Q: How do you pick the right crypto wallet? [Free #24]
As OnlyFans tosses the majority of their customers and performers out the door, a new wave of crypto adoption arises as digital sex workers seek to go direct to their fans.
Well hello there!
This has been an interesting week (certainly, as always, in the blockchain world), but even moreso in what I consider to be blockchain adjacent news.
The big headline last week was that OnlyFans, a socially enable website created for sex workers to digitally monetize their content, decided to heel to their banking overlord’s wishes and ban explicit content on their site. They’re now seeing an exodus of content creators and consumers on the site, and are retroactively searching for ways to walk back the new policy, but it very well may be too little too late.
It’s also perhaps comically absurd that OnlyFans cites that banking pressures to restrict content are behind the policy change when they’re a company birthed from during the same year that global cryptocurrency usage surged from low million users to over 100 million worldwide. How easy would it have been for them to use cryptocurrency (like almost every competitor of theirs does) to fight off the demands from their banking partners?
The level of incompetence required to miss that given everything rises to the level of, well, the incompetence that lead to the 2008 financial meltdown (which has been the subject of several parody posts across the web, this week).
At any rate! Now we have an exodus of digital sex workers from the platform, and many of them are headed directly towards us in the world of cryptocurrency and blockchain. This week has seen a flurry of blockchain operators trying to position their products to scoop up digital sex workers, as well as the sex workers themselves scavenging for ways to be less dependent on centralized services with capricious content policies.
In that spirit, we tackle a 101 topic in this week’s newsletter: How to pick the right crypto wallet. There’s a lot of choices out there, it’s impossible to say that there’s one wallet to rule them all, but depending on your goals with crypto and blockchain, some are better than others. We’ll explore what that means in this week’s deep dive!
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Blockchain Bulletin
Afterparty launches blockchain-based event platform for creators. The launch of this blockchain-based events management platform will allow venues to connect with fans and support social tokens and NFTs, reported Deadline.com.
Coinbase makes plans to expand into Japan with bank partnership. Crypto wallet and exchange Coinbase is expanding into Japan by partnering with Mitsubishi UFJ Financial Group, reported CoinDesk, which will allow the company to exchange five different cryptocurrencies in the country.
Facebook prepared to launch Novi digital wallet. After rebranding and years of setbacks, the rebranded project that is now Diem, now-become the Novi digital wallet is almost prepared to launch according to David Marcus, Facebook’s financial division chief, reported Business Insider.
Blockchain Behind the Scenes
Poly Network offers white hat hacker who hit them a job. Dubbed “Mr. White Hat Hacker,” the same hacker who hit the Poly Network for $620M in tokens mere weeks ago (and returned them) has been offered a security job at the same network.
MobileCoin raises $66M to expand its private payments platform. MobileCoin raised $66 million to expand its platform, announced plans to build an ecommerce bot, as well as launch its own stablecoin in order to avoid volatility with its own cryptocurrency.
Blockchain Deep Dive: How to pick the right crypto wallet.
Fair warning! This is one of those instances where the really good stuff is behind the paywall.
We have four wallets we discuss (with screenshots and details) that represent the four major use cases for everyday crypto and blockchain usage.
1) Coinbase:A custodial wallet solution.
Coinbase is good for beginners.
It represents the class of wallet where the user isn’t interested in managing their own private keys.
Analagous to PayPal.
2) Coinomi:My choice for top multi-coin mobile wallet.
For multi-coin users.
An intermediate user’s wallet. Advanced users may find themselves somewhat limited when it comes to fee-setting or dApp usage.
3) Mycelleum:A Bitcoin-only mobile wallet for maximalists.
An advanced single-coiner’s wallet.
Only works with Bitcoin, but it has a dizzying array of control for a mobile wallet.
4) Metamask:The default solution for interacting with Turing-Complete blockchains on the desktop.
It’s the gold standard for Web 3.0 dApp usage.
Less of a wallet, more of a enabling tool for more advanced blockchain apps.
The UX is a little dense, but if you’re an intermediate user, you’ll grasp it quickly.