Opinion

D’CENT vs Ledger Nano X (2020) | Which Bluetooth Hardware Wallet Is Safer?

D’CENT vs Ledger Nano X! In this comparison, we are going to do a head-to-head of two of the most competitive and popular new cryptocurrency hardware wallets in this edition of the hardware wallet roundups.

I am going to dive into which of these bluetooth hardware wallets is better and more secure. How big is your portfolio? Do you need mobile AND desktop support? Do you use any 3rd party wallets for integration? Do you need web-based access instead of a required download? 

These are all questions you will need to consider when deciding which of these wallets will be best for you. At the end of the day, the coin support is one of the most important factors (besides security) when deciding which hardware wallet is best for you. 

Ultimately, if it doesn’t support the coins you want to store offline, it won’t work for your particular situation. So keep that in mind as we dive into what I consider to be the most important factors when making such an important decision, such as choosing a cryptocurrency hardware wallet.

 

Ledger Nano X: Overview

 

The Nano X comes beautifully packaged with the device itself, a USB-C cable, a set of instructions and recovery seed cards. The previous bulky buttons that were on top of the device are now seamlessly integrated on it in a way that’s even a bit hard to notice. All in all a beautiful design. The primary features of this device are the bluetooth connection which allows you to manage this device using your smartphone via the iOS and Android app.

Additionally, you can now hodl, store, or manage up to 100 cryptos simultaneously, all without access to your desktop or laptop computer. This is easily it’s best new features, but aside from the upgraded storage capacity and the wireless connectivity, the device itself is now larger, has an integrated 2-function button, and an overall larger screen for verifying transactions. With a trusted device and a more universal charging cable, this makes it much more compelling to spend the extra money to store more coins and one that you can easily take with you as you travel.

 

Ledger Nano X: Security

 

 

Ledger is at the forefront of developing the industry’s device security. How? And in what ways?

CC EAL5+ SECURE ELEMENT

Only Ledger’s devices can claim the French cybersecurity agency ANSSI’s full certification.

The Nano X and Nano S both feature what is called a ‘secure element’. The chip seen below is the next generation chip that comes in the Nano X:

The secure chip meets the CC EAL5+ certification and run’s Ledger’s proprietary BOLOS operating system.

According to Ledger:

A Secure Element is a secure chip that…embeds intrinsic countermeasures against many known attacks. This kind of chip is tamper-resistant and protects your device to a range of different attacks.”

 

Ledger Nano X: Coin Support

 

The Ledger Nano X utilizes the “Ledger Live” dashboard which is a desktop application that allows you to manage all of your coins, portfolio, and potential trades in an easy to use application. You can use this on both an iOS or Android app as well as a desktop.

This app allows you to manage up to 1,100 coins that are supported by the device. However, only about 200 of them are “native” apps. This means that you can manage them directly within the Ledger Live app, without having to connect to a 3rd party wallet, such as MyEtherWallet or MyCrypto. I will leave a link HERE with a list of fully supported coins.

 

Ledger Nano X: User Experience

 

 

Honestly, the user experience is a massive upgrade from the Ledger Nano S. With that said, It has a few usability issues that I find to be quite difficult to overcome. Although this device is physically larger than its predecessor, it still has a fairly difficult to use early experience.

For example, the screen is still fairly small and still cannot accommodate a QR code for scanning. This may not seem like a big deal, but after using several hardware wallets, it really does make a big difference. Using a QR code is not only safer (because it removes the chance of error from manually typing in a wallet address), but it is incredibly faster and makes the entire of transacting offline, a much easier experience. 

Although this device has stepped up the quality considerably from it’s latest iteration, I still feel that utilizing an all new form factor could have been beneficial and a little more innovative than replicating their 1st generation device with a few small tweaks.

 

D’CENT Wallet: Overview

 

The D’CENT is a mobile and bluetooth connected wireless hardware wallet device. With additional biometric security and the ease of use, this is a contender for the easiest to use mobile and wireless wallet. So how is it different than Ledger Nano X or other bluetooth devices? The Biometric security is a large differentiator here. It’s super convenient and makes it easy to sign and authenticate transactions on the go.

This means if you want to move your crypto from cold storage to a hot wallet, it can be done quickly and easily. A common scenario here would be if you are trying to pay a friend or you’re shopping and want to pay for a product in store very seamlessly. Let’s take a look at the security, features, and price below to go into a little more detail.

 

 

D’CENT: Security

 

 

The flagship feature of D’CENT is hands down the biometric security feature of the fingerprint sensor. There are some other hardware wallets that communicate with mobile, and can utilize Face ID or Touch ID for extra authentication with their mobile app, but this gives your authentication on the physical device as well. This is a unique and very secure feature that is not used by any other hardware wallet currently on the market.

The hardware wallet features a built-in fingerprint scanner that manages access to the hardware wallet. This security process improves the convenience for the users and enhances the security during access control. It also provides the wallet with fast transaction signing.

 

  • Multi-IC architecture design
  • Bank grade EAL 5+ Secure Element (This is the same security chip used in the Ledger Nano X)
  • Secure OS embedded on microprocessor

 

 

D’CENT: Coin Support

 

The coin support is varied. The D’CENT can store and support Bitcoin, Ethereum, ERC20 tokens, RSK, RRC20 (RSK tokens), Ripple (XRP), and MONACOIN. To many, this may not seem like it is very much, however, a majority of the major tokens are ERC-20 tokens and all can be supported natively on this device, which is good. I have not come across a hardware wallet yet that supports RSK and RRC20 tokens yet natively, so that definitely makes this an exclusive hardware wallet first for the D’CENT wallet!

 

 

D’CENT: User Experience

 

 

One of the main features I like here is the option to generate a valid QR code on the large OLED screen of this device as a way to send funds directly from your smartphone to your D’CENT wallet. This is super convenient and truly makes this a wireless and independent device that can be used on the go via the D’CENT app, which also includes a market price section and of course all of your wallets and current fiat amount stored within each one.

What’s also nice is you no longer need to backup and restore this device for firmware upgrades like you do with other devices (although you can, since this device can also support bluetooth and USB connectivity if you choose). This makes this a very convenient choice when considering the ease of use and security when choosing how to secure your private keys.

 

 

D’CENT vs Ledger Nano X: Conclusion

 

Truth be told, these hardware wallets each have their own unique selling points (as you’ve seen above). It really depends on your situation. For example, if I only wanted to “HODL” the main market cap coins and wasn’t looking to build an expansive portfolio, I would choose the D’CENT wallet. 

Why? Because the user experience in form factor is better (in my opinion) for ease of use, and overall security and the fingerprint authenticator gives me peace of mind. The Ledger Nano X is a solid device with a great track record and a trusted development team behind them. However, the screen size is not much bigger than their 1st generation device, and the form factor and user experience is much the same. 

Overall, if I had to choose between these devices, it would really depend on which coins and the number of coins I needed to hold securely offline. They are both very high quality and fun devices in their own unique way. Having a bluetooth and wireless hardware wallet is really convenient and provides users a way to start using their hardware wallets in real-world scenarios. However, having that extra biometric security is really a game changer.

 

 

What do you think? Would you choose the KeepKey over the Ledger Nano X? Let us know down below in the comments!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

Should I Buy Bitcoin Now?! Or Should I Wait? (March 2020)

In this article I’m going to address the urgent question I get almost every day recently “Should I Buy Bitcoin Now?!“. Most of the people I deal with kept asking me over the past year and a half what was going on with bitcoin. It was almost if they were saying “See, I told you so! Bitcoin was a bad investment”.

Those same people have taken notice to the massive price increase and have asked me if now is a good time to get in. To them I say, It was a good time to get in around $3,300 when everything looked terrible and you laughed at me. Well, hindsight is 20/20, and deep down, I knew this was just part of a normal market cycle and that it would recover. The short answer is; If you don’t have any bitcoin now, please start getting some before the limited supply runs out.

One of the best ways I have been suggesting people start accumulating and acquiring bitcoin for the first time is to use this free app I have been using myself that give you free bitcoin back on every purchase you make, while receiving a discount of anywhere from 2-33% off every purchase.

This is the LIFE INFO APP, and I will leave an in-depth review of this amazing way to earn free bitcoin HERE. The gist of it is that it’s a shopping app that gives you discounts on thousands of brands and retailers on every purchase you make. The savings you accrue can be converted directly into bitcoin right within the app!

I have been testing this app for several months now, and I have earned over 80$ worth of bitcoin on purchases I was already been making anyways. Why not earn free bitcoin? This is the #1 way I’ve been recommending people start acquiring bitcoin who are new to it and want a VERY easy way to do so, with no technical knowledge.

***CLICK HERE TO DOWNLOAD THE FREE LIFE INFO APP TO START EARNING FREE BITCOIN***

 

The Current State Of Bitcoin (July 2019)

 

As of the time of this writing, the price of bitcoin is currently $9,870.95. This is a pretty steep discount from where it was 5 days ago at $13,500. Bitcoin has been having significant gains over the past few weeks very steadily. This has primarily been happening because of some very fundamentally bullish news, such as the announcement of Facebook’s new cryptocurrency called “Libra”.

Many believe will bring the awareness and main stream of cryptocurrency adoption. Although this will be used as a “Stable Coin”, it will ultimately force billions of people to understand the ways of the future and finance.

So why did the price drop? Well, this is actually a healthy and normal correction for what has been a parabolic rise in price and the correction here will shake out the weak hands that currently are very emotional and timid about the projects future, and only pay attention to the price and what other people are doing.

Ultimately, bitcoin is the future of finance. New mainstream stores are starting to accept cryptocurrency payments directly.

 

What Caused The Huge Run Up Of Price Since April Of 2019?

Image result for bitcoin price

There are three primary factors that I believe have contributed to the massive price gains from April of 2019 til now, with no signs of stopping. Sure, there will be fluctuating prices, but it’s consistently gained over 100% consistently. Here are a few fundamental reasons I believe that triggered this to happen:

1.) Bitcoin Halvening – Every 4 years the bitcoin block reward that pays miners to verify transactions is going to be cut in half starting May 2020. This is by design and as a way to introduce scarcity and deflation to an already scarce and useful asset. Historically, the months leading up to this in years past has shown a systematic increase of price in anticipation of this happening.

Currently, the block rewards pays 12.5 bitcoin approximately every 10 minutes. It is about to be cut in half to 6.25 bitcoins per block. Scarcity is a massive incentive to start getting your act together now, before it’s too late.

2.) Facebook’s Cryptocurrency “Libra” – As mentioned above, one of the worlds largest and well-known companies is creating their own cryptocurrency. With over 3 billion active users and counting, this is introducing a new mechanism for people to make payment directly within the platform and also pay for services, like advertising, using Facebook’s native coin. There will be many high profile exchanges that will support this coin (including Coinbase), so there will be plenty of on and off ramps for this upcoming crypto. This is said to be pegged to over 12 fiat currencies’ values.

3.) Chainlink Partnership With Google – Chainlink is a cryptocurrency that specializes in smart contracts. If you are unaware of what that is, a smart contract is essentially a digital contract that is automated and processed out with no middleman, once certain pre-determined criteria is met. This is especially useful for reducing middle-men, and therefore costs, as well as efficiency.

Google has made an announcement of this partnership on a secret project and only validates the need for a blockchain in our modern world. Google doesn’t just partner with anyone, so as people start noticing that cryptocurrency and new blockchain projects are working with tech giants, people start noticing. There are very few details on what this project is exactly, but I assume it has to do with aggregating and verifying data automatically to increase efficiency in time intensive tasks.

What Is The Easiest Way To Buy Bitcoin? What Is the Minimum Investment?

The easiest way to buy bitcoin is to buy directly with a credit card. You can do this very easily with a company called CoinMama, and it only takes a few minutes to process and receive your bitcoin. I have personally used this service many times myself and is much quicker than using an exchange, like Coinbase.

Many exchanges and official on ramps will require much more time as they process KYC and account verification steps to enable an account for you. This process typically takes 3-7 business days, and you should plan accordingly. They are very useful to use if you are not crunched for time, and support many of the top coins directly with bank wire or debit cards for payment.

You can buy as little of $10 worth of bitcoin, and with what the app I mentioned, you can accrue even less than that for free. The point? You don’t need to buy a full bitcoin to get started!

Additionally, as I mentioned at the beginning of the article, you can start earning free bitcoin using the LIFE INFO APP, as that’s what I’ve been doing myself. Again, this is the#1 tool I’ve been using to accumulate free bitcoin on purchases I’m making anyways.

 

Should I Buy Bitcoin Now: Conclusion

Overall, even though bitcoin is very volatile at the moment, I would STRONGLY recommend you buy some bitcoin if you haven’t already. There are only 21 million coins that will ever been in circulation, and there is approximately 17.5 million circulating right now. This hard cap that can never change is a deflationary mechanism designed to provide a road map of how the supply and demand dynamics will look over the next few years.

