⭐ Features Alex Morris

Unconfirmed Bitcoin Transactions: Why They Happen, and What You Can Do About Them

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Baffled by an unconfirmed Bitcoin transaction? Learn what unconfirmed Bitcoin transactions are and how unconfirmed Bitcoin transactions can be dealt with
Unconfirmed Bitcoin Transactions: Why They Happen, and What You Can Do About Them
Contents

200k unconfirmed transactions

The issue of unconfirmed transactions came to a head in December 2017 during the peak of the cryptocurrency craze. Due to the double whammy of overloaded exchanges and constant DDoS attacks, a whopping number of 200,000 Bitcoin transactions remained unconfirmed for over a day.
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Notably, the Ethereum network had similar problems after CryptoKitties caused havoc with its Mempool. Although, as it later turned out, this was an extremely frontloaded success, and the killer dApp is yet to appear on the horizon.

A more recent example of a rapid increase in the level of network congestion was related to the Bithumb hack in June. Most probably, the delays and the increased fees were connected to the South Korea-based exchange cleaning out its wallets.    

The reasons behind ‘stuck’ transactions

Bitcoin is a cryptocurrency that is based on the Proof-of-Work (PoW) algorithm. All Bitcoin transactions are conducted with the help of cryptocurrency mining.

Once you press that ‘Send’ button in any wallet application, the transaction is going to a memory pool (or simply ‘mempool’ before being recorded on a public ledger — only miners are capable of doing this).   

However, for a given payment to be processed successfully, it has to be confirmed by a miner who gets a block reward for each confirmation. One block represents a set of data pertaining to transactions that are cherry-picked by miners (or ‘nodes’). Until confirmed, it remains in the mempool.

Here’s the catch — blocks contain only a limited number of transactions. The transaction throughput of the Bitcoin network remains one of the most controversial issues in the crypto space, and that was one of the main reason why ‘Bitcoin Jesus’ Roger Ver eventually jumped ship and became an ardent proponent of Bitcoin Cash. Earlier, Ver claimed that those who called for an increased blocksize simply didn’t have a say in the Bitcoin community. Ethereum, on the other hand, had this issue resolved by adjusting the blocksize to the network volume. That is why the Ethereum network was able to handle a three-times-bigger transaction volume back in February.    

As of now, the blocksize is limited to 1 MB (this limit was introduced by none other than Satoshi Nakamoto).
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However, there was also a place for an anomaly in the form of a 2 MB block.

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Helping you understand mempool

As mentioned above, mempool is a shortening which stands for a ‘memory pool’. Long story short, this is the place where all unconfirmed transactions remain in limbo. The pool unites all the computers that are connected to the Bitcoin Network with the help of Bitcoin mining software. All payments that are yet to be confirmed are stored in the RAM of a given device. If the mempool size is inching closer to occupying the whole RAM capacity, the node is able to automatically discard all pending requests with lower fees.

It is worth pointing out that the mempool is not a queue — different nodes have their own set of transactions that to be confirmed, and they are clearly incentivized to pick transactions that have the highest mining fees.     

The more popular BTC gets, the bigger is the size of the mempool. Subsequently, it drives the fees through the roof since it’s getting increasingly difficult for miners to handle everything.

Would a better hardware make a difference? No. The modus operandi of the Bitcoin network presupposes that each block is mined every ten minutes (or nearly so), and the same timeframe would remain in place even if every miner had a chance to be equipped with super powerful hardware.

In order to get all the insights into the current state of the mempool, one simply has to visit the website of a German software engineer Jochen Hoenicke: it displays all current Bitcoin fees along with the current mempool size.
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The most obvious way to get to the top of the mempool and get your money transfer confirmed is to pay a higher fee. During the Bitcoin boom in December, some users would have to pay a jaw-dropping 40 percent fee in order to send a single payment. This sparked a huge debate in the Bitcoin community, with some miners popping bottles of champagne (their revenue skyrocketed along with the fees), but others were deeply concerned that high fees may take a toll on Bitcoin’s acceptance in retail or online stores.   

