Alex Morris

Coinbase Explores Decentralized Identity Solutions

Coinbase is working on a privacy-preserving decentralized solution for its customers who are concerned about data-gathering centralized exchanges
Coinbase Explores Decentralized Identity Solutions
Contents

In a recent interview, Coinbase’s product manager B Byrne revealed that the $8 bln cryptocurrency exchange is on track to give users a way to control their personal information. The crypto behemoth is currently working on decentralized identity solutions that will be tested on a limited number of users throughout 2019.

Striving for decentralization

While Binance, the biggest exchange by trading volume, teases its users with a new video of a soon-to-be-launched decentralized exchange, Coinbase is also stepping up its decentralization game. The San Francisco-based crypto unicorn wants to give more freedom when it comes to controlling their personal data on the web.

As of now, a 17-strong working group is focused on developing on digital identity solutions. The project will not receive any money that was raised during the mammoth-size Series E funding round that finished in October. Still, Coinbase doesn’t rule out the possibility of hiring more identity experts.

So far, they will only focus on a tiny group of tech-savvy power users of Coinbase Wallet. The company wants to connect their products with a dApp explorer in order to understand the customers’ needs in a better way.   

The importance of standardized solutions

Shyft, the company that develops Blockchain-powered ecosystems for secure data sharing, is already cooperating with the government of Bermuda in order to trial its data-sharing solutions. The company’s CEO Joseph Weinberg says that there should be a standardized model for different companies that are dealing with digital identity.

Weinberg is skeptical that Coinbase users will be in full command of their personal information. However, he admits that it could make it easier for privacy-cautious individuals to control the process of data sharing.

He also points out that there is a need for collaboration between different camps that are working on their own identity standards. These standard-building efforts would make it easier for business to make a foray into different jurisdictions.

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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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How to Trade Cryptocurrencies

Trading Guide
Eight steps to start cryptocurrency trading and how to avoid common mistakes
How to Trade Cryptocurrencies
Contents

Almost everyone has heard about Bitcoin, altcoins and the opportunities that they offer not only to those, who own them but also to those, who speculate or invest in cryptocurrencies. The number of traders is growing every day and the beginners want to know how to trade cryptocurrencies and to earn money in this industry. We have decided to create a guide for crypto traders with a step-by-step explanation of how to begin and what to do.

Step 1. Find an exchange

Ethereum752_CCN_12.14.2017

The first thing every trader has to do before starting his or her career is to choose a place where to place orders (to buy and to sell cryptocurrencies). There are several exchanges nowadays offering services to different types of investors.

How to find a good one? We are going to write a separate guide, but here we give you some key points. What aspects are important to pay attention to before creating an account? They are the following:

  1. Reputation of an exchange. When you find one, look for more information about its activities and reputation. Read traders’ testimonials. However, do not forget, that those testimonials may be bought by exchange or its competitors.

  2. Security level. Early exchanges like MT.GOX and the others had very poor security levels allowing hackers to breach their systems and to stole traders’ money. Nowadays many websites use hot and cold wallets, multisig and other serious methods to ensure the safety of investors’ funds.

  3. Trading conditions. This is an important factor as exchanges offer different commission plans for depositing and withdrawals, as well as for inner trading transactions. Some websites have no inner commissions at all (like Cobinhood, for example).

  4. Depositing and withdrawal methods. There are two main types of exchanges. First offers Bitcoin, Ethereum and several popular coins along with fiat money. You can use banking cards and some electronic payment methods to deposit and withdraw from there. Second offers hundreds of altcoins, but as for depositing and withdrawal, you can use cryptocurrencies only.

  5. Trading platform. Some websites offer Tradingview platforms with different types of analysis tools like indicators, lines, channels, Fibo and the others. On the other hand, some exchanges offer simple and primitive trading terminals with Japanese candlesticks and timeframes. There are no analysis tools there.

  6. Order types. Professional investors prefer websites with different types of orders including limit, stop losses, take profits and the others.

  7. Verification procedure. Privacy is the key advantage of the crypto industry. However, the majority of exchanges require verification.

Recommendation:

Before you take the final decision to start trading with one or another website, try to contact their support service. Pay attention to how fast and complete the answers are.

