Crypto Guides, Knowledge & Insights

Dogecoin Review: Pros and Cons of Investing in Dogecoin

Similar to an alternative currency to Bitcoin, Dogecoin is a peer-to-peer, accessible cryptocurrency that offers users a completely anonymous, decentralized, and safer system independent from any third-party influence during transactions. Dogecoin was created by software developers Billy Marcus and Jackson Palmer in mid-2013. Palmer used a joke from the time that contained the intentionally misspelled word “doge” to refer to a Shiba Inu dog to brand the cryptocurrencys logo.　　In 2013, Dogecoin rose to prominence among those who merely wanted to experiment with cryptocurrency. Later, websites like Reddit and Dogecoin began paying their content creators with Dogecoin, which caused Dogecoin to soar in value relative to other cryptocurrencies. 　　Elon Musk, the founder of SpaceX and the most well-known Dogecoin supporter, occasionally began tweeting about a fake “Doge” magazine cover after that, which caused the value of this joke cryptocurrency to increase. After that, more well-known individuals like Snoop Dogg began tweeting about and endorsing Dogecoin on social media. 　　Dogecoins value increased by approximately 600% after Elon Musk tweeted, “Doge barking at the moon,” in April 2020. Currently, Dogecoin is ranked number 5 on the top Cryptocurrency via WikiBits website. 　　PROS　　Simple transaction. Dogecoin and Bitcoin have a lot in common, thus it

2022-08-23Deep Dive

Top 3 Cryptocurrency To Invest In 2022 After The Market Crash

The cryptocurrency suffered a crash on June 13, 2022, due to a recent wave of limitations on bitcoins that drove values down. Many consultants who have been following the cryptocurrency market for years consider that global inflation is one of the chief reasons for the sectors deplorable state. The stock market has declined by 20% from its most recent high, or entered the red zone—China‘s announcement of banning cryptocurrencies due to infringement issues and Tesla’s decision to stop accepting bitcoin as payment for their goods and services also contributed to the market drop. 　　Investors have great expectations that the market will manage to rebound because the majority of in-demand cryptocurrencies have seen minor increases despite the prolonged negative meltdown. Moreover, cryptocurrency companies continuously find ways to balance the market. 　　According to WikiBit, here are the top 3 cryptocurrencies that will bounce back this 2022:　　 1. Ethereum　　The second-largest cryptocurrency in the world after bitcoin is ether, which occasionally outperforms bitcoin. The ether supply was decreased as part of Ethereums big upgrade from the previous year; as of August 2, there were 121.8 million coins available. The upgrade also boosts the number of transactions that the Ethereum blockchain can undertake per second,

2022-08-22Deep Dive

e-Naira adoption in Nigeria attains greater height

By: Damian Okonkwo　　The march towards making the eNaira accessible and easy to use by all citizens had continued unabated by the Central Bank of Nigeria. Just last week, the CBN governor Mr. Godwin Emefiele revealed that the apex Bank has made it possible for Nigerians to access their eNaira wallets through the Unstructured Supplementary Service Data (USSD) using their mobile phone without the Internet. This means more people will be able to make transactions through the eNaira using their banks unique banking code without needing to login into the eNaira app just like the usual online banking services. This new feature which has been designed to promote rapid adoption of the eNaira is expected to commence next week.　　According to the CBN governor, Nigerians can now open eNaira wallets using any phone of their choice through the designated USSD code. To access this service he explained, Nigerians only need to dial *997# from their phones to proceed with the eNaira transactions.　　With this innovation, both merchants and consumers can now use the banks NIBSS Instant Payment (NIP) to send and receive money from their banks to any other bank using the eNaira.　　This recent development was disclosed by Emefiele last week Thursday during

2022-08-22Deep Dive

Why did the crypto market crash, and will it recover?

