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The Do and Don’ts of Using a Crypto Exchange

The Do and Don’ts of Using a Safe Crypto Exchange

February 15, 2023

The Do and Don’ts of Using a Safe Crypto Exchange

February 15, 2023

Blog » Posts tagged "Crypto" (Page 2)

The Do and Don’ts of Using a Safe Crypto Exchange

Cryptocurrency exchanges are vital to the continuation of the ecosystem. But, for a first-timer, or even someone who thinks they know their way around them, there are a number of golden rules you should follow in order to make your time on a safe crypto exchange a happy, profitable, and secure one.

Here’s our list of crypto exchange dos and don’ts to ensure you don’t fall foul of the taxman, hackers, and more.

What you should do when using a safe crypto exchange (Dos)

1. Do conduct research before registering

You will probably be handing over your identity documents to any exchange you intend to use more than once, so you need to know they’re trustworthy. Of course, you’ll never be 100% sure (FTX anyone?), but 9 times out of 10 you get a feel for how reputable they are when using them.

It’s not quite the wild west out there anymore, in that very few exchanges are intentionally out there to pull a fast one, but some online sleuthing prior to signing up will help you get an idea of whether or not your potential exchange is a truly safe crypto exchange.

2. Double-check your transactions

If there’s one truism about crypto which applies at all levels, it is that you are in control of your own money. This goes for storage but also for trading, because if you make a mistake when buying or selling then there are no ghostbusters to call.

There are many horror stories of traders who have put in an extra zero by accident, or tapped ‘buy’ rather than ‘sell’, and have decimated their holdings in a split second.

To avoid this fate, double-check each trade before you execute, and don’t rush anything. A slow hand might cost you a few cents, but a ‘fat finger’ could cost you a whole lot more.

3. Do use all available security protocols

There are several things you should do to minimize the chances of a hack. First, use a brand new, complex password of at least 16 characters that you haven’t used anywhere else.

Okay, it doesn’t have to be THAT complex, but you get the picture…

Second, use two-factor authentication and ensure that you have email withdrawal verification turned on. This means no one can withdraw funds without having physical access to your phone, and you will be alerted if anyone ever tries to take money out.

4. Do use tax software to record your activities

No one likes to pay tax, but the chances are you will have to do so on your crypto gains. There are some great crypto tax software packages out there nowadays that do all the calculating for you and spit out a handy report at the end of the tax year.

It’s well worth adding each exchange to your tax software before you use it. This is as simple as creating an API, and it will save severe headaches down the line.

5. Do keep a whitelist of addresses

It’s a good idea to add addresses you regularly use to a whitelist on your safe crypto exchange of choice. This means that you don’t risk entering it wrong each time you need to, while some exchanges have an option that means you can’t withdraw to a non-whitelist exchange, further increasing security.

What you shouldn’t do when using a crypto exchange (Don’ts)

1. Don’t be greedy!

Unless you’re an experienced or professional trader, you shouldn’t touch the various options that many exchanges throw your way these days, such as leverage, margin, or options trading.

If you really want to learn how to use these functions then dedicate the time to learn how they work before trying them and be judicious with your spending – selling at a loss is one thing, getting liquidated is quite another.

The crypto market is volatile enough without turning it up to 11, so most people should stay away from these temptations.

2. Don’t keep all your funds on there

You should only keep funds you intend to trade with over the next few days on an exchange, with the rest stored safely in an offline wallet. This is to reduce the chance of your account getting compromised in some way or the exchange going offline.

Exchanges are intended to be a place where you can swap one cryptocurrency for another, not where you store your coins long term.

3. Don’t publicize your success

You’ve just made a life-changing amount of money – congratulations! If you want to keep it that way, don’t boast about it on social media. You will soon find yourself attracting the wrong sort of attention, such as social engineering or phishing attacks aimed at getting into your exchange account and swiping your earnings.

Hackers are clever than ever, and they will play the long game if they suspect you of having a great deal of money in your account, so don’t give them the opportunity to find out.

4. Don’t be wedded to one safe crypto exchange

While some crypto exchanges are certainly better than others, you shouldn’t limit yourself to just one or two – doing that will mean you miss out on the best gains.

Projects generally don’t launch on the likes of Binance straight away; instead, they find homes at smaller exchanges and grow from there.

If you’re looking for the best gains, you’re going to have to go farther afield and register with some smaller exchanges, which is absolutely fine, providing they fulfill your criteria of trustworthiness.

5. Don’t download more apps than you need to

Most reputable exchanges have an app these days but don’t install it on more devices than you will use on a regular basis. Each app you install it on is another potential security risk if you don’t check it very often, so just keep it to the one or two devices you use most often.

Also, make sure those devices have a fairly good malware and antivirus program on them.

Start using safe crypto exchanges today!

As you can see, some of these rules are common sense and some are specific to the crypto world, but all of them will make your use of crypto exchanges a much smoother process.

We wish you happy, and safe, trading.

New to Crypto? Here’s How to Start Using Cryptocurrencies

February 12, 2023

New to Crypto? Here’s How to Start Using Cryptocurrencies

February 12, 2023

Blog » Posts tagged "Crypto" (Page 2)

3 Easy Steps to Start Using Cryptocurrencies

So you want to get in on the crypto game but don’t know how to start using cryptocurrencies? We got you! As cliché as this may sound, everybody needs to start somewhere. And hey, good on you for taking the first step in your crypto adoption journey today.

Getting started with cryptocurrency is actually very easy, believe it or not. Many new users are deterred by the digital nature of these coins, often under the impression that you need to be some sort of digital whizz-kid to understand how crypto works, and how to use it.

We’re here to tell you that is NOT the case – everyone can use crypto. And once you’ve discovered the many benefits of using cryptocurrencies over traditional fiat currencies, there’s no going back.

What exactly are cryptocurrencies

Cryptocurrencies are essentially just a digital form of traditional currencies. Yes, there are many different types of crypto created for various purposes, but today, we’re keeping it simple to get you started with the basics of using these digital coins.

Cryptocurrencies are created using cryptography, which is coding used to keep data between a sender and a receiver secure. Furthermore, many cryptocurrencies are not issued by central authorities or financial institutions such as banks, but rather exist on a digital public ledger known as a blockchain.

