While NFTs are still a relatively new phenomenon, they are already having a major impact on the world of digital art and collectibles.
What is an NFT?
NFT stands for non-fungible token: a virtual “deed” for digital assets including art, music, collectibles, or even property.
Only one person can claim ownership of the asset, and it can’t be traded on a one to one basis because its price is based on its uniqueness and scarcity. That’s the non-fungible part of an NFT.
What are the benefits of NFTs?
One of the main benefits of using NFTs to purchase assets is something we just covered: proof.
Thanks to the blockchain, NFTs prove the authenticity of an asset, along with ownership, and that record can never be altered - unlike most digital and physical records that exist today.
What’s in store for the future?
Despite some of the negative news around them, NFTs make some pretty incredible things possible: they empower artists and creators, create tamper-proof records and allow massive amounts of data to be tracked and verified.
In light of the recent Solana hack, there’s no better time to familiarize yourself with some of the most common cryptocurrency scams and how to avoid them.
Scam 1: Impersonation
Someone claiming to be a Blockchain.com employee may contact you via email, phone, or social media and ask for your recovery phrase, private key, or login information. We will never ask you for this information.
You can check if a request is real with a Support Center Ticket: https://support.blockchain.com/hc/en-us/requests/new
Scam 2: Phishing
An email asks you to go to a website and reset your password or provide your private key. These sites often look identical to the sites they impersonate and can have a similar URL like b1ockchain.com. These scams often result in a malicious third party recording your login details and stealing your funds.
Scam 3: Fake investments or blackmail
This type of scam may ask you to “pay a fee” or “pay a tax” in order to release a bigger amount of funds to you. Scammers usually impersonate authorities and financial institutions that don’t usually operate this way.
A variation involves someone claiming they have your personal information, such as access to your spending records, browsing history, or webcam. They may then demand a ransom in crypto. These emails usually come as a result of your contact information being involved in a data breach and shouldn’t be trusted.
🔒 Stay vigilant and keep your private keys and passwords safe.
You can now buy crypto using Apple Pay and Google Pay in your Blockchain.com Wallet.
Simply connect your debit card to Apple Pay or Google Pay (if you haven’t done so already) and take the following steps:
Update your Blockchain.com Wallet app to the latest version in the Apple App Store or Google Play Store.
Log in to your Blockchain.com Wallet.
Choose the crypto you’d like to buy.
Enter the Amount you’d like to purchase.
Select Apple Pay or Google Pay as your payment method.
Tap Preview Buy.
Buying crypto has never been easier.
Note: Apple Pay and Google Pay are currently available in the Blockchain.com Wallet mobile app with support for web browser coming soon.
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A private key wallet–also known as a non-custodial wallet–is like having a locked mailbox that only you can access.
But unlike a regular mailbox with a physical key, the “key” in a private key wallet is a string of random words called a “seed phrase.”
Why is a private key wallet important?
With a private key wallet, you have a “mailbox” (address) on a blockchain ––that isn’t publicly linked to your name or residence––where you can send and receive crypto.
Again, only you have the key to this “mailbox,” but you can give the public address to anyone you want to send you crypto.
Who has the keys to your crypto?
While having a private key wallet gives you the most control over your funds, it comes with the responsibility of keeping your keys safe. This is the origin of the popular crypto phrase “not your keys, not your crypto.”
With a real private mailbox, if someone has the public address and the key, they can steal your mail and it’s the same with a private key wallet.
If someone knows the public address of your wallet and has your private key, they can steal your funds.
What are the benefits of a private key wallet?
The main benefit is security.
While the post office can open up mailboxes, there's one major difference between that and your private key wallet: Blockchain.com cannot open your mailbox under any circumstances––only you can.
Simply put, with a private key wallet, no one else has access to or control of your funds unless they have your seed phrase.
What can I do with my private key wallet?
You can use your Blockchain.com Private Key Wallet to:
Send to and receive from any external address
Swap to and from popular cryptos
Send to, and receive from, your Trading Account
A crypto wallet is a device or program used to send, store, and receive cryptocurrencies. Behind the scenes, the wallet stores cryptographic information used to access and send from a blockchain address.
Think of it like a personal bank account for your cryptocurrencies–just without the bank.
How does a crypto wallet work?
Even though we use the word “wallet” when talking about storing crypto, these wallets actually just control blockchain addresses and secure this control through cryptography. They do not actually “hold” anything inside them. The crypto addresses do.
Each Bitcoin wallet contains a set of secret numbers, or private keys, that are used to sign Bitcoin transactions, giving the person with the keys control over the crypto at that address. If someone has access to a wallet's private keys, they can move the crypto anywhere they like.
How do I keep my crypto wallet safe?
With cryptocurrencies becoming targets for hackers, crypto safety is critical.
Protect your wallet with a strong passcode.
Use two-factor authentication for sign-in.
Never share your account credentials or seed phrase (also known as your private key recovery phrase) with anyone.
While Blockchain.com will never DM you, scammers may.
What if I lose access to my crypto wallet?
Accidents happen, devices get misplaced, and things break. Most modern crypto wallets have a twelve-word seed phrase, which can be used to restore the wallet if a device is lost or damaged. These words should be stored in a safe place since anyone who finds them can access your cryptocurrency.
Want to explore everything the Blockchain.com Wallet has to offer, from buying, selling, and swapping to earning rewards on your crypto?
Ethereum is a "virtual machine" that can run decentralized applications (dApps), programs that operate without a third party, and smart contracts, scripts of code that automatically execute under certain conditions.
Ether, the cryptocurrency that powers the Ethereum network, has the second-largest market capitalization in the space.
While many see Bitcoin as a store of value, most see Ethereum as a platform for launching new cryptocurrencies and decentralized applications.
Use cases of ETH
Smart contracts and dApps. A smart contract could reward a musician when a music dApp plays their song or grant a loan to someone using crypto as collateral in a decentralized finance (DeFi) protocol.
Tokenize anything. Ethereum allows users to create their own unique, non-fungible tokens (NFTs) that can represent anything from virtual assets to real-world commodities. Users can then trade these tokens or use them to power other decentralized applications.
Create a new currency. Ethereum lets anyone create their own cryptocurrency with a few lines of code. For example, USD Coin (USDC) runs on Ethereum.
Transaction fees. When you send an Ethereum-based token or use the network, you pay transaction fees in ETH.
Why is ETH getting attention?
Upcoming upgrades. To improve scalability, Ethereum will change how it secures its network later this year, from the process Bitcoin uses (proof of work) to one that uses significantly less energy (proof of stake).
NFT mania. From art to real estate, these digital assets have gone mainstream. Many of the world's biggest brands have devised NFT strategies to meet increasing demand.
Institutional interest. Big-name investors and institutions have invested into Ethereum, recognizing its potential as a platform for decentralized applications.
To find out more about Crypto Coins and to see what coins are moving, visit https://www.blockchain.com/ | The Most Trusted Crypto Wallet & Exchange
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