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Guess The Price of Bitcoin And Win 50 Free Spins

June 12, 2023

Guess The Price of Bitcoin And Win 50 Free Spins

June 12, 2023

Blog » Posts tagged "Bitcoin"

Pick To Predict! Guess The Price of Bitcoin And Win

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Table of Contents

    1. Guess The Price: How To Win 50 Free Spins
    2. Bitcoin’s Price History
    3. Bitcoin Price Prediction 2023
    4. Bitcoin Price Predictions from 2022
    5. The Future Of BTC: Bitcoin Price Predictions 2024 And Beyond
    6. Factors Influencing Bitcoin’s Value
    7. Timing and Opportunities: What It Means to Invest in BTC Now
    8. FAQ

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If you’re excited to get involved, but don’t know how to go about BTC price predictions, we’ve got some tips. In this blog, we’ll cover Bitcoin’s price history, which factors influence the BTC price, as well as price predictions from 2022. Let’s jump right in


Bitcoin’s Price History

Bitcoin, the first-ever cryptocurrency, has experienced a volatile journey since its inception in 2009. The price of Bitcoin has seen significant highs and lows, reflecting various factors such as technological advancements, regulatory developments, macroeconomic trends, and shifts in market sentiment.

According to data from CoinMarketCap, as of June 11, 2023, the price of Bitcoin stands at $26,012.50.

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Bitcoin Price Prediction 2023

Predicting Bitcoin’s price is challenging. This is primarily due to its volatility, and the influence of various factors.

However, several sources have made predictions for Bitcoin’s price in 2023:

    • Forbes Advisor: They predict that Bitcoin could reach $100,000 by the end of 2023, driven by increasing adoption, technological advancements, and macroeconomic factors.
    • Evening Standard: They suggest that Bitcoin’s price could slowly increase due to the upcoming Bitcoin halving event in April 2024. The halving event, which reduces the reward for mining new blocks, could create a supply squeeze if demand remains strong.

These predictions should be taken with caution as they are based on current trends and assumptions, which can change rapidly in the cryptocurrency market. But it doesn’t hurt to have a little help 😉

Bitcoin Price Predictions From 2022

In 2022, various sources made predictions about the future price of Bitcoin. Here are some of the top predictions:

  • Forbes Advisor: They predicted that Bitcoin could reach $100,000 by the end of 2023, driven by increasing adoption, technological advancements, and macroeconomic factors.
  • Evening Standard: They suggested that Bitcoin’s price could slowly increase due to the upcoming Bitcoin halving event in April 2024. The halving event, which reduces the reward for mining new blocks, could create a supply squeeze if demand remains strong.
  • They provided a summary of Bitcoin’s price in 2022 and key data points. Bitcoin saw a recovery in 2023 after a challenging 2022, breaking above the $30,000 mark in April 2023. The coin had previously sunk to a low of $15,682.69 on November 9, 2022, after the collapse of the FTX (FTT) exchange.


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Key Data Points:

Date Bitcoin Price
9 November 2022 $15,682.69
10 November 2022 $18,054.31
12 December 2022 Below $17,000
16 February 2023 $25,134.12
10 March 2023 $19,628.25
14 April 2023 $31,005.61
18 April 2023 $29,900
June 12, 2023 $26,540


Summary: Bitcoin (BTC) has seen a recovery in 2023 after a challenging 2022, breaking above the $30,000 mark in April 2023. The coin had previously sunk to a low of $15,682.69 on 9 November 2022 after the collapse of the FTX (FTT) exchange. Despite a sustained rally over $17,000 in early December, it was below that figure on 12 December 2022. As of 12 June 2023, Bitcoin was trading around $26,540

The Future Of BTC: Bitcoin Price Predictions 2024 And Beyond

Different sources have different predictions for the future price of Bitcoin:

  • predicts that BTC could close 2023 at $27,042.45, and fall to $25,750.01 by the end of 2024.
  • DigitalCoinPrice predicts a fast pace of growth, with the price potentially averaging $104,054.68 in 2025 and hitting $308,121.08 in 2030.
  • Wallet Investor predicts that the coin could drop down to trade at $12,078.42 by 18 April 2024.

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What Factors Influence Bitcoin’s Value?

Bitcoin’s value is influenced by several factors:

  • Supply and Demand: The total supply of Bitcoin is capped at 21 million, creating a scarcity that can drive up prices. Demand is influenced by the number of people buying Bitcoin, which can be indicated by the number of daily transactions and active Bitcoin addresses.
  • Competition: Despite the emergence of altcoins, Bitcoin remains the largest cryptocurrency by market capitalization. Its position could be influenced by the success of altcoins, particularly those offering unique features.
  • Sentiment: The market sentiment towards Bitcoin can significantly impact its price. Tools like the Crypto Fear & Greed Index can provide insights into the current market sentiment.
  • Regulatory Environment: Regulations can impact the adoption and usability of Bitcoin, influencing its price.

Timing and Opportunities: What It Means to Invest in BTC Now

Investing in Bitcoin now means entering a market characterized by high volatility and potential high returns. With the upcoming Bitcoin halving event in 2024, there could be potential price increases due to the supply squeeze. Potential investors should always do their research beforehand, while keeping up to date with Bitcoin trends and news. Punt’s Crypto Espresso feature is the perfect place to stay in the loop.


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What is Bitcoin?

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Find out more about using bitcoin at Punt Casino here.

How is the price of Bitcoin determined?

The price of Bitcoin is determined by supply and demand. This means that the price increases when the demand for Bitcoins grows, and it decreases when the demand falls. Other factors that influence the price include competition from other cryptocurrencies, market sentiment, regulatory news, and technological advancements.

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What are the risks of investing in Bitcoin?

Investing in Bitcoin, like any other investment, comes with its own set of risks. The price of Bitcoin is highly volatile and can change rapidly. Therefore, it’s possible to experience significant losses. Always do your own research and consider your risk tolerance before investing in Bitcoin.

What is a Bitcoin halving event?

A Bitcoin halving event is when the reward for mining new blocks is halved, meaning that miners receive 50% fewer Bitcoins for verifying transactions. Bitcoin halvings are scheduled to occur once every 210,000 blocks – roughly every four years – until the maximum supply of 21 million Bitcoins has been generated by the network.

How accurate are Bitcoin price predictions?

Bitcoin price predictions are based on current data and trends. However, the cryptocurrency market is highly volatile and influenced by many factors, making it difficult to accurately predict the future price of Bitcoin. Therefore, these predictions should be taken with caution. 

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Crypto News: Top Stories Last Week Revealed

Crypto News: Top Stories Last Week Revealed

June 12, 2023

Blog » Posts tagged "Bitcoin"

Last Week’s Biggest Crypto News

Last week in the crypto world we saw the 2011 MtGox hackers identified, the Metaverse vs Augmented Reality battle heat up, and Coinbase and Binance face the wrath of the SEC.

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Metaverse vs AR Battle Heats Up With Apple’s Vision Pro Headset

Apple launches new Vision Pro headset.

