Crypto Guides, Knowledge & Insights

Top 5 Reasons Why You're Not a Crypto Millionaire

Cryptocurrency has been making headlines for years now, and many people have made a fortune investing in it. However, not everyone has been so lucky. If youre one of the many people who have been left behind, here are the top five reasons why youre not a crypto millionaire.　　Lack of knowledge　　One of the biggest reasons people havent made it big in the crypto world is because they dont fully understand how it works. Its important to educate yourself on the basics of cryptocurrency, how its bought and sold, and the different types of coins available.　　Fear of the unknown　　Many people are intimidated by the thought of investing in something they dont fully understand. This fear of the unknown can hold people back from making the necessary investments to become a crypto millionaire.　　Timing　　Timing is everything when it comes to investing, and the same holds true for cryptocurrency. Those who got in early on popular coins like Bitcoin and Ethereum have made a fortune, but for those who missed the boat, it may be too late to reap the same rewards.　　Not diversifying investments　　Investing in just one or two coins can be a big mistake. Its important to diversify your investments across a variety

2023-02-08Deep Dive

Dubai Has Implemented New Cryptocurrency Regulations, With Fines Of Up To $135,000 Imposed

The Virtual Asset Regulatory Authority (VARA), the sole custodial institution responsible for licensing and regulating crypto activity in Dubai, has issued rules for Virtual Assets Service Providers (VASPs).　　The new laws provide a legal framework for cryptocurrency with the goal of safeguarding investors and developing much-needed worldwide standards for industry governance. Furthermore, with the exception of the Dubai International Financial Centre, the VARA now has enforcement authority in Dubais special development and free zones.　　The regulations provide four mandatory rulebooks and activity-specific rulebooks that VASPs must follow in order to provide their services. The “Full Market Product Regulations” offer instructions for compliance, risk management, market behavior, and other criteria.　　“With unique regulations and standards meant to give transparency, provide predictability, and limit market risks,” VARA added.　　The VARA cites investor protection concerns as well, although large penalties may make things more difficult for crypto service providers. According to the new legislation, all permitted crypto businesses in Dubai must follow marketing, advertising, and promotion guidelines.　　　　　　Violations of these criteria will result in fines ranging from $5,500 to $55,000. If a company commits the same offense again within a year, the penalties may be doubled to $135,000.　　“The Full Market Product (FMP) Regulations are especially intended to allow

2023-02-08Deep Dive

New FTX CEO's Courtroom Remarks: FTX Has Been Pure Hell

The CEO of FTX, John Ray III, speaks in front of the US Bankruptcy Court on the turmoil and lack of knowledge within the company. Study up on the difficulties encountered. For the past two months, John J. Ray III, CEO of FTX, has earned $690,000. For the normal person, this could seem like a dream, but he claims this has been his darkest nightmare.　　John Ray III, the new CEO of FTX, recently testified in front of the United States Bankruptcy Court for the District of Delaware on his management decisions for the now-defunct cryptocurrency exchange. He described the challenges he encountered after becoming the CEO in his testimony. Ray claims that he has gone though chaotic situations that are distinct from anything he has experienced in his past roles, such as the bankruptcy process of Enron and other significant businesses. He had to cope with the loss of $650 million from FTXs purses through unauthorized transactions on his first day in the role of interim CEO.　　SOURCE: Nathan Howard Stringer　　The new CEO said:　　“From my first day on the job, I experienced chaos. One of the fund-tracking specialists described the wallets in this AWS system as sort of needles in a

2023-02-08Deep Dive

Ethereum's possible increase in value due to Visa's push might occur now.

