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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

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3 years ago

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The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay clear of the Freewallet app, stating pointedly that “your apps sucks.” He later justified his statement by saying the app doesn’t allow their customers the chance to hold their private keys.

The description on the Freewallet apps stated that it is a hosted wallet, as such, it does not provide the private keys to the individual wallet.

Elon Musk’s involvement in the Bitcoin and crypto industry would feel like a surprise to those who have seen his criticizing the long-term value of crypto in the past.

He is one of the converted critics who formerly doubted the potential role of crypto assets in the global financial scene.

However, he only recently started embracing the industry and has demonstrated his commitment through Tesla’s purchase of $1.5 billion worth of Bitcoin.

Musk’s massive influence in the crypto industry

Tesla is not the only mainstream company to indicate interest in Bitcoin and cryptocurrency. A few months ago, PayPal started accepted Bitcoin-related payments on its platform. The company has partnered with several companies in the crypto industry to make this happen.

However, Must is not only supporting Bitcoin but some other cryptocurrencies as well. A few days ago, his series of tweets about Dogecoin (DOGE) led to a massive price surge of the cryptocurrency. Apart from saying he is the former executive officer of Dogecoin, Musk attracted the interest of his millions of followers by saying Dogecoin is the future of money on this planet.

This attracted the attention of other influential people both within and outside the industry. Musk’s impact also led to the rise in the market cap of Dogecoin, placing it within the top 10 cryptocurrencies in the world.

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Altcoins

Solana Price Outlook Amid Cautious Optimism

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2 days ago

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September 29, 2023

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Solana price has been struggling to break above the key resistance level of $21.10 over the past few days. Earlier in August, the digital asset encountered a strong rejection at the crucial resistance level of $25.45, curtailing gains above the fashionable level of $30. Even so, the smart contract token is among the best-performing cryptocurrencies so far this year, with a 102.61% jump in its year-to-date price. SOL’s total market cap has climbed by more than 5% over the last day to $8 billion, while the total volume of the asset traded over the same period increased by 40%.

Brighter Future Ahead?

Solana price faced significant challenges in 2022, including a 93% decline in its total market capitalization and a 96% drop in its total value locked (TVL). However, the SOL network has posted significant resilience in 2023, defying general market movements. Priority fees and network upgrades have contributed to a consistent 100% network uptime.

The Solana DeFi ecosystem has also shown significant recovery, with a 41% growth in the TVL. Its liquid staking derivatives have also played a role in the asset’s renaissance. The ecosystem has expanded into other sectors such as NFTs, gaming, and consumer-based applications, driven by technical advancements like state compression.

Notably, Solana recently admitted that the network has been facing difficulties in the decentralized finance (DeFi) sector. Even so, it believes that its new strategy will help it regain its foothold and…

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Bitcoin

Bitcoin Price Outlook Ahead of Powell’s Speech

Published

4 days ago

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September 27, 2023

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Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.

Economic Concerns

Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.

The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.

Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…

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Crypto

Ethereum Price Faces Rejection at $1,620 in the Wake of Market Challenges

Published

6 days ago

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September 25, 2023

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Ethereum price has been struggling in recent weeks on the back of its unstable on-chain performance and global economic uncertainty. The general market performance has not helped much either, as most altcoins have failed to hold an upside momentum. Ethereum, one of the most valuable assets in the cryptocurrency market, has dipped by nearly 3% in the past week and more than 5% in the month to date.

Fundamental Analysis

Ethereum price has been on a consistent bearish trajectory over the past few weeks against the backdrop of a dull crypto market and a stronger dollar. The dollar index, which measures the performance of the greenback against six major currencies, has been hovering around its highest level since December 2022 since Thursday. At press time, the dollar index was trading higher at 105.720. A stronger dollar tends to be bearish for risk assets, particularly cryptocurrencies.

Investors have been assessing the economic outlook, considering what could be next for interest rates and the economy, ahead of a string of key economic data due later this week. Investors will be looking at the data from the housing sector, as well as the CB Consumer Confidence data slated for Tuesday. Additionally, the quarterly GDP data for Q2 is expected to be published later Thursday, concurrently with the initial jobless claims.

The Fed’s favorite inflation gauge, the personal consumption expenditure index (PCE), is also expected to be published on Friday. Various…

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