By using blockchain technology, cryptocurrencies cut out the need for third-party payment providers and create a secure means for the sender and receiver to transact. The best part is, transactions are almost instant.

A blockchain “Node” refers to independent moderators that build and maintain the blockchain network. Nodes are rewarded in crypto for validating transactions and “mining” new coins on the blockchain. Do you need to understand all of this to start using cryptocurrencies today? No.

Without getting too technical, cryptocurrencies are simply an alternative to traditional currencies and allow you the opportunity to invest, purchase goods and services online, or simply use them as a means to avoid high transaction fees and lengthy processing times associated with government-issued currencies and banks.

Why use crypto?

Cryptos offer higher levels of security than traditional currencies.
You can take advantage of lower fees when transacting online.
It’s private. None of your personal info is attached to your transactions, only your crypto deposit or receiving address.
Crypto transactions are much faster than fiat currencies thanks to the use of blockchain technology.

3 steps to start using cryptocurrencies today

As mentioned, getting started with cryptocurrency is very easy. You can become a full-fledged member of the crypto community today if you follow these 3 easy steps to start using crypto.

1. Do your research

If you want to get started with crypto, you’ll need to do a little research first. Fortunately, learning about crypto is actually quite a bit of fun. We’re a quirky bunch in the crypto community and love using acronyms, memes, slang, and funny explanations to teach others about crypto.

Read up on the latest trends, crypto news, and new coins coming into the market, especially if you want to stay ahead of the game. Reading articles such as How bitcoin reached $1,000 for the first time can help you understand the history of bitcoin, and how this applies to the future. You can also visit crypto forums such as bitcointalk.org to get your finger on the pulse of the crypto community.

If you’re looking to start using cryptocurrencies for online gambling, for example, finding out what the best and worst cryptos for gambling are will also be advantageous. You have to understand that the cryptocurrency market is a volatile one, and keeping up to date with what is happening in the crypto space can only do you good.

2. Find a means to store your funds

Once you’ve researched the coins you’d like to get into, it’s time to get your hands on them to start using cryptocurrencies as soon as possible. However, you can’t exactly withdraw crypto and put it in your pocket. You’ll need a digital crypto wallet to store your funds.

Now, this may sound like some techy mumbo-jumbo at first. But setting up a crypto wallet is pretty much just as easy as creating an account with an online store. All you need is a mobile device and a few minor details, and you’re ready to go.

Click on the image above for a full explanation of how crypto wallets work, which types of crypto wallets there are, and how you can set one up today. And please, when getting started with cryptocurrency, make sure you choose a safe and trustworthy wallet to store your funds.

3. Choose a trusted crypto exchange

The final step to get started with crypto is to find a safe and trusted crypto exchange to purchase your coins. This goes hand-in-hand with the first step, research. How to find a safe crypto exchange?

You’ll need to shop around and find out which crypto exchanges offer the best terms with a decent amount of cryptos to choose from. But at the same time, you’ll also need to take user-friendliness and accessibility into account.

Some top crypto exchanges:

Most of these trusted exchanges also offer mobile apps which include crypto wallets. This makes the process of purchasing and storing your crypto seamless. In most cases, all you’ll need to do is download the app, sign up, and you’re ready to start using cryptocurrencies today.

Take advantage of crypto gambling at Punt Casino

If you’re wondering what to use your crypto for, why not take a shot at a jackpot to increase your crypto returns tenfold in any of our payout-packed casino games at Punt?

Yes, that’s right. You can get started with crypto gambling too, with all those exciting benefits we mentioned helping you take advantage of faster, safer, and cheaper deposits and withdrawals at Punt.

We have over 1,000 crypto-friendly casino games with the world’s top bitcoin casino games and game providers available on our menu.

But it’s not only our casino games that see you scoring big returns on your crypto. We also offer all our players bankroll-boosting bonuses and free spins promos that could see you double your deposit (or more) instantly when you sign up at Punt.

Take a look at our Welcome Package for example, where you can get 150% EXTRA on your deposit, and get 15 FREE SPINS on one of our hottest slots, Gods vs Titans.

But it doesn’t end there. Visit our Promotions page today to find out about the newest offers at Punt. We also have exciting tournaments and competitions running frequently with big money on the line.

Start using cryptocurrencies and take advantage today

Congrats, your crypto adoption journey is officially underway. As you can see, getting started with cryptocurrency is fairly easy. We hope you’ve learned a thing or two about using cryptos in this article. But remember, we have tons of articles on the Punt Casino Blog that’ll give you an even deeper insight. But for now, welcome to the party, and may the force be with you.

Sam Bankman-Fried facing criminal charges in court.

Will Sam Bankman-Fried Go To Jail?

February 8, 2023

Will Sam Bankman-Fried Go To Jail?

February 8, 2023

Blog » Posts tagged "Crypto" (Page 2)

Sam Bankman-Fried Jail Saga: Will SBF Go to Jail?

The collapse of the FTX empire in November 2022 was shocking both in its speed and scale, and now, a Sam Bankman-Fried jail sentence may be looming. On the surface, it appeared to be a well-run cryptocurrency exchange that offered a range of attractive services and barely any downtime.

However, as we now know, under the surface it was at best a disorganized mess and at worst, a criminal enterprise.

Former CEO Sam Bankman-Fried is now famous across the world as the face of the collapse and has had multiple criminal charges leveled at him from various U.S. regulators and law enforcement agencies. The question is, however, is a SBF jail sentence inevitable, or, as with another famous face who presided over a crypto exchange collapse, could he escape?

The Ghost of MtGox

When MtGox collapsed in February 2014, many instinctively thought that CEO Mark Karpeles was behind the loss of 745,000 bitcoins from the exchange.

When evidence emerged that someone had been using a trading bot to buy up hundreds of thousands of bitcoins in MtGox’s last days and that the accounts using those bots could only have been accessed by Karpeles, the writing was on the wall.

Karpeles was arrested in July 2015 and went on trial two years later for the use of trading bots. He was found guilty, but the judge believed Karpeles’ story that he was doing it to try and repair a hole in the company books and that he never stole the bitcoins.