The launch of Apple’s Vision Pro headset last week took the metaverse vs Augmented Reality (AR) battle into a new (and much more expensive) dimension last week and represented the first gauntlet being thrown down in favor of AR.

The company has previously distanced itself from the generally accepted concept of a metaverse in favor of a combined virtual and augmented reality offering, a vision which puts it in direct competition with Meta, which is banking everything on building its vision of the metaverse.

Apple CEO Tim Cook laid the groundwork for the concept for the Vision Pro last October when he questioned whether the metavserse had the capabilities to dominate AR in the long term. Cook opined that AR is going to have the same impact on people’s lives as the Internet and smartphones, saying that one day it will be impossible to live without it, and the Vision Pro represents the first physical manifestation of this vision. He also revealed at the time that the term ‘metaverse’ isn’t used at Apple because the average person can’t define “what the metaverse is.” 

This, of course, is in stark contrast to Meta, which is sinking billions of dollars into developing, and dominating, the metaverse space, with its Quest headset being the first physical representaion of its own vision. Given that it is priced some four times cheaper than the Vision Pro this could see metaverse trump AR in the initial skirmishes, but if Apple can deliver on its AR promise then the metaverse may indeed be consigned to the ‘hype’ dustbin over time…as long as the price comes down.


MtGox Hackers Identified


MtGox Hackers identified.

The US Department of Justice last week unsealed indictments against two Russians it says hacked the MtGox exchange between 2011 and 2013 in what remains the most famous hack in Bitcoin’s history.

Despite nine years’ worth of investigations in Japan and the US, it was never disclosed who had carried out the theft of 650,000 bitcoins, but the task force set up to investigate the hack and the resultant money laundering efforts revealed that it had in fact identified the two individuals in 2017 but only chose to unseal the indictments last week.

MtGox was based in Tokyo, Japan, and was handling the majority of Bitcoin transactions at the time of its collapse in February 2014. Following months of complaints about delayed bitcoin withdrawals, the exchange suddenly halted all withdrawals on February 25, citing a technical issue.

However, it soon became apparent that the exchange had been hacked, resulting in the theft of approximately 650,000 bitcoins, worth around $450 million at the time. The hack had gone undetected for two and a half years, and the stolen bitcoins were taken from both the exchange’s hot wallets (online storage) and cold wallets (offline storage).

A subsequent investigation revealed significant mismanagement and security flaws within the exchange, with owner Mark Karpelès pinpointed as the potential thief. However, attention soon turned to Russian hackers and launderers, and in December 2017, four months after the arrest of Russian money launderer Alexander Vinnik, a grand jury indicted Russians Aleksandr Verner and Alexey Bilyuchenko in the hack of MtGox and subsequent laundering of the 650,000 bitcoins.

Why the indictments were only unsealed last week after two and a half years is unknown, but the odds of catching the two alleged perpetrators are low: both are Russian nationals living in the country, with Bilyuchenko currently on trial for stealing $400 million worth of cryptocurrencies from an exchange he founded in 2017.


Coinbase and Binance Hit With SEC Charges


Binance and Coinbase hit by charges from the SEC.

Binance and Coinbase both felt the wrath of the Securities and Exchange Commission (SEC) last week as they were hit with charges of selling unregistered securities and operating unlicensed brokerages. Binance was also hit with charges of intentionally circumnavigating KYC/AML reporting requirements, with the regulator seeking to ban Binance and its US wing, Binance.US, from operating in the country. Binance US also faced a freezing order on its assets just two days later. 

In its filings, the SEC pointed to a number of cryptocurrencies it believes are securities that Coinbase in particular was accused of selling, repeating prior actions without giving the operators of the blockchains associated with those coins a chance to respond to the accusation. The moves represented an escalation of the ‘regulation by enforcement’ approach that the SEC has taken to adopting since Gary Genlser joined as chair in April 2021.

Many in the crypto space believed that the charges were inevitable and simply bear out the SEC’s desire to stamp out crypto use in the country rather than safely regulate it, and its decision to tackle the two biggest cryptocurrency exchanges in the world certainly plants a flag in the ground as far as its ambitions go. Both exchanges have said that they are determined to fight the charges, which will make the next few years pivotal ones in the crypto space.

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Trending stories:

  • Crypto custodian BitGo announced the takeover of rival Prime Trust following rumors that it was on the verge of bankruptcy.
  • The Metropolitan Museum of Art has said it will return $550,000 worth of donations it received from FTX last year.
  • Three venture capital firms are suing the founder of DeFi platform Curve over a “brazen, multi-faceted scheme” to defraud them and enrich himself.

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Crypto Espresso – The Top Crypto News Every Week

June 5, 2023

Crypto Espresso – The Top Crypto News Every Week

June 5, 2023

Blog » Posts tagged "Bitcoin"

Biggest Crypto News Last Week

Last week in the crypto world we saw the launch of the biggest stablecoin on the Bitcoin blockchain (but not the first), EA and Nike signed a groundbreaking NFT agreement, and concerns over the impact of a Grayscale victory over the SEC.

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US Stablecoin Launched on Bitcoin

The first stablecoin has been launched on the Bitcoin network.


The Bitcoin world celebrated the launch of the network’s first stablecoin last week thanks to crypto platform Stably, which has utilized the new BRC-20 format to bring a dollar-backed cryptocurrency to the network.

According to Stably, the USD token will be backed 1-to-1 with actual US dollars held by a US-regulated custodian and will require full KYC/AML verification. However, while Stably is certainly the only stablecoin on Bitcoin right now, its claim to have been the first is disputed.

Stably has been able to launch USD on Bitcoin thanks to an upgrade that took place on the Bitcoin network in 2021 called Taproot. Taproot allowed smart contracts to be deployed on Bitcoin, allowing Bitcoin to be used in the same way as Ethereum, which is used for everything from NFTs to DeFi lending platforms.

It has taken a while for developers to make use of Taproot but this year they have with ‘ordinal inscriptions’, a system which has opened the door for Ethereum-like projects on the ultra-secure Bitcoin blockchain.

The introduction of ordinal subscriptions means that we can expect a development boom on Bitcoin much as we have seen with Ethereum over the years, and stablecoins are a natural part of this.

However, Stably’s claims that its USD coin is the first stablecoin on the Bitcoin blockchain aren’t entirely true; when Tether first launched back in 2014 as Realcoin, it did so on Omni Layer protocol, a platform for creating and trading custom digital assets and currencies on the Bitcoin blockchain. Stably can claim, therefore, to be the first stablecoin to run on the ‘pure’ Bitcoin blockchain, which is an impressive enough accolade in itself.


EA and Nike Sign Groundbreaking Partnership

Nike and EA Sports have signed an NFT agreement.

Sportswear giant Nike and videogame maker Electronic Arts last week announced a groundbreaking deal that will see NFTs from Nike’s .Swoosh collection make their way into future EA Sports releases.

EA said that the partnership will “look to build new immersive experiences and unlock brand new levels of customization” within its ecosystem, with exclusive .Swoosh “virtual creations” made available to players to allow “unique new opportunities for self-expression and creativity through sport and style.” While this deal isn’t the first between videogame makers and NFT creators it is by far the biggest yet and could mark a turning point in the relationship between gamers and NFT fans.

