Coinprism Digital Currency Exchange to Close
It has just been announced that Coinprism, the Dublin based digital currency exchange is to close its cyber doors forever on March the 31st 2018.
Having been launched in 2014 Coinprism never really hit the mark with cryptocurrency users, and whilst they did attract a fair number of users, it has been decided that they cannot remain financially viable for the long term, and have cited a rather worrying reason for their closure.
They claim that the rise of Ethereum is making Bitcoin a cryptocurrency that is obsolete, and as such they do not see any long term future in their product.
Whilst it is very true to say that the value of Bitcoin has been dropping recently, having reached an all time high not that long ago which it has not been able to sustain, saying any cryptocurrency is becoming obsolete is a rather unusual explanation.
But they may have a point for anyone who does use Bitcoin as their chosen cryptocurrency will have noticed that in regards to the cost of using it, that cost can be quite expensive when compared to some of the more up and coming cryptocurrencies and those that have launched recently.
If you are currently a user of Coinprism then you need to withdraw your funds from that digital currency exchange sooner rather than later, but one thing is for certain and that is there are still plenty of other digital currency exchanges to pick and choose from.
What Do You Want to Use a Cryptocurrency For?
If you are eager to start using cryptocurrencies and join the millions of people worldwide who are investing in them or simply using them to pay for goods or services quickly and easily, then you need to consider just what your intended purpose of using a cryptocurrency is, as that will then enable you to select one that is best suited to your needs.
Bitcoin is to be perfectly honest at this current moment in time a cryptocurrency that people are mainly using as an investments, for many people who do buy into that currency have no intention to use it for anything else other than as an investment.
However, having said that people who are starting to use Ethereum for example do like the way that they can utilize things such as smart contracts and the way that they can launch their on Ethereum based tokens, which for reference are known as Erc-20 tokens.
I have yet to see the long term usage of any cryptocurrency though as a form of payment method, which let’s face it is exactly what cryptocurrencies were launched to be, so if you are thinking of using one as a form of payment method then I would urge you to consider a wait and see approach.
For there are no shortages of new cryptocurrencies, tokens and coins going live all the time, many of which may not be around and in use for the long term.
Storing Your Passwords and Private Keys
If you are still learning the ropes of using any cryptocurrencies then one thing that you need to ensure you are aware of and fully understand is that your cryptocurrencies are always going to be at risk if you do not keep your digital wallet passwords, seed phrases and private keys safe and secure.
When you first sign up to use a digital wallet you will be requested to think up a password, and that password should be written down and stored away from your computer, as too should the seed phrases you are given when using some digital wallets and also your private keys too.
Many people make the mistake of simply copying them down on something such as a word file or notepad file and then storing them in a folder on their computer.
However, if that computer crashes, gets stolen or for one reason or another no longer works, then without your password, seed phrases and/or private keys you are never going to be able to restore your digital wallet on another computer.
Therefore when signing up to utilize any digital wallet please do take your time and make a point of copying everything associated with that digital currency wallet onto a good old piece of paper and then store it somewhere safe in your home, office or wherever. That information is the only way you will have access to your cryptocurrencies should anything ever happen to your computer.