Alex Morris

How to Start a Bitcoin ATM Business: Is It Profitable?

The cryptocurrency market remains in the doldrums, but there are still ways to extract huge profits out of this industry. Is a Bitcoin ATM business one of such ways?
How to Start a Bitcoin ATM Business: Is It Profitable?
Contents

The number of Bitcoin ATMs is growing exponentially worldwide — from the US and Europe to inflation-stricken Latin American and African countries where many people remain unbanked. By 2023, the global ATM market is expected to reach $145 mln.

coinatmradar.com
coinatmradar.com

Obviously, many are trying to capitalize on this and start a Bitcoin ATM business. In this article, we are going to present you with a comprehensive guide on how to become a part of this competitive business niche in a snap. Most likely, you already know about the modus operandi of a Bitcoin ATM, therefore we will only focus on installing your own Bitcoin machine while shedding light on other tangible issues. After reading this article, you will find out how to start your own Bitcoin ATM business.     

Regulatory compliance

Before we begin, it is vital to mention the importance of regulatory compliance. In most countries, cryptocurrencies remain in a legal grey zone, and operating without a legal permission puts your business in jeopardy. Case in point: Unocoin, an Indian crypto-oriented company whose cofounders were swiftly arrested by local authorities after installing the country’s first BTC machine. If you live in the US, pay attention all the necessary regulations (given that 60 percent of all ATMs in the world are operating specifically in the US, we decided to specifically focus on this market).

The first universal requirement is to register as a money services business (MSB) with FinCEN. The process of registration is a no-brainer, but it’s an absolute must for all Bitcoin ATM providers since operating an ATM without being a statutory MSB is a federal crime that leads to imprisonment or huge fines.      

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On top of that, those who own a Bitcoin ATM are obliged to comply with ALM regulations by cooperating with a compliance officer and educating staff on possible ‘red flags’ that could indicate money laundering. There is also a place for KYC regulations — operators have to verify the identity of people who conduct the transaction, check whether a suspicious person is on a terrorist list, etc.

Complying with all these regulations may seem like a tedious and time-consuming task, but it is not that difficult: it won’t take more than an hour to cope with everything. Hence, young entrepreneurs aren’t supposed to be shooed away by such a long list of requirements.  

NB! Apart from federal laws, US residents also have to comply with local laws that are determined by the state.

Finding a crypto-friendly bank  

Dealing with banks, which represent the traditional sector of the financial industry, is yet another hindrance related to owning your own ATM. The truth is, not many banking institutions are willing to deal with crypto-oriented businesses, going as far as freezing the accounts of their owners. Case in point: Scott Snaith, CEO of 50cycles, whose private and business accounts were frozen after performing a sizeable transaction on a cryptocurrency exchange. This is hardly surprising since cryptocurrencies are supposed to replace centralized traditional banking institutions.    

Finding a crypto-friendly bank

On the flip side, cooperating with cryptocurrency ATM operators is indeed deemed risky since it’s challenging to confirm the identity of the person who buys BTC with cash. That is why Bitcoin teller machines have a rather shady reputation since they are believed to be popular with unbanked people who have plenty of cash on their hands (thus, they are willing to shell out a sky-high fee).

Choosing your Bitcoin ATM

Now that we’ve covered legal issues, let’s focus on the stage where you have to purchase a Bitcoin ATM.  

Remember that there are two kinds of Bitcoin ATMs: one-way machines and two-way machines. The former only allows customers to purchase Bitcoin. Statistically speaking, the lion’s share of such machines is one way (61.5 percent).
 

coinatmradar.com
<a href="https://coinatmradar.com/charts/buy-sell-share/">coinatmradar.com</a>

This is completely justified — only 10 percent of all Bitcoin ATM operations is attributed to selling crypto. However, the number of sell operations may grow exponentially during harsh market conditions, and it’s up to the operator to decide whether it’s reasonable to pay two times more to maximize the profit in the yo-yo market.     

