Darryn Pollock

Bitcoin Transactions Down, Does That Mean its Popularity is Also Shrinking?

Bitcoin has seen a steady downturn in transactions and could have something to do with its popularity
Bitcoin Transactions Down, Does That Mean its Popularity is Also Shrinking?

Since December, Bitcoin has seen a massive change in its value as its price slumped from a high of $20,000 getting as low as $6,800. The coin has recovered somewhat from that, but the number of transactions also came down with the price.

The average number of trades recorded daily has roughly dropped in half from those December highs. So, now in recovery, Bitcoin's Blockchain is less busy, which has its positives but is it endemic of a loss of popularity with the original cryptocurrency.

Price up, not transactions

The Bitcoin price is very volatile and if often subject to external factors like news and popular opinion. However, the trading volume, while linked to the price, usually moves in its own direction.

So, as Bitcoin’s price has recovered some 50 percent, there has not been that same recovery in the transactions. This could mean that the popularity of Bitcoin is down as other cryptocurrencies start to stake a claim in the overall market cap.

Bitcoin’s dominance of the market cap also slumped at the low in early February, getting down towards 30 percent. It now sits at around 40 percent having been at 60 and above as a medium.


Transactions plunged from a seven-day average of almost 400,000 in mid-December to about 200,000 this week, according to research firm Blockchain.info. The last time it was this low, the currency traded below $500.

Other options on the menu

Bitcoin has almost always been every new crypto user's first coin, but, once in the market, many are finding that there are a number of coins in which they can invest and use. There has been a rise in new users to cryptocurrency, mostly entering with Bitcoin, but they are maturing and exploring.

People once in the crypto market will come to realize that there are a number of other coins which are as stable and trustworthy as Bitcoin and can offer different alternatives. This often sees a two-way swing.

Bitcoin is sold for other currencies which not only takes away from Bitcoin transaction and dominance, it adds to the altcoins.

Makes things look good

The flip side to this is of course that the major issue that was dogging Bitcoin at its high was the price of transactions and the time they were taking to complete. Now, however, there is half the volume which means the scaling issue has subsided.

This ties in with the implementation of SegWit growing, helping that upgrade seem like a major success.

It will however all mean nothing if this loss of interest in Bitcoin continues though. There might not be another dominant coin really pushing to take over as the most widely known and accepted coin, but a real threat could break the original.

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Alex Morris

DigiFinex Exchange Review: Binance’s Emerging Competitor?

DigiFinex Exchange boasts huge volumes. Our DigiFinex review tries to determine how legit these numbers are, and whether they should be reviewed by DigiFinex
DigiFinex Exchange Review: Binance’s Emerging Competitor?

Main facts about DigiFinex Exchange  

DigiFinex (Digital Asset Financial Exchange) is a popular Chinese cryptocurrency exchange that is currently headquartered in Singapore. The company DIGIFINEX LIMITED is registered in Seychelles along with some other big-name digital asset trading platforms in the likes of BitMEX. The exchange is specifically designed for the Asian market, but the website also supports the English language.

The Singapore-based cryptocurrency startup currently occupies a position on CMC by trading volume. Users are able to exchange the Chinese Yuan (CNY) into USD Tether (USDT).

However, this is definitely not an option for traders from the US and Singapore since their accounts are not accepted there (actually, the residents of these aforementioned countries are not even able to create an account).  

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Back in April, DigiFinex released its own ERC20 token dubbed DFT. As of now, the DFT token is yet to touch the top 1,700 on CoinMarketCap. At the time of writing this article, the token’s price is sitting at $0.16 after hovering above $1 in August.

Despite being among the biggest names in the business, DigiFinex remains a hardly known trademark, which is perfectly reflected by its media presenc: their official Twitter page barely exceeds 1k followers. Their Telegram channel seems rather popular with 16,756 members. However, it is exclusively designed for Chinese users, with all messages also being in Chinese.  

DigiFinex’s founder Ned Kee has recently shared the insights into how the young startup took the market by storm and managed to shoot up from zero straight to CoinMarketCap’s top 20 list.

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(Source: Steemit)

Kee acknowledges the fact that very few people know about DigiFinex’s existence despite its massive trading volumes. The reason behind such low popularity, as he explains, stems from the fact that their business strategy doesn’t include pouring money into marketing. Kee claims that the lion’s share of their budget is spent on security since they prioritize the safety of its customers.

DigiFinex vows to protect investors by annually conducting an audit (one of very few exchanges that are fully compliant with the SOA auditing standard) and performing identity verification, thus complying with KYC regulations as well. On top of that, the company pledges to cooperate with authorities to determine any instances of suspicious activity.

In the hindsight, one of the main reasons behind the low popularity of this company it its focus on China. Despite the brutal crackdown on ICOs and crypto-oriented startups by the Chinese authorities, DigiFinex still primarily targets the domestic market, failing to increase its appeal to foreign traders. As U.Today reported earlier, the government’s ban did very little to stop Chinese residents from trading cryptocurrency, but the country still poses a huge threat to Bitcoin.  

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All assets the exchange features

There is a myriad of coins available on this platform — from flagship cryptocurrencies (Bitcoin, Ethereum, Litecoin) to the most popular stablecoins and lesser known tokens. Still, it is worth mentioning that the company has a rather strict listing policy.

According to the website, different projects can list their tokens on DigiFinex by means of voting and cooperating. One can apply for a token listing at the bottom of the main page.
DigiFinex has a point-based listing policy. All potential tokens have to undergo a verification procedure. If the trading volume of a token drops below the 200,000 CNY per day (for 5 days), the token will be delisted. The same goes for those assets whose price drops below 90 percent compared to their initial valuation.

