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As A Cryptocurrency Trader or User, For Your Security ,You Must Know These 3 Common Hacking Routines

As a crypto user, you should be up to speed with the latest hacking trends so that you do not fall prey.

One of the main features of cryptocurrencies, as per their proponents, is security.

According to them, breaking into your crypto wallet is impossible, and crypto offers a level of security no bank ever has or will.

Yet cryptocurrency gets stolen anyway.

Not only does it get stolen, but generally, quantities stolen amount to millions.


So which one is true? Are cryptocurrencies secure or not? That’s a complex answer. Cryptocurrencies are secure by design.

Nobody can access your wallet without your permission, and stealing somebody’s crypto wallet is worthless since you’ll be unable to access it.

That doesn’t mean there are no ways to access it, though. Generally, however, people stealing crypto don’t hold you at gunpoint and ask for your precious Bitcoin.

Instead, they attack apps or sites you trust, or masquerade as useful, perfectly clean services.

1.They target crypto exchanges

Individual theft of cryptocurrency happens. However, the most common way for cryptocurrency thieves to obtain your hard-earned crypto is by hacking into exchange sites.

Crypto exchange sites operate in particular ways, since they allow you to have a wallet with them where you can deposit and exchange currencies.

Therefore, you could think of these sites as huge crypto banks.

Since bank robbing has been the pastime for thieves for centuries, you’ll understand why this attracts them.

Generally, these hacks take a long time. A hacker will identify a vulnerability in the website’s code or functioning and use it to slowly gain access to user accounts.

Once he has it, he has to just transfer money to his account and run off with it.

TIP: Don’t leave crypto lying around in exchange sites. You want a private wallet to hold whatever crypto you’re saving, and you want to have it away from the internet.

The only money you must have in crypto exchanges is money you’re using or going to use soon.

2.They log your keys

Many people think spyware is a very 2004 thing. We have come a long way regarding computer security, with most systems coming with built-in anti-spyware, anti-keylogger features.

They’re basically parts of anti viruses now, so we should be able to do as we want, and the system should catch anything wrong.

Except that it won’t catch anything!

The way antiviruses or antispyware systems work is simple: They scan your system for known malware.

They have huge databases of how to identify and remove malware and go through it as they perform a scan. That’s about it.

Some have also extra features allowing them to scan running processes, trying to catch suspicious activity or programs attempting to gain permissions they don’t have.

So if a keylogger tries to run without your permission, they should catch it and-

We only wish it were that simple. In most cases, keyloggers come disguised as other software. When you install that software, they ask for permissions, and you happily grant them.

Your local antimalware sees it, but it notices it has your permission and the software isn’t in their database (yet.) So it lets it through.

And that’s how you get your keys logged. Once they log your keys, it’s simple for them to obtain your private key, access the blockchain as you, and do some good old stealing.

TIP: Don’t install things you can’t trust. Assume you can’t trust anything unless there’s enough proof of the opposite.

3.They go Trojan

Remember about the Trojan horse? How Troy was invaded by a bunch of men inside a huge horse the Trojans let in?
The same thing can happen in computers. Not every software is what it

seems. Particularly if that software is meant to handle sensitive data.

What this means is, some people will code software that looks like something genuine while instead doing something else. Sometimes the software will even do what it says it does… and a million other things.

In cryptocurrencies, it’s common for hackers to code amazing new wallets.

They come with offers and promise lots of things. They seem better than anything out there, and many times they work at first.

Until one day the hacker grabs all those private keys users stored in those wallets and uses them to rob them blind.

This type of hack with fake wallets is more common in Android and other mobile devices, but it can happen anywhere.

TIP: Don’t install new, “amazing” wallets. If it looks too good to be true, it’s probably very good at stealing your crypto. Only trust wallets the community has reviewed extensively.

Conclusion

The Internet age came with lots of convenience as well as severe threats. Same goes with the era of the blockchain.

Hackers roam the cyberspace always, looking for whom to devour.

As a crypto trader, stay alert always, and you will keep hackers at bay.