Nike’s exposure to the crypto/blockchain world dates back to April 2019 when it filed a trademark for Cryptokicks, which it turned into a popular NFT collection three years later. This launch presaged a deep dive into the NFT world, with the launch of Nike Virtual Studios coming in 2022 following its acquisition of NFT studio RTFKT in late 2021.

Nike Virtual Studios developed its in-house platform, .Swoosh, throughout 2022 and launched it in November, with its first collection earning the company $1 million in sales last month.

While Nike, EA and NFT fans might be looking forward to the prospect of in-game NFTs, one group that isn’t is gamers themselves. Gamers have threatened boycotts of gaming studios that add NFTs to games ever since the idea was first mooted in 2021, and last week’s announcement was a continuation of the theme, with many criticizing EA for prioritizing profits over customers. However, if the collaboration can prove a success it could end up being the moment when the tensions finally ease.


Grayscale Victory Would Not Guarantee Bitcoin ETF

The Securities and Exchange Commission (SEC) could still reject Grayscale's Bitcoin ETF proposal even if it loses its legal battle with the fund operator.

The Securities and Exchange Commission (SEC) could still reject Grayscale’s Bitcoin ETF proposal even if it loses its legal battle with the fund operator, according to Bloomberg analyst James Seyffart.

Seyffart expressed his concerns during an interview last week where he emphasized that the SEC would search for other grounds on which to deny the conversion from the Grayscale Bitcoin Trust to a fully operational Bitcoin spot ETF were it to lose, thereby nullifying any potential victory on Grayscale’s part.

Grayscale initiated legal proceedings against the SEC in June of last year after the agency rejected its application to convert the Grayscale Bitcoin Fund into a Bitcoin ETF. This conversion is crucial for Grayscale’s customers to access their investments, which currently total some $17 billion worth of bitcoin, although GBTC shares are trading at a 43% discount to this value.

Bloomberg analysts were initially skeptical of Grayscale’s chances of success, but the situation changed in March of this year when oral arguments were presented. Following the hearing, Bloomberg changed its stance and now predicts a 70% probability of a favorable outcome for Grayscale.

Despite the optimistic outlook, Bloomberg analyst Elliott Stein cautioned that the court’s decision might not be conclusive and binding. Stein suggested that the judge could potentially allow room for the SEC to continue opposing a Bitcoin ETF rather than making a definitive ruling, a view Seyffart reiterated, emphasizing that a victory in the legal battle would not guarantee the establishment of a Bitcoin ETF because the SEC could still deny the conversion for other reasons.

Such an outcome would be the worst possible outcome for the struggling GBTC shareholders, as it would eliminate their best opportunity in years to liquidate their investments.

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Trending stories:

  • Hong Kong opened its doors to regulated crypto trading with more than a dozen platforms registered.
  • Crypto exchange Bybit has followed Binance out of Canada after new regulations on crypto platforms.
  • Stablecoin Tether has announced that it will fund a Bitcoin mining operation in Uruguay, the first in the country.


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Crypto Espresso: Get the Latest Crypto News Today

May 29, 2023

Crypto Espresso: Get the Latest Crypto News Today

May 29, 2023

Blog » Posts tagged "Bitcoin"

Top Crypto News Last Week

Last week in the crypto world we learned that regulations are having a positive effect on crypto hacks, Ledger has delayed the launch of its Ledger Recover service following massive backlash, and a reboot of FTX could arrive sooner than anticipated.

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Crypto Hacks Drop Massively

Crypto hacks dropped 70% in the first quarter of 2023 compared to the same time last year, with hackers frequently opting to collect post-hack bounties due to the increased difficulty in cashing out stolen funds.

The level of blockchain surveillance and the rules imposed on exchanges by regulators have ensured that criminals are finding it harder than ever to swap stolen crypto for cash, leading to hackers accepting lesser rewards from victims rather than trying to run off with more.

News of this change in trend was unearthed by blockchain intel firm TRM Labs, who published a report which found that hackers stole around $400 million from crypto projects in 40 attacks in the first three months of 2023, a 70% decline from the same period last year. 

TRM also found that the average hack size in the first quarter of this year dropped to $10.5 million from $30 million during Q1 of 2022, of which half was returned by the perpetrators.  Such examples include:

  • TenderFi hacker, returned $850,000 of $1.6 million stolen
  • Euler hacker, returned entire $200 million stolen
  • Safemoon hacker, returned $7.1 million of $9 million stolen

The group also cited the experience of Mango Markets manipulator Avraham Eisenberg who carried out a staggering $116 million price manipulation attack against the DeFi platform last year. Many don’t consider what Eisenberg did a crime, and yet he was still identified and charged, and faces decades in prison as a result.

TRM Labs says that incidents such as this, plus the difficulty in converting huge amounts of crypto into cash without giving up their identity, is putting hackers off attacking crypto platforms in the first place, but those that do will happily settle for a smaller payday.


FTX Reboot Underway


A reboot of bankrupt exchange FTX is well underway just six months after it caused catastrophe in the crypto world when it collapsed. Notes from CEO John Ray III show that the subject of a relaunch of FTX is much further along than many had suspected, with Ray referring to an “FTX restart” and the publication of material relating to an “FTX reboot” as far back as April.

In the notes, Ray also refers to the “2.0 bidder list”, a list that may include a $250 million investment from American venture capital firm Tribe Capital, whose interest was revealed by Bloomberg around the time when Ray would have been having discussions over financing FTX 2.0.

Ray has been positive about the future of FTX ever since the “pure hell” of the collapse and its aftermath were behind him, noting that the technical infrastructure behind the exchange was worth salvaging or selling to a third party. Indeed, whatever was going on behind the scenes at the time, FTX almost always operated flawlessly, even in times of stress on the market, something that other exchanges still struggle to cope with.

Ledger Pushes Back Ledger Recover Launch Date


Ledger last week pushed back the launch of its controversial Ledger Recover service following backlash from the crypto community, with even its founder noting how much of a disaster the launch had been. Ledger said the delay will allow it to push ahead with its existing plans to open-source all its code, a move that it says will increase trust through transparency following years of simply asking users to have faith in the company’s methods.

The rollout of Ledger’s Recover service was a PR disaster class, with the company alienating both existing and new customers by not properly explaining the method by which users’ seed phrases would be used. The launch was criticized by Ledger co-founder and former CEO Éric Larchevêque who labeled the launch a “horrible mess” and said that he was brought “to the verge of tears” by seeing the company be built being verbally abused in such a way.

When questioned about one specific aspect of Ledger Recover, Larchevêque said that it was his understanding that governments would be able to subpoena the companies storing the encrypted slices of a user’s wallet seed in order to seize their funds, something that tipped many over the edge and causing further outrage in the community.

The following day, Ledger announced that it was delaying the launch of Ledger Recover until its code was publicly audible so that users could see exactly what was involved. Current CEO Pascal Gauthier acknowledged that the company had made a “communication mistake” over Ledger Recover, and promised that the company had learned from its mistakes, something that was also promised in the wake of the 2020 data breach scandals.

