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Ethereum Merge Update

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Ethereum is expected to move to Proof-of-Stake (PoS) on or around September 15, 2022, making it more secure, less energy intensive, and better for implementing new scaling solutions. Rest assured that your assets will be safe during this period and there is no need to upgrade on your end. The following section outlines what you can expect from Unocoin ahead of The Merge.

Ethereum Merge Update
Ethereum Merge Update

This is designed to take care of the energy-intensive mining process while securing the network with the ETH stake. This move is expected to make the Ethereum network more secure, sustainable and scalable.

To gain more clarity and understanding, let’s dive a little deeper into the technical side.

The Beacon Chain: Processing Engine Ethereum 2.0

The Beacon Chain is the cornerstone of the Ethereum 2.0 architecture. It exists as a separate blockchain to the Ethereum network and runs in parallel. It does not process any transactions on the mainnet, but achieves consensus on its own. This is done by agreeing to the active validators and their account balances.

The Beacon Chain is secured by a proof-of-stake consensus algorithm, unlike the Ethereum mainnet, which still runs on proof-of-work. It was created on December 1, 2020.

Simply put, the Beacon Chain has until now functioned as the de-facto testnet for Ethereum 2.0, but everything will change with Merge.

As seen in the diagram above, The Merge represents the moment when two systems (the current Ethereum mainnet running on PoW and the Beacon Chain running on PoS) come together. This will replace the PoW consensus algorithm with proof-of-stake – permanently.

This has some significant implications for the network, but critical considerations include:

  • No history is lost
  • Funds are safe
  • No more ETH mining

When is the merger?

It’s worth noting that Ethereum 2.0 has been years in the making, with the exact date of “The Merge” always looking like something to happen in the not-so-bright distant future.

It all ended on July 14, 2022, when a member of the Ethereum Foundation shared a timeline with what was later described as a “soft” plan for the merger.

These are the five stages of the merge

The five stages are as follows:

Merging

This is the transition from Proof of Work to Proof of Stake discussed hereafter merging the current Ethereum mainnet with the Beacon Chain.

The Surge

This is the phase that will bring protocol sharding. It’s a scaling solution that would divide the network into separate partitions called “shards” that are designed to spread the computing load across the main network.

The Verge

This phase concerns the introduction of so-called “Merkle trees”. It includes an upgrade to Merkle proofs and is intended to optimize data storage for Ethereum nodes.

Cleansing

Similarly, this upgrade also applies to data storage for validators and will reduce the hard disk space required for validators and ease network congestion.

Splurge

This is the latest update in the pipeline and is intended to deliver a number of different updates that are made to ensure the overall smoothness of the network.

The problems before the merge and why merge is better for ETH ecosystem

The Merge is an upgrade to the Ethereum platform that merges the Ethereum Mainnet with the Beacon Chain, marking the transition from proof-of-work to proof-of-stake.

If you’re not very into blockchain and cryptocurrencies, this probably doesn’t make sense, so here’s a simpler definition: The Merge is an upgrade to Ethereum that does away with traditional mining — meaning powerful computers solve mathematical puzzles to run the network and create new coins — and switches to a system where owners of the base currency, Ether or ETH, can stake (hence proof-of-stake) to power the network.

In even simpler terms, the computers that used tons of electricity to power Ethereum are gone and replaced by computers that use dramatically less electricity.

This has massive implications for Ethereum’s energy consumption. After the merger, Ethereum should become much greener, leaving Bitcoin as the only major blockchain that still relies on proof of work. According to the Ethereum Foundation, Ethereum’s energy consumption will decrease by 99.95% after The Merge. All talk of NFTs not being green will be obsolete.

The Merge is also the first of many important upgrades that should make Ethereum more scalable and cheaper.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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Bitcoin Revolution Review

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Bitcoin, the original cryptocurrency, and its host of competitors are constantly making their mark on the financial scene. Blockchain technology powering cryptocurrencies is revolutionary; it enables decentralized peer-to-peer transactions without a trusted third party while addressing the risk of the same asset being spent twice. Bitcoin has created fortunes for some investors and attracted the attention of many others – despite its volatility. And its predetermined scarcity gives it the potential to challenge gold in its role as a safe-haven asset.

