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Bybit Web3 Unveils Comprehensive Guide to Navigating the Crypto Wallet Landscape

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DUBAI, UAE, Jan. 4, 2024 /PRNewswire/ — Bybit, the world’s third largest crypto exchange by volume, proudly unveils an in-depth study that navigates the complex landscape of cryptocurrency wallets, focusing on the user’s perspective. As the crypto industry continues to mature, our study sheds light on the development cycle, types, future prospects, key factors for selection, and a personalized guide to choosing the right crypto wallet.

This in-depth guide delves into the development cycle of crypto wallets, dissects various types available, and sheds light on their future prospects, empowering users of all levels to make informed decisions about their digital asset storage.

“We believe that navigating the world of crypto wallets shouldn’t be a daunting task,” says Ben Zhou, Co-founder and CEO at Bybit “This study aims to bridge the knowledge gap and provide users with the resources they need to make informed decisions about their digital assets. We want to empower everyone, regardless of their experience level, to confidently participate in the exciting world of web3.”

Full report can be found in here:
https://learn.bybit.com/web3-experts/types-of-crypto-wallets/

Three Key Findings from the Report:

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Key Finding 1: Welcome to Wallet 3.0 – where mastering multichain, multi-asset capabilities is the name of the game.

The report traces the fascinating journey of crypto wallets, mirroring the dynamic evolution of blockchain technology. From their humble beginnings as basic Bitcoin storage units to their current status as sophisticated platforms facilitating interaction with decentralized applications (DApps) and emerging web3 initiatives, the study charts the three distinct stages of wallet development:

1.0 Era (2009-2013): Simple tools for storing and transferring Bitcoin.
2.0 Era (2014-2020): More complex platforms enabling interaction with DApps and the DeFi ecosystem.
3.0 Era (2021-present): Multichain, multi-asset management platforms with a focus on user experience and interactive features.

Key Finding 2: In the ongoing battle of Security versus Convenience, your choice of a Web3 Wallet speaks volumes about your priorities.

Understanding that users prioritize convenience, ease of use, and security, our study provides a comprehensive guide to help users evaluate wallets effectively. Factors such as internet connectivity, control over accounts, and specific use cases are analyzed, ensuring users make informed decisions based on their preferences and requirements.

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Key Finding 3: Double up! All users should wield a dynamic duo of wallet types for a savvy and secure crypto journey.

Recognizing that user experience is paramount, the study guides users through the process of selecting the perfect wallet for their individual needs and expertise. It offers insightful advice for:

Beginners: Seeking a straightforward and uncomplicated entry point.
Intermediate Users: Eager to explore DeFi, staking, and NFTs.
Advanced Users: Actively involved in trading, yield farming, and other advanced blockchain activities.

User Profile

Suitable Crypto Wallet Types

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Key Features

Reason for Suitability

Recommended Wallets

Beginners

●       Software wallets (EOA)

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●       Mobile wallets

●       User-friendly

●       Basic security

●       Supports various cryptocurrencies

Ideal for ease of use and straightforward crypto management

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●       Bybit Wallet

●       Trust Wallet

Intermediate Users

●       Multichain wallets

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●       Web3 wallets

●       DeFi/NFT integration

●       Enhanced security

●       Multichain support               

Great for expanding into DeFi, NFTs and multichain assets

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●       Bybit Wallet

●       MetaMask

●       Exodus

Advanced Users

●       Hardware wallets

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●       Advanced software wallets (MPC, AA wallets)

●       High-level security

Wide crypto range

●       Advanced features (e.g., decentralized identity)    

Perfect for extensive crypto activities and advanced security needs

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●       Bybit Wallet

●       Ledger Nano X

●       Argent

“As the web3 landscape evolves, so do the tools we need to navigate it. But one constant remains: the critical need for secure and reliable storage for your digital assets,” said Ben. “At Bybit, we embrace this responsibility with profound commitment. Our relentless efforts are focused on advancing and fortifying our Wallets, broadening the spectrum of security measures and enhancing the user experience. Our goal is to provide a safer and more convenient platform for users to store and leverage their Web3 and crypto assets.”

#Bybit / #TheCryptoArk

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About Bybit

Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X (Twitter) | Youtube

Bybit Web3 Logo

Photo – https://mma.prnewswire.com/media/2311076/Bybit.jpg

Logo – https://mma.prnewswire.com/media/2311075/Bybit_Web3_Logo.jpg

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Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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