🕵️‍ ICO Watch Eric Eissler

Envion the Enron of the Cryptosphere: Past-ICO Review

👁 ICO Watch
CEO creates a wealth of additional tokens and passes them to a friend and his wife, who then become the majority token holders with 61 percent of the shares
Envion the Enron of the Cryptosphere: Past-ICO Review

It’s rather fitting that these companies both have names beginning with En, in fact it is wildly ironic. Mathias Woestmann is or was the CEO of Envion, a company that promised to use excess power from solar grids to create decentralized mining rigs for crypto. There is a snazzy video of them drop-shipping shipping containers full of rigs at some solar panel energy farms.

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The crime

Woestmann created an illegal capital increase without the founders’ knowledge, which, in turn, diluted the founders’ ownership down to a 31 percent minority share- now Woestmann’s friends have the majority stake and can make decisions without any checks or balances. New shares created via the capital increase were given to Sycamore GmbH, a company owned by Woestmann’s longtime friend Thomas van Aubel and his wife Jutta Freifrau von Falkenhausen. The judges ruled that van Aubel and von Falkenhausen knowingly acted illegally by receiving shares and share responsibility for the serious consequences to the founders.

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The aftermath

The founders’ spokesman Michael Luckow commented on the case by stating the following:

Van Aubel and his wife, Jutta von Falkenhausen, are clearly behind the Envion coup. Woestmann is just a henchman, a lackey. Woestmann finally admits in his press release precisely what van Aubel tried to cover up, even in court, that van Aubel had the company hijacked by his friend Matthias Woestmann at the expense of investors who have now lost a lot of money. Woestmann and van Aubel have thereby destroyed a lot of investors’ capital.

In June, a German court stated that the dilution of the founders’ majority ownership, resulting from a capital raise executed by Woestmann, was an illegal breach of contract, calling van Aubel and von Falkenhausen’s complicity both “immoral” and “especially reprehensible.”

The financials- should you really care at this point?

Envion raised more than $100 mln during its ICO in from Dec. 15, 2017 to Jan. 17, 2018. The token entered public trading at $1.09 in February 2018 and dropped like a rock to $0.07. While the company had a kind-of-novel idea, it was never really that well thought out and never had a chance. The big scam and fraudulent creation and transfer of tokens to new majority holders don’t give much of a chance to do anything else but add another fraudulent soap story to the crypto storybook of scams and major failures.

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5 Ways to Earn Bitcoin Without Mining & Investing

📚 Wikicoin
Let’s look at five schemes of earning BTC that can be used by almost anyone
5 Ways to Earn Bitcoin Without Mining & Investing

Is it possible to earn free Bitcoins without investing in GPU and mining rigs? Yes! You just need a bit of time and dedication. Let’s observe five schemes of earning BTC that truly work and can be used by almost anyone.

Back to 2009, when Bitcoin only appeared, we could have mined it on our PCs without problems- that’s what most modern Bitcoin millionaires did. But things have changed since then- now, mining has become a way more complicated process.

In order to earn BTC, your devices need to perform sophisticated calculating operations, and there’s no guarantee that the electricity and cooling power consumed will pay off– there are always guys with stronger graphics cards who can outperform you and snatch the precious coins from under your nose.

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But it doesn’t mean you can’t become a proud owner of the world’s most famous cryptocurrency. How to earn Bitcoin without mining? Here are five simple but brilliant ideas.

Accept Bitcoin as a means of payments

Say, you’re a digital entrepreneur and have enough time and resources for establishing your own eCommerce website. Why not adding Bitcoin transfer as a payment method? This is what modern online stores and even restaurants do.

In 2010, developer Laszlo Hanyecz ordered two pizzas for 10,000 Bitcoins that weren’t widely known back then. Today, 10,000 Bitcoins are worth over $20 mln! Who knows, maybe the clothes or cups of latte you sell today will pay off 100-fold in the future. Bitcoin price is expected to grow, so you can regard Bitcoin payments as long-run investments.

What kind of business can you establish to earn Bitcoin for free? In fact, any kind! However, think of the target audience: these should be people who possess crypto wallet and are ready to spend their tokens. Here are the real examples of companies that accept Bitcoin.