The 7 Must-Know Rules of Cryptocurrencies and Stock Market Investment

The 7 rules of cryptocurrencies and stock market investment will help you minimize your losses and maximize your gains.

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Investors looking to make big profits from investing in stocks and cryptocurrency can be successful as long as they do it wisely.

For instance, investing in stocks and cryptocurrencies is time sensitive.

You have to make sure that the time is right. Besides investing at the right time, you will need exceptional investment strategies.

Only the most disciplined and skilled investors run away with the big profits. Although both stocks and cryptocurrencies have similar foundational investment principles, they are quite different. Here is how:

Stocks


Stocks are shares issued by listed companies and sold to investors as equity. Usually, the stock market or exchange is responsible for the various activities of investing, buying, or selling stocks.

In most cases, investors buy stocks intending to hold them for the long-term. Long-term investment of assets tends to pay much bigger profits as compared to short-term investments.

And unlike cryptocurrencies, investors who buy stocks are often paid dividends for the shares they hold. At average, stocks generate about 7% ROI year on year.

Cryptocurrencies

Cryptocurrencies are digital currencies without any physical presentations. Cryptocurrencies operate under Blockchain technology, and anyone can buy, trade, or sell them. This makes the market very risky and highly volatile to invest in.

Unlike the stock market, cryptocurrencies trading lack regulation as they lie in decentralized non-governmental nature.

Anyone regardless of their nationality can trade in cryptocurrencies. In fact, trading in Bitcoin is quite fast. For instance, using the Bitcoin lightning Network, Bitcoin transactions are almost instant with deficient fees.

To invest in Bitcoin, you need to do thorough research about the crypto industry. Otherwise, you may invest and end up losing all your investments.

In fact, most investors who trade cryptos use them as a store of value to allow them to appreciate.

Here is a stock and crypto trading guide to use if you want to invest successfully.

Rule 1: Know the basics

If you are beginning, it’s highly likely that you are eager to trade but don’t rush it. It’s vital to educate yourself thoroughly before investing.

Research the basics of the cryptocurrency industry including the Blockchain technology to fully understand how Bitcoin works. The same applies to stocks.

You have to familiarize yourself with certain investment terms such as circulating versus total supply, trading exchanges, inflation, Bitcoin wallets, and public and private keys among others.

If you can’t answer any basics questions related to such terms, then it means you aren’t well prepared to trade. Learn the basics first or seek the help of an expert.

Rule 2: Buy and hold

The easiest and most profitable investment strategy for trading both stocks and cryptocurrency is to buy and hold. Like Bitcoin investment, it may require you to hold your funds for some time.

However, it’s necessary for you to set up a specific trading rule. Of course, you can’t hold your stocks or coins forever. For Bitcoin, it was a wise decision to sell it when it went up to $20,000.

Investors who didn’t sell at that price may have missed their opportunity while hoping that it would rise higher. So, set a target and stick by it.

Rule 3: The fundamental analysis strategy


Fundamental analysis is a method of evaluating an asset by examining related financial, economic, and other qualitative and quantitative factors in the attempt to measure its intrinsic value.

Warren Buffett, one of the richest men in the world claims that this strategy is one of the best investment tools in the stock market.

Besides analyzing the financial factors of a particular asset, this method also uses the price to calculate the price to earnings ratios, and trends among others.

With such information, the investor can compare different assets and cryptocurrencies including Bitcoin. Therefore, they can make an informed investment decision.

Rule 4: The dollar cost averaging strategy

This strategy requires you to buy a certain amount of stocks or cryptocurrencies like Bitcoin each week or month.

This reduces the chances of buying high which may lead to massive losses, especially in the cryptocurrency market.

Investing in small amounts over time will keep your investment accumulating as time goes by. And, when the prices begin to rise, it will attract more buyers which in return will increase volume.

On the other hand, investors who bought Bitcoin at $20,000 are still facing massive losses as it’s currently trading at approximately $5300.

According to experts, it’s now a great time to try and invest in Bitcoin before its value rises again.

Rule 5 :Don’t overtrade

Stock and cryptocurrency investments have made some investors millionaires, if not billionaires. That said, most people want to become millionaires within a fortnight which in most cases is not practical.