Gauthier said that Ledger’s missteps “took everyone by surprise and affected our customer’s ability to accurately understand Ledger Recover”, although he insisted that the product would launch and that it was needed in the crypto sector.

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Trending stories:

  • Hong Kong will allow retail users to start trading cryptocurrencies on regulated platforms in a major step forward for the crypto sector in Asia.
  • Crypto exchange Hotbit abruptly closed its doors last week, citing a police investigation dating back to 2022 and regulatory uncertainty for the move.
  • Digital Currency Group missed an agreed $630 million payment to its child company Genesis, leading to potential action from Genesis and crypto exchange Gemini.

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Crypto Espresso – The Biggest Crypto News (24/04/23)

April 24, 2023

Crypto Espresso – The Biggest Crypto News (24/04/23)

April 24, 2023

Blog » Posts tagged "Bitcoin"

Bhutan, Gensler, Silk Road – We’ve Covered it All

Last week in the crypto world we saw Bhutan emerge as the world’s first nation to hold crypto on behalf of the country, a multi-billion dollar Silk Road hacker gets a year in prison, and Gary Gensler get grilled by angry politicians over his running of the Securities and Exchange Commission.

Bhutan Crypto Experiment is World’s First


The country of Bhutan may have been the first in the world to own cryptocurrencies through a sovereign fund, legal filings have revealed. Bhutan’s Druk Holding & Investments, which was established in 2007 by King Jigme Khesar Namgyel Wangchuck to protect the country’s wealth for “the long-term benefit of its shareholders, the people of Bhutan,” was a customer of both Celsius and BlockFi, borrowing and trading tens of millions of dollars worth of crypto assets in 2022. However, its activities have ended in legal issues with both platforms.

According to Celsius, Druk Holding & Investments made numerous transactions between April and June 2022, depositing, withdrawing, and borrowing a combined $83 million during the three-month period. As part of its bankruptcy process, Celsius’ lawyers intend to seek “clawbacks” of any deposits made within 90 days of its bankruptcy, into which Druk’s holdings fall, although the fund has failed to acknowledge any of Celsius’ claims.

Druk is also in trouble with BlockFi, which lent the fund $30 million in the stablecoin USDC in February 2022. However, Druk defaulted on the loan, racking up debts of $76.5 million in the process, with Blockfi saying that Druk “failed and refused” to pay the loan back in full, resulting in an outstanding balance of $820,000.

While this may not be the most auspicious debut for crypto on the sovereign fund stage, it nevertheless represents another important domino that has fallen.

Gary Gensler Savaged Over Performance

Securities and Exchange Commission (SEC) Chair Gary Gensler endured a torrid few hours last week before the House Financial Services Committee, where everything from the agency’s Blitzkrieg approach to enforcement to low staff morale was laid at his door.

Things have gotten so bad under the Gensler regime that one committee member even tabled a bill to remove the position of SEC Chair altogether and replace it with an executive director reporting to a board, a clear example of the anger at the perceived damage that Gensler is causing to the U.S. market.

Gensler started by claiming that the regulations around securities are very clear, but this was quickly pulled apart by Committee head Patrick McHenry who demanded that Gensler clarify whether Ethereum, which has been used as a medium by which the SEC has sued exchanges over unlicensed securities sales, is a security or not. Gensler tried to deflect and say that he couldn’t comment on certain coins, before McHenry reminded him that he had recently singled out Bitcoin as the only cryptocurrency that could be considered a commodity. Still, Gensler demured, even when comments from his own staff in legal filings were read out.

Texas representative Pete Sessions was the next to criticize Gensler, this time over the SEC’s refusal to engage entities over alleged securities breaches and then suing them. This issue was particularly prescient, given that the Bittrex exchange had been sued by the SEC 48 hours before the hearing over the sale of unlicensed securities, with the exchange saying that the agency had refused to tell them which coins it considered securities so it could remove them.

Oklahoma representative Frank Lucas was next up, criticizing the SEC’s rulemaking and enforcement bonanza, which he said risked bleeding into other asset classes and having unforeseen complications. He also criticized the reduced public comment time on proposed rule changes allowed under the present SEC operations and noted the low staff morale within the SEC and the high turnover, especially among senior figures.

If Gensler thought the worst was over, he was wrong. Majority Whip of the United States House of Representatives, Tom Emmer, demanded yes and no answers from Gensler on a range of topics, cutting Gensler off when he tried to embark on long-winded answers to simple questions that implicated him. Emmer took Gensler to task over his failure to protect FTX customers, especially given his meetings with former CEO Sam Bankman-Fried, and even led Gensler to disagree with the sentiment behind a quote on the SEC’s own website.

The coup de grace was carried out by Ohio representative Warren Davidson, who seethed at the fact that the SEC asked crypto companies to talk to them but then didn’t listen or respond, that the agency claimed to offer clarity in the market but sent out mixed signals, and that this approach was driving blockchain adoption to China. He then produced a bill demanding the removal of the position of SEC chair and replacing it with a board and executive director that would report to it.

The approach taken by these committee members shows just how wrongheaded the SEC’s approach to tackling crypto regulations has been, and the sector can now at least be satisfied that it has strong and growing support in important places.

Billion-dollar Silk Road Hacker Sentenced

Last week saw the conclusion of an extraordinary story involving the multi-billion dollar proceeds from a hack on the Silk Road website in 2012. James Zhong, who tricked the exchange into giving him 50,000 bitcoin more than a decade ago, was this week sentenced to one year in prison and forced to hand over $1.5 billion worth of assets discovered in his house at the time of his arrest.

In September 2012, when online illicit marketplace Silk Road was in its heyday, Zhong managed to trick the website’s servers into transferring approximately 50,000 bitcoin into the multiple accounts he had created solely for the purpose. Zhong subsequently transferred the bitcoin out of the site and into various addresses under his control, where they lay untouched for years.

By mid-2017 the value of Zhong’s Silk Road haul had ballooned from $500,000 to around $110 million, giving Zhong a headache; the only way he could realize the value of the bitcoin was to sell it, but selling even a fraction of his vast holdings would attract unwanted attention. The situation became more complicated when, in July 2017, Bitcoin forked into Bitcoin and Bitcoin Cash, whereupon every bitcoin holder was automatically awarded one BCH coin for every bitcoin they held. Suddenly, Zhong was sitting on an additional 50,000 BCH tokens, which quickly became worth north of $1,000 each.

Thinking that it was finally time to cash in, Zhong sent these BCH tokens (which shared the same address as the stolen bitcoin) to an overseas exchange and swapped them for 3,500 more bitcoin, thinking that he couldn’t be traced. This, however, proved to be his undoing. The Inland Revenue Service, in tandem with blockchain forensics firm Chainalysis, managed to trace the BCH sale to the Bitcoin wallet and, using Zhong’s credentials and IP address logs from the exchange, tracked him down to an address in Gainesville, Georgia.

