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An Introduction to Cryptocurrency Wallets and How They Work

Cryptocurrency wallets are devices, physical mediums, programs or services which store the public and/or private keys for cryptocurrency transactions. Cryptocurrency is a decentralised digital asset, meaning it does not have a central authority like a government, company, or bank that can issue more of it, freeze accounts, etc. Instead, it is decentralised and managed by its users.

The first cryptocurrency was introduced in the year 2009, and the market is still growing at a rapid pace. Nevertheless, it can be a little tricky to understand and adopt the new technology. Crypto-assets are becoming an increasingly popular way to invest, especially with the recent boom in the price of many digital currencies. However, investing in crypto assets comes with a lot of risks.

In this article, we will help to learn how to choose the right crypto wallet and set it up securely on your digital device. Let us get started!

Here you can find top cryptocurrency wallets reviewed and ranked.

What are cryptocurrency types?

When you already know what a cryptocurrency is, you should also get familiar with its types. Bitcoin is the first cryptocurrency, and now it is on top of other altcoins because of the privacy, scalability, and functionality it supports. You cannot find the best cryptocurrency to buy because that question is very subjective, and there is no the best one in the market. The different types of coins are Ethereum, Terra, Solana, XRP, Tether, and many more.

When you research and choose the one you plan to buy, also think about a wallet to save it.

What is a cryptocurrency wallet?

Crypto wallets are the means by which we store, secure, and manage our digital assets. A bitcoin wallet is where your digital bitcoins are stored, and your cryptocurrency transactions are verified when you trade them (and other cryptocurrencies). Just like a regular wallet holds physical currency when you are not using it, a cryptocurrency wallet is where you store your digital currency. As a secure place to store proof of ownership, cryptocurrency wallets can take the form of physical hardware or software installed on your smartphone, computer, or cloud.

They offer a wide range of benefits to users, from the ability to take financial freedom into your own hands to the opportunity to participate in global economic ecosystems without depending on centralised institutions like a bank to do so.

Where to store a cryptocurrency

Many cryptocurrency exchanges allow you to store cryptocurrencies in a wallet on the exchange, and some people leave them there. Please note that there is a difference between storing your cryptocurrency on the company’s exchange and in a Coinbase wallet. With this wallet, you cannot buy cryptocurrencies using traditional currencies, so you will need to transfer your cryptocurrencies from a non-custodial wallet.

This is considered one of the most secure types of crypto wallet, but it lacks the convenience of a hot wallet that could allow you to quickly trade and transfer your crypto funds.

What is a non-custodial wallet?

While a non-custodial wallet can be complex and expensive, it will keep your crypto assets safe even if your computer is hacked. Most non-custodial wallets (wallets that you fully own) offer downloadable software that you can use to protect your private key and crypto-assets. Also, you can use a non-custodial wallet to take part in more complex DeFi transactions and support a hardware wallet if you want to store large amounts of cryptocurrencies securely.

When it comes to cryptocurrencies for beginners, it may make sense to start with an escrow wallet, such as the one offered on a cryptocurrency exchange.

Cryptocurrency wallets

Exchanges allow you to buy and sell cryptocurrencies, but you still need a wallet that acts as your personal digital address and contains all the cryptocurrencies you trade with. If you are interested in using cryptocurrencies and other digital assets, you need to create a crypto wallet. Everything aside, the first step to getting into the Cryptoverse is to create a crypto wallet to store all your cryptocurrencies in one place securely.

Just as you need a wallet to protect your money and credit cards, you also need to know where you will store your cryptocurrencies.

Final words about cryptocurrency Wallets

If you dabble in bitcoin or other cryptocurrencies, you can get away with storing your private keys in a software wallet. Bitcoin and cryptocurrency wallets are online and sometimes offline storage platforms that encrypt your private key, protecting your crypto assets. Crypto Wallet provides secure storage and storage of your cryptocurrency wallets and private keys, giving you access to your assets so you can store, send and receive tokens and digital coins.

Do not forget that crypto wallets are the safest way to store your cryptocurrencies!

3 Reasons to Buy Cryptocurrency in 2021

What is cryptocurrency? Cryptocurrency is a collection of binary data which is designed to work as a medium of exchange where individual coin ownership records are stored in a digital ledger which is a computerised database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership.

1. It Has Never Been Easier To Invest

The prospect of making the leap into cryptocurrency can be a daunting prospect at first. However, times have changed and there is now much more information out there to enable investors to quickly navigate the world of cryptocurrency without many of the previous barriers to entry. Coinbase has a huge network of around 10 million investors and is one of the most popular platforms at present, allowing investors to easily purchase Ethereum, Litecoin and Bitcoin to name a few.