In our view, despite the recognition, cryptocurrencies like Bitcoin face significant limitations, both as currencies and as assets. It is not clear that they will ever be adopted as traditional currencies, and their role in portfolios is still poorly defined. We believe that central banks are likely to introduce their own digital currencies in the coming years. This may be one of cryptocurrency’s most lasting legacies, whether or not the boom eventually busts.

Bitcoin Revolution Review
Bitcoin Revolution Review

The role of cryptocurrencies in portfolios

We look at three potential roles for cryptocurrencies in portfolios. In any case, we find (through our Bitcoin analysis) that the potential contribution of cryptocurrencies to portfolio performance has yet to be conclusively demonstrated. Cryptocurrencies appear to be:

Unreliable as diversifiers and safe-haven assets: Bitcoin’s correlation with stocks and bonds has been unstable, and its volatility has been much greater than that of gold.

Limited as an inflation hedge: Bitcoin has not shown a strong correlation with inflation expectations.

Inadequate way to gain exposure to the tech sector: Bitcoin is more volatile than tech stocks and cannot provide ownership and control of shares. Its correlation with tech stocks may be spurious — it simply reflects investors’ interest in finding the “next big thing.”

Perhaps the best way to think about cryptocurrency in a portfolio is as a call option on its underlying blockchain technology. Like options, these assets can be volatile, speculative and offer investors limited ability to shape their future performance.

Our analysis asks what the expected return would have to be for various allocations of Bitcoin to the 60/40 portfolio to maintain the portfolio’s volatility-adjusted return. Answer: extremely high – any allocation should be done with caution.

Central Bank Digital Currencies

Cryptocurrencies are putting pressure on central banks to issue digital currencies, and many are actively pursuing this option (China has already launched its own). But – while some central bank digital currencies may contain elements of blockchain technology, the resulting environment is likely to be something less than the idealized decentralized, authority-free financial systems originally envisioned at the start of the blockchain revolution.

El Salvador had a bitcoin revolution

“Nobody really talks about bitcoin here anymore. It’s been kind of forgotten,” said Carlos Acevedo, former head of El Salvador’s central bank. “I don’t know if you’d call it a failure, but it certainly wasn’t a success.

Salvadoran President Nayib Bukele took to the stage last year with fireworks and AC/DC’s “You Shook Me All Night Long” to announce to a cheering crowd of crypto enthusiasts at a beach conference that Bitcoin would revolutionize his country. It was November, the digital token had just reached new all-time highs, and El Salvador was at the very beginning of its experiment as the first country in the world to use cryptocurrency as legal tender.

Now, after a year of travel, there are far fewer fireworks. Adoption has moved slowly, and steep declines in bitcoin’s price from those lofty levels last fall dampened the early euphoria that swept across the nation. Bitcoin hasn’t replaced Salvador’s hard currency, the US dollar — far from it — but it also hasn’t brought about the financial crash that some have warned it would. Or not yet.

Conclusion: Bitcoin is undoubtedly a Revolution

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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HOW TO AVOID CRYPTOCURRENCY SCAMS: 

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The volatility of cryptocurrencies in recent years has led to an influx of investors looking to take advantage of emerging assets. And cryptocurrency-based assets and systems like non-fungible tokens  (NFTs) and decentralized finance (DeFi) can add to the allure of potential new ways to make money. But as cryptocurrencies become more mainstream, the Federal Trade Commission (FTC) has also seen losses from fraudulent cryptocurrency investments skyrocket. Between October 1, 2020 and March 31, 2021,  the FTC received 6,792 reports of cryptocurrency investment scams with over $80 million in reported losses. 

This potential for fraud may prompt you to exercise caution when investing in cryptocurrencies and managing your crypto portfolio. Here are a number of the common cryptocurrency scams to watch out  for: 

HOW TO AVOID CRYPTOCURRENCY SCAMS: 
HOW TO AVOID CRYPTOCURRENCY SCAMS: 

1. Phishing scams 

Phishing may be a classic scheme in which a fraudster tries to obtain your personal information, like your name, address, Social Security number and passwords. Or, if you are a cryptocurrency investor, the scammer’s efforts could also be aimed at obtaining seed words or a private key from one of your cryptocurrency wallets. 