Back in September, the Singaporean startup made a substantial amount of buzz in crypto news outlets by delivering a major blow to Tether (USDT), a flagship stablecoin, by replacing it with TrustToken’s TrueUSD (TUSD) due to numerous “trust issues”.

According to DigiFinex’s co-founder Kiana Shek, they’ve been plotting Tether’s delisting for months. The biggest stablecoin has been under fire for alleged manipulation. After a prolonged bleeding, USDT also recently lost its peg.   

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Main advantages of strategic mining

On Apr. 16, DigiFinex started trade mining, issuing a whopping number of DFT tokens. Aug. 21 was supposed to be the last day of the DFT mining.

In August, DFT mining — which is considered to be the bread and butter of the company — was terminated. Since trade mining is becoming more and more popular, this was clearly an unexpected move. Due to trade mining, the exchange has managed to skyrocket from 50th to 11th place in practically no time, and its trading volumes have recorded almost a ten-fold increase. Zhu Wenjuan, vice president of DigiFinex, told NetEase technology that issuing more coins will result in reducing their value. They fear that the pace of the issuance may surpass the growth of the platform itself. Even if they did manage to maintain the price of the token, it wouldn’t stand a chance to survive in the long run.  

The reason behind this termination was supposedly a legal advice in order to get regulatory clarity in Singapore. They decided to terminate DFT mining for daily rewards, but they are still going to keep it for extra rewards.

Remarkably, an armada of Chinese exchanges generally deals with a similar issue, including Bit-Z and Xstar. The trend itself was started by the infamous FCoin. Since then, more than 1/3 of all exchanges have been reportedly involved in trade mining.

Bonuses to first users

There are numerous reward programs in place. Right now, it is hosting the Magicstonelink (MCS) airdrop, which is devoted to the launch of the new token listing (it will last until Nov. 14). Furthermore, it is currently offering ETH rewards to all new users.     

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On Oct. 22, the exchange launched the “Spin to Win” gam: every user could win up to 1 BTC after purchasing 1,000 USDT worth of altcoins. The customers were also allowed to buy the opportunity to have one more spin with 1 DTF. During the FIFA World Cup, the company also offered its users rewards in its native coin.

Check out the “Announcements” section on the exchange’s website in order not to miss the latest bonuses to first users.

Exchange Trading Volumes

The exchange appeared on the market back in 2018, but it has already managed to crack into the top 20 exchanges on CoinMarketCap in such a short span of time. As of now, it is sitting at 17th place with daily trading volume surpassing $429 mln.

Yes, the numbers are here and seem impressive. Did DigiFinex exchange really manage to pull a Binance and become a crypto behemoth in practically no time? Well, not exactly.

These huge trading volumes are only on the surface (that problem that is typical for many Chinese exchanges). Just last week, the Blockchain Transparency Institute (BTI) published a report that vividly shows how numerous cryptocurrency exchanges are boosting their relevance with the help of fake trading volumes. With the help of wash trading, they strive to lure in traders from other exchanges with more humble (but real) numbers.

DigiFinex also appeared on BTI’s list of shame with a whopping 99.63 percent of its volume being fake (one of the highest numbers among all other entries that were “lucky” to appear on the list. Still, DOBI Trade, another Chinese exchange, gives DigiFinex a run for its money with 99.89 percent in fake trading volumes.  

While it is undoubtedly remarkable that the exchange’s volumes keep increasing, the shady practices behind this exchange cast doubts on the reputation of this fledgling Chinese startups.

Earlier, U. Today also reported that a lot of young exchanges are trying to cheat their way to the top of the CMC list. What is even more remarkable, Binance was also accused of wash trading.

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How to use: Setting up a trade account

Creating an account

The registration procedure is typical for all exchanges, but here you also first have to read the risk warning that pertains to the volatile nature of the cryptocurrency market. The Chinese exchange that is currently based in Singapore also emphasizes the regulatory uncertainty that surrounds cryptocurrencies, claiming that DigiFinex could be closed at any time due to the enactment of the national law. Hence, in order to proceed with registration, you have to acknowledge the above-mentioned warning and confirm that you are neither an American nor Singaporean citizen.

Once you’ve done that, you can see a typical registration form that requires you to fill out all personal data. As mentioned above, the exchange does support the English language, which essentially means that you don’t have to use Google Translate to cope with Chinese hieroglyphs. There are two options: you can register either with your e-mail or phone number. The first option is the only one for all non-Chinese users since DigiFinex only supports China’s country calling code (+86).  

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Once you’ve provided all the necessary information, click the “Get OTP” button in order to receive a verification code to your email (you only have 60 seconds to enter the code).   

Congratulations! Now you can freely use DigiFinex, but pay attention to the fact that your daily withdrawal limit is strictly restricted to 1 BTC per day. To increase this number up to 50 BTC, users are required to go thought a verification process.

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This procedure is conducted with the help of the DigiFinex mobile app that is only available for iOS (no other options). It presupposes a standard practice of taking a photo where you hold your ID next to a note that says the name of the exchange.

The identity verification of specific users requires providing the full name, the above mentioned photo of ID, as well as well as proof of residence (bank statements, utility bills, etc).

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Trading Coins

DigiFinex allows trading both on the website and directly with the help of the iOS-based mobile app. Obviously, before starting trading, you have to make sure that there is enough funds in your account.  

To jump right into trading, choose the “Exchange” section. It features a TradingView-powered candlestick chart that gives traders the ability to monitor any given trading pair with the help of a set of tools for technical analysis.

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The list of all available trading pairs is situated on the right (the table displays the current price of a given asset along with the most recent change). On the left, there is an order book with all pending buy and sell orders.   

