ELI5 – Why a hardware wallet (Ledger Nano X I’m this case) instead of my current app wallet (Trust wallet)?

Ursprünglich erschienen auf: https://www.reddit.com/r/CryptoCurrency/comments/gxad6z/eli5_why_a_hardware_wallet_ledger_nano_x_im_this/

So I’m not new to crypto at all. I’ve been involved for several years. I’ve always struggled with this question. If I have Trust Wallet set up, and my mnemonic phrase backed up in a secure location, why do I need a hardware wallet such as the Nano X?

Can anyone just spell out why I NEED one? And explain it like I’m 5. 😄

Thanks!

submitted by /u/boss99er
[link] [comments]

Read More

Bitcoin to Rise to $20K This Year Spurred by Government Money Printing and Covid-19: Bloomberg

Ursprünglich erschienen auf: https://thebitcoinnews.com/bitcoin-to-rise-to-20k-this-year-spurred-by-government-money-printing-and-covid-19-bloomberg/

Bloomberg has forecast bitcoin to reach its record high of $20,000, and possibly $28,000, this year.

According to the company’s June Crypto Outlook report, “something has to really go wrong for bitcoin not to appreciate in value.”

Bloomberg points to quantitative easing and the coronavirus pandemic as the fuel behind bitcoin’s maturity, particularly when benchmarked against the falling stock market and crude oil. Both factors will cause the price of bitcoin (BTC) to rise.

“Covid-19 is hastening the shift away from paper money and stimulating plenty of quantitative easing, which is helping independent stores-of- value such as gold and bitcoin,” the report notes.

“Last year, the high was about $14,000, which would translate into almost double in 2020 if rotating within the recent band, and mean little in the big picture,” it added.

Bitcoin twice breached $10,000 since its supply cut event three weeks ago, but has struggled to stay above the key level, as investors quickly dumped the asset. It’s latest action involved a flash rally to $10,400 on June 1, followed by a 17% crash barely a day later.

The BTC price, up about 33% since the beginning of the year, is trading at $9,549 at Press time, down 0.5% over the last 24 hours.

Describing bitcoin as a “resting bull”, Bloomberg highlighted that increased institutional interest, the rising number of active BTC addresses, futures markets as well as mass adoption will lead the pioneering digital asset higher.

The report specifically mentions Grayscale Investment’s aggressive crypto acquisitions. Consuming 25% of all newly minted BTC in 2020, the Grayscale Bitcoin Trust Fund is by far the largest crypto-asset exchange-traded instrument, helping institutional adoption, it said. The Fund manages over 340,000 BTC, or $3.25 billion, on behalf of investors.

Active bitcoin addresses, which reached a two-year high of 891,000 this year, represent increasing adoption and that will help BTC stay above $10,000, Bloomberg opined. “Unless advancing addresses abruptly reverse, history indicates bitcoin has a propensity to appreciate,” it said.

The report notes that while futures open interest isn’t a large portion of total bitcoin supply, accounting for 50,000 BTC, “futures are significant as a primary gateway for the benchmark crypto to become a mainstream asset class.”

“Maturation, greater depth, and plenty more exposure via futures should continue to suppress the first-born crypto’s volatility, clearly keeping it tilted toward price appreciation,” Bloomberg observed.

What do you think about Bloomberg’s price prediction? Let us know in the comments section below.

The post Bitcoin to Rise to $20K This Year Spurred by Government Money Printing and Covid-19: Bloomberg appeared first on Bitcoin News.

Post source: Bitcoin to Rise to $20K This Year Spurred by Government Money Printing and Covid-19: Bloomberg

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com

Read More

Starbucks’ Wi-Fi Found Using People’s Laptops to Mine Monero

Ursprünglich erschienen auf: https://www.cryptocoinsnews.com/starbucks-wi-fi-found-using-peoples-laptops-mine-monero/

Earlier this year CCN reported on The Pirate Bay’s efforts to use visitor CPU to mine Monero in order to monetize its traffic and replace the ads on its pages. The torrent index website used Coinhive, a JavaScript code that allows website admins to mine the anonymity-centric cryptocurrency with visitor’s CPUs. Ever since The Pirate […]

Read More

Eidoo to Burn 80% of Company’s Token Holdings to Kickstart One of the Biggest Daos in Defi

Ursprünglich erschienen auf: https://thebitcoinnews.com/eidoo-to-burn-80-of-companys-token-holdings-to-kickstart-one-of-the-biggest-daos-in-defi/

Switzerland, 4th June 2020. Swiss-based crypto platform Eidoo is upgrading its native utility token into a governance token that will power a new cross-chain DAO. In a collaborative decision by Eidoo and pTokens, the $EDO token will be upgraded into $PNT later this month so that it can be used, staked and earn interest within the new pNetwork ecosystem – the decentralized network powering the pTokens solution.

