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The Dangers of Public Wi-Fi Especially for Cryptocurrency Users

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Dangers of Public Wi-Fi

Blockchain technology makes cryptocurrency the most secure mode of currency to use online. It is impossible to hack into the blockchain to identify users or to alter the records. However, while the security of the blockchain is assured, there are dozens of ways that cryptocurrency can still be hacked. Network security is one of the best ways to assure the protection of your cryptocurrency account. Here, we explore the dangers of using free Wi-Fi to access your digital wallet.

Stealing sensitive information from your device

VPNWe use our devices to store sensitive personal information such as financial information, identification documents, and passwords, for safety and convenience. But is that information as secure as we assume?

For most people, it is impossible to keep track of all the passwords used in the various online accounts that we maintain. Instead of risking the closure of one’s account, we find ways of storing the passwords that we usually think is secure. There are those that create offline records in notebooks and such while there are those who create and save files on their devices, for instance as a Word document. In truth, neither option is secure. Considering the types of characters used and the length of cryptocurrency keys, it is very likely that cryptocurrency users keep such records.

Using public Wi-Fi opens up the possibility of a hacker finding the password records stored on your device, including cryptocurrency keys. Without the key, a cryptocurrency account is impregnable, but with the key, it is child’s play to get into an account and steal all the cryptocurrency in it. The best way to protect your passwords is using a password manager.

Infecting your device with malware

Even with all the necessary security, hackers still find ways to infect devices with malware and wreak havoc. Using public Wi-Fi presents the perfect opportunity for hackers to infect your device with malware and depending on the function of the malware, you could find yourself in serious trouble. For instance, ransomware holds your device hostage until you pay off a certain amount of cryptocurrency to the hacker. On the other hand, keyloggers could be used to figure out your passwords and cryptocurrency keys, after which your digital wallet would be breached and your funds stolen. Additionally, malware has been known to affect processing power, which could affect cryptocurrency mining.

Stealing your processing power

Those involved in activities such as cryptocurrency mining understand the value of processing power. A slight dip in processing power could cost you a fortune. While most cryptocurrency miners understand the benefit of cloud mining, there are those that still rely on their personal rigs and devices.

It is inadvisable (and largely unprofitable) to mine cryptocurrency from your PC or laptop, but it is not frowned upon. The catch is that you need stable high-speed network access, which you can but shouldn’t get through free Wi-Fi. Public Wi-Fi creates opportunities for hackers to steal your processing power and use it for their own gains in cryptocurrency mining or hacking.

The Takeaway

While these are a few of the dangers posed by using public Wi-Fi for cryptocurrency, they all help paint a clear picture of the level of risk involved when using free Wi-Fi. Weighing the threats against the possible consequences should be enough to dissuade anyone from using public Wi-Fi, and especially so for cryptocurrency users. If it’s necessary to use public Wi-Fi, then you should find ways to secure your device (for example with a VPN) to avoid the dangers highlighted in this article.

This guest post was provided by Octavia Brown from TechWarn

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Amber Group Announces Q3 2022 Launch of Openverse, the Gateway Into the Metaverse

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Openverse

SINGAPORE, 11 May 2022Amber Group, the leading global digital asset platform, today announced its entry into the metaverse with the launch of Openverse, a Web3 enablement platform for creators, brands, and businesses. A culmination of Amber Group’s multi-disciplinary expertise in digital architecture and blockchain-native infrastructure, Openverse serves as a gateway to the metaverse, empowering Web2 creators, brands and businesses with tools and services to transition into Web3.

Amber GroupWith the metaverse economy projected to reach $13 trillion by 2030, Openverse marks Amber Group’s venture into Web3 community building. Due to launch in Q3 2022, Openverse is a significant milestone in Amber Group’s plans to aid businesses, industries and societies as they transition into Web3. As a one-stop platform, Openverse will create entry points into the metaverse by delivering end-to-end creative and digital infrastructures for creators, brands, and businesses.

