Crypto Guides, Knowledge & Insights

What are NFTs and how do they work?

The year 2021 was critical for NFTs awareness: it was the year when non-fungible tokens (NFTs) were exposed to the general public, with trade volume exceeding $23 billion. This figure reflects a more than 200-fold rise over the previous year: according to DappRadar, the trading volume in 2020 will be $100 million.　　Despite the fact that NFTs have been a hot issue for several years, there are many misconceptions regarding them.　　To begin, it is vital to distinguish between fungible and non-fungible assets. A fungible asset is one whose units may readily be exchanged, such as money: if you have a $100 bill and someone borrows it from you, then gives you another $100 bill, everything is good. You dont need the exact identical $100 bill because every existing 100-dollar bill has the same qualities. Non-fungible assets, on the other hand, are treated differently. Because it has distinct qualities, it is non-fungible, which implies it cannot be interchanged. For example, if you have a Picasso painting in your living room, no one can steal it and replace it with another Picasso painting because, while both paintings are by Picasso, each one has unique features that cannot be duplicated.　　A non-fungible token is a

2022-08-21Deep Dive

Can Web3 be hacked? Is the decentralized internet safer?

Web3 emerged as a blockchain-powered disruption to the current state of the internet. However, because Web3 is still in its early stages, discussions about its true capabilities and role in our daily lives are clouded by assumptions.　　Given the promise of a decentralized internet powered by public blockchains, a full transition to Web3 would necessitate careful consideration of a number of factors. Security is one of the most important features, as tools and applications hosted on blockchains become more common in a Web3-powered world.　　Smart contract vulnerabilities　　While the blockchains that host Web3 applications remain impenetrable to attackers, hackers target the projects smart contracts for vulnerabilities. Smart contract attacks on decentralized finance (DeFi) platforms have increased, according to a recent study, with approximately $1.6 billion in cryptocurrencies stolen in the first quarter of 2022 alone.　　Although DeFi is a subset of the Web3 spectrum, it represents the ecosystems most serious vulnerability. As a result, Web3 entrepreneurs must redirect their marketing budget to the core systems development.　　As weve seen throughout the year, vulnerabilities that allow hackers to drain vast amounts of assets result in short-term losses for investors and may lead to the collapse of related ecosystems.　　Insider threats　　Aside from external hacks, dishonest actors within the

2022-08-21Deep Dive

What is the Ethereum Merge?

Ethereum is a free public service that employs blockchain to secure decentralized applications and cryptocurrency trading. Ethereum provides externally owned (controlled by private keys) and contract accounts. Ethereum enables decentralized app development. Its aggressive growth has many speculating it will potentially replace Bitcoin in usage. Ethereums primary benefit over Bitcoin is that it permits individuals and businesses to do more than transfer funds.　　About the Merge　　The Merge would be when Ethereum shifts from Proof-of-Work to Proof-of-Stake (PoS). It is the merging of two parallel blockchains. The primary Ethereum blockchain is merging with Beacon Chain. 　　Beacon chain is a Proof-of-Stake blockchain, it has no transactions, Neither Defi apps nor tokens. Its a blockchain that only runs Proof of Stake. As an empty chain, Beacon Chain can integrate with Ethereums blockchain and swap its PoW mechanism without any other variables. Once merges, PoW verification will be replaced by PoS. The Merge is a core component of “ether 2.0,” which realigns the blockchains foundation.　　　　Vitalik Buterin said Ethereum 2.0 will scale to 100,000 transactions per second. This Proof of stake (PoS) will allow miners to verify new blocks without cryptographic puzzles and pool ether tokens. Due to that, Ethereum Foundation estimates that without cryptographic puzzles,

