Crypto FAQ: What is a seed phrase?

Want to learn crypto fundamentals? Welcome to Block by Block. This issue answers: What is a seed phrase?

What is a seed phrase?

A seed phrase, also known as a recovery phrase or a secret private key recovery, is a sequence of 12-24 words you can use to restore a private key wallet.

Why is a seed phrase important?

Because it’s the only way to backup a crypto wallet. If you lose the phone, computer, or hardware device you use to access your crypto, you will need to enter your seed phrase elsewhere to restore your private key wallet and its contents.

What happens if I lose my seed phrase?

Initially, nothing. After all, you don’t need your seed phrase to access your funds; it’s a backup method to restore your funds. So, if you lose your physical device and your seed phrase, that’s when you can panic.

Does exchanges and wallets know my seed phrase?

No, most exchanges and wallets do not keep a record of your seed and cannot recover it for you. This is desirable because this means you and you alone have ownership over that wallet and the cryptocurrencies in it, because it’s "your keys, your crypto".

Someone asked me for my Secret Private Key Phrase. Should I give it to them?

No. Not unless you are comfortable giving them all your crypto. Scammer alert! If anyone on Twitter, Reddit, or anywhere else claims to be a support person for a crypto or an exchange like Binance or any other, or even just offers to help you, but then asks you for your seed phrase and/or private key, they are MOST LIKELY a scammer trying to steal your crypto. You should stop messaging them.

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Buyer Protection from Paypal and Payoneer: My Personal Experience with Both

Buyer Protection: What Is It?

The payment processor called Paypal offers security for consumers in the form of a buyer protection policy. This policy covers purchasers who pay for something they don’t receive (or are provided with a defective service or product not as stated). It intends to provide buyers with peace of mind when shopping online. Paypal’s buyer protection policy is cited as the strongest in the industry.

Alternatively, Payoneer does not have a buyer protection policy, which means that buyers are not protected if they do not receive their purchase (or if it is not as described). This can be a risk for buyers, as they have no recourse if things go wrong. Paypal is the better choice for buyers looking for protection when shopping online…or so I thought!

Paypal is often seen as the go-to service for online payments, but that doesn’t mean it’s always the best option. Payoneer, as it turns out, offers better buyer protection than Paypal. That means if you’re the victim of a scam, you’re more likely to get your money back through Payoneer than Paypal.

 

I Was Scammed Twice: Once for $130, Then for $100

I had a lot of work to do in 2019, and I had to purchase some things to finish the job. I usually purchase things from Paypal, but my usual providers could not meet my needs, so I had to look elsewhere. There were a couple of instances where I ran into problems. One instance cost me $137.50 via Paypal, and another cost me $100 on Payoneer. Each of these problems occurred within a couple of days of each other.

I made a deal with someone and then paid them via Paypal. After I paid them, they ceased to reply to my messages. This was very frustrating, especially since I had already paid for what they were supposed to provide. I contacted Paypal and initiated a chargeback, but unfortunately, they could not help me recover my money. This was a disappointing experience.

I followed the steps to dispute a transaction with Paypal. I waited patiently for a response from the seller, but he didn’t get back to me. After a week, my case was passed to Paypal to review. Several days later, they emailed me saying they ruled in the seller’s favor.

In the course of this process, several automated email messages were sent to me from Paypal informing me that they would contact me if more details about my case were required. Although I had not provided excessive information when requesting a chargeback, I was confident they would ask for more clarification if anything was unclear.

I was angry that PayPal gave the money to the fraudster without hearing my side of the story. I called PayPal and requested they review my case again because I had more evidence. But PayPal refused, just blowing me off.

I was hesitant about using Payoneer since they don’t have a very integrated system to dispute or chargeback payments. However, I decided to take the risk and spoke to customer service via live chat. I explained my situation, and they were able to help me.

After the end of the chat, I received an email requesting details about the incident. I provided such details, they looked into the matter and, after four days, they reimbursed the money to my account.

During the investigation, the person involved in this transaction contacted me and apologized for not contacting me for a few days. He begged me to end the case, then claimed he would refund me or do the work I paid for. I agreed to let the case go in exchange for a refund. The situation was frustrating, but ultimately I was glad to have it resolved without further complications.

Initially, he was trying to reimburse me via Paypal and claimed that he had no funds in his Payoneer account. This raised some red flags for me. He said he would send me money through Paypal if I’d dropped the case with Payoneer. But I refused, because then later he could chargeback through Paypal, which leaves me dependent on Paypal to help me get my money (and as we saw above, there's no guarantees there).

In the end, Payoneer refunded me the money and I was happy.
 

Who Fared Better?

Payoneer came out on top here. I had to provide some information. A staff member looked at it and determined what to do. They got in touch with the other individual involved and asked for their opinion, and then they took care of the situation accordingly.

It’s possible that Paypal’s automated system selects who wins and loses based on the absence of any evidence. However, the company denies using such methods and claims that the cases are handled based on evidence.

Although people may feel secure when using Paypal due to the buyer protection they offer, it doesn’t come with guarantees. The high prices you pay Paypal for every transaction do not provide you with the security you need. It may be much more effective if Paypal changed gears and took a page out of Payoneer’s book.

Paypal is one of the most popular payment processors, but that doesn’t mean it’s the best. In fact, there are a number of payment processors out there that are more accommodating and charge lower fees. Payoneer, Cryptocurrencies, Transferwise, Perfectmoney, and Skrill are great alternatives to Paypal. So if you’re tired of Paypal’s monopolistic methods, consider using one of these other payment processors instead. You’ll probably be able to save money on fees and get better service overall.