Karpeles’ claims were backed up by convincing evidence not available at the time of his arrest, and he escaped with a four-year suspended sentence, much to everyone’s surprise, beating Japan’s 99% conviction rate.

A similar situation appears to be happening with the Sam Bankman-Fried jail sentence, albeit on a much more serious level.

Sam Bankman-Fried jail sentence and criminal charges

On December 12, 2022, Bankman-Fried was hit with eight charges by U.S. federal authorities:

Securities fraud (multiple cases).
Wire fraud (multiple cases).
Money laundering.
Conspiracy to avoid campaign finance regulations.
Conspiracy to commit wire fraud.
Conspiracy to commit securities fraud.

He was also hit with multiple other charges by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, but these would only result in financial penalties rather than putting Sam Bankman-Fried in jail.

Bankman-Fried’s Alleged Criminal Behavior

Bankman-Fried’s charge sheet is 13 pages long, so we won’t go into much detail on the alleged offenses. But what we can say, is that it all makes for a heady cocktail of financial skulduggery that would make even a mafia godfather wince.

In short, Bankman-Fried is said to have masterminded an operation designed entirely to enrich himself and his closest associates, chiefly by swapping funds at will between his various entities and giving his companies an unfair advantage over its customers, whose money he was taking as he exacted this advantage.

Even without the benefit of seeing the evidence, the odds seem stacked against Bankman-Fried from the outset. Each one of the eight charges against him might see SBF jail-birding with a prison sentence of multiple years.

If he were to be found guilty on all accounts, he could, theoretically, be looking at hundreds of years in prison.

We don’t yet know what argument his counsel is going to put forward in his defense, but it is going to have to be spectacular to get him off all the charges.

A Plea Deal Won’t Save Him

What is more likely is that the litany of charges has been put against him in the hopes that he cooperates as part of a plea deal. This would see the lesser charges get dropped if he agrees to help in the ongoing cases against Caroline Ellison (Alameda Research CEO) and Gary Wang (FTX co-founder).

The problem for Bankman-Fried is that he has already pleaded not guilty to all charges, whereas Ellison and Wang have taken the deals offered to them. This means that they are already opening up on everything they had to do with Bankman-Fried and FTX.

Of course, we don’t know the full scale of the evidence that federal prosecutors will use to put Sam Bankman-Fried in jail – the collection of which is going on right now. However, we have some great insight from John Ray III, who commented on what he found at FTX in the days after he took over:

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

Ray also revealed that high-ranking individuals at FTX had taken steps to “conceal the misuse of customer funds” and also referenced the “secret exemption of Alameda from certain aspects of FTX.com’s auto-liquidation protocol”, which meant that Alameda could not get liquidated if its trades went south when regular customers did.

Small nuggets like this give us an insight into where the activity at FTX crossed the line from mismanagement to illicit activity.

Writing on the Wall for Bankman-Fried

Excerpts like those from Ray allow us to see this case in a different light to MtGox. Karpeles may have (and did) make some bad decisions during his tenure, and he was terrible at communication, but from what we know since its collapse, there was much more nefarious activity going on at FTX.

Of course, everyone should be presumed innocent until proven guilty, but the sheer weight and severity of the crimes leveled at Bankman-Fried mean that, even if he changes his plea to guilty, a Sam Bankman-Fried jail sentence may still be imminent and he will almost certainly face decades in prison.

For example, just one count of conspiracy to commit wire fraud carries a maximum of 20 years in prison, and he is facing much more serious crimes than that.

The only way that SBF can avoid jail is by winning on every single charge or hoping the government’s case falls apart completely in the interim. While not impossible, the odds of either of these are remote, and it is much more likely that Sam Bankman-Fried’s jail sentence may see him spending the bulk of his adult life behind bars.

How to Deposit at a BCH Casino in Under a Minute

December 22, 2022

How to Deposit at a BCH Casino in Under a Minute

December 22, 2022

Blog » Posts tagged "Crypto" (Page 2)

Your super simple BCH casino deposit guide

Love playing with BCH? Then this step by step guide on BCH Casino deposits is just what you need.

If you’re a crypto novice, or a first time player at a crypto casino, the idea of making a BCH casino deposit might be daunting.

You may worry that it’s a complicated process. Or perhaps you’re worried about the safety of your personal and financial information. Whatever your apprehensions, we’ll put them to rest in this easy to follow BCH Casino deposit guide.

In this blog we’ll cover the simple to follow steps on how to make a BCH casino deposit. We’ll also briefly cover why BCH casino deposits are super secure. Then, we’ll list some of the best BCH games to play as soon as you’ve made your deposit.

Let’s jump right in.

How to deposit at a BCH Casino

We’ll have you making that first deposit in no time – and claiming that epic welcome bonus, too.

Deposit BCH in 10 steps or less:

Set up a crypto wallet – here’s how
Purchase your bitcoin cash from a safe and reputable crypto exchange – this guide tells you what to look for
Register your Punt Player Account
Head to the Cashier (top right of your screen)
Select your deposit amount from the options available (or enter it manually)
Choose Bitcoin Cash as your crypto payment method
Click Deposit
Copy and paste the crypto web address into your crypto wallet
Complete the transaction within your crypto wallet – ensuring that your deposit amount matches the deposit amount you entered in the Punt Cashier
Your deposit will reflect within a matter of minutes (if not instantly)

It’s really that easy!

What makes BCH casino deposits safe?

If you’re worried about the safety of your personal and financial information, we’re here to assure you that BCH casino deposits are protected by airtight security measures.

4 reasons a BCH casino deposit is safe:

With any blockchain transaction, there are several layers of encryption that protect your data
Transactions are completely anonymous – which means that your privacy is guaranteed
Crypto transactions don’t contain any of your personal info, unlike third-party providers (such as banks), which makes you less prone to being hacked or becoming a victim to identity theft
Crypto wallets make use of a unique private key that only you have access to

See? Super safe. Plus, Punt Casino is fully encrypted with a 256-bit SSL Security certificate, adding another layer of protection to your BCH casino transactions.