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Step 2. Create an account

When the first step is done, meaning you have found an appropriate exchange, your next step is to create an account. Almost all exchanges have a simple sign up procedure. You need to create a login, provide an email address and a password.

Registering procedure comprises email confirmation. Some websites recommend installing two-factor authentication in order to increase account safety level.

Recommendation:

You may be asked to complete the account verification procedure in order to remove the restrictions. We strongly recommend providing the exchange with correct personal data as you will be required to send your ID documents scan copy.

Step 3. Choose your coins

Choose your coins

Bitcoin is not the only one nowadays. There are hundreds of different altcoins that you may invest in or speculate on. Professional traders advice to choose a couple of coins to start. The wide range of cryptos is good for diversification. However, beginners are recommended learning more about each asset they are going to buy, especially when they are going to invest. Why is this necessary?

First, when you plan to buy a cryptocurrency in order to hold it for a long time, you need to understand what is behind its price. Every coin is not simply a currency, but a project using some technology and offering some benefits to the users.

Ethereum, e.g., is a platform for developing decentralized applications and smart contracts. The last serve to conduct any kind of business without intermediaries. Monero is a secure and untraceable cryptocurrency, allowing users to conduct transactions with a high level of anonymity.

In order to understand whether it is a good idea to invest in this or that coin, you need to analyze whether it is promising or not. Every project has its own website and whitepaper, which are a kind of a presentation. Moreover, you can find detailed coins’ reviews on our website, which facilitates forecasting procedure.

Second, you need to compare the price of the chosen cryptocurrency with its perspectives with regard to its technology. Some coins may grow for no apparent reasons. There are risks of a pump & dump manipulations in this case. Such cryptocurrency is not for long-term investors as once manipulators reach their goals, they will dump coin and its price is likely to fall towards the initial levels (before the pump and dump strategy was launched).

As for traders who speculate on coins in short term, they also need to learn more information about the cryptocurrencies they are going to trade. However, as they buy and sell currencies within a couple of hours or days, they are better to pay more attention to technical analysis.

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Step 4. Choose your amount to invest

Before you can start trading cryptocurrencies, you need to deposit some amount of money to your trading account. How much money to invest?

It makes sense to deposit as much as you can in order to earn higher profits. However, cryptocurrency trading is risky as any other type of speculations and investments. You may have significant profits there but also lose all your money (or part of your investments).

How to choose the right amount? There are several pieces of advice. Let’s go through some of them:

  1. The easiest way to determine how much money to invest is to understand how much money you can lose without any psychological consequences. The more money you put into your trading account initially, the more you will be under psychological pressure.

  2. Determine your trading goals. Sometimes it helps traders to understand how much to deposit.

  3. Never take loans or make debts to increase the amount of your trading account. Otherwise, you risk losing not only your money but also borrowed funds that you will need to repay later.

  4. Another advice is to avoid taking money from family’s budget. Trading funds should be free of any obligations.

Step 5. Analyze charts and events

Analyze charts and events

Before you take any trading or investing decisions, take a look at the charts in order to forecast prices. There are several tools that you can use in order to understand whether to buy or to sell a coin. You need to have a strategy, which will give you nearly exact entry points.

Is it enough to simply analyze charts? Naturally, you need to combine technical analysis with fundamental forecasting method. It is better to keep your ears open as technical analysis can’t show you the drivers that make prices go in this or that direction.

When you know the reason for fluctuations and trends, you have an important information that may help you not only to forecast future directions but also to understand their lifespan.

Let’s see South Korea bans crypto exchanges. What will happen next? Bitcoin and altcoins will probably suffer significant losses as South Koreans will eventually get rid of cryptos. This decision will also be a sign of another serious cryptocurrency crisis as coins will lose their credit among newcomers.

This is just an example of exchanges work in South Korea with no limitations in the moment of writing and it is unlikely they will be closed or banned in future. However, this example is a good one as it shows how the situation may change in case of similar events.

Is it possible to trade without any analysis? If you want to exchange one crypto on another in order to use coins to buy something or for other purposes, you may skip analysis as you need crypto in the moment of buying and you will not wait until it becomes cheaper to buy or more expensive to sell.

However, if you want to make a profit by buying one coin and selling another, analysis is the key factor of success as you need to forecast future prices.

