What is ERC-20 Token?

What is an ERC-20 token?

ERC-20 is digital token standard that can represent assets that run on the Ethereum blockchain. ERC stands for “Ethereum Request for Comments”. 20 represents the unique proposal ID number. The Ethereum blockchain records transactions which are comprised of smart contracts that create tokens, such as ERC-20. Ethereum tokens must run on the Ethereum network. There are other types of tokens that can run on the Ethereum network, such as ERC-721, and ERC-20 tokens use the same common set of rules that all Ethereum tokens must follow. ERC-20 tokens are commonly…

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Never Mind Crypto… You Need Cold Storage for Fiat

Never mind crypto... you need cold storage for fiat currency

When it comes to keeping cryptocurrencies secure, cold storage is considered necessary. Cold storage is important whether you’re an old school Bitcoin investor with your own wallet, or a novice using a trusted third party, like Coinbase and Circle, to hold your crypto. Regardless, cold storage is all the rage in cryptocurrency security… But what about fiat? What is Cold Storage? Cold storage means storing your cryptocurrency keys offline to protect it from a hack… This is accomplished often using dinosaur-age methods such as writing your codes on pieces of…

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USD Coin: The Stable Crypto From Circle

USD Coin the Stable crypto from Circle

With USD Coin (USDC) the Circle vs. Coinbase saga continues… And Circle seems to be out-innovating Coinbase, at least with its latest move… The launch of a fiat currency backed, “stable crypto” called USD Coin. USD Coin is an asset backed token backed by the U.S. dollar. Each USDC held by a Circle account holder will float in value to an actual U.S. dollar that will be held in the user’s account. USD Coin as Stable Crypto With USD Coin, Circle aims to leverage the positives of crypto, while minimizing the…

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Trusted Third Parties Will Rule… Until They Don’t

Trust is earned

I saw this poster Berkshire Hathaway HomeServices on the Metro North line this evening… Sappy but true. Trust is, more or less, earned. Blockchain technology makes promises all the time… And Bitcoin was built on the premise of eliminating the trusted third party altogether. But until blockchain is just invisible to us, a part of our lives… Until it is proven to be trusted. Trusted third parties have nothing to worry about. Somewhere beneath the message about the benefits of blockchain are that any transaction that involves a third party is…

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Goldman Sachs Will Start Trading Bitcoin

goldman sachs start trading bitcoin

Goldman Sachs has announced that it will start a Bitcoin trading operation using its own funds. The firm will start with trading derivatives, and may extend its operation to trade client accounts holding Bitcoin and other cryptocurrencies. According to a NYTimes article, Goldman is seeking regulatory approval to trade actual Bitcoins while simultaneously exploring risk management strategies to minimize downside risk due to the severe volatility of cryptocurrencies. Goldman’s efforts to set up a trading shop will most assuredly lend credibility to Bitcoin, and perhaps have a halo effect on…

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You Can Now Mine Bacon With Bacoin

Mine Bacoin

Oscar Meyer announced that they have launched a cryptocurrency called “Bacoin”. To see if you can instantly win some Bacoin, visit this site. Winners are awarded at random… the “strip-o-currency” will only exist for two weeks. The current value of a Bacoin is 27 strips of actual bacon (as of this writing). As you can see from the chart below, there was a spike in the price earlier today when peoples’ heads exploded realizing that this was a thing… Then it went down… Now it’s trending up again. The maximum value…

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What is Verge Cryptocurrency?

Porn site “PornHub.com” is accepting cryptocurrency for payments. The worlds biggest porn site now accepts a cryptocurrency called “Verge”… FWIW, Verge has nothing to do with the tech news site “TheVerge.com”…. Verge cryptocurrency is a rebranded forked version of the meme coin “dogecoin”. Indeed, Verge cryptocurrency used to be called “Dogecoin Dark”. Verge Coin was chosen because the cryptocurrency is traded on a blockchain that is obscured by the Tor network on the Dark Web. Tor obscures the public blockchain transactions to keep users’ activity private. PornHub wants to offer…

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Will Bitcoin Become a Global Internet Currency?

Will Bitcoin become a global internet currency?

What would it take for Bitcoin to become the world’s global Internet currency? Several things. To become a global Internet currency, the granddaddy of cryptocurrencies would need to overcome the volatility, scalability, high transaction fees and speed issues that are, sadly, synonymous with Bitcoin today. While it you can use Bitcoin for purchases, because of its volatility, Bitcoin is treated mostly as a store of value. And because Bitcoin transactions are largely inefficient and expensive, using it for purchases makes no sense. individual and professional investors who are “long” on…

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What Are Coinbase Index Fund Restrictions?

what are coinbase index fund restrictions

Coinbase announced today that it will launch its own cryptocurrency index fund. The signup link for the Coinbase Index Fund is here. The Coinbase Index Fund is similar to the Bitwise Hold 10 Fund in that it will allow passive investment in the cryptocurrencies that trade on the Coinbase platform. The asset allocation for the fund will be: Bitcoin: 62% Ethereum: 27% Bitcoin Cash: 7% Litecoin: 4% Coinbase is the clear leader in the online cryptocurrency investment world. At least in the U.S. Recently, Circle’s acquisition of Poloniex put it on…

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Amazon Coin Strikes Again

Amazon Coins

Amazon Coin is inevitable. So is Apple Cash. Hundreds of billions of dollars have been created in the cryptocurrency markets, literally out of thin air. That’s why it’s inevitable that a FAANG coin (an Amazon Coin or Apple Cash) will be created by the tech colossi. Apple CEO Tim Cook recently said that he believes he will be around to see the “elimination of money”. With over 1.2 billion iPhones in circulation worldwide, Apple has an excellent foundation from which to launch a cryptocurrency. And a survey of 1,000 Amazon…

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