What is Ransomware Attack?

It is the critical software used to demand a ransom. This software is designed as it can encrypt all files of the computer system. At the moment, when software encrypts all the files of the system, it automatically starts to demand ransom and threats the company or person. After this ransomware attack, the computer operator cannot see or use his files or system until he pays the amount.

Ransomware Attack on the English football club

In the past days, the cybersecurity authorities had warned the sports sector about the ransomware attack. On 23rd July, the UK national cybersecurity centre announced the report related to the ransomware attack against the sports community.

Recently, the English football league club hit the ransomware attack under which attackers demanded multi-million dollars in Bitcoin (BTC). According to the reports of cybersecurity, the ransom amount threat was 400 BTC ($3.66 million) from the sports sector. The sports club has rejected to pay the ransom, and as a result, they lost their whole stored data.

This Ransomware Attack could result in high loss

The report shares further information that the attack also resulted in more damages. The club lost its usage of corporate emails, turnstiles, CCTV systems due to the attack.

Moreover, there is not any public information that permits criminals to enter or gain access to their system and may access the CCTV system. Hundred thousand pounds is the cost of the attack, impart by UK cybersecurity centre.

Impact of ransomware attacks on the sports sector

40% of the attacks on the British sports authorities are related to the malware and a quarter of the attacks are related to ransomware.

 These attacks are growing day by day as cybercriminals target the high profiled sports authorities. The software behind these attacks is commonly available on the darknet.

Conclusion:

Going through the studies, it can be identified that the ransomware attacks are increasing from the year 2018. Ransomware attacks have increased worldwide by 200% in a small part of the time.

High sports entities are the main target of these ransomware attackers. Once the ransom is demanded, it should be paid, or the ransom will be increased with time. 

Not only sports authorities, but many other centres and authorities had also been targeted by these attackers in past years. So be careful with your files and data.

Crypto-currency is blazing trails in the market with its fast-changing values and high returns. The technologically sound system of crypto-exchange the system is very high in its safety and security ranking. The innovative new technology of block-chain development has ensured that hackers don’t have it easy when it comes to stealing crypto-currencies out of your e-wallet. The peer-to-peer network also ensures that transparencies are maintained by all parties involved, and the need for third-party is eliminated, granting less transaction of use. Added on top of that is the ease of use that comes with crypto-based exchanges where all you need is just a smart-phone and some sense.

Technology vs business

The technological end of a currency that is almost totally reliant on technology and software developments has to be perfect if not the best. Crypto-currency has achieved this heightened level of technological security with only a few hackers being able to crack its concrete firewalls. Block-chain and peer-to-peer networks are so designed that the cost of stealing would be greater than the original amount to be stolen itself, so this itself discourages hackers from attempting to cause any trouble. Thus the technological details of altcoins are not a big point of concern among users and investors.

What causes the most feathers to be ruffled is the business side of crypt-currencies. With a market that sees more ups and downs than a Disneyland roller-coaster, some seasoned investors steer clear of the crypto-exchange market being unable to keep up with volatile pricing. Price volatility has become a concern among the millions of users and investors taking part in crypto-exchanges, but it is important to note that there are certain cycles and patterns to the fluctuations seen in this market. So if one is adept at recognizing these cycles and patterns, then they may exploit this apparent kink in its armour to strengthen their own e-wallet.

But experts show consternation when the discussion focuses on the business model of crypto-currencies. It is important to figure out how and where the business value fits into the technologically sound system of exchange. One expert with considerable experience in telecommunication and e-currency adaptation pointed out that the selling point for crypto-currencies are not the block-chains and their ingenuity but rather how the product can be a better business model and the relevant issues regarding it commercialization can be solved.

The expert also commented on how the fluctuation pricing may also affect how the value is seen in its form for various users and investors involved. She explains her point of view by elaborating that in a business system, different values are ascertained by different users that are involved in the e-currency transactions.

Another expert also commented on how data optimization is also an important avenue in crypto-currency that needs to properly analyzed and developed. But the general consensus was achieved in the matters of optimizing and aligning the various features of crypto-currency with a user-friendly and compatible business-model that yields high returns and ensures a sustainable business environment.