With a market value of $197 billion, Ethereum is the second most widely used cryptocurrency, according to Coingecko data. As a result of the biggest protocols being built on top of it, the Ethereum network gained popularity with DeFi. This caught the attention of industry leader in electronic payments Visa, which only recently declared its acceptance for Ethereum as a means of payment settlement. The move might lead to another uptrend for Ethereum (ETH), which as of this writing is up around 30% monthly based on statistics as of today, January 7th.　　　　Ethereum Will Assist Visas Crypto Project　　Cuy Sheffield, Visas vice president and head of cryptocurrency, revealed the companys plans to try out big transactions on the Ethereum blockchain at StarkWare 2023. The companys electronic payment network, VisaNet, is connected to SWIFT, also known as the Society of Worldwide Interbank Financial Telecommunication. As a result, the system is quite effective, and the network can easily manage more than 1,500 to 2,000 transactions per second. However, the networks ability to operate at the desired frequency has been constrained by its interconnection with SWIFT.According to Sheffield, the firm is experimenting with accepting stablecoin payments on the Ethereum network. The preferred stablecoin is USDC,

2023-02-08Deep Dive

ChatGPT.ens domain name sells for over $10k

According to OpenSea statistics, a ChatGPT ENS domain name was sold for 6 Wrapped Ethereum (WETH) — around $10,000 — on February 7.　　Ishmilly now owns multiple ENS domain names as well as other significant blue-chip NFTs such as Bored Ape, Otherdeeds, and others.　　Interest in AI soars　　ChatGPT is a chatbot driven by artificial intelligence that allows users to have human-like discussions. Within two months of its release, the technology had 100 million users due to the positive comments it received.　　Meanwhile, the success of ChatGPT has reignited interest in artificial intelligence (AI), with big technology companies such as Chinas Baidu and search engine behemoth Google announcing ambitions to develop AI-powered chatbots.　　According to JPMorgans poll of institutional traders, AI technology will play the most crucial role in influencing the future of trading over the next three years.　　The price performance of crypto assets in the industry has improved this year — digital assets such as Fetch (FET), SingularityNET (AGIX), and Alethea Artificial Liquid Intelligence Token (ALI) have all increased by more than 200% in the previous 30 days.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this

2023-02-08Deep Dive

US Judge Denies Bankman-Request Fried's for Bail Adjustment

A combined plea to change Sam Bankman-bail Frieds terms so that he could use specific chat apps was denied by a federal judge.　　According to Southern District of New York U.S. District Judge Lewis Kaplan, the application is “denied without prejudice” before a hearing on Thursday. On Monday, a lawyer representing the former CEO of the FTX exchange asked that he be permitted to use WhatsApp while using surveillance software and several other non-encrypted communications services. 　　The lawyer, Mark Cohen, said that the adjustments that would have enabled Bankman-Fried to utilize apps like FaceTime, Zoom, email, and others had been accepted by the prosecution. He wouldve been permitted to use WhatsApp as well, but the chats would be recorded and logged. Under the suggested changes, he wouldnt be permitted to utilize Signal or comparable applications. Cohen stated that the prosecution would “withdraw its request to remove the asset transfer condition” and seek for Thursdays trial to be postponed if the judge gave the go-ahead. The judge announced that the court proceedings would go on. At 10:30 a.m., the hearing is scheduled to start. Thursday, ET.　　The judge decided not to instantly implement new court orders that defense attorneys claimed prosecution had did

2023-02-08Deep Dive

Initial ETH Staking Withdrawals are handled via the Ethereum Testnet

The second-largest blockchain moved one step closer to its momentous conversion to a fully functional proof-of-stake network when an Ethererum test network (testnet) effectively replicated withdrawals of staked ether (ETH) for the first time. The upgrade began at epoch 1350 at 15 oclock UTC and was completed at 15 oclock UTC. (10:13 a.m. ET).　　The Zhejiang testnet, which went live last week, enabled the withdrawal simulations early on Tuesday, according to a website created to monitor system transactions. The test system is intended to give engineers a practice run for transfers comparable to those that will take place on the primary Ethereum blockchain after its eagerly anticipated Shanghai upgrade, which is anticipated upcoming month.　　Both partial and complete withdrawals in addition to BLS adjustments are part of the implementation payload on the Zhejiang testnet, according to Barnabas Busa, a DevOps engineer at the Ethereum Foundation, who spoke to CoinDesk. BLS modifications allow users to modify their withdraw credentials in order to correctly handle pledged ether transfers. The first of three testnets, Zhejiang, is being used to replicate Shanghai. Testnets are blockchain replicas that let users and programmers test any based on comprehensive to their apps in a low-stakes setting. Sepolia will receive

2023-02-08Deep Dive

Binance warns that USD bank transfers will be temporarily halted.