The best BCH casino games to play right now

Thousands upon thousands of insanely epic titles are right at your fingertips. At Punt Casino, we go big when it comes to our game offering, and you can expect some of the best crypto games, powered by the industry’s biggest providers.

These software providers currently include:

Spribe
BetSoft
Reevo
KA Gaming
Tom Horn
Dragon Gaming
Fugaso

We say ‘currently’ because we’re constantly adding new providers. This means that you’ll always have the most innovative games to choose from.

Discover More Games

What are you in the mood for? A sensational slot, with tons of thrilling themes to choose from? How about a slow-burning tables game, where you’re required to use wit, skill, and strategy to beat the house? Looking for something different? Try any of our specialty games.

Whatever you’re looking for, Punt has it. And we’re adding new titles on the regular – so remember to keep your eyes peeled for our hottest new slot drops.

Deposit and claim your welcome bonus instantly!

Woohoo! You know how to deposit, and that means that you’re eligible for Punt’s super epic, brand-spanking-new Welcome Bonus

Make your deposit and boost your bankroll with a fabulous 150% Welcome Bonus and 15 Free Spins on Reevo’s slot, Atlantis Warriors.

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How to Deposit at an XRP Casino

December 20, 2022

How to Deposit at an XRP Casino

December 20, 2022

Blog » Posts tagged "Crypto" (Page 2)

Playing at an XRP Casino? This is how to get started

In case you didn’t know by now, Punt Casino is big on depositing guides. We have one for pretty much every cryptocurrency on offer, and now we’ve added XRP to the mix!

We’ve put together this insanely easy to follow step by step guide on depositing at an XRP casino. Plus, we’ve advised you on where to purchase XRP if you don’t yet know how to do so.

Transacting at a XRP casino

If you’ve ever gambled at an XRP casino before, you’ll know just how advantageous it is. Faster deposits and withdrawals, cheaper and safer transactions, and complete anonymity are just some of the epic benefits of XRP betting.

We’ve provided a basic breakdown of how to deposit and withdraw at XRP casinos below.

How do deposit at Punt

But first! Watch this super comprehensive video below. Our resident Punt expert, Abby, walks you through the process of depositing bitcoin step by step. Depositing XRP is pretty much exactly the same – the only difference being the cryptocurrency you’re using.

XRP casino deposits

You won’t need to take notes – it’s really quite simple.

Find a crypto exchange: where to purchase XRP

Remember that before you are actually able to deposit into your Punt Player Account, you’ll first need to set up a crypto wallet. And, you’ll need to find a trustworthy crypto exchange site with which to purchase your Ripple.

If this is Greek to you, don’t stress. We’ve outlined this for you below.

With hundreds available, deciding on a crypto exchange site isn’t as clear cut as it may seem. There are crucial considerations such as safety, trustworthiness, and reliability. So, how do you go about choosing the right one?

Do your homework

Research, research, research! Read reviews, find out what people are saying, and get a clear overview of the user sentiment behind the various crypto exchanges before committing to one. Some people opt to make use of more than one crypto exchange, preferring to diversify to lessen risk, or to make the most of the different advantages associated with each. This is totally up to you.

Popular crypto exchange sites based on user volume:

Binance
OKX
Coinbase
Gate.io
Huobi
Kucoin
Crypto.com

Our recommendation: Coinbase

Ripple is available on most cryptocurrency exchange sites, such as Coinbase. You can find out everything you need to know about finding a safe and reliable crypto exchange in this blog.

Making your XRP deposit at Punt Casino

Step 1 – create your Punt Casino Player account

If you don’t have a Punt Player account yet, it only takes a few seconds to enter your details and create your account.

Play at Punt

You can either make your first deposit when signing up by making use of the quick-deposit window, or by going through the cashier.

If you opt to deposit through the quick-deposit window, you’ll be able to create your account, deposit, and claim the first part of your welcome bonus simultaneously. We’ve created a guide for you on how to claim your welcome bonus.

If you prefer to deposit through the cashier directly, the depositing process is pretty much the same. This also allows you to deposit when you’re ready, instead of right away.

Here’s how to sign up and deposit:

Click on Sign Up
Enter your information (email address, password and preferred currency) in the pop up that appears
Click on the orange Sign Up button on the pop up window
Verify your account via the email address you used to sign up
Once your email address has been confirmed, you are an official Punt member

From here, you’ll be directed to the Promotions page, where you are able to claim any of the available bonuses that Punt has created just for you. This is where the depositing happens.

Step 2 – Making your first deposit

This part is really easy! Select your deposit amount from the options available to you in the cashier menu, or enter your own amount.

Remember that the minimum deposit at Punt Casino is $9. If you want to redeem a promotional offer, keep in mind that each promotion has its own minimum deposit amount.

Next, choose your crypto payment method. Here. you’ll obviously choose Ripple.
Once you’ve done this, click Deposit.

Copy and paste the crypto address that appears into your web wallet – or scan the QR code for quick access.

Complete the transaction within your web wallet by entering the amount that you have chosen in the Punt Cashier deposit window.

Once your transaction has been verified and approved, your funds will reflect within 15 minutes (or immediately).

Now that you’ve got a few bucks in your bank, it’s time to go wild – exploring the thousands of thoroughly absorbing games that Punt has on offer.

What are the best XRP casino games?

One of the wonderful things about XRP gambling is the sheer volume of exceptional games at your fingertips! At Punt Casino, for example, there are thousands of top titles to pick from, powered by the finest software developers the industry has to offer.

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These games include sensational slots that will keep you spinning and winning, and thrilling table games where you can finesse your skills and hone your strategy. Plus, win mega amounts when you try your hand at a progressive slot, or wind down after a long day with a simple game of keno. The options are endless when you’re playing at an XRP casino such as Punt.

Don’t forget to claim your welcome bonus, either! You’ll get a brilliant bonus boost: up to 6 BTC and $25 free chip.

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Learn about HODL and what it means at Punt Casino.

What Does HODL Mean? Looking Back at Bitcoin’s Most Famous Term

December 18, 2022

What Does HODL Mean? Looking Back at Bitcoin’s Most Famous Term

December 18, 2022

Blog » Posts tagged "Crypto" (Page 2)

What Is HODL? The History of HODL and Meaning Explained

What is HODL? Before we dig into that, there is 1 thing you should know. Memes and slang words play a big part in communication between members of the crypto community. It’s almost as if knowing the lingo makes you part of the club, and to some extent, it’s true (as juvenile and totally ridiculous as it may sound).