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Purchasing Cryptocurrency

In order to purchase any asset, go right below the aforementioned candlestick chart where you can see the “Buy & Sell” section. DigiFinex only supports two types of orders: a limit order and a market order. The latter is suitable for traders who would like to purchase a certain amount of cryptocurrencies at market price. Meanwhile, the limit order will allow buying cryptocurrency at any price (it may take days or even weeks before an asset reaches this exact price depending on how far-fetched it is).  

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That definitely may sound disappointing for skilled traders who prefer using stop-loss orders to hedge against a sudden bearish downtrend. With stop-loss orders, you are not obliged to monitor a certain asset for an extensive period of time.

Once you’ve pressed the “Buy” or “Sell” button, check out the order book where you will be able to immediately see you uncompleted order (market orders usually get closed in a snap).  

Trading Pairs

According to CoinGecko, DigiFinex Exchange features 98 cryptocurrencies that form a total number of 149 trading pairs. USDT is responsible for the majority of the market’s volume. Tether (USDT) accounts for a tad more than 74 percent of the DigiFinex’s total trading volume. Meanwhile, BTC comes in second place with only 22.3 percent.

Speaking of specific trading pairs, BTC/USDT is holding the lead with a 25 percent share of the total volume. BCH/USDT and EOS/BTC are in second and third places with 19 percent and 10 percent respectively.

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Evidently, Tether still remains the dominant cryptocurrency on the exchange despite its plan to phase out Tether, gradually replacing it with fully-collateralized TrueUSD (TUSD).

Trading Fees

On Nov. 5, DigiFinex introduced its new tiered trading fee model that is rather similar to that of Binance. The amount of the reward for both makers and takers depends on the total trading volume over the last 30 days coupled with the DFT holdings.

The major difference between makers and takes consists in the type of order (market or limit). Makers place a limit order that is not filled instantaneously (they literally “make” the order). At the same time, takers place a market order that gets closed almost immediately (subsequently, they “take” the funds).   

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The transaction fee, which sits at 0.2 percent, is the same for both makers and takers. Speaking of fees, we can make a conclusion that they are rather competitive (the average industry fee is sitting closer to 0.25 percent).

As is the case with Binance, there is a 25 percent discount on all fees paid in the DFT token (originally, it was set at 50 percent).

Transaction Limits & Liquidity

According to the Terms for Merchants, there is a direct correlation between transaction limits and your verification level (or simply tier). In case the user exceeds the limit, the exchange will keep over-the-limit funds that won’t be withdrawn unless during the same timeframe unless the additional documentation is provided.    

Security

Do not forget to enable two-factor authentication (2FA)! That will effectively prevent hackers from stealing your funds. There are two options: Google Authenticator or Alibaba Authenticator (the former is more suitable for foreign traders). The exchange also asks you to save a special key that will come in handy if you delete your account by mistake.

One of the salient advantages of the site is that it has never been subjected to a single security breach, which speaks volumes about the security (although, Degifinex doesn’t provide any insights into its safety features).

Adding Payment Methods

The “Payment Methods” section will help you choose among all available payment methods. Unfortunately, adding payment methods is impossible without undergoing an identity verification by downloading the aforementioned iOS app.

Is it possible to trade without completing verification? Yes, but your credit will be strictly limited to 1 BTC.

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Depositing/Sending Cryptocurrency

As of now, all deposits and withdrawals are conducted automatically on the exchange. In order to deposit money, simply click the “Deposit” tab in the top right section of the page. You will see the list of all cryptocurrencies that are available for conducting a deposit, including the native token DFC. Choose any coin in order to generate a corresponding wallet address. The minimum deposit amount is set at 0.001 BTC.

Just like on any other cryptocurrency exchange, the withdrawals are conducted in a similar manner (remember that you are to confirm your identity to break the chains of the 1 BTC limitation).      

NB: Depositing cryptocurrency doesn’t incur any fees.

When it comes to withdrawals, there a flat fee that depends on a particular coin you want to withdraw. Here’s a table that displays the amount of fees for some of the most popular currencies on the exchange. For instance, withdrawing BTC will only result in 0.0003 BTC, giving competitors a run for their money. The fees charged for withdrawing other popular currencies are displayed below:  

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Those who consider themselves the “phone type” of users can also try depositing and withdrawing fees from their mobile app (again, the app is only available for iOS users). The withdrawal procedure takes no more than 10 minutes.

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Kee (the aforementioned CEO of DigiFinex) confesses that sometimes there is a need for withdrawal verification of all transactions that occasionally can be conducted personally by him. Yes, the company does has its own customer support staff (at least it seems so), but the DigiFinex founder may voluntarily do the job himself in order to stay closer to the community.

Customer Support

There is the DigiFinex help center that contains answers to all most popular questions that are typical for beginner-level users. On top of that, there is also a section that is entitled “Blockchain school” — as its name suggests, it covers all the important issues pertaining to the cryptocurrency industry (from the very definition of the nascent asset class to an explanation why cryptocurrencies have value). If the presented information doesn’t touch upon a certain problem, you can always submit a request by clicking a corresponding button at the top bottom of your screen.

Pros and Cons

Before opening an account with DigiFinex, each user preliminarily estimates whether it is suitable for him. U.Today made the task much easier for you by making a comprehensive list of all pros and cons of DigiFinex.

Pros:

  1. A slew of cryptocurrencies (there are plenty of altcoins, including the recently launched Gemini dollar).

  2. The fee schedule is rather competitive compared to other top 20 competitors (this is a salient feature of the majority of Chinese exchanges).

  3. Just like with Binance, account verification is not mandatory, but it is required for increasing withdrawal limits.

  4. A strong emphasis on security and regulatory compliance.

Cons:   

  1. The startup is not reputable enough to be your first choice

  2. The trading features are very meagre – no margin trading, no stop orders (this is definitely not the option for seasoned traders).     

  3. The mobile app is not available for Android devices (sorry Android fans, but the DigiFinex mobile app is only compatible with iOS-based devices).   