  1. Compressing multiple payments in a single transaction (thus reducing their size)

  2. Do not send your payments during the time of day when the Bitcoin network usually experiences the highest level of congestion

  3. Join the Roger Ver crowd, and switch to any other altcoin. Litcoin, Bitcoin Cash, and other top 10 entire have faster payments and lower fees, but there is a roadblock in the form of poor merchant adoption

On the right, you can see the delay in minutes that shows how long you have to wait to get your transaction processed. Subsequently, if you don’t pay any fees, your payment will take an infinite amount of time in order to be confirmed (well, let’s be honest — it will never be confirmed). If you can see the ‘Confirmed’ label, it clearly means that the transaction was processed successfully (and it becomes irreversible).    

How many confirmations do you need?

It actually depends on the size of your payment. Here’s a table which clearly illustrates that:

The size of payment

The number of confirmations  

<$1,000

One single confirmation will seal the deal

$1,000-$10,000

Such a sum of payment usually requires about three confirmations

$10,000 - $1,000,000

A transaction that is this hefty will need to be confirmed at least six times before funds are deposited to the recipient’s wallet.

> $1,000,000

Crypto bulls will have to go through a whopping number of 50-60 confirmations before getting their millions, which is fair enough.   


NB! The particular number of confirmations also depends on the exchange of your choice. For instance, Coinbase, the most popular fiat-to-crypto exchange in the world, requires three confirmations before any payment is completed.   

On top of that, there is a direct link between confirmations and the digital asset of your choice. Speaking of Coinbase, all transactions conducted in ETH, ETC, as well as recently added ZRX and USDC, need 50 confirmations.     

Dealing with transactions that remain unconfirmed: our ultimate guide  

Before taking any further steps, you have to check whether your transaction is confirmed or not. Once your Bitcoins have been successfully sent to a recipient’s wallet, a transaction ID will be generated.     

Pick any Blockchain explorer (for instance, Blockchain.info) in order to see all the relevant information pertaining to your transaction.

If your transaction remains in limbo for a prolonged period of time, there are three ways to find a way out of this predicament:

  1. Continue waiting for your confirmation (it may up to a week for your transaction to get confirmed).

  2. Alternatively, you can simply sit and wait until your transaction expires after being dropped from the mempool.

  3. Lastly, one can also replace an already existing transaction through Replace-By-Fee.    

Replace-By-Fee (RBF) is the process of creating the same transaction with a higher fee if your previous one didn’t get confirmed. Notably, Satoshi was the one who came up with this idea buy later he decided to shelve the fee replacement feature. Later, it made a comeback with Bitcoin Core 0.12+.

Still, this practice gets constantly slammed by the BTC community due to the fact that allegedly destroys trust in transactions that remain in the mempool. The thing is, one can use this feature voluntarily: the sender can easily disable it, so there is no need to be concerned about trust issues. It’s a convenient way to keep the fees at bay if you are not in a hurry to receive your crypto.

NB! Uninitiated Bitcoin users should refrain from canceling unconfirmed Bitcoin payments in such a way!

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Cancelling an unconfirmed Bitcoin transaction

One should keep in mind that all BTC transactions are irreversible (that why you should check all transaction information extra carefully). With that being said, it is impossible to cancel your Bitcoin transaction since there is no single centralized authority that presides over them.

Double spending is yet another viable option, but keep in mining that the lion’s share of cryptocurrency wallet has an inbuilt mechanism to prevent it. In fact, BTC is supposed to be the very first digital currency that has managed to solve the double spending problem. Forged money is a huge problem worldwide with $600 bln in U.S. currency being fake! The Bitcoin network prevents this with the help of cryptographic techniques. When it comes to unconfirmed transfers, however, there is a loophole for those who want to double spend. The revelation was made by Reddit user Peter Todd who proved that unconfirmed Bitcoin transactions are not safe due to some differences in mining software.    

Coinbase exchange embraces CPFP

Child-Pays-for-Parent (something that reminds of a welfare program) is actually an example of one of the solutions to the great Bitcoin scalability problem.

Even crypto behemoth Coinbase recently made an announcement about using the CPFP protocol to ‘rescue’ transactions that get stuck unconfirmed in the mempool due to fluctuating transaction fees.

CPFP allows a receiver to broadcast the same transaction but with a different fee, thus propelling low-fee transactions to the top of the mempool. At Coinbase, all stuck payments are carried out with the help of the CPFP protocol, effectively tackling one of the most debatable issues on the Bitcoin network.
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The difference between RBF and CPFP presupposed that in the latter case miners — as the name of the protocol implies — confirm a parent transaction. Rational-thinking miners have to confirm a cheaper transaction in order to include a hefty one in their block.     

