular market to maintain a continuous increase or decrease in price within a certain timeframe. Essentially, market momentum is what creates a market trend. Since the market momentum is a result of the variations in the market price of an asset, it also reflects the current market sentiment.
As such, market momentum can be used in technical analysis (TA), helping traders identify trading opportunities. These opportunities may arise during bullish or bearish trends (when market momentum is getting stronger) or during reversal points (when market momentum is getting weaker).
However, market momentum is not only related to the price changes but also to the trading volume. This means that high volumes of trading activity indicates a stronger market trend and, thus, a stronger and more reliable market momentum.
Many traders and chart analysts make use of TA indicators to measure market momentum and try to spot possible market trends. Some examples of these tools include the Relative Strength Index (RSI), the Stochastic RSI, the Volume Weighted Average Price (VWAP), and the Moving Average Convergence Divergence (MACD).
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The term market momentum refers to the ability of a particular market to maintain a continuous increase or decrease in price within a certain timeframe. Essentially, market momentum is what creates a market trend. Since the market momentum is a result of the variations in the market price of an asset, it also reflects the current market sentiment.
As such, market momentum can be used in technical analysis (TA), helping traders identify trading opportunities. These opportunities may arise during bullish or bearish trends (when market momentum is getting stronger) or during reversal points (when market momentum is getting weaker).
However, market momentum is not only related to the price changes but also to the trading volume. This means that high volumes of trading activity indicates a stronger market trend and, thus, a stronger and more reliable market momentum.
Many traders and chart analysts make use of TA indicators to measure market momentum and try to spot possible market trends. Some examples of these tools include the Relative Strength Index (RSI), the Stochastic RSI, the Volume Weighted Average Price (VWAP), and the Moving Average Convergence Divergence (MACD).
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