2022-08-19Deep Dive

WikiBit’s Tip 101: Things To Consider In Starting Your Cryptocurrency Journey

The dramatic spike in the value of Cryptocurrencies such as Bitcoin brought cryptocurrencies into the spotlight as a form of payment. Bitcoin is operated upon blockchain technology, which has been lauded as the newest, most revolutionary technology. For several years now, cryptos have overtaken the capital market discussions. What originated as an effort to develop a substitute for the commonly used fiat money has evolved into a trillion-dollar investment phenomenon. As cryptos popularity continues to dominate the market, we all want to learn a thing or two about it.　　1. Try reading up on investing in cryptocurrencies 　　First, you need to know the basics. You must first understand the breakdown of methods for buying, trading, and exchanging cryptocurrencies. You cannot invest in cryptocurrencies carelessly if you have little knowledge of how to approach them. Find the platform that enables you to add and remove fiat currencies from a blockchain network. A regulated and tested crypto exchange platform allows you to review all the fundamental stages, including the simple buying and selling guides.　　One example is the WikiBit app, which helps you track down choices for your crypto exchange options. You may download the app to know more about the market.　　　　2. Don‘t invest

2022-08-19Deep Dive

Top 5 Cryptocurrency Exchange of 2022

A cryptocurrency, or digital money, is a new funding source built utilizing encryption methods. By employing cryptographic techniques, cryptocurrencies can act simultaneously as a medium of exchange and a virtual accounting system. You will need to have a cryptocurrency wallet in order to use cryptos. These wallets can be an application that is downloaded to your PC, mobile device, or the cloud. 　　To navigate the crypto world easily, most investors use Cryptocurrency exchanges for their convenience. Exchanges enable the trade of cryptocurrencies for other assets, such as fiat and digital currencies. Basically, it serves as a middleman between sellers and buyers, these exchange firms generate revenue through royalties and service charges.　　According to WikiBits ranking, here are the top Cryptocurrency Exchange in the market.　　Here‘s a brief background and rank of each exchange via the WikiBit’s App. 　　1. Coinbase　　Coinbase is undoubtedly the most well-known cryptocurrency exchange. The platform allows you to buy Bitcoin, Cardano, Litecoin, and more than 30 additional coins and tokens. Moreover, by accomplishing specific tasks, you can receive incentives and interest on your USDT. 　　Through the Coinbase card, users may also use their assets to purchase from physical or retail outlets. This simply implies that you can buy anything

2022-08-19Deep Dive

Binance Review: Advantages and Disadvantages of Investing in Binance

If youre new in the crypto industry, you might have heard about Binance. According to experts in the crypto market, Binance is considered a trustworthy and reputable cryptocurrency exchange and based on trading volume, it is the biggest cryptocurrency exchange in the world.　　Binance offers a variety of services such as:　　Binance Exchange. Which allows users to exchange currency for other coins. 　　P2P. A peer-to-peer (P2P) trading service that actively connects buyers and sellers of cryptocurrencies. Payments are made easier with several payment methods that it offers, all of which are based on the preferences of the consumers.　　Debit or Credit Card. To offer a brokerage service that accepts credit and debit cards, Binance recently teamed with Simplex. With this service, you can use a debit card or credit card to purchase a variety of cryptocurrencies and deposit funds into your account.　　To provide US consumers with lawful and stress-free trading activity, US users can instantly deposit USD into their accounts and engage in direct currency trading. In addition, Binance has minimal costs that are capped at only 0.1%. To outperform its regional rivals, Binance.US even offers zero-fee trading on Bitcoin trading pairs against the US dollar. 　　Here‘s Binance standing via WikiBit’s App:　　As of

2022-08-18Deep Dive

Starter’s Guide: How to Invest in Cryptocurrency

Most individuals are finding it hard to comprehend cryptocurrencys technology platform, not to mention how it serves as an investment. Far beyond the predictions of many investors, the value of cryptocurrencies has risen within the last ten years. For a starter, Cryptocurrency is any kind of money that operates digitally or electronically and is using cryptography to safeguard transactions. Cryptos use a decentralized mechanism to track transactions rather than a central body to authorize or govern them.　　WikiBit shares with you a quick explanation of how it works:　　A decentralized public database known as blockchain, which is maintained and managed by currency holders, is the backbone of cryptocurrencies. Through using computer processing power to resolve complex mathematical puzzles, a system known as “mining” produces cryptocurrency units. Basically, you need a venue to purchase it and a location to store it. Cryptocurrency exchanges are the most convenient spot to buy cryptocurrencies. You may use a debit card to buy cryptos such as Bitcoin, Cardano, and Ethereum on these platforms.　　You can also Download WikiBits app to get updated, plus, to know the trusted exchange platforms in the market!　　Investing 101: How to Invest in Cryptocurrency　　According to experts, cryptocurrency is the future of the economy. Most