Company

Sphere

What can you buy for BTC?

Overstock.com

Online retail

The service allows paying for anything from furniture to laptops with BTC. Today, it accepts several major cryptocurrencies.

Expedia

CheapAir

Traveling

Expedia- hotel bookings only (but may be expanded to flights, excursions, etc).

CheapAir– flights.

eGifter

Gyft

eCommerce

You can buy gift cards for the stores that don’t accept BTC directly.

Microsoft

Software

Deposit funds to your account to pay for apps, movies and games.

Newegg

Gadget sale

You can order gadgets directly from this retailer.

Dish

Satellite TVand Internet services

Subscriptions

Reeds Jewelers (brick-and-mortar stores only)

Jewelry

Jewelry, watches and loose diamonds.

Roadway

Moving services

You can pay for transportation, but hot wallet payments are accepted only.

PizzaForCoins

Foods

You can buy pizza from different restaurants (Pizza Hut, Papa John’s, Dominos) paying with several major cryptocurrencies.

As you can see, the choice is wide! It’s the most evident and the most efficient way to earn Bitcoin without mining. However, it’s not free. But how to get Bitcoin without mining?

Completing tasks

Not that this way to earn free Bitcoin easily– it will take your time, if you want to make a decent sum. Some websites allow you to get BTC by performing different tasks like visiting websites, doing simple analytics, watching videos and advertisements. As soon as you get used to completing these tasks, you’ll start earning faster. Here are some websites that allow for it:

  • BitcoinGet. Watch videos, complete tasks, and some special offers. Minimum payout is 60 µBTC.

  • FreeBitco.in. You can get BTC by typing captcha. There’s an interesting gambling option: you can try luck and double your winnings. Minimum payout is 0.00005460 BTC once a week. Extra BTC is given for referring friends.

  • Bitvisitor. It gives Bitcoin without investing for simply visiting websites (it can actually be left running in the background), but you’ll need to type captcha when switching from website to website. Minimum payout is 550 uBTC, which isn’t a low number.

  • QoinPro. This is the way to go for those who are good at making referrals. Just register, and you’ll automatically get 0.00000250 BTC and a bit of another crypto. A small number of coins will be transferred on your account automatically on a daily basis. The amount multiplies depending on the referrals you make– the system of referrals is  seven levels deep. Minimum payout is 0.00005500 BTC.

Give BTC loans

How to earn free Bitcoin online if you already possess some amount of it? Start loaning it to other Internet users for profit – the return can be generous. In order to flourish in this field, you need to have a well-established reputation and trust. There are two ways you can do it: either lend BTC to someone you know or use peer-to-peer platforms. In order to start this kind of business, you need to exploit a Bitcoin banking model and make a deposit on a website that pays at a fixed interest rate. If the website fails to do its job and a loaner disappears with your crypto-money, you can simply lose the investment. However, in such cases, websites usually grant a full return.

A similar way is Bitcoin trading: you also need to have some initial sum to start. However, this method is optimal for finance-savvy people who can predict currency fluctuations, have a good intuition and enough patience not to exit the game too soon.

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Get Bitcoin as tips or salary

How to make money with Bitcoin without investing by doing what you love? Turn your hobby into a job. There are two ways to realize this idea. Some platforms incentify their users with BTC, for instance, Steemit: you write articles and people who read and like them can make donations in the form of Steem tokens that can be converted to any crypto coin. The scheme is simple:

1. Register an account at https://steemit.com/.  You will only need your email address and a phone number.

2. Make an account at https://bittrex.com/.

3. Create an account at https://www.coinbase.com/signin.

How to earn free Bitcoin then? Start publishing posts, and if readers like them, they’re likely to donate. Don’t forget to check your Steemit wallet. Don’t forget to add your Coinbase wallet to the account. Bittrex is used for coin conversion.

Alternatively, you can earn Bitcoin free by working in companies that pay salary in BTC. Yes, such enterprises exist! Most people who get BTC this way are programmers and specialists. However, the borders are expanding, and there are more and more individuals seeking for a Bitcoin-rewarded job. Taking into account the fact that Bitcoin price is expected to rise, this can be a smart investment for the future.