As Bitcoin was becoming more popular, Bitcoin ATM machines started popping around the globe just like Bitcoin ATM franchises (the obtaining of rights from a certain provider). Here are the top 5 cryptocurrency ATM manufacturers as of November.
 

Bitcoin ATM manufacturer

Number of locations  

Genesis Coin

1264

General Bytes

1179

Lamassu

427

BitAccess

213

Coinsource

198

As you can see, Genesis Bitcoin ATMs are in the lead. The obvious question is why would anyone bother paying higher fees in order to use a bulky cryptocurrency ATM if there are exchanges with significantly lower fees? However, keep in mind that many people don’t have bank accounts, which prevents them from buying cash on Coinbase or any other fiat-to-crypto exchange. On top of that, LocalBitcoin is not for everyone since many people have safety concerns (a 24-year-old Norwegian, for instance, was brutally murdered while trading Bitcoin P2P). That’s why the market keeps growing along with the number of manufacturers/locations. On top of that, competition will soon lower fees.           

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Pick the location of your ATM

Without a question, those who already own a retail business would want to place a Bitcoin machine in their place in order to create buzz and attract crypto-savvy customers.

What if you want to start an ATM business from scratch? Your obvious bet is public places with a high congestion of people. If you do not own the land, you are to have a lease agreement with the landowner (it could involve paying a flat rental fee or sharing profit with the owner of the land).

IBTimes UK
IBTimes UK

Dealing with tax issues

You have to determine the type of your business entity (limited liability company (LLC), corporation, etc.) depending on whether you own the business alone, or there are shareholders involved. It determines what kind of taxes you are supposed to pay. When it comes to LLC, the business owner (or a group of owners) is the one who is supposed to pay taxes. This is one of the legal basics that every ATM business owner should know about.

The fact that cryptocurrencies represent a new asset class doesn’t mean that businesses are given a free pass when it comes to paying taxes. Back in August, the Canada Revenue Agency (CRA) did a survey in order to determine what makes businesses install Bitcoin ATMs. As it turned out, most retailers said that their clients simply want to invest money in cryptocurrencies, but some of them also expressed concerns over possible wrongdoings.

Caring about your customers

No matter what business you are talking about, a robust customer support is the key to success. You don’t want negative publicity, right? Make sure to place your phone number and email in order to keep in touch with clients who might experience troubles buying or selling Bitcoin.

Caring about your customers

Talking numbers

The expenses

Once we’ve covered all necessary things related to installing your own Bitcoin ATM, it is necessary to determine all the expenses. Your seed capital depends on the following factors:

  • the type of hardware (we’ve covered different types of Bitcoin ATM machines that vary in price);

  • ATM manufacturer of your choice;

  • initial lending fee (if you are not a business owner already).  

There are also many tangible expenses that are related to paying taxes, machine maintenance and so on. The most sizeable amount of your investment will be necessary for actually buying an ATM machine, and here you have two options — cash or crypto. Since Bitcoin’s price is currently hitting a snag, and the bearish trend continues, you might be walking on a thin ice. Back in 2013, the owner of the first Lamassu ATM (which was the very first Bitcoin ATM in America) paid 43 BTC for one machine that cost $5,000. If he had held Bitcoins one more year instead of spending them on an ATM machine, he would have witnessed a six-fold increase of his investment.

How much does a Bitcoin ATM cost? Genesis Coin machines tend to be the most expensive — you will have to shell out $6,800 for a one-way ATM. For comparison, a two-way machine produced by General Bytes comes at a similar price. However, the former places emphasis on functionality and offers more altcoins, including Litecoin and Dogecoin, so you have to buy this Bitcoin ATM if you want to offer your clients a full package.           

The profits

Just like with expenses, there are numerous factors that influence the revenue of a Bitcoin ATM business, with location being the most important one. Obviously, crowded public places attract more customers, but be ready to foot a hefty bill.

