cryptocurrency Archives -

Beware ! 8 Fake Cryptocurrency Mining Apps Banned From Google Playstore

Thu, 11 Nov 2021 11:05:14 +0000

The Buyt Desk

Cryptocurrency is the most talked-about investment. Young professionals and students are aggressively investing in cryptocurrency. Everyone wants to own it. Even hackers are trying to encash this crypto craze. The sale and purchase of Cryptocurrency happen in a digital way. You download an app on the Crypto platform and make your transaction. Mobile users, especially Android users were duped by a few fake crypto-mining apps which were built to steal users data.

Google banned these 8 fake crypto-mining apps –

BitFunds – Crypto Cloud Mining
Bitcoin Mier – Cloud Mining
Crypto Holic – Bitcoin Cloud Mining
Bitcoin (BTC) – Pool Mining Cloud Wallet
Ethereum (ETH) – Pool Mining Cloud
MineBit Pro – Crypto Cloud Mining & BTC mining
Bitcoin 2021

Hackers were using these apps to trick users and fetch out their banking transaction-related details for personal benefits. Google has removed these apps from the play store and has also warned users. These apps were installing malicious apps having adware and malware in their devices to fetch out crucial banking transaction-related data of the user. These apps made fake promises of crypto mining to their users. According to the security firm Trend Micro, these eight identified apps were charging fees for crypto mining services. The fee was taken through in-app billing and it ranged from $15 to $189. Apart from the in-app billing, the users were forced to view ads after paying a subscription of $15. While these apps are removed from the Google play store, many users might be having them installed on their devices. Google has warned users to remove these apps from the device as well.

The research report has claimed that the play store has over 120 fake cryptocurrency mining apps. These apps do not offer cryptocurrency mining facilities. Instead, they are deceiving users by making them watch irrelevant ads. The fake cryptocurrency mining apps have affected over 4,500 users all over the world from 2020-2021.

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What to Consider Before Investing in Cryptocurrency?

Thu, 17 Jun 2021 10:34:13 +0000

The Buyt Desk

Cryptocurrency has emerged as a viable global financial system. However, you should invest in cryptocurrency with caution. The value of a Bitcoin has fluctuated from Rs.3, 654, 284 on May 14 2021 to Rs.2, 972, 951 on June 14 2021. The market fluctuations are also seen with other popular cryptocurrencies like Ether and Dogecoin. The volatile nature of digital currency coupled with the absence of regulation demands you to be cautious while investing in cryptocurrency.

Consider The Following Aspects Before Investing In Cryptocurrency.

Invest if risk-taking capacity is high

The concept of a decentralized financial system is revolutionary and yet to penetrate the global economy. On May 19 2021, after the Chinese Banking Association refrained every Chinese bank to deal in cryptocurrency, the value of different cryptocurrencies eroded substantially. What’s more? A single tweet from Elon Musk can put the value of cryptocurrencies in a whirlwind. Though a good gain can be expected from digital currencies in the long run, sudden shocks can cause an incredible loss of wealth. If you can financially sustain such high volatility then only choose to invest in cryptocurrency.

All that glitters is not gold

There has been much apprehension about cryptocurrency. However, once it gained traction, many supporters have emerged. These investors, who can gain from the market expansion of cryptocurrency, have become its proponents. They advance the idea of investing in cryptocurrency strongly. Do not be carried away with these voices. Instead, evaluate the cryptocurrency market in comparison to your financial goals and then choose to invest.

Invest less in the crypto market

As we have discussed above, the volatility of the cryptocurrency market is quite high. If you invest a significant amount, then in case of a shocking fluctuation the loss of wealth can be humongous. It is best to invest only 5 to 10% of your portfolio in the crypto market. In this way, you will be able to endure if there are losses.

Tread with caution from fraudsters

The role of a regulatory or controlling authority is to safeguard the interests of the involved parties. Since the crypto market is unregulated, the chances of fraud are high. Fake websites are defrauding people by alluring them into forged investment options. On June 10 2021, Haryana Police has arrested four fraudsters claiming to possess bitcoins in a digital wallet. They were fooling investors by giving false hope of huge monetary gains. Such frauds can be commonplace in the crypto market, therefore, take all possible precautions before investing.

Regulators may flutter the crypto market

The regulators of the finance system worldwide are watching over the movement of cryptocurrencies. The Chinese Banking Association will not be the last regulator to take any action against the crypto market. Currently, a bill by the Indian Government is underway to prohibit private cryptocurrencies and allow only State-run cryptocurrency. A jerk from regulatory bodies in the major global markets, like the US, can leave the crypto market topsy-turvy. Thus, put great thought and caution before investing in the crypto market.

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A Meme Turned into a Novel Cryptocurrency! Find out about Dogecoin

Fri, 28 May 2021 08:08:30 +0000

The Buyt Desk

Cryptocurrency refers to a cryptography-secure digital currency based on blockchain technology. As share trading was a turning point for the financial system globally, cryptocurrency is the latest innovation in the financial system. Bitcoin is the most prominent cryptocurrency. However, there is a new player in town. With the idea of creating a competitor of Bitcoin, which can be widely accepted worldwide, Billy Markus and Jackson Palmer came up with Dogecoin. It is named after a Japanese dog breed, Shibu Inu, whose meme went viral on the internet in 2013. Dogecoin is a freely available and easy to transact cryptocurrency. Though it began as mere fun among cryptography enthusiasts, it has not remained so. Today, a worldwide community supports Dogecoin as a promising financial currency.

What is Dogecoin at right now?

In the past six months, the value of this digital currency has increased by 26,000%. This jump is greater than other cryptocurrencies like Bitcoin and Ethereum. Today, it stands at Rs.23.92 according to Coinbase. The rate of Dogecoin in USD is 0.31.