2022-08-18Deep Dive

WikiBit Reviews: Is Coinbase a Trusted Cryptocurrency Exchange Platform?

WikiBits quick review on how Crypto works:　　A technology innovation known as a cryptocurrency or “crypto” can be traded without the help of a centralized monetary institution like a bank or government. Data encryption methods are utilized to generate cryptocurrencies, allowing individuals to buy, sell, and exchange them safely.　　Mining is one conventional method of creating cryptocurrencies. Vast majority of investors purchase crypto in the most convenient way—either via trade from another user or through an exchange platform. 　　In which, a cryptocurrency exchange is a marketplace where virtual currencies may be bought and sold. It also provides storage for your crypto together with trading services and market pricing during trading activity. Due to the high volume of traders, there are already existing cryptocurrency exchanges that provide a variety of digital assets with security levels and fees. One example of a known exchange platform is Coinbase. 　　Can Coinbase be trusted？　　Coinbase is an exchange which allows you to purchase well-known cryptocurrencies such as Bitcoin, Dogecoin, and Cardano. More than 120 distinct kinds of cryptocurrencies are included in Coinbase, despite not all of them are supported. When Coinbase started trading at $381 on the Nasdaq, it marked the first prominent cryptocurrency firm to go public

2022-08-18Deep Dive

Identifying Fake Cryptocurrency Exchanges

The rise of digital currencies also opened a lot of doors in the business world. Along with cryptos peak is the sudden hike for Cryptocurrencies exchange platform as well. Exchanges for virtual currencies provide a crucial venue for listing digital assets. However, numerous of these exchanges are still unlicensed and prone to fraud. In order to trick potential investors and swindle them of their money, scammers have in fact turned to building fictitious cryptocurrency exchanges and exploiting transaction volumes on exchanges that appear to be trustworthy.　　These platforms could threaten investors, block cryptocurrency withdrawals, impose hefty fees, or even disappear with your money. Before creating an account, you should get familiar with the warning characteristics such bogus websites/apps.　　Since a new type of fraud has risen as a result of the global popularity of cryptocurrencies and the surge of crypto billionaires clogging feeds on social media, bogus cryptocurrency exchanges draw potential buyers intending to benefit from their profits. 　　WikiBit shares red flags to know if an exchange platform is fake:　　Its probably a scam if an exchange guarantees a rate of return on capital that sounds too good to be true. Sure to keep in mind that offers are a huge clue of

2022-08-17Deep Dive

Beware: Amana Has No Valid Regulatory

Decentralized ledger technologies and virtual currencies have become widely accepted for their potential implications. The cryptocurrency sector is currently valued at over USD 2.5 trillion, has more than 12,000 crypto projects, and is just starting to grow, according to predictions.　　The market for credible and safe exchange platforms is also booming alongside the popularity of cryptocurrency trading. Companies in the blockchain sector must comply with regulations like licensing processes, a stable IT infrastructure, compliance risk, and impending legislation that can guarantee the safety of the investors money. With the long process of legislating ones business, most crypto exchange platforms tend to violate rules and push forward in operating even without licenses. 　　WikiBit received a report regarding an Exchange Platform Amana. 　　Amana is a spot trading platform where it might involve purchasing or selling commodities, investment funds, or fiat assets. It enables stockholders to keep up with the demand in the market for extended periods. Any sum, no matter how small, can be put in a spot transaction and increased as the investor sees fit. Though, a reminder to double check your chosen exchange platform upon investing since some of them do not have licensing approval. 　　The same goes with Amanas case,

2022-08-17Deep Dive

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