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Factors that Promotes the Surge in Crypto Crime

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Factors that Promotes the Surge in Crypto Crime

One of the reasons why some governments and private investors fight against the adoption of crypto as a financial instrument, irrespective of its increase in adoption is because of its anonymous nature and the possible use of it in crime related activities.

This fear could be seen as real since data had shown that the rate of crypto theft had surge by more than 7 times between 2016 and 2018. However, there are factors that have encouraged it which includes:

1) Patronage of dark and deep web: most of the private data that one could never imagine could be accessed easily through the activities of sellers in the dark and deep web. This has given hackers an easy access to information that could make an operation successful.

2) The inadequate laws for crypto crime offenders: most countries do not have sufficient laws that could be used to prosecute a cryptocurrency crime offender. This has made offenders in most cases to admit the crime, since the penalties could be lower when compared to a crime committed with fiscal cash.

3) Delay in accessing the right information: the anonymous nature of cryptocurrency could make a victim, to pay hackers and remain quiet till the money had been removed from the market. The continuous possibility of creating an unlimited number of accounts with decentralized exchanges makes it hard for the offenders to be caught easily.

4) An avenue to make quick money: some of this data could be sold by an insider since research has shown that more than 15% of hacking activities are due to information that an insider sells to outside users. Cryptocurrency makes such transaction to remain anonymous and the seller could keep the money raised for some time before cashing out.

5) Rise in knowledge: some people want to test the viability of the knowledge they had acquired on real products. This quest makes it easier for people to continuously involve in crypto crimes.

Cryptocurrency

Guess what? Reviews on cryptocurrency exchange are useful again!

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Guess what? Reviews on cryptocurrency exchange are useful again!

Reviews on cryptocurrency exchanges have gone from being non-existent, to being filled with CPM-triggering banners, to now – actually being useful. To being something that every interested cryptocurrency investor should read before investing somewhere. This article will describe the development.

Back when the first cryptocurrency exchanges opened up shop, in 2011, there were no competition on the market. As the cryptocurrency exchanges essentially provided a then unique service (buying/selling crypto), there was no need for them to have competitive consumer friendly trading fees. The people using the services should just be happy about the services existing at all! As there were no real competition on the market, there weren’t that many reviews either. The main purpose reviews is to compare the item of review with another item, to see which item is the right for you. If there aren’t any other items for you to choose from, then why should anyone else bother preparing a review?

Eventually, the cryptocurrency market expanded a bit and so did the cryptocurrency exchanges. Between 2011-2014, numerous new exchanges opened up shop. Mt. Gox was the biggest one until February 2014. Actually, as much as 65% of the Bitcoin trading around the world took place at this single cryptocurrency exchange. Now, as there were more cryptocurrency exchanges, there was a greater need for comparisons. Mt. Gox charged 0.60% as flat fees for trading (there was definitely some room for improvement there). New exchanges entered the market with lower trading fees and suddenly a need for cryptocurrency exchange reviews had arisen. Problem at this time however, was that many of the reviewing sites focused more on driving traffic to their banners in order to make advertising money, than what they focused on providing valuable content to its visitors/readers. There are a few review sites that still have banner traffic as their main ambition. Take a look at this site for instance:

Banners everywhere…

But every market must evolve, and so also the market of providing unbiased independent information to prospective cryptocurrency investors searching for the right cryptocurrency exchange.

So, today, the review sites are generally much more sophisticated. They are actually more about what they should be – providing guidance and help to the people in need of the review: cryptocurrency traders. Also, as the cryptocurrency exchange market has become much more competitive, there is a race to the bottom between cryptocurrency exchanges. Each exchange offering lower trading fees than the other, all in order to entice customers.

The best review sites address the things most important to readers, such as trading fees, deposit methods, available cryptocurrencies, security etc. The current industry leader when it comes to cryptocurrency exchanges and reviews of them is the company Cryptowisser.

On cryptowisser.com, they operate the world’s largest list of cryptocurrency exchanges, listing more than 400 exchanges with individual well-written reviews for each and every one of them.

A few of their reviews that you can access through the hyperlinks below are the:

Bittrex review; the

Changelly review; the

Binance review; and the

Bitsane review.

Needless to say, the review culture has come a long way since 2011 and now really serves a purpose – to help, guide and warn cryptocurrency traders in their choice of cryptocurrency exchange.

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Cryptocurrency

Binance Cryptocurrency Exchange Considers Launch of Its Stablecoin

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Binance Cryptocurrency Exchange Considers Launch of Its Stablecoin

The CEO of Binance Changpeng Zhao in a response to a Twitter user who suggested the exchange should launch a stablecoin suggests he is considering launching one. The Twitter user said a stablecoin from Binance would become a major token on the Binance blockchain and there is no reason why the exchange shouldn’t launch one.

Binance launched its cryptocurrency Binance Coin (BNB) in 2017 and the coin has been largely successful. BNB was referred to as the new Bitcoin at some point because it was determining market direction i.e the market fell or rose as its price changed.

Binance is also the largest crypto exchange by adjusted transaction volume and has maintained that position for a long time. Changpeng Zhao’s influence in the cryptocurrency industry is so great that other exchanges could delist a token that his exchange delisted first.

This is why a stablecoin launched by the exchange can have a significant impact and probably grow faster than other stablecoins have. The recent event concerning Tether, however, may have reduced the popularity of stablecoins in the industry.

Stablecoins are cryptocurrencies just like Bitcoin and XRP, only they are backed by some more stable currency such as the U.S Dollar. Tether was said to be backed by the USD thus giving it a stable value so that users can pay for goods and services without having to worry about value fluctuation. However it was discovered during the court case following the suit that only 74% of USDT is backed by the USD.

This has sent chills down the spines of cryptocurrency users when it comes to stablecoins and it might take a while for that to go away. Launching a new stablecoin at this time therefore may not be a good idea but who is to say what possibilities lie ahead of Binance’s possible new stablecoin?

The whole cryptocurrency market is just recovering from the problems caused by Tether USDT. Bitcoin is over $5,400 and Ethereum is over $160 while XRP is in the reds with Binance Coin and of course Tether USDT among the top ten cryptocurrencies. But if Binance will launch a stablecoin that brings more good to the ecosystem that bad, why not?

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