Btc-e.com was banned by US government due to legal issues. The domain is still not available and thus a lot of fuss about it.
A lot of people lost their funds on this exchange. They did return however but not with full quantity. People had to lose more than 30% of their funds and were promised tokens in return, which haven’t reached the value of original coin till now.
So is wex.nz scam? or reliable?
Well honestly, the website is not up to the mark with poor coding and trading practices and codes. This makes it unreliable and non-serious again!
What’s your experience with wex.nz and what’s your review about wex or btc-e?
There is a lot of controversy among muslims regarding Bitcoin being halal or haram in Islam (and so for many other cryptocurrencies). In this post, we’ll try to discuss and uncover this topic as much as we can.
Cryptocurrency vs Bitcoin
Ya I know it’s quite obvious. But most people are too naive and don’t know the difference.
Before jumping to conclusions that is bitcoin haram or halal, we first need to understand the difference between cryptocurrency and bitcoins.
Cryptocurrency is an umbrealla concept which includes many currencies like bitcoin, etherum, ripple, etc.
So if you find any specific crypto currency or coin to be haram or halal, doesn’t mean that all other currencies are haram or halal too.
So cryptocurrency itself is just a currency which is based on a blockchain.
Understanding blockchain will help you understand if it’s halal or haram to use it.
Cryptocurrency vs Trading
Some people who believe trading to be haram consider cryptocurrency to be haram too. Which is inappropriate. Currency is different from it being traded. So we shouldn’t confuse the both.
What’s your opinion and logic about bitcoin being haram or halal? Please let us know via comments.
Cryptocurrency is not backed by any physical value or comodity
Many people give a logic that bitcoin and other crypto currencies are not backed by any physical value like gold, oil or anything else.
Well this is absolutely wrong statement. People who say that have no idea about blockchain or cryptocurrency at all.
Cryptocurrencies are backed by chosen comodities mostly.
E.g. Venezuela launched a government level cryptocurrency backed by oil, calling it petro.
Bitcoin e.g. is backed by service based ledger and various other concepts.
This is a debatable topic.
A page to discuss further on this topic can be found in link below:
Make sure that you’re entering at the right time, not before a dip, or you’ll be highly disappointed and worried.
Learn chart analysis and trading if you want to be a trader.
Ask for an advice from an expert who is into crypto for long.
Now these were some obvious tips and sequence. However things need much more detailed explanation. I’ll try to explain them in different headings below.
How much money to invest in bitcoins?
The amount of money that one should invest in bitcoin, any other cryptocurrency or anything else should be chosen careful.
I know that one feels that if they sell their car, property and everything to go into crypto or any other investment that they consider to be going up, they will benefit a lot.
However, there are risks involved in every type of investment.
So when moving into something new at least, always invest only the amount that you can afford to lose.
Another best way to calculate is that you invest the amount that you can earn from regular income through job or business in 3 months, so that it doesn’t seem like a big burden.
What is blockchain and cryptocurrencies?
Understanding blockchain and cryptocurrencies as a concept is not necessary for someone to use or keep crypto currency or bitcoin. However it’s beneficial.
You can handle and manage the investment easily and in a better way if you know what you’re investing in.
Don’t just follow the herd and crowd and invest in something without knowing its details.
Best way is to youtube for videos related to introduction to blockchain and also for cryptocurrency and you’ll be able to learn a lot. We’ll add our own videos too, but till then check others!
Understand the currency you’re investing in
Once you know about cryptocurrencies. Learn about the famous and best crypto currencies. Once you’ve picked 1 or 2 (3 at max i would suggest), then learn about them. Keep learning and then you can even change you choice if you don’t find it good enough once you’ve read about it.
Never invest in the currency if you don’t know it in detail.
Make sure that the currency you choose is useful and reliable
That’s the most important step before investing in anything. If you’re investing in bitcoin or anything else, make sure that you understand that this thing is useful and needed by the world. If it’s not, then it will fall as soon as the bubble pops. However if it’s genuinely good and useful, it will last!
World’s requirements keep changing. So keep an eye on the usefulness of your invested crypto currency.
Crypto currency Wallets & their types
Cryptocurrency is stored in wallets. Thus read about wallets and types of wallets. So that you can choose the best way and wallet to store and secure your cryptocurrency.
For long term investment, it’s always best to have hardware wallets.