Crypto-currency and the exchanges involved are still relatively new that are steadily reorganizing the past forms of financial ecosystems with a dynamic new sense of minute-to-minute movement. The experts may discuss and deliberate over the ways it can improve and fit more into the existing system of commerce. But it is also probable that this rapidly evolving form of currency may improve and the change system itself to fit more according to its features of financial volatility. But the fact that remains that user will flock to the alternative that helps them the most and are in their best interests.

In almost all countries, the use of virtual currency is being accepted now. Not only that, in some countries, there are platforms being developed for the trading of cryptocurrency, which can prove beneficial to many users and traders. This can also help to open a new option of trading for the traders and give a boost to the economy. The use of cryptocurrency can be termed very recent as it does not hold a long history, but it has gained huge fame in the short term, and that is why even authorities have to support it and take action to accept it to a larger extent. According to Phemex cryptocurrency derivatives exchange, it can process over 300,000 transactions per second, which makes it the fastest trading platform in the world. The derivatives exchange is led by 8 ex Morgan Stanley executives, and it has offered latency speeds of less than one millisecond. This can give some confidence to traders who want to buy and sell multiple contracts in bulk at the same time. The exchange also claims that it is less susceptible to outages as it offers 99.9999% availability.

Why is this crucial for the crypto market?

The exchange offering such reliability is crucial for the crypto industry. In the recent past, we have seen outages happen with various exchanges whenever Bitcoin moved by a significant margin. This has reduced the confidence of users on such platforms, and they are frustrated to get caught in the outage. Many traders have made a lot of losses due to such outages in the past. However, with reliability improving due to upgraded technology, it is now easy for traders to enter and exit trades without any hassles in a quick time.

Zero fees for spot trading

In most cases, we have seen that spot trading is very expensive as the fees are very high. However, Phemex has made it completely zero and provides a different subscription plan for traders. The basic plan that comes at 9.99 USDT per month will be more than enough for most traders. However, if you want to save more money, you can choose the three-month plan or go for the annual plan at 69.99 USDT. These plans allow unlimited trades across ETH, BTC, XRP, and LINK.

Customer support in multiple languages

The best part about the exchange is that customer support is available in many languages, which is essential to get traction in different countries. Many people want to have customer support in their native languages, and this will help them to trade without any hassles. This customer support is available round the clock, and users can access them at any point during trading hours and after hours.

Growth of Phemex

The derivatives exchange has managed to grow rapidly within a short duration of time. It has more than 150,000 users and has exceeded $1 billion in trading volumes during February. Most of the new features are still under development, and it also plans to launch different contracts that are backed by metals, energy, and commodities. In this way, users can get to leverage their assets in other investments. The company has also partnered with Banxa that offers fiat to crypto gateway solutions. With this partnership, it is now possible for users to buy BTC, ETH, and USDT by using a credit card and debit card.

In this manner, the presence of ex Morgan Stanley executives has made a lot of difference to this platform. This can bring a lot of expertise in the long run to the crypto trading market. This will be beneficial for traders as they can trade in a safe environment.

Just a week post the launch of Facebook’s Whatsapp Payments services in Brazil, it was suspended by the country’s Central Bank. In response to why the Central Bank had to take such a measure even when the Whatsapp officials were in constant touch with the authorities, the bank said the decision was taken to “preserve an adequate competitive environment.” The Brazilian banks have currently notified the Visa and Mastercard to stop facilitating money transfer services through the Whatsapp payments app until further notice. If the companies fail to comply with the order, it can lead to further administrative sanctions and financial penalties.

In the statement released by Brazil’s Central Bank, it also said that the bank didn’t have the opportunity to analyze and comprehensively go through Whatsapp payment before it was rolled out in the market. Around two years ago, Facebook rolled out Whatsapp Pay in India at a smaller scale for Beta testing. It is still waiting for approval for a nationwide rollout from the regulatory authorities. Brazil is the second-largest market for Whatsapp right after India. Apart from Brazil and India, Whatsapp Pay has been Beta tested in Mexico.

