Wikicoin Alex Morris

BTC vs. XBT: What’s the Difference Between Bitcoin Symbols?

📚 Wikicoin
CoinMarketCap, a touchstone for cryptocurrency research data, displays the BTC ticker, but U.Today tries to determine what other Bitcoin symbols you may stumble upon
BTC vs. XBT: What’s the Difference Between Bitcoin Symbols?
Contents

Understanding crypto tickers

Despite some common beliefs, no one registers a cryptocurrency ticker (they are not protected under copyright law). It pertains to all known crypto tickers, including the ubiquitous BTC and ETH. They are perceived as the standard ones due to the fact that they come straight from Satoshi’s and Vitalik’s respective white papers.

For ICO issuers, it is a mundane practice to specify the name and the ticker of the token to avoid confusion. In order to list stocks, bonds or other securities on the NYSE, there is an approval process involved, but there are no geographical restrictions, which essentially means that the same ticker could work in another country. However, when it comes to the decentralized world of cryptocurrencies, it is not an easy feat — there are certain coins in the likes of Nimiq’s NET that fail to get listed on exchanges because it coincides with another cryptocurrency.

The tale of two Bitcoin tickers

Before Bitcoin hit the mainstream, the only existing Bitcoin ticker was BTC (the logical shorthand that doesn’t raise any additional questions). As mentioned above, the BTC ticker was created by Bitcoin’s elusive creator Satoshi Nakamoto, so there was no need to come up with another variant — everyone perfectly understands what BTC is.         

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So, what is XBT? When the popularity of the flagship currency started skyrocketing (along with its price), there was a need for a currency code, but the problem was that the ‘BTC’ ticker name actually violated the ISO 4217 standard. According to these rules, the first two letters of the currency symbol are supposed to represent the country (case in point: USD where ‘US’ stands for the United States). When it comes to Bitcoin, there was an issue with Bhutan — the ngultrum (BTN), the country’s national currency, created roadblocks given that its very first letters coincide with that of Bitcoin.  

That eventually prompted the appearance of a brand-new Bitcoin code: XBT (it is still not considered to be the official ticker of Bitcoin). Apart from the vast majority of national currencies, ISO 4217 also provides codes for the so-called ‘super currencies’ that are not restricted to a certain currency and pose as a global medium of exchanging money. These currencies are also dubbed ‘X currencies’ due to the fact that they always begin with this very letter:

  • gold (XAU);

  • palladium (XPD);

  • platinum (XPT).

image

Why not XBC?

Given that Bitcoin is an international currency, it is now crystal clear why it starts with X, but the third letter of the new abbreviation might still seem rather confusing for uninitiated traders. XBC is by far the most obvious variant if you take into account the name of the currency (‘bit’ and ‘coin’). The answer is simple: there is already a currency with this ISO 4217 currency code that stands for a European Unit of Account.

The state of adoption  

Now that you know the origin of the ‘XBT’ ticker (if you knew about its existence in the first place), let’s compare it with BTC, the old-timer that has been associated with Bitcoin since its very inception in 2008. For instance, if you want to google the price of Bitcoin, BTC is your best bet (however, the XBT cryptocurrency will work just fine as well).  

There is no consensus between different cryptocurrency exchanges on what Bitcoin ticker should be universally accepted. For instance, Coinbase, a major San Francisco-based cryptocurrency exchange whose valuation has recently exceeded $8 bln, sticks to BTC. Meanwhile, Kraken, Coinbase’s biggest competitor in the fiat-to-crypto niche, was one of the first exchanges to give edge XBT edge over the more established abbreviation.

image
In a brief post, Kraken explains that establishing one common standard contradicts the idea of decentralization, which is why there is no officially accepted ticker. They claim that the Satoshi-proposed ticker enjoyed the widest use in the crypto space, but the new abbreviation is particularly important for cryptocurrency adoption since it places the fledgling asset class in gold as a global currency that is gradually gaining legitimacy.