On November 9, 2021, law enforcement agents carried out a raid on Zhong’s house, where they discovered approximately 50,500 bitcoin in an underground floor safe and on a single-board computer submerged under blankets in a popcorn tin stored in a bathroom closet. Police also recovered $662,000 in cash, 25 Casascius coins (physical coins with a dedicated bitcoin holding) with an approximate value of 174 bitcoin, a further 11 bitcoin, and a selection of silver and gold coins and bars. The value of the haul at the time of Zhong’s arrest was a staggering $3.36 billion.

Zhong pleaded guilty to one count of wire fraud a year after his arrest, and was sentenced to a year and a day in prison last week, as well as the formal confiscation of all his seized assets. While Zhong may be cursing the fact that he never made the most of his loot, the likelihood is that once Silk Road was shuttered by the FBI in 2013, any attempt he made to sell the coins would likely have ended the same way eventually, so at least he was able to enjoy billionaire status for a few years, at least theoretically.

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Trending stories

  • Coinbase has been granted a license to operate in Bermuda, days after its CEO Brian Armstrong warned that crypto exchanges might move offshore if regulations don’t become clearer
  • Do Kwon has been charged with using a fake passport by prosecutors in Montenegro and faces up to five years in prison
  • The EU is set to implement the sweeping MiCA crypto regulations, the biggest of its kind yet imposed anywhere in the world

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Crypto Espresso – Get Your Weekly Crypto News Fix Right Here

April 11, 2023

Crypto Espresso – Get Your Weekly Crypto News Fix Right Here

April 11, 2023

Blog » Posts tagged "Bitcoin"

Top Crypto News Stories Last Week

Last week in the crypto world we saw Elon Musk undermining his defense in his Dogecoin manipulation lawsuit by manipulating the price of Dogecoin, a crypto scammer trying to pretend he had paid a $44 million penalty to the SEC, and the Bitcoin whitepaper that lurks in millions of Apple Macs.


Elon Musk Antics Cause DOGE to Pump and Dump

Elon Musk has once again manipulated the price of Dogecoin with his antics.

Elon Musk’s love of Dogecoin is well documented, as is his love of manipulating the price of the coin, and others. Musk figured out in 2021 that with a simple tweet he could pump or dump the price of Bitcoin, Dogecoin, and in fact any cryptocurrency in the space, and he used his powers to do just that during the 2020/21 bull market. 

It seems that, after a gap of two years, the urge to mess with the market has gotten the better of him, as last week his antics over Dogecoin once again had a dramatic impact on the price.


Musk is at it again

Last week’s incident may have had its roots in the ongoing lawsuit filed against Musk in June 2022…over Dogecoin price manipulation. A group of DOGE buyers clubbed together to sue Musk for an astonishing $258 billion after accusing Musk, Tesla, and SpaceX of being “engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.” 

These investors bought DOGE in the hopes that Musk would be good to his word and would put it at the center of the Musk universe, but nothing has since emerged in terms of large-scale adoption, and the group, having lost out financially, is blaming Musk.

How to start using cryptocurrencies.

Musk’s legal team filed a defense to this lawsuit on Friday, March 31, arguing that Musk’s tweets didn’t manipulate the market and that the plaintiffs were responsible for what they bought. True to form, Musk duly changed the Twitter logo to that of the Dogecoin icon the following Monday, sending the price shooting up 30%.

Many expected an announcement of some kind of use case for DOGE to follow, but nothing came, and when the Twitter CEO reinstated the blue bird on Thursday the price quickly dumped back to just 6% higher than where it had been on Sunday night – a nice, totally unmanipulated round trip.

Musk has since offered no explanation as to what the purpose of this experiment was, but if it was an attempt to cash out some DOGE bought back in December in order to break even, it was a success. However, in doing so he has also bolstered the case manipulation against him by a factor simply impossible to calculate.


Crypto Scammer Tries to Fake $44 Million Court Settlement

A crypto scammer has been fined a $22.6 million penalty by the SEC.

A scammer has tried to get out of a $22.6 million penalty levied by the Securities and Exchange Commission (SEC) by pretending that he had paid the judge with a $44 million surety bond when no such agreement had been reached.

Robert Dunlap, Executive Trustee of the Meta 1 project, has spent three years solidly ignoring the SEC’s attempts to bring him to book after he was adjudged to have pulled off a $13.4 million scam in Meta 1, with his first and to date only contribution coming earlier this month when he tried to claim that he had come to a private arrangement with the judge to pay off the penalty, with $21.4 million on top.

Meta 1 claimed to be a “coin for humanity” which was backed by billions of dollars in holdings of gold and fine art, when in fact it was an empty shell. Dunlap and his team promised returns of up to 225,000% for early investors, siphoning the $13.4 million that eventually came their way into various bank accounts belonging to the team and other associates. 

This money went on paying off personal debts and buying luxury cars before the SEC filed an emergency halt in March 2020, since when the agency has been met with complete silence from Dunlap and his team while pushing ahead with its case.

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Meta 1 and its directors were slapped with a $27 million penalty by the SEC last September, having failed to respond to any communications. The penalty was approved by Judge Mark Lane in February and sent for final approval to District Judge Robert Pitman. 

In the interim, Dunlap last week filed a document purporting to be a ‘settlement of litigation and demand for closure’ of the case, which was supposedly an agreement between himself, on behalf of Meta 1, and Judge Lane, settling the case with a $44 million ‘bond package’.

The amount was peculiar, given that it was 63% higher than the penalty agreed upon for all parties involved, but it closely resembled the $44.44 at which the Meta 1 token was initially sold.

The SEC filed a response just a day later, stating that no one from Meta 1 had settled the matter and that no settlement discussions have ever occurred. It then eviscerated Dunlap’s filing, calling it a “nonsensical document” that followed Dunlap’s pattern of deception in his “illegal, on-going Ponzi scheme” conducted to try and prove to his followers that he had paid up.

The filing only increased the SEC’s desire to stop Dunlap, with Judge Pitman signing off the penalty the same day. 


Bitcoin Whitepaper Hidden in Every MacOS Since 2018

The Bitcoin Whitepaper has been hidden on all Apple MacOS operating systems since 2015.


One of the more surprising stories of the week involved the Bitcoin whitepaper and its five-year residence inside every MacOS installed in the past five years. 

Tech blogger Andy Baio discovered a PDF of the 2008 whitepaper embedded within the files of his operating system while trying to fix his printer, and subsequently discovered that it is present in every Mac using an operating system past 2018. 

The news was met with shock and no little confusion by the Bitcoin world, although the news has repercussions for one man in particular – Craig Wright.

Baio found the Bitcoin whitepaper PDF masquerading under the filename ‘simpledoc’ hidden inside the MacOS filesystem, and his investigations revealed multiple Macs with recent OS’s also had the same document.

This led him to surmise that someone at Apple hid the whitepaper in the operating system in time for the 2018 Mojave release and it has never been discovered. In fact, as he was soon informed, the issue of its inclusion was raised in 2020 with Apple but nothing was ever done.