But hey, if you want to join the club, there’s enough room for all. And getting to know the lingo around Bitcoin and other cryptos can be one of the most entertaining, and in the case of today’s article, interesting stages of your indoctrination into the world of crypto. And with that, welcome to the club.

So, what is “HODL”, or “Hodling” all about?

The meme “HODL” is something that you’ll without a doubt come across while dabbling in the world of cryptos. It has become rather synonymous with the crypto space and is an entreaty to hold your bitcoin through bear markets with the expectation that prices will eventually recover.

In modern times, the phrase ‘diamond hands’ has come to replace it in some areas, mostly with the amateur stock market trading crowd. However, “HODL” is the original call to stand firm. But what is HODL? And where did it come from? Let’s find out about the history of HODL.

Surprise, surprise! HODL is NOT an acronym

Many believe that the term HODL stands for ‘Hold On for Dear Life’. This belief refers to the ups and downs of the cryptocurrency markets. It was perpetuated by TV show host John Oliver, who referenced this explanation in his evisceration of the cryptocurrency space in March 2018. However, the real history of the term is much different, and funnier.

The history of HODL starts on December 18, 2013 – two weeks after Bitcoin had broken its all-time high of $1,124 that was achieved only four days earlier. Since hitting this figure on December 4, Bitcoin had experienced a 54% decline. This caused many to believe that Bitcoin had topped out and that the bull run was over. It was a prophecy that turned out to be true.

By December 13, Bitcoin was hovering around $520, with sentiment turning decidedly sour since it was last climbing that level in November. So, what is HODL? Well, at 10:03 AM, BitcoinTalk user, GameKyuubi, who had been a member of the forum since June 2011, wrote and published a now infamous post. This post contained a key misspelling in the title – ‘I AM HODLING’.

That last line is an absolute classic! The post, a helping of word soup that contained mixed capitalization, typos, invective, accusations, regrets, and the not-so-subtle use of language, was written after GameKyuubi had consumed “some whiskey”, which he also acknowledged was misspelled. This, is how the history of HODL began.

“not part of that group”

GameKyuubi informed readers that he was planning to hold bitcoin rather than try and sell at the right time to maximize profit. The reason? “I’m a bad trader and I KNOW I’M A BAD TRADER.” He went on to explain how some traders knew exactly when to buy and when to sell. He also that they were trading on the emotional reactions of other, less experienced souls.

When referring to these expert traders, GameKyuubi asserted that he was “not part of that group”. This is a realization that comes to many newcomers in the crypto space when the Bitcoin price comes down the other side of the mountain having thought they were geniuses on the way up. He crystallized this point at the end of his rant.

“You only sell in a bear market if you are a good day trader or an illusioned noob. The people in between hold. In a zero-sum game such as this, traders can only take your money if you sell.”

A meme is born

If it wasn’t already clear that this would be a post for the ages. One respondent’s simple reply of “HODL!” guaranteed its immortality, with responses such as “WE OL SHAL HODL!” and “Spartans Hodl” coming thick and fast.

One visionary suggested that, “I could see a meme coming from this post with (a) bit of creativity.” He wasn’t wrong. No one needed to ask ‘what is HODL?’ anymore. The notion was immediately clear to all those with any exposure to Bitcoin.

The thread quickly gained popularity. Hundreds of people jumped on board the HODL bandwagon. Although, the message behind it was sorely tested as Bitcoin endured a near 2-year bear market which saw prices plummet as low as $360.

However, comments from the time support the notion that people were indeed HODLing and waiting for the market to rebound, rather than abandoning the principle. This, of course, proved to be the right play.

The last few posts on the HODL thread were made in July 2016 as Bitcoin’s price approached $700 again. This proved the concept was still holding strong:

“Holding is the only thing that makes sense now. Just think about selling now and the price going to 2k in a couple of years.”

Little could this poster have imagined that Bitcoin would hit ten times that figure in a little over half the time. And that, is the history of HODL.

What is HODL today? A solid message

So what is HODL all about these days? The HODL meme has only grown over time as the space has increased in size, valuation, and the number of participants. For obvious reasons, it is particularly prevalent during bear markets when the temptation to sell after having held a loss is increased for fear of further downside.

Along with the general message to hold Bitcoin for the long term, the actual content of the post, which is often forgotten, is also a great lesson for newcomers. Trading in cryptocurrency markets is something that very few people are cut out for. For the inexperienced, doing so is an easy way to lose your bitcoin. Don’t get “rekt”.

Only those who have experience of trading in other markets, or are trying to learn the ropes and are happy to lose money while they do so, should be involved in multiple acts of buying and selling during a bear market.

The vast majority of people, as GameKyuubi says, should simply HODL and not try to outsmart those that are more efficient traders than they are.

HODL is more than a meme

Today, HODL is more than a meme, and certainly more than just a typo – it is almost a franchise. You can buy HODL t-shirts, hoodies, caps, mugs and more. Leaders in the crypto world frequently use the term in their online discussions, and for some, it has come to embody a way of life rather than just a way of preserving wealth.

HODL is becoming a symbol for perseverance and hope, for holding on through the hard times and not giving up, as remembered throughout the history of HODL.

HODL is slowly becoming a 21st-century continuation of the stoic philosophy that dates to around the third century BC. Assuming that it continues to do so, it would be quite something if a drunken typo from a Bitcoin bear market survivor acts as the catalyst to an entire philosophical movement.

The history of HODL is something that those outside the crypto space won’t be aware of. Many will assume, as John Oliver did, that it is a thought-out acronym, rather than a near decade-old misspelling.

Now, however, if you hear anyone trying to make such an outrageous claim, you will be able to proudly explain what HODL stands for – none of that “What is HODL” business anymore – you’re part of the club now.

Learn how Bitcoin reached $20,000 for the first time with Punt Casino.