Having a currency code in a centralized system may not seem like a big deal. However, it makes a world of difference when it comes to the Bitcoin adoption problem — the green light given by ICOs allows Bitcoin to enter the databases of major clearing networks (PayPal, SWIFT, etc.). Needless to say, the new ticker also boosted the recognition of Bitcoin on Wall Street (Bloomberg terminals were among the first to adopt the new XBT abbreviations).  

XBT subunits

After coming up with an alternative Bitcoin symbol, another top-level issue consists in determining subunits.

One XBT coin has eight subunits, but this is not the final division given that the number of decimals would have to increase over time. Still, only three subunits have managed to achieve mainstream adoption in the crypto space:

Subunit

Symbol

Value (of 1 BTC)

'millibit'

mBTC

1/1000

‘bit’

μBTC

1⁄1000000

‘satoshi’

satoshi

1⁄100000000

NB! Some exchanges have long been displaying BTC price in bits, leaving only two decimals on the right.

Things are getting even more complicated — prepare for more tickers

If you are dealing with huge economic sites such as the likes of Yahoo! Finance, you won’t likely see either of those abbreviations. They normally use the NYXBT ticker that represents the NYSE Bitcoin Index created by the New York Stock Exchange back in 2015.
image
It is worth mentioning that the index is not quite convenient for cryptocurrency traders since it updates only once a day (at 6 p.m. EST). Due to the volatile nature of cryptocurrencies, the exchanges (Coinbase and others) that update data in real time would be by far a better choice. The current prices are also displayed on U.Today (at the very top of the website).        

To make things even more confusing, there is one more ticker called $BCOIN that is specifically designed for the website StockTwits. Meanwhile, investors who trade Bitcoin on the stock market are certainly familiar with the Bitcoin Investment Trust ticker (GBTC). There is also yet another Bitcoin stock symbol, BITCF (it stands for First Bitcoin Capital Corp).    

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Same issues with Bitcoin’s stepbrother  

Remarkably enough, Bitcoin is not the only coin with multiple confusing tickers. Bitcoin Cash, the offspring of the world’s largest cryptocurrency, initially used the logical BCC symbol, but there was already the BitConnect token with the exact same symbol. Eventually, the BCH ticker symbol appeared, but some exchanges still stick to BCC.
image
Recently, it provoked a heated discussion on one of the biggest crypto-related subreddit, with users calling out Binance for failing to update the old symbol. Due to the big scope of the controversy, Binance CEO Changpeng Zhao himself had to comment on the situation, claiming that the change of the ticker would cause at least a two-hour long trading halt.

“We felt the tradeoff is not worth it. Thank you for your understanding.” – CZ, the CEO of Binance.  

Conclusion

One has to realize that both of these tickers are interchangeable, and both of them are here to stay. Hence, the BTC vs. XBT discussions are futile.

While BTC has already become a staple in Bitcoin’s community, XBT saw a wider adoption by traditional financial institutions along with some crypto exchanges such as the likes of Kraken

Wikicoin
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🕵️‍ ICO Watch Eric Eissler

Past ICO Review: How Real Product Failed to Boost Token Sales

👁 ICO Watch
Small company offers microloans to stimulate economic well-being of developing nations, but its ICO results are mixed
Past ICO Review: How Real Product Failed to Boost Token Sales
Contents

The developing world has a challenge: people have the skills they need to start a business and bring themselves out of poverty, but there is no easy way for them to get the credit to buy the capital equipment they need to get started. According to Micromoney’s website, “100 out of 196 countries in the world serve as a home for two mln unbanked people, who use cash only, do not have any credit history and do not have access to any financial services.” Here is where Micromoney steps in.

It is an automated open-source credit and big data bureau that promises to provide instant credit check and microloans to users in 15 min via their smartphone. The platform also claims that users can pay lower interest rates and earn better credit scores the more they use the platform.

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Crypto backed by a real product

Micromoney claims it is backed by a real product unlike many of the other cryptos out there. The following are important points made by the company:

  • Built on Ethereum

  • Smart contracts eliminate the intermediaries and provide fast service

  • Open source software that is free and transparent  

  • Financial inclusion of more than two bln people

  • Create a digital identity

  • Massive future growth and expansion into more than 100 countries

The ICO

For a small company founded in Cambodia, the token sale commenced on Oct. 17, 2018 and raised $10.5 mln. Despite what the company wants to do, the sales figures are a bit lower than expected. Despite that, the company has grown and expanded since its founding in 2015.