The pTokens project enables cryptocurrency to “move” across different blockchains, which unlocks liquidity in the market to push DeFi beyond its current boundaries. The first of the pTokens series to launch was pBTC, making Bitcoin compatible with the Ethereum and EOS blockchains.

By transforming $EDO into $PNT tokens, this will extend its utility as it becomes fuel for a larger range of services within the pTokens (pNetwork) ecosystem. $PNT will still provide all the same benefits as the original $EDO token, giving access to industry-first features such as the Eidoo Card cashback program and an in-app Atomic Swap feature.

The token upgrade is supported by a number of exchanges which already list $EDO on their platforms, such as Binance and Bitfinex. All $EDO token holders will receive a 1:1 airdrop of the upgraded $PNT token directly into their accounts.

Burning 28 million EDO

In preparation for the token upgrade, and to mark the start of a new phase for the token economy, Eidoo will burn 28 million $EDO tokens held by the company – approximately 80% of their owned tokens. This burn of roughly 1/3rd of the total supply of $EDO means the upgraded $PNT token will launch with a total supply of just below 60 million tokens.

“While the pTokens solution was initially developed by the Provable Things team, a sister company of Eidoo, we want to hand over the control of the project to the community at large. This will achieve a truly decentralized governance system and distribution of token holdings. With Eidoo destroying their majority share of $EDO, all decisions voted upon by the future pNetwork DAO will become truly democtratic,” says Thomas Bertani, CEO of Eidoo and member of the main development team behind the pTokens project.

The pNetworkDAO

When launched as a governance token, the circulating supply of approx. 60 million $PNT will be distributed across more than 7000 blockchain addresses. This will make it one of the most robust and largest DAOs in the DeFi space.

Anyone holding $PNT will be able to join the pNetwork DAO and play a role in the governance of this pTokens system. $PNT holders can vote on different improvement and development proposals. For example, members can vote on which new pTokens “bridges” should be developed next, such as pLTC on Ethereum.

During the first stages of the pNetwork, an economic incentive is also introduced to the system to encourage users to actively participate within the DAO. In these first two years, all those who stake PNT will see their tokens grow thanks to an overall interest rate of 63% over two years. Up to 28,350,000 PNT tokens are dedicated to this initiative, which are generated through an inflation mechanism.

For anyone wanting to join the pNetwork as a validator (node), a stake of 200K PNT tokens is needed. This not only demonstrates commitment and serves as a bond, but creates a potential economic benefit for all validators who are rewarded for their work with the pTokens system’s peg-in and peg-out fees. Validators are also eligible for the 63% interest over two years on the tokens they stake.

Learn more at p.network and pTokens.io

About pTokens

pTokens is a cross-chain solution which enables Decentralized Financial DApps to be compatible with any crypto asset. pBTC was the first pTokens to be released, a 1:1 pegged ERC777 Bitcoin representation on Ethereum. designed to move any asset into any blockchain. The main development team behind the pTokens solutions is Provable Things, founded in 2016 in London. Provable uses cutting-edge decentralized and Trusted Computing technologies to provide services for modern DApps. The first Provable product to launch has become the longest-running blockchain oracle service industry-wide.

About Eidoo

Eidoo is your gateway to the exciting new world of decentralized finance (DeFi). As an app for mobile and desktop devices, it’s the easiest and most secure way to participate in the blockchain economy. A Swiss-based company founded in 2017, the Eidoo ICO raised more than $20 million and was one of the few projects to launch with an already existing product. Eidoo is part of Poseidon Group, a blockchain innovation leader in Switzerland, Italy and across Europe. Poseidon’s team is made up of world-renowned consultants, lawyers and executives with backgrounds in Big 4 business, asset management and emerging technologies.

The post Eidoo to Burn 80% of Company’s Token Holdings to Kickstart One of the Biggest Daos in Defi appeared first on Bitcoin News.

Post source: Eidoo to Burn 80% of Company’s Token Holdings to Kickstart One of the Biggest Daos in Defi

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com

Read More