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In the chronicles of cryptocurrency folklore, few events are as groundbreaking or as heartily celebrated as Bitcoin Pizza Day. This annual commemoration observed on the 22nd of May, looks back to one of the earliest real-world transactions involving Bitcoin. It's a momentous occasion that serves as a delicious reminder of the humble origins and astonishing growth of Bitcoin and the broader cryptocurrency ecosystem.

On May 18, 2010, a Florida-based programmer named Laszlo Hanyecz made a legendary post on the BitcoinTalk forum. In this post, he stated that he wanted to buy two large pizzas in exchange for 10,000 Bitcoins. He laid out his preferences for the pizza toppings and expressed his desire to have the pizzas delivered to his house, hoping to make the transaction as simple as possible​.

In a surprising turn of events, just four days later, a fellow Bitcoin enthusiast named Jeremy Sturdivant, aka "jercos," stepped up to the plate and accepted Laszlo's tasty offer. The deal was sealed, and before long, two piping-hot pizzas arrived at Laszlo's doorstep. 

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This marked the first-ever recorded real-world transaction using Bitcoin as a currency, setting a precedent for future use cases​.

Now, you might be wondering, "What's the big deal? It was just $25 worth of pizza, right?" Well, my friend, hold onto your appetites. At the time, those 10,000 Bitcoins were valued at a mere $41. But fast forward to today, and they would be worth millions! That's right, Laszlo's pizza purchase turned out to be one of the most valuable slices of all time.

The Bitcoin community cherishes this moment, not just for its historical importance, but for the staggering financial implications of the transaction. And so, every year, Bitcoin enthusiasts and crypto communities around the world come together to celebrate Bitcoin Pizza Day.

It's a time to reflect on Bitcoin's humble origins and its remarkable growth into a globally recognized asset class. We raise our forks and cheer for Laszlo, who unwittingly set in motion a revolution in the world of finance and beyond.

But Bitcoin Pizza Day isn't just about looking back; it's about looking forward too. The blockchain technology that underpins Bitcoin has evolved and found its way into various industries, from finance to supply chain management and even healthcare. 

Cryptocurrencies themselves have diversified, with thousands now available, each with its unique features and use cases. While Bitcoin was the first cryptocurrency and remains the most widely recognized and valued, the crypto landscape has blossomed since Laszlo's pizza adventure.

Laszlo Hanyecz's simple act of buying two pizzas has grown into a grand annual tradition. The power of his story lies in its illustration of Bitcoin's potential and the limitless possibilities of cryptocurrency. This tale is often shared with newcomers to the crypto space, serving as a poignant reminder of Bitcoin's transformative journey and its potential for future growth.

Bitcoin Pizza Day serves as a reminder of how far we've come and a celebration of the potential yet to be realized. It's a testament to the power of a community and the revolutionary potential of a good idea. As we chow down on our own slices this Bitcoin Pizza Day, let's raise a slice to Hanyecz, to Bitcoin, and to the incredible journey of cryptocurrencies.

To learn more about the history of Bitcoin, you can explore the original Bitcoin whitepaper published by Satoshi Nakamoto in 2008. If you're new to the crypto space and want to understand more about blockchain technology, this comprehensive guide is a great place to start.

Happy Bitcoin Pizza Day to all! 🍕 May your celebrations be filled with joy, laughter, and, of course, lots of tasty slices. Cheers to many more slices of history yet to be made!

The world of cryptocurrency is constantly evolving, as are the threats that come with it. As hackers and cybercriminals are always looking for new ways to steal or compromise digital assets, bank-grade security has become a vital component needed when engaging in custodial wallet solutions.

By implementing bank-grade security measures, platforms and services can ensure the safety and protection of customer funds, build trust and confidence with users, and attract new investors. 

The importance of bank-grade security in crypto custodial wallets

When it comes to cryptocurrencies, bank-grade security is crucial for any platform or service that provides custody or storage solutions for digital assets.

It involves a set of protocols, technologies, and procedures that are specifically designed to protect cryptocurrencies from theft, hacking, and other cyber-attacks.

In terms of custodial and non-custodial wallets, custodial wallets have a third-party manage the custody of a user's private keys, assuming responsibility for managing the private key, safeguarding assets, and signing transactions. As the responsibility is now shifted away from the user, it becomes increasingly important that the correct security measures are put in place.

At Tap, we understand the importance of bank-grade security in managing and storing cryptocurrencies. We are committed to providing our clients with the highest level of security measures to ensure the safety and protection of their crypto assets.

So what are the benefits of using bank-grade security when dealing with cryptocurrencies? Before we answer this let's first take a look at the difference between custodial and non-custodial wallets.

Custodial wallets vs non-custodial wallets

Custodial wallets and non-custodial wallets are two types of digital wallets used to store and manage cryptocurrencies. As mentioned above, custodial accounts are provided by third-party services, such as crypto exchanges or wallet providers, and they hold the private keys to the user's cryptocurrencies.