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Short timeline of achievements

2015 — Cambodia: In December 2015, the company started with: $30,000 of initial capital, three employees, first 20 customers, and all the processes were executed in Excel and Google Docs.

2016 — Expanded into Myanmar. Work began to develop the Decentralized Credit Bureau, grew to 35 people working for the company. 23,000 unique registered users.

2017 —Expanded into Indonesia, Sri Lanka, and Thailand In 2017, the team increased to 85 people now 95,000+ unique registered users.

2018-- The company expanded into the Philippines and is ready to expand into the following countries:

  • Hong Kong

  • Vietnam

  • China

  • Malaysia

  • Singapore

  • Nigeria

The above countries have a large populace which will truly benefit from microcredits and loans. This will help raise the standard of living in these counties, too. The more people that can get the loans to start their businesses, the better their financial situation, which should spread to others and raise the quality of life over time.

The team behind the coin

Sai Hnin Aung -  Co-founder, COO. Serial Entrepreneur, experienced business development professional, investor, strategic leader, and executive with more than 18 years of experience in microfinance & financial services, new loan products initiative, risk management, business start-up, financial analysis.

Anton Dzyatkovskiy -  Co-founder, IT & Scoring. Lending Director in Everex, a payment crypto.

Token trading unimpressive

Micromoney (AMM) entered the market on Dec. 17, 2017 at $0.50 per token. In January, it rocketed upward to a high of $2.42 per token before falling back down in late January to $0.81 and then remaining relatively flat through March and April. At the time of writing, AMM is trading at $0.30 per token, rather unimpressive for all the expansion and growth taking place.

The coin is currently ranked at 747 on Coin Market Cap. On the one hand, this is a small company that is working in developing countries, on the other it has some great potential should it take off and continually grow and expand its operations. Perhaps, another ICO would be the shot in the arm this company needs to raise its profile among investors and the general public.

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🕵️‍ ICO Watch
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AI Sergei Nikolenko

Piglet’s Big Brother: How AI Changes Agriculture

🤖 AI
Agriculture, considered as something old-fashioned, is increasingly on the cutting edge of artificial intelligence
Piglet’s Big Brother: How AI Changes Agriculture
Contents

Piglet’s Big Brother

Throughout the history of time, scientists and farmers have been working together, searching for ways to advance agricultural practices by utilizing cutting-edge technology to increase yields and profit, while ensuring crops and animals are happy and healthy. Now, we’re seeing the use of deep learning and specifically computer vision emerging in agriculture, revolutionizing the industry that feeds billions.  

Computer vision for crop analysis: don’t just see, observe

Computer vision for crop analysis

Modern agriculture is a huge industry. Feeding billions of people takes a lot of land, and it becomes virtually impossible to process everything by hand. In particular, devastating plant diseases and pest invasions have often led to failed crops, and with the modern scale of agriculture, it is hard to spot such an invasion early on.

This is an important area where computer vision algorithms can help. Plant breeders use computer vision to recognize crop disease, both in detail from close-up views of leaves and plants and recognizing early onsets of plant disease and pests from surveillance photos.

All of this research is usually based on the modern go-to approach to computer vision: convolutional neural networks (CNNs).

Note that computer vision can be understood very broadly here. In many situations, photos are not the best kind of data that can shed light on important aspects of plant life. Often it is even better to use remote sensing data such as hyperspectral imaging or 3D scanning, which are increasingly used in agriscience.

This kind of data is usually high-dimensional and closer in nature to medical imaging than photos: check out, for example, a crop surveillance system called AgMRI. This requires special models for processing, but it still has the spatial structure required to apply modern computer vision techniques, in particular, convolutional neural networks.

This is, pardon the pun, a rapidly growing field: for example, recently $37 mln were invested into the establishment of Plant Phenotyping and Imaging Research Centre at the University of Saskatchewan.