If you zoom out and look at the year over year gains, bitcoin has been one of the strongest investments over the last decade as it has had a higher value of the previous January since it started. Most people get emotional with such rapid price swings, but ultimately what makes it special is the fact that you can now become your own bank.

YOU, yes YOU, can now conduct financial transactions with anyone in the entire world (almost for free) with no permission from anyone and no middle man requiring authorization or taking a cut. THAT is powerful. There has never been anything else like it in the world before. Ever.

 

What do you think? Do you think it’s too late to buy bitcoin now? Let me know in the comments below!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

Trezor One Vs. Trezor Model T – Is One A Clear Winner? (2020)

In this article, we are going to unravel the differences between the Trezor One Vs. Trezor Model T. I have been personally using each of these devices for years. The Trezor One first made it’s debut in August 2014 and was the first commerical hardware wallet out on the market. It paved the way for many competitors and started a revolution with a mission of keeping your private keys safe and completely offline in your control.

The Trezor Model T was unveiled in 2018 after years of development and tweaking. I was a reseller at the time and I received one of the first batch of devices to test out and even actually did a tear down and compared the internals and was very interested to see the differences between the two devices. Before that occurred, I tested it with many different coins and was a very pleasant experience.

They have even added a large number of “Native” apps (or coins) that were supported with their web-based wallet, and they will continue to do so for years to come. But does that make the Trezor One irrelevant now? Stay tuned for the whole article to find out!

 

First Look And Unboxing

 

Trezor One Vs. Trezor Model T

The Trezor One is a very simple device and yet, the complexity comes in it’s security packaging. Let me explain. The device is in the shape of a small plastic trapezoid with 2 mechanical buttons and a small OLED screen. When you first receive the device, it comes in a small plastic box and you will see that it has 2 holographic anti-tampering stickers on the box covering the seals. One is on the top and one is on the bottom.

This was put in place to not only show if the box has been tampered with, but also has some visual clues that reveal it’s authenticity. This was put in place as a preventative measure and to avoid supply chain attacks. Additionally, it has some vert strong adhesive glue that is designed to destroy the box in it’t opening.

This self-destructive box again is a secondary security measure designed to reveal if the box has been tampered with it’s journey from the manufacturer to the end user. In my opinion, it’s very simple, yet clever solution, as MIM attacks and supply chain attacks are a very real threat.

The Trezor Model T, however decided to go with a much simpler box design that does not include these contraptions. Why? Well, they decided that evidence of tampering really only matters on the device itself, so they forewent the process of securely packaging the device. Instead, they decided to put a very adhesive and protective seal on the device itself over the USB-C port.

The one downfall of this design, is that it when you unbox it and peel off this protective seal, it leaves a very sticky and noticeable sticky residue that is VERY difficult to take off. And as the device is plastic, it cannot be removed or scraped off, as it will completely scratch the device. I touched on this on my dedicated review of the Trezor Model T that I wrote HERE.

 

Trezor One Vs. Trezor Model T: Supported Coins

 

This in my opinion is the large differentiator between these two devices and the distinction will ultimately sway most of you in deciding which device you should buy. Both coins have a lot of the same coin support, at least in terms of the larger cap coins and what is supported in third-party wallets, such as MyEtherWallet or Mycelium.

I will note the primary difference here is noted in the available “Native Apps”. What are Native Apps? These are the wallets built directly into the web application that Trezor has built to manage your coins directly on your platform. They are very easy to use, manage, and view in a very easy manner. This is NOT the case when you deal with certain coins that are only supported with 3rd party integrations. As a result, they are fundamentally better for the end user.

I am going to list a handful of what I consider the notable coins that are supported by these native apps and differences. I will not overlap these and point out some coins that are only supported by the Trezor Model T, and NOT supported on the Trezor One. Note this below:

Trezor One Supported Coins:

Dash (DASH)

Digibyte (DGB)

Vertcoin (VTC)

Namecoin (NMC)

Dogecoin (DOGE)

 

Trezor Model T Supported Coins:

Ripple (XRP)

Ethereum (ETH)

Chainlink (LINK)

Holochain (HOT)

USDcoin (USDC) *Stable Coin*

This is just a brief example of some popular coins that are supported on each wallet natively using Trezor’s web app. Ther are some additional coins that are supported on the Trezor Model T through 3rd party wallets that will not work with Trezor One, such as Tezos (XTZ) and Monero (XMR).

This is important to know, as there are over 1,000 ERC-20 tokens that are expanding into native app support by Trezor Model T, that is not going to be supported by Trezor One, however, using some 3rd party wallets, will still support them, if you’re so inclined.

 

Trezor Security

 

I will briefly touch on this here as most of this was gone over in depth in my Trezor One Review. As mentioned above, the physical security measures and differences are pointed out in its physicality of it’s packaging, but I will point out that there is one feature that I particularly like that is available on the Trezor Model T.

Both have an option to set a “passphrase” or a 25th seed word when accessing your account. This means that if/when you have to use your recovery seed to restore your device, you not only need the 24 seed words in the correct order, but you will need to enter in the custom passphrase in order to fully restore your wallet.

Here is the main difference on the Trezor Model T. Because the device has a touch screen, both the PIN and the custom passphrase (if you enable it) will be entered in on the device itself, and not the web app. Why is this important? Well, in the event that your web app is compromised or you have a key logger on your computer, you have a separation from your device and what you enter on the web app to unlock or access your device.

The Trezor One requires you enter in your PIN on the web application with a number grid, since it does not have a physical touch screen that allows you to enter it in on the device. Pretty cool if you ask me.

 

Trezor Prices

 

The Trezor Prices are pretty significant in terms of the difference between the Trezor One and the Trezor Model T. As we’ve discussed above some of the differences of coins that are supported and the overall design, the prices are pretty notable as these devices cover a lot of the same ground. The current prices are listed below as of this writing:

 

Trezor One – 69 Euros or Approx. $78.00 USD

Trezor Model T – 149 Euros or Approx. $169.00 USD

 

This means that for the almost the same level or security you can get the original hardware wallet, the Trezor One for $91 less than the upgraded model. However, you have a lot more room to grow in terms of coins and token supported natively on the Trezor Model T, which means it will be more “future proof” and more expandable than the original.

Setup And Recovery Seed Differences

The primary differences in the two devices is fairly straightforward. The Trezor One includes a 24-word seed phrase when setting up and backing up your device. The Trezor Model T includes a 12 word seed phrase when you receive the device and that limitation is indicated on the included recovery seed cards in the box.

Why did they make this difference? Whether you choose a 12, 18, or 24 word seed phrase, it ultimately includes the same level of security. Additionally, since the Trezor Model T includes the option to set a custom passphrase you can enable on the device in addition to requiring the PIN, they felt that it was extra secure that way, although it’s optional.

 

Trezor Vs. Ledger Vs. KeepKey

 

The highest end device of these 3 is going to go to the Trezor Model T. Not because of the price tag, but because of the extra security features and the vast coin support that is way ahead of the competition currently. The Ledger Nano X is on par with this and even allows you to manage your device via bluetooth and can hold up to 100 apps directly on one device, which has it’s own edge over the rest.

The KeepKey is one of the oldest devices, but it is the “nicest” in terms of it’s physical presentation as it’s a very solid and sleek device that just “feels” premium. Additionally, it is going to release their new platform very soon that integrates directly with native coin support and non-custodial trading directly on the hardware wallet, that makes it probably the safest trading experience I have seen yet. I have tested this platform and have a detailed review of it HERE.

Additionally, if you want more details on the key differences of these devices, I will link that specific article here that I wrote entitled “KeepKey Vs. Trezor Vs. Ledger – Which One Should I Buy? (2019)“.

 

Conclusion

 

So which one is better? Well, to be honest there is no clear cut answer and it varies for each person. Here’s how I would put it to you. Are you going to be getting more and more into crypto and expanding into more altcoins as time goes on? If so, go with the Trezor Model T. If you are simplistic and you just want to “HODL” Bitcoin, Ethereum, and maybe a few other larger cap coins for a long period of time? Then Just got with the Trezor One.

The truth is, both will continually receive security and firmware upgrades as time goes on and will be very usable for years to come. In this professional’s opinion, it really comes down to any specific coins you want native support for (VERY IMPORTANT) and if you plan on expanding. You can’t go wrong with either one, as they have stood the test of time and I’ve used both for various coins over the years and I’ve seen the positive changes in both devices. Click the links below to buy The Trezor One and The Trezor Model T below directly from their website!

 

***CLICK HERE TO BUY THE TREZOR ONE WALLET***

 

***CLICK HERE TO BUY THE TREZOR MODEL T WALLET***

 

What do you think? Would you choose the Trezor One Or Model T? Which one do you use? Sound off below!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

Trezor Model T Review – Best Hardware Wallet Yet? (2020)

In this article. I am going to provide you with an in-depth Trezor Model T Review! The Trezor Model T Is the second generation device in the Trezor family and it came with a plethora of upgrades and a new capacitive touch screen for authorizing transactions, firmware updates, and entering in your security pin on the device itself versus the one the web application as with the Trezor One.

I also recently wrote an in-depth review of the Trezor One, which you can find HERE if you’re interested and I will be writing a comparison review shortly between both Trezor models.

Additionally, before I jump into the review of the Trezor Model T, I wanted to point out that I just wrote an in-depth guide on the 5 best ways to secure your cryptocurency in the form of a free e-book. It goes over some basic and advanced techniques to make sure that your crypto is the safest it can possibly be and provides you some tips and tricks to ensure your private keys stay protected forever. You can get that free e-book HERE.

Ok, phew, here we go, let’s get to the full review of the Trezor Model T Below! You will also find an attached video of the unboxing at the end. Let’s do this!

 

Trezor Model T First Impression And Unboxing

 

So when you first get the box in your hand, you’ll notice that it is substantially different than the Trezor One box. First off, it’s covered in plastic and then is a slide out box that separates into two parts (see video below). When you go to open the box, you’ll notice there are no security seals or holographic tapes on the box to promote anti-tampering and has a window on the box that shows the device in a display window.

It has a magnetic clasp that you can use to open the box where you will find the device sitting on a foam cushion that is surrounding the device and a blank black box with a green sticker right next to it.

Here is the reason why there is no security tape on the box when you first go to open it (unlike the Trezor One). The security tape is on the device itself covering the USB-C port on the bottom of the device and they have decided to bypass the security measures on the box. I understand why they made they choice and wanted to narrow down the security to the device itself from any side-channel attacks or MIM attacks. However, when you peel off the security tape, it purposefully leaves a very sticky residue on the device and it since it’s plastic, it is very difficult to get off without scratching it.

The touch screen is sleek and very bright, which is nice, but it is also very small. Even if you have average sized hands, you may have difficulty with entering in the pin-code and/or additional “25th seed phrase” as a password on the device. More on that later.

This is one of my biggest complaints as the device itself doesn’t look that good when you’re ready to use it and it it has a sticky film when you hold it and un-plug and plug in your device. I will say that this is the worst of your worries as the device is pretty solid and has a lot to offer in terms of security and functionality. The final thing that I noticed this device upon opening it up is it has a very sleek SD card slot that can be used for signing transactions offline and import them.

 

***CLICK HERE TO BUY TREZOR MODEL T FROM THEIR OFFICIAL SITE***

 

What Coins Are Supported?

 

I will leave a link to the official list of what Trezor has listed on their website HERE, but I will point out a few of the coins that this device supports that you don’t really see on other hardware wallets that stands out to me and is what I use on my device as well. The primary coins

NOTE: This device hold over 1,200 coins in total, but the majority of them have 3rd party wallets developed by either the development team for that coin specifically that can be connected, OR major third party wallets that hold hundreds of ERC-20 tokens, such as Mycelium and MyEtherWallet.

Just to name a few coins that are now supported on the beta wallet or (native app wallet) on the web app that is easy to manage and is unique to this hardware wallet is: HoloChain (HOT), Lunyr (LUN), Chainlink (LINK), and Polymath (POLY). They are adding Native support to new coins and tokens all the time, so make sure to keep your eye out for it!

 

Does this work with any 3rd party wallets?

 

Yes. Although I personally recommend using the native apps on the web application on the Trezor website. Why? Because it’s easily managed and located in one place. Additionally, because this wallet for managing is web-based you can easily take this wallet and manage your coins on the go without having download multiple wallets and setting it up and import it when you may not have access to the same computer.

This is safe to do because this hardware wallet is completely resistant to malware or any other viruses that may be present on unknown or public computers.