Coinatmradar, the website that collects information about Bitcoin ATMs around the globe, states that an average Bitcoin ATM reaches a $30,000 monthly transaction volume. Given that an average buying fee is sitting at 8 percent, it is quite realistic to rake in $2,000 monthly with just one machine.

Use this profitability calculator in order to determine what return you are going to get on your initial investment (in includes numerous factors such as the number of transactions, the cost of BTC, fees, cash logistics, rental expenses, etc.).

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📈 Pricewise Andrew Strogoff

Buyers and Sellers Balanced, BTC, LTC, XMR and NEO Show No Clear Direction

Pricewise
Bitcoin, Litecoin, Monero and NEO fluctuate with no clear direction. Who is going to take control over the markets?
Buyers and Sellers Balanced, BTC, LTC, XMR and NEO Show No Clear Direction

The currency pairs were unable to make substantial progress since our early European session review. However, the current flat is a kind of preparation for significant moves that may happen in the nearest future. We recommend paying attention to all the charts and candlestick patterns as this price consolidation will not last long.

BTC/USDD:\Пробы пера\sergeytn\10.05 follow up\btc hourly.jpgThe currency pair has left the Ichimoku cloud, but there is no momentum as the price is flat. There is no direction currently.Bitcoin  fluctuates within a very narrow channel demonstrating the balance between bulls and bears.

BTC/USD is close to the next resistance area ($9,440) and should be able to reach it in the nearest future. However, the current situation is uncertain as both buyers and sellers are in the position to take control now. The closest support lies around the $9,200 area and almost coincides with the upper boundary of the Ichimoku cloud.

There are two scenarios currently. The price may reach the above mentioned resistance, or fall towards the support line.

BTC/USD is currently above the descending trend line and the Ichimoku cloud signaling the end of the midterm downside tendency.

LTC/USDD:\Пробы пера\sergeytn\10.05 follow up\ltc hourly.jpgLitecoin moves in a more technical manner that Bitcoin does, as the price goes towards the lower boundary of the Ichimoku cloud. Litecoin is likely to test the formation in the nearest future. Two scenarios are possible.

The price may either rebound off the lower boundary of the Ichimoku cloud and start its growth towards the upper boundary at least, or break through the lower line of the Ichimoku cloud and resume its decline towards the descending trend line.

The price is currently above the descending trend line, indicating an uptrend. However, we think that to confirm the tendency, LTC/USD needs to leave the Ichimoku cloud, breaking out its upper side.

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XMR/USDD:\Пробы пера\sergeytn\10.05 follow up\xmr hourly.jpgMonero buyers seem to consolidate the progress as XMR/USD establishes new highs. The currency pair is likely to reach the resistance line area at $234 in the nearest future. The current upside tendency is quiet, and has both trend and correction movements.

The price is above the descending trend line and the Ichimoku cloud formation signaling that the uptrend is still in progress. However, we cannot exclude the possibility of a reversal towards the upper boundary of the Ichimoku cloud, which coincides with the descending trend line.

NEO/USDD:\Пробы пера\sergeytn\10.05 follow up\neo ourly.jpgThe currency pair has a neutral tendency at the moment, as the price establishes neither new highs nor new lows. It is now within the Ichimoku cloud, fluctuating in the middle of the formation. NEO/USD is still testing the resistance area at $76 but has no positive results as the price is below this level.

Two scenarios are possible currently. NEO/USD will break through the resistance line and the upper boundary of the Ichimoku cloud to move towards the next resistance line in the $79 area. However, we can see that buyers have no power to take the initiative in their hands as bears hold the price below the $76 resistance area.

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Guest Author

Lost Money on Crypto? Here's How to Recoup at Tax Time

You can recover a substantial amount of money lost during this year’s crypto rout by dropping down federal income tax brackets. Here’s a detailed guide on how it works.
Lost Money on Crypto? Here's How to Recoup at Tax Time

Last Thanksgiving, Bitcoin was in the middle of a bull run that would result in a record high of $19,511 just before Christmas. Now, Bitcoin is worth just $3,752.