The entire institution is devoted to exactly to the purpose of gathering big data about crops, usually in the form of photos and remote sensing data, linking extracted phenotype data to plant genotypes, to improve agriculture around the world.

Robotics in agriculture

Robotics in agriculture

Meet Prospero, the adorable farming robot that can’t help but remind you of WALL-E. It can drill a hole and plant something inside, accounting for local features of the terrain while following the predefined general patterns.

Then it can tend the crops, working with each one individually. And when the time comes, it can harvest, again being able to treat each plant in exactly the way it needs.

The idea behind Prospero is swarm farming: watch this video and imagine an army of small Prosperos crawling through the fields, leaving neat, perfect lines of crops behind.

Interestingly, Prospero predates much of the latest deep learning craze. It appeared back in 2011, but still remains a prototype that has not seen widespread use yet. But by now, robots are overcoming agriculture, automating more and more repetitive tasks:

  • automated flying drones are spraying the crops, and are  much more accurate with dangerous chemicals than full-sized airplanes; the same spraying drones can also be used to gather the aerial photos needed for computer vision applications we discussed in the first part

  • specialized harvesting robots are being increasingly developed and used; we have had grain harvesters for a long time, but only now, with the help of modern AI in both computer vision and robotics, we can develop a robot that can pick strawberries

  • Hortibot recently developed by researchers at Aarhus University, Denmark, can identify and eliminate weeds, either removing them mechanically or precision-spraying with herbicides

While many of these robots are still prototypes or being tested in small circulation, it is fair to say that robotics and agriculture are clearly made for each other, with more agricultural work to be automated in the nearest future.

Video tracking for farm animals: piglet’s big brother

Video tracking for farm animals: piglet’s big brother

There is a third agricultural application that’s worth discussing, a pilot project that the Neuromation company is planning to launch this year, with the potential to revolutionize an entire industry—and a large one, too. The plan is to bring modern computer vision to an industry that has not yet received much attention from the deep learning community: animal husbandry.

Naturally, people have already tried to bring big data and automated tracking to farm animals. For instance, a Pakistani startup called Cowlar produced a wearable collar that tracks activity and temperature of cows and buffaloes, under a catchy slogan of “FitBit for Cows,” and French researchers have been developing face recognition for cows. In this project, automated data collection and computer vision are used in a previously overlooked trillion-dollar industry—pig farming.

The bulk of the costs in pig farming falls on feeding the animals, bringing them from piglets to maturity as efficiently as possible. So optimizing the feeding process is what pig farming is mostly about.

Farmers would gain enormously from having detailed information about how the pigs are progressing. Currently, animals are usually weighed only twice over their whole lives: before and after feeding. It would not be too hard to tailor the feeding to individual pigs, significantly improving the output, if we knew how each piglet is doing with the feeding.

But this is where the twist lies.  It's easy enough to weigh a pig, although it causes stress for the animal and stress leads to weight loss! This catch-22 means that while there’d be data on a small subset of select pigs, it would not be worth it to weigh every pig as often as desired- or, really, at all.

This is a novel, non-invasive approach to weighing animals: a computer vision model that will accurately estimate the weight by photo and video data. The result will feed into analytic machine learning models that will improve the feeding process, leading to more sweet and tender pork for next year’s New Year celebrations.

Summary: agriculture on the cutting edge

Summary: agriculture on the cutting edge

It is often customary to stereotype agriculture and farming as something old-fashioned and outdated. However, as we have seen, agriculture is increasingly on the cutting edge of artificial intelligence.

The reason is that many agricultural problems are at the same time:

  • hard enough that they could not be automated before the advent of modern AI and deep learning: crops and pigs are alike, but not quite as alike as cars on a Henry Ford conveyor belt, so human work has been absolutely necessary up until very recently

  • easy enough that by now we already have the tools to tackle them, respecting the individual differences between plants and animals but at the same time learning to automate general techniques of handling them, driving a tractor on a field is easier than driving a car in human traffic, and measuring a pig’s weight easier than talking to people.

Agriculture is still one of the largest and most important industries on the planet, with even small increases in efficiency leading to huge windfalls due to the massive scale of things. For all these reasons the trend to automate agriculture is to continue into 2018 and beyond.