Gambling & betting

How to earn Bitcoin without investing anything but your time? Gambling seems to be the easiest way, especially if compared with the above-mentioned processes.

Yes, there are websites that offer Bitcoin payments, one of the most reliable ones is mBit. However, it involves a high risk – in gambling, you can’t rely on anything but your luck.

All these strategies of playing slots may simply not work. And who knows that this or that online casino doesn’t cheat? Anyway, online Bitcoin casinos are considered to be the gambling of the future, so if you have experience of making money on virtual slots, try your luck.

How to earn Bitcoin for free if you’re good at sports analytics? Try sports betting. Predict the game results, and you’ll get rewarded with Bitcoins. In this case, you need to analyze and be a savvy sports fan – a perfect opportunity for amateurs. The most popular gambling and betting websites include:

  • BetChain

  • BitStarz

  • Fortune Jack

  • Oshi Casino

  • Nitrogen sports

  • Cloudbet

  • BetOnline Sports

  • 5Dimes Sportsbook.

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Bottom line

As you see, Bitcoin mining without investment is possible: there’s a myriad of opportunities to make a virtual fortune without making bank-breaking investments and building mining rigs. So, how to decide what is a suitable method for you?

First, consider your starting budget and the time you’re ready to dedicate. If you have a pretty good capital, you can either establish an online store that accepts Bitcoins (that means you need to run your own business, which is a serious step), or try loaning Bitcoins (this initiative implies less effort, but pays off less).

Don’t have much to invest? Then you need to make money from scratch. Again, here you need to estimate the amount of effort you’re ready to sacrifice. If you’re talented in writing, translating, programming, or any other sphere, opt for writing a blog or even finding a job where the salary is paid in Bitcoins. If that’s too much for you, websites with small tasks will be the thing. Gambling and sports betting implies the minimal amount of effort, but doesn’t guarantee you stable revenue– you stay at the mercy of the chance.

Even though Bitcoin mining is rarely worth spending time and money now, it doesn’t mean you cannot get the coins. With the above-mentioned ways of earning you can get the precious currency even operating on a shoestring budget.

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Andrew Strogoff

Bitcoin, Ethereum, Ripple, EOS, NEM Correction Needed Before Further Bullish Trend: Price Analysis, July 19

Bitcoin and altcoin bulls need more power, bears turn to take control
Bitcoin, Ethereum, Ripple, EOS, NEM Correction Needed Before Further Bullish Trend: Price Analysis, July 19

Hello, everybody! This is Andrew Strogoff and welcome to the trip to the world of cryptos and analysis. Today’s review is a weekly one and we are going to look through the daily charts and midterm tendencies.

The current situation on the cryptomarket is bullish I think as investors cling to Bitcoin and altcoins adding to their price and capitalization. Bitcoin and its rivals have started to grow last week and they look promising.

I would like to suggest a couple of news to you as I think they are interesting. The crypto market spreads its influence as more companies pay attention to Blockchain technology. Mastercard, for example, wins patent to conduct crypto transactions on bank cards.

Billionaire investor Marc Lasry sees big perspectives in Bitcoin and predicts that the price of the cryptocurrency is able to reach $40,000 in the nearest future.

Bitcoin (BTC/USD) the currency pair is ready for further growth, but correction comes first, price analysis, July 19

Bitcoin looks pretty good on the hourly chart. BTC price, as you may see is above the descending trend line and I am almost sure that BTC/USD is likely to develop its growth. Bulls look very strong. Bitcoin has started to grow last week but it is time for the currency to start a correction.

BTC/USD daily chart

As far as you can see, the currency pair has broken $6,757 resistance area and is trading above $7,000 at the moment of writing. I think that this upside tendency is likely to develop in the nearest future, but I also suppose that further growth is impossible without a downside correction.

My main scenario looks the following. Bitcoin will decline towards the support area at $6,757 first. This is my target for the next week. Why do I have such an idea? If you pay attention to the marked area, you can see a clear Shooting Star candlestick pattern. What does it mean? It is a price action signal for a decline.

I also think that this temporary downside tendency will be broken at $6,757 as this is a strong level, which was tested from below several time before being broken. The next target is higher, but this is a matter of a couple of weeks I think.