In regards to 3rd party wallets, there are a handful that are known to work and integrate directly with the Trezor Model T (and Trezor One) such as: MyEtherWallet, Mycelium, MyCrypto.com, and the newly announced partnership between Trezor and Exodus!

I will be doing an in-depth review and video on the Trezor user experience with the Exodus desktop wallet very soon! It looks very promising and they have hyped it up as a much better user experience than the standard web-based wallet, so we will see that review in the next week or so.

 

How Do I Set It Up?

 

Once you take the device and remove the security tape and unbox your recovery seed cards and the USB cable, you will open an internet browser tab and visit Trezor.io/start. This will take you through the process of downloading the “Trezor Bridge“, which is a small downloadable executable file that is required to use your wallet with the web app. Once you download this, you will follow the prompts on your device to download and install the latest firmware update.

NOTE: As a security measure, Trezor ships the device with no firmware installed to ensure that your device is activated properly when you set it up for the first time and the proper firmware will be activated with Satoshi Labs signed firmware. This ensures that no one can alter or tamper with the firmware of inject any malware in the device after it is shipped before it lands in your hands.

Once this firmware update is done, it will ask you on the web app to create a new wallet (recommended for new users) or import an existing wallet. You would only choose this option if you are trying to restore a previous wallet from on older recovery seed.

If you choose the new wallet option, it will prompt you to write down your recovery seed words on the card provided to you in the box and the words will display in succession on the device and will have you verify them in the correct order before the device is fully activated.

Once this has been created and you have decided if you want a 25th seed word as an extra layer of protection (I STRONGLY recommend that you do), you can now send, receive, and view the available coins in your dashboard!

 

***CLICK HERE TO BUY TREZOR MODEL T FROM THEIR OFFICIAL SITE***

 

Does It Support Monero And Ripple?

 

Yes and No. Let me explain. First, let’s talk about Monero support with the Trezor Model T. Although the firmware is setup to support this coin, there is currently no wallet that has been setup to use with it yet. This is currently in development and you will need to periodically check the Github page setup by Trezor to monitor the status of this, or await the newsletter that Trezor will inevitably send out once this is activated.

NOTE: I recently wrote an article HERE that goes over the 4 best Monero wallets, which includes hardware wallet support with the Ledger Nano S, albelt with the integration of a 3rd party wallet.

What about Support for Ripple (XRP)? Yes. Ripple has an easy to use native application that has recently been added to the web app for Trezor Model T. I have personally used and tested this and I am pleasantly surprised on how easy it was to manage. In fact, it was an even better experience than I’ve used with Ledger in regards to XRP.

 

How Does Trezor Model T Compare To Ledger And KeepKey?

 

Overall, this is a higher end wallet that supports many more coins than either Ledger or KeepKey. Additionally, it offers a touch screen for ease of use and independent security that is managed on the device itself. This includes being able to type in a custom password of “25th seed word” to access the device whenever it is connected or having a wallet being restored, in addition to the standard security PIN code.

This also means that it is more expensive. The current price of the Trezor Model T is 149 Euros or approximately $169 USD at the time of this writing. Ultimately, it depends on how many coins and WHICH coins you are specifically looking to hold on your hardware wallet.

If you are a beginner and you only want to hold the main higher market cap coins, like Bitcoin, Ethereum and Litecoin, then you really just need an entry level device, like the Ledger Nano S or The Trezor One. keepkey wallet

However, If you want to be able to trade and swap coins directly on your hardware wallet without exposing your private keys, I would recommend going with KeepKey. They have a new platform (currently in beta, check out my in-depth review HERE) that allows you to trade on the ShapeShift platform while having your device connected and you never have to give up your private keys. This will be key if you are trying to be primarily trade, instead of just sit and hold.

 

 

***CLICK HERE TO BUY TREZOR MODEL T FROM THEIR OFFICIAL SITE***

 

Conclusion

 

So what’s the bottomline? I would recommend the Trezor Model T to anyone that is trying to expand their coin selection and are smart enough to know they need to keep their coins on a hardware wallet at ALL times. This wallet will continue to expand it’s coin support and they have already grown this support dramatically over the last 12 months. If there is a coin in particular that it currently doesn’t support on it’s web app, there is a STRONG chance that it is either supported with a 3rd party wallet you can integrate this with, or it will be natively supported very soon.

If you are just looking to buy and hold Bitcoin and Ethereum (or even Litecoin), you really don’t need a device as nice as this. At least not yet. As you understanding of this technology and your taste for new altcoins grows, you will probably want to expand into a new wallet, and in fact, it’s quite normal for people to have more than one active hardware wallet at once to diversify and protect themselves as well.

Additionally, you may want to consider using a device like CryptoTAG, as a metal backup to your recovery seed card, if you are holding enough funds that you want to have a backup of your backup. This makes sense for anyone that is holding more funds on their hardware wallet, than they actually paid for the wallet. This is actually not that much, so make sure you download the free e-book I mentioned above, so you can get the free tips above.

 

What do you think? Is the Trezor Model T the best hardware wallet out there today? Let me know in the comments below!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

Bitpay Card Review: My Experience Living Off The Debit Card (2020)

In this review, I am going to cover my experience living off of the Bitpay Card. In 2017, I was hired to build a cryptococurrency hardware wallet for a prominent crypto company and I was paid directly in bitcoin and bitcoin cash. I needed to find a way to pay my bills with crypto in this legacy financial system that would not allow me to pay directly for my rent, groceries, gasoline, etc… This is when I did thorough research and discovered there were several crypto debit cards that existed.

bitpay card

Which one should I use? Which one works best and has the lowest fees? How much does it cost to get one? How easy is it to use? These were all questions I had when I first started researching these options and after doing a few weeks of research, it was clear that the best solution was to use the BitPay card.

I was already using BitPay to accept payment through this website when it was used for ecommerce, but I was unaware at the time that they had a crypto to Visa cash option that works for personal use. I was already happy with the experience I had using them as a payment processor, so I figured I would try their debit card for every day use. My experience and FAQ’s are detailed below!

 

HOW DOES THE BITPAY CARD WORK?

 

So here are the basic process of using the card from start to finish:

  1. Go to Bitpay.com/card and request a card. It will cost $9.95 as a one-time fee after you’ve filled out the application, which requires your personal details to send the card to.
  2. Wait 5-7 business days for the card to arrive (if you’re in the U.S.) It can take up to 21 business days for other countries.
  3. Once the card is received, call the 1-800 number on the front sticker to activate and set a PIN. Then go to your account to enter in the secret code sent in the letter to activate.
  4. Once activated, you are able to see your card available for crypto loads from the Bitpay mobile app and start using.
  5. Choose the wallet (either bitcoin or bitcoin cash) that you want to load onto the card, the choose the USD amount you want to add, then authenticate with your password and Face ID (if one is setup for extra security on the Bitpay wallet app)
  6. You’re done, money is loaded instantly and you will receive a confirmation email once you have completed the “Slide to Pay” function on the final screen.
  7. You are free to use this Bitpay card online, in person at any merchant that accepts Visa, or at the ATM.

My experience has been one that has shown this to be not only a very simple process, but also one that you can load money on in a pinch if you need to top off or load up your card because you don’t have enough funds. I have also experienced an issue where the card was declined once, but it was the merchant who I was using who said his bank was declining it. Once I called Bitpay’s card services, I was able to have them unblock it on their end and it went through perfectly.

 

WHAT CRYPTOCURRENCIES CAN I USE WITH THIS BITPAY DEBIT CARD?

Currently, the only two cryptocurrencies that can be used to load up the card on the prepaid Visa is Bitcoin (BTC) and Bitcoin Cash (BCH). There have been plans to add more in the future, but for the time being, these are the only coins that are supported on Bitpay’s platform for debit card usage. There have been rumors that Ethereum (ETH) may be the next coin added for further altcoin support, but that has not been confirmed by the company.

 

HOW DO I PUT MONEY ON MY BITPAY CARD?

 

Once you have the card activated and you have linked your card account online, you will see the card option to “Add Funds” on the Bitpay Wallet App. Once you click on this, you can select the USD amount or toggle to the BTC or BCH side to calculate the exact amount you want to load. This will have you select the wallet you want to fund with in the drop down menu. Once you select the wallet, you will confirm the total and continue with “Slide To Pay” at the bottom, and will load instantly!

 

(PRO-TIP: If you are concerned about price fluctuation, you can keep your funds on your wallets and only top off the card at the exact moment before you purchase. This gives you flexibility in trying to monitor and maximize the price volatility in your favor!)

 

CAN I USE THE BITPAY CARD TO WITHDRAW CASH FROM AN ATM?

 

Yes. I have used this in a pinch where a card is not accepted when I went to a concert venue, however, keep in mind you will incur a $5 fee for ATM withdrawals and that does not include any ATM fee’s the machine you are using will incur. In some cases, it is not worth it to use this feature, but it is nice to know you have the option if it’s required.

It is also nice to know that when using a debit option at a merchant, you can easily choose the “cash back” option as a free way to get cash back, but that is usually limited to $100 dollars. This is a work around I would frequently use if I knew I needed to have some cash on hand for certain occasions and is nice to avoid those fees.

 

CONCLUSION

 

I was able to successfully use this to make most purchases I needed to make for the past 2 years. There are some bills that people pay that required ACH and will not take a debit or credit card. IN these instances, I was able to use Coinbase to as a crypto to fiat off-ramp, but I avoided using this as much as possible as the fees were not helpful, and I liked the idea that I could use crypto top make payments in the real world, without a hitch.

I also negotiated a way to start paying rent and other bills via Venmo, which was a nice workaround top using ACH. I was so hell-bent on using crypto as a viable payment source to pay my living expenses, that I went out of my way to make this happen. Any funds that I did not load onto my card, I only kept a little of it on the Bitpay wallet app and then kept the savings (as everyone should) onto my KeepKey hardware wallet.

If you are unfamiliar of the best practices for securing your cryptocurrency the right way, I will leave my link here for my FREE E-BOOK that details the top 5 ways to secure your cryptocurrency, and I recommend giving it a look, as it’s free.

All in all, this was a viable solution to live on, but I understand that some people are unable to use this in their particular country or their particular circumstance. If you live in any European or Asian countries and would like the option to use a crypto debit card, you can also try Wirex.

The Bitpay card is an option that does have a monthly fee, but it primarily used on that side of the world and has a similar user experience. I would recommend using this card for ANYONE that wants an option to “cash out their crypto” in a moments notice that would prefer not paying any exchange fees and needs it to happen within seconds.

 

What do you think? Are there any better crypto debit card options that you have used? If so, let me know in the comments below!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

KeepKey Review: Is It Better Than Ledger? (2020)

In this article, I will give you a deep dive into the KeepKey wallet and provide you a review of my personal experience thus far with a keepkey review. I started using KeepKey about 3 years ago and boy has it come a long way. At first it was the simple bitcoin wallet that only supported about 6 coins, and was the easiest wallet to use at the time (including Trezor and Ledger). It’s selling edge was the physical wallet itself which is a nicer aluminum finish and clean and upscale look and significantly differed from the flimsy plastic Trezor and Ledger presented you out of the box. keepkey review

As a result, it was priced as such, and many people would not pay more for a device that only supported 6 coins. In 2018, it started adding 3rd party wallet support, like MyEtherWallet and MyCrypto.com and ERC-20 tokens. In this review, I will go over what has changed since then and ultimately if this wallet is the best choice for you or not.

I also recommend you download my free e-book that I just wrote that gives you some expert tips on how to secure your cryptocurrency and ensure you are protected for the next bull run. You can click the link above to gain access now, and it will only help you on this crypto journey. Addtionally, I recently wrote a detailed review on the new ShapeShift platform, that will have elements of it woven into this review as they both utilize the KeepKey wallet to operate. Let’s get started!

 

CLICK HERE TO BUY KEEPKEY FROM SHAPESHIFT’S OFFICIAL SITE DIRECTLY

 

KEEPKEY REVIEW: WHAT COMES IN THE KEEPKEY BOX?

First off, they have a really solid presentation. The box is a quality box and is sealed by an anti-tamper sticker to indicate if the box has attempted misuse or access to it. Secondly, it comes with the following items in the rectangular apple-esque box:

 

-Nylon Woven USB to Micro USB cable

-2 Recovery Seed Cards

KeepKey Hardware

-Getting Started Guide

 

The device itself is rectangular and only has one singular button on the top right used for signing and authorizing transactions. This is why it can be defined as the simple bitcoin wallet and is mechanical in design. Overall, this is a non-nonsense wallet that is made up of solid, sturdy construction and is physically larger than the Ledger and Trezor wallets.

 

CLICK HERE TO BUY KEEPKEY FROM SHAPESHIFT’S OFFICIAL SITE DIRECTLY

 

KEEPKEY REVIEW: WHAT COINS ARE SUPPORTED?