AI
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Wikicoin Eric Eissler

How to Choose a Cryptocurrency Exchange

📚 Wikicoin
When searching for a crypto exchange, you may have to try on a few before finding the best fit
How to Choose a Cryptocurrency Exchange
Contents

Headlines continually read that there are many hacks, thefts, frozen assets and exchanges closing up shop and disappearing overnight. This makes many newcomers to crypto a bit uneasy on where to place their trust in an exchange. While many may flock to Coinbase for its name, ease of use, and other reputable Bitcoin exchanges to get funds in and out of the exchange, there are other options out there, but the question is whether these other exchanges are a safe place for put hard-earned funds.

This article will help guide you to find the biggest cryptocurrency exchanges, ones with the best liquidy and security.

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How to get started in four simple steps

Step 1: Open a domestic cryptocurrency exchange in your country and verify your account. It is recommended to open an account with an exchange in your country, with an address. Should something go wrong, you would know where to find the exchange and the proper authorities to contact.

Step 2: Deposit funds from your bank account to your crypto exchange account and start buying Bitcoin. You can stop here if you choose. If you want to buy other cryptocurrencies other than the big ones, such as Bitcoin, Ethereum, Litecoin, etc. then move on to step three.

Step 3: Open a crypto exchange account that offers a variety of altcoins. These exchanges usually don’t accept fiat deposits, so that is why you, in steps one and two, bought Bitcoin to be able to exchange it for other coins.  

Step 4: After verifying your account, send the Bitcoin that you bought from the fiat-accepting exchange to the new crypto exchange. Once it arrives, you can start buying other coins with your Bitcoin. When you decide to sell, you will need to convert it back to Bitcoin and send it back to the fiat-accepting account. Once it arrives there, you sell it again to convert to cash and transfer it to your bank.

Top rated Bitcoin exchanges

Exchanges that allow fiat deposits: Best USD Bitcoin exchange

Exchanges that only accept crypto deposits: Cryptocurrency exchange comparison

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Factors to consider when navigating a Bitcoin exchange

Factors to consider when navigating a Bitcoin exchange

1. Coin Offerings

Many exchanges offer only some of the most popular coins, such as Bitcoin, Litecoin and Ethereum. There are only a handful of exchanges that offer a wider variety of coins. These exchanges are usually the ones that do no accept fiat deposits.

2. Liquidity

Liquidity refers to the ease of buying/selling in the market. High liquidity means that there is a huge number of buyers/sellers. High liquidity is good as it leads to better price discovery and it allows you to transact faster, you may be able to avoid the maker/taker fees, discussed below.

3. Security

The level and type of security mechanisms employed by an exchange is vital in ensuring that your coins are safe. Examples of good security practices undertaken by exchanges include:

a) Keeping deposits in cold storage; this means that your coins offline, beyond the reach of hackers.

b) Availability of two-factor authentication option- this will increase account security.

c) Email encryption and verification; for each transaction there will be an email sent to your account to confirm the transaction. If you get an email from a transaction you don’t recognize then your account has been compromised-act fast!

Factors to consider when navigating a Bitcoin exchange

4. Level of customer support

Quality, responsive customer support will save time and reduce stress, especially in fast-paced environment-crypto trading is not for the faint of heart. Problems regarding your verification process, deposit/withdrawals, funds reflection and trading orders should be solved quickly by the exchanges customer support team.

5. Trading fees

Low transaction fees on buying and selling are important if you are going to trading often. It is important to compare the fees of your exchange, with other exchanges to find the best rates.

6. Ease of use

This goes without saying, if it is not easy to use, you are probably not going to use it. For example, when an exchange only shows transactions in Bitcoin, it is hard to tell how much actual money you are spending. This is not user-friendly. General navigation should be straightforward, look for clean designs to ease the user experience.

Watch out for fees!

You cannot trade fee-free yet, well maybe on Robinhood you can, but for the majority, there are fees to be paid with each transaction you make. The following are some of the various fees you may have to pay when you buy or sell.