The bottom line is that RBF is a viable option for those who want to confirm their transaction faster by increasing the amount of the fee. Meanwhile, CPFP is more suitable for a sender who fails to persuade the miner to pay a transaction fee instead of him.

Things are getting better for BTC transactions

Compared to December 2017, when the number of unconfirmed Bitcoin transactions was blown out of proportion, crypto enthusiasts do not have to deal with tedious delays anymore. While the actual number of Bitcoin keeps increasing, the network itself is less clogged with the relatively low number of unconfirmed transactions. In fact, last peak on the Bitcoin network was recorded on Oct. 5 with a total of 26k pending payments hovering in the mempool (mostly due to rather low fees).    
 
Notably, the decrease in strain on the network coincided with the release of Bitcoin Core 0.17.0. However, the update is not related to the issue of unconfirmed BTC transactions despite the actual announcement mentioning certain changes pertaining to transaction handling.

One of the solutions to increasing Bitcoin’s scalability is considered to be the Lightning Network (LN). LN, launched on On 26 December 2017, has already gained widespread adoption. The modus operandi of LN consists in transferring Bitcoin off-chain, which is supposed to solve the slowness of the Bitcoin network — the transaction is conducted on a separate channel that is created by two traders.
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The launch of LN conveniently coincided with a sharp drop in transaction fees (almost 50 percent), but there is not enough data to determine the exact effect of LN. Most likely, the aforementioned drop in fees was caused by the dramatic crypto rout that started in January. As of Nov. 18, the total capacity of LN is worth more than $1.64 bln with 4,073 nodes currently running on LN.  

SegWit (segregated witness) posed as a solution for unclogging the Bitcoin network. It’s a software fork that catered to the needs of Bitcoin enthusiasts who wanted a bigger blocksize. The technology has been already adopted by major cryptocurrency exchanges such as Coinbase and Bitfinex. Nevertheless, SegWit still accounts for only 0.1 percent of all Bitcoin transactions.

The growing support for zero confirmation

Since Bitcoin evangelists strive to achieve the mainstream adoption of the world’s most popular digital currency, there have been numerous discussions about zero confirmation. Imagine that Bob wants to buy a PS4 in a store with Bitcoin, but at the same time, he doesn’t want to wait up to 40 minutes for his transaction to be confirmed. Hence, it would be logical for retailers to adopt zero confirmation transactions and off-chain transactions to accelerate the purchasing process despite the risks of double-spending. As mentioned above, the main purpose behind confirmation is to avoid the much-feared double spending.

Meanwhile, the Bitcoin Cash community is already mulling over accepting zero confirmation BCH transactions in order to give a competitive advantage to the network. All the payments could be conducted instantaneously, and the fact that BCH has a block size of 8 MB (compared to Bitcoin’s 1 MB) makes it a perfect choice for conducting instantaneous transfers. Back in May, Bitcoin’s offspring successfully completed an upgrade, increasing the size of one block to 32 MB.

“The current path that the small blockers are taking has the wrong economic code and will likely end in failure if Bitcoin isn’t allowed to scale soon.” Roger Ver  

Speaking of further innovations, a recent Forbes article suggests that Bitcoin needs a better consensus algorithm that is superior to the current Proof-of-Work (PoW). For example, IOTA, the 12th biggest cryptocurrency by market cap, is using a Markov Chain Monte Carlo (MCMC) technique — every two transactions that have to be verified are confirmed in a random fashion. The system requires a miniscule amount of Proof-of-Work.

The bottom line

The scalability issue continues haunting Bitcoin. While the number of unconfirmed transactions remains fairly modest compared to Bitcoin’s peak, the great block size debate continues. Whether it’s the Lighting Network, SegWit, or CPFP protocol, it’s clear that this issue has to be resolved in order for the king of crypto not to cede ground to altcoins that offer much faster transactions.

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⭐ Features Stavros Georgiadis

Tron Price Prediction 2019 – A Bottom at $0.0255 Has Formed. Will It Last in February?