Non-custodial wallets, on the other hand, allow users to hold and manage their own private keys without the involvement of a third-party service.

In terms of security, custodial wallets have some advantages and disadvantages compared to non-custodial wallets. Custodial accounts offer convenience and ease of use, as the third-party service takes care of the security and management of the user's assets. This can be particularly helpful for beginners in the crypto space who may not have the technical knowledge or experience to manage their own wallets.

However, custodial accounts also come with some risks. Since the third-party service holds the private keys, users are essentially trusting the service to keep their assets secure. If the service provider is hacked or experiences a security breach, the user's assets could be lost or stolen. Hence the importance of these services implementing stringent security measures.

Non-custodial wallets such as hardware wallets, on the other hand, offer users complete control over their assets. In this case, the user holds the private key and has full control over their cryptocurrencies ensuring that they are stored and managed securely.

Non-custodial wallets can also be considered more private, as users are not required to share their personal information with a third-party service.

While non-custodial wallets hold one's crypto investments they typically do not provide the range of services offered by a third-party service provider.

Protecting your private keys with bank-grade security measures

First and foremost, bank-grade security offers a high level of protection against cyber threats. Cryptocurrencies are often considered a prime target for hackers and cybercriminals due to their decentralized nature and lack of regulation.

When using a custodial crypto wallet, the platform on which you are storing your cryptocurrencies is therefore responsible for your private key and responsible for keeping your personal information safe.

With bank-grade security measures in place, crypto assets are stored in secure offline wallets, protected by multi-layered encryption, and monitored 24/7 by a team of security experts. This significantly reduces the risk of theft or loss of cryptocurrencies from a crypto wallet.

How bank-grade security can attract institutional investors to crypto

In addition to protecting against cyber threats, bank-grade security also provides peace of mind for investors and traders. When dealing with traditional financial institutions, customers expect a certain level of security and protection for their assets. The same should be true for cryptocurrencies. By implementing bank-grade security measures, platforms and services can build trust and confidence with their customers.

Additionally, bank-grade security can help attract these investors to the world of cryptocurrency. Institutional investors, such as hedge funds and pension funds, often have strict requirements for custody and storage solutions. They need to know that their crypto wallet and assets are secure and protected from theft or loss.

By offering bank-grade security measures, platforms and services can appeal to these investors and open up new opportunities for growth and expansion.

The role of HSMs, multi-factor authentication, and encryption in crypto wallets

Investing in cryptocurrencies requires a high degree of security and protection, and bank-grade security measures are essential to ensure the safety and protection of crypto assets stored in crypto wallets. Hardware security modules (HSMs), multi-factor authentication, and encryption are three critical components of bank-grade security measures that play a significant role in protecting crypto wallets.

HSMs are specialized hardware devices that provide secure storage and management of cryptographic keys. They are designed to prevent unauthorized access to assets by requiring multiple layers of authentication and verification. HSMs are widely used in the financial industry and are considered one of the most secure methods for storing and managing cryptocurrencies.

Multi-factor authentication is another key component of bank-grade security. It involves requiring users to provide more than one form of authentication to access their crypto wallet. For example, a user may be required to enter a password and a one-time code sent to their mobile phone. This significantly reduces the risk of unauthorized access and ensures that only authorized users can access their custodial or non-custodial wallet.

Encryption is also a critical component of bank-grade security. It involves transforming assets into an unreadable format that can only be deciphered with a decryption key. This ensures that even if a hacker manages to access the custodial or non-custodial wallet, they will not be able to read or use them.

By implementing bank-grade security measures, platforms and custodial account services can ensure the safety and protection of their customers' crypto holdings, build trust and confidence, and attract investors.

Bank-grade security vs other types of security measures used by a crypto exchange

What makes bank-grade security different from other types of security measures is the combination of technology and protocols used to securely store the crypto wallet. Crypto exchanges typically implement bank-grade security solutions that include a combination of hardware and software-based security measures, such as HSMs, multi-factor authentication, and encryption.

Looking ahead, the importance of bank-grade security in the world of cryptocurrency exchanges is only going to increase. As more people adopt cryptocurrencies and the market continues to grow, the need for secure storage and custody solutions will become even more pressing. Platforms and custodial account services that can offer bank-grade security measures will be better positioned to compete and succeed in this rapidly evolving industry.

In conclusion

Bank-grade security is essential for anyone who wants to use cryptocurrencies safely and securely. It ensures the protection of custodial wallets and instills a degree of trust in those utilizing the custodial wallets on offer.

Whether you're an investor, trader, or simply someone who wants to store your assets, bank-grade security measures provide peace of mind and protection against cyber threats through implementing strong security measures. At Tap, we take security very seriously and are committed to providing our customers with the highest level of protection for their assets and crypto wallets.