Network/Miner Fees

These fees ensure your transactions are quickly processed by miners. Many exchanges will set this rate automatically. This is where the “reward” for mining blocks comes from if you are a miner.

Conversion fees - 0.5% to 5%

These fees are how exchanges make money on your transaction and vary greatly depending on your method of payment. For example, if you were to purchase Bitcoin through Coinbase, using a debit card, it would cost you 3.99 percent, while purchasing directly using your bank account would be only 1.49 percent, a significant advantage.

Maker and taker fees - 0.1% to 0.5%

The Maker/Taker Fee is another way that exchanges make a profit and not every exchange has them so if you can avoid these fees, which is more money in your pocket. The higher end of fee spectrum around 0.25 percent is associated with takers, who place orders that are immediately matched by another user. Conversely, makers, whose orders are not immediately matched by another user, add liquidity to the market and pay lower fees as a result. This fee is calculated as a percentage of your buy or sell, and that percentage is based on your trading volume over the last 30 days.

Armed with all this information, you should be ready to go out there and make a solid choice that suits your needs, provides a high level of support and security.

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Wikicoin
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Coins Guide George Shnurenko

How to Exchange Ripple to Cash

🎓 Coins Guide
Since their introduction, cryptocurrencies have come quite a long way, and while many have collapsed along the way, several have stood the test of time.
How to Exchange Ripple to Cash
Contents

Since their introduction, cryptocurrencies have come quite a long way, and while many have collapsed along the way, several have stood the test of time. Among those that have survived over the years is Ripple. This network has managed to not only survive but also thrive with rising market prices and adoption popularity.

Designed to be a fast money transfer platform, the Ripple network has improved digital money transfer quite significantly. Currently, it is recognized by many banks, and its currency offers several beneficial features. Therefore, converting your XRP to cash shouldn’t be hard. If you have all the requirements and follow the right procedure, you should be done within a few minutes. Sometimes the coins take a little longer to show up on the exchange account. This article will guide you through the process of transferring your XRP to cash, preferably US dollars.

Exchanging XRP for cash involves various options where you can directly sell XRP to an exchange that accepts XRP deposits and get cash in return. Alternatively, you can convert it by trading XRP for another crypto first then exchange that cryptocurrency for money in an exchange that accepts that specific crypto.

Other options involve various exchanges to choose from, and these exchanges may require more steps. These exchanges can be better understood by the following process of selling the Ripple for cash.

The Exchange Procedure

  • Create an account through registering. You will have to confirm this account through your email.

  • You have to verify your account. Sometimes this may be done through you producing your name, country, and pictures of identification documents like a national ID card or passport, and sometimes proof of residence. This is important if you want to withdraw fiat currencies.

  • The next step will be to deposit XRP in the account wallet. Some firms will charge an amount for this type of transactions.

  • Sell the coins in the wallet for cash.

  • Withdraw the money; remember this transaction may be subjected to fees.

The following are some of the most trusted and reliable exchanges to work with and their properties.

Bitfinex

Bitfinex has a verification process that requires you to submit the following: a complete online form, your email address, and residential address, valid issued govern identification document with pictures, an accurate bank statement highlighting name as an account holder and proof of residence.

It charges a rate of 0.02 fee on XRP deposits, does not accept USD cash or debit card withdrawals as well as Advcash withdrawals. Wire transfer withdrawals are charged 0.1% fee with a set minimum.

Exmo

With Exmo, you require either a national or international passport or an ID card, a proof of residence, a printed and signed user agreement, and a selfie with the user holding the ID with their EXMO account open in the background.

Deposits with Exmo are free of charge, but they do not accept cash withdrawals as well as debit card withdrawals. Wire transfer withdrawals are charged a $20 fee whereas Advcash withdrawals are free of charge.

Bitstamp

Bitstamp is a bit more stringent with requirements. It requires the user to confirm his or her name, address, ZIP code, date of birth, country and city. Also, an ID document and a proof of residence are a must for the verification processes. XRP deposits are free of charge with Bitstamp, but cash withdrawals (USD) are charged a $3.45 fee. Debit card withdrawals are charged a flat fee of $10 for amounts up to %1000 and 2% fee above this amount. Bitstamp does not accept Advcash withdrawal whereas wire transfer withdrawals are charged a 0.09% fee.