Bitcoin’s First $20,000 Breakthrough

December 12, 2022

Bitcoin’s First $20,000 Breakthrough

December 12, 2022

Blog » Posts tagged "Crypto" (Page 2)

The First Time Bitcoin Reached $20,000 and How

The Bitcoin $20,000 run made many millionaires almost overnight and is remembered as the first time that cryptocurrency really went viral. In this article, we relive those heady days and dig deeper into what happened on the way to the Bitcoin 20,000 breakthrough in some of the most pinnacle moments in its price history.

The roots of the Bitcoin $20,000 bull run

Bitcoin’s $20,000 breakthrough had its roots at the end of the prior bear market. In November 2013, Bitcoin topped out at $1,242 and spent the following 13 months in freefall, with a capitulation event in January 2015 acting as the final flush before the new cycle began.

This flush saw Bitcoin’s price drop from $317 to $152 in just a few days, with mainstream media outlets attributing it to various outside influences, including a hack on the Bitstamp exchange a week before, “anticipation of the Feds selling 100K more bitcoins in light of the #SilkRoadTrial news” in the words of Roger Ver, Russia banning crypto websites, and finally, miners needing to settle their loans.

Whatever the reason, the capitulation put the stopper in the bear market and sparked nine months of accumulation before the price started to rise again and the bull market properly began.

The $1,000 mark was a key level

Nobody took much notice of Bitcoin’s recovery, particularly the media outlets that had predicted its demise – until it crossed $1,000 again. Bitcoin accomplished this 3 years after it had last been there when Bitcoin hit the $1,000 mark for the first time.

Bitcoin remained in this $1,000 pocket for 3 months, finally breaking out and trebling in value by the middle of 2017. The bull market was well and truly raging on, and it was clear that this time around something was different.

More and more first-timers were coming into the market, those who had previously had no interest in Bitcoin but were reading in the news about how it had gone 10x in six months and hearing from friends that now was the time to buy in, which is where the lead up to the Bitcoin 20,000 dollar breakthrough took flight.

Bitcoin fever really began to take hold in the second half of 2017. Popular cryptocurrency exchanges such as Coinbase began to see more Bitcoin purchases than they had ever experienced, as newcomers to the scene raced to pick up a stack.

There was no specific fundamental reason why Bitcoin was experiencing such rapid growth – it was still only accepted in a minority of online stores, and use in the physical world was still largely non-existent.

At the time, a Bitcoin $20,000 price was but a dream, but there were a few companies offering crypto debit cards which seemed to be promising, but this form of adoption was still in its infancy. As before, this bull run was cyclical, with the Bitcoin halving, which had occurred in July 2016, once again providing Bitcoin price history right in dictating a bull run.

The ‘Block Size War’

Despite all the positivity and price increases, there was one issue that threatened to tear Bitcoin apart in 2017 – the block size war. The war over Bitcoin’s block size had been brewing for years, but in 2017, the battle was in full swing. Within the Bitcoin world there were, broadly speaking, two camps – those who wanted Bitcoin’s block size to stay at 1MB, and those who wanted to expand it.

As Bitcoin had become more popular over the years, the blocks that formed Bitcoin’s blockchain were filling up with an increasing number of transactions. This caused transaction prices to increase and the network to become slower, as the only way to get a transaction through in a reasonable time was to pay a higher fee to miners for processing it.

There were various solid arguments on both sides of the block size debate, and a series of attempted compromises led to the New York Agreement in May 2017. This is where Bitcoin-related companies and miners decided to implement SegWit2x – a 2-stage amendment to Bitcoin’s protocol aimed at solving the scaling problem – at least enough to satisfy most moderates.

The birth of Bitcoin Cash

However, this wasn’t enough for some of the ‘big blockers’, who announced that they would launch a competing coin off the Bitcoin blockchain (called a ‘hard fork) if part 1 of SegWit2x was activated as planned in July.

This was a problem for Bitcoin because if the alternative, called Bitcoin Cash, proved more popular than the original, it could have led to this alternative coin becoming the official ‘Bitcoin’, and a Bitcoin $20,000 price never being reached.

When the New York Agreement was announced in May, Bitcoin’s price jumped 65% in nine days. However, the concerns over what might be about to happen with the hard fork caused the Bitcoin price to tumble 30% in the weeks leading up to August 1.

Fortunately, fears over what the hard fork might do were overblown, and when it finally happened, it became clear that the original Bitcoin was still the preferred coin by miners, and the worries were swept away.

As a result, Bitcoin’s price continued on its stratospheric journey, jumping 170% to $4,900 by early September, with the idea that it might double its block size in just a few weeks. But for a Bitcoin 20,000 price to be reached, there was still a lot that needed to happen.

Bitcoin fever hits… hard

By September 2017, Bitcoin fever struck hard. A whole new breed of buyers was emerging, buoyed by the sudden ease with which BTC could be acquired – it was easier than ever to buy bitcoin with a bank card, and the numbers showed. Buying volumes went through the roof on all exchanges, including the newly launched Binance, with those who knew nothing about Bitcoin simply joining in for the ride.

It wouldn’t be long however before a familiar foe would enter the fray and test holders’ strength – China. China had effectively ended the 2013 bull run by announcing that banks were not allowed to handle cash connected to crypto exchanges, severing a vital lifeline at a time when Bitcoin was heavily China-driven.

This time around, in mid-September, the Chinese government went one further – it was banning cryptocurrency exchanges from operating in the country altogether, and there was no hope for a Bitcoin $20,000 value.

Despite the Bitcoin market being much more heavily diversified in 2017 than it had been four years earlier, the market still reacted badly – Bitcoin’s price fell from $4,178 to $3,000.

However, the general direction of the market was too strong for this to have any kind of long-term impact, and many exchanges experienced their biggest weekly Bitcoin buying volume of all time as a direct result, propelling the price from $3,000 to $8,000 in less than two months as Bitcoin shrugged off concerns over China.

Bitcoin Cash takes the lead

The coin experienced one final moment of peril before its race to the Bitcoin $20,000 mark, brought on by the block size war once again. On November 8, the architects of the New York Agreement revealed that the 2x element of SegWit2x, the block size doubling, would not go ahead, citing a lack of support.