“Digital assets are the first step in realizing a decentralized future where people are empowered to create and connect with online communities, unlocking new digital experiences. While there has been a lot of interest in the metaverse, it remains largely conceptual. With Openverse, we are taking a solid step towards creating this digital reality for all. Backed by our expertise and partnerships within the digital asset ecosystem, Openverse is at the forefront of onboarding businesses and communities into the metaverse, unlocking the true potential of decentralization,” said Amber Group’s Chief Executive Officer, Michael Wu.

Openverse is designed to be a Web3 enablement platform, supported by leading real-time 3D rendering technology to create an experiential digital world for all users. The platform will be accessible on mobile, desktop and VR platforms, and will come equipped with features such as real-time content interaction, gameplay, customizable digital avatars and an NFT valuation system. Openverse will also leverage Amber Group’s flagship digital asset platform, WhaleFin, for its crypto financial services, creating synergies with the company’s thriving consumer business line to expand the reach of its digital asset services.

“We are excited to launch Openverse and convert the possibilities of the metaverse into reality in the next few months. As we develop a gateway for everyone to journey into the metaverse together, we are also building a strong line-up of partnerships with gaming studios, sporting brands, digital artists, and creators in an effort to bridge the gap between physical and virtual economies. Not only will this encourage more Web2 users to migrate into the metaverse, it will also herald a new era for digital assets worldwide,” said Openverse’s Chief Executive Officer, Jo Xu.

About Amber Group

Amber Group is a leading digital asset platform operating globally with offices in Asia, Europe, and the Americas. The firm provides a full range of digital asset services spanning investing, financing, and trading. Amber Group is backed by prominent investors including Sequoia, Temasek, Paradigm, Tiger Global, Dragonfly, Pantera, Coinbase Ventures, and Blockchain.com.

For more information, please visit www.ambergroup.io.

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Why Crypto Casinos Are on the Rise in Africa

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crypto casinos africa

Online gambling has become a rapidly evolving industry. Today, many online casinos are embracing cryptocurrencies to stay on top of the latest trends in finance and technology. 

Because of the continued evolution in the online casino space, crypto casinos in Africa have experienced and continue to experience rapid growth. But, why exactly is this the case?

Read on to learn why crypto casinos are on the rise in Africa. 

Crypto Adoption is Booming in Africa

One of the main reasons why crypto casinos are on the rise in the African continent is because of the booming crypto adoption.

Africa’s crypto adoption rate is reportedly the highest globally. For instance, between July 2020 and July 2021, African countries alone received close to $105.6 billion worth of crypto, representing a 1,200% increase in value within that period only.

Some crypto casinos have been able to benefit from Africa’s high crypto adoption rates by accepting bets in digital currencies such as bitcoin (BTC) and litecoin (LTC). 

Anyone Can Take Part 

Using cryptocurrencies, there are zero restrictions as to who can send or receive payments, alleviating all potential payment issues that can arise with traditional payments companies when you are located in certain African countries. 

Additionally, players are guaranteed privacy, which is very appealing to most online casino players. This is because players don’t have to share their names, location, or bank details to receive payments from the online casino they are using.

Fast Deposits and Withdrawals

One challenge with traditional fiat currency that most casino players experience is that it can take up to a few days for a transaction to complete. Moreover, having to change the pay-outs from fiat to crypto and vice versa in order to deposit or withdraw funds into an online casino can become costly.

However, cryptocurrency transactions typically only take a few minutes. This means that players are able to near-instantly make their deposits and withdrawals with very little wait time, thus being able to fully maximise any potential profits. Additionally, crypto transactions are also very secure.

African Gamblers Want to Win Crypto

Another reason for the rise in crypto casinos in Africa is because African gamblers want to win crypto. 

African currencies in many countries have been known to suffer from currency devaluation thanks to high inflation rates, which have resulted in citizens turning to cryptocurrencies such as bitcoin. Besides, players also find it hard to make bets on online casinos using fiat currency as they become unable to fully maximise their profits due to high inflation.