The fact that the file was named in order to hide it from simple discovery means it’s likely that a Bitcoin-loving engineer slipped the PDF in undetected and has been waiting for this moment ever since as a subtle way of promoting the cryptocurrency. Now that the issue has been flagged on a wider scale, it will almost certainly be removed from future operating systems.

The whitepaper is also embedded in the Bitcoin blockchain, which is a much more reasonable location for it to be planted, but this fact has led to a lawsuit from would-be Bitcoin creator Craig Wright, which has a knock-on effect with the Apple discovery.

Wright has sued 26 entities and individuals, from individual Bitcoin developers to the exchange Coinbase, arguing that by encouraging and facilitating the downloading of Bitcoin nodes (which includes a copy of the full blockchain, and therefore the Bitcoin whitepaper), they are infringing his copyright as Satoshi Nakamoto, author of the Bitcoin whitepaper.

When it was discovered that Apple has also been distributing copies of the whitepaper, Wright was asked if it, too, was breaching his copyright. Wright replied on Twitter that, yes, Apple was indeed in breach of copyright law, setting up an intriguing test of his resolve – if he’s serious about his copyright being infringed and being Satoshi Nakamoto, then he will have no choice but to take on Apple in order to maintain his claim. Not doing so would weaken his position in the existing court case and would open him up to more accusations of being a fraud.

His financial backer Calvin Ayre has already funded dozens of lawsuits to date, but whether he would countenance once against the mighty Apple remains to be seen.


Trending Crypto News:

  • Coinbase has backed an appeal to overturn the sanctioning of mixing service Tornado Cash, saying it falls under free speech.
  • The head of New York State’s Department of Financial Services, Adrienne Harris, has labeled suggestions that Signature Bank was closed because of an anti-crypto bias “really ludicrous”.
  • The Bank of England has said that Bitcoin and a British Central Bank Digital Currency can coexist and have differing roles.

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Crypto Espresso - The Top Crypto News Weekly at Punt Casino!

Crypto Espresso – The Top Crypto News Weekly at Punt Casino!

March 20, 2023

Crypto Espresso – The Top Crypto News Weekly at Punt Casino!

March 20, 2023

Blog » Posts tagged "Bitcoin"

Top Crypto News Stories Last Week – Get the Full Scoop Now!

Last week’s top crypto news stories saw the U.S. judge in the Voyager Digital bankruptcy case publicly side with the crypto space over the lack of effective regulations. 

Also, the Bitcoin mixing service, ChipMixer (which was rumored to be a CIA honeypot), was shuttered and $46.5 million in bitcoin seized, while the closure of Signature Bank led to a claim of anti-crypto bias from a well-known board member.

Continue reading for the full scoop on the biggest news for crypto last week.

Crypto News Headline: Voyager Bankruptcy Judge Calls for Proper Crypto Regulation

Voyager Bankruptcy Judge Calls for Proper Crypto Regulation

Despite all the talk surrounding the need for regulation in the crypto news space, the entities responsible in the U.S. don’t seem too inclined to actually create any, preferring to prosecute transgressors after the fact rather than informing crypto companies upfront whether their products fall foul of securities laws. 

But now, support for crypto companies has come from an unlikely source – the judge in the Voyager Digital bankruptcy case, citing the lack of regulatory efforts made by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) through his comments in a filing regarding a reorganization and distribution plan for Voyager.


Judge makes his case

Wiles prefaced his comments by saying that the antipathy towards yet lack of action regarding cryptocurrencies offered an “unusual backdrop to this bankruptcy case”, with his opening remarks on the matter bringing the point home succinctly in the latest crypto news:

“There are firms that operate as cryptocurrency brokers or exchanges, and have done so for several years, without being subject to clear and well-defined regulatory requirements. Regulators themselves cannot seem to agree as to whether cryptocurrencies are commodities that may be subject to regulation by the CFTC, or whether they are securities that are subject to securities laws, or neither, or even on what criteria should be applied in making the decision.”

How to start using cryptocurrencies.

This sentiment echoes that of cryptocurrency organizations, many of which have expressed that they want to work within the law but simply don’t know how to do so. Judge Wiles noted that this uncertainty has persisted “despite the fact that cryptocurrency exchanges have been around for a number of years”, and then laid out the source of the frustration for many:

“There have been differing proposals in Congress to adopt different types of regulatory regimes for cryptocurrency trading. Meanwhile, the SEC has filed some actions against particular firms with regard to particular cryptocurrencies, and those actions suggest that a wider regulatory assault may be forthcoming.”

“The CFTC seems to have taken some positions that are at odds with the SEC’s views. Just how this will all sort itself out, how the pending actions relating to cryptocurrencies will be decided, and just what issues might be raised in future regulatory actions, and how they will affect individual firms or the industry as a whole, is unknown.”


What does it mean?

While these comments from the judge in this top crypto news article aren’t likely to spur the SEC or the CFTC into action, they highlight the fact that even someone who has come to the crypto space with little to no knowledge of it has swiftly realized that regulators simply aren’t holding up their end of the bargain.

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Headline 2: ChipMixer Service Shut Down After CIA “Honeypot” Rumors

ChipMixer Service Shut Down After CIA “Honeypot” Rumors

The Bitcoin mixing service, ChipMixer, has been shuttered, and $46.5 million in assets seized by an international law enforcement coalition. This comes months after a crypto news theory emerged that it had been taken over by the CIA and was being used as a ‘honeypot’. 

American and German authorities, aided by Europol and agencies from other countries, shut down the service last week, taking almost 2,000 bitcoins and 7 TB of data after an investigation into potential money laundering through the site – four months after rumors emerged that a ChipMixer was established by the CIA to attract and catch criminals.


About ChipMixer

ChipMixer was established in 2017 and offered a unique take on the transaction masking process: funds were transformed into “chips,” which were mixed together to anonymize the origin of the initial funds. 

This made ChipMixer a very attractive option for cyber criminals. Many used the service to launder illegal proceeds obtained from criminal activities such as drug and weapons trafficking, ransomware attacks, and payment card fraud. And a lot of these stories made top crypto news headlines across the world.


ChipMixer CIA “honeypot”?

When Twitter user “FatMan” (@fatmanterra) took a look into ChipMixer, he smelt a rat. In November 2022, he released a tweet thread laying out his reasons for ChipMixer being a CIA honeypot from the start. FatMan pointed to the fact that ChipMixer was established right at a time when the agency had “a number of different projects focused on cryptocurrency” going. 

This became fairly big crypto news after FatMan also pointed out that high-profile hackers such as the Twitter hacker who laundered money through the site were swiftly arrested. He also revealed that ChipMixer had, until then, survived a Bitcoin mixing clampdown, possibly in an attempt to drive users to the service.

Whether or not the CIA was in on ChipMixer from the start, it will certainly be taking an interest now, with various U.S. authorities eagerly wading through the 7 TB of data recovered. The investigation into ChipMixer suggests that the platform may have facilitated the laundering of over 150,000 bitcoins in total.