For instance, many beginners may want to make about 20 trades a day which is, of course, very dangerous. At the end of the day, most of such investors end up losing a lot from fees or bad trades.

Stock and cryptocurrency investment is very risky, and once you make a mistake, you may end up losing more while trying to recover.

So, unless you are for sure an expert, there aren’t 20 or more trading opportunities within a day. Trading too much only leads to poor decision making and further losses.

Rule 6 : Don’t invest your life saving

The rule number one of investing primarily in cryptocurrencies is that you should never invest more than you are willing to lose. This means that you can’t use a loan or your life savings to buy Bitcoin.

Although investing can make you rich, only place whatever amount of money you are ready to lose. This way, whether the prices of your assets or tokens keep on swinging up and down, you will remain calm.

Otherwise, if you place more than you are willing to lose, you may end up in a hospital bed.

For instance, investors who bought Bitcoin at $20,000 are already regretting their decision as Bitcoin value is far way less than what they purchased it at.

Rule 7: Diversify your portfolio

Diversifying your portfolio not only means holding several cryptocurrencies or stocks.

Given the high volatility of the cryptocurrency market, it could be a wise decision to invest in both stocks and bonds as well as cryptocurrencies.

On the other hand, if you choose to invest in either stocks or cryptocurrency, make sure you diversify further.For instance, if you are considering Bitcoin investing, invest in other coins too like Ethereum and Bitcoin Cash.

Looking Ahead

There is limitless room for opportunities in both the stock market and cryptocurrency investment. But, to succeed, you need to understand the market and yourself.

For instance, there some investors who like risky investments, others are conservative, while others prefer both high-risk and conservative trading.

Therefore, before investing in either Bitcoin or the stock market, be sure about your risk tolerance. It will dictate how successful you will be.

At the end of the day, it’s entirely you that decide the best route to take towards building an impressive investment portfolio. Talk to us today for more leads.

Here are the Leading Business and Work Apps That Make A Difference in Today’s World

Some apps are making the dreams of the digital nomad possible. You can live under the Cayman sun while working for that Miami or Silicon Valley startup. It is 2019, and dreams are becoming a reality.

Today’s world is driven by digital technology, and there is no doubt about this. Now, you can work with a team whose members are in different parts of the world.

How this works is simple, and thanks to the leading apps that are making this possible.

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Work and Collaboration Apps

If you are running an Internet or project-based company, you might want to consider some leading collaboration apps.

Slack and Trello come up as a ready mention. While these two share similar features they can be used together for best results.

On slack, you can enjoy messaging and updates with ease. For a team that is less than 10, you do not have to pay anything to get the best out of this app.

For Trello, the work updates, files and images can be easily seen, revised and scheduled.


All that you need to use these apps is a ready email account that will enable you to register, and you can then add team members afterwards.

Compared with Facebook and Google Messengers or hangouts, you can avoid external distractions when using Slack and Trello.

You will be focus on your task at hand and shut out social media updates while you work.

Discover The Apps That Are Connecting Our World Even More


The modern world has been transformed by the power of the Internet such that our way of life has changed in countless ways.

Telegram


Telegram is making a difference that can be considered unsung. The successes recorded by the launch of cryptocurrencies and ICOs can be partly attributed to the ease of use of Telegram.

This app shares the same name with the good old Telegram used ages ago to send messages between parties.


In today’s world, Telegram is available for use around the world with a simple download from your iOS or Android stores.

With a mobile phone number, your account can be verified to enable you use the full functionality.


Instant messages can be sent between parties, and online communities can be built with this app.

The good fortune is that no matter where you live on earth, you can join any community you want.

What better way to share, collaborate, and reach new talents across the globe.


Other Apps

The modern world has been transformed by the power of the Internet such that our way of life has changed in countless ways.

These changes are not only social, but also political and economic. Many known apps that are connecting our world even more than what most people realize are available on most mobile devices.

LinkedIn


LinkedIn is among the apps that are connecting our world even more. It is a networking app for professionals.

And this is designed in such a way, that your skills, education and work history becomes the building blocks for the network you develop or join.