Given that cryptocurrencies such as Bitcoin are a store of value, players can also choose to HODL their pay-outs for as long as they need in their crypto wallets and trade the same when the price of bitcoin, for example, rallies. This way, players are not only able to earn some “extra” money, but they are also able to avoid paying costly fees in transactions when converting from fiat to crypto and vice versa.

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Weekly Roundup: African-Inspired NFT Art Collection to Launch in October & More

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African Inspired NFT Art Collection

An African-inspired NFT art collection is set to launch in October. To learn about this and other top stories this week, read on.

African-Inspired NFT Art Collection to Launch in October

Masks of EtherMasks of Ether, an NFT collection that draws inspiration from West African tribal art, will launch on October 5. Harrison Foko, the artist and creator of the NFT collection, “will release 10,000 generative images featuring pixel art masks.” Foko’s goal is to bring traditional African art to the blockchain and expose it to new audiences.

“I am excited to bring my own roots into the NFT space. Using something so tribal and traditional in this modern pixel-art form has never been done before. The community is ready and excited for something new,” he said.

Foko plans to give $100,000 of the NFT proceeds to The CryptoSavannah Foundation and Survival International. The former is a non for profit organisation using the blockchain to change African lives, while the latter is a human rights organisation that fights for the rights of indigenous people.

More and more African artists are embracing non-fungible tokens. For instance, these three Zimbabwean artists have made some income from selling their art on NFT marketplaces.

Crypto Exchange Yellow Card Secures $15M in Funding

Yellow Card, a crypto exchange operating in twelve countries, has secured $15 million in funding. According to the company, they will use the funds to scale their operations. Since the beginning of the pandemic, the company has increased its users across Africa almost 30-fold.

Yellow Card

“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent. Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision,” said Chris Maurice, the CEO.

The Series A funding round was led by Valar Ventures, Castle Island Ventures, and Third Prime with participation from Square Inc., Coinbase Ventures, Polychain Capital, GreenHouse Capital, BlockFi, Blockchain.com, MoonPay, and more.

“We believe in Yellow Card’s vision of a Pan-African cryptocurrency platform. What cemented the deal is their multi-national team, which we believe has the local knowledge, technical expertise, and unequivocal passion to address the basic financial services needs of the continent,” stated James Fitzgerald from Valar Ventures.

eNaira Website Goes Live

Nigeria’s eNaira website is live ahead of the launch today. This could indicate that the Central Bank of Nigeria (CBN) is keen on seeing its plans for a Central Bank Digital Currency (CBDC) succeed.

The website states: “[The] eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”

With a CBDC in place, experts are worried that Nigeria will follow China’s steps and implement more anti-crypto policies.

“Yes, we expect the CBN to champion even more anti-crypto policies, as it is clear it sees crypto as a hindrance to its monetary policy objectives even though data confirms that as a fallacy. Every crypto company in Nigeria should innovate ways to work within a restrictive system and think about jurisdictional changes,” Chiagozie Iwu, CEO of crypto exchange Naijacrypto said.

Paxful Promotes Crypto Developers in Nigeria with Donation

Paxful has announced that it is donating to the Human Rights Foundation. The funds will go to “the Qala Fellowship, a program that will find and grow local Nigerian talent, starting with the developers who want to build a career in crypto.” The program will help the crypto developers to contribute to the open-source network, secure jobs with bitcoin companies, or start their own companies.

Paxful

Paxful CEO Ray Youssef said: “Paxful follows energy, and it is clear that the Nigerian youth will make a profound impact on the global economy through Bitcoin. They have entrepreneurship baked into their DNA, but they [do not have] the chance to showcase their talent on the global stage. First and foremost, the Qala Fellowship is a career roadmap for Nigerian developers. But it also is a way to support the local economy and a means for Bitcoin to capture more developer mindshare. We are proud to fund this project and cannot wait to see what these developers create.”

Nigerians that join this program will benefit from a six-month course that will teach them everything they need to be successful crypto developers. Moreover, Qala Fellowship will facilitate internships and full-time jobs and set up talks with seasoned professionals.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

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