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Step 6. Diversification

No matter what you are going to do– investing or trading, diversification is the key to successful market operations. What does it mean “to diversify”? When you buy one coin, you risk losing all your investments or a part of your funds in case if the price of this crypto falls down. When you buy several coins simultaneously, those risks are distributed between all your portfolio.

In case all coins fall down, you will lose all your investments or a part of your funds. However, if several coins hold their positions and even grow at the same time when the others fall down, you have a chance not only to save your money but even to make profits.

Diversification is rather hard as you need not only to buy different assets but look for the currency pairs that have no correlation (or minimum correlation). Otherwise, there is no sense in such activity. Let’s say you buy some amount of Bitcoin and Litecoin, two currencies that have almost 100 percent correlation meaning BTC and LTC have the same trends. When Bitcoin goes upwards, Litecoin follows it and vice versa, when BTC/USD falls down, LTC/USD does the same.

It makes no sense to buy both currencies to create a portfolio as they go in one direction in the majority of cases. Therefore, you need to find such cryptos that have no connection between each other.

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Step 7. How much to invest in a single position

Before you place an order, you need to calculate you single position amount. Many beginners having no skills or experience in cryptocurrency trading, put all their money into trading. Let’s say they have $1,000; they buy Bitcoin for $1,000 leaving no money in reserve.

This is a very poor money management strategy as when you invest all your funds in one single position, you leave no reserve behind you. If there is other interesting opportunity, you will have no money to open position.

It is better to trade using less than 5% of all your funds as this strategy reduces risks. Additionally, you have a reserve, which may be used later when other trading opportunities arise. Let’s say you have deposited $2,000 to your trading account. The amount of a single investment may be $100 in this case.

Why is it necessary to follow money management rules? They make a trader more disciplined and help to protect an investor from higher risks. Money management is a very important point, which is described in one of our next lessons.

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Step 8. Choose your order type

Several exchanges offer different types of orders nowadays. In addition to market orders, you may use the following types:

  1. Limit Order.

  2. Stop Market.

  3. Stop Limit Order.

  4. Trailing Stop.

  5. Fill or Kill.

  6. One Cancels Other.

Let’s describe all of them. Market order is the simplest way of cryptocurrency trading as you buy an asset at its current market price. Let’s say you want to buy Bitcoin. Its current price is $8,000. This price meets your requirements and you place market order. The system automatically matches orders and the transaction is conducted instantly.

Limit orders are executed at the desired or better price. This one is a bit harder as you need to forecast not only the market but whether the price is going to reach your Limit Order level as well (otherwise, you will not be able to open a position).

How does it work? Let’s say, Bitcoin price is $8,500. You want to buy BTC/USD but think that its price will fall down towards $8,000 before going higher. You can place a Limit Order in this case at $8,000 in order to “catch” the best possible price.

What will be next? Let’s see BTC/USD’s price falls down to $8,000. You Limit Order is executed and you are in the market. In case if the price falls to fall down to $8,000, your Limit Order will be suspended until the price touches the level.

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Stop Limit Orders are used when the market volatility is high. Let’s assume you want to buy BTC/USD. The price currently is at $8,000. You think that Bitcoin is able to fall significantly during the next fork. However, you don’t want to sell it now as it has perspectives to grow as well. What to do next?

You may place Stop Limit Order at $7,000 for example. If the price reaches this level, Stop Limit Order will become a simple Limit Order (sell). The same thing for situations when the price goes upwards. You can place an appropriate Stop Limit Order to buy an asset if the price starts an uptrend.

Those Stop Limit Orders are especially useful in situations when you work with levels meaning you think that BTC/USD will break through the next resistance level for instance. However, there is no entry point currently. You want to open a position only when the price jumps over the resistance line. You need to place a Stop Limit Order above this level.

Stop Loss Order is designed to reduce traders’ risks. When you place it at a certain level, you want your position to be automatically closed there. Stop Loss Orders are tools of risk management. Let’s assume you have placed a BTC/USD buy order at $8,000 meaning you think the currency pair is going to grow. In order to protect your position, you place also a Stop Loss Order at $7,500. If the price goes downwards and reaches $7,500, your position will be closed automatically. You lose $500 in this case, but if the price continues to fall down, your Stop Loss Order prevents you from further losses.