Should you be investing in Dogecoin?

Dogecoin is giving stiff competition to Bitcoin. While the supply of Bitcoin is capped at 21 million, there is no such capping for Dogecoin. Miners do not have a limitation on the number of Dogecoin they can create. Also, miners find it easy to solve the mathematical equations concerning Dogecoin. The transacting time for Dogecoin is lesser than that for Bitcoin.

A large and interconnected community is supporting the growth of Dogecoin (https://dogecoin.com/). In fact, this community has grouped together to fund several events and charitable functions. One such event was a NASCAR race.

The rising stakes of Dogecoin resulted from the continuous support by this community and also by the support from several famous personalities the world over. Elon Musk, CEO of Tesla, has been regularly tweeting about the humongous potential of Dogecoin. Snoop Dogg, Gene Simmons, and Mark Cuban are other celebrities rallying for Dogecoin publicly.

Overall, the market conditions have been just right to skyrocket the value of Dogecoin. The price of other cryptocurrencies was on a rise. The availability of easy-to-use and commission-free brokerage apps like Robinhood provided further impetus.

How to invest in Dogecoin?

You can buy Dogecoin online through the Dogecoin-supporting exchanges such as Binance, Huobi and Kraken. It is interesting that the largest cryptocurrency exchange, Coinbase, does not allow the purchase of Dogecoin. In India, you can use exchanges like BuyUcoin and WazirX to purchase Dogecoin.

You can use debit or credit cards, and net banking to buy Dogecoin. However, first, you have to make an account at the exchange. Few broker apps like Robinhood, crypto.com, TradeStation also trade Dogecoin along with other trading assets.

After acquiring Dogecoin, keep them safe in a crypto-wallet that is protected with a password. The wallet may be a service provided by the exchange, an app on your phone, or your own hard disk. You cannot buy Dogecoin at Coinbase but you can store them in the Coinbase wallet.

In conclusion, Dogecoin started as something minor but shaped into something gigantic. The value of Dogecoin was low in 2020. However, in 2021, it has been on a rise with the backing of a dedicated community and Elon Musk. The supply of Dogecoin is limitless. The present for this cryptocurrency is shining bright, however, it needs to be seen what the future holds.

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4 Popular cryptocurrency other than Bitcoin

Mon, 01 Mar 2021 05:38:26 +0000

The BuyT Desk

Bitcoin is the most talked-about cryptocurrency at this moment. At the time of writing this piece, the price of 1 bitcoin is hovering at 46,990 USD* which translates to roughly around Rs 35 Lakh*. The price surge of bitcoin has given a return of 205% to its investors so far. Bitcoin is the oldest and most circulated virtual currency with a market cap of 835 billion dollars.

But bitcoin is not alone, there are several more virtual currencies that are drawing attention. These currencies work on peer to peer technology and are not regulated by any central bank. These upcoming cryptocurrencies are also called Altcoins which means alternative coins as they are turning out to be an alternative to bitcoins. Let’s look at some of the popular Altcoins –

Dogecoin

Present Price – Rs 3.27*

After announcing a $ 1.5 billion investment in bitcoin, industrialist Elon Musk bought another digital currency Dogecoin. After Elon Musk’s announcement on Twitter, that ‘Dogecoin is people’s crypto’ the price of Dogecoin increased by 16% in one day. It was launched in 2013 by IBM software engineer Billy Markus and Adobe engineer Jackson Palmer. Instead of choosing a fancy name, they named the currency after a Japanese dog Sheeba Inu. It is a decentralized peer-to-peer digital currency, so that money can be sent online easily. This is an internet currency. There are many ways to buy Dogecoin. You can buy them, trade them. Their website states “You can use DogeCoin by participating in our community”. You can also buy Dogecoin from Faucet. It is a website which provides you with a small number of Dogecoin so that you can understand it. Mining is only for advanced users, as it requires a lot of technical knowledge.

Litecoin

Price – Rs 12,101*

Litecoin was launch in 2011 and is known to be a lighter version of bitcoin and are called the silver to bitcoin gold. Litecoin is based on the same code as bitcoin. Former Google and Coinbase engineer Charlie Lee is the founder of Litecoin. He added more speed to the code and made Litecoin a bit faster than Bitcoin. It uses a scrypt based network. The cost of Litecoin is lower than bitcoin. Litecoin is the sixth largest cryptocurrency in the world.

Ethereum

Price- Rs 99,619*

Ethereum is the technology platform that facilitates cryptocurrency transaction with a small fee. Their own currency is in the form of a token which is called ETH but they allow transaction of other cryptocurrencies as well. The official website of Ethereunm states- “Ethereum is a technology that is home to digital money, global payments and applications”. The Ethereum platform builds a decentralized platform for the financial transaction which can be accessed by anyone around the globe. Ether was launched in 2015.

XRP Ripple

Price- Rs 32.042*

Ripple was launched in 2012 and it works as an open-source platform for payment and it supports various cryptocurrencies. Their own currency is called XRP. This currency is used as a cross border settlement. Many banks have partnerships with it so that they can improve their cross border payments. Most of the cryptocurrency is based on bitcoin coding. But in the case of Ripple a fresh code was written right from the scratch. Unlike other cryptocurrencies, Ripple cannot be mined.

Recently the US Securities and Exchange Commission has filed a lawsuit against them. They are the world’s third-largest cryptocurrency platform. This lawsuit has been registered for the illegal sale of unregistered securities.

*The price of cryptocurrency varies on a daily basis. The price attributed is the value of the currency on the day this piece was written. It may change.

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