Crypto News and Investment

Ethereum was first mentioned in 2013 in a whitepaper by Vitalik Buterin, a developer who was working on Bitcoin at the time. Buterin believed that Bitcoin should be made more customisable. He believed Bitcoin should go a step further than simply being a store of wealth and that it needed smart contract features to determine automatically when payments should occur, for example. This project was not taken up for Bitcoin, therefore Buterin created Ethereum in 2014 for this purpose. Ethereum pioneered what’s known as an initial coin offering (or ICO), selling to initial investors about 60 million Ether tokens while the project was still in development. This kickstarted a large drive to develop and further promote the Ethereum ecosystem whilst paying for legal fees and development costs. Since then, Ethereum has grown substantially. Multiple other projects have launched, and begun development on the Ethereum platform, with varying degrees of success. Enjoy 10% when you register...

Ethereum and Bitcoin share many similarities. In this article, we’ll try to highlight the most fundamental differences between them. The biggest difference is the purposes or ultimate goals of these projects. Bitcoin aims to be a store of wealth, a  digital gold  if you will, and eventually become a globally adopted currency which could improve or replace conventional money to some extent. The purpose of Ethereum is to become a platform upon which smart contracts and decentralised apps can run. Another important difference is the supply. Where the number of Bitcoin is capped at 21 million ever to be produced, Ethereum is not capped to any specific quantity. Both Bitcoin and Ethereum are produced in a process called  mining . There are plans to shift Ethereum production to a proof of stake model, which should be more environmentally friendly than mining. More information on proof of stake can be found in the links below. There are several technical differences ...

While Bitcoin is a very exciting technology and new form of money, it doesn’t mean that there is no risk associated with it. As a starting point, it’s important to remember that the same intuitive rules that apply to traditional money also applies to Bitcoin. For example, don’t store cash under your mattress else it might get stolen, or don’t trust your money with strangers. Bitcoin also has some fairly unique risks: for one, it’s a brand new technology, and while it appears very secure and robust, there is always a chance that it might fail. That is also a reason why you should never put ‘all your eggs in one basket’ and never buy more Bitcoin than you can afford to lose. Bitcoin is also more volatile (i.e. it can move a lot in value both up or down in a short space of time) than many other currencies, and while this appears to be stabilising over time, it’s sure to experience many highly volatile moments in the future. Also remember that Bitcoin transactions are like cash i...

Recognising scams to reduce the risks Successful criminals stay ahead of law enforcement and regulation. They operate on the fringes of technological innovation and take advantage of people who are still learning. Therefore, as with any new technology, there are risks associated with digital currencies. We want you to understand the risks and ensure that you have the tools to protect yourself and your money. Phishing attacks Owning digital currency makes you a more attractive target for cybercrime.  Luno will keep your Bitcoin safe . But only you can keep your passwords safe. ‘Phishing’ is an attack whereby criminals use legitimate-looking fake websites to trick you into entering your password / details. They then use your password to access your account. Different types of phishing attacks Phishing websites.  Attackers create fake versions of websites to try and get you to enter login details. Beware of clicking through from fake Google ads. Before entering a...

Safely storing your Bitcoin is very important. Unlike other types of money that is controlled by banks, with Bitcoin you have many more options on how to store and control your money. Remember your private key that you need to move your Bitcoin? Well that is literally the key to storing it. Whoever has the key controls the Bitcoin. These keys can be either in digital or even in physical format i.e. written down on a piece of paper. How to store it then? You can leave the key in your pocket, but that’s not too secure. You can put it in a safe - that’s a lot better. But someone can still break into your house and steal it. Given you want to use your Bitcoin regularly, you might also want to put some or all of it in a digital version on your phone so you can access it easier. The only problem is that if you lose your phone it means you will also lose your key, and there is no way to get it back. That is why companies like Luno exist - not just to make it easier to buy, sell and ...