 

Natively, this wallet in the current beta form supports over 40 assets with more on the way! Here is a current list of assets that are supported right now.  Now let’s get into the nitty-gritty. For years, KeepKey only supported: Bitcoin, Litecoin, Ethereum, Namecoin, Dogecoin, and Dash. For a hardware wallet that needs to compete in this market place, that needed a serious upgrade.

Luckily, they have been making some AMAZING changes and not only added a ton of ERC-20 Support, but more importantly, they are revamping their entire platform to have one fluid, seamless application that integrates all of their core services (See my previous post for details on this). This is extremely powerful, and a decision that I believe will catapult them ahead of the competition. They are currently in a closed beta, and it is expected that they will be releasing this later in 2019. Stay tuned for news on this.

Some of the notable coins that have been added are:

-DigixDAO (DGD)

-Binance Coin (BNB)

-Dai (DAI)

-Maker (MKR)

-TrueUSD (TUSD)

 

CLICK HERE TO BUY KEEPKEY FROM SHAPESHIFT’S OFFICIAL SITE DIRECTLY

 

KEEPKEY REVIEW: HOW TO SETUP THE DEVICE

This information will be outdated soon, but I will leave a link to the current setup and initialization of the device as of June 2019 for most people here. I am more interested in talking about my experience with their new unified platform that will be released to the public shortly. Essentially, once you take the KeepKey out of the box and plug in the USB, it will prompt you to download the firmware updater and initialization steps once you login to your account. Currently, this is done on beta.shapeshift.com.

Once you have updated the firmware by plugging it in and holding down the single mechanical button as you disconnect and re-connect, it will process the update for you very quickly, usually within about 30 seconds. From here it will connect your KeepKey and there will be an animation in the top right of the dashboard letting you know it’s current status and then prompt you for the pin that is randomized every time it’s plugged in to ensure you have proper access to the device.

Once you’re validated, you can trade, view your accounts, and send/receive from your existing accounts and it’s a seamless process that will prompt for your PIN again to make any changes. I will leave a photo below for you to see the dashboard layout and it is very clean.

CLICK HERE TO BUY KEEPKEY FROM SHAPESHIFT’S OFFICIAL SITE DIRECTLY

 

KEEPKEY REVIEW: SECURITY

 

KeepKey has a true random number generator (TRNG) for it’s PIN interface for extra physical security. In addition to offline storage, KeepKey’s PIN code and number randomization makes sure that

1) Your wallet is secure from physical theft.

2) That a hacker couldn’t steal bitcoins from your wallet with malware.

 

KeepKey is an HD wallet, meaning your entire wallet can be backed up with the 12 words generated on setup. 12 words is the default setting, although KeepKey supports seed lengths of 18 and 24.

The seed is generated using entropy from both the device itself and the computer used for setup. The seed is generated offline on the KeepKey and displayed on the device’s screen. The device’s offline screen makes sure the seed is never displayed on an internet-connected device.

You can recover your wallet using the backup seed if your device is lost, stolen, or damaged. Recovery can be done in this new beta platform, but it has yet to be released on the current version. Make sure to keep multiple backups of your seed and use a metal recovery seed backup for extra protection.

The wallet’s screen allows you to sign and confirm the transaction on the device itself, so you can verify the address matches when sending on the web app and the device to prevent unauthorized bait and switches, but does not prevent phishing attacks.

 

CLICK HERE TO BUY KEEPKEY FROM SHAPESHIFT’S OFFICIAL SITE DIRECTLY

 

KEEPKEY AND SHAPESHIFT: USER EXPERIENCE (UX)

 

As you can see in the interface, besides the assets list on the left, most people like to trade within the app. All this is done within the app, so your private keys are never exposed online or to a 3rd party, which again, makes this new platform EXTREMELY compelling.

Additionally, unlike most exchanges you do not need pre-designated trading pairs that are usually defaulted to BTC. This means you can trade from altcoin to altcoin without having to trade back into BTC first, which will save you a ton on trading fees.

You can also buy crypto directly in the app via Wyre and can do a bank transfer that takes only 1-3 days and with only minimal fees. This is a huge advantage over Binance or other exchanges that charge exorbitant fees to have it done via a credit card and pay a lot more for that instant gratification. Again, when you do this, the private keys will go directly on your KeepKey so they are never exposed to the internet , even for a second.

Finally, here is a glimpse of the assets list. At the time of this screenshot, I only had 2 assets for testing and I haven’t tested this with bitcoin directly and dealt with DOGE and SNT at the time. I have since distributed that between about 9 different assets and have had a good experience with seamless trades that all end up on my hardware wallet, instantly after signing and authorizing a trade.

 

CLICK HERE TO BUY KEEPKEY FROM SHAPESHIFT’S OFFICIAL SITE DIRECTLY

 

KEEPKEY REVIEW – CONCLUSION

 

In the end, I still would take the KeepKey over the Ledger if I had to choose. The Ledger Nano S only holds 3 or 4 apps at the same time, and if you plan to expand or add more, you will have to remove and uninstall what you have to make room. KeepKey does not have this storage issue.

As mentioned above, with KeepKey will not give you this issue and you can trade assets very seamlessly and without the need to give up your private keys over top an exchange. This is a HUGE advantage and not one that any other hardware wallet can compete with. Having a non-custodial wallet is key and having one that is designed to never expose the private keys is even better.

keepkey

The UX has been greatly improved and you can actually initiate a trade, sign the transaction on the device, and then unplug and off you go. You do not need to wait for the trade to take place, which is super convenient. Right now it costs $79 and is only 20 bucks more than the Ledger. It feels like it should be worth twice that since the quality you get is superior. Honestly, if you asked me which wallet should I choose a year ago, and is KeepKey is better than Ledger?

I would’ve said “No”. But, this new user interface and overall experience managing your assets all in one place and one screen, and not needing to install and uninstall several applications is unbeatable. Using their beta and testing their new platform has been a great experience and one that I would recommend to my closest friends and family at this point. Even if you are brand new and don’t have much experience. KeepKey is the best choice for a hardware wallet right now in 2019.

 

CLICK HERE TO BUY KEEPKEY FROM SHAPESHIFT’S OFFICIAL SITE DIRECTLY

 

***Leave a comment below and I will message you a coupon for 50% off for a limited time only!***

 

What do you think? Which hardware wallet is your favorite and why? Sound off in the comments below!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

How To Buy Gift Cards With Bitcoin (2020)

In this review, I will be going over the 3 best ways on how to buy gift cards with bitcoin in 2019. There are 3 trusted sites (and one app) that are used to buy gift cards very easily and it happens almost instantly. You can choose whether or not to email you the redemption code for the gift cards digitally via email, or you can choose to have them shipped as a physical card to your friends or family if you are going to use it as a gift.

It all is very easy, and more importantly, it proves that there is real world utility for bitcoin (in case you didn’t know that already). Let’s get right to the best ways to go about this below!

Before I get to these 3 options, I will recommend you first check out the LIFE INFO APP. This does the reverse and allows you to earn free bitcoin AND save money on thousands of merchants, just like the resources below. I HIGHLY recommend using this free app, because it’s a great way to start accumulating bitcoin for free while saving money on purchasing items you are already buying anyway. I will leave a link to the review that explains this free app HERE.

 

DOWNLOAD THE LIFE INFO APP TO START EARNING BITCOIN

 

How To Buy Gift Cards With Bitcoin

 

#1 GYFT.COM

how to buy gift cards with bitcoin

This website offers a fully functioning website and a full service mobile app as well, but you can get pretty much any type of gift card you can think of. It’s essentially the Amazon of of buying gift cards and the selection is huge. It covers anything from pizza gift cards to department stores, like Macy’s to Best Buy to Cruises and Airlines.

This really is one of the largest sites that allows you to buy gift cards and isn’t fully dedicated to bitcoin. (we’ll get to that option below). You can actually buy these gift cards with any payment method, but bitcoin is an advertised method for doing so. I have used it once on this site and it’s fairly straight forward with scanning the QR code with my phone and authorizing with my BitPay wallet.

This probably has the largest selection of gift cards, but one thing I wish they did was incentivize the use of bitcoin by offering a discount for purchasing these gift cards, but for them it just appears to be another payment method.

If you want to save money and get discounted gift cards with bitcoin or bitcoin cash, I would recommend trying out Purse.io, which is Amazon built on top of a new platform that specifically deals in bitcoin payment. You can check out my review and recap in this article I wrote HERE.

 

#2 BITREFILL.COM

 

This is a site that I love using because it was built specifically to help propel bitcoin being used in commerce specifically. Not only that, you can buy gift cards with Bitcoin, but you can also use several other altcoins as well. You can also top up gift cards on your phone in any denomination you need and it offers over 750 different gift cards, so it has a VERY large selection, just like above.

You can also use Lightning Payments for ordering bitcoin as well. This is a new development, but one that is very welcome. I just downloaded my first wallet for the lightning network and it was really fun to see it in action! Granted, I haven’t tested it out on a purchase here, yet.

However, I plan to do that very soon on my next gift card purchase. I always try to support businesses that support bitcoin payments, but especially ones that were built on the promise of bitcoin being a peer-to-peer electronic cash system that was developed by the elusive Satoshi Nakamoto.

Overall, this is probably my favorite place to buy gift cards when I pay with bitcoin or any other altcoin, because of it’s dedication to this cause. I also had a smooth experience and had the physical cards shipped to me within 3 days and arrived on time and as described.

The one thing that also makes this different, is you can pay your phone bill and cable bill with bitcoin. How? Well, you can purchase a specific gift cards amount, say $94.36 if that’s your phone bill amount, and use that to pay your monthly Verizon, T-Mobile, AT&T, or Sprint Bill. Pretty neat.

Also, you can do this with your cable bill if you use Cox or Xfinity if you’re in the U.S. The same thing applies where you can purchase a gift card for an exact amount and use it when you go online to pay your bill. Pretty cool if you ask me!

 

#3 BITPAY WALLET APP

This is my number one go to mobile wallet because of it’s utility. I also have a visa card that I can load up my bitcoin on directly, so it’s all managed and very easy to use in the app. But, it also offers integrations with Coinbase and you can buy gift cards directly from your wallet there.

The only downside is, it supports only Bitcoin (BTC) and Bitcoin Cash (BCH). If you are using any other cryptocurrencies with your day to day spending, then I would go with something else, but I use this one every single day, because the user experience is top notch.

In terms of gift cards, here is an article the wrote when it was rolled out last December HERE. Ultimately, it doesn’t quite have the features or selection that the other two offer, but when you use this mobile wallet for the debit visa card and for other everyday spending, it makes it easier to manage it all in one place..

It covers some larger name retailers like: Uber, Delta Airlines, Hotels.com and Amazon. There are other options, and they are adding more all the time, so keep an eye on that. Overall, I personally use this option the most as I mentioned above I have a lot of services integrated with this wallet and I’ve never had a bad experience.

 

CONCLUSION

 

These are the easiest steps on how to buy gift cards with bitcoin! Overall, I have a clear favorite in the list above in terms of specifically buying gift cards and that is Bitrefill.com, but that does not mean the other options are bad. I have personally used all 3 of these and they all have a good user experience.

The difference lies in their business models and the personal branding and position in the marketplace. They are all reputable and I can recommend all of them, but I still have a soft spot for “Bitcoin Companies” in general, and that’s just an emotional leaning on my part.

If you ever need to see some previews of get some other commentary, watch the video I did above that goes over this and shows you how to go about this process. Give these a try when you have a holiday, birthday, or any other type of event when a gift card would be appropriate. you won’t regret it.

 

What do you think? Are there better ways to buy gift cards online? Let me know below in the comments!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

How To Spend Bitcoin Online: 5 Best Places (2020)

In this post, I am going to cover how to spend bitcoin online and the five best places to do so in 2019. Not only am I going to show you how to spend bitcoin online, but more importantly, WHERE to spend bitcoin online. If you have never made a bitcoin transaction before, please review my earlier post that explains how to do this. As mass adoption starts snowballing, and we’ve already seen evidence of this by way of Whole Foods, and other major retailers coming on board to to accept cryptocurrency as payment, people are starting to look at where they can send their bitcoin and other cryptocurrencies.

I believe a fundamental component of making this global adoption happen quicker is letting people see how useful and easy it is to actually SPEND it as a currency. This is a life changing tool and is very easy to obtain for free, if you’re already shopping at these places and more using the Free Life Info App, and you can accumulate bitcoin AND get a discount at these retailers we will discuss below, but also thousands more. I will leave the in-depth review of this free bitcoin tool, HERE. Let’s get right into it!

