There have been numerous reports stating that the crypto apocalypse will be upon us within the next few months, but it is also a fact that there is still a lot of uncertainty about this particular scenario. Here are a few things to keep in mind as you make your preparations.
Repercussions on other coins and tokens
In the last week, crypto has gone through its worst month yet. The market capitalization of all cryptocurrencies has dropped from a record $3 trillion in November 2021 to an estimated $850 billion now.
Speculators piled into the crypto arena, hoping for the big price jump. It’s not unusual for investors to lose their shirt on a project. A sudden regulatory crackdown on a single shady firm could wreak havoc on the entire sector.
The crypto world is a dark place. To make matters worse, there are no clear-cut regulations on who should do what. One example is a hacker who has moved $477 million worth of ether into other currencies. Even the most savvy investors would be hard pressed to keep tabs on all of their holdings.
Despite this, the crypto apocalypse may still be a ways off. This explains why it’s a good idea to keep an eye on the latest developments. Those who understand the importance of a solid investment strategy should have no trouble figuring out why.
Self-custody is the only way to store cryptocurrency
When it comes to storing crypto assets, the term “self-custody” refers to storing your funds in a way that is independent from an exchange. It provides you with full control over your digital currency, but it also requires more technical know-how than custodial wallets offered by exchanges.
There are two main types of self-custody: cold and hot. Cold storage means that your private key is stored offline. This type of storage is more secure than using a digital wallet, but it has a higher risk of getting hacked.
Hot wallets are available on desktop and mobile devices. They can be either custodial or non-custodial. Custodial wallets are always connected to the internet, while non-custodial wallets are not. A combination of software and hardware is often used to make the wallet secure.
Self-custody can be a daunting task, especially for new users. Most solutions are free and can be set up within minutes. However, the risks associated with self-custody are still inherent.
Preparing for the apocalypse
If you have been following the news on quantum computing, you’re probably wondering what would happen if the technology were to fail. You’re probably worried that your digital assets could fall victim to a crypto-apocalypse. And, while it may seem like a bit of a fantasy, it’s not impossible. Rather than waiting for a catastrophic event to occur, you can get ready today. Here’s how.
Quantum computers may be the key to making our lives better, but they’re also the key to a catastrophic security failure. In fact, experts are warning that the advent of these devices could lead to the quantum apocalypse. The apocalypse will be the result of quantum computers breaking traditional encryption. As a result, you’ll need to update your cybersecurity systems. These changes will be massive, so you’ll have to devote a lot of time and energy to the process.
There’s no way to know what’s around the corner, but the good news is that you can prepare. This book will teach you how.