Ethereum (ETH/USD) this rocket needs more fuel to fly, price analysis, July 19

ETH/USD started its upside tendency last week and I think the currency pair is going to develop it in the midterm. However, I also think that the fuel is needed for that as buyers are out of power currently. The currency pair looks very promising currently but ETH/USD is likely to go downwards first.

 ETH/USD daily chart

Ethereum has reached new local highs on the daily chart and failed to establish new lows. I see a good sign here as investors seem to be ready to change the situation. ETH/USD touched the resistance area at $495.89 on Tuesday but then retreated below it.

I think that this is logical and natural according to the technical analysis. The first target for the next week is the support area at $427.24. This support is strong as it resisted a couple of bearish attacks already. The next target for midterm lies above the current price at $569.72.

Ripple (XRP/USD) the fuse is lit, price analysis, July 19

Ripple, one of my favorite ones feels good as the currency pair started its growth last week and developed this upside tendency currently. Ripple looks very promising as other altcoins. However, this rocket needs fuel.

XRP/USD daily chart

Let’s pay attention to the daily chart. What do you see there? I see a clear correction on the way. This is why I have drawn this orange line towards the support area at $0.4372. The currency pair has tested the resistance area at $0.4908 but failed to move higher. This indicates on the inability of bulls to develop the uptrend without the downside correction.

What is going to happen next? I see the following situation. XRP/USD is going to jump off the support area at $0.4372 and resume its uptrend. The rocket is likely to break through the resistance area at $0.4908 and fly higher to the sky.

EOS (EOS/USD) the good and the bad news for the bulls, price analysis, July 19

Ripple started to grow the last week and develops this tendency currently. I personally think that the currency pair is likely to develop this tendency in the nearest future.

 EOS/USD daily chart

EOS has reached the resistance area at $8.95 on Tuesday but failed to jump over it. I can see the clear signal on the daily chart, which indicates that the currency pair is likely to make another downside move before going further upside.

Why do I think that EOS/USD is likely to decline before growing higher? I have marked the Shooting Star there. I think that another test of the support area at $6.84 is possible before going higher. However, the situation may change and EOS price will start off from the current level or slightly below it.

NEM (XEM/USD) bears have the last chance to take control, price analysis, July 19

NEM added some percents in the past week and the currency pair looks very promising currently. I think that it may skyrocket in the nearest future but still needs some gas to start off.

XEM/USD daily chart

NEM has reached the resistance area at $0.1909 but retreated from there as bulls were unable to break bears’ defensive lines. I see the Shooting Star candlestick pattern, which makes me think of a downside correction before NEM price will go higher. As for the targets, the first one is at $0.1446 I think, but the general for the midterm is at $0.2640.

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A Machine Gun for Zombies: Opinion

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How to ditch your inner zombie at the cluttered crypto space?
A Machine Gun for Zombies: Opinion

Chuck Klosterman, a popular essayist, wrote a very entertaining piece on zombies for The New York Times back in 2010.

Titled My Zombie, Myself: Why Modern Life Feels Rather Undead, the article takes an off-the-wall perspective on the popularity of the zombie culture and how it can be both a reflection and an evidence of our day-to-day lives.

I suggest reading the entire article because it’s just a lot of fun, but the important bit that I’d like to focus on is the one I’m quoting in full:

A lot of modern life is exactly like slaughtering zombies.

If there’s one thing we all understand about zombie killing, it’s that the act is uncomplicated: you blast one in the brain from point-blank range (preferably with a shotgun). That’s Step 1. Step 2 is doing the same thing to the next zombie that takes its place. Step 3 is identical to Step 2, and Step 4 isn’t any different from Step 3. Repeat this process until (a) you perish, or (b) you run out of zombies. That’s really the only viable strategy.

Every zombie war is a war of attrition. It’s always a numbers game. And it’s more repetitive than complex. In other words, zombie killing is philosophically similar to reading and deleting 400 work e-mails on a Monday morning or filling out paperwork that only generates more paperwork, or following Twitter gossip out of obligation, or performing tedious tasks in which the only true risk is being consumed by the avalanche. The principal downside to any zombie attack is that the zombies will never stop coming; the principal downside to life is that you will never be finished with whatever you do.