  4. Geographical limitations (traders from Singapore and the US are not even allowed to create an account with the exchange).

Conclusion

Our consensus is that this exchange barely stands out among other similar platforms. While it does offer robust security and comparative fees, it doesn’t have anything to offer to seasoned traders since it lacks margin trading, stop-limit orders, etc. On top of that, just like other Chinese exchanges, DigiFinex has been accused by numerous reputable research companies of artificially inflating trading volumes.

Hence, our consensus is that despite having fairly competitive trading fees and a lot of coins, this Chinese trading platform is not suitable for western traders (as mentioned above, US residents are even forbidden to create accounts). Binance, the famous crypto behemoth, would be by far a better choice. While Binance continues its global expansion, DigiFinex fails (or doesn’t even try) to win over traders outside of China.

Does it stand a chance in trumping Binance? Absolutely not.

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Coins Guide George Shnurenko

What Is Binance Coin (BNB) - Simple Explanation for Beginners

🎓 Coins Guide
Binance gives greater discount than other currencies, when is required of contributing in fees to BNB as opposed to in BTC
What Is Binance Coin (BNB) - Simple Explanation for Beginners

The Binance Coin concept is defined as a digital currency Binance Stage. This is the basis for money cryptographic types` transformation. The very name “Binance” is a blend of paired and back. Therefore, the name indicates that in addition to the digital currency, no financial system cannot prejudge the exchange of money. You cannot exchange the funds against Fiat.

This point allowed the launch of progress in a short time period, and it is aimed at capturing the common market audiences, with the assistance of Chinese central station. Today, the digital currency capital is calculated within the US $18-35 million, and every day the numbers change.

Altogether, there might be 200 million BNBs.

Binance system draws into circulation a standard token ERC 20 token standard from Ethereum. BNB can be exchanged at the exchange rate for the current day; and half of the value of the currency will be equal to the ICO, as the ratio of 40% of the money to the rate of one type of currency for 10% of the whole cost to the Angel speculators. Specialists in this field – it intermediary persons who buy a large number of coins, do not hesitate over the course. Coin can be used to cover certain costs and expenses that cause the conditions of trade sections. They include the costs of currency exchange, transportation and other types of expenses.

Binance gives greater discount than other currencies, when is required of contributing in fees to BNB as opposed to in BTC.

For the first reporting year, 50% discounts are available for all types of bets, the second – for 25%, and the third is just 12.5%. For the fourth year involves the issuance discounts to 6.75%, and only the fifth year of any write-down is not performed. This incentive system is used to stimulate customers to BNB system and in commercial transactions Binance.

If the client wants to make a purchase/sale procedure on Binance now or later, that is, the possibility of BNB (Binance coin) before bidding. This gives users several advantages: firstly, the exchange costs BNB pays system, rather than in the currency you wish to receive; and secondly, the system Binance does not exchange decimals. You also have to pay constantly high interest rates for the costs of currency exchange! So you can start from the BNB proposals, not to pay any excess on other systems, you do not use. Only need to specify the size of the contributions necessary to cover all other costs.

In addition, Binance system offers money to purchase a limited limit down to 100 million BNB in Q1 2018. Then the conditions will be changed, and coins will not be sold at all. Therefore, the devaluation can play on the course, and you could win on the difference values. The benefits for finance professionals and analysts are large; it is a success, which does not require investments and other efforts. Then digital currency will be needed for the exchange transaction, and its cost will decrease to 0.1% of the exchanging sum.

Now available for exchange only cash equivalents sets. Despite the fact that Bitcoin, Ethereum and Bitcoin Cash offers good conditions, this stage of currency rate change can be used to QTUM Coin, NEO Coin or Iconomi. Moreover, it is about 50 different types of currency (they change every day).

It is noteworthy, that are subject to change only digital currency Asia. This is not surprising as the headquarters of the system is located in China. Client initially these systems can use “Group Coin every month” crusade.

Binance Exchange also provides specific information, but within the exchange is exchanged only between the set of cryptographic currencies. With their help, Exchange clients can currently charge interest and exchange. Additionally, Exchange offers the likelihood to hold ICOs. Exchange involves low costs that can be covered in the BNB system. Exchange dynamically developing in China and the site will soon be available for foreign customers.

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Advantages

Speed – if before you had to look for other stock exchange and the exchangers, but now it is done within the same site much easier. The difference in speed is felt immediately. The engine underlies Binance, and it is running in 30 other areas of exchange offices throughout Asia.

Team and partner relations – Binance's CEO is Changpeng Zhao has special knowledge in the realm of finance, trade and blockchain technology. He is also the founder BijieTech (corporation with underlying execution engine). He is also co-founded of OKCoin – is the largest exchange Burmese sites around the world. The CMO is Yi He – leading specialists and experts in the field of cryptocurrency in China. The company cooperates with the protocol blockchain from China, and NEO smart economy monitors in the NEO shopping. This company manages Da Hongfei. Binance Exchange really established itself as a free withdrawal of NEO and GAS.

The Binance coin is the result of the work of BNB, which provides discounts to all customers in the process of collecting fees. Only 50% for the first year (see the previous column). In addition, all ICOS, functioning on the stock exchange Binance, implies a discount to customers who want to invest in investment BNB system. Long-term relationships between partners – this is the future cryptocurrency where the exchange will be decentralized. For each reporting quarter will be made indexing and deflation, which has a positive turn for the exchange. BNB will give 20% of the profit obtained for redemption BNB, which will destroy the inside base. However, on a par with it, the price will rise to 50% in the exchange of BNB in other currencies.

Binance money is very beneficial for many Exchange clients.