Phishing scams can take many forms and may come from a seemingly innocuous phone call, text message or email. Cryptocurrency phishing scams also are common on forums, messaging apps, and social media sites. 

The fraudster often impersonates somebody else, like an authority figure or a company representative.  They’re going to then try to get you to share your information. 

For example, if you post that you simply need help with a cryptocurrency platform, a scammer may reach you pretending to be part of the customer service team. They’ll ask you to fill out a form or share access to your computer so they can help you. However, once they get the prospect, they’ll take your information and potentially transfer your digital assets to an account they control before you even know what’s happening. 

2. GiveAway Scams 

Prominent celebrities and entrepreneurs often and rightfully discuss cryptocurrencies online. Disclosure scams repose on this established trend of extorting victims. 

A scammer may claim to be making a gift of cryptocurrency tokens. To qualify for “giving” you’ve got to send them money and they will then send you even more. In fact, they only take your money and disappear. 

3. Ice Phishing 

Similar to real-world ice fishing, where a hole is made in a frozen lake to catch fish, ice phishing may be a  new Web3 clickjacking scheme that tricks users into assigning or delegating the approval of a user token to a cybercriminal. Consistent with Microsoft, the interface of the smart contract is such that it does not let the victim know that the transaction has been tampered with. All the attacker has got to do is modify the spender’s address to the attacker’s and then wait for the victim to authorize the transaction and approve the attacker’s account. (In crypto parlance, a “spender” is allowed to spend on behalf of the  owner.) 

In this particular case, the attacker managed to switch the user interface of the smart contract by injecting a malicious script into the front end of the smart contract. An identical attack occurred at the end of last year on the BadgerDAO exchange when attackers used ice phishing to steal $120 million worth of cryptocurrency. 

4. Fraudulent emails, websites and social media accounts 

Phishing emails and faux URLs are probably one of the oldest tricks in the book. Likewise, Web3 is filled with copycat websites, social media accounts, and scam emails. From get-rich-quick schemes to pump-and-dump schemes, fake promotions to promising new cryptocurrencies, email scams cost users many dollars every year. 

Last year, a number one crypto exchange lost $55 million just because a cryptocurrency developer accidentally opened a phishing email with a malicious attachment. Cryptocurrency scams on social media are growing exponentially. Fraudsters often pose as authentic sources, celebrities, friends or family, tricking users into visiting impersonated sites or making fake investments. Once the investment gains momentum, the duplicitous developers will do the famous carpet, leaving the investors worthless. 

5. Extortion fraud 

Some criminals will attempt to blackmail you with incriminating or embarrassing information that is either real or completely fabricated. For instance, they’ll threaten to send compromising videos or photos of you to everyone on your phone or email contact list. Or they will keep the threat vague,  sharing a “secret” without naming it specifically. 

Cryptocurrency comes into the combination as scammers will often demand payment via Bitcoin or any other cryptocurrency. You’ll report these extortion or extortion attempts directly to the FBI. 

HOW TO AVOID AND PROTECT YOURSELF FROM SUCH FRAUDS: 

Follow some key rules 

Identifying cryptocurrency scams is often more difficult than other scams because the technology and terminology may be unfamiliar to many people. And fraudsters can exploit victims’ misunderstanding of cryptocurrencies to form them appear more threatening or legitimate. There can also be an additional sense of pressure to act quickly – before you “lose” the opportunity. 

Here are some guidelines which will protect you: 

Don’t send cryptocurrency to people that claim to work for a government agency or a large company. If possible, enable multi-factor authentication. 

Ignore anyone who promises to offer you free money or says that you are guaranteed to make money on your investment.

If you’re unsure, you’ll search for details related to the website, app or cryptocurrency in question and  “scam” or “reviews” to work out what other people have reported. 