Professional groups or associations have their networks on LinkedIn and their members can easily become active using this app.


This app is available across mobile devices and can be downloaded on IOS and Android.


Twitter


Twitter is a popular app people use to post messages online. What you post on your twitter page, also known as timeline, can be seen across the globe.

People who share your interests and persuasions can become your ‘follower’ by clicking the follow button.


People from the other side of the world’s time zone can become acquainted with you on this platform even though you never met physically.

No doubt Twitter is one of the apps that are connecting our world even more.


Facebook


The Facebook app is also available on mobile devices and other web enabled devices across the globe.

It is presently the most successful social app with more than 1 billion active users.


Users from Africa, Asia and Australasia have find friends across the world in America, Europe and the Middle East that they would never have been acquainted at any time in their lifetime.


Facebook has helped many people to find business links they never could have dreamt of. What ease this brings about!

There is no doubt that Facebook is one of the apps that are connecting our world even more.

7 Daily Habits of Efficient Personal Finance Champions

The 7 habits of personal finance champions will help you keep your head above water and become a master of your finances.

The global economy might not be at its best level yet, consumer spending however remains robust.

The global savings level is less than one percent as against the many debts that many people owe. The rate of foreclosures is on the increase and many seem to be unperturbed by this.

Living a life of luxury is everyone’s wish. The truth remains that life is in stages. Putting spending ahead of savings is the best way to a wretched life. 

Saving more opens a door to unending possibilities, which a life of debts shuts out.

Here are some ways to better your personal finance management:

1.Shop for priorities

Most of the items people get from stores are never used but the money cannot return.

Others go for them because their friends have them and not because they are necessary.

To avoid keeping a load of unwanted items, do not shop until there is a need to do so. By reducing the number of items per shopping, you should save a small token daily.

2. Do not use ATMS of other banks

Most banks charge people for using their ATM and they make a fortune from outsiders.

Some people may say it does not cost much, but if they could just take stock of how much they throw to other banks lately, they would agree they were wasteful.

 No matter how pressing the need may be, use sister ATMs.

3. Have a record for all spending

 A week to one month should be enough to keep track of all spending. The record should include even the chewing gums and the sodas.

This will show just how much goes into what and will help you keep track of your sending.

When buying many things,they might cheap but when the list is compiled, you may be astounded by the outflows .

A track of spending could stop the unending spending.

4. Reduce credit card debts

Offset all credit cards debts to avoid losing twenty-one percent in the end. Keep paying until there are about one hundred to five hundred dollars left.

This may sound okay but it is better to have no outstanding here.

You must not have more than two credit cards, and you should only use them when emergencies arise.

5. Use debit cards more

Most stores that accept credit cards accept debit cards.

The reason the debit cards are better is that people pay for what they buy from their accounts directly.

This weighs against credit cards that lure you to pay later with huge charges.

 6. Know credit rates always

You must find out credit rates from time to time. This will help you correct any errors and close all unwanted accounts.

Mistakes and open accounts can create unending problems if folks fail to verify their ratings constantly.

7. Review progress

Once you have adopted the above lifestyle, it will be wise to review your progress at a fixed pace.

By constantly reviewing your progress, you will be able to know your strengths and weaknesses and work on them.

Last Lines

The key to a better financial situation lies in watchful spending and learning to save.

Reviewing the effect is the way to monitor progress. Discriminate spending can unlock unending savings.

 Image by ToddHenry

Adolph Obasogie is the Founding Partner of Adolph Obasogie Professional Services, and CEO of Harrison Global Capital

Blockchain Innovations, Affiliate Marketing, and The Changing Face of Digital Marketing

Blockchain is here, and it is changing the preset notions on how to conduct an online business. How is your business changing today? Read more..

The scalability, transparency and efficiency of the Blockchain is a huge boost for digital product marketing.

To take advantage of this edge, businesses need to look at how best the solutions currently available can give a leap to realization of organization goals, cost reduction and profitability.


There are over three billion people in the digital world who daily access their emails, websites, and search online for clues, play online games and carry out a variety of other activities.