Gatehub Requirements for verification on this platform include a profile photo, ID, and proof of residence. They charge a 0.2% fee on XRP deposits and a 0.1% fee with set minimum and maximum for wire transfer withdrawals. They do not accept both cash and debit card withdrawals and Advcash withdrawals.

 

 

 

Coins Guide
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Alex Morris

Best Anonymous Bitcoin Wallets: Diving Deep Into Crypto Anarchy

U.Today tries to get rid of the prefix pseudo- while naming the best anonymous BTC wallet. Is your favorite anonymous Bitcoin wallet on our list?
Best Anonymous Bitcoin Wallets: Diving Deep Into Crypto Anarchy
Contents

Bitcoin is generally considered to be a completely anonymous cryptocurrency. Many believe that the king of crypto rose to prominence because of its privacy-oriented features – it saw the very first signs of adoption on the dark web, where people would buy illicit goods (drugs, guns and so on) without the fear of getting caught. However, is anonymous Bitcoin just a myth? How are Bitcoin transactions anonymous?    
 

(Source: hacked.com)
(Source: hacked.com)

Yes, Bitcoin transactions can be conducted without providing any personal details. However, the term ‘pseudonymous’ is often used in order to describe Bitcoin-related payments. Remember that there is still a wallet address, and all payments linked to this address will be forever recorded on an immutable Blockchain.

NB! Steven Goldfeder (Princeton University) states that it is possible to link the transaction to its owner in 60 percent of all cases.

The truth is, the lion’s share of Bitcoin holders see an anonymous wallet as a safeguard measure that wouldn’t allow third parties to steal their funds.  

In order to tackle this issue, those who value their identity can use some so-called ‘anonymous’ crypto wallets that integrate VPN in order to use different remote servers. It is worth mentioning that all Bitcoin wallets are inherently anonymous, but there are only a number of ones that specifically place an emphasis on hiding your identity while conducting a transaction. Our list includes some of the best anonymous crypto wallets.  

Samourai

Samourai wallet is your first option if your priority is to keep all your transactions anonymous. It is widely regarded as of the most privacy-conscious wallets on the market.     

(Source: bitcoinmagazine.com)
(Source: bitcoinmagazine.com)

There is nothing outstanding when it comes to its security, but the wallet includes plenty of unique privacy features that allow it to stand out among other online Bitcoin wallets:

  • new public addresses created during every new transaction;

  • alerts that won’t let you use the same address.  

  • TOR/VPN support.  

Apart from these anonymity-related perks, it includes a bunch of other fancy features, such as ‘Ricochet Send’. Your transaction will be bounced multiple types off to various BTC addresses before another user eventually receives it. With four additional hops, it is supposed to solve the problem of blacklisting by a third party such as Coinbase. The Trusted Node feature, as the name suggests, allows connecting to any given node. On top of that, you can also set up SMS remote commands (you can either restore or wipe your wallet with the help of one simple command).

Darkwallet

The development of this legendary wallet is currently off, but we decided to put it in the limelight since it was one of the first wallets of that kind. Today, some prominent crypto pundits are calling for more regulations in order to get crypto out of a legal grey zone and reach new heights. Back in 2013, in sharp contrast to this, a group of anarchists launched a crowdfunding campaign in order to develop a completely anonymous Bitcoin wallet, dubbed ‘Dark Wallet’. According to their website, they are still in the alpha stage of the development process.

Darkwallet

"If Bitcoin represents anything to us, it's the ability to forbid the government," says Cody Wilson, one of the key figures behind the project.  

Complete privacy is achieved by means of coin mixing, and one shouldn’t forget that this is also a Tor wallet. The multisig feature also appears to be a huge plus. However, use this wallet at your own risk since some users report bugs and transaction delays. Is this the price to pay for getting back to Bitcoin’s anarchistic roots?

NB! Darkwallet can only be downloaded in the form of a Google Chrome extension.