When to enter into crypto world
This is the key for success. Crypto currency keeps fluctuating, sometimes up to 30% or so in price. So if you’ll enter when it’s at peak and about to correct, then you’ll be depressed or confused for a long time, before it reaches back the level you entered.
So get guidance from pros and also do your own assessment and analysis before entering the market.
Learning chart analysis and trading
If you’re into trading and want to learn chart analysis and trade cryptocurrencies then it’s great too. It will help you benefit more from your investment.
However make sure that you don’t lose more money instead of making more. Make it trading, not gambling.
Ask an expert for advice
We can guide you with best of our knowledge. So that you can be part of the successful crypto investors and benefit from our experience and organized strategy.
Please let me know if you have any query or correction for this topic. If you need any help please let me know that too.
UrduBit claims to be the first Pakistan based BitCoin trading platform. In this post we will examine if it’s scam or legit. And even if legit, is it reliable or not to trust it with our bitcoins. Along with pros and cons of this platform.
Summary of Negative points
These are few negatives and cons about UrduBit which make it at least unreliable and untrustworthy, if not a scam!
Not registered with government of Pakistan
Ask for original documents and pure signature of the user – as personal policy (not government requirement)
Only 3 person team
Are not technical, didn’t even know about if offline wallets exist
Money not spent well on website, SSL certificate is FREE one, Chat script is FREE, and so on, making it insecure and unreliable to send and hold our money and documents
They share private info and screetshot from official platform to public without even asking, imagine how secure your documents and signature are with them
Details of these points plus many more are discussed below.
Update: Don’t forget to eat the conversation with UrduBit support in the end.
Domain Analysis of UrduBit.com
The domain name was registered in 2014 for 1 year
In 2015 it was renewed for 3 years
Domain expires in 2018
The owner is from Pakistan while the technical contact is from USA
Any serious company wouldn’t register or renew their domain for anything less than 10 years. Especially when it’s dealing with people’s money.
We can see this information in the domain whois, shown in the image below:
Wayback machine’s analysis
The wayback machine analysis for UrduBit shows that the site haven’t changed or updated its main design ever since 2015.
However, they did remove their phone numbers and address from the footer. The address and phone numbers shown on the footer were:
I’m not sure why would they remove it. Especially because the numbers were present on the site till last April 2017.
Anyway, the contact number and address of UrduBit.com team are:
Amazingly, the SSL certificate (crypto technology) used by the CryptoExchange, UrduBit, is the Universal SSL of cloudflare, which is free with free account ofcourse!
The SSL used is: COMODO ECC Domain Validation Secure Server CA 2
Seriously? You want me to give you my information, verfication data and even access to all my cryptocurrency on a universal and free cloudflare ssl? Which got hacked recently last time!
A huge turn off and negative part. I wouldn’t trust them in anyway after seeing this!
Verification process analysis
I tried checking their verification process. They require you to verify your identity before you can add funds to your UrduBit account.
Guess the amazingness of this process. The verification process looks like this:
Did you see that? No you didn’t! Let me show you!
Signature? Seriously? What for?
National ID card picture while holding it?
Yes I understand that many websites these days ask people to verify using the id card like this. But wait, does paypal do that? Does any other monetary site do that? Then why are you just following the weird sites which ask you to do this? Can’t someone photoshop this to have any card in anyones hand too? Come on!
And wait, signature? You need me to submit a pure signature so that you can use it anywhere? Wow!
Ok even if you’re a pious angel, what’s the guarantee that the hacker who’s getting all my data coming to your server due to the FREE SSL you’re using from cloudflare? Who’s gonna take guarantee of that?
Zendesk not whitelabelled
As it’s apparent from the chat screenshots below, the zendesk support they’re using is not whitelabelled. Which clearly shows the level of investment and seriousness they’ve for this project.
Team lacks knowledge of Cryptocurrency or CryptoWorld
Checkout the conversation between UrduBit and me while trying to figure out their policies and process.