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HELICOPTER MISSING IN ITALY: There were seven people in the vehicle

A HELICOPTER with seven people, including four Turkish citizens, disappeared today in the north of Italy, Turkish media report.

According to NTV television, the helicopter that took off from the city of Luka was on its way to Treviso, when it disappeared from the radar near Modena.

Italian rescuers have started searching for a helicopter in the wooded area of ​​the Apennine Mountains in the Emilia-Romagna region.

The search uses high-tech instruments to detect mobile phones, even in areas where there is no coverage, reports AP.

The Turkish company Ecacibashi announced that the Turkish citizens who were in the helicopter were employed in that company, and that they were in Italy at the trade fair.

NTV states that the helicopter belonged to an Italian company for the production of household cleaning products and that it was used to transport Turkish clients to its factory.

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"We can't survive without Russian gas" German minister skeptical: "We are not ready for an embargo"

The Minister of Economy and Vice Chancellor of Germany, Robert Habek, stated that the country is not yet ready for a complete embargo on Russian gas.

 

- For now, Germany does not have the preconditions to successfully spend the winter if Moscow initiates the cessation of gas supplies from Russia - said the Minister and added that the German authorities still have a lot of work to do to stop the supply of Russian energy.

Habek added that Germany has set itself the goal of gradually becoming independent of Russian energy supplies. 

Ukraine should not be given false promises of EU membership

Commenting on Ukraine's request for membership in the European Union, the Minister said that the offer to that country to join the EU must not be false and that promises that cannot be fulfilled must not be made.

- In the past, Europe and the European Union made proposals that were not fulfilled. This must not happen again. It is important that the road to the European Union is organized so that it is fair and open, so that Ukraine can step on it and reach the end. It is necessary for the talks on the stages to be quick - said Habek and emphasized that those stages must be "achievable".

On February 28, the President of Ukraine, Vladimir Zelensky, signed the request for the country's accession to the European Union. The next day, the European Parliament supported a resolution granting Ukraine candidate status.

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3 Ways To Keep Your Crypto Safe

 Ever seen a message like this?

 

Scammers send out thousands of fake messages like this every day, and many people fall for them and end up sharing their personal information with scammers, putting their crypto and security at risk.

The truth is that online scams are very common, and one of the reasons for that is because they're easy to orchestrate, but mainly because people fall for them. This is why it benefits you to familiarize yourself with the most common types of scams and how to avoid them.

 

 

Here are some good tips:

1. Never share your private keys.

No crypto company, NFT project, or Twitter personality should ever ask for your password, personal information, or private key. Ever!
 

2. Check website URLs.

Scammers will often build convincing “lookalike” websites at “.org” or “.xyz” domains that trick people into inputting their login credentials or personal information.
 

3. Keep passwords private.

Avoid taking screenshots of your private key, reusing passwords, or storing recovery phrases in obvious places – like on your desktop.

 

 

Some other places where you can find information about how to protect yourself from scams are search engines, like Google, and of course the video site Youtube. Don't neglect your security, it's important!

 

Take care and stay safe.

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What’s the future of cryptocurrency?

With the markets down 50% from their November peak, the question on everyone’s minds is:

Is this cause for concern?

Historically speaking, no, it is not.

Bitcoin and the crypto markets have suffered plenty of massive price drops since their inception. Each time, the market has recovered. When in doubt, zoom out.

 

 

What's Coming?

Beyond bitcoin, a number of exciting trends have gained steam in the past few months. Here are the three themes we have our eyes on:

1. Decentralized Autonomous Organizations. DAOs are entities with no central leadership. Decisions get made from the bottom-up via proposals with governance functions like voting performed by the community. DAOs usually organize around a shared purpose or set of values
2. Sustainability. One of the hottest topics for bitcoin advocates and skeptics alike centers on the crypto’s energy consumption. Want to do a deep dive into mining? Learn more by listening to this podcast episode that takes a deep dive into this topic.
3. DeFi. Decentralized Finance created a world of permissionless, blockchain-based financial services allowing for the lending and borrowing of assets without a middle man. DeFi has seen explosive growth, with currently over $75 billion of funds locked in a multitude of ecosystems. Expect DeFi to continue its rapid growth in 2022.
   

We are still early to cryptocurrency and its infrastructure is being laid out before our eyes.

There is still so much to look forward to in this space and we can’t wait to see what 2022 has in store.

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Biden after insulting Putin: I will not apologize, I am not worried that this will lead to an escalation of the conflict

To many, his comments during his stay in Poland seemed to call for regime change in Russia, but the White House later spoke out and denied the allegations.

US President Joe Biden is speaking publicly in the media for the first time after encountering numerous criticisms for the way he spoke about Russian President Vladimir Putin.

- I don't want to apologize for that. "I am not at all worried that my comments could lead to an escalation of the conflict or that they will weaken NATO, as some claim," Biden said.

He then added that with those words he only wanted to express his indignation and that it did not mean that the United States was changing its policy.

- The opinion I expressed then is based on the emotions I felt that day because of that man's actions - the president said.

To many, his comments during his stay in Poland seemed to call for regime change in Russia, but the White House later came forward and denied these claims.

Asked if he was in the mood to talk to Putin, Biden said it would depend on the topic of conversation.

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