Trailing Stops is a kind of Stop Loss Order. It varies from standard SL as it will follow the price at a certain set distance once placed.

Fill or Kill is a Limit Order, which his to be completely done or canceled.

OCO (One cancels Other) allows placing a couple of orders. If one of them is done, another cancels automatically.

Conclusion

We have described the main steps of cryptocurrency trading. They are very important as trading success comprises many aspects including the right choice of exchange, analysis, rules of money and risk management.

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Bitstamp Review: Cryptocurrency Exchange For All Types Of Traders

Trading Guide
Bitstamp is a very tough player of the crypto exchange industry, offering many features to its clients
Bitstamp Review: Cryptocurrency Exchange For All Types Of Traders
Contents

trading platform

Hello, mates. I know that many of you are looking for a trading place where you can buy and sell both cryptos and fiat money. This review is related to Bitstamp cryptocurrency exchange. Here I will cover such points as registration procedure (including personal verification), trading features, conditions (including fees) and some other important aspects.

Before I start describing the main features of this trading platform, I would like to familiarize you with the company itself. Bitstamp is one of the oldest cryptocurrency marketplaces in the world. The company began its activity in 2011 in the UK. However, later they have opened other offices in Luxemburg and New York. Crypto exchange Bitstamp received its license in Luxemburg.

This marketplace is widely known within the cryptocurrency community and I would tell that this is true as you hardly can find a trader who heard nothing about it. Moreover, several famous and popular tabloids like Forbes, Coindesk, Reuters have mentioned Bitstamp in their articles. The company has established cooperation with Ripple, CACEIS and Swissquote.

This crypto exchange trading place offers English only. There are no other language options at all. However, it gathers traders from all over the world.

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How to create an account with Bitstamp

Before you start trading with this exchange, you need to create your account. There are no difficulties to do it, as the form is very easy. You need to fill in your name, email address and accept terms of use and Bitstamp Privacy Policy.

 account with Bitstamp

Above you can find the form that I have already filled in. After pressing on “Register” you will proceed to the second step. You will be sent an email with a confirmation link in order to end account creation procedure.

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Once you have created your account, you can proceed with its verification. Here I want to make a reservation. I think it is not a secret that there are trading platforms with no obligatory verification procedure, meaning without confirming your identity, you will be able to trade but with some limitations.

Bitstamp requires verification from all service users without any exception. Moreover, you will not be able to proceed to deposit and withdrawal step before you confirm your identity. This requirement is obligatory because the platform has a license.

Now I am going to stop on details of the verification procedure. After you have created your account, you can login and navigate to “Verify account.”

I can say that this procedure is a bit harder than creating an account as you have not only to provide your personal data, but also to provide exchange with your ID documents scans. What kind of personal information is required?

You need to provide Bitstamp with data, indicated in your ID. Additionally, you need to upload the following documents:

  1. ID photo.

  2. Proof of residence document photo (this can be your bank statement, utility bill or taxes certificate, for example).

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How to deposit and withdraw money

Bitstamp offers the opportunity for all its clients to deposit and withdraw in both fiat currencies and cryptos. You can use, for example, VISA or MasterCard as well as SEPA (European Bank). As for cryptocurrencies, you are allowed to deposit and withdraw with Bitcoin, Litecoin, Ripple, Ethereum and others.

How to place your first order with Bitstamp, order types, trading tools

When you have already created your account and verified it, deposited some amount, you can start trading. Here, I want to make a couple of points for you to pay attention to. Bitstamp offers a high-quality trading platform with several features including professional charts and some other important.

The first thing that I have noticed when I have entered the platform for the first time was the number of currency pairs, which is lower as compared to the most of competitors. The number of pairs is slightly above 10.

order typesNow let’s get down to the trading platform. This is a very important aspect for every trader as charts allow users not only to see the current price but also to analyze it using historical data. Bitstamp offers modern full functional chart with several trading tools.

Take a look at the screenshot. You can see there candlestick chart. In the upper part of the chart, you can choose indicators and different graphic tools. As for indicators, there are many useful algorithms including the most popular Bollinger Bands, ADX, ATR and the others. Graphic tools are represented by different types of lines and other geometric patterns. Here you can find Fibonacci retracement as well.