The staff was responding after ages
The guy didn’t even knew what are offline wallets
The guy ran away
The transcript of this conversation is as follows:
Chat started on 12 Jun 2017, 10:48 AM (GMT+0) (10:48:25)*** nabtron joined the chat *** (10:48:25)nabtron: to any offline wallet (10:48:48)*** Support joined the chat *** (10:49:09)Support: apka wallet kahan per hai? (10:50:07)nabtron: brother, ap new ho crypto ma shayad, please google for “offline wallets” 🙂 (10:55:37)*** Support left the chat *** (11:04:33)*** nabtron has commented: seriously? you guys don’t even know what an offline wallet is? *** (11:04:38)*** nabtron has rated the chat Bad *** (11:05:03)nabtron: I’m going to blog about this chat dude!
You can well imagine the level of the team who don’t even know what an offline wallet is! It’s a big turn off for me and I won’t be trusting them ever in the future with my money, bitcoin or any cryptocurrency.
Irony is, the guy simply quit and ran away when he realized that he don’t know what an offline wallet is.
Twitter account full of Excuses
How can you simply close the market for 3 days? Wow! I can only imagine the type and mindset of people who would invest in such a market which could simply go down for days and simply tweet about it!
The twitter account of UrduBit.com is full of issues and excuses! Have a look at few recent tweets:
Focus on the Dates. They’re not all of one day. But spread over weeks!
And also this:
Imagine trading on such a market! Yeah good luck!
The team might not be a pure scam, but it’s NOT RELIABLE at all. They lack technical skills of handling an online bank, let alone a marketplace. They don’t have proper mindset and pattern which will ensure safety of our funds in their system. And oh, the safety of our information and the signature that they ask us to submit! It’s a big NO and STAY AWAY site in my humble opinion.
The domain name was registered in 2016, yet nothing exponential has been done which is done in case of serious teams and companies
The domain was registered for one year only in may 2016, if they were serious, they would have registered it for 10 years
The domain was renewed again in may 2017 for one year only, if they were serious by now they would at least renew it for next 10 years
Now we do understand that many websites and companies don’t register or renew their websites for 10 years, but they usually don’t ask you to trust them with their payments too.
If a team is claiming to be managing such a big project, they can at least afford 150$ at once for registration of a domain for 10 years.
Evaluating the Customer Support System
When giving money to some firm or group, their customer support system is highly important. How will they respond when there is any issue and do they really care about helping the customers or not.
The support system used by polybius.io is provided by intercom.io
And the support system includes only a chatbox on right bottom or email id at the footer to send email to.
Now upon evaluating the intercom.io chat, these are my findings.
Using trial or lite version
When we start their support chat, it shows the branding of intercom.io, saying we run on intercom.io.
Which means they’re using either the trail version or else the base lite version. How can we prove that and what does it mean? Well, the proof is on intercom.io site, check the features difference between lite version and the standard version:
Intercom.io Lite version pricing
You can see that the unbranding messaging option is not available in Lite plan for intercom.io
The price for lite version is 53$ per month, for 250 users. While the pricing for the standard version is $79 per month.
Assuming that they’re a big setup as they claim, they must be having more than 250 visitors per day, so if they can afford that high for lite version, they could easily get the standard version and get rid of branding.
However, that brings us to the option that they might be using the trial version. The trial version is for 14 days only, but we can re-register for trial version using another payment method or card and we’re good to go! This is just a speculation though.
HashCoins and Polybius
HashCoins is the company or group which has started polybius project.
Both websites have the same contact cell phone number. Which means no seperate dedicated team is for these two projects.
Last tweet by HashCoins on their twitter account was on 19 Apr 2016, more than a year from now!
So if the parent company or group is so much dormant and sluggish, how can we expect their child project to be something extraordinary!
Polybius might not be a pure scam, but it’s not a reliable team either as their is no promising future. Their past don’t seem interesting and promising either. So in my opinion it’s better not to indulge in this project as they are at least not serious about their own project apparently.
A lot of people are concerned about one very important question: What’s the best BitCoin wallet. Well, before finding out the best and the most secure bitcoin wallet, we need to first understand what are the different types of wallets available and how one is better than other.
What is a BitCoin Wallet
A BitCoin wallet (or any cryptocurrency wallet) is just like your bank account or a place where you store your money.
What are public and private keys?
A public key is used to send or receive cryptocurrency to your wallet. Private key is the one which gives you actual access to your cryptocurrency account.