This led to a surge of support for the new Bitcoin Cash coin, which rocketed in price while Bitcoin dropped 29% within a few days.

However, this support didn’t last and it was realized that Bitcoin Cash had missed its chance to overtake Bitcoin. Bitcoin Cash’s price surge faded just 4 days after the announcement, and, with the block size wars now over, Bitcoin is prepared to take center stage once again.

Bitcoin futures fuels the fire

Having seen off the competition, it was now purely a case of how high Bitcoin could go. By now, you couldn’t budge with mainstream media outlets discussing its incredible rise, fueling a buying spree that saw exchanges having to limit the number of new registrations on a regular basis. Bitcoin breached $10,000 for the first time at the end of November, leading to one of the craziest months in Bitcoin history, and finally the Bitcoin 20,000 dollar price.

In early December, twin announcements from the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) revealing that both had been given licenses to launch Bitcoin futures on their platforms led to one of the most explosive episodes in Bitcoin price history.

The price jumped from $11,600 to $16,500 in just 48 incredible hours. This presented the first institutional adoption of Bitcoin, and Bitcoin enthusiasts reveled in the news.

After a brief drop to $12,750, the coins rebounded and finally, we saw a Bitcoin $20,000 price value hitting the charts on December 17, 2017, marking an incredible run from just $800 the year before.

The mania was out of control, with predictions of $50,000 and even $100,000 doing the rounds. However, as it would turn out, this was to be the end of Bitcoin’s amazing run, with Bitcoin maxing out at $20,000 – for the time being, at least.

What stopped the runaway train?

There are several theories as to why the Bitcoin $20,000 run ended. One of the most compelling is that, contrary to the belief that the introduction of futures contracts by institutional players would help propel Bitcoin further, it actually acted to stop it in its tracks.

Futures markets allowed institutions with balance sheets bigger than Bitcoin’s entire market cap to short it (to place bets that it would go down) and use their influence to make sure it did. In fact, in 2019, Commodity Futures Trading Commission (CFTC) chairman at the time Christopher Giancarlo admitted as much in an interview:

“One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the National Economic Council director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.”

Bitcoin’s price history suggests that this is exactly what happened, and where Bitcoin would have gone had the U.S. authorities not gotten involved was a matter of much debate. Some who argue that it had been going parabolic for long enough and it was natural that it was going to come back down when it did.

Others, however, argued that with the number of people still waiting to buy in, it could well have kept going for some months more.

Of course, we’ll never know the answer to this question, but the Bitcoin $20,000 run in 2016-2017 will be remembered as the first time the general public got a foot in the door with Bitcoin – a love affair that has only grown stronger as the years have passed.

Slot Machine Money: Tips On How Much To Play With

December 8, 2022

Slot Machine Money: Tips On How Much To Play With

December 8, 2022

Blog » Posts tagged "Crypto" (Page 2)

Slot Machine Money: How Much Is Enough?

How much money should you put in a slot machine? There is no clear-cut answer to this question.

How much slot machine money to deposit depends on:

How much budget you have
The minimum and maximum bet on your slot(s) of choice
Whether the progressive jackpot can only be won by placing the max bet
How long you plan to play for

You’ll notice that each slot has a customisable bet amount. The slot will have a fixed minimum and maximum bet. You can adjust this to suit your style of play. Many people prefer to try out a new slot by making the minimum bet. This is until they’ve figured out the slot’s mechanics and feel more comfortable placing larger bets. Some players are high-rollers by nature, and don’t care too much if they are betting at the max bet. They’re just interested in those wins! Plus, you will always win more the higher you bet. No risk, no reward!

With that said, let’s take a look at some considerations when it comes to deciding how much money you should put in a slot machine.

Determine Your Budget

You should apply this to your gaming as a general rule. It’s important to set a spending limit and to not go over that amount.

It’s important as an online gambler to set a strict limit for yourself. It’s also crucial that you don’t fall into the trap of chasing your losses. If you haven’t won, don’t increase your spending limit in the hopes that the next spin is going to yield results. Rather walk away, and come back the next day once your budget is reset, and your mind clearer.

Each slot has a minimum and maximum bet

If you’re familiar with online slots, you’ll know that each slot differs when it comes to a minimum and maximum bet allowance.

Some slots have a super low minimum and maximum bet – perfect for the more conservative bettors.

While other slots cater to the high-rollers who have some cash to spare.

Progressive jackpots, for example, usually have a relatively high max bet amount. You’ll notice that oftentimes you won’t be able to qualify for a jackpot win unless you’ve placed the max bet.

Naturally, this is going to impact how much slot machines cost to play. This is great news, though, as it means that there is a slot to cater for all types of bankrolls. You won’t be strapped for choices just because you want to bet more conservatively. And you won’t have to worry about a slot machine chewing up a small budget if you know exactly which ones offer a low minimum bet.

How long you plan to play for

If you’re just looking for a quick game to play while you sip on your morning cuppa, then you’ll have a pretty fair idea of how much money you want to deposit.

If you’re planning on playing for a few hours, then you’ll likely want to deposit a bit more into your account.

The amount of slot machine money depends on how long you plan on playing for. The longer you play, the more you should deposit.

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FAQ

Does it matter how much money you put in a slot machine?

Nope. The amount of money that you’re depositing into a slot really doesn’t matter. Your odds will remain the same. The only thing it does impact is how much you win – with larger bets usually accumulating larger wins. This is especially true when it comes to multipliers in Free Spins rounds. The higher your bet per line, the higher your prize multiplier.

What is the best amount to bet on a slot machine?

This is entirely up to you, and depends very much on your budget. If you prefer to bet conservatively, go for it. If you’re a high roller and want to go all in, that’s fine, too. There are a variety of betting amounts to choose from, and each slot has its own minimum and maximum bet. At the end of the day, it’s about placing bets that you feel comfortable with and that don’t go over your allocated budget.

Is it better to put more money in a slot machine?

If you bet more money, then your total win will be higher. But this also means that you could lose your bankroll faster.