Before you open any trade you need to choose a trading pair. This option is also available in the upper side of the platform. The next step is to choose the order type. Here I want you to pay attention to the different types of trades that are available with Bitstamp: they are the following:

  1. Instant order. The easiest one that is recommended by the exchange to beginner traders. Here you buy or sell cryptocurrency at the current market price.

  2. Market order. Is it a kind of instant order, but you can buy or sell cryptocurrencies at best prices. This order is suitable for those who have some trading skills already and want to improve their entry points.

  3. Limit order allows traders and investors to choose the price at which they will buy or sell cryptos. This one is suitable for professionals and skilled market players. The main idea of this order is to set a price at a desirable level and wait for the crypto to reach it.

  4. Stop order. This kind of trade allows users to limit their losses in case if the price goes in the opposite direction.

Once you have chosen your pair and order type, you can input the amount you want to sell or to buy and start trading. As far as you can see, there is nothing difficult here.

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Bitstamp fees

Almost all cryptocurrency exchanges take their fees not only for trading but also for deposit and withdrawal procedures. Trading fees at Bitstamp are diversified meaning the more you trade, the less you pay. This is a fair approach, I think as exchange earns more when you have higher month trading volumes.

As for deposit and withdrawal fees, they are taken by the company but they do not come directly to the company’s pocket as this money goes to payment systems.

The highest trading commission rate is 0.25 percent. It is taken from all those who’s monthly trading volume is below $20,000.

Security and support service

I have a good news for you. Bitstamp requires two-factor authentication since June 2018. This is a mandatory procedure, which increases the security level of your own trading account. You can use both Google Autenticator or Duo Mobile services.

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Moreover, you can switch on notifications about all the important events that take place in your trading account. Those messages will be transferred directly to your email address. This allows users to get updates on all the important events and take measures in case of any suspicious acts.

As for the support service, some users say that sometimes it takes time to receive any answer from the team. The speed of reaction is slow, but to tell the truth, I think that this is due to the inflow of investors. Bitstamp is one of many exchanges having such problems and I hope they are going to solve them in the future.

Pros and cons

This is my most preferable part of any crypto exchange review. Here I’m going to underline those pros and cons I think the most important of the company. I’m going to start with advantages. Here they are:

  1. Great working experience. Bitstamp operates since 2011. The team does not hide their members, which is a positive aspect as they are trusted by the crypto community.

  2. Bitstamp has its license and operates according to legislation. Users may be sure that their money is safe and they will not be scammed by the administration.

  3. Liquidity. This exchange has high liquidity as there are serious daily trading volumes. This means that the currency pairs are less volatile and you can use all types of orders.

  4. Several payment methods allowed. Bitstamp offers not only cryptocurrencies but also fiat money. You can deposit USD and EUR as well as withdraw them from your trading account. Credit and debit cards such as MasterCard or VISA are also available.

  5. Friendly user interface. I heard no complaints about Bitstamp’s interface from users and I found no negative testimonials about it.

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And now I’m going to share with you my negative thoughts about the exchange. They are not numerous, but I think it will be interesting for you:

  1. Verification requirements. This is not the big problem, but I think there are those who want to stay anonymous in crypto industry. Bitstamp does not allow to stay in shadow as every user has to do the verification procedure before getting access to trading.

  2. A small number of cryptocurrency pairs. It is true. You will not find any altcoins from above the top 20. However, Bitstamp offers in its turn the possibility to work with hybrid pairs including USD and other fiats. The exchange can be used as your pass into the world of altcoins as you may buy BTC or ETH here and then transfer those cryptos to other exchanges with a wider range of pairs, which do not support fiat money.

  3. Lack of localization. The website is in English only. Other languages are unavailable. I’m far from thinking that the international language is not enough for such a trading platform, but for some traders, it may be a real problem to work with the exchange.

Bitstamp overview

Before making the full stop, I would like to make a brief overview of this crypto exchange. I’m not going to give any recommendations as it is up to you to decide whether to place your investments there or to find some other trading platforms. However, I want you to pay attention to some interesting moments.

Bitstamp operates since 2011 and there were no significant security issues. This is the first thing that I have paid attention to. Bitstamp offers great opportunities for all those traders who want to use technical analysis in their trading routine as there is a large number of indicators and other important tools available.

