Wybo Wiersma – a 40-year-old Oxford University graduate – has been sentenced to four and a half years in prison after scamming over $2 million in crypto from unsuspecting victims. Following his arrest in 2019, the Dutchman was extradited from the Netherlands back to the United Kingdom (UK) in 2021. Following a five-year investigation by the South East Regional Organised Crime Unit (SEROCU), he pled guilty on January 26 to the Oxford Crown Court. A Five-Year Investigation As reported by…
What are Multisig Wallets?
Multisignature (often called “multisig”) cryptocurrency wallets require more than one person to sign off on a transaction before it can be completed. It adds an extra layer of security to your wallet, as hackers would need to compromise more than one device or account to steal your funds.
There are several different ways that multisig wallets can be set up, but a common example is a 3-2 wallet. This means there are three keys, and any two must sign off on a transaction. So, for example, you could have one key on your personal computer, one key on your smartphone, and a third key in a secure offline location like a hardware wallet. You would need at least two of those keys to complete a transaction.
Multisig wallets can be useful for businesses, organizations, or any group of people who want to add an extra level of security to their financial transactions. Individuals can also use them as an extra security measure to protect their funds if one of their devices is lost or stolen. For example, with a regular single-signature wallet, an attacker only needs to compromise your single device or account to access your funds. But with a multisig wallet, they would need to compromise at least two (or more, depending on how the wallet is set up) devices or accounts to complete a transaction.
Examples of Multisig Wallets
There are many different multisignature wallets available, including:
- Electrum: This is a lightweight Bitcoin wallet that supports multisig transactions.
- BitPay/Copay: This is a multisignature Bitcoin and Bitcoin Cash wallet available for multiple platforms, including desktop, mobile, and web.
- BitGo: a multisignature Bitcoin and another cryptocurrency wallet targeted toward businesses and organizations. It offers features such as multi-user access and spending limits.
- Armory: This is a secure Bitcoin wallet that supports multisig transactions and cold storage. It is available for multiple platforms, including desktops and Raspberry Pi.
- Blockstream Green: This is a multisignature Bitcoin wallet that is available for multiple platforms, including desktop, mobile, and web. It offers features such as multisig transactions and hardware wallet support.
- Ledger Nano X: This hardware wallet supports multiple cryptocurrencies and offers multisig transactions through its Ledger Live software.
These are just a few multisignature wallet examples. Remember to do your research and choose a wallet that is reputable and meets your needs.
Multisig wallets can be useful for individuals and organizations who want to add an extra level of security to their accounts. As mentioned, if you have the 3-2 multisig wallet set up and you lose access to one of your devices, you can still access your funds as long as you have the other two keys. This can help to protect against the loss or theft of your devices, as well as against hackers who might try to gain access to your account.
What Is Crypto Historical Data and How to Use It in Trading
Crypto historical data refers to past information related to cryptocurrencies such as Bitcoin, Ethereum, and others. This data includes various metrics such as price, trading volume, and market capitalization. Crypto historical data is useful for several purposes in crypto trading. First, it helps traders and investors make informed decisions by comprehensively understanding the crypto market's past performance. Crypto Historical Data Use Cases Here are some of the ways crypto historical data is used in crypto trading: Technical Analysis: Traders use…
How to Effectively Predict Crypto Prices
Predicting crypto prices is a complex task and requires a combination of technical analysis, fundamental analysis, and market sentiment. Here's a guide to help you effectively predict crypto prices: Technical Analysis: This involves studying past market data, including price and volume trends, to identify patterns and predict future price movements. Use charting tools, such as candlestick charts, to visually represent this data. Fundamental Analysis: This involves analyzing the underlying factors that may impact the value of a cryptocurrency, such as…
Guide to Value a Cryptocurrency
Valuing a cryptocurrency can be difficult and subjective, as many factors contribute to its worth. However, here are some steps and considerations for valuing a cryptocurrency: Market capitalization: This is the total value of the cryptocurrency in circulation. It is calculated by multiplying the total number of coins by the current market price. Adoption and usage: The more people use cryptocurrency, the more valuable it is likely to become. This includes individuals and businesses using it for transactions or as…
The Best Crypto Portfolio Trackers (Coin Trackers)
Crypto portfolio trackers are apps or websites that allow users to monitor their cryptocurrency holdings across multiple exchanges and wallets in one place. They connect to users' exchange and wallet accounts through APIs (Application Programming Interfaces) and automatically track the user's cryptocurrency holdings and transactions. The tracker updates in real-time and provides an overview of the user's total portfolio value, asset allocation, and returns. This allows users to track their investment performance and make informed decisions easily. What Should The…
An Overview of Different Cryptocurrency Scams
Cryptocurrency scams are fraudulent schemes that are becoming increasingly common as the popularity of cryptocurrencies continues to grow. They can take many forms and are often designed to appear legitimate investment opportunities or exchanges. Unfortunately, these scams can cause significant financial losses for individuals and harm the reputation of the cryptocurrency industry as a whole. It is crucial for anyone considering investing in cryptocurrencies to be aware of the various types of scams and to take steps to protect themselves.…
What Are Crypto Data Aggregators?
Crypto data aggregators gather data from multiple sources to provide comprehensive and real-time information about the cryptocurrency market. They pull data from various exchanges, trading platforms, and other sources to centralize the information and present it in a user-friendly format. The data includes cryptocurrency prices, trading volume, market capitalization, news, and other relevant information. Crypto data aggregators use algorithms to clean, process, and normalize the data to ensure accuracy and consistency across multiple sources. The information is then presented in…
What Is CoinGecko?
CoinGecko is a cryptocurrency data aggregator and tracking platform. It provides information and insights on the cryptocurrency market, including price, volume, trading activity, developer activity, and community growth. How CoinGecko Works Data Aggregation: CoinGecko collects crypto data from various cryptocurrency exchanges, wallets, and blockchains to create a comprehensive database of cryptocurrency information. Calculation of Metrics: CoinGecko calculates several metrics, such as market capitalization, trading volume, liquidity, and community growth, to provide a comprehensive overview of the cryptocurrency market. Display of…
What Is CoinMarketCap (CMC)?
CoinMarketCap (CMC) is a website that provides information about the cryptocurrency market and tracks the capitalization of various cryptocurrencies. It was founded in 2013 and has become one of the most popular cryptocurrency data providers. CMC aggregates information about the prices, volume, and market capitalization of cryptocurrencies from various exchanges and calculates the average value. Furthermore, the website displays this information in real-time, giving users a comprehensive overview of the cryptocurrency market. CMC tracks over 22,000 cryptocurrencies, including Bitcoin, Ethereum,…
What Are Crypto Pyramid Schemes?
A crypto pyramid scheme is a fraudulent investment scheme where returns are paid to existing investors from funds contributed by new investors. It's called a "pyramid" because it typically has many new entrants at the bottom, with each layer representing fewer investors. Example: John starts a pyramid scheme and invites five friends to invest 1 Bitcoin each. John promises to return 2 Bitcoins to each participant in a month. John needs 10 Bitcoins to fulfill his promise, so he invites…