 

Coins Guide
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🎤 Interviews Katya Michaels

CryptoComes Women in Blockchain: Crystal Rose on Blockchain Island, Governance and Open Data

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Technologist and Blockchain entrepreneur Crystal Rose talks about open data standards, ICO governance and changing the advertising model
CryptoComes Women in Blockchain: Crystal Rose on Blockchain Island, Governance and Open Data

 

Crystal Rose is a technologist and entrepreneur who has been part of the tech community since middle school, but that familiarity has not put her out of touch with the obstacles faced by women in technology.

As co-founder and CEO of Sensay, an AI communications platform and SENSE, a Blockchain protocol that recently completed a successful ICO, she has direct experience of the industry’s challenges and prospects.

CryptoComes caught up with Crystal after she spoke on the Women in Blockchain panel at CryptoBlockCon 2018 in Los Angeles.

Katya Michaels: I heard that you started coding when you were eleven, which makes you not just a digital native, but a coding native. Do you think that being comfortable with the technology from so early on makes it easier for you as a woman in tech?

Crystal Rose: I think being in the space early and being really naive helped a lot. When I was a teenager, I discovered hackathons. At that point, it was just people getting together, creating products or sharing code. It wasn't until I was 19 or 20 that someone actually mentioned to me that I was the only woman out of a hundred people participating in the hackathon who wasn’t a sponsor or working at a booth.

After that realization, I started to seek out more women and try to understand - is it that women are fundamentally not interested in engineering? Or is it really exclusive? I think it's a combination. There is definitely an intimidation factor if you're not comfortable with the “boys club” elements of it.

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Bringing men into the conversation

KM: How do you feel about the “women in Blockchain” discourse?

CR: It's super challenging for me because I would rather not see us segregating ourselves even further. For instance, the organizers of this conference pulled me off the first panel today to put me on the Women in Blockchain panel. As a result, there were several panels with only men and one panel with only women.

I think it would be interesting if we included men on a Women in Blockchain panel to get their perspective, to understand the challenges from their side, to empower them to bring more women into this space.

Events created specifically for women in the industry are helpful for us to make connections, but we also have to take the next step- which is integrate. When I host dinners for women in crypto, I encourage men to come and participate. One good approach is to invite men, but also ask them to nominate a woman who is a candidate for the space and bring her along.

If you look at the C-suite in any industry, it is challenging for women to break through to the top level. It’s good to point that out, but without creating more exclusion. I’d like to bring the topics around to the men- ask them how they are encouraging women entrepreneurs, how they are investing in women. I want to see men step up to that conversation.

Opening doors for women entrepreneurs

KM: You are a partner with an all-women investment group, Artemis. Who are the members and what makes this experience unique?

CR: So, Artemis is 11 women from all over the world who are entrepreneurs in their own right - primarily in technology, but other sectors as well. This is a side project for everyone involved, just coming together to really understand investing in cryptocurrencies, in ICOs, and in Blockchain companies.

At this point, I consider it more of a learning club rather than a venture firm. We’re here for all the women who are entrepreneurs and are unsure in the space. We'll go through the diligence process in a really kind way and open that door.

One of the things about women is we tend to have a higher standard. Being an angel investor myself for about five years now, having people come and pitch to me, women are always more polished. But the detrimental part of that higher standard is that they might not come to the table early enough.

KM: In fact, there is research showing that women need to be extremely sure of their competence before putting themselves out there, while for men that threshold is much lower - something that has been called “the confidence gap.”

CR: Well, that research is super valid then, because that's exactly how it is with the pitches. Men might be only 50 or 30 percent there with the idea - and they give the pitch anyway. Women will only pitch an idea when they think that the chances of success are extremely high.

But when you're raising angel money, you've got to have a higher risk tolerance. You've got to say, “Hey, I want to bet on this thing and I want to go for it.” I think it would be great to see women stepping up with ideas earlier because you can validate them faster, you can get through that cycle faster and get to the next stage. We want to see women accelerated.

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Giving back for long-term solutions

KM: Have you noticed a difference in the approach taken by women versus men to adding value in this industry?

CR: I think it’s related to the likelihood of women taking high risks in things that are uncertain.

Men want a higher return, but they don't really have as much of a vested interest in the idea or the company. Maybe this is just a blanket statement, but I feel that women want to see a longer-term solution.

Men, a lot of the time, have this rocket booster mentality - I just want to get something out of the gate really fast, go to the moon, maybe it's not sustainable, maybe I've burned a bunch of fuel on the way, but it doesn't really matter. For women, it’s more of “how can I positively impact the world sustainably over a longer period of time?”

Women want to see growth and also have a harder stomach for sticking it out long term. I've seen a lot more female entrepreneurs unwilling to give up their business when it's clearly failing compared to male counterparts.

KM: You have been nominated for the Golden Token Female Leader of the Year Award. Is that exciting for you? Should there be more recognition for women, or is it just a golden star that doesn’t mean anything?

CR: That's huge, I'm extremely honored. I strive to put out a positive message and encourage everyone to ask questions and learn. Even when I stopped doing hackathons to build things, I kept going back as a mentor because I saw this need for women to be encouraged to work on something and not be afraid to fail. Out of that, I ended up doing LA Startup week, a free event to encourage entrepreneurs who either didn’t have the resources or were afraid to come out and get to that next stage. So I think recognition is huge.

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Global governance

KM: You are on the board of the ICO Governance Foundation. What do you think is in the future for this model? There seem to be two approaches- comply or insist on freedom.

CR: Or keep changing the acronym! TGE, token generation event, that's what it's called today.

The reason I wanted to get into the governance side of it is because I realized that in a global economy we have to collaborate, and understanding the global ecosystem is really important. I am fortunate to have been at the table with different governments, with Congress, the SEC, the SFC in Hong Kong. We are still operating in a world where global trade is very challenging and that is detrimental to the entire space.