If you bought Bitcoin and other cryptos when their prices were high, there’s a silver lining around the gray state of crypto markets now: any losses you take this year could place you in a lower tax bracket. What’s more, claiming those losses is easier than you might assume.

Read on to find out everything you need to know about how to file your crypto losses.

Filing Your Crypto Taxes 101: How Does it Work?

For the purposes of taxation, the US and most other governments consider cryptocurrencies to be assets. This means that whenever you trade cryptocurrency, the transaction falls into one of two categories: a capital gain or a capital loss.

  • Capital gain. A capital gain occurs when you sell cryptocurrency for more than the amount that you paid to purchase it.

  • Capital loss. If you sell cryptocurrency for less than the amount that you paid for it, this is considered to be a capital loss.

You have to sell or buy an asset to trigger a taxable gain or loss. Once you decide to make a move, tax authorities consider the loss to be “realized.” If your loss is great enough, you may be able to use it to enter a lower tax bracket.

Deducting Your Crypto Losses

One of the biggest benefits of claiming a loss is that you can offset income gained from other sources.

In the US, the IRS lets you deduct up to $3,000 worth of net capital losses each year from the amount of money you’ve earned at your day job. If the amount you lost was greater than $3,000, you can get another deduction of up to $3,000 when you file your taxes next year.  

If you currently make just over $50,000 per year at your job, that $3,000 cryptocurrency loss could place you in a lower tax bracket. This could result in thousands of dollars of tax savings.

What’s more, if you’ve earned some income through stocks or through the sale of property, there’s no limit to the amount you can deduct from those revenues.

Examples

Here’s a look at the 2018 tax brackets for single individuals.

If your crypto tax loss puts you below the $38,700 mark, you’d only have to pay $952.50 plus 12% of any amount over $9,525. But if you made $38,701 or more, you’d have to pay over four times as much in taxes, plus 22% of any amount over $38,700.

In other words, if you fail to deduct your crypto losses and you fall into the third bracket as a result, you’d have to pay at least $4,453.50 to the IRS. But if you do file your losses and make it into bracket two, you’d pay just $952.50.

Total tax savings: $3,501.50.

Tax Single

If you’re married and filing jointly or widowed, moving into a lower tax bracket can result in even more tax savings. If you made $77,402 in 2018, you’d have to pay the IRS $8,907 and change.

Dropping down to the $19,051-$77,400 tax bracket by filing a crypto loss would save you $7,002.

Tax

How Does Crypto Mining Income Affect Taxes?

In addition to cryptocurrency traders, cryptocurrency miners can use deductions to reach lower tax brackets.

A notice that the IRS published in March of 2014 provides some relevant details:

“...when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income.”

If the value of the cryptocurrency you mined decreased and you decide to sell it, then that would mean that you have triggered a capital loss. You can report this loss in the same way that you would if you bought and then sold your coins through an exchange.

IRS analysts told CNBC that electricity costs and other expenses may be written off as well.

Here’s Where It Gets Complicated...

Figuring out how much you’ve made or lost can be a headache, particularly if you haven’t been keeping track of your purchases or if you placed a huge amount of trade orders last year.  

Sorting out how much you lost or earned requires access to historical pricing data. Without that historical data, you won’t be able to determine what the price of your crypto asset was when you bought and sold it.

Cryptocurrency Tax Tools

Fortunately, there is software available that can crunch all your crypto tax data for you.

The tool depicted below, called CoinTracking.info, can import your transactions from all your cryptocurrency wallets and exchanges. The interface walks you through how to do the imports.

At the end of the import process, you can download IRS form 8949. This is the form you need to submit to report your loss.

Other download options include CSV, TaxACT and TurboTax.