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Tron (TRX) has a 1-year performance of about -34%, which is much better compared to the collapse of prices of other cryptocurrencies
Tron Price Prediction 2019 – A Bottom at $0.0255 Has Formed. Will It Last in February?
Contents

Tron Price Prediction 2019 – A Bottom at $0.0255 Has Formed. Will It Last in February?

Tron (TRX) has a 1-year performance of about -34%, which is much better compared to the collapse of prices of other cryptocurrencies. In fact, Tron has a year-to-date performance of +35.94%. In this article we will mention some Tron price prediction ranges from various sources, plus we will make our own Tron price prediction for February 2019 based on our technical analysis. Some key stats for Tron as of Feb. 2, 2019 are the following:

  • Price of Tron (TRX) is $0,026339
  • Market Cap: $1.755.963.777 USD, 503.847 BTC
  • Volume (24h): $200.614.221 USD, 57.563 BTC 
  • Circulating Supply: 66.666.917.581 TRX
  • Total Supply: 99.266.129.237 TRX
  • Rank 8 on CoinMarketCap based on top 100 cryptocurrencies by market capitalization

Tron price prediction February 2019 based on various sources

What are some Tron price prediction opinions?

  • WalletInvestor is pessimistic about the price of Tron in the long-term, but according to its forecast trend line the price of Tron may be above $0.030 in February 2019. It has a Tron price prediction for the next 14 days as $0.0331 USD to the upside and $0.0256 to the downside.
  • PrevisioniBitcoin is bullish on Tron, estimating that it will have a minimum price of $0.030 in February 2019.
  • CoinFan makes the following Tron price prediction range. A minimum price of $0.051126476 and a maximum price of $0.069171114. This seems to be a very optimistic price forecast as the minimum price is almost 96% above the current price of about $0.02633 as of February 2, 2019.
  • DigitalCoin only provides as a forecast the price of $0.03284536.
  • ExpressTricks has a Tron price prediction of $0.50 for February 2019, another very optimistic forecast.
  • CryptoGround is on the other side of forecasts, with a conservative Tron price prediction of $0.0270 for a time period of one month, a return of +1.79%.

Tron price prediction based on technical analysis

What does the weekly and daily chart for Tron tell us trying to make a forecast for February 2019? We will examine the two charts, trying to make an unbiased Tron price prediction for February 2019.

Tron price prediction based on weekly chart
Tron price prediction based on weekly chart
Tron price forecast based on daily chart
Tron price forecast based on daily chart

The two scenarios, the optimistic and the pessimistic ones, bullish and bearish for the price of Tron in February 2019 can provide some possible ranges.

Tron price February 2019 prediction bullish scenario

A very positive note is that both on the daily and weekly chart there is a trend shift from downward to upward. On the daily chart the price made a bottom around the level of $0.011, retested the low level of $0.012 and made a nice rally up to the level of $0.036 on January 10, 2019.

The price of $0.0257 as of Feb. 10, 2019 is above the 50-day and the 20-day exponential daily moving averages. The fact that both these moving averages are trending up is positive for the price of Tron. It means buying pressure. On the weekly chart the MACD indicator is trending up, and its histogram is positive, Momentum indicator is rising, and price is above the 50-period and 20-period exponential moving averages.

Switching back to the daily chart, the ADX/DMI indicator shows a strong trend and the +DI line is above the -DI line, with values of 25.41 and 20.20 respectively. A first target price is the upper daily Bollinger band at $0.029. Next potential targets would be the high prices of $0.0312 and the recent high price of $0.036.the 20-day exponential moving period with a value of $0.026, where current price of Tron is now, should provide a strong support.

Tron price prediction February 2019 bearish scenario

On the weekly chart the level of $0.0296 is a very strong resistance. Other strong levels od resistance are $0.0279, and $0.0288. On the daily chart the MACD indicator has made a bearish crossover, the Momentum indicator has lost its upward direction and now is pointing down, and there are strong levels of resistance at $0.0264, $0.027 and $0.0275. If the current uptrend is to pause and reverse, then possible targets are $0.0243, $0.0237 which coincides with the 50-day exponential moving average and then $0.022.

Traders should monitor the trendline that extends from the low price of $0.0127 on Jan.10, 2019 to the high price of $0.0263 as of Feb. 2, 2019. If this trendline does not hold as support, then lower prices are very likely.

For February 2019 we prefer the bullish scenario, as odds are for now in favor of it. As always it is not an investment recommendation, just an analysis and a forecast.