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Crypto News Headline 3: Signature Bank Closure Leads to “Anti-Crypto Bias” Claim

Signature Bank Closure Leads to “Anti-Crypto Bias” Claim

One of the latest crypto news talking points coming out of the closure of Signature Bank has been the role that crypto has played. Former U.S. representative and Signature Bank board member, Barney Frank, co-author of the 2010 Dodd-Frank regulations, claimed that the closure of the bank was an attempt by the U.S. government to send a “very strong anti-crypto message”. 

While Signature Bank didn’t involve itself with crypto directly, it did safeguard U.S. dollar deposits of crypto companies and their customers. Frank believes that a potential bank run was the perfect excuse for the U.S. government to shut it down and paint crypto as the bad guy.

The New York Department of Financial Services, which conducted the closure, argued last week that the decision to shut down Signature Bank was “nothing to do with crypto”. It also said that the issue had been getting data from the bank and the evasiveness of directors regarding obtaining it. Frank, however, wasn’t buying this, telling the Intelligencer:

Now, the question is, why did they react so harshly to what they said was our inability to give them the sufficient data? I believe it was probably to send the message that even though we were doing crypto stuff responsibly, they don’t want banks doing crypto. They denied that in their statement, but I don’t fully believe that.

Other crypto news outlets and financial news platforms such as the Wall Street Journal have since come out and said that there is certainly evidence to back Frank’s theory. This will have other crypto-connected banks looking over their shoulders for sure.

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Trending Crypto News Stories:

  • The FBI is said to be investigating the collapse of the Terra USD/LUNA ecosystem last year, putting more pressure on its founder, Do Kwon.
  • A security company has identified a series of vulnerabilities that it says threaten over 280 blockchains, with some already having been patched.
  • A $1 billion class action lawsuit against multiple social media influencers who promoted FTX has been filed in Florida.

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How to Buy and Deposit Crypto at Punt With Changelly

March 16, 2023

How to Buy and Deposit Crypto at Punt With Changelly

March 16, 2023

Blog » Posts tagged "Bitcoin"

Changelly – The New Onboard Crypto Exchange for Seamless Deposits at Punt

We’ve changed the game yet again, and this time, with an onboard crypto exchange where you can buy crypto with a credit card, deposit, and play instantly at Punt Casino.

Say hello to Changelly – your ticket to instant deposits with no hassle, no fuss, just a quick exchange between you, and us (and Changelly ?).


What is Changelly?

Changelly is the future of crypto casino banking. It is a non-custodial cryptocurrency exchange that acts as an intermediary between top crypto exchanges and the user. Changelly allows you to buy crypto online using a credit card, with over 500+ cryptocurrencies available at some of the best rates the market has to offer.

Changelly crypto exchange to buy crypto online.

Changelly aims to create a seamless and effortless way for users to purchase crypto online – cutting out the need to register with various crypto exchanges and putting all you need in 1 place. And now, this exciting crypto casino exchange can help YOU take advantage of all the benefits of bitcoin gambling at Punt, and it’s super easy to use.


How to buy crypto using Changelly at Punt Casino

If you don’t want to use the regular crypto deposit option at Punt, then using Changelly to buy cryptocurrency with a credit card is the answer. The option is located in the Cashier menu when making your deposit. All you need to do is select your deposit amount and choose Changelly as your deposit method before proceeding.

Using Chnagelly crypto exchange as a deposit method for online gambling at Punt Casino.

Deposit Now

Once you’ve selected Changely as your deposit option and chosen your preferred deposit amount, a new window will pop up to confirm your crypto purchase amount in your native currency, along with the BTC value you will receive in your Punt Casino account. 

You can also view the terms and conditions as well as the privacy policy before agreeing to them by ticking the box provided. Click “Exchange” to proceed with buying crypto for gambling online with Changelly.

Depositing crypto using Changelly at Punt Casino.

A crypto deposit address linked to your Punt Casino account will then automatically be generated. DO NOT change this address in any way. Simply click “Continue” to proceed to the next step.

Example of a bitcoin deposit address.


Check out with MoonPay

A window will then pop up with a message to redirect to the MoonPay site (linked to Changelly) or to start a new transaction. If you have entered all your details to buy crypto using Changelly correctly, click on the redirect button and you’ll be taken straight to MoonPay to complete your card-to-crypto transaction.

Here, you will be required to provide your email address for verification before clicking ‘Continue”.

Using MoonPay to buy crypto online.

Now it’s time to check your inbox for a verification code sent from MoonPay. Copy the code and paste it into the field provided to continue to buy crypto casino credit using Changelly.

MoonPay verification code for buying crypto online.

Once your code is inserted and you’ve agreed to the terms and conditions for MoonPay, click “Continue”. You’ll need to choose whether you want to use a debit card to buy cryptocurrency for online gambling or link your bank account to your MoonPay profile.

Buying crypto using MoonPay allows you to use a credit card or link your bank account.

After selecting “Debit card” as your payment method, you’ll be required to enter a few basic details. This is to protect you and your funds from fraudulent activity when buying your coins. These details will be saved so you won’t have to add them every time you use this crypto exchange casino feature at Punt. Plus, there is very little info required – bonus!

Verifying details to set up an account with MoonPay.

Deposit Now

After entering a few of your basic details, you’ll be asked to insert your credit or debit card details to proceed. Once that’s done, follow the few remaining prompts and you can start playing casino games within minutes as you’ll have a topped-up Punt Casino account – voila!


What are the benefits of using Changelly to buy crypto?

If you’re looking to streamline your deposits with the easiest way to buy crypto using a credit card, then look no further than Changelly at Punt. This will cut out the need to register with various crypto exchanges and look for the best exchange rates on the web, as Changelly does this for you.

All you need to do is follow the steps above and you can benefit in various ways, including:


Benefits of Changelly:

  • A choice from a wide range of cryptocurrencies (over 500+)
  • Low card-to-crypto and crypto-to-crypto exchange fees
  • The service integrates with various wallets (including your Punt Casino account)
  • Very little personal info required
  • No need to register with various crypto exchanges to find the best rates
  • It’s easy to use and can have you gambling with crypto in minutes!

On top of this, you still get UP TO 15% CASHBACK ON ALL DAILY DEPOSITS at Punt.

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Choose Changelly for easy card-to-crypto deposits today!

As you can see, buying crypto using a credit card with Changelly for online gambling is very simple at Punt. Not only will you benefit from some of the best exchange rates you will find, but you’ll also have your deposits added to your account much faster.

And don’t forget, you can still claim Punt Casino bonuses and promotions when using Changelly to make your deposit. Just claim the relevant bonus code in the Cashier menu under Coupons and make sure you buy crypto in the required amount for claiming the bonus.

Bonuses and promotions at Punt Casino.

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Private key vs Public Key crypto.

How to Secure Cryptocurrency and Protect Your Digital Assets

February 26, 2023

How to Secure Cryptocurrency and Protect Your Digital Assets

February 26, 2023

Blog » Posts tagged "Bitcoin"

How to Store and Secure Cryptocurrency

One of the biggest benefits of cryptocurrency is also one of its slippery banana peels – when it comes to crypto storage, the buck stops with you. This means you need to take extra care when deciding how to store and secure cryptocurrency safely, which isn’t as simple as buying a nice leather wallet and popping them in there for safekeeping.