 

DOWNLOAD THE FREE LIFE INFO APP HERE

 

#1 HOW TO SPEND BITCOIN ONLINE AT PURSE.IO (AMAZON ON TOP OF BITCOIN)

 

People always ask me, “Does Amazon accept bitcoin?” The short answer is yes and no. Amazon does not accept it directly, but there are a few chrome extensions where you can earn bitcoin and spend bitcoin in very small amounts by doing this via the Lightning Network, but that is still in it’s infancy. There is a much better way to get what you want on Amazon, AND you can also save up to 33% off the price.

How do you do this? It’s called Purse.io. This website I have used personally during the holiday season 2018 for several items, and it works great! How it works is when you visit the site, it looks very similar to amazon and it’s built on top of Amazon’s platform, but it has one key difference. You can pay in bitcoin!

This means that it IS Amazon, but it just looks different, as it’s a platform built on top of Amazon. The point of this is so that you can spend bitcoin or other cryptocurrencies for payment, and it pairs you up with an individual who has amazon store credit or gift cards, and wants to order these things on your behalf, and send them directly to you.

Of course, you have to verify and approve everything arrives and is acceptable to you first. At this point, you can release the bitcoin payment once you are satisfied with your order. It’s a really elegant solution that matches up people who want to convert their amazon credit to receive bitcoin in return and you get a discount for doing this. Pretty slick, and highly recommended.

 

CLICK HERE FOR FREE 5$ IN BITCOIN ON YOUR FIRST ORDER

 

#2 HOW TO SPEND BITCOIN ONLINE AT CHEAPAIR.COM

 

how to spend bitcoin online

Cheapair.com is a discounted airline affiliate site that helps you find the cheapest flights from all the top airlines and is built on top of major search engines like Trivago and Expedia. The difference is, this finds the cheapest flights and let’s you pay in bitcoin directly to book your flight. This is really exciting and allows you to check out using a QR code you can scan with your phone, or you can just simply copy and paste your bitcoin address in the dropdown menu at checkout. You can also sign up for fare trackers and it will notify you when your flight lands in your price zone if you’re not ready to book now.

Overall, I’ve only booked 2 flights myself here, but it was a good experience. I have been living off bitcoin for over 2 years now and it’s required creative ways to find how to get to where you need to go without trying to pay any exchange fees, and this was brought to my attention. I highly recommend if you are the type of person that likes to shop for the cheapest price and bargain hunt when looking for trips and flights.

 

#3 HOW TO SPEND BITCOIN AT OVERSTOCK.COM

 

Overstock.com is a large online retailer, similar to Amazon, but specializes in mainly home goods like furniture, decor, and larger items for very cheap. I believe they also offer a 2% additional discount when checking out with bitcoin.

You probably have heard of this website and perhaps even ordered something from here, but you probably didn’t know they accepted bitcoin for payment. They do this directly and it’s very easy to scan the QR code at checkout with your smartphone or with your bitcoin wallet address directly copying and pasting as well.

They frequently have holiday sales and other coupons and promotions you can use on top of the discounts of using bitcoin as well. I actually bought a rug a few years back from them using bitcoin and it was very simple to use and I had no issues.

This was one of the first major retailers to start accepting crypto, as the company’s founder Patrick Byrne has been a long time supporter of bitcoin. I personally like to support companies that allow you to pay in bitcoin as opposed to the ones that don’t, but that’s just me. I like to support the cause and businesses that do as well.

 

#4 HOW TO SPEND BITCOIN AT EXPRESSVPN

 

This is KEY when dealing with bitcoin. When spending bitcoin online and also trading or investing bitcoin online, it is imperative that you are not tracked and using a VPN is key in doing this. I use Express VPN when dealing with any online bitcoin transaction, especially when doing trading on exchanges, like Binance or Coinbase. Luckily, you can also buy Express VPN with bitcoin as well and it’s crucial to protect your anonymity when doing this. VPN’s are also useful when doing typical web browsing and not wanting to be tracked with what and where you spend your time online.

Additionally, you will be able to use this to access other popular streamers and websites that put limits on your IP address, such as Amazon and Netflix, without having to pay them more. You may not know but some major websites track your information from your IP address and sell that information to advertisers.

Have you ever been talking about something privately, and then when you look at your Facebook feed or Instagram feed and you see an ad for what you were just talking about? Very creepy, but very real. The ExpressVPN not only allows you to use this on your iPhone and Android, but it works on multiple devices at the same time, for each device in your home.

My favorite part of course (not to beat a dead horse) is the fact that you can get a free 30 day trial and test it out and the use BITCOIN to pay for it. Super cool.

 

CLICK HERE FOR YOUR EXPRESS VPN FREE 30-DAY TRIAL

 

#5 HOW TO SPEND BITCOIN AT EXPEDIA.COM

 

This one is probably my second favorite source as almost everyone has heard of Expedia.com for travel. At some point in our lives, we probably have researched vacations or even bought flights and hotel packages from this site, and for good reason. This site has a wealth of information and provides tons of value, including tons of reviews from people that have already taken a specific vacation and they incentivize people to do this.

For me, I like the fact that they take bitcoin. I always check Cheapair.com and this site before I book any trip, because I want to support the bitcoin ecosystem by contributing to the network and transactions.

Needless to say, Expedia is very much considered a trusted authority site and the fact that they are one of the only travels sites accepting bitcoin for payment. I don’t have to do much selling here, but you can also receive a discount by using the Life Info App link above and make sure to check out the article  that gives an in-depth of that review on how to start earning your own bitcoin, for free.

CONCLUSION

 

All in all, these are the top 5 places I spend my bitcoin online, there are tons of other sites you can spend your bitcoin at, and I will leave a link with a MAP right here. It is my belief that the more we start seeing everyday stores that people use on a regular basis, and that includes gas stations and grocery stores, the more we will not only see the price and value of bitcoin go up, but it will be a free and sovereign way to manage your finances. The above video outlines what we covered here, and I will link other related videos to that as well for more crypto knowledge and value for you.

 

What are you favorite places to spend bitcoin online? Are there more retailers that I missed above? Let me know in the comments!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

Top 3 Altcoins To Invest In 2020

In this post, I am going to go over the top 3 altcoins to invest in 2019. You may be wondering, “Why would I be interested in altcoins when bitcoin is the king of crypto?” What is the best cryptocurrency to invest in now? Although it’s a fair question and bitcoin has dominated the market cap and literally created the cryptocurrency industry, there is plenty of development and utility with specific altcoins that bitcoin does not address. Additionally, the way most people accumulate bitcoin is by investing or trading in altcoins to then convert the gains back into bitcoin.

Although I have been trading and investing for several years now, there are a few specific altcoins that are paving their way to success with innovation and are what I consider “trend setters” in the industry and offer some unique value and are not just another bitcoin clone. Let’s get right to it below.

I also am now offering a FREE E-BOOK that goes in depth to explain the best 5 ways secure your cryptocurrency. it’s loaded with secret knowledge and goodies that is not included in the blog, so check it out, it’s free, so you have nothing to lose!

 

5 BEST WAYS TO SECURE YOUR CRYPTOCURRENCY – EBOOK

Top 3 Altcoins To Invest In 2019

 

#1 HOLOCHAIN (HOT)

 

Holochain or (HOT) is an interesting product and platform that is light years ahead of the competition ins creating a truly decentralized internet. They have physical hardware products called HoloPort and is designed as a dedicated server that helps support the network. I am going to list the official details for this here. Why is this different?

Other projects that promise the same thing do not even have a working product and is has collected a plethora or money via an ICO, but have yet to deliver what they promise. HOLO does not have this problem, as they are already expanding and have physical products and a functioning product that works!

From a trading and investing standpoint, On Binance, when you compare the trading pair of BTC/HOT, there is a lot of upside. At the time of this writing, the price is only 25 satoshis which is very undervalued, but additionally, I got in pretty early at around 8 satoshis so it’s been a fairly nice gain so far.

In the video below, it displays the trading chart and where the best entry points are and what the potentials are for this product this year as they are ramping up for massive comp’any growth. This is a very interesting project and even at the current price, it is definitely worth looking into and getting a nice entry before the bull run that we are in starts really ramping up.

All in all, Holochain is a very solid project with new and interesting tech that uses it’s token to fuel the network and expand the ability to deliver value, by utilizing empty or unused disk space and RAM that is currently on your machine. This does not affect your current performance as you are able to allocate as much of the space as you want, and it lets you earn passive income in the form of the HOT token and you will also be strengthening and supporting the network. Most people have tons of unused resources on their machines and this is a good way to put it to work for you.

 

CLICK HERE TO START INVESTING IN (HOT) ON BINANCE NOW

 

#2 TEZOS (XTZ)

 

In my opinion, Tezos is the new and improved evolution of Ethereum. It is a new platform for decentralized applications (dApps) and smart contracts. Here are a few key points that make it different:

 

1.) On-Chain Governance – The Tezos protocol offers a formal process through which stakeholders can efficiently govern the protocol and implement future innovations. This is democracy at it’s finest. It also helps avoid controversial “Hard Forks” as we’ve seen in the past with Bitcoin (BTC) to Bitcoin Cash (BCH) and then Bitcoin Cash (BCH) into Bitcoin SV (BSV). This has a detrimental effect on the network and causes a lot of confusion, contention, and tribalism.

2.) Security – This blockchain was designed to facilitate formal verification, which helps secure smart contracts and avoid buggy code. This has been a HUGE problem with Ethereum over the years as noted in the infamous “DAO Hack“, which again proved that their protocol was not immutable and caused yet another hard fork that brought forth Ethereum Classic into existence.

3.) Liquid Proof of Stake – This is a unique consensus proof-of-stake algorithm which gives every stakeholder the opportunity to participate in the validation of transactions on the network and be rewarded for doing so. Whether you are big or small, you have a vote. This is unlike the current mining pools that we have in place where the person with the most hashing power and hardware wins the block reward, and essentially dictate the rules of the network.

I tend to think that the tech behind each blockchain is what brings it’s value. Whether or not the price is currently up or down on these coins, I believe as the masses start to see the value these innovators bring to the table, the money will follow. If you don’t recall, it took over a year of price discovery before Ethereum finally found it’s place in the market. All this to summarize that I am very interested to see where these both end up in terms of price and user adoption over the course of this year.

One thing I would like to note is that Ledger Nano S hardware wallet now supports Tezos for cold storage baking. This means you can participate in verifying transactions on the Tezos network and keep your private keys online, WHILE simultaneously making passive income in block rewards.

 

CLICK HERE TO START BAKING TEZOS WITH LEDGER NANO S

 

#3 ZCASH (ZEC)

 

top 3 altcoins to invest in 2019

Zcash has been one of my favorite cryptocurrencies, ever since it was announced in 2014. Privacy has been a major staple in the cryptocurrency industry and this project has some unique technology as described below that sets it apart from other privacy based coins on the altcoins list

Zcash has a proprietary privacy protocol attached to it. This is extremely attractive, as one of the key selling points of cryptocurrency to begin with was anonymous, uncensorable transactions. This is money as it was intended to be. I should be able to transact with anyone in the world, and not only NOT have it tracked, but keep it between me and the other consenting party. They use a method called zk-SNARKs.

This is an acronym for “Zero-Knowledge Succinct Non-Interactive Argument Of Knowledge”. What does this actually mean? It essentially means that “Zero-Knowledge” proofs allow one party (prover) to prove to another (verifier) that a statement is true. It allows you to verify a transaction is relevant and true without knowing its origin.

Some people view this as potentially scary, because it allows money launderers or criminals to transact in a more private way. Well, my theory is this, criminals will always find a way to do what they want and transact privately. Valuable tools should not be banned or discredited because there is a potentially negative outcome.

There is an equally positive outcome. Privacy is an unalienable right to all humans and we should all expect it and understand our rights to it. To me, that makes this coin very very powerful and very much worth exploring, especially as it is considered an “Original”. Some similar example coins that came after are Monero and Zcoin.

 

CLICK HERE TO BUY THE LEDGER NANO S FOR SAFE OFFLINE STORAGE

 

https://www.youtube.com/watch?v=b2O0nWV1W14

CONCLUSION

 

There are many reasons I chose the above altcoins in the massive list of thousands of alternatives. As I mentioned above, these ones have the best overall fundamentals and upside in terms of risk/reward in terms of investment in my opinion. Some of these coins, like Zcash, have already been through a major market cycle before, so it is fairly seasoned, but Tezos and Holochain are fairly new and have yet to “survive” a new market cycle.

I still believe that overall, these have the best overall potential returns and create ways of making passive income, while allowing you to HODL offline as well. I have included the recommended hardware wallet that will support all of these coins, the only coin that does not have a native app (currently) is HOT, but it can be held or integrated with MyEtherWallet, while this is being developed.