Whatsapp has been hoping that Whatsapp Pay would help businesses to accept and send payments as well as help the individuals carry out personal financial transactions. The company had planned to keep its payments services free for individuals but planned to levy a processing fee of 3.99 percent for the businesses. In India and Brazil, Whatsapp has played a crucial role in businesses and is the primary source of an online presence. As per Bloomberg’s survey, more than 5 million merchants from across the globe currently use the business edition of Whatsapp that has some additional features useful for businesses.

The decision by the Brazilian Central Bank to suspend Whatsapp Payments came as a surprise for the company. It is because Whatsapp has been in constant touch with the company. Whatsapp even rolled out Whatsapp Pay at a smaller scale for beta-testing in the country a month earlier. In a statement, Whatsapp said that the company plans to facilitate digital payments for all of its users in Brazil and that the company is committed to working closely with local partners, Central Bank, and regulatory authorities to make it possible. Whatsapp also said in the statement that the company is backing the instant-payment system developed by the Central Bank, which is slotted to be launched in November this year.

Post the announcement of the suspension of Whatsapp Payment services, Brazil’s Central Bank informed Visa and Mastercard to halt enabling money transfer services through the app. The Central Bank did inform that failure to comply with the order can result in hefty fines. The antitrust regulator of Brazil, known as CADE, also declared the suspension of the partnership between Whatsapp Pay and Cielo, which is a local electronic payment company.

As per the announcement made by the antitrust regulator on its site, it mentioned that the combined power of the Whatsapp user database and Cielo’s market share in the field of electronic payment can make it difficult for any new competitor to surface or sustain. The deal made between Cielo and Whatsapp Payments wasn’t presented to the antitrust regulators for evaluation. It is for this reason, the regulator and the Central Bank had to act fast to keep any competition-related concerns at bay.

The Central Bank of Brazil is in the process of evaluating the payment system of Whatsapp and if it presents any possible risk to the country’s payment machinery. The Central Bank is also using the suspension to evaluate if the payment system of the Whatsapp Pay is compliant with the local laws and regulations. The Central Bank said that letting the service start with the approval of the regulatory authority or evaluation by the bank can lead to irreversible damage to the payment ecosystem.  It can trigger concerns related to efficiency, privacy, data protection, and competition. The Cielo also said in a statement that they had suspended their service for now and would keep the shareholders in the loop of any new developments. Whatsapp Payment is one of the key projects that Facebook has been working on for a while and is hoping to roll it out by the end of the year after the Central Bank’s approval.

The concept of bitcoin and cryptocurrency has been known to many people. Bitcoin is the digital currency that many people hold. People who use cryptocurrencies state that this type of currency is quick and easy for everyone to use. These offer high privacy when compared to digital currencies. However, there is a very less amount of supply for bitcoin due to which many people are considering this to be the best investment opportunity for them. One should learn that cryptocurrency is highly risky.

There are many best bitcoin wallets available in the market. These wallets allow you to keep the bitcoins or digital currencies safely. However, not all wallets can store all types of digital currencies in it. The wallets come with different features and work on various platforms.

What is a bitcoin wallet?

A bitcoin wallet is a component that allows you to use the digital currency. The wallet would act like a bank account where you can keep the money. The bitcoins that you receive from others can be stored in the wallet safely. You can transfer the bitcoins to others from the same wallet.

It would be the user interface for the bitcoin network. You can use the wallets in the same manner as you use the bank accounts online. However, wallets can be accessed using the private keys and secret codes. This allows you to transfer coins to the recipient. You must safely keep the private keys rather than the bitcoins to access the cryptocurrency.

The bitcoin would be the wallet, app, or device that safeguards the private keys automatically.

What are the best bitcoin wallets available?

There are two types of bitcoin wallets available. One is the hardware wallet, and the other is the hot wallet. However, you can use either of these based on why you want to use cryptocurrencies. The hardware wallet is ideal to invest or save the bitcoin era. On the other hand, the hot wallet allows you to transfer and receive the bitcoins. You can get the software bitcoin wallet without spending a penny.