The ICO Governance Foundation works on creating a governance system that everyone can adhere to and live by. In this space, you have to self-govern and have integrity, but the other side is influencing the government. We need to be the voice that says, “Hey, this is what all the companies want.”

Governance happens two ways. It's not our job to sit back and wait for rules be created. It's our job to help formulate these rules, so they are most beneficial to the companies, to the people and the government.

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Open data standards and decentralization

KM: A wider adoption of the technology should help with governance because eventually, the population will be significant enough for the regulatory bodies to work with.

CR: Yes, but I think that's going to be a really tough challenge as well. I'm excited to be at this stage because I feel like it's the dawn of the Internet. No standards have been put in place for a lot of this.

At Sensay, we’ve had a lot of trouble with our data partners when every data stream is different. So we started the Blockchain Data Alliance, which is a group of people who are all building large-scale data-driven Blockchain projects to create open standards. We don’t want to continue to silo people and have them build essentially centralized systems. The whole point is distribution and decentralization.

KM: In your opinion, which platform is currently the leader in terms of smart contracts and decentralized apps?

CR: I like to say that I'm poly-chain. I think that each one is valid for its own inherent reason, but we chose Ethereum and the ERC 20 token. You can't actually code anything on top of Bitcoin, and Ethereum is the most accessible to the most amount of people.

But now we're seeing a lot of challenges with the transaction time and with the fees for our needs. We need to be able to do micro-transactions, so we are going to be announcing in a couple of months that we're moving to the EOS chain. EOS offers faster transactions and we've been really happy with their code base.

For me personally, EOS is the clear next big winner just because the technology is good. I think you've got to bet on who is creating good technology over who is creating hype.

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Changing the advertising model

CR: I'm really happy to see that all of the ads have been banned from Google and Facebook.

KM: You're a fan of that decision?

CR: Huge fan. Fundamentally, as a company, it's against our ethos to advertise. We won't allow advertisers on our platform because that changes the quality of what we transact. Our purpose is to let humans find each other based on their knowledge.

We do have brand partners like Nike who we're working with to figure out how brands can talk to people with their permission and allow them to benefit from the interaction. We can leapfrog the process of Nike buying an ad, then the publisher, like Facebook, getting the money, with the user never getting anything other than the ad.

Instead, Nike can talk to the user directly, and if the user agrees, Nike pays them. It’s removing the intermediary. I'm sure a lot of the intermediaries are very unhappy about this, but advertising fundamentally changes the results of things.

I think we're going to watch as the current decades-old advertising model starts to unravel and I'm really excited to see it change.

KM: There is a view that the ban is not going to affect the honest players because they grow their own communities and they don't need that kind of mass advertising.

CR: I believe that fully. I wouldn't have considered spending money for the acquisition of someone to buy a token because we want people who are just interested in the product and a community that’s going to stick around with us. It's not a speculative point. It’s more like, if you love us and want to be a part of this, you’re in it for a longer game.

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Puerto Rico- Blockchain Island

KM: What's your most exciting project at the moment?

CR: Мy heart is in getting every human to become their own sovereign entrepreneur. And that's what our original mission with Sensay was - to connect people together to freely share their knowledge and get a value for it.

I’m looking at communities of people now and my biggest passion is Puerto Rico, where we are doing Restart Week. Having seen what kind of impact Blockchain can have on a place that is in need of literally every resource - that's a really big mission.

Of course, there are serious challenges that don't get solved with the Blockchain - like power lines broken and roofs ripped off by hurricanes. But when you have things like money being donated to charities and disappearing, or food never being delivered, that does get solved with something like a transparent, immutable ledger system.

I think this is our first time seeing such a massive scale social impact project. We're bringing in not only resources and people and talent, but also capital in a meaningful way.  

We're helping to create laws that are friendly to people who want to run businesses, to help improve the system.

It would be really great if we could see Puerto Rico become an example of how the Blockchain industry can be applied collectively, all in one place - a kind of “Blockchain Island.”

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Cryptotips Andrew Strogoff

Examples of Cryptocurrency Trading and Cryptocurrency Platforms

💡 Cryptotips
Examples of crypto trading, main types of orders, trading platform window and its features
Examples of Cryptocurrency Trading and Cryptocurrency Platforms
Contents

Professional traders and investors place orders almost in a “blind mode” meaning they pay a little attention to what buttons do they click or what fields they have to fill in. They have all necessary skills and experience having months and even years of trading behind them. However, for many newcomers placing orders is a kind of “science fiction” as they are getting lost every time they open their exchange trading account.

We have decided to create a special complete guide, related to examples of cryptocurrency trading. Here we give you several illustrations of how to place orders and what types of trading position you can use when dealing with different exchanges.

Example of cryptocurrency platform

The first thing you see when you start trading with any crypto exchange is the platform. There are different types of websites with wide range of features. Let’s see the typical platform using an example of Bitfinex.

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Here you can see several functional parts. The main is the chart where you can analyze quotation using different types of tools. Bitfinex offers Tradingview platform, which is one of the most popular nowadays. This type of chart allows traders to benefit from the most interesting and useful indicators. You can also switch between different timeframes, set the appearance of the chart.

However, there are some limitations here as the complete version of Tradingview also offers many different graphic tools including Fibo retracement, Pitchfork, trend line, horizontal levels, channels and some drawing tools.

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If you need them badly, you can open Tradingview and conduct all analysis there. Once done, you can then switch browser window to your trading platform and place orders.

On the left side of the platform there is an area to place orders. We will get back to it once we are done with the description of all functional parts of a standard trading terminal.

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Another important feature of any trading platform is Order Book. Here there are all orders that took place already. You can learn trading volumes from this window. There are bids and asks here. Those are the prices at which exchange clients are ready to sell and to buy cryptos.