The Internet reminds us of this every day.

It’s been eight years since the publication of the article, but the digital world —  surprisingly — hasn’t changed much for the better.

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Collective knowledge VS individuality

When we think crypto — as in the Blockchain and crypto space — the way the information is structured (or, rather, completely unstructured and cluttered) is even lagging behind the rest of things.

There are various Blockchain courses — both entrepreneurial and from established institutions, and there are scattered wikis that are entirely dependent on the volition of those who run (or abandon) them. The sense of decentralization that flairs this space and community-centrism are a contributing factor to the information chaos that holds sway. This is not inherently bad, as this shows that community does rule this space, and every community is individual members.

And the individual members possess and spread and share the information. They also do information exchanges and this way move the crypto space forward.

Community members are knowledge bearers. At the same time, they are individuals, and individuals have their own agenda that ranges from complete selflessness for the common good to being driven by lacking knowledge to the no-holds-barred money making.

There’s an enormous amount of collective knowledge in the crypto space, but there’s an overwhelming amount of individuals. In your search for the knowledge, you very often have to rely on what complete strangers say, and you listen to what they say because they are a part of that subreddit that you are following, or a forum where you can see their badges and past messages, or a member with a weird name (and thinly veiled shill tactics) of a telegram group of a project that you support.

There’s almost always a group of people that you trust, but in your search for knowledge — and because you want to be early in the new projects and developments — you wander out of your safe closed circle and investigate and research. And when you wander out, there’s always an onslaught of zombies — people that you don’t know and can’t check their agenda or how trustworthy they are. You start going through them one by one, and you are killing off those that are suspicious or — to use the zombie terminology — braindead. The process is time- and resource-consuming, exhausting, and not incredibly effective, but it’s pretty much the only one possible right now.

Imagine if — before taking a part in a conversation with a stranger, before fishing out the information that you need from them — you were able to decide if the interaction would be constructive and of benefit for you at all. Imagine if you could immediately see how trusted they are and if they have weight and what their agenda was before they got your full attention and it was all transparent and immutable?

Time and trust are as important to an individual as they are for all the communities because these are the factors that move this space forward.

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From You Commodity to U°Community: How Crypto Community Leads the Charge

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Joining a community, you may become a commodity. U°Community is a way to decommoditize yourself
From You Commodity to U°Community: How Crypto Community Leads the Charge

If you look up a definition of the word "community", there are so many, and none of them reflects what a community is today.

The two broad definitions that the Oxford English Dictionary gives are (in this very order):

  1. A group of people living in the same place or having a particular characteristic in common.
  2. The condition of sharing or having certain attitudes and interests in common

​​​​​​​image

Passive communities

Both definitions, while playing catch-up to the latest developments in the world, are invariably passive.

Let me expand on this. When the world was much less mobile, a community used to be something that people were born into, something that was defined by a geographical location and the day-to-day physical proximity of individuals to each other.

Also, people may have a particular characteristic in common, although it does not immediately make people a community. If they share certain attitudes and interests, they might constitute a community, but as with the previous definitions, this community is essentially passive.

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Community going active

But today in 2018, the notion of community is vastly different from what it used to be and the fundamental change is that it’s transcending from passive to active.

The world is increasingly digital and joining a community is as easy as going online.

There's a multitude of communities today globally, and the process of picking a community to join and joining it has become the one of self-discovery.

You are no longer born into a community or become a part of a community for having a particular characteristic. Instead, you actively discover various groups (or start your own), exchange your thoughts and ideas, and imbibe the information shared in the group.

When you do this, you understand whether you agree with certain things and attitudes or not, and you discover yourself this way, the process shapes your identity. You join and leave and join communities, and each iteration makes you a tighter person. And because the world is very very digital, you do this mostly online, on your device connected to the Internet.

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Self-discovery

A community essentially is an active process of self-discovery.

It's innate for people to work in groups, so the explosion of communities is no surprise in the connected world. It's natural.

But something else along this process has crept in. While your digital identity traverses the Internet and joins communities, it becomes the commodity. You become the digital commodity that someone else takes profit on.