2. The Long Game

As with any investment, you need to keep focused on the long-term viability. If you become obsessed with short-term loss, every variation in price will have you worrying that you’ve made the wrong investment decision. This could cause you to panic sell at a lower price than you bought it for, when in reality, holding until the price recovers, and then went even higher, would have been the more sensible move. The cryptocurrency-market is volatile and price fluctuations will always happen, with some more concerning than others. The recent crash made even the most hardened investors a little hot under the collar, but two weeks later Bitcoin bounced back with predictions of higher price surges in the coming months. You should always be looking at investments over the longer term (5+ years), as this is where the true gains are likely to be made.

3. Digital Currencies Are The Future

Bitcoin has led the way so far with its domination of the cryptocurrency market and it may be the most recognised coins. The moment to reap the largest rewards from Bitcoin has already passed, with those who invested in the unknown coin many years ago having made eye-watering returns. Investors who are looking for those big returns must expand their horizons by investing in alternative coins such as Ethereum and Litecoin, which are two very promising cryptocurrencies. At this point, it is worth noting that with any investment of this kind, the risk remains extremely high and you must be prepared to lose the entire investment. It is therefore only advisable to invest what you are happy to lose, and what is affordable. The road to cryptocurrency-investing success isn’t guaranteed, so it should only form part of a wider portfolio of varied-risk investments. You should also seek independent advice before making new investment decisions.

Advisory Excellence is an international network. With over 1500 members around the globe, we are ready to help you wherever you are in the world.

NSAV Announces Launch of Premium OTC Crypto Trading Desk

Net Savings Link Inc., a crypto, blockchain and digital asset technology company, today announced the launch of its Premium OTC Crypto Trading Desk. NSAV’s OTC Desk offers private and personalised service to institutions and high net-worth individuals that trade large blocks of cryptocurrency.

OTC Crypto Trading Desks offer increased liquidity, price protection, anonymity, Fiat support, unlimited purchases and the purchase of rare tokens, which are not available on exchanges. NSAV’s OTC Desk provides its clients with execution and settlement services that are secure, competitive and discreet. Today, nearly all major crypto exchanges have their own OTC Desk.

Kraken, in 2019, acquired major OTC Crypto Trading Desk, Circle Trade, and is now one of the world’s leading OTC Crypto Trading Desks. The Company’s management believes that having its own OTC Crypto Trading Desk will be a huge benefit to NSAV and all of its shareholders, as it ascends to the next level.

On Wednesday, NSAV Director, Mr. Yuen Wong, gave a presentation at the Emerging Growth Conference. Please see the link below to view Mr. Wong’s presentation.

Joining Mr. Wong at the conference was Ms. Aidaa Wong, founder and CEO of LuxFi, a real-world luxury asset-backed NFT marketplace. In August, NSAV announced a collaboration with LuxFi.

In addition to his position with NSAV, Mr. Wong is also a Managing Partner at Bitmart Cryptocurrency Exchange. BitMart is a premier global digital asset trading platform with over 2 million users worldwide and ranked among the top crypto exchanges on CoinMarketCap.

Bitmart’s platform supports over 220 cryptocurrencies and has a 24 hour trading volume of approximately $2 Billion.

Mr. Wong is also the CEO of LABS Group Limited, the world’s first end to end Blockchain powered real estate investment ecosystem and powered by the LABS ecosystem token through decentralised finance and governance, as well as a partner at leading investment banking firm, Silverbear Capital Inc.

Silverbear Capital Inc., a leading, global investment banking firm, will be advising NSAV on strategic matters relating to the Company’s cryptocurrency exchanges and OTC Crypto Trading Desk. Silverbear will also help guide NSAV in ensuring that its exchanges and OTC Desk are continually in compliance, given the rapidly increasing regulatory environment in the cryptocurrency industry.

Silverbear Capital Inc. has a dynamic of disciplines on a broad commercial level and practice. SBC has a strong group of Partners in a wide range of disciplines with seasoned experience in finance, management, and professional practice.

Disclaimer: Silverbear Capital Inc. does not constitute investment advice, or an offer or solicitation to sell, or a solicitation to buy, or any other investment product in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction.

Mr. Dato’ Sri Desmond Lim, Interim CEO and Senior Vice President of Cryptocurrency Operations for NSAV and Silverbear Capital partner stated, “We are thrilled to have our OTC Desk in operation, and this will allow us to enter this lucrative industry from a high volume trader’s perspective. With major crypto exchanges such as Binance and Coinbase opening their own OTC Desks, this indicates a significate demand among institutional for these types of transactions. I want to thank all of our shareholders for their support and our OTC Desk team for getting the job done.”