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⭐ Features Yuri Molchan

Is Tron Merely Another Pump and Dump Project? An Interview with Crypto Chico, ‘Truth Lover’ and ‘I-Dotter’ Regarding Crypto Projects

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Tyler Swope, also known as Crypto Chico, shares his personal vision of the Tron project on the particular case of the BTT ICO that happened on Binance the other day
Is Tron Merely Another Pump and Dump Project? An Interview with Crypto Chico, ‘Truth Lover’ and ‘I-Dotter’ Regarding Crypto Projects
Contents

On Wednesday, Jan. 30, Tyler Swope, nicknamed Crypto Chico, published a YouTube video claiming Tron and Binance plotted to grab some money by launching the BTT token on Binance Launchpad. U.Today prepared a news story, reporting this untypical point of view regarding Tron, Binance and their CEOs.

We have gotten in touch with Tyler Swope and asked him to clarify his position regarding Tron and their marketing strategy in particular.

‘I swear to tell truth, the whole truth and nothing but the truth’

U.Today: Why are there so many crypto communities on Twitter who have a negative opinion about you?

Tyler S.: They have negative opinions on me cause I tell the truth of what goes on in crypto, and the truth hurts the most.

‘Tron is nothing but a pump and dump scheme’

U.Today: Tron has been making a lot of progress recently, having taken on several big games, including TronGoo (formerly EtherGoo) and MMORPG KuaiXiYou. It has managed to advance from beyond the top-ten list of crypto assets inside it pretty quickly, raising its market cap.

On dappradar.com many of the top ten dApps, those that show a great cash flow, are Tron-based, and none are powered by its rival Ethereum, for example.

Is Tron Merely Another Pump and Dump Project? An Interview with Crypto Chico, ‘Truth Lover’ and ‘I-Dotter’ Regarding Crypto Projects

Still, in the video about BitTorrent you poured some harsh criticism on Tron and Binance, along with their CEOs. What is the reason you are publicly criticizing those projects?

Tyler S.: Because it was an obvious pump and dump, marketing ploy and I would like the public to know this.

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‘Justin Sun is no relative of mine’

U.Today: How are you connected with the Telegram channel ‘TRON (TRX) Announcements’, which posted a link to your video and claims that they know what indeed is happening with Tron?

Tyler S.: I have no connection to them and never heard of them before in my life before 30 January 2019.

‘Crypto market is irrational’

U.Today: What do you think the future of Tron is, in light of your video regarding the BTT ICO? Does it have any chance of reaching the list of the top-four coins in 2019, as Justin Sun promised?

Tyler S.: No, I don't believe it does, but who knows, this market is irrational.

‘Deceptive marketing tactics’

U.Today:  How can Tron be so popular with the community and dApp developers if you claim that Tron’s code contains a great number of bugs?

Tyler S.: They used deceptive marketing tactics and any good developer is not building on Tron. I used open source tools SonarCloud and SonarQube, you can check for yourself.

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⭐ Features Darryn Pollock

Bitcoin Obituaries Keep Rising But Why Is Bitcoin Still Not Dead?

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Bitcoin has been pronounced dead multiple times in its 10-year life; its recent fall brought about another obituary, but why is it that Bitcoin is NOT dead?
Bitcoin Obituaries Keep Rising But Why Is Bitcoin Still Not Dead?
Contents

A popular site called 99Bitcoins keeps a close eye on the number of times that Bitcoin has been declared dead in the mainstream media. Currently, it has accrued 336 obituaries for the digital currency.

The latest drop in the price of Bitcoin, which took it from the mid-$6,000 mark down to near on $3,000, sparked fresh panic and capitulation as many believed that the cryptocurrency had had its last days.

There were concerns over its utility and usefulness, as well as the potential for a so-called death spiral in the mining of Bitcoin as many miners shut up shop. Yet, Bitcoin continues to exist, and at time of writing, has bounced back to over $4,000.

So what is it that is keeping Bitcoin alive? It has no CEO, no company headquarters, and because of its decentralised nature, has no one to drive it to keep it alive; it relies solely on those who are interested in it.

The underlying blockchain

Bitcoin, or cryptocurrencies in general, have a very special relationship to their underlying technology, blockchain. They are of course dependent on each other to operate, but they also move independently of each other in many respects.