The content that you generate is sold for profit. The user data that you share is sold for profit. The moment you go online to communicate with other people, work with them, share your ideas and interests, is the moment you are profited on. You are the commodity.

And while your self-discovery through communities is a natural process, the commoditization of you is not.

Communities in the past had to live, and many still do, on platforms that are not transparent in how they operate and the commoditization is obfuscated. The platforms are not transparent because they are centralized.

Decentralization and the Blockchain technology change that. Blockchain transparency is what will shoot communities to the next level. The essence of the immutable ledger is that your every action is always yours. The Blockchain is for you, the individual. This forms trust. And trust is the ultimate catalyst for any community.

There are projects like U°Community that build a transparent community platform with dynamic reputation. Use the platform to create content, interact with people, run your communities, run your business, and even build dApps without having to leave the ecosystem.

Oh, and while you do that, get the Brave Browser too. If someone is profiting on you while you browse the web, you might as well get paid for it.

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Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange

📚 Wikicoin
A focused on an in-depth comparison of three major exchanges: Bitstamp, Kraken and Coinbase
Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange

When it comes to American exchanges, Kraken and Coinbase are the two obvious leaders on the market. They are currently situated neck-to-neck on the CoinMarketCap list (the 12th and the 13th places respectively).    

Another highly reputable European exchange is called Bitstamp. As of now, Bitstamp trails behind the aforementioned two exchanges sitting at the 19th position with an average trading volume that is about to cross a $99 mln mark.  

All three aforementioned exchanges were founded around the same time in 2011. They are highly reputable and well-known, and have managed to survive in a highly competitive market. Bitstamp vs. Kraken, Coinbase vs. Bitstamp, Bitstamp vs. Kraken vs. Coinbase- let’s find out which one of them is the best option for investors.

Bitstamp vs. Kraken vs. Coinbase: Availability

Bitstamp is one of the longest standing exchanges out there along with Kraken and Coinbase. Bitstamp was originally founded in Slovenia, then they moved servers to Luxembourg where Bitstamp was licensed by local authorities. Consequently, Bitstamp became the first fully regulated exchange in the entire cryptocurrency industry. As of now, it operates in 28 EU countries along with 50 other countries around the globe.

Kraken hardly has any competitors in this area, since the exchange is available all around the world. However, judging by the fact that their official website is available only in two languages (English and Japanese), one can make a conclusion that this exchange mainly focuses on American and Asian markets.  

Coinbase is supported in 32 countries (mainly Europe and the Anglosphere). As of July 2018, Singapore is the only Asian country where this exchange is available.  

Bitstamp vs. Kraken vs. Coinbase: Availability

The winner: Kraken  

Bitstamp vs. Kraken vs. Coinbase: Supported assets

The Gemini vs Coinbase vs Kraken debate is impossible without reviewing the variety of supported assets. The same is true if one replaces Gemini by the aforementioned Luxembourg-based exchange Bitstamp.      

Bitstamp allows its users to purchase five cryptocurrencies:

  • Bitcoin

  • Ethereum

  • Ripple

  • Litecoin

  • Bitcoin Cash

NB! The US dollar and the euro are both supported here (just like on the other two fiat-to-crypto exchanges).    

Kraken offers a fairly big amount of altcoins for a fiat-to-crypto exchange. As of June 2018, the company features 16 currencies, but promises to add as many as 1,600 coins. However, investors should consider this tongue-in-cheek tweet with caution, since that tween was supposedly an attempt to poke fun at Coinbase.

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Speaking of Coinbase vs. Gemini vs. Kraken, Coinbase clearly pales in comparison to its competitors– it offers only four major coins:

  • Bitcoin

  • Bitcoin Cash

  • Ethereum

  • Litecoin

However, the exchange has recently appeared in the headlines after an announcement about adding five more currencies (which reportedly have already been vetted by regulators).  

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Trading platform

Bitstamp is popular with experienced users with traders who are looking for advanced trading tools. Bitstamp‘s Tradeview-powered candlestick chart reflects most recent price fluctuations and provide users with plenty of instruments for in-depth analysis. It features both market and stop orders, but, unfortunately, a Luxembourg-based exchange doesn’t support margin trading which may come as a big drawback for those who would like to trade with leverage.    