The growing number of people with Internet access and connectivity has created a huge market for people who have one, two or more online digital products to offer to the rest of the world.


There is an online digital product for virtually every field of human endeavor, and this is an affirmation that many fast-thinking people are already cutting their slice of this new frontier.

An online digital product is not inferior to its physical alternative except that it can be accessed via a mobile phone or portable device and you can easily access it wherever there is Internet presence.


The Blockchain and Fast Moving Online Digital Product Scenarios

The following examples provide a gateway to success with an online digital product;


Digital Books and Blockchain

EBooks are probably the commonest form of digital products as a result of the early introduction of books in digital format.

Digital books are now widespread and can be accessed by such devices as the Kindle, mobile phones, and other portable devices.

The digital book can be produced by using widely known platform owners like Kindle, Lulu, and Kobo amongst others.

You can decide to ignore these platforms and self-publish through a free medium like Adobe PDF and sell digital downloads through your website or affiliate website of your preference.

The ease of payment and download access to digital books makes it an attractive option for many people with internet access.

Your digital books can become your online business as you make efforts to market and sell them through the various outlets available.

The Blockchain has an edge for publishers here as it can remove the need for middle men and help the publisher reach consumers directly. Usage of cryptocurrencies will also remove the burden of remittance difficulties.


Online Courses and Blockchain

Today’s world is a knowledge-driven marketplace with multitudes in search of one thing or the other to meet their needs.

Learning is recognized as a process that lasts throughout a lifetime and the foresight to create and locate your audience or recipients will unlock the opportunity for an online digital product business along this line.

You do not need to have an accreditation or institutional recognition for the course you can comfortably offer online.

It is only important that you have a grip on your turf and ensure that your materials are well- researched, packaged and presented.

You will be amazed at the reach of your online digital product across the globe when you use a trusted platform to market your specialty.

Known websites like Udemy, iVersity, Fedora amongst others; rake in millions in sales yearly for courses they offer.

The Blockchain can help course developers earn more if tokens are used for access and remittance for each course developed.


The Affiliate Scheme and Blockchain

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The affiliate scheme is perhaps the most proven form of an online digital product as it has survived the early years of the Internet bubble to the present day.

By the way, it is the platform for many MLM (Multi-Level Marketing) products.


You can build your affiliate scheme around a fast-moving product, service or any item that is beneficial to people and is marketable.

Last Lines

An online digital product business is the fastest and logistics-nightmare free business you can ever be involved in.

Any business with a website and a payment gateway enabled for PayPal, Credit Cards or Bitcoin, with an effective marketing plan for a beneficial product, is destined for success.

The 10 Leading Stablecoins of 2019 and What You Should Expect

Stablecoins were the stars of the cryptocurrency firmament in 2018. Now, let us look at what the 2019 scene holds for them.

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What is the leading stablecoin?

With the recent events in the cryptocurrency industry, investors are now seeking better ways of acquiring more gains by switching to more stable coins.

And, the recent ups and downs faced by cryptocurrencies especially in 2017/18, have positively impacted the rise of stablecoins.


Generally, stablecoins are cryptocurrencies with intrinsic values that are linked with fiat currencies such as the US dollar or other assets like gold.

They are more acceptable than cryptocurrencies such as Bitcoin because they appear to be more stable and reliable. They offer a price peg for various goods and services while still maintaining the properties of a store of value and a medium of transfer.


Currently, there has been an influx of stablecoins in the market with a few of them presently trending. Here are the top 10 leading Stablecoins in 2019.


Tether (USDT)


Tether token, which is among the most successful Stablecoins in the world, was initially issued by the Tether Limited Company and it’s backed up by the US dollars. 1 Tether is equivalent to $1.


The USDT coin was therefore designed to settle payments in any asset or fiat currency that’s convertible to the U.S dollar.

The Tether token is available for trading in various cryptocurrency exchanges such as GoCoin, Shapeshift, and Bitfinex among other crypto exchange platforms.


TrueUSD (TUSD)

TrueUSD is another successful US-based token. It was developed by a US-based Fintech company known as the TrustToken.