Track and protect your identity 

Many scams don’t involve complex hacks or technology. Instead, they depend on social engineering – tricking the perpetrator into sharing your information or sending them money. Since cryptocurrency transfers can’t be reversed, victims might not have many options. A reason to be more careful. 

To help keep your finances safe from bad actors, you’ll look into identity theft protection services.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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Be smart! Trust Unocoin – the safest crypto exchange in India.

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Binance, the world’s largest crypto exchange by trading volume, said on Friday it does not own the Indian platform WazirX despite announcing the acquisition two-and-a-half years ago, a move that has baffled industry players, including an Indian firm that insists on buying happened.

Changpeng Zhao, Binance’s founder and chief executive, said in a series of tweets that the company had been “trying to close the deal for the past few years” but had yet to complete the transaction, citing “several issues,” which he declined to elaborate on.

Binance announced the acquisition of WazirX in late 2019 in a blog post. The official blog post, which included a picture of founders Zhao and WazirX, also featured the Binance executive’s excitement about the deal.

These arguments have come to light following ED’s attempt to get clarification on possible money laundering activity using WazirX exchange.

Given this background, some of our customers have written tickets to us asking how is Unocoin operating etc. Hence, we at Unocoin would like to take the opportunity to give some clarifications:

Be smart! Trust Unocoin - the safest crypto exchange in India.
Be smart! Trust Unocoin – the safest crypto exchange in India.

Structure:

Unocoin Technologies Pvt Ltd is a company registered under RoC in Bangalore, India. It is a wholly owned subsidiary of Unocoin Technologies Pte Ltd registered in Singapore. Both are tightly held companies, with full and active reporting, and without any loose ends or confusion.

Security and justice

Unocoin implements the latest security measures for its exchange to ensure the highest level of security for its users’ information and their funds. The majority of all bitcoins stored on the exchange are securely stored in offline wallets with cold storage. This prevents the majority of the coins from being vulnerable to hacks. The exchange’s servers are secured using the latest encryption technology, and users can further secure their accounts by using Google’s two-factor authentication to access their accounts and make transactions.

Support

Customer support service is quite extensive at Unocoin. It not only offers email support through a support ticket system, but it also takes up the responsibility to answer any queries through Google play store reviews, app store reviews, twitter, facebook, linkein, reditt etc. This system is very well organized and allows users to easily identify and explain their problems. Some users may have experienced a slow response during the very high usage and popularity of Bitcoin trading and this is seasonal. We do our best to serve our customers to the fullest extent possible and as fast as possible.

Conclusion:

Unocoin provides an excellent service to buy and sell bitcoin and other cryptos easily. The Brokerage and Exchange are clearly designed for novice traders and mass adoption due to their intuitive design and simplicity and the first helping hand would be the tutorial videos available in 16+ Indian languages before someone need to contact our customer care. Unocoin takes pride in being transparent and following all the rules and regulations as the part of law of the land. We have had hundreds of enquiries so far from various investigation departments, tax authorities, enforcement authorities both national and internationally and every queries have been answered to the fulled extent as anticipated by the authorities. Crypto industry in India is self regulating to some extent. Our KYC and money laundering norms are quite strict than other crypto companies so that we can avoid bad actors and support the crypto adoption in India for decades to come.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:

Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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The best coin trading platforms in a dip that you MUST know!

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The current Bitcoin decline is more of a correction phase than a downturn. So should you buy the dip? A dip is a brief decline in crypto asset values, especially when a particular coin or token is anticipated to appreciate soon. A dip could be brought on by several things, such as unfavorable market circumstances, news, government intervention, or even manipulation.

If you’re confused about “should I buy the dip?” you should know that it works best when actively trading rather than keeping a position for a longer duration. Some of the most important reasons you should buy the dip are that the price of crypto assets in the market is still at an all-time high. Some of the top fintech platforms support it; thus, you can gain a lot by investing in a dip. 

To do this, you can use dynamic dip coin trading platforms. They give you easy access to the many crypto assets on the market and allow you to trade (buy and sell) them while you’re on the go. 

