You might be wondering what you should do with your 4 dollars worth of Bitcoin. The good news is that it is not as difficult as you might think. There are a few things you need to know before you make your first purchase.
Malware in Ukraine
If you are looking for the latest on attacks on digital networks in Ukraine, you’ve come to the right place. This page provides an up-to-date overview of the many different ways in which these cyberattacks have impacted the region.
The main attack vector was a compromised version of the accounting program ME Doc. As a result, the nation’s central bank blocked digital money transfers, affecting 225,000 Ukrainian customers. In addition, a major Ukrainian bank’s network was wiped out in less than 45 seconds.
The malware was designed to gain access to an admin’s credentials. It spread from system to system, making the entire computer inoperable. Despite its destructive capabilities, it failed to decrypt hard disks infected with malware.
There are several ways in which the malware has been disguised. One scam email claims that a user can “decrypt” a hard drive infected with malware for 100 bitcoins. These messages are mass-mailed to multiple recipients and aren’t addressed to specific individuals.
One pro-Russian ransomware group, the Conti Team, posted an aggressive message on its official site. However, its Ukrainian members did not take too kindly to the message.
Another group, PLISKIN, developed a spearphishing campaign targeting cryptocurrency exchanges outside of Russia. It targeted miners, resellers, and multiple victims.
According to Elliptic, a crypto analytics company, over 46 million dollars worth of crypto has been donated directly to the Ukrainian government accounts. Sadly, the amount of donations may be dropping fast.
Buying altcoins when dominance is at high levels
If you’re an altcoin hodler, you’re probably wondering when is the best time to buy altcoins. There are some key indicators that can help you decide when to buy and sell.
One of the most important metrics is the ratio between the market cap of Bitcoin and the overall crypto market capitalization. The higher the ratio, the more dominant BTC is in the market. So, if the ratio increases to above 74%, it may indicate a bearish trend for the entire cryptocurrency market.
It also means that investors are losing interest in BTC. When this happens, people will start selling it for altcoins. They’ll also sell it for fiat currency, which drives the price down. This is why it’s a good idea to buy altcoins when the dominance is low.
However, altcoin prices can be volatile. There are some altcoins that see large price increases when they’re in the early stages of development. Some of these include LEOcoin (LOE), which has a market cap of around $10 million, and a high ranking on CoinMarketCap.
Another example is ripple (XRP), which dropped in value by 94%. That decline pushed BTC’s value down by 80%. In that case, a hodler should consider dumping the BTC.
Altcoin season is typically when various tokens outperform BTC. Altseason can last anywhere from a few weeks to a few months. Typically, Altseason ends when the market cap of BTC recovers.
Converting from 4 Bitcoin to Dollar
The most cost effective way to do it is to sign up for a bitcoin to dollar exchange rate service. There are many websites that offer these services. One is BitPay. This service is well known for their stellar customer service. In addition to currency conversion, BitPay offers services such as payment processing and exchange. Using their services is easy. They even have a mobile app for on the go transactions. Unlike many services, their fees are reasonable and their rates are largely transparent. It pays to check out a few before you make your final decision. After all, if you’re going to spend the big bucks to buy some crypto, you’ll need to know all you can about the currency you’re going to be using. If you don’t do your homework, you could find yourself in hot water.
The most important lesson to take away from all this is that crypto isn’t the only game in town. While most major banks and credit card providers have some sort of crypto service, most consumers are looking to leverage their money by trading in their preferred adobes for something more tangible. With that in mind, here’s a quick guide to converting your crypto into your favorite fiat.