For this reason, it is important you have a crypto security checklist. There are many different ways to store cryptocurrency – each with varying pros and cons. So, in this article, we’ll examine the various ways you can store your coins so you can work out which is the best cryptocurrency storage method for you, and avoid cryptocurrency security issues.


Let’s Talk About Secure Cryptocurrency

The first thing to know when discussing cryptocurrency storage is to know what exactly you are storing. To understand this, we can compare a blockchain to a railway network. Imagine the trains on the network being the coins themselves, constantly moving around it.

Bitcoin train.

All coins share the same network and must remain on it at all times. This means you can’t simply lift your coins off the rails and hide them somewhere or store cryptocurrency in your sock drawer. 

Since you can’t physically remove your coins from the tracks, you need a secure place where you can lock them away until you need them. Of course, you’ll also need to know what and what not to do when using a crypto exchange.

When creating a cryptocurrency wallet of any kind, you are given a ‘digital address’ for each blockchain you want to use (e.g. Bitcoin, Ethereum, XRP). These addresses act as the depot on the network, keeping your coins in a separate track away from the main line.

So, if the address is where your coins are kept, what does the wallet do? The wallet protects the addresses from intruders, preventing cryptocurrency security issues or someone else from accessing the depot and removing the coins.

It also allows the legitimate owner to move their coins in and out, or interact with various crypto platforms, with different wallet types offering different levels of security and practicality to secure cryptocurrency safely.

With that understood, let’s get into the key aspects of cryptocurrency storage for the next point in this crypto security checklist.


Public Keys vs Private Keys

When you create a new crypto wallet to store cryptocurrency, there will be a few things to note down during the setup process. One of these will be the various public keys, while another will be the single private key. This is very important to prevent cryptocurrency security issues.

The public key is simply the address for each coin you want to add, so you won’t need to record this, but the private key is another thing entirely. The private key is the master password to your entire wallet, which is about as important as it sounds. Anyone who has your private key can import it into their own wallet and simply ship your coins out.

It’s for this reason that you should be 100% clear on who holds the private key to your wallet when you create one, which we’ll cover next.


Custodial vs Non-Custodial Wallets

When we talk about ‘custody’ in this manner, we’re not talking about custody of your coins, but rather of your private key. Custodial wallets are those that you typically find in an app store, including all secure cryptocurrency exchange apps, and are wallets over which you have limited or no control when you store cryptocurrency in these wallets. 

The private key is stored on a server belonging to the company running the service, which means you must put your faith (and funds) in the security of the company in question. You will also have to hand over personal information to comply with local regulations when setting the wallet up.

Custodial vs non-custodial crypto wallets.

Non-custodial wallets on the other hand are those that allow you to retain the private key, putting you in full control of your funds. Many non-custodial wallets will not require you to hand over personal information during setup, another reason why they are favored by the cryptocurrency community, which is something to consider for your crypto security checklist.


Hot Wallets vs Cold Wallets

Something else to factor into your decision-making when it comes to cryptocurrency storage is whether you want a hot wallet (software wallet) or a cold wallet (hardware wallet). This essentially refers to whether the wallet is connected to the internet or not, which can impact how you store cryptocurrency, and how secure cryptocurrency really is.

Hot wallets vs cold wallets for crypto.

As you would expect, wallets kept on mobile devices and computers are considered to be hot wallets because they are almost always connected to the internet when the device is turned on. 

This goes for all custodial wallets too. These are connected to the internet through the servers of the operator at all times. Hot wallets are usually used by people who want quick and easy access to their cryptocurrencies, for example, if they want to spend them in a shop or gamble with bitcoin online.

But hot wallets usually come with more security concerns – anything connected to the internet is at risk of being compromised. This means that these wallets are only as secure as the device on which they are installed.

Cold wallets, on the other hand, are wallets that are kept offline at all times. This makes them ideal for a long-term means to secure cryptocurrency. However, they are not the most convenient way to store cryptocurrency if you want to access your funds instantly.


Different Types of Cryptocurrency Wallet

Now we know the key terminology, let’s take a look at the different types of cryptocurrency wallets out there, and who they are suitable for.


Mobile Wallet

As we’ve already discussed, mobile wallets come in the form of apps and are usually custodial, although non-custodial mobile wallets are out there, and all are considered hot wallets. Here is a look at the Coinbase custodial mobile wallet.

coinbase mobile crypto wallet.

Mobile wallets are great for keeping small amounts of cryptocurrency as a backup form of payment. They’re also perfect for crypto gambling and other forms of online entertainment as you can seamlessly make deposits and withdrawals on mobile-friendly sites. Even though the technology has improved to make them more secure than ever, they are not suitable to store cryptocurrency in large amounts.


Desktop Wallet

Similar to a mobile wallet, desktop wallets are considered hot wallets, although there is a bigger choice of non-custodial desktop wallets to choose from to secure cryptocurrency.

These include the core client of a blockchain (for example the Bitcoin Core client), which allows the computer in question to act as a node, helping to confirm transactions and secure the network as well as send, receive, and store coins.

As with mobile wallets, a desktop wallet is only as secure as the device on which it is installed and should not be considered suitable for high-value or long-term storage – an important point for your crypto security checklist.


Decentralized Web Wallet

A decentralized web wallet is a hot wallet that allows the user to engage with the Web 3.0 world while storing cryptocurrencies and digital assets. These wallets are typically non-custodial and can be accessed through a browser plugin or mobile app, which puts the onus on the user to download the correct software in each instance.

Decentralized web wallets have become extremely popular with the growth of Web 3.0 and are much safer and help to prevent cryptocurrency security issues far better than the original type of web wallet, which is now largely defunct.


Hardware Wallet

A hardware wallet is the safest way of storing cryptocurrencies that exists today. Rather than being wallets themselves, these are physical devices that are needed to confirm every single cryptocurrency transaction the user wants to make.

Hardware crypto wallets from Trezor and Ledger.

The wallet part is typically a non-custodial mobile app that acts as the front end, with the hardware device used to confirm any transaction requested by the wallet. Put simply, no one can get funds out of the mobile wallet without confirming it on the hardware wallet first. Think of it as dedicated two-factor authentication for your crypto wallet to store cryptocurrency safely.

Hardware wallets are stored offline – ideally in a secure environment, such as a home safe (not your sock drawer) when not being used. This means they cannot be remotely compromised. Some are also ‘air gapped’, meaning they simply don’t have the functionality to connect to the internet in the first place.


Which Crypto Wallet Is the Best?

There’s no simple answer to the question of which crypto wallet is best to secure cryptocurrency, because all wallets fulfill different functions. The ideal solution is to have the bulk of your cryptocurrency protected by a hardware wallet, and have a small amount on a mobile app for trading or spending. 

This way, you have the practicality and flexibility of the mobile app and the long-term security of offline storage.

Oh, and never, ever, give your private key out to anyone. ?

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