NSAV’s vision is the establishment of a fully integrated technology company that provides turnkey technological solutions to the cryptocurrency, blockchain and digital asset industries. Over time, the Company plans to provide a wide range of services such as software solutions, e-commerce, advisory services, financial services and information technology.

For further information please contact NSAV at info@nsavholdinginc.com

The NSAV Twitter account can be accessed at https://twitter.com/nsavtech

The NSAV corporate website can be accessed at http://nsavholdinginc.com

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbours created thereby.

Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Net Savings Link, Inc. to accomplish its stated plan of business. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate.

In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Net Savings Link, Inc. or any other person.

Contact

Net Savings Link, Inc.

Email: info@nsavholdinginc.com

NSAV Announces Launch of Cryptocurrency Exchange

McapMediaWire – NSAV, a cryptocurrency, blockchain and digital asset technology company, today announced the launch of its wholly owned Cryptocurrency Exchange, which carries the NSAV brand name.

The NSAV Exchange makes NSAV only the second United States publicly traded company to own a Cryptocurrency Exchange, following the Coinbase IPO in April, which valued Coinbase at over $85 billion.

The launch officially marks the Company’s entrance into the $2 trillion global cryptocurrency market. The NSAV Exchange is fully functional.

The Company slightly delayed its timeline to become fully operational. NSAV is in the process of strengthening its KYC protocols and other compliance related items, in order ensure that it doesn’t fall victim to the same legal and regulatory problems that have recently plagued Coinbase and Binance.

The Company believes that it possesses the expertise and skill set to be fully compliant in all jurisdictions in which it conducts business. The management believes this delay will be in the best interest of all NSAV shareholders, in order to ensure shareholder value is being protected.

In related news, NSAV announced plans launch a governance token, which management believes will be a huge benefit for its NSAV Exchange.

Silverbear Capital Inc., a leading, global investment banking firm, will be advising NSAV on strategic matters relating to the Company’s cryptocurrency exchange.

Silverbear will also help guide NSAV in ensuring that its exchange is continually in compliance, given the rapidly increasing regulatory environment in the cryptocurrency industry.

Disclaimer: Silverbear Capital Inc. does not constitute investment advice, or an offer or solicitation to sell, or a solicitation to buy, or any other investment product in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction.

The management of NSAV believes that the Company can capture a significant share of the massive Chinese cryptocurrency market, given the expertise of its management and strategic partners. Presently, the Huobi Cryptocurrency Exchange has a 24-hour trading volume of over $6 billion and 40% of its users are from China. Huobi is number 3 globally in daily revenue at $2.29 million, behind only Upbit $3.42 and industry leader, Binance at $3.48 million.

The management of NSAV and its partners are pioneers in the Digital Asset and Blockchain industry. The team is led by NSAV Director, Mr. Yuen Wong. Mr. Wong is also the CEO of LABS Group Limited, the world’s first end to end Blockchain powered real estate investment ecosystem and powered by the LABS ecosystem token through decentralised finance and governance.

As one of the founders of Bitmart Cryptocurrency Exchange, Mr. Wong helped guide BitMart in becoming a premier global digital asset trading platform, with over 2 million users worldwide and ranked among the top crypto exchanges on CoinMarketCap. Bitmart’s platform supports over 220 cryptocurrencies and has a 24 hour trading volume of approximately $2 Billion. Mr. Wong is also a partner at Silverbear Capital.

Danny Lau, NSAV Director and Silverbear Capital partner stated, “We are extremely pleased to see a major media network in U.S. reporting our Company’s progress. This means the NSAV brand is being recognised internationally. We’d like to sincerely thank SBC Investor Relations for their dedicated and professional work.”

NSAV’s vision is the establishment of a fully integrated technology company that provides turnkey technological solutions to the cryptocurrency, blockchain and digital asset industries. Over time, the Company plans to provide a wide range of services such as software solutions, eCommerce, advisory services, financial services and information technology.

For further information please contact NSAV at info@nsavholdinginc.com

The NSAV Twitter account can be accessed at https://twitter.com/nsavtech

The NSAV corporate website can be accessed at http://nsavholdinginc.com

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbours created thereby.

Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Net Savings Link, Inc. to accomplish its stated plan of business. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate.

In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Net Savings Link, Inc. or any other person.

Contact
Net Savings Link, Inc.
info@nsavholdinginc.com

The Difference Between Digital Coins and Tokens?

Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency.

The world of cryptocurrencies and blockchain continues to expand from its humble beginnings to becoming buzzwords by the conclusion of 2017, to now, when more people and businesses understand the new technology, as well as, its range of applications.