The TrueUSD was initially designed to enable more efficient daily to daily financial transactions and the institutional adoption of cryptocurrencies.

The TrueUSD is a fiat-collateralized cryptocurrency that is legally backed making all its transactions as much transparent as possible. Additionally, all the financial transactions of this token are verified and attested by 3rd parties.

Given its underlying technology and its centralized nature, the TrueUSD will indeed flourish more in 2019.

BaseCoin


BaseCoin is a cryptocurrency designed to maintain its price stability by reducing high volatility experienced by many cryptocurrencies such as Bitcoin and Ethereum. Its value is linked to the US dollar.

The BaseCoin token operates in a decentralized nature which makes it quite hard to verify how the market is adopting its tokens. Its data is majorly provided by 3rd parties.

MakerDao (DAI)

The MakerDao was initially launched in 2017 by the MakerDAO Company. Concerning the backing assets, DAI is unique as compared to other Stablecoins.

It uses a complex system of CDP- Collateral Debt Position, unlike other coins such Tether that is directly backed by the US dollar. The DAI token is supported with smart contracts that are designed to keep it stable.

Though the fact that the US dollar does not back the DAI coin still looks strange to many, significant investors such as a16z crypto fund by Andreessen Horowitz has shown considerable interest as it owns about 6% of DAI.

USDc (USDC)

The USD coin is a US-based startup launched by the Center consortium and Circle platform.

The USD coin is a promising coin that has shown much progress and is expected to grow rapidly in 2019. This coin is based on the ERC20 token protocol. 1 USDC is equivalent to 1 US dollar.

PaxoStandard (PAX)

PAX was initially approved on 10th September 2018 by the New York Financial Services Department.

PAX gets its monthly reports audited and published by Withum which is the leading American Audit firm.

Currently, PAX has gained favourable attention especially given the fact that it’s regulated and approved by the world’s first government.

Alchemist SDUSD

The NEO cryptocurrency Blockchain is the team behind the Alchemist. The NEO platform is decentralized and allows its users to issue the SDUSD tokens mainly based on user existing portfolios in the platform.

According to the NEO platform, the Alchemist token is designed to offer a solution to the rampant issues of volatility in the cryptocurrency ecosystem. The coin is expected to make significant progress in the year 2019.

Gemini USD (GUSD)

Gemini Dollar is among the most accepted and latest Stablecoins in the market.

It was an ERC-20 token, released on 10th September 2018. The coin was created and released by cryptocurrency exchange, Gemini, that’s owned by the Winklevoss twins and operates on the Ethereum Blockchain platform.

The Gemini dollar is another unique Stablecoin that’s independently audited by the BPM Accounting and Consulting regularly.

Carbon

The carbon Stablecoin is built on Hashgraph, and it uses smart contracts to maintain its stability. It works on the Ethereum Blockchain system.

It’s was created to reduce the emission of toxic gases in the atmosphere in order to preserve the environment.

The carbon platform brings together environmental-related entities such as carbon emitters, clean energy generation companies, and other parties.

Given the recent global concern for environmental preservation in the world, the carbon Blockchain project will definitely succeed.

EpayUSD (EUSD)

The EpayUSD is a 3rd party payment company launched by Epay. It’s linked to the US dollar where 1 EUSD is equivalent to 1 US dollar.

The Epay’s Global Remittance Network uses the EUSD as an accounting symbol designed to accelerate capital circulation and transactions.

Conclusion


The advancement of stablecoins in the cryptocurrency industry is expected to rise given the fact that they are more viable and useful as a currency as compared to other cryptocurrencies.

However, we shouldn’t forget about the issue of volatility which is the major issue affecting the advancement of the cryptocurrencies.

How Cryptocurrency Payments Are Reducing Transaction Costs Globally

One area that cryptocurrencies impacts the global stage is price reduction. Low transaction cost and faster payments make account settlement good to go.

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It’s not news to anyone who has been following the cryptocurrency trend that, while they have attracted lots of attention, they have also failed to penetrate our economies as well as some analysts expected they would.

Indeed, cryptocurrencies have run into several difficulties, putting them into the odd position of being household names, but not household items. That is, everyone knows what a cryptocurrency is, but most people don’t own any or know how to use them.


