Why is Bitcoin Falling – 22 Dec 2017

Bitcoin prices have fallen today massively. From nearly 20,000 usd to 12,000 usd so far.

Alt coins such as litecoin, ethereum, ripple and others have fallen too. E.g. ripple fell to almost 0.7 (0.6 usd on some exchanges) from 1.2 and so on.

Now the big question is, why did it fall? My theory (like most others) is related to christmas and holidays. Let me explain how.

Why Bitcoin Falls at Christmas

We had this theory suggested and implemented for some time before the fall. Christmas and holiday season is a trigger for bitcoin price fall .

The reason to this fall is quite obvious. Let me explain.

A common person who owns some bitcoins or any other crypto currency, holds it for profit in future or to buy sell online from websites which support them.

Now imagine a scenario in which you’re an average bitcoin owner. What’s your assumption that how much percentage bitcoin will go up in christmas week? 5% maximum? 10% maximum? Almost that right?

Now imagine that your local store gives a 50% discount on some items that you always wanted to buy. Is 50% profit better or 10%? You got it right!

bitcoin christmas sale

So that’s why general public cashes out bitcoin and goes to do shopping on the christmas sale and to get gifts for their family and loved ones.

Is Wex.nz scam or reliable?

Wex.nz is the re-launched version of btc-e.com

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?

Is Bitcoin Haram or Halal?

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.

bitcoin haram halal

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:

Is Bitcoin Halal or Haram?

How to start investing in bitcoin?

Many visitors ask me the question that how can they start investing in cryptocurrency (bitcoin, ethereum, litecoin, etc.). This post is meant to address that issue and will be updated regularly.

In this post, we’ll see the basic requirements and techniques for safe and profitable to invest in bitcoin and other cryptocurrencies.

How to Start investing in Crypto currency

To start investing, we have to follow these steps:

  1. Make sure you’re investing the money which you can afford to lose, it’s less likely that you will lose, but you should be prepared for worst
  2. Understand blockchain and cryptocurrencies
  3. Understand the currency you like e.g. bitcoin or ethereum, and why is it different from others.
  4. Make sure that the currency you’re using it reliable, secure and useful for the world in long run
  5. Learn about crypto currencies wallets and types of wallets
  6. Make sure that you’re entering at the right time, not before a dip, or you’ll be highly disappointed and worried.
  7. Learn chart analysis and trading if you want to be a trader.
  8. 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.

bitcoin investment

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.

Buy Sell Bitcoin

We’re setting up a smoother and automated method of buying and selling bitcoins at cryptomama.com

We’re making sure that it complies with regulations related to bitcoin sale and purchase.

buy sell bitcoin

We’re also aiming to make it the platform to buy bitcoin cheap and with minimum fees.

Services to buy bitcoin

We’re offering following services to buy bitcoin (or other currency exchanges)

  • Paypal to bitcoin
  • Payoneer to bitcoin
  • Western union to bitcoin
  • Paypal to payoneer
  • Others (contact with details)

Meanwhile you can contact us via twitter or facebook or through comments on this page for any updates or related discussion, until the automated exchange is in place.

BTC-E under DDOS

BTC-e.com is under DDOS attack right now. They’re running their requests through cloudflare DNS server, but still having the issue with the server’s overload.

BTC-e API not working

BTC-e api isn’t working either. Which shows probably one of these two things:

  1. The attack is on their API server (with or without main server)
  2. The API and main server are on the same machine, which they shouldn’t have been

These days many crypto exchanges are undergoing DDOS attacks. Coinbase had it too along with UrduBit and several others.

Site is not completely down

The site does load however, including sign in working fine too with google authenticator as 2 factor authentication.

However it’s slugging and gets unresponsive along the way after every few seconds.

Their twitter account shows that the site is under DDOS attack or overload for almost a week now.


Check the tweet on june 6th 2017 and now till 12th june 2017.

Let us know if btc-e is not working for you too or is it working in your region.

btc-e ddos site not working

Lets hope that the data remains intact and they have backups put on time! Also that the coins and currency of every individual remains protected on BTC-e during this massive attack!

Update 25 & 26 July 2017

BTCE is down since yesterday since the last dip started. The site is giving 522 error through cloudflare.

Many people are blaming it on them and calling it intentional like they do on coinbase whenever there is a dip so that people don’t buy coins at lesser price. Can be false though!

Is UrduBit.com Scam?

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!

  1. Not registered with government of Pakistan
  2. Ask for original documents and pure signature of the user – as personal policy (not government requirement)
  3. Only 3 person team
  4. Are not technical, didn’t even know about if offline wallets exist
  5. 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
  6. 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.

urdubit scam fraud

Domain Analysis of UrduBit.com

  1. The domain name was registered in 2014 for 1 year
  2. In 2015 it was renewed for 3 years
  3. Domain expires in 2018
  4. 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:

urdubit domain whois info

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:

urdubit address phone number

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:

Head office: DotZero 14th Floor, Dilkusha Forum, Mian Tariq Road, Karachi, Pakistan

PTCL: (021) 34556352

Mobile: +92-334-2921358 & +92-341-8553996

Email: [email protected]

Free SSL Certificate used by UrduBit

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

urdubit ssl

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:

urdubit verification form

Did you see that? No you didn’t! Let me show you!

  1. Signature? Seriously? What for?
  2. 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.

  1. The staff was responding after ages
  2. The guy didn’t even knew what are offline wallets
  3. The guy ran away

urdubit scam fraud support

urdubit scam reliable review

urdubit review

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:

urdubit scam twitter

Focus on the Dates. They’re not all of one day. But spread over weeks!

And also this:

urdubit twitter account

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.

Is Polybius.io Scam?

Polybius.io is an Estonia based team that claims to be a croudfunded website which aims to become a bitcoin bank (or cryptocurrency bank).

Well, they might become that too, however my review is suspicious about the site. Lets get deep into it and see the reasons what make it unreliable.

Here we will analyze the polybius.io project and see if it appears to be a scam or legit site that can be considered trusted and reliable or it’s untrustworthy and unreliable.

Note: Polybius = HashCoin = HashFlare, all are the same team and group apparently.

Review from The Financial Supervision Authority of Estonia

This is what Finantsinspektsioon has to say about Polybius.io:

Finantsinspektsioon about polybius

Translated from: http://www.fi.ee/public/hoiatusteated/20170606_Hoiatusteade_Polybius.pdf

Evaluating the domain

  1. The domain name was registered in 2016, yet nothing exponential has been done which is done in case of serious teams and companies
  2. The domain was registered for one year only in may 2016, if they were serious, they would have registered it for 10 years
  3. 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.

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

intercom io lite version branding

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.

intercom io standard plan price

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

Polybius logo

HashCoins is the company or group which has started polybius project.

  1. Both websites have the same contact cell phone number. Which means no seperate dedicated team is for these two projects.
  2. 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.

4 Types of BitCoin Wallets

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.

4 types of bitcoin wallets

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.

mobile bitcoin software wallet

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!

bitcoin paper wallet

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.

bitcoin hardware trezor wallet

Pros of Hardware wallets

  • Most Secure
  • Backups possible
  • Password protected
  • 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?