In the wake of a recent wave of restrictions on cryptocurrencies that caused values to plummet, the cryptocurrency experienced a crash last June 13, 2022. Global inflation is viewed by many professionals who have been watching the cryptocurrency field for years as one of the main architects behind the industrys poor condition. One of the biggest increases in interest rates in 28 years has been made by the US Federal Reserve in an effort to escape the recession trap. A 0.75% increase initially had little impact on the cryptocurrency market, but many market observers now think it has exacerbated inflation rates.　　The stock market has entered the red zone, which denotes a 20% decline from its most recent high. The Nasdaq has plunged 33 percent in 2022, while the Ss effect 　　The market was already in turmoil when China declared a ban on cryptocurrencies, which caused prices to crash. All banks and financial organizations in China are forbidden from providing their customers with any services leading to cryptocurrencies, namely coin offerings, and trades. The country has recently ordered the entire shutdown of Bitcoin mining in its Sichuan province and instructed banks to stop supporting cryptocurrency transactions. According to the Government, the

2022-08-22Deep Dive

After Filing for Bankruptcy, What’s Next for Celsius?

Celsius, which began operating in June 2018 was founded to exceed banks at their own game. Which include automated rewards calculated for each user, considerably easier and fair loan conditions, and significantly greater rates of profit on savings and deposits. The companys mission is to provide services in the modes of conditions that conventional financial institutions no longer give. 　　For users of cryptocurrencies, Celsius offers a full-featured network for banking and financial services such as services including lending and wallet-style payments along with incentives for crypto deposits. Regular payouts and interest are given to platform users for their investments. When employed as the payment currency, Celsius native token, CEL, gives users payouts among other internal tasks.　　Celsius filed for Chapter 11 Bankruptcy　　Due to “extreme market conditions,” the cryptocurrency lending platform said that it was suspending withdrawals as well as its swap and transfer products. It did not specify when these operations would resume. 　　According to court documents, the company had around $4.3 billion in assets vs $5.5 billion in liabilities. Chief Executive Officer Alex Mashinsky stated in a sworn declaration that the company has been negotiating to get new finance from outside parties, but those discussions made it evident that a

2022-08-22Deep Dive

What are NFTs and how do they work?

The year 2021 was critical for NFTs awareness: it was the year when non-fungible tokens (NFTs) were exposed to the general public, with trade volume exceeding $23 billion. This figure reflects a more than 200-fold rise over the previous year: according to DappRadar, the trading volume in 2020 will be $100 million.　　Despite the fact that NFTs have been a hot issue for several years, there are many misconceptions regarding them.　　To begin, it is vital to distinguish between fungible and non-fungible assets. A fungible asset is one whose units may readily be exchanged, such as money: if you have a $100 bill and someone borrows it from you, then gives you another $100 bill, everything is good. You dont need the exact identical $100 bill because every existing 100-dollar bill has the same qualities. Non-fungible assets, on the other hand, are treated differently. Because it has distinct qualities, it is non-fungible, which implies it cannot be interchanged. For example, if you have a Picasso painting in your living room, no one can steal it and replace it with another Picasso painting because, while both paintings are by Picasso, each one has unique features that cannot be duplicated.　　A non-fungible token is a

2022-08-21Deep Dive

Can Web3 be hacked? Is the decentralized internet safer?

Web3 emerged as a blockchain-powered disruption to the current state of the internet. However, because Web3 is still in its early stages, discussions about its true capabilities and role in our daily lives are clouded by assumptions.　　Given the promise of a decentralized internet powered by public blockchains, a full transition to Web3 would necessitate careful consideration of a number of factors. Security is one of the most important features, as tools and applications hosted on blockchains become more common in a Web3-powered world.　　Smart contract vulnerabilities　　While the blockchains that host Web3 applications remain impenetrable to attackers, hackers target the projects smart contracts for vulnerabilities. Smart contract attacks on decentralized finance (DeFi) platforms have increased, according to a recent study, with approximately $1.6 billion in cryptocurrencies stolen in the first quarter of 2022 alone.　　Although DeFi is a subset of the Web3 spectrum, it represents the ecosystems most serious vulnerability. As a result, Web3 entrepreneurs must redirect their marketing budget to the core systems development.　　As weve seen throughout the year, vulnerabilities that allow hackers to drain vast amounts of assets result in short-term losses for investors and may lead to the collapse of related ecosystems.　　Insider threats　　Aside from external hacks, dishonest actors within the

2022-08-21Deep Dive

What is the Ethereum Merge?