 

What do you think? Are there better coins to invest in this year? Let me know in the comments below!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

Craig S. Wright Gets Patent On Bitcoin White Paper And Code: Here’s Why It Doesn’t Matter

“Craig S. Wright Gets Patent On Bitcoin White Paper And Code” … This is what I read when I got out of the shower and I thought to myself. “How is this possible?” The code is open source, you can’t hold a patent on it. It turns out I am right and you cannot do that. This is an insane attempt to “prove” to the world that he is something that he is not.

As I learned after I read this, anyone can register for a patent, and in order to dispute it, you have to fight it in court. To clarify, the U.S. patent office does NOT recognize Craig S. Wright as Satoshi Nakamoto. This just means that he registers a file to be recognized as Satoshi (since no one else has before). You can read that article here.

patent on bitcoin

 

PATENT ON BITCOIN -BREAKING NEWS: 5/21/19

 

Craig Wright, the self-proclaimed creator of bitcoin, has filed registrations with the U.S. Copyright Office supporting his claims of authorship over the original bitcoin code and the Satoshi white paper.

The registrations, which are visible here and here, pertain specifically to “Bitcoin: A Peer-to-Peer Electronic Cash System” and “Bitcoin,” meaning the original 2009 code.

To be clear, registration does not imply ownership nor is this an official patent. The copyright process allows anyone to register anything in an effort to prepare, say, for lawsuits associated to ownership.

Computer code and white papers can be copyrighted insofar as they are considered literary works and, as the copyright office writes: “In general, registration is voluntary. Copyright exists from the moment the work is created. You will have to register, however, if you wish to bring a lawsuit for infringement of a U.S. work.”

In other words you, the reader, could register this post and I would have to fight you in court to contest it.

Jerry Brito, executive director at advocacy group Coin Center, tweeted:

“Jerry [email protected]

Registering a copyright is just filing a form. The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them.

Neeraj K. [email protected]

Craig Wright filed a copyright registration for the Bitcoin whitepaper

WHAT’S THE VERDICT?

 

“People register things for a reason. They want to exploit it and they want the credit for it,” said David H. Faux, Esq., an intellectual property attorney in New York City. “Someone dishonest would register the Bitcoin white paper to put it on his website and get speaking engagements. But at some point it would catch up with him.”

“The market takes care of itself,” said Faux.

When asked for comment noted Wright critic Jameson Lopp said “LOL.”

 

UPDATE – WRIGHT WROTE:

“BTC is not bitcoin. Bitcoin is set in stone and does not change. Where there is a protocol change, there is developer control which is the exact opposite of what bitcoin is about. BTC is passing off as Bitcoin. It is an air drop copy that has been designed to slowly alter the protocol allowing the system to be anonymized to such an extent that criminal activity can happen. The goal is to create a system that allows people to commit crimes, extort money, have automated ransomware and worse. This is not the goal of Bitcoin.”

CONCLUSION

 

In the end, I don’t think anyone is going to recognize Craig as Satoshi, regardless of this filing. There is absolutely NO way that Satoshi would go through these measures to “prove” who he is, mainly because he came from out of nowhere, and then provided the world with a ton of value, and then disappeared. This was no accident. He created one of the most powerful, open source tools the world has ever seen and made it impossible for people to find him.

He believed in liberty,freedom, and democratizing power by undermining the the world governments and banks. Satoshi would never try to use these powers against the community it developed from the beginning. This is just a slap in the face to all the believers and early adopters who nurtured and cultivated this technology from the very beginning.

 

Do you think that Craig is Satoshi? Sound off below!

 

Cheers,

 

The Crypto Renegade

 

Trezor One Review: Is The Original Still The Best?

In this article, I will dive deep in the Trezor One Review: Is the original still the best? Trezor One is the original hardware wallet. What does that mean exactly? This was the first physical manifestation of the “hardware wallet” for bitcoin offline security and was introduced to us from Satoshi Labs in 2014. This device is a small, trapezoid shaped device with a small OLED screen and 2 mechanical buttons which are used for confirming or denying transactions.

is there a hardware wallet that can store all the top cryptocurrencies?

This is also used for generating your recovery seed during your first time setup, but we will address that a little later. This concept when it arrived in 2014, served a HUGE need in the market as at the time, most people mainly used a paper wallet for protecting their private keys and keeping them offline. This is still used today, but is used as a one way method, and is not ideal for making transactions or managing your portfolio. Not to mention, if anyone got a hold of that piece of paper, they could easily scan the QR code and steal your coins.

 

WHAT’S IN THE BOX?

 

The Trezor One comes with: 2 recovery seed cards, a lanyard/wrist loop, 4 stickers, USB cable, and the device itself. The device is very small and has two mechanical buttons on the front of the device below the screen. It is powered on only when connected to a computer.

When you setup and initialize the device for the first time, you need to visit wallet.trezor.io on your chrome browser and click on “Trezor One”. This will pop up a screen where it show the security tabs on the box for you to inspect the device, before opening the box. This box is self destructive and is meant to have clear visibility to see if it’s been tampered with in any way.

Once you have done this, you will finally be prompted to “Continue To Wallet”. This is where the “bridge” comes in. What’s the bridge you ask? This is a small file download that is required for you to download and install to manage your device. It connects the web application to the device itself and validates the firmware.

 

WHAT COINS ARE SUPPORTED ON TREZOR ONE?

Image result for trezor one coins supported

As of this writing, there are approximately 9 native applications that can be used directly in the web app, and about 1,000 coins supported via 3rd party wallets like Mycelium and MyEtherWallet. The native apps that Trezor One supports is as follows:

-Bitcoin (BTC)

-Bitcoin Cash (BCH)

-Litecoin (LTC)

-Dash (DASH)

-Zcash (ZEC)

-Doge Coin (DOGE)

-Bitcoin Gold (BTG)

-Digibyte (DGB)

-Vertcoin (VTC)

 

The list of all the other coins that are supported on the Trezor Model T or 3rd Party Wallets can be found here – https://trezor.io/coins/

To me, this is the weakest point of this wallet is the native application support. They have invested a lot of time and developer resources to developing their “Beta” wallet, which is currently only supporting the Trezor Model T, which is Trezor’s 2nd generation device. In my opinion, the Trezor One is a decent entry level device, but I would not expect a growth of new coins being supported in the future.

The current price for this device is 69 EUR, which is approx $77 USD at the time of this writing.

 

CLICK HERE TO BUY THE TREZOR ONE FROM TREZOR’S OFFICIAL SITE

 

HOW TO SET UP THE DEVICE: FIRMWARE PROCESS

When the device is first shipped, it comes with NO firmware currently installed. This is a unique security measure that Satoshi Labs has employed to ensure that no MIM attacks or corrupt firmware was planted in the device during transit. When you setup the device and install the bridge, it will check the device is genuine and runs a check to insure the firmware (signed by Satoshi Labs) can properly be installed.

This process is seamless and once it’s installed, it will prompt you to create a 4-8 digit PIN that is shown on the device in random way using what’s known as an RNG (Random Number Generator).

Next, you will setup the 24 word recovery seed phrase which will walk you through each word (in order) shown on the device screen and will prompt you to write it down on the provided seed cards in the box. Once you write it down, it will walk you through confirming, and then it will test you and ask you, for instance…”What is word #17?”. You will then be required to choose the correct word. Once this is completed on 4 random words, you can confirm and the device will be initialized and ready to use  the web application and make your first transaction.

 

CLICK HERE TO BUY THE TREZOR ONE FROM TREZOR’S OFFICIAL SITE

 

TREZOR SECURITY

What’s really unique about Trezor’s design is that there is no “username” or “password” for accessing the device. If someone walks up to your computer and see’s the dashboard, nothing can be done without physical access to the device to authorize a transaction.

In addition to the above, you can setup an optional “passphrase” or a 25th seed word so that if for any reason someone has access to your recovery seed, they still cannot steal your coins unless they also have your passphrase as well. If you decide to use this, DO NOT write it down anywhere and memorize this particular passphrase for extra protection. Image result for trezor one firmware

They also use a process to validate firmware and authenticate your device where you private keys are stored called “Secure Boot MCU”. This process requires the bridge to verify that your device is genuine and signed by Satoshi Labs. This is unique and offers a security check every time you boot up the device to ensure you are properly connected to the correct location when accessing the web app. If something goes array, your device will throw an error warning and let you know not to trust the device if for any reason the bridge cannot connect to the proper web app.

 

TREZOR VS. LEDGER (MY EXPERIENCE)

The two devices that I find are most used, especially for people who are new to hardware wallets, is the Trezor One or the Ledger Nano S. Let me first say they are both fantastic devices and serve a similar purpose. First off, they are both considered entry level devices and are built for the user that is not looking to store a lot of coins at once using the apps they each provide.

For instance, if you only want to store only Bitcoin and Ethereum, both devices would work, but only Ledger would have both of those work using native apps. Here are some questions you will want to ask yourself when deciding,

 

What coins am I planning to store on the hardware wallet?

What is my budget for getting started?

Do I plan to use any 3rd party wallets or just the basic apps that come with the device?

 

In terms of trust and reputation, I would lean towards the Trezor One, as it’s tried and true and is the original hardware wallet. The web app it uses can also be accessed from any computer, whereas the Ledger Nano S would require to download a desktop application to use it.

Final Thoughts On Both: Unless you plan on storing Ripple (XRP) or Tezos (XTZ), I would go with Trezor, as it’s easier to use on any computer, even if that computer is infected with malware, safely.

 

CLICK HERE TO BUY THE TREZOR ONE FROM TREZOR’S OFFICIAL SITE

 

CONCLUSION: BOTTOMLINE

 

PROS:

Trezor One has a clean and functional web app that allows for customization and password management in the web app for all passwords to be encrypted from any other site as well.

– The device is cheap and really easy to setup. This is perfect if you plan on using the device on multiple computers or if you plan to use it for travel or you plan to use public computers.

– Has the extra security feature for the “Passphrase” which is a unique security measure that is not employed with the Ledger Nano S.

– The screen is large enough to display the full address when verifying and confirming transactions, unlike the Ledger Nano S.

 

CONS:

 

– Does not support some popular coins like Ripple (XRP) or Tezos (XTZ). It also does not use a native application for primary coins, like Ethereum (ETH).

– Is not the cheapest entry level device. You can still get a Ledger Nano S for only $59 if you’re getting started and you are very price conscious.

-You will need to upgrade to the Trezor Model T if you plan to use a lot of the newer coins that are being rolled out or coins that previously did not have hardware wallet support.

 

CLICK HERE TO BUY THE TREZOR ONE FROM TREZOR’S OFFICIAL SITE

 

What do you think? Is there a better wallet you recommend for people getting started? Let me know in the comments below!

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

Ledger Nano S Review: 7 Things You Need To Know Before You Buy (2020)

In this article, I will go into depth of the Ledger Nano S Review: 7 things you need to know before you buy it. The Ledger Nano S was the first (but definitely not the last) hardware wallet I ever bought, and the experience actually led me to create this website as I started learning more and more about crypto security. ledger nano s review

It was the second hardware wallet that came on the scene after the Trezor One device and implemented a new security structure and a new form factor to try and compete directly with the only trusted hardware wallet at the time.

When the Ledger Nano S started picking up momentum, it was because they started adding altcoin support at a rapid pace. This was exponential as Trezor only supported native apps for Bitcoin, Litecoin and Dogecoin by the time that Ledger had over 20 native apps for alt coin support with hundreds of new coins that were already in development.

This was a HUGE deal at the time, and only picked up steam as the 2017 bull run started and people began accumulating a wide array of altcoins for speculative investment. Today, the other competitors have caught up pretty well for the same level of support, but the Ledger Nano S still has an edge for certain coins that are supported, and that is a HUGE reason that I use this device on a semi-weekly basis to this day. There has been lots of progress and development on the device itself, the massive altcoin support, and the introduction of Ledger Live. Lets check it out below!

 

WHAT IS A HARDWARE WALLET AND WHY DO I NEED ONE?

 

For those who are new to the cryptocurrency landscape, you may have heard that you need a hardware wallet. But, why? Well, when you receive your first bitcoin, whether it be in a mobile, desktop, or web wallet, you have the public key (your bitcoin address) and the private key (the secret key required to control (send/receive) your bitcoin. your PRIVATE KEY is the MOST important piece of this process, because without the private key, you do not own or have control of the coins in your wallet.

When you have your private keys connected to a “Hot Wallet” or a wallet that is directly connected to the internet, you run the risk of them being hacked or compromised. This is where hardware wallets come in. These are known as “Cold Wallets” or “Cold Storage” and has your private keys stored securely offline, so they are impervious to attack or compromise.