Yet while the cryptocurrency craze has brought few widely recognized improvements to our economy, there is one specific area where it should, as penetration grows, show a great improvement in most peoples’ lives.
That area is transaction costs.

High costs we ignore

Bank transactions are never free. Every single transaction that happens involving a bank, be it a debit/credit card purchase, a bank transfer, issuing a check, or even getting cash via an ATM, has a cost.

The allied cost can often be small enough for people not to notice or care, and in some cases the cost is paid by our counterpart, so we completely ignore their existence.


However, these costs add up. It might be a few cents here or there, but little by little, they end up making a dent on our finances – we just don’t notice. When we hear that it costs $10,000 to move $1,000,000, we assume that’s a rich people problem.

We don’t have a million dollars to move, so why should we worry if the rich are paying a lot? They have a lot, so it’s only fair.


Except that it’s not the raw numbers that matter. It’s the percentages.

Fortunes are made cent by cent

Now, let’s assume instead of the 10K example, I tell you that your bank charges about 1% per transaction. It’s little, right? What’s one dollar for every hundred you move? The bank has to make money, so it makes sense they’ll charge.


Yet it adds up. That means that if you move only a thousand dollars a month using your bank account – a small amount of money – you’re paying your bank $10 a month. Which amounts to $120 a year.


Reconsidering it yet?

Crypto to the rescue

Cryptocurrency transactions have been somewhat demonized by the media. While most claims against them aren’t false, some have been overblown or reported as inherent problems with crypto while being transient ones, results of the economy rather than poor design.


While cryptocurrency transactions can be slow – the Bitcoin and Ethereum networks both have but a fraction of the capability of Visa and Master Card – that might not be a problem for long. New blockchains are being currently developed with the aim of solving the transaction bottleneck.


As for the issue of value fluctuations – where the initial wave of worries about crypto transactions being expensive – crypto markets are stabilizing. And any cryptocurrency that enters widespread use will, by virtue of its widespread use, gain enough stability that day-to-day price changes won’t be huge.

Fairer costs at no cost

Let’s go back to the $1M example, since it’s good to illustrate just how much money you might be losing once all things add up – and let’s be clear: while you might not regularly move a million dollars, the average American moves more than a million dollars through their lifetime.


On the Bitcoin network, known for its scalability problem and slowness, you could move more than a hundred million dollars for the paltry sum of… ten cents.


That’s several orders of magnitude lower than those of a regular bank. As such, some of crypto’s early adopters have taken to performing their large-scale transactions through the blockchain, since whatever they lose from them taking longer, they more than make up on savings.


Not that they always take longer. Transactions inside a same bank are instant, but between banks – or countries – aren’t anyway.
The point is, using crypto you can go from 1% transaction fees to 0.01% fees.

Only one drawback…

While banks use percentages to calculate transaction costs, cryptocurrencies use a more lineal approach, usually tied not just to the amount of money but also to the current state of the blockchain.


This means charges move between smaller amounts, but depending on the blockchain they might have minimums to be paid. Over the Bitcoin blockchain, for example, the minimum amount for a transaction is ten cents.

This means that you might be able to move a hundred million for that much… but if you spend $5 on crypto for an ice cream, it’ll cost you that much, too.


Thanks to this, for now, cryptocurrencies remain a great option – for larger transfers. Their fees vary between ten cents and five dollars. This depends on the blockchain, the amount, and how busy the chain is at the time.


However, this should change. As the scalability problems are solved, transaction costs – and times – should halve. Eventually, we might see small charges for large transactions, and almost nonexistent ones for smaller ones, turning cryptocurrencies into the best way to save money overall.

Last Words


As for now, the writing is on the wall for many companies: Cryptocurrencies are a way to save money in transactions. Not only that, but they offer an alternative to dealing with regular banks, and can in some cases be faster than regular bank transfers.


It’s due to this that, while cryptocurrencies haven’t yet gained mass acceptation, several important parts of our society are actually dealing with them already. It’s just difficult to argue with a 99% reduction on transaction fees.