Tax-Report

Watch Out for Self-proclaimed “Crypto Accountants”

If you use a crypto tax calculator to do your own taxes, filing your taxes is a straightforward process. All you have to do is take the total from IRS form 8949 and transfer that to IRS form 1040 Schedule D.

In fact, most CPAs that work with crypto traders use CoinTracking and other publicly available software to determine what their clients owe. These tools are not difficult to use. Many have free trials, which let you see how they work for yourself before you commit.

Conclusion

If you lost money in crypto markets last year, you may be able to offset some-- or perhaps even all-- of those losses at tax time. Reporting your capital losses might help you move to a lower tax bracket. If your deductions qualify you for a lower bracket, filing them could save you thousands of dollars when you submit your taxes this year.

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Cryptotips Andrew Strogoff

Examples of Cryptocurrency Trading and Cryptocurrency Platforms

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

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

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

Example of cryptocurrency platform

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

image

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

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

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

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

image

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

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

image

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

Examples of Limit Orders

image

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

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

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

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

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

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

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

Examples of Market Orders

image

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

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

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

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

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

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Examples of Stop Limit Order

image

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

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

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

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

Example of Trailing Stop Order

image

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

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

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

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

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

Example of Fill or Kill Order

image

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

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

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

Example of Scaled Order

image

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

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

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

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Darryn Pollock

Did Bitcoin Cash’s Fork Cause Bitcoin to Go Bust?

The timing of Bitcoin’s sudden collapse to a new year low is interesting as it lines up well with Bitcoin Cash’s hard fork — is there a link?
Did Bitcoin Cash’s Fork Cause Bitcoin to Go Bust?
Contents

After weeks and weeks of incredible stability, Bitcoin and the rest of the cryptocurrency market suddenly fell dramatically with the major cryptocurrency falling to a new yearly low of just over $5,300. As is often the case with Bitcoin, its movements are often preceded by some sort of happening in the news, but there was no real catalyst for this fall.

However, its timing does raise a few eyebrows as the decline happened just before the hard fork of rival cryptocurrency Bitcoin Cash. BCH’s recent fork has been fraught with its own controversies as two different sides battle it out for supremacy.

Several analysts believe that the fear and uncertainty surrounding the BCH hard fork contributed to the over $1,000 fall in Bitcoin. Craig Wright and Roger Ver, both major proponents of Bitcoin cash, have begun advocating for two different versions of the digital currency.

Prior to the hard fork and the fall in the markets, there was significant growth for BCH as people flocked to get a free drop of equal measure of the new coin from the fork. However, even that growth has fallen back following the ongoing war between Bitcoin Cash ABC and Satoshi’s Vision.

Where is Bitcoin Cash heading?

Now that there has been a fork in Bitcoin Cash, one needs to see what the effect will be going further, especially seeing as many are pointing to its first major effect being a big drop in the cryptocurrency market.

Mati Greenspan, senior market analyst at social trading platform eToro, believes that with the strong-willed heads on each side of the BCH hard fork, it is likely there will be two versions.

"The end result will most likely be a split in the network resulting in two different versions of Bitcoin Cash when both upgrades go into effect," Greenspan told Business Insider.

“There is a tremendous amount of FUD surrounding the Bitcoin Cash hard fork," added Joshua Frank, co-founder of cryptocurrency analytics platform TheTIE.io. "It seems like there is a lot of confusion in the market as to what is driving price and who will emerge as the winner in the BCHABC vs. BCHSV fight."

There is a brewing competition for hashpower between the two sides currently, and this war has spilled out onto Twitter.

Further impact

While it can still be debated if the hard fork was the catalyst for the collapse, what is clear is that as long as this hash war rages on and there is this fear and uncertainty in the market, the outlook won’t be good.

“We have seen this FUD and confusion in Twitter conversations. This is reflected by the fact that Bitcoin Cash has had sentiment volatility three times higher than any other major cryptocurrency over the last 24 hours and BCH’s tweet volume is 217% higher than its 20 day moving average,” Frank added.