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WikiCoin: Selling Bitcoin

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Once you have acquired Bitcoin and chosen a place to store it, you may want to sell your cryptocurrency for cash or to get a start in trading.
WikiCoin: Selling Bitcoin
Contents

Now that we have discussed buying Bitcoin and setting up a wallet, it is time to address the sale of Bitcoin and other cryptocurrencies.

There can be many reasons for selling cryptocurrency: maybe you’re converting the salary you receive in Bitcoin to fiat, maybe you are exchanging funds for other coin investments. If you are selling with the intention to make a profit you should consider doing your research first. Sometimes, fraudsters take advantage of inexperienced consumers and the cryptocurrency market is very volatile.

Price evaluation

Numerous tools are available online for monitoring the changes in the cryptocurrency market. One tool you might use to evaluate the condition of the market is price reviews. A price review analyzes the price movements of different coins on the cryptocurrency market, offering possible explanations and predictions for price changes based on the market’s history.

Options

Nearly any platform that allows you to buy Bitcoin will allow you to sell Bitcoin — this includes all exchanges and some Bitcoin ATMs. Just like storing different cryptocurrencies in different wallets, you might want to use different exchanges to sell cryptocurrency depending on your needs. Different platforms may have different advantages for different types of investors. Platforms like GDAX and Gemini are intended for large volume trading by institutional investors; on the other hand, exchanges like Coinbase, Kraken, Bitstamp and Poloniex are more convenient for retail investors because they provide additional services like secure storage.

Some things to remember

There are a couple of things to keep in mind when selling cryptocurrency.

First, while the market coin price is locked in at the time of sale, the time until the transaction is completed and you receive your funds may differ, so plan ahead. The standard exchange procedure is that a transaction needs to go through six verifications before it is considered complete.

Second, some exchanges will require identity verification for all transactions while others are less stringent. You may want to consider this before signing up for an exchange.

And lastly, make sure to declare any profits you make on cryptocurrency sales to the appropriate tax authorities. Although one of the greatest advantages of using Bitcoin and other cryptocurrencies is the ability to complete transactions without a third party, not declaring your crypto profits is illegal. The transparency of the public ledger and the government’s heightened attention to cryptocurrency industry could result in punitive measures.

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Coinbase and Bitfinex Announce that Segwit Has Been Implemented

Coinbase and Bitfinex have announced that Segwit has been implemented.
Coinbase and Bitfinex Announce that Segwit Has Been Implemented

Earlier this morning, 13 mln user platform Coinbase, and Bitfinex, the fourth largest cryptocurrency exchange in terms of market cap according to CoinMarketcap.com, announced that Segwit has been implemented on their platforms. Segwit was an upgrade in the Bitcoin software that allows transaction signatures to be separated from transaction data so that the Bitcoin network can fit more transactions into a block. The Segwit upgrade also fixed the malleability bug and set the stage for further scaling to take place on the Bitcoin network in the future.

Today, both San Francisco based Coinbase, and Hong Kong based exchange Bitfinex announced that they now support Segwit Bitcoin addresses. Bitfinex says that the implementation of Segwit on their exchange will allow transactions fees to be lowered by 15 percent and will lead to improved processing times. Bitfinex CTO, Paolo Ardoino said:

As a premier exchange, Bitfinex is committed to improving its market-leading offering for our loyal and discerning customers. SegWit provides not only an immediate benefit for users, but also a foundation for future Bitcoin development. By supporting SegWit addresses, Bitfinex is tackling three of the biggest crypto-enthusiast concerns: transaction fees, transaction speed, and total network capacity. We are delighted that through this implementation we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower, as well as faster-than-ever transaction speeds.

Coinbase announced their plans to implement Segwit in the first half of 2018 back in December of last year. The company took to twitter this morning to announce where they stand in terms of Segwit implementation. Coinbase is currently one of the largest cryptocurrency platforms in terms of user base; on Nov. 29, Coinbase announced that they had 13 mln users. Being one of the largest platforms in terms of users means that we can expect a significant increase in efficiency on the Bitcoin network; now that more transaction signatures are being separated from transactions, more space is being freed up in a block so more transactions can be processed per block.

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