It is to mention that there is no single market in cryptocurrency industry meaning different exchanges offer different prices. Those differences may be minor, but they exist. When you see an exact price in reviews, for example, this quotation is taken from one or another marketplace or are average, based on rates from different exchanges.

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Now let’s get down to examples of cryptocurrency trading. Here there is a working area from Bitfinex platform.

Examples of Limit Orders

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The first order type that you can use trading with Bitfinex is Limit. Here you can set the amount of the underlying asset to buy or sell. We have put one BTC. The system automatically calculates the amount of USD you need to pay in order to execute this trade.

Let’s say you want to buy one BTC. The price of this crypto is nearly $7,159.50 in the moment of writing meaning you have to pay this price for one Bitcoin. However, you are able to name your own price using Limit Orders meaning it may vary from the current exchange quotation.

Let’s suppose you want to buy BTC/USD for $7,000. You put this amount in the PRICE USD window and click on the Exchange Buy button. The order will be placed into the Book of Orders and wait for the price to reach this level before it executes.

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One of the main features of this type of trades is that your order may be executed partially. Why does it happen? Mostly because of the nature of cryptocurrencies’ exchange trading. All trades are executed between website’s clients.

When there is an opposite order matching your requirements your trade will be executed. Let’s say you want to purchase one Bitcoin in exchange of USD at $7,000. You place an order and the system starts to look for other orders in the Book in order to find an opposite one matching your requirements.

Let’s suppose the system finds one, but a trader wants to sell 0.5 BTC for $7,000. The order will be executed partially in this case as you will purchase 0.5 Bitcoin instead of one. Once done, you are able to either wait for other opportunities or to cancel the order without reaching its final goals.

The same is for selling BTC/USD or any other asset. You put the amount of crypto you want to get rid of and the price at which you are ready to “shake hands” with the buyer. Once the system finds an opposite order matching your conditions (even if the buyer wants to purchase less amount of crypto).

Examples of Market Orders

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Market Orders are similar to Limit ones but they are executed by current market price. Let’s see how it happens. You want to buy one BTC/USD. The current market price of the asset is $7,183.75 in the moment of writing. Once the order is placed, the system will automatically search for opposite trades matching your conditions.

As soon as it finds a seller who is ready to sell at this price, the order will be executed regardless of the amount meaning your trade may be done partially as well (and you will get less than one BTC).

However, there is a trick here as you may pay even higher than you planned as the system will search for cheaper prices first. If there are no such offers it will go through the Book of Orders and find the most appropriate ones even if their price is a bit higher than the market one at the moment.

Let’s get down tour example. The system finds 0.7 BTC at $7,183.75. However, this is a unique offer as the others want to sell their bitcoins at $7,200.00. You will buy the rest (0.3 BTC) at $7,200.00.

The same is with the Market Sell Orders. You need to choose the amount you want to purchase. The price appears automatically according to the best offers from the Book of Orders. Once placed, your order will be executed at best quotation. If the amount of the offer is less than your one, the system will search for others until it is done.

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Examples of Stop Limit Order

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This type of order is used by traders to open trades when the price moves fast in one or another direction. There are two main steps to place those positions – Stop Price and Limit Price. First, you indicate the Stop Price. This one activates the order.

The second step is to indicate Limit Price. This one opens the position. Why do traders use this type of trades? Professionals want their daily routine to be more autonomous. Sometimes during the serious price movement, it is almost impossible to “catch” the desired price.

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Stop Price is often placed at certain important price levels. If the price crosses this level, it will eventually develop the progress and trader will be allowed to open trades at the desired level.

Let’s say a trader wants to buy one BTC/USD for $7,212.8. But the price is lower currently and is approaching a serious resistance level at $7,207.6. Trader places a Stop Limit Order with the following options: Stop Price level is at $7,207.6 (resistance area) and Limit Price at $7,212.8. Once quotation reaches $7,207.6, the order triggers. However, it remains in a “stand by” mode until the price reaches $7,212.8 level.

Example of Trailing Stop Order

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This one is used by traders to protect their risks and close positions in case if the price goes the opposite to investor’s forecast direction. Some exchanges allow clients to use classic stop losses. Bitfinex and some of their competitors offer Trailing Stop Order that gives traders a more flexible tool to manage risks.

How does it work? Let’s say you buy BTC at $7,300 and place a Trailing Stop Order at $7,180. The difference between them is $120. This will be the distance at which Trailing Stop Order will “trail” the price. If the price moves to $7,400, Trailing Stop will move automatically at $7,280.

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One thing to remember here is that Trailing Stop moves in one direction only. If you buy a crypto and places this type of order, it will follow the price when it goes upwards only. When it declines, Trailing Stop stays in place without any changes.

If the price declines towards this kind of stop order and reaches it, it triggers finally and the position is closed. Depending on the positions of the final price as compared to its position in the beginning of your trade, you can lose or earn some money.

Unlike Trailing Stop Orders, classic Stop Losses do not move automatically. Once placed, they remain at their position regardless of what is happening with the price. They are less flexible and sometimes need adjustments.

Example of Fill or Kill Order

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This type of position means the order should be executed immediately at the current marketplace or removed. What is the main purpose of this order? It is created in order to allow traders to benefit from immediate position opening at the very same price.

What happens when an investor places a big long order? The price may start to grow and this order will be executed partially step-by-step with growing price. Fill or Kill allows you to be sure that you position be either opened entirely or “killed.”

Let’s say you want to buy 100 BTC/USD at $7,180. You place this Fill or Kill order. The system will automatically search for this amount at the exact price within the Book of Orders. Once successful, it executes the order. If not, the position will be canceled.

Example of Scaled Order

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Scaled Orders are rare meaning they are offered by a limited number of exchanges. Those position types aimed to facilitate trader’s routine by helping him or her to place several orders within a certain price range.