When becoming your own bank, this is a vital part of properly managing and securing your cryptocurrency. Hot wallets are good for everyday spending and ease of use (much like a fiat wallet you keep in your back pocket), but it is NOT ideal for longer term storage.

ledger nano

The Ledger Nano S is a very compact, sleek, and secure device that allows you to store over 1,100 cryptocurrencies at the time of this writing. This is crucial as more altcoins gain acceptance and you need a wide portfolio to protect longer term. Ledger takes their security very seriously and for good reason. There have been a number of exchange hacks and reports of people losing or having their wallets hacked by nefarious individuals throughout history. This is why having this device is so crucial.

Ledger Nano S is a device that is upgraded frequently with new features and firmware upgrades to ensure that it has the latest security protections and new assets being added every single month. Not to mention, it is currently the cheapest among the 3 best-known hardware wallet companies, starting at only $59 USD!

 

LEDGER NANO S REVIEW: HOW IS THE SECURITY?

 

The Ledger Nano S has an A-grade security setup which sets it apart from the competition. It uses a secure element which holds and stores the private keys in a separate and secure environment from the rest of the operating system. This ensures that if for any reason the rest of the device is somehow compromised, you precious private keys are safe.

It also supports the standards BIP-39 protocol that requires you to setup a recovery seed phrase of 24 words during the initial setup, that allows you to restore your coins to any other wallet in the event you have broken, lost, or somehow cannot gain access to the device itself, so you have a fail safe.

 

(PRO-TIP: If you lose, rip, tear, get wet, or otherwise destroy your recovery seed, you are in serious trouble. I would recommend obtaining a CryptoSteel device as a metal backup for your recovery phrase that protects you against a fire, flood, earthquake, or your brand new puppy. This is STRONGLY recommended if there is ANY amount of cryptocurrency you would be financially damaged by losing. This is a literal metal vault for your backup system) 

 

Additionally, they have a proprietary operating system known as BOLOS (Blockchain Open Ledger Operating System) that allows developers certain access to develop applications and a framework for them to add support for a wide spectrum of coins and stacks for scaling up. It is built with security in mind and to work comprehensively with the secure element by ensuring there is a smooth delivery of sensitive data when making a transaction using the Ledger Nano S.

In my opinion, this is one of the most secure devices out there, as it has built in several security checks for every action taken on the device, and if those checks have not been successfully executed, it will not move on to the next phase, making it even more secure. To me, this extra attention of securing my private keys provides me peace of mind even with an entry level device.

 

WHAT MAKES THE LEDGER NANO S DIFFERENT THAN TREZOR OR KEEPKEY?

 

I get this question a lot, as I use all three of these devices on a regular basis. Not only is this device the smallest of the bunch, it is the only one that has a built in screen protector in the form of a polished aluminum cover for ensuring the OLED display avoid scuffs and scratches during transit. The smaller form factor is an advantage and a disadvantage. The disadvantage to me if not being able to see the full address in one place when verifying a transaction.

It does end up scrolling to reveal the full address, but that can be difficult if you are trying to verify letter for letter for confirmation. The advantage would be it’s very discreet and transportable. It slips easily into your pocket, or your keychain if you’re so inclined. But, the largest notable difference is the specific coin support you can’t get anywhere else on a hardware wallet.

As a HUGE advocate for privacy coins, I tend to favor these and accumulate them for personal investment and also private transactions, and as a result, I need a secure place to store them. To their credit, the other hardware wallets are working towards supporting these coins, but Ledger already has support for 2 of my favorite coins, Monero (XMR) and Zcash (ZEC).

Ledger also supports Zcoin (XZC) and a few others as well. These are support by Ledger Live (which I will go over in a minute), which is the native dashboard for managing native applications for these coins which is very convenient.

Additionally, this is the only hardware wallet (currently) that supports Tezos (XTZ), which has a very bright future in my opinion. Tezos is a POS coin that has a new unique blockchain consensus that rivals Ethereum on a number of levels, and I personally believe will be a top 10 coin very very soon.

Not only that, when using Tezos you can “Stake” your coins while holding your private keys while ON the Ledger Nano S. This is HUGE, and is a main reason I use Ledger Nano S, since I like to participate in this process personally. No other hardware wallet has even announces plans for this kind of native support for this at the moment, which gives Ledger a massive edge over the other two in my opinion.

 

LEDGER NANO S DESIGN

 

I will keep this section short and sweet, as I addressed above, this is a sleek and compact device, which make its very stable and durable. It has a small OLED screen and 2 physical buttons. This is used for navigating apps, verifying your pin to access to the device, confirming a transaction, and generating the recovery seed words upon first time setup.

When entering in your PIN on the device, the right button will function as the “Up” arrow, and the left button the “Down” arrow for scrolling through your selections, then pressing both at the same time will confirm your selection, so it’s pretty intuitive. It has a one port which is micro USB that connects to a cable to a standards USB port that can be used on a MAC or PC.

 

CLICK HERE TO BUY THE LEDGER NANO S

 

LEDGER LIVE – IS THE UPDATE WORTH IT?

 

This was a MASSIVE upgrade from the chrome apps they were utilizing before. This new desktop app is very clean and seamless. They also have a new mobile app designed for use for the next generation product the Ledger Nano X (We will go over that in a future review) for wireless management. However, the desktop app is very clean and easy to navigate. The first thing once you connect and authenticate your device is a dashboard if you had already have an existing device, showing you your balances and charts on a single screen.

You can see your accounts on the left hand side, and you also see the “Ledger Manager” which is where you add and remove apps. When you perform any firmware upgrades, it requires you to delete the apps on your device (don’t worry your coins are safe) and you re-install them after it is done.

When you first plug in and install the app on your desktop, it will ask you if you want to setup a new device or if you have a device that is already setup and then have you authenticate with the PIN. It will then check for any updates or firmware upgrades that are necessary for you to view your account. Once you have access, it’s pretty easy to manage everything overall, and they have even introduced a way to “Buy Crypto” from such partners as “Coinmama” where you can purchase directly with a debit or credit card, and “Coinbase“, which you can do they same and also use your bank account directly via ACH.

There is also a pricing history dashboard built right in, thanks to an integration with “Kraken” and “Bitfinex“. This allows you to see trends and historical data, which may help you decide at-a-glance what you would like to do for managing your next transaction. Once you install an App, you can create multiple accounts and label them if need be, for managing and organizing your portfolio. The only one complaint I have with it, is if you do use a 3rd party wallet, like “MyEtherWallet“, you have to leave the app and manage your funds on a 3rd party site. Overall, all the native apps work beautifully, and they are adding new coins and assets all the time.

CONCLUSION – BOTTOMLINE

 

PROS:

-Very easy to setup if you have never used a hardware wallet before, you just need to download the desktop app from Ledger’s website and follow the prompts once you connect it for the first time.

-It’s the cheapest hardware wallet as of this writing at $59.00 USD. If you are just getting started and you only need a few coins to hold at once, this is easily the best intro wallet to keep your private keys stored offline.

-It has the widest range of native apps and newest coins being added all the time and being supported. You can click HERE to view their roadmap to see if your favorite coin is currently in development of being added to the platform.

-It is currently the only hardware wallet that natively supports Tezos (XTZ) and Monero (XMR) if you’re a fan of those coins and other privacy coins in general.

 

CONS:

-The screen is small and if you’re verifying your transaction address using the small screen, you have to wait for it to scroll, and then verify quickly the characters match before you can authorize the transaction. This is not ideal for a quick at a glance process to ensure the address you’re sending to on the app, matches what shows on your device (VERY IMPORTANT).

– You can really only hold 3 or 4 apps on the device at once. I originally only kept 3 apps on the device, as those were the only coins I needed to add at the time. However, when I went to add a 4th, it told me I needed to remove an existing app to make room. The RAM or space is on the device is very limited, so it’s good if you have only 2-3 coins you want to manage at once.

-They require you go through the process of removing and uninstalling all apps and then going in and reinstalling them for EVERY firmware update. This is tedious and really obnoxious for the serious hardware wallet user. I understand you need to have backups and be careful with every upgrade but c’mon, this is the only device I have this issue with.

As you can see, overall this a is a very solid entry level wallet with top notch security. I recommend if you are a brand new hardware wallet user and you are just dipping your toe into this large pond, this is your best bet. It has a clean, easy to follow interface and you can get started at the cheapest price of only $59.00 to start.

If you do not plan on holding MANY different coins at once on the same wallet, this is the wallet for you. Now, you can use 3rd party wallets to integrate it with, but that’s an entirely different learning curve. If you want to hold 3-5 coins to start and get it done simply and effortlessly, this is where I personally started and I recommend you start.

 

PURCHASE LEDGER NANO S FROM LEDGER’S OFFICIAL SITE

 

What do you think? Is there a better wallet you recommend for people getting started? Let me know in the comments below!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

What are STO’s? [Security Token Offerings] (Beginner’s Guide)

What are STO’s? The massive rise of ICOs throughout 2017 and early 2018 was unprecedented and brought about an entirely new method for raising enormous sums of funding in mere minutes. However, the sheer volume of ICOs that turned out to be scams, didn’t deliver on their promises, or ran out of funding before releasing a product led to the precipitous decline of the ICO in the latter half of 2018.

The power of blockchain-based tokens to create more flexible financial assets and instruments did not dissipate though. Decentralized finance (DeFi) is on the rise, with financial instruments from collateralized debt platforms to decentralized prediction markets materializing left and right.

One of the primary focuses of a DeFi landscape is the transition of conventional financial securities into digital tokens on a blockchain.

Commonly referred to as ‘security tokens,’ these assets are securities representing equity or debt with a digital wrapper around them — designed to provide a suite of advantages and flexibility to the assets.

Following in the footsteps of the ICO, the ‘Security Token Offering’ (STO) has garnered widespread attention as an ecosystem of investors, service providers, exchanges, and more jostle for position in a blossoming market. Security tokens have some intriguing prospects, and the STO presents a valuable tool for companies to issue digital assets on the blockchain.

 

WHAT IS A SECURITY?

A traditional financial security is a fungible instrument that holds value and can represent either debt or equity.

Securities as equity can represent ownership in a company (stock), where owners can profit from capital gains on the asset or even receive dividends payments in specific cases. Equity security holders can either be in public or private companies, and owners are usually entitled to some form of ownership in the company.

Securities representing debt is a representation of borrowed money, which must be paid back and is subject to various loan conditions. There are numerous types of debt securities including:

  • Government bonds
  • Collateralized Debt Obligations (CDOs)
  • Collateralized Mortgage Obligations (CMOs)
  • Corporate Bonds
  • Certificate of Deposits

Debt security holders are typically authorized to receive interest payments on the principal loan amount, and they can be backed by several means — including collateralized and non-collateralized.

Securities play a significant role in finance and are more relevant to STOs in their ability to be leveraged for raising funding. Companies can raise enormous sums via Initial Public Offerings (IPOs) of equity when they go public, and governments can even issue municipal bonds to raise funds.

Public securities are traded on major stock exchanges and can be transferred between investors on secondary markets as assets.

 

SECURITY TOKENS AND SECURITY TOKEN OFFERINGS (STO’S)

Common misconceptions around security tokens are that they are different from securities. Although they exist on a blockchain, they are ostensibly securities, subject to the same regulations and case law precedence as traditional securities.

However, security tokens offer some unique advantages — particularly in improving secondary market liquidity, reduced compliance costs, automating trade restrictions, providing fractional ownership, and enabling asset interoperability.

STOs have opened an opportunity for businesses to raise funds by issuing digital security tokens to investors in a regulatory-compliant manner. The advantages exist for both the investor and the issuer, while also providing much better assurances against fraud compared to an ICO. Issuers can come from a variety of areas, including commercial real estate, venture capital firms, and small and medium enterprises (SMEs).

There is discussion around the semantics of what constitutes a ‘security token’ or a ‘tokenized security,’ but for all intents and purposes, STOs in this context focus on the launching of new security tokens and not tokenizing existing financial assets.

One of the most straightforward and beneficial applications of an STO is with an SME looking to raise funding when they cannot tap into commercial banking services. Parallel with the rise of other DeFi services, SMEs can access open financial services — issuing security tokens for investors to obtain on the blockchain. This has important consequences for lowering barriers to access for retail investors and concurrently providing powerful financial services to SMEs in local and regional areas where they have historically been limited in their financial capacities.

Additionally, SMEs issuing security tokens offer an excellent example for highlighting the multiple participants required in the security token ecosystem.

 

WHO PARTICIPATES IN THE SECURITY TOKEN ECOSYSTEM?