The bitcoin wallets available in the market would solve various problems. Each one would come with pros and cons. few bitcoin wallets would offer security while a few offer privacy. Based on your needs, you must use your wallet.

Coinbase

Coinbase is the best and quick way to sell, buy, and keep the bitcoins with you. It can hold other types of cryptocurrencies in the wallet. You can also link this wallet to the US bank account to transfer and receive money through this wallet. These dollars can be used to buy the bitcoins or other cryptocurrencies.

Users who are new to the world of cryptocurrency can use the online crypto wallet provider or digital exchange. It makes buying and selling bitcoins a piece of cake like you sell or buy the stocks. The wallet can retain up to 20 coins in it. The coins would US dollars and USD coins.

The best feature available with this type of wallet is the Coinbase earn. You can get some coins for free by taking the quizzes and watching videos. The cost of it would be huge. It cost you transaction fees when you are transferring coins from one account to another. The wallet can be used online or in the form of a web app. It comes for free and has multiple functionalities. It also comes with high security.

Trezor

This works like a wallet where you store the cash. If you lose the wallet, you lose all the coins stored in it. Many crypto hacks took place in recent times, and many are showing interest in using the wallets that offer high security. It is a hardware wallet that allows you to store the coins safely. You can connect this hardware wallet to the system or laptop. The screen appears where you can manage all the operations. It is available for a cost-effective price. It can store 1000 digital tokens and coins. You must keep it password protected without which you may lose the bitcoins. This wallet is ideal to use for desktops and mobiles. It is not for beginners and people who are not tech-savvy.

Ledger

It is another type of crypto wallet that allows you to store the bitcoins securely offline. This wallet looks like a flash drive, and you can connect them to the computers to use.

The device is highly durable. This allows you to check the balance, transfer, and receive the currencies with the software’s help. It enables you to store 1200 digital tokens and coins. You can use them on desktops and mobiles. It is highly secure to use and support different types of digital currencies. However, it is not for beginners.

Sofi

It is for beginners that offer you various options such as banking, investment, and different other products. You can use this to sell, buy, and store bitcoins. You must pay USD 1 to have an account on this hot wallet. There are five different currencies you can store.

You can store bitcoins and four other different types of cryptos. It works on desktop and mobiles.

Conclusion

Bitcoins are the digital currencies that can be used by the people who want to keep their digital currencies safe. There are different wallets available for it. You can choose the one that is easier for you to use and comes with many features.

Foreign exchange or forex, the storehouse for foreign currency and exchange, is the method for changing one currency to another. There are different types of forex accounts you need to know about before you jump for forex trading.

Here, you’ll know the various forex accounts types. Before we go there, you need to understand why the forex needs different accounts. Looking at it from the view of the trader and the broker will make it more clear. Let’s get in.

Trader’s Viewpoint

You will find traders coming up with a hundred thousand dollars to trade and can trade position sizes of up to 3 or 5 Standard Lots quite easily. And, some can come with only a hundred dollars.

It won’t be fair if a market only allowed the high rollers access to the market while kicking out the small-capital traders. As a result, the forex market was deregulated. What does this mean? It means that traders could spot just the right account type for their situation and use it suitably.

Broker’s Viewpoint

Brokers find it to be more advantageous to their balance sheets to occupy everybody in the market. Also, for ECN brokers, there are different accounts for different traders. Market makers stepped into the market to supply liquidity, and by breaking these positions and sharing them with traders with very small accounts, payments can be made from everyone.

Now, Let’s Get into the Types of Forex Accounts

There are mainly three types of forex accounts. Every forex account has a different name although some of them have the same characteristic features. They sometimes also can be assembled into the same category.

• Micro accounts
• Intermediate accounts
• VIP or Premium accounts

Micro Accounts

Micro account or mini account is defined as a small-cap account that permits traders to come into the economy with a very little amount, even as little as $100. Some of the brokers have also initiated differences into this account category that allow advance payments of as low as $20 to $50.