Let’s say you want to buy BTC/USD within the $7,200 and $8,000 price range. You set the lower and the upper price, amount of BTC to buy (5 in our case), order count (the number of positions to open), and finally variances of price and amount. Once done, you can preview your set up by clicking on Exchange Preview button.

Those are the examples of cryptocurrency trading. We hope that you find this article useful as we had done a great work in gathering maximum information on all types of orders.

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How Useful is Masternode For Cryptocurrency Investors?

📚 Wikicoin
Learn the differences between mining and cryptocurrency masternode and get started
How Useful is Masternode For Cryptocurrency Investors?

In the beginning, when the anonymity of cryptocurrency transactions was not yet widespread, the only method of verifying and authenticating operations was via mining. The existing mining seemed to reward only a select few in addition to not favoring complete anonymity. Cryptocurrency masternode came to light as a result of Dash’s innovation and left us where we are. Hence, the question, “What is a masternode?” becomes important.

What is a Masternode?

A masternode is also referred to as a bonded validator system. It is basically a server or a series of servers which support transactions on the blockchain network. It is not unusual to have some specific transactions or services which proof of work will fail to cater for, cryptocurrency masternode is available to ensure that such tasks get accomplished.

In essence, you can call a masternode a server of decentralized currency. If you have a computer which is running on a Virtual Private Server with the appropriate wallet and adequate amount of funds, you can beat your chest that you have a cryptocurrency masternode.

How does a cryptocurrency Masternode work?

The system can be likened to proof of stake whereby a particular amount of funds or cryptocurrency is ‘staked’ within the blockchain network. Now, with a masternode, you will be required to purchase a significant amount of that particular currency. The plan and reward package for different cryptocurrencies differs, however, it is a general rule that anyone operating a masternode will be compensated accordingly.

To simplify it, what is a masternode all about?

1.     An operator for the masternode- a human being.

2.     A collateral (lump sum) in form of cryptocurrency with a masternode functionality

3.     A server which can be utilized in the decentralized system

A collateral is required so that the operators have an incentive to act according to the rules of the game. This is in order to prevent malicious activities.

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Starting off with Masternodes

There are certain requirements you need to meet before you can operate a masternode. There’s the bond you should have, the computing power of your personal computer, video cards (if necessary), etc. We shall go over some of the requirements here.

Download the purse for the coin you plan to operate

Ideally, this is where it all begins. You should have a bandwidth with sufficient strength so as to avoid interruptions or intermittent failure. Sometimes, this process can take days and this is as a result of the synchronization required. Also, if it is a very popular coin with several transactions on it, the synchronization will take a while.

Get a dedicated IP from your Internet Service Provider

You will require a white IP- which the general public will use to connect to the masternode. This is actually not a core requirement, as you can use the local internet protocol, however, it fluctuates and this is not advisable. Also, the cost of the white IP is negligible and it is justified by the function.

Also, the call to your service provider should address whether or not the port has been blocked on the router. They can be asked to open a specific router to this aim.

Access the official site of your preferred cryptocurrency to download the instruction

Here, you will see the amount of coins you require in order to run the masternode. As earlier mentioned, there are different coin requirements and the payback period also varies. You can then purchase any amount of coins.

Change the required settings of your wallet

Unlike the erstwhile download, this is very easy to complete and shouldn’t take more than an hour. The instructions you downloaded from the cryptocurrency’s website will come in handy when setting up the preferences.

Run the Masternode

This is the last step. Do this and you can begin to earn money on the blockchain network.

Masternode operation or traditional mining methods?

Well, the future of cryptocurrency is in the ease of future transactions and the security which each method of mining offers. For these reasons, a cryptocurrency masternode seems ideal. Let’s explore other reasons for this conclusion.

Masternodes offer improved profitability

According to the information available on forums and other verified websites, people who deal in cryptocurrency masternode record profitability of about 200%. For others, the returns are significantly higher. And when you consider that the investment (apart from the bond which you get back), this is a really good deal.

Minimal investment required

Unlike conventional mining systems which incur exorbitant costs of electricity to run heavy machines which require sophisticated cooling systems, masternode is as simple as it gets. You can start up in your room with the appropriate computer.

Payback period of lump coin

Remember that you were asked to pay a huge amount of money which will be converted to coins before you can start. After you purchase the coins, they become frozen and you even have the opportunity to earn on them. What if you decide to quit before you even start making money? No problems! Just turn off the masternode and sell off the coins. You make your money back easily.

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What are the risks involved with Masternode?

It is possible to consider investing in this masternode just because you read the first part of this article, however, you should consider the other sides of the coin. Here are some things you should factor in.

Coin selectivity

You should understand that not every coin is supported by the masternode technology. In fact, for now, only top coins are readily available. It is also wise to note that the coins which have acquired significant popularity will prove difficult to purchase (the lump sum)- amounting to hundred thousands of dollars sometimes. If you consider the profitability, you might be dissuaded.

The popularity and stock exchange affect your profit

Many people who deal in masternode are sometimes forced to purchase lesser known coins in the hopes that people will begin to transact on the network and they will have the opportunity to earn more. Sometimes, this plan fails to materialize and you’re forced to sell the coins. If there’s a drop in price, you lose more.

You Should Acquaint Yourself with Necessary Knowledge

This is the ultimate requirement. Consider yourself as a miner who is just using more sophisticated means and who has a significant investment in a particular coin. You might need to enlighten users of the coin on why and some of the benefits of the coin you’re trading.

Conclusion

Ultimately, you will still require more research into the inner workings of a masternode operator. This article, however, is a very good place to start. Petty questions such as “What is a masternode?” and “What do I need to get started?” have been dealt with thoroughly and you can get more information on your own.

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