The prohibition is projected to have practically little of an effect on Binances user base. Binance, the largest cryptocurrency exchange in the world, announced on Monday that effective of February 8 it will no longer receive anymore withdrawals or deposits from USD bank accounts. The company committed to working to restore the feature as soon as it is possible.　　Why was it suspended？　　The ban was notified by Binance via Twitter, although no specific reason for it was provided. It made it clear, though, that just a small percentage of its user base will be impacted by the pause. Credit cards, Apple Pay, Google Pay, and bank transfers using other fiat money, such euros, are all still valid ways to purchase and sell cryptocurrency on the exchange.　　In a message to Bloomberg, a Binance representative said: “Its worth noting that just 0.01% of our monthly active customers use USD bank transfers, but that we are working hard to reinstate service as soon as possible.” Additionally, clients of Binance.US, the only business among the two authorized to provide services to users within the United States, are unaffected by the proposals. The business tweeted on Monday, “We are NOT suspending $USD withdrawals s biggest foreign

2023-02-08Deep Dive

Leading Crypto Exchange For Copy Trading BingX Again Has Won The TradingView Best Broker Award

BingX, a renowned cryptocurrency exchange, has been crowned Best Crypto Broker/Exchange for the second year in a row at TradingViews Broker Awards for 2022. This award is based on customer comments and ratings, as well as TradingViews own technical data such as engagement, platform uptime, and more.　　TradingView is a well-known market analysis software that offers traders in all sorts of markets throughout the world superior financial visualization tools and comprehensive market data. It is a charting tool and social network utilized by over 30 million traders and investors worldwide each month to identify market opportunities. Tradingview honored BingXs outstanding performance over the last year with this prestigious award.　　BingXs trading volume increased by 280% year on year, while its user base increased by over 350% in 2022, thanks to enhanced support in seven more languages: Portuguese, German, Persian, Thai, Arabic, French, and Italian. BingX, the pioneer in social trading and copy trading, accumulated over 8,000 experienced traders with about 4 million followers and completed 130 million copy trading orders.　　BingX reached important milestones in both product functionality and asset security in 2022, as well as increased its reputation in the worldwide TradingView community. BingX continues to be a leader in cutting-edge cryptocurrency

2023-02-07Deep Dive

SBF's Political Beneficiaries Are Requested to Return Donations by FTX

Politicians who earlier benefited from large donations from FTX are finding it difficult to repay the funds. The 30-year-former olds firm is requesting its funds refunded after Sam Bankman-Fried gave tens of millions of dollars to legislators all across the 2022 midterm election cycle. By February 28, 2023, the donations from the bankrupt exchange are scheduled to be returned. 　　The exchange and its related debtors are issuing private correspondence to beneficiaries of the businesss prior campaign donations, as stated by FTX Group in a news release on Sunday. The FTX Debtors, Samuel Bankman-Fried, or even other officials or proprietors of the FTX Debtors comprise public leaders and political advocacy funds who accepted money “at the behest of the FTX Debtors.”　　The declaration comes after FTX declared in December it was going to set up procedures for investment users to freely refund their money. If connected parties are unable to pay back, the Bankruptcy Court may order them to do so, with interests starting to accrue once court case is started.　　The exchange could receive up to $93 million back as a result of the procedure, which is roughly the amount that debtors believe FTX contributed to lawmakers. Thus according CoinDesk, at least

2023-02-07Deep Dive

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