If an SME (i.e., Company A) wishes to issue security tokens representing equity in their company, they can do so with the help of multiple market participants including:

 

  • Issuance Platforms
  • Exchanges
  • Custodians
  • Broker-Dealers
  • Legal/Compliance

 

Company A can formally issue their security token to investors via an issuance platform. Well-known issuance platforms include Polymath and Harbor, which are integrated with service providers like custodians, broker-dealers, and legal/compliance entities to facilitate a secure and regulatory-compliant process.

Developers for issuance platforms also work on standardized token interfaces (i.e., ST-20 for Polymath and R-Token for Harbor) that hard-code regulatory parameters into token contracts such as explicit trading restrictions. Standardized token interfaces for security tokens also enable interoperability of assets, which has positive downstream effects in secondary market liquidity and reduced friction in token trading.

Custodians are popular for storing digital tokens in secure cold-storage –, particularly with institutions. BitGo is one of the most established digital asset custodians, and custodians often partner with exchanges or issuance platforms.

Exchanges exist for investors to trade security tokens, enabling better access to capital, enhanced secondary liquidity, and democratized investor access to securities. tZero is a high-profile exchange that recently went live, backed by Overstock. Company A’s security tokens can trade on exchanges like tZero where investors undergo KYC/AML verification. Some exchanges can even operate as issuance platforms as well.

As an SME, Company A’s security tokens can be offered to retail investors who are largely precluded from SME investment opportunities due to various barriers of entry. However, democratizing such access to security tokens can help SMEs raise funding from local communities, providing a compelling boon for small enterprises and assisting in the growth of local businesses.

Open financial frameworks like Mt. Pelerin even seek to provide SME marketplaces for entities like Company A to tap into broad, open financial services on the blockchain.

Other applications of security tokens — which are already underway today — include commercial real estate investments funds (i.e., REITs) that reduce high investment minimums and even enable concepts like fractionalized ownership to emerge. Harbor has already hosted an STO for a South Carolina residential building with a significantly reduced investment minimum compared to typical rates.

 

STOS VS ICOS

what are sto's

Overall, STOs eliminate instances of fraud with ICOs and offer legitimate securities to a wider range of investors with better efficiency, interoperability, and liquidity than conventional securities. STOs are backed by actual assets while ICOs were primarily predicated on ‘utility tokens,’ with no underlying collateral and were not protected by securities law.

STOs also offer advantages over IPOs. They are cheaper and can encompass a much broader range of assets — such as fractionalized ownership in high-value art pieces or investment funds. Banking and brokerage fees are also drastically reduced via automation with launching an STO compared to an IPO.

It is important to note that although STOs fall under securities laws in the U.S., there are legal nuances to the launching of security tokens as they are based on a novel technology. Several countries outside the U.S. have also already banned STOs — including China and South Korea.

In the U.S., investors are pumping vast sums of money into the security token landscape as the role for participants in the young ecosystem continues to actualize. Evaluating which markets emerge as the most popular in the early stages of security tokens should reveal which sectors STOs afford the best advantages. Both SMEs and REITs are clearcut applications of STOs, but there are numerous other opportunities available for the issuance of security tokens that are practical, cheaper, and regulatory compliant.

 

WHAT ARE STO’s – CONCLUSION

 

ICOs were a novel concept, fueling crazy speculation of altcoins during their prominence at the end of 2017, but the industry has become more discerning since then. As ICOs have faltered, security tokens have emerged as a prudent use case of blockchain technology at the convergence of conventional financial instruments and digital assets.

DeFi is on the rise, and security tokens are poised to play an integral part in the broader transition to an open financial system.

 

What do you think of STO’s? Do you think they are here to stay? Let me know in the comments!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

Proof Of Work Vs. Proof Of Stake | How Does It Work? (Beginner’s Guide)

What is Proof Of Work Vs. Proof Of Stake | How Does It Work? If you spend enough time in the crypto-community and you’ll witness debates over Proof of Work (PoW) and Proof of Stake (PoS).  Fans of PoW will argue that it’s the transaction system Satoshi Nakamoto had in mind for cryptocurrencies. Those in favor of PoS, on the other hand, will argue that mining is outdated, inefficient, and insecure compared to staking.

So you might be wondering, what’s the difference, is one actually better than the other, and why is it better?  Well like most things here at Bitcoin Lockup, I am not here to give you my unsolicited opinions, but we are here to give you some objective information that might help you determine for yourself which proof has best proven its worth.

 

Proof Of Work Vs. Proof Of Stake | How Does It Work?

 

PROOF OF WORK

 

When Satoshi Nakamoto created Bitcoin in 2008, he envisioned a currency that would rely on a trustless and distributed consensus system.  This would allow Bitcoin to be decentralized both in technological and financial terms. For instance, when you transact money through a trusted system, a third-party (think banks, credit/debit cards, PayPal) handles these transactions in terms of debit and credit.  If Mark sends Sally $100 dollars, the institution will debit Mark’s account $100 dollars and credit Sally with $100. All of the money is handled by and within the third party, so none of the transacted funds belong to either Mark nor Sally until they are withdrawn from the system.

 

Image result for proof of work

Bitcoin differs from traditional financial hubs by being trustless.  This is not to say you can’t trust Bitcoin and blockchain with your money.  In fact, it’s quite the opposite. Bitcoin’s trustless nature allows for a peer-to-peer exchange without the need for a third-party mediator.

The traditional mediators are replaced with miners, and these miners work on behalf of Bitcoin holders to see that transaction are successfully processed.  In order to see that these transactions are approved, miners commit their computer’s processing power to solve the encrypted algorithms within each transaction.  This is what we mean by Proof of Work.

Under a Proof of Work system, miners compete to verify that all the transactions within the candidate block (the block currently being built) are legitimate.  To do this, they must solve the encrypted puzzles that verify the integrity of the transacted coins. The first miner to solve these puzzles receives an amount of the transacted currency, also known as a block reward.  Once the problem is solved, the transactions create a block that is stored as a public ledger on the blockchain, and the miner announces the solution to the entire network.

As you can see, PoW is dictated by competition and computational output.  Imagine an international math competition wherein a previously unsolved proof (the block) is given to the competitors (the miners).  Whoever solves this proof first is awarded a prize (block reward), and the solved proof is then posted on the internet for all to see (the block being established in the blockchain).

 

PROOF OF STAKE

 

Proof of Stake differs entirely from Proof of Work.  Instead of building blocks through work output, the creator of a block is determined by their share, or stake, in a currency.

Under this system, forgers (the PoS equivalent of a miner) are chosen to build blocks based on their stake in a currency and the age of that stake within the blockchain’s network.  For instance, let’s say you hold 500,000 Cardano.  First of all, allow me to hypothetically congratulate you on your fat stacks. Getting back to the example, under the Proof of Stake system, you’d be more likely to create the candidate block than someone with 100,000 ADA. Image result for proof of stake

To go even further, if you had been holding your 500,000 ADA in the same address for a year, you’d be more likely to generate the next block than someone who also has 500,000 ADA but who has been holding it in a network address for half a year.

To give you another analogy, imagine if your odds to win the lottery increased based on a) how much money you put into it and b) how long you had been buying tickets.  Now, you won’t make millions of dollars by staking your favorite PoS currency, but you can make some nice passive income on top of your investment gains.

It’s important to note that, for a stake to be chosen, it must be held on an address within the coin’s network.  So if you were holding Cardano like in the above example, you would need to store it in Cardano’s core wallet. There are also no block rewards in the PoS system.  Seeing as there’s no work-centric incentive to outcompete other miners, forgers are only awarded transaction fees.

There’s also a marked difference between Delegated Proof of Stake and regular Proof of Stake, but that’s for another article at another date.

 

 

PoW Coins:

Bitcoin

Ethereum

Litecoin

Monero

 

PoW/PoS Hybrids:

Dash

Stratis

HShare

Pivx

 

PoS Coins:

Cardano

OmiseGo

QTUM

Tezos

 

KEY DIFFERENCES AND TAKEAWAYS

Proof Of Work Vs. Proof Of Stake

Proponents of PoW will tell you it allows crypto to more effectively function as a currency.  The PoS model, they argue, incentivizes users to stake their coins for extended periods of time, thereby making them inactive.

PoS fans, however, will defend their system’s overall superiority.  For starters, it solves the problem of energy consumption that Bitcoin has created.  As more transactions and users are added to Bitcoin’s network, more computing power will be needed to accommodate growth.   The more computing power that is added to the network, the more the hashrate increases in difficulty. With more difficulty comes an increase in the amount of work a computer must generate to generate blocks, and this increased output leads to greater energy consumption.

 Bitcoin’s growth and mining difficulty are exponentially tied to energy consumption, and critics see this as an unsolvable issue under the PoW model. It’s the reason that Bitcoin’s network alone consumes more energy than 159 countries.

Proof of Stake also defends against 51% attacks on the blockchain.  As we’ve seen with the recent Bitcoin Cash and Bitcoin civil war, disproportionate mining power can lead to de facto centralization of a blockchain’s network.  In order to control a majority of a PoS blockchain, a validator would have to own 51% or more of that crypto’s overall supply. So in order for someone to attack Cardano’s blockchain, for instance, they would have to $609,286,157.643 worth of Cardano to do so.  I really don’t see that happening.

Both PoS and PoW have their ups and downs, and I’ll be excited to see how the market responds to coins that utilize either system or a hybrid of both.  One last thing to keep in mind for PoW, however, is that once all a currency’s coins are minted and circulated, block rewards will cease to exist. This may incentivize PoW coins to update to a PoS model, but only time will tell.

Still don’t have cold storage for your private keys? click HERE for the Ledger Nano S to hold all of the PoW and PoS coins discussed above!

 

What do you think? Do you think PoS will overtake PoW in popularity? Sound off below!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

BREAKING: Bitcoin Drops Below $5,200 As Bitfinex Tether (USDT) Drama Continues

Breaking: Bitcoin drops below $5,00 as Bitfinex Tether (USDT) drama continues. Holy Smokes. What a whirlwind of a few hours it’s been for the cryptocurrency market. As Ethereum World News reported, iFinex, the operator of both Bitfinex  Tether Limited (the firm behind USDT), had come under legal pressure from a key U.S. legal entity. For those who missed the memo, here’s a recap: tether bitfinex

A document unveiled by the New York Attorney General’s (NYAG) office on Thursday has revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. Per a lawsuit issued by official Letitia James, iFinex Inc, which is the company behind the two aforementioned crypto startups, promoted the “issuance, distribution, exchange, advertisement, negotiation, purchase, investment advice, or sale of securities” in New York State, which is illegal without the proper licensing and documentation. The suit has also revealed that Bitfinex purportedly sent $850 million to a Panama-based company, failed to secure the funds later, and went on to raid almost $1 billion of Tether’s cash reserves to satisfy it’s customers.

As a result of this news, BTC fell immediately (and a lot of altcoins with it). Within 30 minutes of the news’ publishing, BTC dropped from $5,550 on Coinbase to a low of $4,950 — a collapse of just over 10% — as Crypto Twitter spread this harrowing pieces of news within minutes. Altcoins across the board followed suit, with USDT falling to $0.98 on a number of exchanges. But, now, some are coming to the conclusion that this isn’t the end of cryptocurrency per se, leading to a recovery in the Bitcoin price to $5,200.

 

BITFINEX RESPONDS, BUT TRADERS FLEE IN PANIC REGARDLESS

About an hour after this news hit the Wall Street Journal and other outlets, a Bitfinex staffer going by “Garbis” released a statement on the company’s official Reddit forum. The employee explained that Bitfinex’s “team is reviewing the documentation,” and a statement will be released on the matter in the coming hours. In spite of this response, which was deemed lackluster and meaningless by most, users are revealing that they are withdrawing all their capital from the (not so) popular crypto platform.

Eduardo, a Venezuelan Bitcoin enthusiast that works for Purse.io, revealed that while he isn’t selling his BTC, he is withdrawing “what little” he had off the platform. Many others in the community made similar remarks, posting images of their withdrawal requests — balances and addresses redacted of course — to show that they are now skeptical of Bitfinex’s dealings. It is unclear whether or not the exchange will be able to keep up with these withdrawal requests. If this continues, we may see a massive exodus.

BOTTOMLINE:

 

This just goes to show that it’s only a matter of “when”, not “if” exchanges will reveal some mishaps and people start to panic. You do not have these issues when you have a hardware wallet, and you can even keep your USDT on a KeepKey device, which I’ve been testing in their new unified beta platform. I strongly recommend visiting our “SHOP” page at the top to get one now directly from these companies. Just remember as Andreas Antonopolous said: “Not your keys, not your bitcoin”.

 

What do you think? Do you think Bitfinex has made a big mistake like this for the last time? Please let me know in the comments!

 

Cheers,

 

The Crypto Renegade

 

NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.

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