Bitlox

Bitlox is the only hardware wallet that offers extreme privacy with a bevy of safety-related solutions. You can achieve a high level of anonymity with the help of Tails OS (a free Debian-based OS). Their tool also works fine with the Tor browser.

Bitlox

Bitlox lets you create up to 100 wallets that can generate a plethora of different addresses that never repeat.

There are three versions of this wallet which differ in the level of security and their price tag:

Advanced

This version allows keeping about 100 wallets (which should be more than enough for a run-of-the-mill user).

Ultimate

A hardware wallet made of titanium will set you back $299 dollars. It also comes with an additional privacy perk – you are able to hide half of your created wallets for further enhancing your privacy.  

Extreme

The monstrous wallet with a military-level of security comes at an eye-popping price of $399. This is a safe bet if you are looking for the most anonymous Bitcoin wallet.    

Electrum

Electrum is yet another old-timer that appeared on the horizon back in 2011 when hardly anyone knew about Bitcoin’s existence. Thomas Voegtlin, a German computer scientist, is the brains behind the project.

The fact that this wallet has been operating for so many years in the ever-changing industry speaks volumes about its reliability. However, its interface doesn’t look beginner-friendly (in all fairness, the majority of privacy-oriented wallets are wont to have this feature).    

Electrum

Similarly to Bitlox, it is based on the Tails OS that was specifically designed to conserve the privacy of its users. Unfortunately, this Tails Bitcoin wallet cannot be installed on your mobile phone since its client-based version is the only available one. Still, Electrum is compatible with Ledger Nano S and a slew of other hardware wallets (Trezor, KeepKey, etc.).

Jaxx

U.Today has already included Jaxx on our list of the best altcoin wallets. Right now, Jaxx can be rightfully named one of the most popular wallets on the market, and it partially achieved this because of its multi-coin support.

While Jaxx deals with some technical issues, it’s definitely a perfect choice for those who want to go for an already established wallet.
 

Jaxx
(Source: investinblockchain.com)

Jaxx doesn’t keep your private keys on its servers, which means you will presiding over your coins even if the wallet stops operating.

Jaxx is not marketed as an ‘anonymous’ wallet. As we’ve mentioned above, all Bitcoin wallets are inherently anonymous (unless we talk about fiat-to-crypto exchanges), but Jaxx doesn’t even require your email address for registration.

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Rahakott

The Rahakott wallet is one more example of a wallet that is designed for conducting transactions in a hard-to-trace manner, despite the project being much younger compared to its competitors. On its website, they emphasize the fact that they do not require their users to provide personal data. The wallet offers a specific set of features that help provide an additional layer of privacy:

  • built-in mixer;

  • tunneling all transactions;

  • deterministic wallets.

Speaking of its safety-related peculiarities, it is worth mentioning that the Rahakott wallet is basically unhackable. Even the developers aren’t able to get access to the user’s info. You are only able to open your wallet after entering a mnemonic phrase.   

Rahakott

Lastly, one should point out that this anonymous Bitcoin wallet supports BTC along with some popular altcoins, including Litecoin (LTC) and Bitcoin Cash (BCH). This is definitely one of the most private multi-coin Bitcoin wallets.

Other ways of buying Bitcoin completely anonymously include:

  • LocalBitcoins (you have to meet the seller in person without providing him any documents);

  • Bitcoin ATM (a good option for those who have plenty of cash on their hands; high fees could be a big turn-off);  
    NB! Some ATMs do require your ID before you can purchase crypto.   

  • Few C2C exchanges.    

The bottom line

If you stick to web wallets, there are a few things that you can do in order to increase your privacy on the Internet. However, this is not a 100 percent guarantee that your transaction will remain anonymous.

After all, preserving your identity is not necessarily a good thing for Bitcoin. Last year, SocGen CEO Frederic Oudea stated that Bitcoin’s emphasis on privacy remains the main hindrance to its growth. There is too much risk involved when it comes to dealing with crypto.

‘The anonymity of the transaction is a problem I think which would put pressure on bitcoin’.

However, Bitcoin is only the tip of the iceberg since there are numerous privacy coins that grant their owners complete anonymity. Not surprisingly, these coins have become the darlings of the dark web in no time.

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