PAX Gold is the hybrid investment option bridging the gap between digital currencies and the gold market. This cryptocurrency provides the benefits of blockchain technology without the price volatility. The Pax Gold token also offers a more accessible way for traders to invest in physical gold assets. 

What is PAX Gold?

PAX Gold (PAXG) is the biggest digital asset backed by underlying gold and each PAXG token represents one fine troy ounce of a 400-ounce London Good Delivery gold bar. The price of PAX Gold mimics the current gold market prices of gold, making it a more stable crypto investment with less volatility. 

The crypto asset is issued by the Paxos Trust Company and the market value of the circulating supply is held in physical gold bars in vaults similar to how stablecoins hold reserves of the fiat currency they are pegged to.

To guarantee its integrity, the Paxos Trust Company undergoes and releases monthly audits to verify that its PAXG tokens are equal to the amount of allocated gold it holds. This process is regulated by the New York State Department of Financial Services.

Additionally, users have the option to redeem their PAXG tokens for allocated gold bullion bars whenever they desire, or for smaller amounts of unallocated gold bullion bars through a network of physical gold retailers around the world. 

PAXG tokens are based on the ERC-20 token standard and provide users with all of the benefits of owning physical gold bars without the drawbacks typically associated with the physical commodities. These include limited accessibility, challenges storing the physical gold, difficulties transporting it, etc.

Due to its tokenized nature, PAXG can be traded for other cryptocurrencies in the sector, or simply redeemed for physical gold. 

Who created the PAX Gold platform?

The Paxos Trust Company was co-founded by Charles Cascarilla and Rich Teo in 2012 with the aim to provide a more accessible and trustworthy means of moving assets. Cascarilla holds a degree in finance with experience in the capital management sector. He has also participated in multiple traditional and blockchain-based venture capital projects.

In 2018, the company released Paxos Standard (PAX), a stablecoin pegged to the US dollar, with reserves held in US bank accounts. In 2021, PAX rebranded to the Pax Dollar (USDP). The stablecoin remains one of the top 10 biggest asset-backed cryptocurrencies.

In 2019, PAX Gold (PAXG) was launched. The allocated gold-backed digital asset holds its reserves in vaults secured by Brinks. The company undergoes monthly audits which verify that the correct amount of reserves is held for each coin.

The company has achieved strong institutional support and secured more than $500 million in funding from reputable investors such as OakHC/FT, PayPal Ventures and Mithril Partners.

How does the PAX Gold work?

First and foremost, PAXG represents physical gold. PAX Gold (PAXG) is an ERC-20 token built on the Ethereum blockchain making it compatible with many dapps and decentralized exchanges within the DeFi space. When creating or destroying PAXG tokens, the company charges a small fee (0.02%) while the trader is liable for gas fees for any on-chain transactions. 

Increasing investment entry barriers, the token is divisible by 18 decimal places, allowing anyone access to fractional ownership of a physical gold bar without the associated burdens of owning physical gold (transport, storage, etc). 

Each PAXG token is allocated a unique serial number that matches that of an individual gold bar held in reserve. Holders are entitled to find the physical gold bar, its value, and other characteristics by using the PAXG lookup tool. Tokens can also be redeemed for gold, fiat currency, or other digital currencies as per the current market price of gold at that time. 

PAXG transactions are closely monitored and surveyed by Paxos using third-party analytical tools for the purpose of investigating any potential cases of fraud or money laundering. In addition, developers subject the code to regular smart contract audits in order to detect bugs and vulnerabilities.

What is the PAXG token

PAX Gold (PAXG) is an ERC-20 token built on the Ethereum blockchain. Each PAXG token represents one fine troy ounce of a 400-ounce London Good Delivery gold bar which can be traced using the unique serial number.

The cryptocurrency offers investors exposure to the price of gold as well as investment opportunities otherwise difficult to access. The advantage of investing in cryptocurrencies like Pax Gold PAXG is that one can bypass the physical challenges of investing in real gold reserves. Instead, one can manage their investments from the convenience of their home.

The Paxos Trust Company holds all PAXG token reserves in vaults and undergoes monthly audits which are published on the Paxos Trust Company’s website. 

How can I buy the PAX Gold token?

If you're looking to invest in the long-term value of high-quality gold without concerning yourself with physical gold bars, with the added benefits of blockchain technology Gold PAXG tokens might be the answer you're looking for.

Tap provides a seamless entryway to buying, storing and selling Pax Gold PAXG tokens. Users will simply need to download the Tap app, create an account and complete the quick verification process. From there they will gain access to a number of secure integrated crypto wallets and vetted cryptocurrency markets, including PAX Gold tokens.

The app not only allows users to buy, sell, trade and store cryptocurrencies, but also provides a payment service that allows users to make fiat payments directly from the app. Whether through an electronic payment or the Tap card, users can spend their crypto and fiat currencies anywhere, anytime.