The best coin trading platforms in a dip that you MUST know!
The best coin trading platforms in a dip that you MUST know!

Best Crypto asset trading platforms 

The top crypto asset trade platforms are listed below:

Unocoin.com  

Unocoin is a mobile wallet that enables users to buy, sell, store, use, and accept bitcoins. Users can print paper wallets and import bitcoin addresses to their own address book and also withdraw bitcoins to their paper wallets. Available on both iOS and Android platforms, it acts as a point-of-sale merchant mobile app. Unocoin was launched in 2013 and is based in Tumakuru, India.

Crypto.com

Crypto.com is a cryptocurrency exchange company situated in Singapore with a whopping fifty million customers and four thousand employees. Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo founded this company in 2016.

Crypto.com has signed sponsorship deals with car racing championships, various sports personalities and the charity organization Water.org. Actor Matt Damon as the brand ambassador was included in the signing of Water.org partnership. 

Foris DAX Asia, another company based in Singapore, operates Crypto.com.

Pionex

Pionex is a centralized cryptocurrency exchange that offers thirteen types of crypto trading bits in the bounds of this exchange. It’s a Singapore-based company. It collects its liquidity from Huobi Global and Binance so that its users can enjoy a comfortable trading experience with flawless liquidity. 

On both, making and taker orders, Pionex charges a flat of 0.05% fees. 

Pionex attains a USA Money Services Business License (MSB) with a pending Monetary Authority of Singapore (MAS) license. It’s backed by BitUniverse and also, Zhenfund and Gaorong Capital (Well-reputed Chinese Venture Capital Firms) have invested in Pionex. 

Coinbase

Colonnade is an American Publicly traded company operating a cryptocurrency platform. 

Brian Armstrong and Fred Ehrsam founded Coinbase in 2012. Since it is a distributed company, all employees work via remote work, which also implies that Coinbase is yet to acquire physical headquarters. 

By trading volume, Coinbase stands first as the largest cryptocurrency exchange in the US. 

The products for retail traders entail:

  • Bitcoin
  • Bitcoin Bash
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Coinbase Wallet
  • Coinbase Pro
  • Coinbase NFT

Binance

Changpeng Zhao founded Binance in 2017, registered now in the Cayman Islands. It is the largest cryptocurrency exchange in the world in terms of the regular trading volume of cryptocurrency. 

It is served all around the globe, except the US. Binance was forced under investigation by the United States Department of Justice and Internal Revenue Service on accusations of money laundering along with tax offenses. Later on in 2021, Binance had to cease all of its regulated act on it in the United Kingdom under the UK’s Financial Conduct Authority order. 

Kraken

Kraken is both, a cryptocurrency exchange along with a bank. It is located in San Francisco, California, United States, founded in the year 2011. It offers trading between cryptocurrency and fiat currencies, and also provides price data to Bloomberg Terminal. 

The Owner and CEO of Kraken are Payward and Jesse Powell, respectively. 

Bitstamp

Nejc Kodrič (Board Member) and Damian Merlak co-founded Bitcoin. It is a cryptocurrency exchange company situated in Luxembourg (London) and Slovenia (New York City), allowing trading between fiat currency, bitcoin and other cryptocurrencies.

Bitcoin offers API to enable clients to utilize custom software to access and control their accounts. 

Currency:

  • Bitcoin
  • Litecoin
  • Ethereum
  • ALGO
  • Bitcoin Cash
  • XLM
  • XRP (Ripple) 
  • Link
  • OMG Network
  • USD Coin
  • PAX

Bybit 

Bybit’s Smart Trading System enables to take up profit & eliminate loss at entry, notify strategy alerts and adjust orders with just one click. It offers the top-class market depth, with each trade to be executed with minimal price at impact. 

The leading HD cold Waller system assures the safety of the user’s funds. 

The Bottom Line

A trading chance is only as good as the amount of money you’re willing to put into it. Crypto asset dips are common, but not all will bounce back. Extensive research is one of the finest methods to utilize. You’ll almost always discover that information is worth more than a little discount on a deal, and with the necessary information, you can decide should you buy the dip?

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).