“With the uncertainty expressed by crypto traders on Twitter, both the short and long-term sentiment of Bitcoin Cash remain negative. It will be interesting to see how the sentiment of BCHABC vs. BCHSV as well as miner adoption play out over the next 48 hours. We anticipate this having a strong impact on future price movement.”

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Wikicoin George Shnurenko

What is Coinloop.io: Crypto Market News Sources Review

📚 Wikicoin
Coinloop.io serves as a personalized platform for getting the most relevant information about popular cryptocurrencies
What is Coinloop.io: Crypto Market News Sources Review
Contents

Coinloop.io is a versatile news aggregator that was created to supply readers with ample information about cryptocurrency, the Blockchain, and the most popular coins. The website renders a handful of various tools for users and would be interesting for investors, traders and advisors, both amateurs, and professionals.

What is Coinloop.io?

This is a news aggregator that displays the freshest posts, reviews, press releases and other publications. The project presents information from a bunch of different sources, including:

  • CCN

  • Ethereum World News

  • Cointelegraph

  • Cryptocomes.com

  • Bitcoinist

  • ZyCrypto

  • Coinbase

  • Coindesk

  • and other sources.

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Aside from showing news from various popular websites, Coinloop.io shows crypto-related posts from Reddit and Twitter. It also serves as a personalized platform for getting the most relevant information about popular cryptocurrencies and related events.

What Coinloop.io news feed looks like
What Coinloop.io news feed looks like

Functions and features

In comparison with other similar news aggregators, Coinloop.io has well-elaborated functionality and offers uses the whole range of useful features which can be tailored to their demands. Let’s observe the most outstanding options:

  1. Latest news. Of course, as a news portal, Coinloop not only displays the freshest posts from authoritative sources but also provides a filter to sort out the most interesting articles (you can select the sources you want to see). Besides, it displays posts from Reddit and Twitter.

  2. Signals. An invaluable option for traders that was available for some registered users. It helped to predict the growth or falling of currency for users to make informed decisions. Unfortunately, this function has recently been disallowed.

  3. Coins. In this section, you can see the basic information about popular cryptocurrencies: their current price, market cap, how it changed, the circulating supply, etc.

  4. Bitcoin Futures. This is a peculiar feature that allows users to get information about Futures Contracts.

  5. Charts. An advanced option for finance-savvy users: observe and personalize the charts for various coins to perform a deep and detailed analysis. Simpler charts are also present on the Dashboard section, and you can select the coins and the period of analysis.

  6. Calendar. This is a unique feature that makes Coinloop stand out. You can check which crypto- and Blockchain-related events are taking place in the near future and add them to your personal calendar. Coinloop shows which conferences, meetings, airdrops, announcements, and other events will be organized around the world.

Coinloop.io events calendar
Coinloop.io events calendar

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Interface and ease of use

What makes Coinloop more attractive than other similar websites is a little bit more complicated and advanced design, but the pages aren’t cluttered, and navigation is a piece of cake. The website offers an abundance of personalization tools. There’s a point to register because only authorized users have access to advanced features and customization instruments.

Coinloop.io dashboard: all info in one place
Coinloop.io dashboard: all info in one place

You can get all necessary information collected in one place by using Dashboard and personalizing this space. Thus, you can see a graphic of coin development, create the list of your preferable coins, have the latest news displayed (you can choose the sources). Please, note that you’re free to select a currency in which the cost of cryptocurrencies will be shown. Using a personalized dashboard is a highly convenient approach that eliminates the need to browse numerous websites and online markets.

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Bottom line

The abundance of features definitely makes Coinloop.io one of the most useful news aggregators out here, especially the Calendar and Signals options. But since the website is aimed at customization of user experience, it lacks one thing– portfolio. Besides, a search panel wouldn’t hurt to make navigation even easier. Generally, this is one of the worthiest projects of its kind.

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