Ethereum is a free public service that employs blockchain to secure decentralized applications and cryptocurrency trading. Ethereum provides externally owned (controlled by private keys) and contract accounts. Ethereum enables decentralized app development. Its aggressive growth has many speculating it will potentially replace Bitcoin in usage. Ethereums primary benefit over Bitcoin is that it permits individuals and businesses to do more than transfer funds.　　About the Merge　　The Merge would be when Ethereum shifts from Proof-of-Work to Proof-of-Stake (PoS). It is the merging of two parallel blockchains. The primary Ethereum blockchain is merging with Beacon Chain. 　　Beacon chain is a Proof-of-Stake blockchain, it has no transactions, Neither Defi apps nor tokens. Its a blockchain that only runs Proof of Stake. As an empty chain, Beacon Chain can integrate with Ethereums blockchain and swap its PoW mechanism without any other variables. Once merges, PoW verification will be replaced by PoS. The Merge is a core component of “ether 2.0,” which realigns the blockchains foundation.　　　　Vitalik Buterin said Ethereum 2.0 will scale to 100,000 transactions per second. This Proof of stake (PoS) will allow miners to verify new blocks without cryptographic puzzles and pool ether tokens. Due to that, Ethereum Foundation estimates that without cryptographic puzzles,

2022-08-19Deep Dive

WikiBit’s Tip 101: Things To Consider In Starting Your Cryptocurrency Journey

The dramatic spike in the value of Cryptocurrencies such as Bitcoin brought cryptocurrencies into the spotlight as a form of payment. Bitcoin is operated upon blockchain technology, which has been lauded as the newest, most revolutionary technology. For several years now, cryptos have overtaken the capital market discussions. What originated as an effort to develop a substitute for the commonly used fiat money has evolved into a trillion-dollar investment phenomenon. As cryptos popularity continues to dominate the market, we all want to learn a thing or two about it.　　1. Try reading up on investing in cryptocurrencies 　　First, you need to know the basics. You must first understand the breakdown of methods for buying, trading, and exchanging cryptocurrencies. You cannot invest in cryptocurrencies carelessly if you have little knowledge of how to approach them. Find the platform that enables you to add and remove fiat currencies from a blockchain network. A regulated and tested crypto exchange platform allows you to review all the fundamental stages, including the simple buying and selling guides.　　One example is the WikiBit app, which helps you track down choices for your crypto exchange options. You may download the app to know more about the market.　　　　2. Don‘t invest

2022-08-19Deep Dive

Top 5 Cryptocurrency Exchange of 2022

A cryptocurrency, or digital money, is a new funding source built utilizing encryption methods. By employing cryptographic techniques, cryptocurrencies can act simultaneously as a medium of exchange and a virtual accounting system. You will need to have a cryptocurrency wallet in order to use cryptos. These wallets can be an application that is downloaded to your PC, mobile device, or the cloud. 　　To navigate the crypto world easily, most investors use Cryptocurrency exchanges for their convenience. Exchanges enable the trade of cryptocurrencies for other assets, such as fiat and digital currencies. Basically, it serves as a middleman between sellers and buyers, these exchange firms generate revenue through royalties and service charges.　　According to WikiBits ranking, here are the top Cryptocurrency Exchange in the market.　　Here‘s a brief background and rank of each exchange via the WikiBit’s App. 　　1. Coinbase　　Coinbase is undoubtedly the most well-known cryptocurrency exchange. The platform allows you to buy Bitcoin, Cardano, Litecoin, and more than 30 additional coins and tokens. Moreover, by accomplishing specific tasks, you can receive incentives and interest on your USDT. 　　Through the Coinbase card, users may also use their assets to purchase from physical or retail outlets. This simply implies that you can buy anything

2022-08-19Deep Dive

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