Blockchain is advancing in a very different path to that of Bitcoin, but it was Bitcoin’s initial explosion in the mainstream financial space that made people take blockchain seriously.

Now that the cryptocurrency bubble has essentially burst, there is a lot less hype and interest in it. However, blockchain, the technology behind it all, is getting a chance to come out and shine for its technological reasons alone.

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For this reason, Bitcoin is still very much relevant. Blockchain progression is building steadily, and solidly, and because of its adoption across all centres, people still appreciate the usefulness of a digital token.

Bitcoin, as the major digital token that encapsulates all the main points of cryptocurrency and blockchain — such as decentralisation and transparency, and of course distribution — is the epitome of a functioning token economy.

Manageable mining

Another reason why Bitcoin hasn’t totally capitulated is because of its built in mining difficulty adjustment. Many people feared that Bitcoin could go under if the miners, an important part of any proof-of-work cryptocurrency, decided to abandon Bitcoin because of the increased difficulty and the loss of profitability.

Indeed, when the price dropped significantly in November, many miners did shut down and the hash rate also fell. But, because Bitcoin has a built in adjustment, the lower hash rate caused the mining difficulty to increase, and thus caused profitability to increase again, enticing miners back.

With more miners mining, there was increased health and activity on the blockchain, which leads to better interest and investment in the markets. This, in turn and in a compound way, then helps boost the price and drive more miners back in, again increasing profit and price.

Shedding the speculators

There is also a big difference between a burst speculative bubble and the death of a market. Some markets can be destroyed by the bubble pop, but in the case of Bitcoin, it is mirroring the dot com bubble because it has a similar nature.

With its underlying blockchain equitable to the internet, and the ICO hype and other factors equitable to Dot Com companies, one can see that this type of burst bubble is a chance for Bitcoin to shed its foolish speculative investors, and allow for those who are serious and successful to rebuild the market based on the important technology underneath.

Bitcoin will continue to be called dead, and erroneously so because it has only hit the mainstream in the last 18 months or so.

However, if one is to zoom out a bit, one would see that an investor who bought Bitcoin two years ago rather than, say, one year ago, would still be over 300 percent up on their investment.

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⭐ Features Guest Author

GameCredits Bittrex Review: The Detailed Guide for Beginners

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GameCredits (GAME) is an in-game payment platform that is poised to become a major disruptor in the multibillion-dollar gaming industry
GameCredits Bittrex Review: The Detailed Guide for Beginners
Contents

GAME (a.k.a. GameCredits) is an innovative cryptocurrency that has been very popular within the international gaming community. Thanks to the recent strategic partnerships with Microsoft and Xsolla, the team behind GAME crypto managed to achieve the incredible leap in promotion of this cryptocurrency.

Why should you exchange GameCredits on Bittrex?

There are so many exchange services out there. Why should you use the services of Bittrex in order to exchange or trade your GAME coins? The main advantage for beginners — Bittrex has never been hacked unlike other large platforms. Since 2017 all user accounts of this U.S. exchange service are solidly protected.

Also, this project implements the multi-level wallets strategy. About 90% of customer funds are stored offline. 2-factor authorization is offered for users (in particular, for withdrawal of their funds from wallets). If it is not activated, the exchange sets certain limits on withdrawals.

Features of Bittrex for GAME users

Bittrex offers a modern trading platform that is always accessible offline. If you type GAME in the search field on the main page, you will instantly see the chart with prices changing in real time. For example, currently (5th December 2018) you may see that the price of 1 GAME in the pair USD/GAME on Bittrex is $0.07.

Below the chart is a window with platform’s apps. The platform is designed for both beginners and experienced traders. You may check the possibility of a thorough technical analysis of any assets using technical indicators is implemented.

By default, an algorithm for calculating volumes is set straight on the chart of GAME/USD and GAME/BTC. The site features 450 currency pairs traded with Bitcoin. There are quite good trading opportunities with both BTC and ETH for GAME owners.

However, Bittrex does not have currency pairs with fiat money. Buying Bitcoin, Ethereum or Tether is possible by bank transfer. In order to use this service, you must pass the account verification. Traders have the opportunity to open different types of orders.

For example, they can buy GAME and other available assets at the market price or choose pending orders for the purchase of a particular cryptocurrency at the desired value. The only drawback - Bittrex does not offer any margin trading.