Two main categories of BitCoin wallets
We can classify all bitcoin wallets into two main categories:
Hot wallet (online wallets)
Cold storate wallet (offline wallets)
Ok so now lets see four types of cryptocurrency wallets
1. Online Wallets
Online wallets are also called web wallets. They come under the category of hot wallets. They’re easies to use as they can be accessed from any device that’s connected to the internet. However this type of wallet have their own problems, being least secure is one of them.
Pros of Online Wallets
Ease of use
Accessible from any devide with internet connection
Easy to setup
Online wallets are usually linked with cryptocurrency exchanges or bitcoin exchanges online
Cons of Online Wallets
Private keys are saved on someone elses server
More prone to hackers
Prone to technical glitches
Website management can limit or suspend your account anytime for any reason
Website has the control over your cryptocurrency
2. Software Wallets
Software wallets are also hot wallets. They require the user to download a software on their laptop mobile or any other device. Usually software clients are available for multiple devices, especially for both mobile and desktop versions.
Desktop wallets like Bitcoin Core requires the users to download the complete blockchain, which is almost 100GB in size. However not all wallets require the blockchain to be downloaded. They are relatively easy to use too and safer than online wallets.
Mobile apps based software wallets are quite easy to use too.
However they have their own down sides. Such as they can be hacked if someone gains access to the computer or mobile device they’re stored in. Also, if the data or device itself is lost, the wallet and thus all cryptocurrency you have is gone too. Some wallets provide an option for backup too to fix the issue of data loss or device loss.
Pros of Software Wallets
More secure than online wallets
Data is available at the users own computer or mobile device
Easier to backup yourself
You have control over your cryptocurrency
Cons of Software Wallets
Wallet is lost if device is lost
Hackers can hack the computer or mobile and gain access to wallet via malware
Requires some technical know how
3. Paper Wallets
Yes you heard it right. It’s possible to print out your public and private keys and storing them on a paper. Paper wallets are a type of Cold Storage method, as it’s an offline method of storing your cryptocurrency.
As it’s obvious, paper wallets are more secure than online or software wallets, as you have the the private and public keys printed with you physically on a piece of paper.
How to generate paper wallet?
Most of the online or software wallets available allow the users to print their existing keys for their wallet. However if they don’t, they can still be generated using various services like BitAddress or BitCoinPaperWallet.
Once you have the paper wallet printed keys, you can simply use them wherever you want just by adding public-private key combination into your existing wallet service.
Apparently, paperwallet is more secure than the online and software wallets. However they’re harder to keep damageproof. One way is to generate multiple physical copies of your paper wallet and then place them in a secure place, to avoid getting hacked or robbed!
Pros of Paper wallet
More control on your wallet
More secure than online and software wallets
Can be stored and taken care of without internet connection or holding on to a computer or mobile device
Cons of Paper wallet
Can get damaged with time
Get get stolen physically
Multiple copies to prevent damage make it more prone to being stolen
Need more technical knowledge to generate and then use the paper wallet
4. Hardware Wallets
Hardware wallets are a type of cold storage. These are the devices which are usb shaped devices. They need to be plugged into the computer while making a transaction and can be pulled out and stored safely when done.
These devices generate the keys for your bitcoin wallet on the fly while you’re making the transaction.
Hardware wallets are relatively safe from computer virusus, malware and hackers as they generate they private keys on the device iteself. So as the private keys are generated offline, they’re harder to be hacked.
They are also easy to use and provide backup options too. The hardware wallets come with builtin security features like password protection too to avoid theft.
Hardware wallets are a very good option if you have plenty of bitcoins and regular deal with them and carry them with you from place to place.
Pros of Hardware wallets
Minimum risk of malware based hack attempts
Cons of Hardware Wallets
They’re not free
Have to take care of them physically
Can be lost due to small size, if not cared for properly
Which type of BitCoin wallet is best and should be used?
Now, as we understand different types of wallets and their pros and cons. We can now discuss and see which wallet suits whom and in which conditions.
Small and frequent transactions: Online wallets or Software wallets
Cryptocurrency exchange: Online wallet (but only the amount that you play with)
Occassional big transactions: Hardware wallet
Storage only: Hardware wallet or paper wallet
Actually we shouldn’t keep all our bitcoins in only one wallet. Divide it into more than one and be safe.
Also, keep your money in online or software based wallets only when you need to frequently send or receive it. Keep only the amount that you usually need and keep the rest of the amount in a better wallet like hardware wallet.
Which wallet do you use? What are the pros and cons of it?