Coinbase’s trading platform is a perfect choice for beginners who are only making their first steps into the crypto world. The San Francisco-based has also recently launched its new project Coinbase Pro rebranding their GDAX that was founded in 2015 for professional investors.   

As for Kraken, it’s trading platform is not really suitable for inexperienced traders. It operates similarly to Forex exchange which many confusing for new users. However, is you are not afraid of sophisticated trading tools, all you have to do as a newbie is to create a new account, deposit a particular amount of money and place an order.

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The winner: Kraken

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Security issues

Undoubtedly, security is an issue of paramount importance for crypto traders who want to make sure that their assets won’t be compromised. There have been huge exchanges (for example MT.Gox) which couldn’t survive a major hacking attacks. In a major hacking attack. In 2018, all major exchanges make sure that they won’t suffer the same fate. Let’s find what exchange is the most secure.

Security was clearly one of Bitstamp weak points in the past. The exchange tarnished its reputation after an infamous hack that happened back in 2015. This major security breach resulted in more than 19,000 Bitcoins being stolen from the exchange. The company made a significant effort to repay the losses, but the damage had already been made. Right now, Bitstamp keeps as many as 98 percent of its funds in a cold storage and works hard in order to restore its strong reputation.  

Kraken has a perfect reputation because of a high emphasis on security since the very inception of this exchange. In fact, Kraken’s founder and current CEO Jesse Powell was inspired to create this exchange after visiting MT.Gox’s office and seeing many security flaws which would inevitably lead to a tragic outcome. After the fall of the Japanese-based MT.Gox, Kraken experienced a sudden surge in subscriptions, since many investors started turning to this highly secure platform.

Coinbase also enjoys a high standing when it comes to security. The exchange is fully compatible with AML laws and other types of regulations. Moreover, Coinbase is expected to become the first to become the first exchange registered as a broker-dealer and regulated by the US SEC. Apart from offering the the the TFA and keeping more than 90 percent of all funds in a separate cold storage, Coinbase also covers its users’ hot wallets with by FDIC insurance which provides a maximum level of protection. Even if a hacking attack does happen, there will be an immediate refund. On top of that, you can also use Coinbase Vault for your storing needs.    

The winner: Coinbase.

The winner: Coinbase.

Bitstamp vs. Kraken vs. Coinbase: Payment methods

Bitstamp supports SEPA transfers, international transfers along with credit card payments (Visa or MasterCard). Wire transfers take up to two to five days, but they also have a significant advantage such as lower fees. In the US, however, only US residents from Puerto Rico are able to make a credit card deposit on Bitstamp.

The winner: Coinbase

Kraken, similarly to all fiat-to-crypto exchanges, accepts traditional currencies. However, the San Francisco-based exchange only allows its users to deposit money via wire transfers which is not quite convenient for those who would like to use instantaneous methods of payment like PayPal or any credit card service.

Coinbase has a significant advantage over Kraken here because it allows its user to deposit money both via wire transfers and credit/debit cards. On top of that, you can also send money to your Coinbase wallet with the help of PayPal. Such a variety of payment methods stems from the fact that Coinbase tightly cooperates with major US banks and adheres to all regulatory norms.

The winner: Coinbase  

Bitstamp vs. Kraken vs. Coinbase: Fees

Take a look at the following table in order to find out what exchange has the most reasonable deposit fees . Let’s compare Bitstamp fees. Let’s compare Bitstamp fees Coinbase fees vs Kraken.   
 

Payment method

Bitstamp

Kraken   

Coinbase

SEPA

free

free

free

Credit card

5%

not available

3.99%

Wire transfer   

0.05%

$5

1.49%

PayPal

   

3.99%


As you can see, the amount of fee greatly depends on the payment method of your choice. A SEPA transfer would obviously be the best solution for European residents, regardless of the exchange.   

The bottom line

When it's all said and done, it becomes clear that Kraken takes the cake as the best exchange among these three. Kraken offers a high level of security, a large number of currencies, has relatively low fees and is available everywhere around the globe. Go to Bitstamp vs Coinbase Reddit page in order to find out which of the two frontrunners is better.

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