These generally limit the position sizes of the trades on the account to micro-lots. It assists the traders to manage the risk factor on their accounts. Micro account holders do not get gains from brokers.

Intermediate Accounts

Based on account nomenclature, intermediate accounts generally possess the most contrasts. It is also called the Standard account, Gold account, the Classic account, etc. in certain quarters. The distinctive feature of this forex account is that the least sum of the deposit is generally fixed to $500. On some brokerages, it expands up to $1000.

Traders are limited to trading mini-lots, although some platforms let till 1 standard lot position sizes on this category of account. This is the quality account category that was reachable to entry-level traders in the forex market until 2 to 3 years ago when entry-level capital demands lowered.

Premium Accounts

Premium, VIP, or Platinum accounts are for the VIP traders, who can afford up to $10000 as account opening capital. Brokers to give bonuses on VIP accounts give a 100% bonus.

VIP account holders get bonuses like prepaid debit cards, travel benefits, access to technical and fundamental analyses, etc. They can trade innumerable Standard Lots. Thus, they get the ability to earn lots on their accounts.

Last Note

These were the basic facts about the various forex account types. From one broker to another, the particular features will vary. Looking at the specific type of account that will match their circumstances before making a definitive selection is entirely dependent on the traders.

The invincibility of blockchain technology has been in question recently as news of private blockchain, especially meant for enterprise use, is being attacked by hackers. Initially, blockchain technology was lauded worldwide for being immune to hacking attempts. However, this worldview has changed drastically in the last few years, with more than $2 billion worth of cryptocurrency stolen by hackers since 2017. As per the recent trends of hacking attempts, the hackers are targeting the private blockchain networks more than the public networks like Ethereum or Bitcoin. 

Theoretically, the private blockchain networks should be more secure and difficult to crack through as the ecosystem is smaller, and people involved are well-known to each other. Private Blockchain networks make it difficult for someone hacking the system to hide. However, this conception has been proved wrong as more and more private Blockchain networks start their online operations. The cybercriminals have found that breaking through these smaller ecosystems is much easier and is very much hackable, unlike what was earlier believed. 

Blockchain technology is entirely based on the network of computers, otherwise known as nodes. The design of blockchain technology is such that the node owners have a financial incentive in being associated with the system through a process called mining. The system is ideally simple as every transaction can be easily identified, verified, and added. Hacking the same, however, is quite difficult and moreover, highly expensive. Many large scale corporations, including New York Stock Exchange and Fidelity Investment Corp, have been trying to take advantage of the blockchain technology for a while. 

Unfortunately, the rush among these corporations to take advantage of this technology has left a few gaps open. The blockchain apps weren’t available for public use until recently as they were under development. Moreover, the enterprises are twisting the security and safety offered by blockchain technology to serve applications that give hackers a financial incentive, which wasn’t the case earlier. One such example is a security app named Orchid, which is backed by Ethereum. These apps are on production mode and have shifted from the research and development phase, which makes a potential prey for the hackers. 

With time and effort made by professional hackers, few of the loopholes in the blockchain technology are now exposed. It isn’t as invincible as it was earlier perceived to be. One of the biggest drawbacks of the blockchain system that is being misused is the 51-percent rule. For a transaction on the blockchain network to be approved, it needs to be approved by the majority or 51-percent of the participating nodes. So, if a single entity manages to sum up resources that allow it to control the majority, it can simply send the payments. It would then create an alternative version of the entire database where no such transaction took place. 

While collecting the computing resources to nine major cryptocurrencies as Bitcoin or Ethereum runs in thousands of dollars per hour, the smaller coins continue to be vulnerable due to lesser cost involved. Currently, the biggest threat to the corporate and private blockchain networks is from the inside, rather than outside. It is primarily because every employee or vendor who is invited within the network has access to the entire database without exceptions. It is not the case with larger public networks, such as that of Bitcoin. There are companies like Kaspersky that have a proven blockchain security auditing system in place, which can be hired by smaller private networks. As of now, the private blockchain networks should focus on threats from inside rather than outside. As the market for private blockchain network grows, there should be more companies offering security audits and maintenance support that these networks can rely on.