Here Are The Things You Need to Know:
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- 💵 Cash App adds Bitcoin
- 💳 Web3 TLDR Reminder: Self-Custody Or Bust!
- 😬 Another Crypto.com's Big Oopsie
AND NOW THE NEWS
Cash App adds Bitcoin
Cash App has added the ability to now send Bitcoin in addition to its previous functionality of just receiving Bitcoin using the Lightning Network., Cash App Bitcoin Product Lead Michael Rihani announced the news on Twitter.
You can now receive #bitcoin instantly via the Lightning Network in @CashApp! ⚡
- Open Cash App
- Money tab -> Bitcoin
- Share QR code or link
What do you think?
Try it by sharing your link below 👇
— Michael Rihani⚡️ (@MichaelRihani)
Oct 25, 2022
The Lightning Network is a second layer solution that speeds up Bitcoin transactions and lowers costs by routing transactions through channels without needing to use the main Bitcoin blockchain and settling those transactions later..
According to the Cash App website there is "typically little to no fees involved, and it’s used to send smaller amounts of Bitcoin." There is a $999 limit every seven days with the Lightning integration, according to the site.
This feature will only be available in the US to start (with the exception of New York)
Written by: WarBiscuitNFT
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AND BACK TO THE NEWS
Web3 TLDR Reminder: Self-Custody Or Bust!
If this week doesn’t have you shaking in your boots, well just read all of the FTX drama and get ready to pee your pants. Any money in centralized institutions have one inherent risk no matter what the institutions security policies are, and that is the dreaded “Withdrawal Paused” feature. Even with the utmost security and monetary policies, we are seeing withdrawal pausing to avoid bank runs which could cripple the entity. They claim that it’s to “protect” the users, but how is that fair? If I want to remove my money at any time, I should be able to!
If you’ve only used CEX’s (FTX, KuCoin, Coinbase, Gemini, etc.) to custody your assets, here are three of my favorite wallet providers to use instead:
- MetaMask — This is probably the most popular hot wallet provider that has a browser extension, along with a mobile app. NFT’s will not show up in the browser extension, but do show in the mobile app.
- Exodus — Another popular hot wallet provider that has a native app for Windows, MacOS, and Linux along with mobile apps for iOS and Android. It also recently introduced a browser extension. My testing on the extension has shown it’s a bit buggy but I’m sure that will be resolved soon enough.
- Trezor — Cold wallets, unlike hot wallets, help keep your assets safe even more. These devices only connect to the internet once plugged into a computer, and even then, the Trezor desktop app connects via Tor network for even greater security and anonymity. They are pricey, but if you have $10K work of assets, spending ~$70 for the cheapest model might not be a bad investment for keeping you stuff safe.
Remember, only YOU have the power to protect your assets. Not your keys, not your wallet!
Another Crypto.com’s Big Oopsie
Crypto.com is in the news again for another blunder of sending assets to the wrong address, something they’ve been doing alot of lately. This time, they sent 320K ETH to Gate.io, a DeFi protocol, which represented 82% of Crypto.com’s ETH holding at the time of this writing. Gate.io returned 285K ETH back, and after analysis, they confirmed that was the only amount sent to that particular address. On-chain data shows the 35K missing to have been sent to another address on top of that.
Wow. All I can say is someone’s going to get fired for that. If that amount ended up in a private dormant wallet, there would be ZERO chance of getting it back, so Crypto.com should thank their lucky stars. Also, how did they did they manage to do this again? Crypto.com seems to be like “The Three Stooges” of CEX’s.
One Last Thing...
Even the crypto bros getting wrong too.
Last month, Shark Tank's Kevin O’Leary said "if there's ever a place I could be that I'm not gonna get in trouble, it's gonna be at FTX."
— Watcher.Guru (@WatcherGuru)
Nov 11, 2022
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