Deposit and withdrawal of GAME funds of the Bittrex exchange provides wide opportunities for those who want to replenish their account and withdraw money from it with GAME cryptocurrency. Two stages of verification actually mean that the base level is the inclusion of 2FA and filling in the "About me" fields. To withdraw more money (more than 4 BTC), full verification is required.

Currently, there are two types of accounts on Bittrex:

  • Basic. Users provide name, address of residence, indicate the date of birth. This data is verified through open sources (social networks, for example). However, if security officers of the company fail to verify the information, more detailed verification will already be required with the participation of the user;

  • Advanced. To open such accounts, the user must provide scanned copies of identification documents along with a selfie attached;

How to buy and sell GAME on Bittrex?

According to almost any user’s review of GameCredits on Bittrex, the website offers the opportunity to trade market and limit orders. The first allows you to buy a cryptocurrency at the current price at which it is offered on the market.

Let’s suppose, GAME coin is worth $1. A user wants to buy it and is ready to pay that price. In this case, he chooses a market order, enters the volume of the transaction and presses the “Buy” button. If the user already has bitcoins and he wants to sell them, at the same time, the current price on the market fully suits him, this can also be done by placing a market order, only for sale.

Fees for services here are considered average for the global market. Bittrex charges 0.25% commission for all transactions. At the same time, payments from traders can be reduced depending on the time of the user’s trading status.

Subscribe to U.Today on Twitter, and get involved in all top daily crypto news, stories and price predictions!
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⭐ Features Joseph Young

Gov’t of India Reportedly Plans to Regulate Crypto, What’s the Motive?

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The government of India is exploring the possibility of legalizing crypto and regulating exchanges
Gov’t of India Reportedly Plans to Regulate Crypto, What’s the Motive?
Contents

Several local publications have reported that the government of India is exploring the possibility of regulating crypto.

At an official government meeting hosted by the interdisciplinary committee, a task force led by members of the Ministry of Economics and information Technology and the Ministry of Home Affairs, the committee ruled in favor of regulating cryptocurrencies with strict policies.

Sudden Change in Stance Toward Crypto

In April, the Reserve Bank of India (RBI) imposed a blanket ban on cryptocurrency trading, prohibiting the country’s financial institutions from dealing with cryptocurrency-related businesses.

The unexpected ban on cryptocurrency exchanges implemented by the country’s central bank effectively disallowed trading platforms from obtaining banking services from local financial institutions.

Several exchanges tried to pivot to cryptocurrency-to-cryptocurrency trading but with the dominance of Binance, OKEx, Huobi, and other crypto-only exchanges, local digital asset trading platforms failed to compete and shut down their businesses.

At the time, the RBI threatened to end its relationship with any local bank that deals with digital asset exchanges. A circular released by the central bank read:

“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs (virtual currencies). Regulated entities which already provide such services shall exit the relationship within a specified time.”

In July, industry leaders, associations, and companies challenged the controversial decision of the RBI by filing a complaint with the Supreme Court of India. Within several months after the filing, the court ruled in favor of the RBI, allowing the central bank to impose a ban on cryptocurrency trading.

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However, on December 26, a senior government official told The New Indian Express in an interview that the government believes cryptocurrencies cannot be dismissed as illegal currencies and the asset class has to be regulated with strict policies.

“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon,” the official said.

The change in the stance toward cryptocurrencies from the government of India likely comes from its acknowledgement of the risk in unregulated cryptocurrency trading. By placing a ban on digital asset exchanges, it forced investors out of a self-regulated market to unregulated peer-to-peer and over-the-counter markets that are difficult to regulate and monitor.

If the intent of the government is to prevent money laundering through the usage of cryptocurrencies, a more effective way of doing so is to allow cryptocurrency trading on exchanges with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) systems in place.

When Could It Take Place?

Many reports were released in the past anticipating the legalization of cryptocurrencies by the government of India. Yet, the government showed no signs of regulating the asset class in the past 12 months.

With the G20 agreeing to regulate cryptocurrencies to crack down on money laundering, India, which is a part of the G20, could follow the global trend of regulating the asset class.

Given the history of India in the cryptocurrency sector, it may take several months to potentially years before cryptocurrency trading is revitalized and completely legalized with stable banking services provided by local financial institutions.

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