Play Now

BlockFi Files for Bankruptcy and Sues Investment Firm

December 5, 2022

BlockFi Files for Bankruptcy and Sues Investment Firm

December 5, 2022

Blog » Posts tagged "Crypto" (Page 2)

BlockFi Files for Bankruptcy and Sues Bankman-Fried’s Investment Firm

BlockFi, the crypto lending platform that had exposure to FTX filed for bankruptcy last week, and immediately sued FTX founder Sam Bankman-Fried over $648 million worth of Robinhood shares.

The crypto platform was already ensuring a rocky 2022 before the collapse of FTX left it facing a huge liquidity problem – a problem that was clearly insurmountable, with the company failing to raise enough capital to keep going.

BlockFi’s troubles date back to July last year when three states accused the firm of selling unregistered securities through its BlockFi Interest Account (BIA) product. The Alabama Securities Commission, New Jersey’s Bureau of Securities, and the Texas State Securities Board, all issued cease-and-desist letters to BlockFi at the same time.

The cases were all wrapped up into 1 charge by the U.S. Securities and Exchange Commission, which eventually fined BlockFi “failing to register the offers and sales of its retail crypto lending product” and “violating the registration provisions of the Investment Company Act of 1940”.

BlockFi files for bankruptcy after suffering severe penalties

In February, BlockFi agreed to a two-pronged penalty; a $50 million fine and an additional $50 million in fines “to 32 states to settle similar charges.”

Four months later BlockFi shaved 20% of its workforce, just days before it was hit with a $943,000 fine by the State of Iowa over the same securities transgressions. Desperate for money to keep afloat, especially in the wake of the collapse of Three Arrows Capital, BlockFi took out a “flexible” loan from FTX. This loan started out at $250 million, but as BlockFi’s bankruptcy filing showed, it certainly didn’t stop there.

In the midst of the FTX chaos in early November, BlockFi halted withdrawals, citing a need to see how the FTX situation would resolve itself. It was rumored to be considering bankruptcy, and this is indeed what happened – last week, BlockFi filed for Chapter 11 bankruptcy and began laying off more staff.

The bankruptcy filings laid bare the extent of the problem – the company has around 100,000 creditors and over $1 billion in liabilities, with just $256 million in cash, although it expects to be able to provide sufficient liquidity to support it during restructuring.

FTX is the second biggest creditor with $275 million owed to it, but there was already more to this than was present in the bankruptcy filing.

BlockFi sues Bankman-Fried-owned investment firm

In the hours before BlockFi filed for bankruptcy, it sued Emergent Fidelity Technologies, the investment vehicle owned by FTX founder, Sam Bankman-Fried, over a loan default suffered by Alameda Research, FTX’s trading arm.

BlockFi says that Alameda defaulted on the $680 million loan in early November when FTX went down, and as payment, BlockFi is demanding 56.3 million shares in the trading company Robinhood that Emergent purchased earlier this year.

BlockFi cites the link between Emergent and Alameda as the reason why the former should be liable for paying up for the latter’s default, which today is valued at $539.92 million. The Financial Times alleges that Bankman-Fried was trying to privately offload these shares, equating to 7.6% of the company, in the days before FTX collapsed, but wasn’t able to do so.

BlockFi said that its bankruptcy would enable it to “stabilize the business and provide BlockFi with the opportunity to consummate a reorganization plan that maximizes value for all stakeholders, including our valued clients.”

It also promised that it will “continue to work on recovering all obligations owed to BlockFi as promptly as practicable”, although, at the moment, the chances of customers getting more than a token gesture out of the company is looking grim indeed.

The Do and Don’ts of Using a Safe Crypto Exchange

What you should do when using a safe crypto exchange (Dos)

1. Do conduct research before registering

2. Double-check your transactions

3. Do use all available security protocols

4. Do use tax software to record your activities

5. Do keep a whitelist of addresses

What you shouldn’t do when using a crypto exchange (Don’ts)

1. Don’t be greedy!

2. Don’t keep all your funds on there

3. Don’t publicize your success

4. Don’t be wedded to one safe crypto exchange

5. Don’t download more apps than you need to

Start using safe crypto exchanges today!

3 Easy Steps to Start Using Cryptocurrencies

What exactly are cryptocurrencies

Why use crypto?

3 steps to start using cryptocurrencies today

1. Do your research

2. Find a means to store your funds

3. Choose a trusted crypto exchange

Some top crypto exchanges:

Take advantage of crypto gambling at Punt Casino

Start using cryptocurrencies and take advantage today

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Your super simple BCH casino deposit guide

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What makes BCH casino deposits safe?

4 reasons a BCH casino deposit is safe:

The best BCH casino games to play right now

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Playing at an XRP Casino? This is how to get started

Transacting at a XRP casino

How do deposit at Punt

XRP casino deposits

Find a crypto exchange: where to purchase XRP

Do your homework

Our recommendation: Coinbase

Making your XRP deposit at Punt Casino

Step 1 – create your Punt Casino Player account

Step 2 – Making your first deposit

What are the best XRP casino games?

What Is HODL? The History of HODL and Meaning Explained

So, what is “HODL”, or “Hodling” all about?

Surprise, surprise! HODL is NOT an acronym

“not part of that group”

A meme is born

What is HODL today? A solid message

HODL is more than a meme

The First Time Bitcoin Reached $20,000 and How

The roots of the Bitcoin $20,000 bull run

The $1,000 mark was a key level

The ‘Block Size War’

The birth of Bitcoin Cash

Bitcoin fever hits… hard

Bitcoin Cash takes the lead

Bitcoin futures fuels the fire

What stopped the runaway train?

Slot Machine Money: How Much Is Enough?

Determine Your Budget

Each slot has a minimum and maximum bet

How long you plan to play for

Need help making your first deposit?

FAQ

Does it matter how much money you put in a slot machine?

What is the best amount to bet on a slot machine?

Is it better to put more money in a slot machine?

BlockFi Files for Bankruptcy and Sues Bankman-Fried’s Investment Firm

BlockFi files for bankruptcy after suffering severe penalties

BlockFi sues Bankman-Fried-owned investment firm

How Bitcoin Reached $1000 for the First Time

The Future of Bitcoin Casinos and Online Gambling

This Week’s Crypto Espresso – Biggest Crypto News Weekly

Guess The Price of Bitcoin And Win 50 Free Spins