One common point of confusion that has arisen surrounds the frivolous nature in which some refer to the digital coins, such as Bitcoin, and tokens as the same entity. Tokens and coins are, in fact, very different aspects of blockchain technology and its ilk, offering different applications on the blockchain and when making transactions.

What are digital coins?

Digital coins, or cryptocurrencies, often have a sole function: to be used as a payment method. The original cryptocurrency, Bitcoin, was introduced with the sole purpose of eradicating fiat currencies with its trusted and immutable decentralised public ledger, known as the blockchain. The focus for Bitcoin and most other coins is on the speed, safety, and affordability of making payments while it primarily denotes value to be used to exchange for services and goods.

Each coin is an asset native to its blockchain, with their function and operation being solely on their specific blockchain. They are first introduced from the blockchain following an initial coin offering, which allows people to pay money to acquire the digital coins for use within the blockchain. Exchanges and trading platforms, such as Coinbase and Kraken, have emerged to cater to the fiat money and cryptocurrency exchange of digital coins for users who aim to make a profit on the rise in the value of coins. The most famous incident involving the price of a digital coin on the stock exchange was Bitcoin in December 2017, when its price soared to $19,343.04.

The use of coins is primarily as a payment method for services or goods on a blockchain. While some coins, such as Ethereum’s Ether, have other functions as well, the primary function of the coin is to denote value for a payment, with Bitcoin being the prime and most recognisable example.

What are digital tokens and how do they work?

The reason why coins and tokens are often mistaken as the same digital item is not only because the two terms are somewhat interchangeable in the physical world, but also because they both hold value within their specific blockchain. Tokens are created within decentralised apps that are hosted by a blockchain that functions on smart contracts, such as Ethereum. By funding a smart contract with the blockchain’s native coin, the user receives an allocated amount of tokens which, in turn, allows the user to interact with the dApp. The dApp which received coin in exchange for its tokens will then further develop its service with the new capital. Tokens often represent some form of value for use within or concerning the dApp which released them and are used as a medium of exchange.

Anyone who operates a dApp can create and issue customised tokens for use within their dApp. To create these tokens, the developer must pay a fee in the form of the blockchain’s native coin, such as Ether on the Ethereum blockchain, to pay the miners who validate the tokens. Coins are also required to exchange the tokens from peer-to-peer. Those who have created a token model for their dApp will often set specific methods in which users can earn the tokens. If constructed well, users will perform these actions to gain the desired tokens to use on their favourite goods and services. If a token ecosystem is well-crafted, it can add another incentive for users to interact with the dApp’s offering, giving it more value than just monetary.

The benefit of developers employing the token model on an existing blockchain, thus being required to pay the coin fees for the creating and distribution of coins, is that the blockchain provides structure, upkeep, validations, and security through its vast network of computers.

Tokens in practice

Ethereum is a grand example of how tokens work within a blockchain. The Ethereum network operates on the issuing and completion of smart contracts with its coin, Ether, working as the ‘fuel’ and payment method of the smart contracts. Within the network, there are many dApps which function token-providing smart contracts which require Ether to fuel.

Many decentralised apps deploy tokenised models, and Golem is one of the most popular examples. Golem grants people remote access to its supercomputers for work in many different computing fields such as cryptography. To keep the Golem network working at optimum levels, it draws computing power from its users’ computers, servicing the processing needs. To incentivise this, Golem rewards tokens to those who allow the Golem software on their computer to aid the network, which users can then use on Golem services.

The Musicoin dApp issues tokens that can be purchased in exchange for coins which then allow the user to activate certain features of the Musicoin platform. With a token, users can stream and listen to music hosted by Musicoin, working as a digital version of the old jukeboxes which required customers to insert a specific token before being able to select the song that they wanted to be played.

Tokens are also being used as vessels that represent products and items of the physical world. While Ripple is a recognised coin service, providing fast and low commission transactions as well as its own coin, it utilises tokens within its network as representatives of monetary values. The Ripple token starts as a form of joker card which can represent almost any value of a transfer of cryptocurrency or fiat currency across the network. WePower works similarly, with users able to purchase and sell tokens which denote values of electricity on the WePower blockchain.

Coins versus Tokens

To state a rough coverall distinction between coins and tokens; the primary purpose of a coin is to make a payment or monetary exchange while tokens are put to use by consumers looking to activate features of a decentralised app within a blockchain that has a native coin and features smart contracts. However, coins can be multifunctional, such as Ethereum’s Ether coin which acts as fuel for smart contracts, and tokens take more forms than just granting users access to products and services offered by a dApp.

Some tokens work as assets or equities, while others are also used for payments. The primary difference is that tokens tend to be dApp-specific, whereas coins are mostly used as money.